August 16: Stakeholders associated with the tourism sector have urged the government to lift a ban on flights and to reopen the hotel industry by preparing a proper work…
August 16: Stakeholders associated with the tourism sector have urged the government to lift a ban on flights and to reopen the hotel industry by preparing a proper work…
August 14: The impacts of the four-month long lockdown, enforced by the government to control the spread of coronavirus, has been quite conspicuous in the previous fiscal year’s annual financial statements of commercial banks.…
August 14: Nepal Rastra Bank (NRB) has instructed banks and financial institutions (BFIs) to bear the expenses of PCR tests for their…
August 14: The Company Registrar’s Office has decided to digitalize its service from August 17 and provide all kinds of services to its customers through online…
August 14: The Supreme Court has issued an order in the name of the government to submit a report on the status of government-owned vehicles that are lying unused in junkyards of government offices.…
August 14: The Department of Drug Administration (DDA) has initiated the process of increasing the price of medicines.…
August 14: The production capacity of the industries has decreased by 40 percent in Sunsari-Morang Industrial Corridor after workers employed in the industries tested positive for Covid-19.…
August 13: Securities Board of Nepal (SEBON) has implemented book building method for the issuance of Initial Public Offering (IPO).…
August 13: Refined palm oil is the most exported item from Birgunj.…
August 13: The government had extended the deadline for small development projects (SDPs) with investment from the Indian Embassy by three years.…
August 13: Nepal Rastra Bank (NRB) has started to reject the proposals of banks and financial institutions (BFIs) to issue rights…
August 13: Airline operators have warned of protest if the government does not allow them to resume flights from September…
August 13: The price of gold took a nosedive in the Nepali market on Wednesday (August 12) after steady rise for several…
August 12: Handicraft entrepreneurs have been obliged to pay three times high fare while exporting their products through chartered flights operated from Nepal for international rescue missions.…
August 12: Remittance inflow to Nepal has been above average in the last two months despite projection of decline in remittance due to the Covid-19…
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However, tourism entrepreneurs complain that the government did not let them resume their service despite fulfilling all the protocols set by the government.</span></span></span></span></p> ', 'published' => true, 'created' => '2020-08-16', 'modified' => '2020-08-16', 'keywords' => '', 'description' => '', 'sortorder' => '12075', 'image' => '20200816115453_20200506031951_120_1571271950.jpg', 'article_date' => '2020-08-16 11:54:13', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '12327', 'article_category_id' => '1', 'title' => 'Impact of Lockdown on Banks’ Financial Statements', 'sub_title' => 'Net Profit of 5 Banks Decline by an Average of 13.21%', 'summary' => 'August 14: The impacts of the four-month long lockdown, enforced by the government to control the spread of coronavirus, has been quite conspicuous in the previous fiscal year’s annual financial statements of commercial banks. ', 'content' => '<p><em>CEO of Nabil Bank Anil Keshari Shah (R) and actress Priyanka Karki during a programme in this file photo.</em></p> <p> </p> <table cellspacing="0" style="border-collapse:collapse"> <tbody> <tr> <td rowspan="2" style="background-color:#70ad47; border-bottom:1px solid black; border-left:1px solid black; border-right:none; border-top:1px solid black; vertical-align:top; width:67px"> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Bank</span></span></span></p> </td> <td colspan="2" style="background-color:#70ad47; border-bottom:1px solid #70ad47; border-left:none; border-right:none; border-top:1px solid #70ad47; vertical-align:top; width:134px"> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Profit (Billion)</span></span></span></p> </td> <td colspan="2" style="background-color:#70ad47; border-bottom:1px solid #70ad47; border-left:none; border-right:none; border-top:1px solid #70ad47; vertical-align:top; width:134px"> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Interest Income (Billion)</span></span></span></p> </td> <td colspan="2" style="background-color:#70ad47; border-bottom:1px solid #70ad47; border-left:none; border-right:1px solid #70ad47; border-top:1px solid #70ad47; vertical-align:top; width:134px"> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">EPS (Rupees)</span></span></span></p> </td> </tr> <tr> <td style="background-color:#a8d08d; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><strong>2077</strong></span></span></p> </td> <td style="background-color:#a8d08d; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><strong>2076</strong></span></span></p> </td> <td style="background-color:#a8d08d; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><strong>2077</strong></span></span></p> </td> <td style="background-color:#a8d08d; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><strong>2076</strong></span></span></p> </td> <td style="background-color:#a8d08d; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><strong>2077</strong></span></span></p> </td> <td style="background-color:#a8d08d; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><strong>2076</strong></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><strong>Bank Of Kathmandu</strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">1.49</span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">1.89</span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">3.58</span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">3.77</span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">17.26</span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">23.53</span></span></p> </td> </tr> <tr> <td style="background-color:#e2efd9; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><strong>Citizens</strong></span></span></p> </td> <td style="background-color:#e2efd9; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">1.11</span></span></p> </td> <td style="background-color:#e2efd9; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">1.46</span></span></p> </td> <td style="background-color:#e2efd9; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">2.88</span></span></p> </td> <td style="background-color:#e2efd9; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">2.68</span></span></p> </td> <td style="background-color:#e2efd9; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">12.92</span></span></p> </td> <td style="background-color:#e2efd9; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">17.49</span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><strong>Nabil</strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">3.56</span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">4.23</span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">7.02</span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">7.15</span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">37.66</span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">50.57</span></span></p> </td> </tr> <tr> <td style="background-color:#e2efd9; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><strong>Nepal</strong></span></span></p> </td> <td style="background-color:#e2efd9; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">2.55</span></span></p> </td> <td style="background-color:#e2efd9; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">2.81</span></span></p> </td> <td style="background-color:#e2efd9; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">5.61</span></span></p> </td> <td style="background-color:#e2efd9; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">6.18</span></span></p> </td> <td style="background-color:#e2efd9; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">22.66</span></span></p> </td> <td style="background-color:#e2efd9; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">26.99</span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><strong>Siddartha</strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">2.09</span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">2.25</span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">5.58</span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">4.66</span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">21.38</span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">23.07</span></span></p> </td> </tr> </tbody> </table> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><em>Source: Fourth Quarterly Report of the Previous Fiscal Year of the Respective Banks</em></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">August 14: The impacts of the four-month long lockdown, enforced by the government to control the spread of coronavirus, has been quite conspicuous in the previous fiscal year’s annual financial statements of commercial banks. The lockdown has affected many indicators such as the banks’ interest income, profit, distributable profit, earning per share, etc.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">The government had enforced the lockdown from March 24 to July 23 in order to control the spread of coronavirus. Banks had to face the lockdown for 20 days in their third quarter and the entire fourth quarter. The annual financial statements of the last fiscal year have been affected due to the absence of economic as well as banking activities during the lockdown period.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">As of Thursday (August 13), commercial banks including Nabil, Nepal Bank, Citizens Bank International, Siddhartha Bank and Bank of Kathmandu have published their annual financial statements of the last fiscal year. According to these statements, the net profit of all of these five banks have decreased by an average of 13.21 per cent.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">Their interest income, operating profit and the earning per share have also decreased. In addition, the banks claimed that their distributable profits have also decreased as compared to the previous year. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">As compared to the previous year, the net profit of Bank of Kathmandu, Citizens, Nabil Bank, Nepal Bank and Siddhartha Bank have decreased by 22.21 per cent, 23.72 per cent, 15.85 per cent, 1.55 per cent and 7.30 per cent respectively.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">Interest from loans is the major source of income for banks. However, Nepal Rastra Bank extended the interest payment period till the end of Ashad (mid-July) considering the impact of the lockdown on debtors. In addition to this, the central bank also directed the banks to reduce the interest rates on loans by 2 percentage points. As a result, the banks could not earn the interest income that they had expected in the early days. Banks informed that the interest they did collect was less than anticipated.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">The banks were expecting to collect the interests within the end of Ashad (mid-July). However, Nepal Rastra Bank announced that the loan payment period would further be extended under the monetary policy after which, the debtors didn’t pay the loan and the interest that they owed to the banks. As a result, other indicators of the financial statements also had to suffer.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">Banks mostly invest on the industrial sector by providing them with loans. They had also increased their investments in the tourism sector due to the tourism year (Visit Nepal 2020). Banks are currently not in a position to recover these loans because of the impact of the lockdown on the tourism sector.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">Furthermore, there have been no income from the Letter of Credit (LC) transactions and foreign currency exchange. Bankers stated that the income of banks have decreased due to these reasons while the expenses remained the same, which ultimately led to a decrease in the profit as well as other indicators.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">Bankers say the rate of profit was already not very satisfactory in the beginning of the previous fiscal year. The rate of profit had already shrunk to a single-digit number in the beginning of the year of the same banks that used to earn a double-digit rate of profit in the previous years. However, they noted that the profits might become negative by the end of this fiscal year.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">The Chief Executive Officer (CEO) of Nabil Bank Anil Keshari Shah said that the lockdown has greatly affected the banking sector in a small period of time. He believed that the extension of the loan payment period and the decrease in the interest rates were the reasons for the decrease in the profits of banks.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">“Rastra Bank directed the banks to reduce their interests on loan but not on deposits. In addition to this, the expenses related to salary of the employees, operating costs remained the same,” he said, adding, “We had to face expenses like these in the fourth quarter with no income. As a result, our annual financial statements got affected.” He added that the financial statements of Nabil Bank needs to be looked at positively despite the decrease in profits.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">He explained that the banks need to focus more on making their financial statements instead of focusing on the profits. “If we become profit-centric now, we may have to face another challenge again. That’s why we need to move forward with policies that reduce the operating cost and protects the customers.”</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">Surendra Bhandari, the Chief Executive Officer (CEO) of Kumari Bank said that the profit and the distributable profit of Kumari Bank has decreased.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">“Acquisition of Deva Bikash Bank has not impacted Kumari Bank as much as we had thought it would,” he said, “It is very much evident that the profit of all of the banks have decreased in the last fiscal year. This is seen in the financial statements of the banks that have been published so far. All of the banks are facing a common challenge right now.”</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""> Gunakar Bhatta, the spokesperson for Nepal Rastra Bank, said that the banking sector will get revived quickly if the economic activities resume in the coming days. “The banks have made a huge sacrifice right now. Many policies introduced by the Nepal Rastra Bank have made things easier for them,” he said, “If the economic activities keep going in this rate, the banks will get revived in no time.”</span></span><br /> <br /> <br /> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2020-08-14', 'modified' => '2020-08-14', 'keywords' => '', 'description' => '', 'sortorder' => '12074', 'image' => '20200814035203_20190329015431_DSC_0854(1).jpg', 'article_date' => '2020-08-14 15:49:57', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '12324', 'article_category_id' => '1', 'title' => 'Central Bank Tells BFIs to Bear Expenses of Covid-19 Infected Employees ', 'sub_title' => '', 'summary' => 'August 14: Nepal Rastra Bank (NRB) has instructed banks and financial institutions (BFIs) to bear the expenses of PCR tests for their staffers.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">August 14: Nepal Rastra Bank (NRB) has instructed banks and financial institutions (BFIs) to bear the expenses of PCR tests for their staffers.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">A notice issued by the central bank on Thursday has directed BFIs to provide salary and other expenses to the employees living in isolation, and arrange additional leave as well as provision to work from home for staffers who are in quarantine. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">Likewise, the central bank has also directed the BFIs to provide their service with maximum 50 percent staffsin districts where more than 200 cases of coronavirus have been confirmed. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">Meanwhile, an employee at the head office of NRB has tested positive for coronavirus. The employee of the Financial Management Department tested positive for Covid-19 during PCR test on Wednesday. NRB has asked the employee to stay in self-isolation and has also sealed the department where the infected person used to work. The employee was on leave since a week due after complaining of common cold. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">The PCR report of 20 other employees of the department turned out negative. According to NRB, they have been asked to stay in self-quarantine for 14 days although their report is negative. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">Spokesperson of NRB Dr Gunakar Bhatta informed that everyone in the bank have been adopting precautions and maintaining physical distancing at work. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">Other employees of NRB had tested corona positive prior to this as well. An employee of Birgunj-based provincial office of NRB had also tested positive last Sunday. </span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2020-08-14', 'modified' => '2020-08-14', 'keywords' => '', 'description' => '', 'sortorder' => '12072', 'image' => '20200814013129_nrb.jpg', 'article_date' => '2020-08-14 13:30:56', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '12325', 'article_category_id' => '1', 'title' => 'Company Registrar’s Office to go Digital from August 17', 'sub_title' => '', 'summary' => 'August 14: The Company Registrar’s Office has decided to digitalize its service from August 17 and provide all kinds of services to its customers through online medium.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">August 14: The Company Registrar’s Office has decided to digitalize its service from August 17 and provide all kinds of services to its customers through online medium.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The office had started online service seven years ago and has decided to fully adopt digital means after two weeks.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The Company Registrar’s Office has also made it mandatory for all companies that have been registered in accordance to the Companies Act 2063 to follow online registration process. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Once this new system comes into operation, all the companies have to go through online registration process. They will have to submit all the documents digitally.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Deputy Registrar at the office Tulsiram Gaire informed New Business Age that all the records will be kept electronically from August 17 onwards.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Likewise, all companies whether newly registered or old ones will have to submit their annual report and audit report through electronic means.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">It is believed that the digitalization process would help in getting details of all the companies registered at the office. The number of such offices stands at around 237,000. Officials say it will be easy to update information and to access information about the board members and other office bearers of the companies, and learn about their capital once the Company Registrar’s Office goes digital.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">As the government office prepares to impose online registration process, entrepreneurs complain that the registration process will be full of hassles due to technical glitches. They say that they are facing difficulty in availing online service from the office 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:"Arial Unicode MS"">“Our fellow business entrepreneurs have been complaining about the difficulty in online registration because the website of the Company Registrar’s Office often goes down,” said Krishna Dulal, chairman of NADA, adding, “It would be commendable if the concerned authorities move ahead with this process in a well managed way.”</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Meanwhile, the Company Registrar’s Office downplayed the technical problems saying that the companies might have faced some problems because the website is being upgraded at the moment.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“The problem will be fixed in 2 to 3 days once the upgrading of the website is complete,” said Deputy Registrar Gaire.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-08-14', 'modified' => '2020-08-14', 'keywords' => '', 'description' => '', 'sortorder' => '12071', 'image' => '20200814021355_1597275518.1 Compani-Rajistar-ko-Office_final.jpg', 'article_date' => '2020-08-14 14:13:20', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '12323', 'article_category_id' => '1', 'title' => 'Supreme Court Directs Government to Submit Report on Discarded Vehicles', 'sub_title' => '', 'summary' => 'August 14: The Supreme Court has issued an order in the name of the government to submit a report on the status of government-owned vehicles that are lying unused in junkyards of government offices. ', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">August 14: The Supreme Court has issued an order in the name of the government to submit a report on the status of government-owned vehicles that are lying unused in junkyards of government offices. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">A division bench of Supreme Court justices Anil Kumar Sinha and Hari Prasad Phuyal on Wednesday (August 12) issued the order seeking detailed information of such vehicles and the government’s plan to manage them. The apex court has asked the government to submit the report within six 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:"Arial Unicode MS"">The Supreme Court issued the order in response to a writ petition filed by advocate Padam Shrestha on August 3. In the petition, advocate Shrestha argues that the government has been dumping vehicles at the junkyard although they can be used after repair. The petitioner has also alleged of financial irregularities and misuse of state coffers in procuring new vehicles when the discarded vehicles are in condition to operate.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The Office of the Prime Minister and Council of Ministers as well as 21 other ministries have been made defendants in the case.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">In the petition, advocate Shrestha had demanded a mandamus order for keeping proper data of such vehicles and operating those that are fit for use after repair. The vehicles that are not useable should be auctioned and the money deposited in the state coffers, reads the petition.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The bench noted that the issues raised by the petitioner are of serious nature and of public importance and therefore concluded that the matter needs a detailed study.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The apex court has also ordered the government to form a probe committee having representation of concerned stakeholders. The Office of the Prime Minister and Council of Ministers has been asked to foot the bill for the study.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Advocate Shrestha says that the government has been misusing fund from the state coffers by spending millions of rupees for vehicles every year despite having adequate number of vehicles at its disposal. He pointed out to the report of the Auditor General’s Office that has clearly recommended the government not to purchase any new vehicle for a certain period but the government has been ignoring the report.</span></span></span></span></p> ', 'published' => true, 'created' => '2020-08-14', 'modified' => '2020-08-14', 'keywords' => '', 'description' => '', 'sortorder' => '12070', 'image' => '20200814122358_1597376285.Clipboard06.jpg', 'article_date' => '2020-08-14 12:23:23', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '12322', 'article_category_id' => '1', 'title' => 'DDA Preparing to Increase Price of Medicines', 'sub_title' => '', 'summary' => 'August 14: The Department of Drug Administration (DDA) has initiated the process of increasing the price of medicines. ', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">August 14: The Department of Drug Administration (DDA) has initiated the process of increasing the price of medicines. The DDA is preparing to send a work procedure to the Ministry of Health and Population to adjust the price of medicines as per the understanding reached between the department, the ministry and drug manufacturers on July 26. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The drug manufacturers of Nepal had organised a protest since early July putting forth various demands including a ban on import of 30 different kinds of drugs that are manufactured in sufficient quantity in Nepal, price adjustment and granting permission for sale of sanitizers only by registered companies.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Following the protest, the Council of Ministers on July 6 formed a three-member committee headed by joint secretary Dr Bikas Devkota of the ministry to study the demands of the drug manufacturers. DDA Director General Narayan Prasad Dhakal and president of the Association of Pharmaceutical Producers of Nepal Narayan Chhetri were members of the committee.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The committee had pledged to fulfill demands of the drug manufacturers within three weeks.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“During the meeting on July 26, the committee had pledged to forward the work procedure for increasing the price of medicines to the ministry, which in turn would implement it,” said Chhetri.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The drug manufacturers had been demanding a review of prices of medicines that were fixed more than 16 years ago.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Director General of DDA Dhakal said that the work procedure has recommended increasing the prices of 100 different kinds of medicines.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-08-14', 'modified' => '2020-08-14', 'keywords' => '', 'description' => '', 'sortorder' => '12069', 'image' => '20200814105316_1597373355.asas.jpg', 'article_date' => '2020-08-14 10:52:36', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '12321', 'article_category_id' => '1', 'title' => 'Industries Reduce Production by Half due to Infection of Workers', 'sub_title' => '', 'summary' => 'August 14: The production capacity of the industries has decreased by 40 percent in Sunsari-Morang Industrial Corridor after workers employed in the industries tested positive for Covid-19. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">August 14: The production capacity of the industries has decreased by 40 percent in Sunsari-Morang Industrial Corridor after workers employed in the industries tested positive for Covid-19. </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:Calibri">The industrialists informed that production in their industries has been affected due to shortage of workers due to the panic of Covid-19 infection.</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:Calibri">The industries in the corridor have been forced to reduce their production capacity to 60 percent due to the surge in cases of the contagious coronavirus.</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:Calibri">Aarti Strip, a multinational company, has already stopped its production for some days after more than 20 of its workers were infected with Covid-19 on August 9. The multinational company employs about 500 workers and initially had two infected cases. </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:Calibri">After the second round of tests of the factory workers confirmed 20 workers were infected, Budhiganga Rural Municipality had issued an order to seal the industry.</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:Calibri">Aarti Strip has been producing galvanized sheets and iron rods and exporting them to India and other countries. It is the prime exporter of such sheets and iron rods in Nepal. </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:Calibri">Chief of the administrative department of the industry, Diwas Nepal, informed that the production of the industry has been stalled after the surge in cases of coronavirus among the factory worker. "Now the industry is closed, we are in isolation within the industry," Nepal added.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-08-14', 'modified' => '2020-08-14', 'keywords' => '', 'description' => '', 'sortorder' => '12068', 'image' => '20200814100506_1597274314.Clipboard01.jpg', 'article_date' => '2020-08-14 10:04:30', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '12320', 'article_category_id' => '1', 'title' => 'SEBON Implements Book Building Method for the Issuance of IPO', 'sub_title' => 'Provision of a minimum of 50 units of shares with a discount of 10 per cent on the cut-off price for general investors ', 'summary' => 'August 13: Securities Board of Nepal (SEBON) has implemented book building method for the issuance of Initial Public Offering (IPO). ', 'content' => '<h1><span style="font-size:12pt"><span style="font-family:"Times New Roman"">August 13: Securities Board of Nepal (SEBON) has implemented book building method for the issuance of Initial Public Offering (IPO). </span></span></h1> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">SEBON has brought into use the Book-Building Guidelines, 2077 for the application of the book building method for the issuance of IPO under its Securities Registration and Issuance Regulations.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">Bhisma Raj Dungana, the chairman of SEBON, said that the general investors will get a minimum of 50 units of shares under this method.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">He also clarified that this method would not be mandatory for all companies. He informed New Business Age that issuing of the IPO under this method would require the company to provide the general investors with a discount of 10 per cent on the cut-off price.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">The board has also prepared some guidelines about the book-building method before implementing it. The guidelines state that that the companies issuing their IPO through this method need to prepare a preliminary assessment that states the estimated value as well as the method of valuation of their IPO, in consultation with their issue manager.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">The company will further have to take advices from a minimum of 10 qualified institutional investors about the minimum number of shares they want to purchase, their expected price of shares, and the basis for the valuation.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">The company issuing the IPO through the book-building method will then have to set a price of the IPO by analyzing the institutional investors’ expected price of the shares. They will then have to set a price ceiling and a price floor at 20 per cent above and below the price of the share respectively.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">The IPO will then have to be issued to qualified institutional investors registered with SEBON, through bidding after the price of the share along with its upper and lower limits approved. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">Similarly, a capable institutional investor will not be permitted to bid for more than 20 per cent of the issued IPO. They will also have to either deposit the full amount of the auctioned price to the specified bank, present a Good-For-Payment cheque or have the full amount blocked in their bank account.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">The automated electronic auction system operated by Nepal Stock Exchange (NEPSE) will have to be used for the book-building method. The companies can ask the board for a sealed-bid auction until the automated electronic auction system is introduced by NEPSE.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">The company will have to determine the cut-off price once all of the issued shares are sold to the institutional investors, and will have to distribute the shares to all of the applicants whose bid was above the cut-off price.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">In case the number of shares is insufficient to meet the demanded quantity of applicants, whose bid was above the cut-off price, the shares will have to be distributed proportionally. The board has also arranged for the account to be cleared as required or for the unused amount to be returned to the applicants within three working days with its accrued interest in case of a proportional distribution of the shares.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">The board believes that the use of book-building method for issuing IPO will make the price of shares more transparent and competitive. The board aims to get the companies of the real sector to enter the capital market and believes that such companies will feel encouraged to enter the capital market after the implementation of the book-building method.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">The board is also confident that this method will enable the companies issuing their IPO to get a high price for their shares and the institutional investors to increase their ownership in the issuing company, which will help in increasing the corporate governance.</span></span></p> ', 'published' => true, 'created' => '2020-08-13', 'modified' => '2020-08-13', 'keywords' => '', 'description' => '', 'sortorder' => '12067', 'image' => '20200813022215_sebon.jpg', 'article_date' => '2020-08-13 14:21:34', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '12319', 'article_category_id' => '1', 'title' => 'Export of Palm Oil Closed since Three Months ', 'sub_title' => '', 'summary' => 'August 13: Refined palm oil is the most exported item from Birgunj. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">August 13: Refined palm oil is the most exported item from Birgunj. However, the export of palm oil has stopped recently. In the Fiscal Year 2076/77, 14 industries of Bara-Parsa Industrial Corridor exported 168,000 metric tons of refined palm oil to India through this checkpoint. According to the data of Birgunj Customs Office, processed palm oil was the most exported product. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">A total of 170,000 metric tons of processed palm oil worth Rs 11.72 billion was exported in the last fiscal year. Bimal Shah, Information Officer of Birgunj Customs Office, said the figure is 47% higher in comparison to the previous year. In the FY 2075/76, a total of 57,000 metric tons of palm oil was exported. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">Suresh Rungata, chairman of OCB Food, said that the export of palm oil has been closed since three months after India banned the import of refined palm oil. Entrepreneurs have complained that the government has not taken any initiative to open the export of this product. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">Rungata accused the government of being indifferent towards the problems of exporters. Entrepreneurs have claimed that the overall export will decline in the current fiscal year 2077/78 after the export of the main commodity was stopped. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">In the last one year, 61,550 metric tons of soybean oil were exported. According to the statistics at the customs department, refined soybean oil worth Rs 8.24 billion was exported to India during this period. In the previous year, the export was only 12,911 metric ton. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">However, the Ministry of Industry, Commerce and Supplies has said that an initiative is being taken to open the export of palm oil. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">"Efforts are being made with the Indian side at various levels. We are hopeful that we will be able to resume export soon,” said Nawaraj Dhakal, joint secretary at the ministry. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-08-13', 'modified' => '2020-08-13', 'keywords' => '', 'description' => '', 'sortorder' => '12066', 'image' => '20200813014937_1597274429.Clipboard01.jpg', 'article_date' => '2020-08-13 13:49:05', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '12318', 'article_category_id' => '1', 'title' => 'Government Extends SDPs Under Grant from Indian Embassy', 'sub_title' => '', 'summary' => 'August 13: The government had extended the deadline for small development projects (SDPs) with investment from the Indian Embassy by three years. ', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">August 13: The government had extended the deadline for small development projects (SDPs) with investment from the Indian Embassy by three years. A meeting of the Council of Ministers on Monday (August 3) decided to extend the time period for these 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:"Arial Unicode MS"">The SDPs will now get continuity till August 2023.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Earlier, the Indian Embassy used to have direct involvement in these projects. But after the new constitution was promulgated in Nepal, a new clause has been added allowing the projects to run in collaboration with the local units.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The Ministry of Federal Affairs and Local Development oversees these projects. According to the ministry, the Indian Embassy can now move ahead with the projects only in collaboration with the local bodies. Joint Secretary at the ministry, Basanta Adhikari, informed New Business Age that the embassy used to finance the projects through the District Development Committees earlier but now the modality has been changed.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The Indian aid used to be spent outside the budget of the Government of Nepal before. But the financial assistance for these projects will now onward be incorporated in the annual budget of the government. Such decision was taken by the cabinet more than seven months ago.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">This project, which was initiated in 2003, needs to be renewed every three years.</span></span></span></span></p> ', 'published' => true, 'created' => '2020-08-13', 'modified' => '2020-08-13', 'keywords' => '', 'description' => '', 'sortorder' => '12065', 'image' => '20200813012110_1597275927.jpg', 'article_date' => '2020-08-13 13:20:39', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '12317', 'article_category_id' => '1', 'title' => 'NRB Restricts Issuance of Rights Shares to Put Pressure on Merger and Acquisition ', 'sub_title' => '', 'summary' => 'August 13: Nepal Rastra Bank (NRB) has started to reject the proposals of banks and financial institutions (BFIs) to issue rights shares.', 'content' => '<h1><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">August 13: Nepal Rastra Bank (NRB) has started to reject the proposals of banks and financial institutions (BFIs) to issue rights shares. NRB has adopted a strategy of increasing the capital of BFIs only through mergers and acquisitions. The central bank informed that it is discouraging the issuance of rights shares and promoting mergers instead. </span></span></span></h1> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Nepal Rastra Bank’s strategy of restricting the issuance of rights shares has compelled banks and financial institutions to opt for merger or acquisition in order to increase their capital. NRB Spokesperson Gunakar Batta said that the central bank’s next move is to reduce the number of banks down to a certain level. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">“The capital base needs to be strengthened through merger or acquisition. Nepal Rastra Bank is prioritizing mergers over any other methods in order to reduce the number of banks,” he told New Business Age.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">The Banks and Financial Institutions Regulation Department of NRB informed that the central bank has rejected proposals of issuance of rights shares of some institutions including Tinau, Mission and Shine Resunga development banks. Shine Resunga Development Bank that has a paid-up capital of Rs 3.1 Billion, had sought permission from the central bank to issue rights shares at a 4:1 ratio, as per the decision of the 11<sup>th</sup> annual general meeting of the bank. The proposal has however been rejected.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">An official from the regulations department of Nepal Rastra Bank has said that it was inappropriate for the banks to ask for an approval for issuing their rights shares from the central bank after endorsing it by the AGM. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">“We are aiming to promote mergers and acquisitions. Issuing of rights shares is not an option for increasing the capital to strengthen the banks,” a high-level source said.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">The central bank has been rejecting proposals to issue rights shares but has not prohibited the issuance of rights shares. It hasn’t issued any circular to the commercial banks, development banks and micro finance companies to stop issuing rights shares. However, micro-finance companies will be given specific instructions prohibiting them from issuing rights shares. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">The latest move of the central bank is in line with the monetary policy of the current fiscal year which encourages mergers and acquisition more than issuance of rights shares.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Bankers believe that the issuance of rights shares should be tightened instead of a complete ban.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Bankers pointed that issuing of rights shares unnecessarily shouldn’t be approved but certain criteria need to be created to approve the issuance of necessary rights shares if required. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Basanta Raj Lamsal, the chairman of Nepal Microfinance Bankers’ Association, said that it would be more appropriate to grow the capital through both rights shares and mergers. Chairman Lamsal further informed that he is planning to request Rastra Bank to make necessary arrangements and criteria required to enable financial institutions to issue their rights shares.</span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2020-08-13', 'modified' => '2020-08-13', 'keywords' => '', 'description' => '', 'sortorder' => '12064', 'image' => '20200813123205_1597198983.Clipboard06.jpg', 'article_date' => '2020-08-13 12:31:33', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '12316', 'article_category_id' => '1', 'title' => 'Airline Operators Warn of Protest if the Government Further Extends Ban on Flights', 'sub_title' => '', 'summary' => 'August 13: Airline operators have warned of protest if the government does not allow them to resume flights from September 1.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">August 13: Airline operators have warned of protest if the government does not allow them to resume flights from September 1.</span></span></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 government recently extended a ban on all commercial flights including domestic and international flights, except chartered flights for rescue operations, by 15 days due to a surge in coronavirus cases in the country after lifting 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:Arial">The government had earlier said it would allow air service to resume from August 17. Airline companies had already started booking tickets. But the cabinet on Monday decided to extend the ban.</span></span></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">Following the latest decision of the government not to allow air service till August 31, the airline operators on Wednesday warned that they will be forced to protest if the government keeps on extending the ban on air service.</span></span></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">Regular flights in Nepal have come to a complete halt after the government imposed a lockdown on March 24.</span></span></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 airline operators of Nepal say that other countries have already resumed domestic flights despite the Covid-19 crisis. Therefore, they urged the Government of Nepal to follow suit.</span></span></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">President of the Airline Operators Association of Nepal Rameshwar Thapa said that the government’s decision to extend the ban on flights at a time when they were ready to resume service was inappropriate.</span></span></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">“We have completed all the preparations to resume air service by following the protocols set by the International </span></span><span style="font-size:14.0pt"><span style="font-family:Arial">Civil Aviation Organization (ICAO) and the guidelines fixed by the Government of Nepal,” said Thapa. </span></span></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">He added that they will have to close their companies if the government does not allow them to resume air service from September 1.</span></span></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 said that thousands of employees in this sector have been badly affected by the ban on air service since the last five 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:Arial">“The ban on flights has also affected rescue of people injured in floods and landslides. Pregnant women referred to the hospitals in the capital have not been able to get prompt service due to unavailability of flights,” the 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">It is estimated that the private airline companies have had to bear losses of around Rs 5 to 6 billion due to the closure of air service since the last five months.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-08-13', 'modified' => '2020-08-13', 'keywords' => '', 'description' => '', 'sortorder' => '12063', 'image' => '20200813115026_plane.jpg', 'article_date' => '2020-08-13 11:49:53', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '12315', 'article_category_id' => '1', 'title' => 'Gold Takes a Massive Plunge and then Rises', 'sub_title' => '', 'summary' => 'August 13: The price of gold took a nosedive in the Nepali market on Wednesday (August 12) after steady rise for several weeks.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">August 13: The price of gold took a nosedive in the Nepali market on Wednesday (August 12) after steady rise for several weeks.</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 price of the precious yellow metal dropped by a massive margin of Rs 6,200 per tola (11 grams approximately) in a single day.</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">According to the Federation of Nepal Gold and Silver Dealers Association, gold was traded for Rs 95,400 on Wednesday. </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 is the highest single-day drop in gold price since the market resumed after the nationwide lockdown was imposed on March 24.</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">On Thursday, gold is being traded for Rs 97,800 per tola, an increase of Rs 2,400 overnight.</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">According to the Federation, the price of gold took a massive plunge in the domestic market after the price of the precious yellow metal declined in the international market. The price of gold in the international market had recently soared above US$ 2000 per ounce but it dropped to 1890 this week.</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 federation said it is studying the reason for the sudden plunge in price of gold in the international market.</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">Analysts believe that the price of gold went down in the international market after Russia claimed to have discovered the vaccine for coronavirus. This breakthrough is said to have attracted investors to other sectors. </span></span></span></span></p> <p> </p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Last week, the price of gold reached an all time high in the Nepali market as 11 grams of gold was traded for Rs 103,500. </span></span><span style="font-size:14.0pt"><span style="font-family:Arial">The price of gold in the Nepali market had remained above Rs 100,000 in the past two weeks.</span></span></span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2020-08-13', 'modified' => '2020-08-13', 'keywords' => '', 'description' => '', 'sortorder' => '12062', 'image' => '20200813105413_gold.jpg', 'article_date' => '2020-08-13 10:53:27', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '12314', 'article_category_id' => '1', 'title' => 'Handicraft Exporters Forced to Pay 3 Times High Fare ', 'sub_title' => '', 'summary' => 'August 12: Handicraft entrepreneurs have been obliged to pay three times high fare while exporting their products through chartered flights operated from Nepal for international rescue missions. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">August 12: Handicraft entrepreneurs have been obliged to pay three times high fare while exporting their products through chartered flights operated from Nepal for international rescue missions. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">The handicraft products produced in Nepal are exported to more than 50 countries including China, Japan, the USA, and the UK. However, due to the coronavirus pandemic, the export has been badly affected. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">Some products like pashmina, felt and wood carvings, which were ordered before the lockdown, are being exported to limited countries even by paying high fare. Among 42 different types of handicraft items, only around 20-22 types are being exported at present. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">The fare for each country has increased than during the normal situation. President of Export Council of Nepal, Hari Bahadur Karki, said that the fare has become expensive because only chartered flights are available at present. According to him, the previous fare to the US was $3 per kg but now it costs around $9-$10. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">Likewise, the fare for Bhutan was $1 per kg which has increased to $4. The fare for Japan was $2 but now has shot up to $4, and the regular cost of $3 per kg to the UK, now costs $7 and it costs $8-$9 per kg to Germany instead of the normal fare of $3. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">Surendra Bhai Shakya, of the Federation of Handicraft Association of Nepal (FHAN), says only 5 percent export is done at present to 18 countries including China, the USA, the UK, Germany, Bhutan, and Japan. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">“We cannot look at the present situation alone. We have to think about the future as well, so we must export goods at any cost,” he said. Entrepreneurs are obliged to export some items made of metal craft, felt and fiber even by paying more than the production cost. </span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2020-08-12', 'modified' => '2020-08-12', 'keywords' => '', 'description' => '', 'sortorder' => '12061', 'image' => '20200812033232_1597197111.3.jpg', 'article_date' => '2020-08-12 15:31:08', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '12313', 'article_category_id' => '1', 'title' => 'Remittance Inflow Above Average in Last Two Months', 'sub_title' => '', 'summary' => 'August 12: Remittance inflow to Nepal has been above average in the last two months despite projection of decline in remittance due to the Covid-19 crisis.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">August 12: Remittance inflow to Nepal has been above average in the last two months despite projection of decline in remittance due to the Covid-19 crisis.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Preliminary data collected by Nepal Remitters Association show that the inflow of remittance to Nepal between mid-May to mid-July was above average inflow of remittance.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">During normal situation, the average inflow of remittance to Nepal remains around Rs 73 billion per month. However, the remittance sent to Nepal between mid-June to mid-July was around Rs 80 billion. The figure was Rs 94 billion in the previous month (mid-May to mid-June). </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The inflow of remittance had initially reduced after the government of Nepal as well as various other countries imposed lockdown in March to contain the spread of coronavirus. But there has been an improvement in the situation, according to remittance companies.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Data maintained by Nepal Rastra Bank show that the inflow of remittance to Nepal in mid-March to mid-April was Rs 34 billion and Rs 54 billion in mid-April to mid-May. Then onward, the remittance inflow has remained above average.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">General Secretary of Nepal Remitters Association Ritesh Mittal says that people have started using legal channel to send remittance after the ‘hundi’ business collapsed during 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:"Arial Unicode MS"">“Inflow of remittance has increased after a slump in the hundi business,” said Mittal. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Earlier, a large amount of remittance from the UK, Australia, the UAE and South Korea used to arrive here through the illegal hundi business. However, remittance companies say that people have started sending money from these countries through official channel.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">It is also believed that the money which could not be sent during the lockdown period were sent in lump sum after the restrictions were lifted. This is also another reason for the encouraging result.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“The amount withheld during the lockdown is still in the process of transfer. That is the reason why the inflow of remittance was encouraging last month,” said Suman Pokharel, president of Nepal Remitters Association.</span></span></span></span></p> ', 'published' => true, 'created' => '2020-08-12', 'modified' => '2020-08-12', 'keywords' => '', 'description' => '', 'sortorder' => '12060', 'image' => '20200812031943_1597198775.Clipboard06.jpg', 'article_date' => '2020-08-12 15:19:13', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ) ) $current_user = null $logged_in = falseinclude - APP/View/Elements/side_bar.ctp, line 60 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
Warning (2): simplexml_load_file() [<a href='http://php.net/function.simplexml-load-file'>function.simplexml-load-file</a>]: I/O warning : failed to load external entity "" [APP/View/Elements/side_bar.ctp, line 60]file not found!Code Context// $file = 'http://aabhiyan:QUVLg8Wzs2F7G9N7@nepalstock.com.np/api/indexdata.xml';if(!$xml = simplexml_load_file($file)){$viewFile = '/var/www/html/newbusinessage.com/app/View/Elements/side_bar.ctp' $dataForView = array( 'articles' => array( (int) 0 => array( 'Article' => array( [maximum depth reached] ) ), (int) 1 => array( 'Article' => array( [maximum depth reached] ) ), (int) 2 => array( 'Article' => array( [maximum depth reached] ) ), (int) 3 => array( 'Article' => array( [maximum depth reached] ) ), (int) 4 => array( 'Article' => array( [maximum depth reached] ) ), (int) 5 => array( 'Article' => array( [maximum depth reached] ) ), (int) 6 => array( 'Article' => array( [maximum depth reached] ) ), (int) 7 => array( 'Article' => array( [maximum depth reached] ) ), (int) 8 => array( 'Article' => array( [maximum depth reached] ) ), (int) 9 => array( 'Article' => array( [maximum depth reached] ) ), (int) 10 => array( 'Article' => array( [maximum depth reached] ) ), (int) 11 => array( 'Article' => array( [maximum depth reached] ) ), (int) 12 => array( 'Article' => array( [maximum depth reached] ) ), (int) 13 => array( 'Article' => array( [maximum depth reached] ) ), (int) 14 => array( 'Article' => array( [maximum depth reached] ) ) ), 'current_user' => null, 'logged_in' => false ) $articles = array( (int) 0 => array( 'Article' => array( 'id' => '12328', 'article_category_id' => '1', 'title' => 'Stakeholders Urge Government to Reopen Tourism Industry ', 'sub_title' => '', 'summary' => 'August 16: Stakeholders associated with the tourism sector have urged the government to lift a ban on flights and to reopen the hotel industry by preparing a proper work plan.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">August 16: Stakeholders associated with the tourism sector have urged the government to lift a ban on flights and to reopen the hotel industry by preparing a proper work plan.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The government had earlier decided to reopen hotels and restaurants from July 30 and allow air service from August 17 but later revoked the decision due to rise in cases of coronavirus 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:"Arial Unicode MS"">Although other businesses have resumed operation, those associated with the tourism sector are yet to reopen.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Altogether 21 organisations has drawn the government’s attention to create a conducive environment for reopening the tourism industry from September 1.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">They have also warned of protest if the government further extends the date for reopening the tourism 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:"Arial Unicode MS"">The 21 organisations include Hotel Association of Nepal (HAN), Nepal Association of Tour and Travel Agents (NATTA), Trekking Agencies Association of Nepal (TAAN), Nepal Mountaineering Association (NMA) among others.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">A meeting of the Council of Ministers last week had decided to extend the ban on operation of hotels and long-distance vehicles till September 1. However, tourism entrepreneurs complain that the government did not let them resume their service despite fulfilling all the protocols set by the government.</span></span></span></span></p> ', 'published' => true, 'created' => '2020-08-16', 'modified' => '2020-08-16', 'keywords' => '', 'description' => '', 'sortorder' => '12075', 'image' => '20200816115453_20200506031951_120_1571271950.jpg', 'article_date' => '2020-08-16 11:54:13', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '12327', 'article_category_id' => '1', 'title' => 'Impact of Lockdown on Banks’ Financial Statements', 'sub_title' => 'Net Profit of 5 Banks Decline by an Average of 13.21%', 'summary' => 'August 14: The impacts of the four-month long lockdown, enforced by the government to control the spread of coronavirus, has been quite conspicuous in the previous fiscal year’s annual financial statements of commercial banks. ', 'content' => '<p><em>CEO of Nabil Bank Anil Keshari Shah (R) and actress Priyanka Karki during a programme in this file photo.</em></p> <p> </p> <table cellspacing="0" style="border-collapse:collapse"> <tbody> <tr> <td rowspan="2" style="background-color:#70ad47; border-bottom:1px solid black; border-left:1px solid black; border-right:none; border-top:1px solid black; vertical-align:top; width:67px"> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Bank</span></span></span></p> </td> <td colspan="2" style="background-color:#70ad47; border-bottom:1px solid #70ad47; border-left:none; border-right:none; border-top:1px solid #70ad47; vertical-align:top; width:134px"> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Profit (Billion)</span></span></span></p> </td> <td colspan="2" style="background-color:#70ad47; border-bottom:1px solid #70ad47; border-left:none; border-right:none; border-top:1px solid #70ad47; vertical-align:top; width:134px"> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Interest Income (Billion)</span></span></span></p> </td> <td colspan="2" style="background-color:#70ad47; border-bottom:1px solid #70ad47; border-left:none; border-right:1px solid #70ad47; border-top:1px solid #70ad47; vertical-align:top; width:134px"> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">EPS (Rupees)</span></span></span></p> </td> </tr> <tr> <td style="background-color:#a8d08d; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><strong>2077</strong></span></span></p> </td> <td style="background-color:#a8d08d; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><strong>2076</strong></span></span></p> </td> <td style="background-color:#a8d08d; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><strong>2077</strong></span></span></p> </td> <td style="background-color:#a8d08d; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><strong>2076</strong></span></span></p> </td> <td style="background-color:#a8d08d; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><strong>2077</strong></span></span></p> </td> <td style="background-color:#a8d08d; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><strong>2076</strong></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><strong>Bank Of Kathmandu</strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">1.49</span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">1.89</span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">3.58</span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">3.77</span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">17.26</span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">23.53</span></span></p> </td> </tr> <tr> <td style="background-color:#e2efd9; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><strong>Citizens</strong></span></span></p> </td> <td style="background-color:#e2efd9; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">1.11</span></span></p> </td> <td style="background-color:#e2efd9; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">1.46</span></span></p> </td> <td style="background-color:#e2efd9; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">2.88</span></span></p> </td> <td style="background-color:#e2efd9; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">2.68</span></span></p> </td> <td style="background-color:#e2efd9; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">12.92</span></span></p> </td> <td style="background-color:#e2efd9; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">17.49</span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><strong>Nabil</strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">3.56</span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">4.23</span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">7.02</span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">7.15</span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">37.66</span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">50.57</span></span></p> </td> </tr> <tr> <td style="background-color:#e2efd9; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><strong>Nepal</strong></span></span></p> </td> <td style="background-color:#e2efd9; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">2.55</span></span></p> </td> <td style="background-color:#e2efd9; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">2.81</span></span></p> </td> <td style="background-color:#e2efd9; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">5.61</span></span></p> </td> <td style="background-color:#e2efd9; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">6.18</span></span></p> </td> <td style="background-color:#e2efd9; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">22.66</span></span></p> </td> <td style="background-color:#e2efd9; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">26.99</span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><strong>Siddartha</strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">2.09</span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">2.25</span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">5.58</span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">4.66</span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">21.38</span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">23.07</span></span></p> </td> </tr> </tbody> </table> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><em>Source: Fourth Quarterly Report of the Previous Fiscal Year of the Respective Banks</em></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">August 14: The impacts of the four-month long lockdown, enforced by the government to control the spread of coronavirus, has been quite conspicuous in the previous fiscal year’s annual financial statements of commercial banks. The lockdown has affected many indicators such as the banks’ interest income, profit, distributable profit, earning per share, etc.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">The government had enforced the lockdown from March 24 to July 23 in order to control the spread of coronavirus. Banks had to face the lockdown for 20 days in their third quarter and the entire fourth quarter. The annual financial statements of the last fiscal year have been affected due to the absence of economic as well as banking activities during the lockdown period.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">As of Thursday (August 13), commercial banks including Nabil, Nepal Bank, Citizens Bank International, Siddhartha Bank and Bank of Kathmandu have published their annual financial statements of the last fiscal year. According to these statements, the net profit of all of these five banks have decreased by an average of 13.21 per cent.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">Their interest income, operating profit and the earning per share have also decreased. In addition, the banks claimed that their distributable profits have also decreased as compared to the previous year. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">As compared to the previous year, the net profit of Bank of Kathmandu, Citizens, Nabil Bank, Nepal Bank and Siddhartha Bank have decreased by 22.21 per cent, 23.72 per cent, 15.85 per cent, 1.55 per cent and 7.30 per cent respectively.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">Interest from loans is the major source of income for banks. However, Nepal Rastra Bank extended the interest payment period till the end of Ashad (mid-July) considering the impact of the lockdown on debtors. In addition to this, the central bank also directed the banks to reduce the interest rates on loans by 2 percentage points. As a result, the banks could not earn the interest income that they had expected in the early days. Banks informed that the interest they did collect was less than anticipated.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">The banks were expecting to collect the interests within the end of Ashad (mid-July). However, Nepal Rastra Bank announced that the loan payment period would further be extended under the monetary policy after which, the debtors didn’t pay the loan and the interest that they owed to the banks. As a result, other indicators of the financial statements also had to suffer.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">Banks mostly invest on the industrial sector by providing them with loans. They had also increased their investments in the tourism sector due to the tourism year (Visit Nepal 2020). Banks are currently not in a position to recover these loans because of the impact of the lockdown on the tourism sector.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">Furthermore, there have been no income from the Letter of Credit (LC) transactions and foreign currency exchange. Bankers stated that the income of banks have decreased due to these reasons while the expenses remained the same, which ultimately led to a decrease in the profit as well as other indicators.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">Bankers say the rate of profit was already not very satisfactory in the beginning of the previous fiscal year. The rate of profit had already shrunk to a single-digit number in the beginning of the year of the same banks that used to earn a double-digit rate of profit in the previous years. However, they noted that the profits might become negative by the end of this fiscal year.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">The Chief Executive Officer (CEO) of Nabil Bank Anil Keshari Shah said that the lockdown has greatly affected the banking sector in a small period of time. He believed that the extension of the loan payment period and the decrease in the interest rates were the reasons for the decrease in the profits of banks.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">“Rastra Bank directed the banks to reduce their interests on loan but not on deposits. In addition to this, the expenses related to salary of the employees, operating costs remained the same,” he said, adding, “We had to face expenses like these in the fourth quarter with no income. As a result, our annual financial statements got affected.” He added that the financial statements of Nabil Bank needs to be looked at positively despite the decrease in profits.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">He explained that the banks need to focus more on making their financial statements instead of focusing on the profits. “If we become profit-centric now, we may have to face another challenge again. That’s why we need to move forward with policies that reduce the operating cost and protects the customers.”</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">Surendra Bhandari, the Chief Executive Officer (CEO) of Kumari Bank said that the profit and the distributable profit of Kumari Bank has decreased.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">“Acquisition of Deva Bikash Bank has not impacted Kumari Bank as much as we had thought it would,” he said, “It is very much evident that the profit of all of the banks have decreased in the last fiscal year. This is seen in the financial statements of the banks that have been published so far. All of the banks are facing a common challenge right now.”</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""> Gunakar Bhatta, the spokesperson for Nepal Rastra Bank, said that the banking sector will get revived quickly if the economic activities resume in the coming days. “The banks have made a huge sacrifice right now. Many policies introduced by the Nepal Rastra Bank have made things easier for them,” he said, “If the economic activities keep going in this rate, the banks will get revived in no time.”</span></span><br /> <br /> <br /> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2020-08-14', 'modified' => '2020-08-14', 'keywords' => '', 'description' => '', 'sortorder' => '12074', 'image' => '20200814035203_20190329015431_DSC_0854(1).jpg', 'article_date' => '2020-08-14 15:49:57', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '12324', 'article_category_id' => '1', 'title' => 'Central Bank Tells BFIs to Bear Expenses of Covid-19 Infected Employees ', 'sub_title' => '', 'summary' => 'August 14: Nepal Rastra Bank (NRB) has instructed banks and financial institutions (BFIs) to bear the expenses of PCR tests for their staffers.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">August 14: Nepal Rastra Bank (NRB) has instructed banks and financial institutions (BFIs) to bear the expenses of PCR tests for their staffers.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">A notice issued by the central bank on Thursday has directed BFIs to provide salary and other expenses to the employees living in isolation, and arrange additional leave as well as provision to work from home for staffers who are in quarantine. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">Likewise, the central bank has also directed the BFIs to provide their service with maximum 50 percent staffsin districts where more than 200 cases of coronavirus have been confirmed. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">Meanwhile, an employee at the head office of NRB has tested positive for coronavirus. The employee of the Financial Management Department tested positive for Covid-19 during PCR test on Wednesday. NRB has asked the employee to stay in self-isolation and has also sealed the department where the infected person used to work. The employee was on leave since a week due after complaining of common cold. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">The PCR report of 20 other employees of the department turned out negative. According to NRB, they have been asked to stay in self-quarantine for 14 days although their report is negative. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">Spokesperson of NRB Dr Gunakar Bhatta informed that everyone in the bank have been adopting precautions and maintaining physical distancing at work. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">Other employees of NRB had tested corona positive prior to this as well. An employee of Birgunj-based provincial office of NRB had also tested positive last Sunday. </span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2020-08-14', 'modified' => '2020-08-14', 'keywords' => '', 'description' => '', 'sortorder' => '12072', 'image' => '20200814013129_nrb.jpg', 'article_date' => '2020-08-14 13:30:56', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '12325', 'article_category_id' => '1', 'title' => 'Company Registrar’s Office to go Digital from August 17', 'sub_title' => '', 'summary' => 'August 14: The Company Registrar’s Office has decided to digitalize its service from August 17 and provide all kinds of services to its customers through online medium.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">August 14: The Company Registrar’s Office has decided to digitalize its service from August 17 and provide all kinds of services to its customers through online medium.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The office had started online service seven years ago and has decided to fully adopt digital means after two weeks.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The Company Registrar’s Office has also made it mandatory for all companies that have been registered in accordance to the Companies Act 2063 to follow online registration process. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Once this new system comes into operation, all the companies have to go through online registration process. They will have to submit all the documents digitally.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Deputy Registrar at the office Tulsiram Gaire informed New Business Age that all the records will be kept electronically from August 17 onwards.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Likewise, all companies whether newly registered or old ones will have to submit their annual report and audit report through electronic means.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">It is believed that the digitalization process would help in getting details of all the companies registered at the office. The number of such offices stands at around 237,000. Officials say it will be easy to update information and to access information about the board members and other office bearers of the companies, and learn about their capital once the Company Registrar’s Office goes digital.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">As the government office prepares to impose online registration process, entrepreneurs complain that the registration process will be full of hassles due to technical glitches. They say that they are facing difficulty in availing online service from the office 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:"Arial Unicode MS"">“Our fellow business entrepreneurs have been complaining about the difficulty in online registration because the website of the Company Registrar’s Office often goes down,” said Krishna Dulal, chairman of NADA, adding, “It would be commendable if the concerned authorities move ahead with this process in a well managed way.”</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Meanwhile, the Company Registrar’s Office downplayed the technical problems saying that the companies might have faced some problems because the website is being upgraded at the moment.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“The problem will be fixed in 2 to 3 days once the upgrading of the website is complete,” said Deputy Registrar Gaire.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-08-14', 'modified' => '2020-08-14', 'keywords' => '', 'description' => '', 'sortorder' => '12071', 'image' => '20200814021355_1597275518.1 Compani-Rajistar-ko-Office_final.jpg', 'article_date' => '2020-08-14 14:13:20', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '12323', 'article_category_id' => '1', 'title' => 'Supreme Court Directs Government to Submit Report on Discarded Vehicles', 'sub_title' => '', 'summary' => 'August 14: The Supreme Court has issued an order in the name of the government to submit a report on the status of government-owned vehicles that are lying unused in junkyards of government offices. ', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">August 14: The Supreme Court has issued an order in the name of the government to submit a report on the status of government-owned vehicles that are lying unused in junkyards of government offices. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">A division bench of Supreme Court justices Anil Kumar Sinha and Hari Prasad Phuyal on Wednesday (August 12) issued the order seeking detailed information of such vehicles and the government’s plan to manage them. The apex court has asked the government to submit the report within six 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:"Arial Unicode MS"">The Supreme Court issued the order in response to a writ petition filed by advocate Padam Shrestha on August 3. In the petition, advocate Shrestha argues that the government has been dumping vehicles at the junkyard although they can be used after repair. The petitioner has also alleged of financial irregularities and misuse of state coffers in procuring new vehicles when the discarded vehicles are in condition to operate.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The Office of the Prime Minister and Council of Ministers as well as 21 other ministries have been made defendants in the case.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">In the petition, advocate Shrestha had demanded a mandamus order for keeping proper data of such vehicles and operating those that are fit for use after repair. The vehicles that are not useable should be auctioned and the money deposited in the state coffers, reads the petition.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The bench noted that the issues raised by the petitioner are of serious nature and of public importance and therefore concluded that the matter needs a detailed study.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The apex court has also ordered the government to form a probe committee having representation of concerned stakeholders. The Office of the Prime Minister and Council of Ministers has been asked to foot the bill for the study.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Advocate Shrestha says that the government has been misusing fund from the state coffers by spending millions of rupees for vehicles every year despite having adequate number of vehicles at its disposal. He pointed out to the report of the Auditor General’s Office that has clearly recommended the government not to purchase any new vehicle for a certain period but the government has been ignoring the report.</span></span></span></span></p> ', 'published' => true, 'created' => '2020-08-14', 'modified' => '2020-08-14', 'keywords' => '', 'description' => '', 'sortorder' => '12070', 'image' => '20200814122358_1597376285.Clipboard06.jpg', 'article_date' => '2020-08-14 12:23:23', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '12322', 'article_category_id' => '1', 'title' => 'DDA Preparing to Increase Price of Medicines', 'sub_title' => '', 'summary' => 'August 14: The Department of Drug Administration (DDA) has initiated the process of increasing the price of medicines. ', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">August 14: The Department of Drug Administration (DDA) has initiated the process of increasing the price of medicines. The DDA is preparing to send a work procedure to the Ministry of Health and Population to adjust the price of medicines as per the understanding reached between the department, the ministry and drug manufacturers on July 26. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The drug manufacturers of Nepal had organised a protest since early July putting forth various demands including a ban on import of 30 different kinds of drugs that are manufactured in sufficient quantity in Nepal, price adjustment and granting permission for sale of sanitizers only by registered companies.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Following the protest, the Council of Ministers on July 6 formed a three-member committee headed by joint secretary Dr Bikas Devkota of the ministry to study the demands of the drug manufacturers. DDA Director General Narayan Prasad Dhakal and president of the Association of Pharmaceutical Producers of Nepal Narayan Chhetri were members of the committee.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The committee had pledged to fulfill demands of the drug manufacturers within three weeks.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“During the meeting on July 26, the committee had pledged to forward the work procedure for increasing the price of medicines to the ministry, which in turn would implement it,” said Chhetri.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The drug manufacturers had been demanding a review of prices of medicines that were fixed more than 16 years ago.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Director General of DDA Dhakal said that the work procedure has recommended increasing the prices of 100 different kinds of medicines.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-08-14', 'modified' => '2020-08-14', 'keywords' => '', 'description' => '', 'sortorder' => '12069', 'image' => '20200814105316_1597373355.asas.jpg', 'article_date' => '2020-08-14 10:52:36', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '12321', 'article_category_id' => '1', 'title' => 'Industries Reduce Production by Half due to Infection of Workers', 'sub_title' => '', 'summary' => 'August 14: The production capacity of the industries has decreased by 40 percent in Sunsari-Morang Industrial Corridor after workers employed in the industries tested positive for Covid-19. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">August 14: The production capacity of the industries has decreased by 40 percent in Sunsari-Morang Industrial Corridor after workers employed in the industries tested positive for Covid-19. </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:Calibri">The industrialists informed that production in their industries has been affected due to shortage of workers due to the panic of Covid-19 infection.</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:Calibri">The industries in the corridor have been forced to reduce their production capacity to 60 percent due to the surge in cases of the contagious coronavirus.</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:Calibri">Aarti Strip, a multinational company, has already stopped its production for some days after more than 20 of its workers were infected with Covid-19 on August 9. The multinational company employs about 500 workers and initially had two infected cases. </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:Calibri">After the second round of tests of the factory workers confirmed 20 workers were infected, Budhiganga Rural Municipality had issued an order to seal the industry.</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:Calibri">Aarti Strip has been producing galvanized sheets and iron rods and exporting them to India and other countries. It is the prime exporter of such sheets and iron rods in Nepal. </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:Calibri">Chief of the administrative department of the industry, Diwas Nepal, informed that the production of the industry has been stalled after the surge in cases of coronavirus among the factory worker. "Now the industry is closed, we are in isolation within the industry," Nepal added.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-08-14', 'modified' => '2020-08-14', 'keywords' => '', 'description' => '', 'sortorder' => '12068', 'image' => '20200814100506_1597274314.Clipboard01.jpg', 'article_date' => '2020-08-14 10:04:30', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '12320', 'article_category_id' => '1', 'title' => 'SEBON Implements Book Building Method for the Issuance of IPO', 'sub_title' => 'Provision of a minimum of 50 units of shares with a discount of 10 per cent on the cut-off price for general investors ', 'summary' => 'August 13: Securities Board of Nepal (SEBON) has implemented book building method for the issuance of Initial Public Offering (IPO). ', 'content' => '<h1><span style="font-size:12pt"><span style="font-family:"Times New Roman"">August 13: Securities Board of Nepal (SEBON) has implemented book building method for the issuance of Initial Public Offering (IPO). </span></span></h1> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">SEBON has brought into use the Book-Building Guidelines, 2077 for the application of the book building method for the issuance of IPO under its Securities Registration and Issuance Regulations.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">Bhisma Raj Dungana, the chairman of SEBON, said that the general investors will get a minimum of 50 units of shares under this method.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">He also clarified that this method would not be mandatory for all companies. He informed New Business Age that issuing of the IPO under this method would require the company to provide the general investors with a discount of 10 per cent on the cut-off price.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">The board has also prepared some guidelines about the book-building method before implementing it. The guidelines state that that the companies issuing their IPO through this method need to prepare a preliminary assessment that states the estimated value as well as the method of valuation of their IPO, in consultation with their issue manager.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">The company will further have to take advices from a minimum of 10 qualified institutional investors about the minimum number of shares they want to purchase, their expected price of shares, and the basis for the valuation.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">The company issuing the IPO through the book-building method will then have to set a price of the IPO by analyzing the institutional investors’ expected price of the shares. They will then have to set a price ceiling and a price floor at 20 per cent above and below the price of the share respectively.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">The IPO will then have to be issued to qualified institutional investors registered with SEBON, through bidding after the price of the share along with its upper and lower limits approved. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">Similarly, a capable institutional investor will not be permitted to bid for more than 20 per cent of the issued IPO. They will also have to either deposit the full amount of the auctioned price to the specified bank, present a Good-For-Payment cheque or have the full amount blocked in their bank account.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">The automated electronic auction system operated by Nepal Stock Exchange (NEPSE) will have to be used for the book-building method. The companies can ask the board for a sealed-bid auction until the automated electronic auction system is introduced by NEPSE.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">The company will have to determine the cut-off price once all of the issued shares are sold to the institutional investors, and will have to distribute the shares to all of the applicants whose bid was above the cut-off price.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">In case the number of shares is insufficient to meet the demanded quantity of applicants, whose bid was above the cut-off price, the shares will have to be distributed proportionally. The board has also arranged for the account to be cleared as required or for the unused amount to be returned to the applicants within three working days with its accrued interest in case of a proportional distribution of the shares.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">The board believes that the use of book-building method for issuing IPO will make the price of shares more transparent and competitive. The board aims to get the companies of the real sector to enter the capital market and believes that such companies will feel encouraged to enter the capital market after the implementation of the book-building method.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">The board is also confident that this method will enable the companies issuing their IPO to get a high price for their shares and the institutional investors to increase their ownership in the issuing company, which will help in increasing the corporate governance.</span></span></p> ', 'published' => true, 'created' => '2020-08-13', 'modified' => '2020-08-13', 'keywords' => '', 'description' => '', 'sortorder' => '12067', 'image' => '20200813022215_sebon.jpg', 'article_date' => '2020-08-13 14:21:34', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '12319', 'article_category_id' => '1', 'title' => 'Export of Palm Oil Closed since Three Months ', 'sub_title' => '', 'summary' => 'August 13: Refined palm oil is the most exported item from Birgunj. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">August 13: Refined palm oil is the most exported item from Birgunj. However, the export of palm oil has stopped recently. In the Fiscal Year 2076/77, 14 industries of Bara-Parsa Industrial Corridor exported 168,000 metric tons of refined palm oil to India through this checkpoint. According to the data of Birgunj Customs Office, processed palm oil was the most exported product. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">A total of 170,000 metric tons of processed palm oil worth Rs 11.72 billion was exported in the last fiscal year. Bimal Shah, Information Officer of Birgunj Customs Office, said the figure is 47% higher in comparison to the previous year. In the FY 2075/76, a total of 57,000 metric tons of palm oil was exported. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">Suresh Rungata, chairman of OCB Food, said that the export of palm oil has been closed since three months after India banned the import of refined palm oil. Entrepreneurs have complained that the government has not taken any initiative to open the export of this product. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">Rungata accused the government of being indifferent towards the problems of exporters. Entrepreneurs have claimed that the overall export will decline in the current fiscal year 2077/78 after the export of the main commodity was stopped. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">In the last one year, 61,550 metric tons of soybean oil were exported. According to the statistics at the customs department, refined soybean oil worth Rs 8.24 billion was exported to India during this period. In the previous year, the export was only 12,911 metric ton. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">However, the Ministry of Industry, Commerce and Supplies has said that an initiative is being taken to open the export of palm oil. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">"Efforts are being made with the Indian side at various levels. We are hopeful that we will be able to resume export soon,” said Nawaraj Dhakal, joint secretary at the ministry. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-08-13', 'modified' => '2020-08-13', 'keywords' => '', 'description' => '', 'sortorder' => '12066', 'image' => '20200813014937_1597274429.Clipboard01.jpg', 'article_date' => '2020-08-13 13:49:05', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '12318', 'article_category_id' => '1', 'title' => 'Government Extends SDPs Under Grant from Indian Embassy', 'sub_title' => '', 'summary' => 'August 13: The government had extended the deadline for small development projects (SDPs) with investment from the Indian Embassy by three years. ', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">August 13: The government had extended the deadline for small development projects (SDPs) with investment from the Indian Embassy by three years. A meeting of the Council of Ministers on Monday (August 3) decided to extend the time period for these 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:"Arial Unicode MS"">The SDPs will now get continuity till August 2023.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Earlier, the Indian Embassy used to have direct involvement in these projects. But after the new constitution was promulgated in Nepal, a new clause has been added allowing the projects to run in collaboration with the local units.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The Ministry of Federal Affairs and Local Development oversees these projects. According to the ministry, the Indian Embassy can now move ahead with the projects only in collaboration with the local bodies. Joint Secretary at the ministry, Basanta Adhikari, informed New Business Age that the embassy used to finance the projects through the District Development Committees earlier but now the modality has been changed.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The Indian aid used to be spent outside the budget of the Government of Nepal before. But the financial assistance for these projects will now onward be incorporated in the annual budget of the government. Such decision was taken by the cabinet more than seven months ago.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">This project, which was initiated in 2003, needs to be renewed every three years.</span></span></span></span></p> ', 'published' => true, 'created' => '2020-08-13', 'modified' => '2020-08-13', 'keywords' => '', 'description' => '', 'sortorder' => '12065', 'image' => '20200813012110_1597275927.jpg', 'article_date' => '2020-08-13 13:20:39', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '12317', 'article_category_id' => '1', 'title' => 'NRB Restricts Issuance of Rights Shares to Put Pressure on Merger and Acquisition ', 'sub_title' => '', 'summary' => 'August 13: Nepal Rastra Bank (NRB) has started to reject the proposals of banks and financial institutions (BFIs) to issue rights shares.', 'content' => '<h1><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">August 13: Nepal Rastra Bank (NRB) has started to reject the proposals of banks and financial institutions (BFIs) to issue rights shares. NRB has adopted a strategy of increasing the capital of BFIs only through mergers and acquisitions. The central bank informed that it is discouraging the issuance of rights shares and promoting mergers instead. </span></span></span></h1> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Nepal Rastra Bank’s strategy of restricting the issuance of rights shares has compelled banks and financial institutions to opt for merger or acquisition in order to increase their capital. NRB Spokesperson Gunakar Batta said that the central bank’s next move is to reduce the number of banks down to a certain level. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">“The capital base needs to be strengthened through merger or acquisition. Nepal Rastra Bank is prioritizing mergers over any other methods in order to reduce the number of banks,” he told New Business Age.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">The Banks and Financial Institutions Regulation Department of NRB informed that the central bank has rejected proposals of issuance of rights shares of some institutions including Tinau, Mission and Shine Resunga development banks. Shine Resunga Development Bank that has a paid-up capital of Rs 3.1 Billion, had sought permission from the central bank to issue rights shares at a 4:1 ratio, as per the decision of the 11<sup>th</sup> annual general meeting of the bank. The proposal has however been rejected.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">An official from the regulations department of Nepal Rastra Bank has said that it was inappropriate for the banks to ask for an approval for issuing their rights shares from the central bank after endorsing it by the AGM. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">“We are aiming to promote mergers and acquisitions. Issuing of rights shares is not an option for increasing the capital to strengthen the banks,” a high-level source said.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">The central bank has been rejecting proposals to issue rights shares but has not prohibited the issuance of rights shares. It hasn’t issued any circular to the commercial banks, development banks and micro finance companies to stop issuing rights shares. However, micro-finance companies will be given specific instructions prohibiting them from issuing rights shares. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">The latest move of the central bank is in line with the monetary policy of the current fiscal year which encourages mergers and acquisition more than issuance of rights shares.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Bankers believe that the issuance of rights shares should be tightened instead of a complete ban.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Bankers pointed that issuing of rights shares unnecessarily shouldn’t be approved but certain criteria need to be created to approve the issuance of necessary rights shares if required. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Basanta Raj Lamsal, the chairman of Nepal Microfinance Bankers’ Association, said that it would be more appropriate to grow the capital through both rights shares and mergers. Chairman Lamsal further informed that he is planning to request Rastra Bank to make necessary arrangements and criteria required to enable financial institutions to issue their rights shares.</span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2020-08-13', 'modified' => '2020-08-13', 'keywords' => '', 'description' => '', 'sortorder' => '12064', 'image' => '20200813123205_1597198983.Clipboard06.jpg', 'article_date' => '2020-08-13 12:31:33', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '12316', 'article_category_id' => '1', 'title' => 'Airline Operators Warn of Protest if the Government Further Extends Ban on Flights', 'sub_title' => '', 'summary' => 'August 13: Airline operators have warned of protest if the government does not allow them to resume flights from September 1.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">August 13: Airline operators have warned of protest if the government does not allow them to resume flights from September 1.</span></span></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 government recently extended a ban on all commercial flights including domestic and international flights, except chartered flights for rescue operations, by 15 days due to a surge in coronavirus cases in the country after lifting 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:Arial">The government had earlier said it would allow air service to resume from August 17. Airline companies had already started booking tickets. But the cabinet on Monday decided to extend the ban.</span></span></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">Following the latest decision of the government not to allow air service till August 31, the airline operators on Wednesday warned that they will be forced to protest if the government keeps on extending the ban on air service.</span></span></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">Regular flights in Nepal have come to a complete halt after the government imposed a lockdown on March 24.</span></span></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 airline operators of Nepal say that other countries have already resumed domestic flights despite the Covid-19 crisis. Therefore, they urged the Government of Nepal to follow suit.</span></span></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">President of the Airline Operators Association of Nepal Rameshwar Thapa said that the government’s decision to extend the ban on flights at a time when they were ready to resume service was inappropriate.</span></span></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">“We have completed all the preparations to resume air service by following the protocols set by the International </span></span><span style="font-size:14.0pt"><span style="font-family:Arial">Civil Aviation Organization (ICAO) and the guidelines fixed by the Government of Nepal,” said Thapa. </span></span></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">He added that they will have to close their companies if the government does not allow them to resume air service from September 1.</span></span></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 said that thousands of employees in this sector have been badly affected by the ban on air service since the last five 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:Arial">“The ban on flights has also affected rescue of people injured in floods and landslides. Pregnant women referred to the hospitals in the capital have not been able to get prompt service due to unavailability of flights,” the 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">It is estimated that the private airline companies have had to bear losses of around Rs 5 to 6 billion due to the closure of air service since the last five months.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-08-13', 'modified' => '2020-08-13', 'keywords' => '', 'description' => '', 'sortorder' => '12063', 'image' => '20200813115026_plane.jpg', 'article_date' => '2020-08-13 11:49:53', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '12315', 'article_category_id' => '1', 'title' => 'Gold Takes a Massive Plunge and then Rises', 'sub_title' => '', 'summary' => 'August 13: The price of gold took a nosedive in the Nepali market on Wednesday (August 12) after steady rise for several weeks.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">August 13: The price of gold took a nosedive in the Nepali market on Wednesday (August 12) after steady rise for several weeks.</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 price of the precious yellow metal dropped by a massive margin of Rs 6,200 per tola (11 grams approximately) in a single day.</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">According to the Federation of Nepal Gold and Silver Dealers Association, gold was traded for Rs 95,400 on Wednesday. </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 is the highest single-day drop in gold price since the market resumed after the nationwide lockdown was imposed on March 24.</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">On Thursday, gold is being traded for Rs 97,800 per tola, an increase of Rs 2,400 overnight.</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">According to the Federation, the price of gold took a massive plunge in the domestic market after the price of the precious yellow metal declined in the international market. The price of gold in the international market had recently soared above US$ 2000 per ounce but it dropped to 1890 this week.</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 federation said it is studying the reason for the sudden plunge in price of gold in the international market.</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">Analysts believe that the price of gold went down in the international market after Russia claimed to have discovered the vaccine for coronavirus. This breakthrough is said to have attracted investors to other sectors. </span></span></span></span></p> <p> </p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Last week, the price of gold reached an all time high in the Nepali market as 11 grams of gold was traded for Rs 103,500. </span></span><span style="font-size:14.0pt"><span style="font-family:Arial">The price of gold in the Nepali market had remained above Rs 100,000 in the past two weeks.</span></span></span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2020-08-13', 'modified' => '2020-08-13', 'keywords' => '', 'description' => '', 'sortorder' => '12062', 'image' => '20200813105413_gold.jpg', 'article_date' => '2020-08-13 10:53:27', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '12314', 'article_category_id' => '1', 'title' => 'Handicraft Exporters Forced to Pay 3 Times High Fare ', 'sub_title' => '', 'summary' => 'August 12: Handicraft entrepreneurs have been obliged to pay three times high fare while exporting their products through chartered flights operated from Nepal for international rescue missions. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">August 12: Handicraft entrepreneurs have been obliged to pay three times high fare while exporting their products through chartered flights operated from Nepal for international rescue missions. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">The handicraft products produced in Nepal are exported to more than 50 countries including China, Japan, the USA, and the UK. However, due to the coronavirus pandemic, the export has been badly affected. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">Some products like pashmina, felt and wood carvings, which were ordered before the lockdown, are being exported to limited countries even by paying high fare. Among 42 different types of handicraft items, only around 20-22 types are being exported at present. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">The fare for each country has increased than during the normal situation. President of Export Council of Nepal, Hari Bahadur Karki, said that the fare has become expensive because only chartered flights are available at present. According to him, the previous fare to the US was $3 per kg but now it costs around $9-$10. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">Likewise, the fare for Bhutan was $1 per kg which has increased to $4. The fare for Japan was $2 but now has shot up to $4, and the regular cost of $3 per kg to the UK, now costs $7 and it costs $8-$9 per kg to Germany instead of the normal fare of $3. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">Surendra Bhai Shakya, of the Federation of Handicraft Association of Nepal (FHAN), says only 5 percent export is done at present to 18 countries including China, the USA, the UK, Germany, Bhutan, and Japan. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">“We cannot look at the present situation alone. We have to think about the future as well, so we must export goods at any cost,” he said. Entrepreneurs are obliged to export some items made of metal craft, felt and fiber even by paying more than the production cost. </span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2020-08-12', 'modified' => '2020-08-12', 'keywords' => '', 'description' => '', 'sortorder' => '12061', 'image' => '20200812033232_1597197111.3.jpg', 'article_date' => '2020-08-12 15:31:08', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '12313', 'article_category_id' => '1', 'title' => 'Remittance Inflow Above Average in Last Two Months', 'sub_title' => '', 'summary' => 'August 12: Remittance inflow to Nepal has been above average in the last two months despite projection of decline in remittance due to the Covid-19 crisis.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">August 12: Remittance inflow to Nepal has been above average in the last two months despite projection of decline in remittance due to the Covid-19 crisis.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Preliminary data collected by Nepal Remitters Association show that the inflow of remittance to Nepal between mid-May to mid-July was above average inflow of remittance.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">During normal situation, the average inflow of remittance to Nepal remains around Rs 73 billion per month. However, the remittance sent to Nepal between mid-June to mid-July was around Rs 80 billion. The figure was Rs 94 billion in the previous month (mid-May to mid-June). </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The inflow of remittance had initially reduced after the government of Nepal as well as various other countries imposed lockdown in March to contain the spread of coronavirus. But there has been an improvement in the situation, according to remittance companies.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Data maintained by Nepal Rastra Bank show that the inflow of remittance to Nepal in mid-March to mid-April was Rs 34 billion and Rs 54 billion in mid-April to mid-May. Then onward, the remittance inflow has remained above average.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">General Secretary of Nepal Remitters Association Ritesh Mittal says that people have started using legal channel to send remittance after the ‘hundi’ business collapsed during 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:"Arial Unicode MS"">“Inflow of remittance has increased after a slump in the hundi business,” said Mittal. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Earlier, a large amount of remittance from the UK, Australia, the UAE and South Korea used to arrive here through the illegal hundi business. However, remittance companies say that people have started sending money from these countries through official channel.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">It is also believed that the money which could not be sent during the lockdown period were sent in lump sum after the restrictions were lifted. This is also another reason for the encouraging result.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“The amount withheld during the lockdown is still in the process of transfer. That is the reason why the inflow of remittance was encouraging last month,” said Suman Pokharel, president of Nepal Remitters Association.</span></span></span></span></p> ', 'published' => true, 'created' => '2020-08-12', 'modified' => '2020-08-12', 'keywords' => '', 'description' => '', 'sortorder' => '12060', 'image' => '20200812031943_1597198775.Clipboard06.jpg', 'article_date' => '2020-08-12 15:19:13', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ) ) $current_user = null $logged_in = falsesimplexml_load_file - [internal], line ?? include - APP/View/Elements/side_bar.ctp, line 60 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
Notice (8): Undefined variable: file [APP/View/Elements/side_bar.ctp, line 133]Code Context// $file = 'http://aabhiyan:QUVLg8Wzs2F7G9N7@nepalstock.com.np/api/subindexdata.xml';if(!$xml = simplexml_load_file($file)){$viewFile = '/var/www/html/newbusinessage.com/app/View/Elements/side_bar.ctp' $dataForView = array( 'articles' => array( (int) 0 => array( 'Article' => array( [maximum depth reached] ) ), (int) 1 => array( 'Article' => array( [maximum depth reached] ) ), (int) 2 => array( 'Article' => array( [maximum depth reached] ) ), (int) 3 => array( 'Article' => array( [maximum depth reached] ) ), (int) 4 => array( 'Article' => array( [maximum depth reached] ) ), (int) 5 => array( 'Article' => array( [maximum depth reached] ) ), (int) 6 => array( 'Article' => array( [maximum depth reached] ) ), (int) 7 => array( 'Article' => array( [maximum depth reached] ) ), (int) 8 => array( 'Article' => array( [maximum depth reached] ) ), (int) 9 => array( 'Article' => array( [maximum depth reached] ) ), (int) 10 => array( 'Article' => array( [maximum depth reached] ) ), (int) 11 => array( 'Article' => array( [maximum depth reached] ) ), (int) 12 => array( 'Article' => array( [maximum depth reached] ) ), (int) 13 => array( 'Article' => array( [maximum depth reached] ) ), (int) 14 => array( 'Article' => array( [maximum depth reached] ) ) ), 'current_user' => null, 'logged_in' => false ) $articles = array( (int) 0 => array( 'Article' => array( 'id' => '12328', 'article_category_id' => '1', 'title' => 'Stakeholders Urge Government to Reopen Tourism Industry ', 'sub_title' => '', 'summary' => 'August 16: Stakeholders associated with the tourism sector have urged the government to lift a ban on flights and to reopen the hotel industry by preparing a proper work plan.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">August 16: Stakeholders associated with the tourism sector have urged the government to lift a ban on flights and to reopen the hotel industry by preparing a proper work plan.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The government had earlier decided to reopen hotels and restaurants from July 30 and allow air service from August 17 but later revoked the decision due to rise in cases of coronavirus 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:"Arial Unicode MS"">Although other businesses have resumed operation, those associated with the tourism sector are yet to reopen.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Altogether 21 organisations has drawn the government’s attention to create a conducive environment for reopening the tourism industry from September 1.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">They have also warned of protest if the government further extends the date for reopening the tourism 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:"Arial Unicode MS"">The 21 organisations include Hotel Association of Nepal (HAN), Nepal Association of Tour and Travel Agents (NATTA), Trekking Agencies Association of Nepal (TAAN), Nepal Mountaineering Association (NMA) among others.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">A meeting of the Council of Ministers last week had decided to extend the ban on operation of hotels and long-distance vehicles till September 1. However, tourism entrepreneurs complain that the government did not let them resume their service despite fulfilling all the protocols set by the government.</span></span></span></span></p> ', 'published' => true, 'created' => '2020-08-16', 'modified' => '2020-08-16', 'keywords' => '', 'description' => '', 'sortorder' => '12075', 'image' => '20200816115453_20200506031951_120_1571271950.jpg', 'article_date' => '2020-08-16 11:54:13', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '12327', 'article_category_id' => '1', 'title' => 'Impact of Lockdown on Banks’ Financial Statements', 'sub_title' => 'Net Profit of 5 Banks Decline by an Average of 13.21%', 'summary' => 'August 14: The impacts of the four-month long lockdown, enforced by the government to control the spread of coronavirus, has been quite conspicuous in the previous fiscal year’s annual financial statements of commercial banks. ', 'content' => '<p><em>CEO of Nabil Bank Anil Keshari Shah (R) and actress Priyanka Karki during a programme in this file photo.</em></p> <p> </p> <table cellspacing="0" style="border-collapse:collapse"> <tbody> <tr> <td rowspan="2" style="background-color:#70ad47; border-bottom:1px solid black; border-left:1px solid black; border-right:none; border-top:1px solid black; vertical-align:top; width:67px"> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Bank</span></span></span></p> </td> <td colspan="2" style="background-color:#70ad47; border-bottom:1px solid #70ad47; border-left:none; border-right:none; border-top:1px solid #70ad47; vertical-align:top; width:134px"> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Profit (Billion)</span></span></span></p> </td> <td colspan="2" style="background-color:#70ad47; border-bottom:1px solid #70ad47; border-left:none; border-right:none; border-top:1px solid #70ad47; vertical-align:top; width:134px"> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Interest Income (Billion)</span></span></span></p> </td> <td colspan="2" style="background-color:#70ad47; border-bottom:1px solid #70ad47; border-left:none; border-right:1px solid #70ad47; border-top:1px solid #70ad47; vertical-align:top; width:134px"> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">EPS (Rupees)</span></span></span></p> </td> </tr> <tr> <td style="background-color:#a8d08d; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><strong>2077</strong></span></span></p> </td> <td style="background-color:#a8d08d; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><strong>2076</strong></span></span></p> </td> <td style="background-color:#a8d08d; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><strong>2077</strong></span></span></p> </td> <td style="background-color:#a8d08d; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><strong>2076</strong></span></span></p> </td> <td style="background-color:#a8d08d; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><strong>2077</strong></span></span></p> </td> <td style="background-color:#a8d08d; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><strong>2076</strong></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><strong>Bank Of Kathmandu</strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">1.49</span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">1.89</span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">3.58</span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">3.77</span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">17.26</span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">23.53</span></span></p> </td> </tr> <tr> <td style="background-color:#e2efd9; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><strong>Citizens</strong></span></span></p> </td> <td style="background-color:#e2efd9; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">1.11</span></span></p> </td> <td style="background-color:#e2efd9; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">1.46</span></span></p> </td> <td style="background-color:#e2efd9; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">2.88</span></span></p> </td> <td style="background-color:#e2efd9; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">2.68</span></span></p> </td> <td style="background-color:#e2efd9; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">12.92</span></span></p> </td> <td style="background-color:#e2efd9; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">17.49</span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><strong>Nabil</strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">3.56</span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">4.23</span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">7.02</span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">7.15</span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">37.66</span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">50.57</span></span></p> </td> </tr> <tr> <td style="background-color:#e2efd9; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><strong>Nepal</strong></span></span></p> </td> <td style="background-color:#e2efd9; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">2.55</span></span></p> </td> <td style="background-color:#e2efd9; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">2.81</span></span></p> </td> <td style="background-color:#e2efd9; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">5.61</span></span></p> </td> <td style="background-color:#e2efd9; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">6.18</span></span></p> </td> <td style="background-color:#e2efd9; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">22.66</span></span></p> </td> <td style="background-color:#e2efd9; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">26.99</span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><strong>Siddartha</strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">2.09</span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">2.25</span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">5.58</span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">4.66</span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">21.38</span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">23.07</span></span></p> </td> </tr> </tbody> </table> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><em>Source: Fourth Quarterly Report of the Previous Fiscal Year of the Respective Banks</em></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">August 14: The impacts of the four-month long lockdown, enforced by the government to control the spread of coronavirus, has been quite conspicuous in the previous fiscal year’s annual financial statements of commercial banks. The lockdown has affected many indicators such as the banks’ interest income, profit, distributable profit, earning per share, etc.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">The government had enforced the lockdown from March 24 to July 23 in order to control the spread of coronavirus. Banks had to face the lockdown for 20 days in their third quarter and the entire fourth quarter. The annual financial statements of the last fiscal year have been affected due to the absence of economic as well as banking activities during the lockdown period.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">As of Thursday (August 13), commercial banks including Nabil, Nepal Bank, Citizens Bank International, Siddhartha Bank and Bank of Kathmandu have published their annual financial statements of the last fiscal year. According to these statements, the net profit of all of these five banks have decreased by an average of 13.21 per cent.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">Their interest income, operating profit and the earning per share have also decreased. In addition, the banks claimed that their distributable profits have also decreased as compared to the previous year. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">As compared to the previous year, the net profit of Bank of Kathmandu, Citizens, Nabil Bank, Nepal Bank and Siddhartha Bank have decreased by 22.21 per cent, 23.72 per cent, 15.85 per cent, 1.55 per cent and 7.30 per cent respectively.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">Interest from loans is the major source of income for banks. However, Nepal Rastra Bank extended the interest payment period till the end of Ashad (mid-July) considering the impact of the lockdown on debtors. In addition to this, the central bank also directed the banks to reduce the interest rates on loans by 2 percentage points. As a result, the banks could not earn the interest income that they had expected in the early days. Banks informed that the interest they did collect was less than anticipated.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">The banks were expecting to collect the interests within the end of Ashad (mid-July). However, Nepal Rastra Bank announced that the loan payment period would further be extended under the monetary policy after which, the debtors didn’t pay the loan and the interest that they owed to the banks. As a result, other indicators of the financial statements also had to suffer.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">Banks mostly invest on the industrial sector by providing them with loans. They had also increased their investments in the tourism sector due to the tourism year (Visit Nepal 2020). Banks are currently not in a position to recover these loans because of the impact of the lockdown on the tourism sector.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">Furthermore, there have been no income from the Letter of Credit (LC) transactions and foreign currency exchange. Bankers stated that the income of banks have decreased due to these reasons while the expenses remained the same, which ultimately led to a decrease in the profit as well as other indicators.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">Bankers say the rate of profit was already not very satisfactory in the beginning of the previous fiscal year. The rate of profit had already shrunk to a single-digit number in the beginning of the year of the same banks that used to earn a double-digit rate of profit in the previous years. However, they noted that the profits might become negative by the end of this fiscal year.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">The Chief Executive Officer (CEO) of Nabil Bank Anil Keshari Shah said that the lockdown has greatly affected the banking sector in a small period of time. He believed that the extension of the loan payment period and the decrease in the interest rates were the reasons for the decrease in the profits of banks.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">“Rastra Bank directed the banks to reduce their interests on loan but not on deposits. In addition to this, the expenses related to salary of the employees, operating costs remained the same,” he said, adding, “We had to face expenses like these in the fourth quarter with no income. As a result, our annual financial statements got affected.” He added that the financial statements of Nabil Bank needs to be looked at positively despite the decrease in profits.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">He explained that the banks need to focus more on making their financial statements instead of focusing on the profits. “If we become profit-centric now, we may have to face another challenge again. That’s why we need to move forward with policies that reduce the operating cost and protects the customers.”</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">Surendra Bhandari, the Chief Executive Officer (CEO) of Kumari Bank said that the profit and the distributable profit of Kumari Bank has decreased.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">“Acquisition of Deva Bikash Bank has not impacted Kumari Bank as much as we had thought it would,” he said, “It is very much evident that the profit of all of the banks have decreased in the last fiscal year. This is seen in the financial statements of the banks that have been published so far. All of the banks are facing a common challenge right now.”</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""> Gunakar Bhatta, the spokesperson for Nepal Rastra Bank, said that the banking sector will get revived quickly if the economic activities resume in the coming days. “The banks have made a huge sacrifice right now. Many policies introduced by the Nepal Rastra Bank have made things easier for them,” he said, “If the economic activities keep going in this rate, the banks will get revived in no time.”</span></span><br /> <br /> <br /> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2020-08-14', 'modified' => '2020-08-14', 'keywords' => '', 'description' => '', 'sortorder' => '12074', 'image' => '20200814035203_20190329015431_DSC_0854(1).jpg', 'article_date' => '2020-08-14 15:49:57', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '12324', 'article_category_id' => '1', 'title' => 'Central Bank Tells BFIs to Bear Expenses of Covid-19 Infected Employees ', 'sub_title' => '', 'summary' => 'August 14: Nepal Rastra Bank (NRB) has instructed banks and financial institutions (BFIs) to bear the expenses of PCR tests for their staffers.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">August 14: Nepal Rastra Bank (NRB) has instructed banks and financial institutions (BFIs) to bear the expenses of PCR tests for their staffers.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">A notice issued by the central bank on Thursday has directed BFIs to provide salary and other expenses to the employees living in isolation, and arrange additional leave as well as provision to work from home for staffers who are in quarantine. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">Likewise, the central bank has also directed the BFIs to provide their service with maximum 50 percent staffsin districts where more than 200 cases of coronavirus have been confirmed. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">Meanwhile, an employee at the head office of NRB has tested positive for coronavirus. The employee of the Financial Management Department tested positive for Covid-19 during PCR test on Wednesday. NRB has asked the employee to stay in self-isolation and has also sealed the department where the infected person used to work. The employee was on leave since a week due after complaining of common cold. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">The PCR report of 20 other employees of the department turned out negative. According to NRB, they have been asked to stay in self-quarantine for 14 days although their report is negative. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">Spokesperson of NRB Dr Gunakar Bhatta informed that everyone in the bank have been adopting precautions and maintaining physical distancing at work. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">Other employees of NRB had tested corona positive prior to this as well. An employee of Birgunj-based provincial office of NRB had also tested positive last Sunday. </span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2020-08-14', 'modified' => '2020-08-14', 'keywords' => '', 'description' => '', 'sortorder' => '12072', 'image' => '20200814013129_nrb.jpg', 'article_date' => '2020-08-14 13:30:56', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '12325', 'article_category_id' => '1', 'title' => 'Company Registrar’s Office to go Digital from August 17', 'sub_title' => '', 'summary' => 'August 14: The Company Registrar’s Office has decided to digitalize its service from August 17 and provide all kinds of services to its customers through online medium.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">August 14: The Company Registrar’s Office has decided to digitalize its service from August 17 and provide all kinds of services to its customers through online medium.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The office had started online service seven years ago and has decided to fully adopt digital means after two weeks.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The Company Registrar’s Office has also made it mandatory for all companies that have been registered in accordance to the Companies Act 2063 to follow online registration process. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Once this new system comes into operation, all the companies have to go through online registration process. They will have to submit all the documents digitally.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Deputy Registrar at the office Tulsiram Gaire informed New Business Age that all the records will be kept electronically from August 17 onwards.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Likewise, all companies whether newly registered or old ones will have to submit their annual report and audit report through electronic means.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">It is believed that the digitalization process would help in getting details of all the companies registered at the office. The number of such offices stands at around 237,000. Officials say it will be easy to update information and to access information about the board members and other office bearers of the companies, and learn about their capital once the Company Registrar’s Office goes digital.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">As the government office prepares to impose online registration process, entrepreneurs complain that the registration process will be full of hassles due to technical glitches. They say that they are facing difficulty in availing online service from the office 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:"Arial Unicode MS"">“Our fellow business entrepreneurs have been complaining about the difficulty in online registration because the website of the Company Registrar’s Office often goes down,” said Krishna Dulal, chairman of NADA, adding, “It would be commendable if the concerned authorities move ahead with this process in a well managed way.”</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Meanwhile, the Company Registrar’s Office downplayed the technical problems saying that the companies might have faced some problems because the website is being upgraded at the moment.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“The problem will be fixed in 2 to 3 days once the upgrading of the website is complete,” said Deputy Registrar Gaire.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-08-14', 'modified' => '2020-08-14', 'keywords' => '', 'description' => '', 'sortorder' => '12071', 'image' => '20200814021355_1597275518.1 Compani-Rajistar-ko-Office_final.jpg', 'article_date' => '2020-08-14 14:13:20', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '12323', 'article_category_id' => '1', 'title' => 'Supreme Court Directs Government to Submit Report on Discarded Vehicles', 'sub_title' => '', 'summary' => 'August 14: The Supreme Court has issued an order in the name of the government to submit a report on the status of government-owned vehicles that are lying unused in junkyards of government offices. ', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">August 14: The Supreme Court has issued an order in the name of the government to submit a report on the status of government-owned vehicles that are lying unused in junkyards of government offices. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">A division bench of Supreme Court justices Anil Kumar Sinha and Hari Prasad Phuyal on Wednesday (August 12) issued the order seeking detailed information of such vehicles and the government’s plan to manage them. The apex court has asked the government to submit the report within six 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:"Arial Unicode MS"">The Supreme Court issued the order in response to a writ petition filed by advocate Padam Shrestha on August 3. In the petition, advocate Shrestha argues that the government has been dumping vehicles at the junkyard although they can be used after repair. The petitioner has also alleged of financial irregularities and misuse of state coffers in procuring new vehicles when the discarded vehicles are in condition to operate.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The Office of the Prime Minister and Council of Ministers as well as 21 other ministries have been made defendants in the case.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">In the petition, advocate Shrestha had demanded a mandamus order for keeping proper data of such vehicles and operating those that are fit for use after repair. The vehicles that are not useable should be auctioned and the money deposited in the state coffers, reads the petition.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The bench noted that the issues raised by the petitioner are of serious nature and of public importance and therefore concluded that the matter needs a detailed study.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The apex court has also ordered the government to form a probe committee having representation of concerned stakeholders. The Office of the Prime Minister and Council of Ministers has been asked to foot the bill for the study.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Advocate Shrestha says that the government has been misusing fund from the state coffers by spending millions of rupees for vehicles every year despite having adequate number of vehicles at its disposal. He pointed out to the report of the Auditor General’s Office that has clearly recommended the government not to purchase any new vehicle for a certain period but the government has been ignoring the report.</span></span></span></span></p> ', 'published' => true, 'created' => '2020-08-14', 'modified' => '2020-08-14', 'keywords' => '', 'description' => '', 'sortorder' => '12070', 'image' => '20200814122358_1597376285.Clipboard06.jpg', 'article_date' => '2020-08-14 12:23:23', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '12322', 'article_category_id' => '1', 'title' => 'DDA Preparing to Increase Price of Medicines', 'sub_title' => '', 'summary' => 'August 14: The Department of Drug Administration (DDA) has initiated the process of increasing the price of medicines. ', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">August 14: The Department of Drug Administration (DDA) has initiated the process of increasing the price of medicines. The DDA is preparing to send a work procedure to the Ministry of Health and Population to adjust the price of medicines as per the understanding reached between the department, the ministry and drug manufacturers on July 26. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The drug manufacturers of Nepal had organised a protest since early July putting forth various demands including a ban on import of 30 different kinds of drugs that are manufactured in sufficient quantity in Nepal, price adjustment and granting permission for sale of sanitizers only by registered companies.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Following the protest, the Council of Ministers on July 6 formed a three-member committee headed by joint secretary Dr Bikas Devkota of the ministry to study the demands of the drug manufacturers. DDA Director General Narayan Prasad Dhakal and president of the Association of Pharmaceutical Producers of Nepal Narayan Chhetri were members of the committee.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The committee had pledged to fulfill demands of the drug manufacturers within three weeks.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“During the meeting on July 26, the committee had pledged to forward the work procedure for increasing the price of medicines to the ministry, which in turn would implement it,” said Chhetri.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The drug manufacturers had been demanding a review of prices of medicines that were fixed more than 16 years ago.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Director General of DDA Dhakal said that the work procedure has recommended increasing the prices of 100 different kinds of medicines.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-08-14', 'modified' => '2020-08-14', 'keywords' => '', 'description' => '', 'sortorder' => '12069', 'image' => '20200814105316_1597373355.asas.jpg', 'article_date' => '2020-08-14 10:52:36', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '12321', 'article_category_id' => '1', 'title' => 'Industries Reduce Production by Half due to Infection of Workers', 'sub_title' => '', 'summary' => 'August 14: The production capacity of the industries has decreased by 40 percent in Sunsari-Morang Industrial Corridor after workers employed in the industries tested positive for Covid-19. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">August 14: The production capacity of the industries has decreased by 40 percent in Sunsari-Morang Industrial Corridor after workers employed in the industries tested positive for Covid-19. </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:Calibri">The industrialists informed that production in their industries has been affected due to shortage of workers due to the panic of Covid-19 infection.</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:Calibri">The industries in the corridor have been forced to reduce their production capacity to 60 percent due to the surge in cases of the contagious coronavirus.</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:Calibri">Aarti Strip, a multinational company, has already stopped its production for some days after more than 20 of its workers were infected with Covid-19 on August 9. The multinational company employs about 500 workers and initially had two infected cases. </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:Calibri">After the second round of tests of the factory workers confirmed 20 workers were infected, Budhiganga Rural Municipality had issued an order to seal the industry.</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:Calibri">Aarti Strip has been producing galvanized sheets and iron rods and exporting them to India and other countries. It is the prime exporter of such sheets and iron rods in Nepal. </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:Calibri">Chief of the administrative department of the industry, Diwas Nepal, informed that the production of the industry has been stalled after the surge in cases of coronavirus among the factory worker. "Now the industry is closed, we are in isolation within the industry," Nepal added.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-08-14', 'modified' => '2020-08-14', 'keywords' => '', 'description' => '', 'sortorder' => '12068', 'image' => '20200814100506_1597274314.Clipboard01.jpg', 'article_date' => '2020-08-14 10:04:30', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '12320', 'article_category_id' => '1', 'title' => 'SEBON Implements Book Building Method for the Issuance of IPO', 'sub_title' => 'Provision of a minimum of 50 units of shares with a discount of 10 per cent on the cut-off price for general investors ', 'summary' => 'August 13: Securities Board of Nepal (SEBON) has implemented book building method for the issuance of Initial Public Offering (IPO). ', 'content' => '<h1><span style="font-size:12pt"><span style="font-family:"Times New Roman"">August 13: Securities Board of Nepal (SEBON) has implemented book building method for the issuance of Initial Public Offering (IPO). </span></span></h1> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">SEBON has brought into use the Book-Building Guidelines, 2077 for the application of the book building method for the issuance of IPO under its Securities Registration and Issuance Regulations.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">Bhisma Raj Dungana, the chairman of SEBON, said that the general investors will get a minimum of 50 units of shares under this method.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">He also clarified that this method would not be mandatory for all companies. He informed New Business Age that issuing of the IPO under this method would require the company to provide the general investors with a discount of 10 per cent on the cut-off price.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">The board has also prepared some guidelines about the book-building method before implementing it. The guidelines state that that the companies issuing their IPO through this method need to prepare a preliminary assessment that states the estimated value as well as the method of valuation of their IPO, in consultation with their issue manager.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">The company will further have to take advices from a minimum of 10 qualified institutional investors about the minimum number of shares they want to purchase, their expected price of shares, and the basis for the valuation.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">The company issuing the IPO through the book-building method will then have to set a price of the IPO by analyzing the institutional investors’ expected price of the shares. They will then have to set a price ceiling and a price floor at 20 per cent above and below the price of the share respectively.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">The IPO will then have to be issued to qualified institutional investors registered with SEBON, through bidding after the price of the share along with its upper and lower limits approved. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">Similarly, a capable institutional investor will not be permitted to bid for more than 20 per cent of the issued IPO. They will also have to either deposit the full amount of the auctioned price to the specified bank, present a Good-For-Payment cheque or have the full amount blocked in their bank account.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">The automated electronic auction system operated by Nepal Stock Exchange (NEPSE) will have to be used for the book-building method. The companies can ask the board for a sealed-bid auction until the automated electronic auction system is introduced by NEPSE.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">The company will have to determine the cut-off price once all of the issued shares are sold to the institutional investors, and will have to distribute the shares to all of the applicants whose bid was above the cut-off price.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">In case the number of shares is insufficient to meet the demanded quantity of applicants, whose bid was above the cut-off price, the shares will have to be distributed proportionally. The board has also arranged for the account to be cleared as required or for the unused amount to be returned to the applicants within three working days with its accrued interest in case of a proportional distribution of the shares.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">The board believes that the use of book-building method for issuing IPO will make the price of shares more transparent and competitive. The board aims to get the companies of the real sector to enter the capital market and believes that such companies will feel encouraged to enter the capital market after the implementation of the book-building method.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">The board is also confident that this method will enable the companies issuing their IPO to get a high price for their shares and the institutional investors to increase their ownership in the issuing company, which will help in increasing the corporate governance.</span></span></p> ', 'published' => true, 'created' => '2020-08-13', 'modified' => '2020-08-13', 'keywords' => '', 'description' => '', 'sortorder' => '12067', 'image' => '20200813022215_sebon.jpg', 'article_date' => '2020-08-13 14:21:34', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '12319', 'article_category_id' => '1', 'title' => 'Export of Palm Oil Closed since Three Months ', 'sub_title' => '', 'summary' => 'August 13: Refined palm oil is the most exported item from Birgunj. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">August 13: Refined palm oil is the most exported item from Birgunj. However, the export of palm oil has stopped recently. In the Fiscal Year 2076/77, 14 industries of Bara-Parsa Industrial Corridor exported 168,000 metric tons of refined palm oil to India through this checkpoint. According to the data of Birgunj Customs Office, processed palm oil was the most exported product. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">A total of 170,000 metric tons of processed palm oil worth Rs 11.72 billion was exported in the last fiscal year. Bimal Shah, Information Officer of Birgunj Customs Office, said the figure is 47% higher in comparison to the previous year. In the FY 2075/76, a total of 57,000 metric tons of palm oil was exported. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">Suresh Rungata, chairman of OCB Food, said that the export of palm oil has been closed since three months after India banned the import of refined palm oil. Entrepreneurs have complained that the government has not taken any initiative to open the export of this product. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">Rungata accused the government of being indifferent towards the problems of exporters. Entrepreneurs have claimed that the overall export will decline in the current fiscal year 2077/78 after the export of the main commodity was stopped. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">In the last one year, 61,550 metric tons of soybean oil were exported. According to the statistics at the customs department, refined soybean oil worth Rs 8.24 billion was exported to India during this period. In the previous year, the export was only 12,911 metric ton. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">However, the Ministry of Industry, Commerce and Supplies has said that an initiative is being taken to open the export of palm oil. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">"Efforts are being made with the Indian side at various levels. We are hopeful that we will be able to resume export soon,” said Nawaraj Dhakal, joint secretary at the ministry. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-08-13', 'modified' => '2020-08-13', 'keywords' => '', 'description' => '', 'sortorder' => '12066', 'image' => '20200813014937_1597274429.Clipboard01.jpg', 'article_date' => '2020-08-13 13:49:05', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '12318', 'article_category_id' => '1', 'title' => 'Government Extends SDPs Under Grant from Indian Embassy', 'sub_title' => '', 'summary' => 'August 13: The government had extended the deadline for small development projects (SDPs) with investment from the Indian Embassy by three years. ', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">August 13: The government had extended the deadline for small development projects (SDPs) with investment from the Indian Embassy by three years. A meeting of the Council of Ministers on Monday (August 3) decided to extend the time period for these 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:"Arial Unicode MS"">The SDPs will now get continuity till August 2023.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Earlier, the Indian Embassy used to have direct involvement in these projects. But after the new constitution was promulgated in Nepal, a new clause has been added allowing the projects to run in collaboration with the local units.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The Ministry of Federal Affairs and Local Development oversees these projects. According to the ministry, the Indian Embassy can now move ahead with the projects only in collaboration with the local bodies. Joint Secretary at the ministry, Basanta Adhikari, informed New Business Age that the embassy used to finance the projects through the District Development Committees earlier but now the modality has been changed.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The Indian aid used to be spent outside the budget of the Government of Nepal before. But the financial assistance for these projects will now onward be incorporated in the annual budget of the government. Such decision was taken by the cabinet more than seven months ago.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">This project, which was initiated in 2003, needs to be renewed every three years.</span></span></span></span></p> ', 'published' => true, 'created' => '2020-08-13', 'modified' => '2020-08-13', 'keywords' => '', 'description' => '', 'sortorder' => '12065', 'image' => '20200813012110_1597275927.jpg', 'article_date' => '2020-08-13 13:20:39', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '12317', 'article_category_id' => '1', 'title' => 'NRB Restricts Issuance of Rights Shares to Put Pressure on Merger and Acquisition ', 'sub_title' => '', 'summary' => 'August 13: Nepal Rastra Bank (NRB) has started to reject the proposals of banks and financial institutions (BFIs) to issue rights shares.', 'content' => '<h1><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">August 13: Nepal Rastra Bank (NRB) has started to reject the proposals of banks and financial institutions (BFIs) to issue rights shares. NRB has adopted a strategy of increasing the capital of BFIs only through mergers and acquisitions. The central bank informed that it is discouraging the issuance of rights shares and promoting mergers instead. </span></span></span></h1> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Nepal Rastra Bank’s strategy of restricting the issuance of rights shares has compelled banks and financial institutions to opt for merger or acquisition in order to increase their capital. NRB Spokesperson Gunakar Batta said that the central bank’s next move is to reduce the number of banks down to a certain level. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">“The capital base needs to be strengthened through merger or acquisition. Nepal Rastra Bank is prioritizing mergers over any other methods in order to reduce the number of banks,” he told New Business Age.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">The Banks and Financial Institutions Regulation Department of NRB informed that the central bank has rejected proposals of issuance of rights shares of some institutions including Tinau, Mission and Shine Resunga development banks. Shine Resunga Development Bank that has a paid-up capital of Rs 3.1 Billion, had sought permission from the central bank to issue rights shares at a 4:1 ratio, as per the decision of the 11<sup>th</sup> annual general meeting of the bank. The proposal has however been rejected.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">An official from the regulations department of Nepal Rastra Bank has said that it was inappropriate for the banks to ask for an approval for issuing their rights shares from the central bank after endorsing it by the AGM. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">“We are aiming to promote mergers and acquisitions. Issuing of rights shares is not an option for increasing the capital to strengthen the banks,” a high-level source said.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">The central bank has been rejecting proposals to issue rights shares but has not prohibited the issuance of rights shares. It hasn’t issued any circular to the commercial banks, development banks and micro finance companies to stop issuing rights shares. However, micro-finance companies will be given specific instructions prohibiting them from issuing rights shares. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">The latest move of the central bank is in line with the monetary policy of the current fiscal year which encourages mergers and acquisition more than issuance of rights shares.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Bankers believe that the issuance of rights shares should be tightened instead of a complete ban.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Bankers pointed that issuing of rights shares unnecessarily shouldn’t be approved but certain criteria need to be created to approve the issuance of necessary rights shares if required. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Basanta Raj Lamsal, the chairman of Nepal Microfinance Bankers’ Association, said that it would be more appropriate to grow the capital through both rights shares and mergers. Chairman Lamsal further informed that he is planning to request Rastra Bank to make necessary arrangements and criteria required to enable financial institutions to issue their rights shares.</span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2020-08-13', 'modified' => '2020-08-13', 'keywords' => '', 'description' => '', 'sortorder' => '12064', 'image' => '20200813123205_1597198983.Clipboard06.jpg', 'article_date' => '2020-08-13 12:31:33', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '12316', 'article_category_id' => '1', 'title' => 'Airline Operators Warn of Protest if the Government Further Extends Ban on Flights', 'sub_title' => '', 'summary' => 'August 13: Airline operators have warned of protest if the government does not allow them to resume flights from September 1.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">August 13: Airline operators have warned of protest if the government does not allow them to resume flights from September 1.</span></span></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 government recently extended a ban on all commercial flights including domestic and international flights, except chartered flights for rescue operations, by 15 days due to a surge in coronavirus cases in the country after lifting 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:Arial">The government had earlier said it would allow air service to resume from August 17. Airline companies had already started booking tickets. But the cabinet on Monday decided to extend the ban.</span></span></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">Following the latest decision of the government not to allow air service till August 31, the airline operators on Wednesday warned that they will be forced to protest if the government keeps on extending the ban on air service.</span></span></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">Regular flights in Nepal have come to a complete halt after the government imposed a lockdown on March 24.</span></span></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 airline operators of Nepal say that other countries have already resumed domestic flights despite the Covid-19 crisis. Therefore, they urged the Government of Nepal to follow suit.</span></span></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">President of the Airline Operators Association of Nepal Rameshwar Thapa said that the government’s decision to extend the ban on flights at a time when they were ready to resume service was inappropriate.</span></span></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">“We have completed all the preparations to resume air service by following the protocols set by the International </span></span><span style="font-size:14.0pt"><span style="font-family:Arial">Civil Aviation Organization (ICAO) and the guidelines fixed by the Government of Nepal,” said Thapa. </span></span></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">He added that they will have to close their companies if the government does not allow them to resume air service from September 1.</span></span></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 said that thousands of employees in this sector have been badly affected by the ban on air service since the last five 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:Arial">“The ban on flights has also affected rescue of people injured in floods and landslides. Pregnant women referred to the hospitals in the capital have not been able to get prompt service due to unavailability of flights,” the 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">It is estimated that the private airline companies have had to bear losses of around Rs 5 to 6 billion due to the closure of air service since the last five months.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-08-13', 'modified' => '2020-08-13', 'keywords' => '', 'description' => '', 'sortorder' => '12063', 'image' => '20200813115026_plane.jpg', 'article_date' => '2020-08-13 11:49:53', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '12315', 'article_category_id' => '1', 'title' => 'Gold Takes a Massive Plunge and then Rises', 'sub_title' => '', 'summary' => 'August 13: The price of gold took a nosedive in the Nepali market on Wednesday (August 12) after steady rise for several weeks.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">August 13: The price of gold took a nosedive in the Nepali market on Wednesday (August 12) after steady rise for several weeks.</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 price of the precious yellow metal dropped by a massive margin of Rs 6,200 per tola (11 grams approximately) in a single day.</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">According to the Federation of Nepal Gold and Silver Dealers Association, gold was traded for Rs 95,400 on Wednesday. </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 is the highest single-day drop in gold price since the market resumed after the nationwide lockdown was imposed on March 24.</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">On Thursday, gold is being traded for Rs 97,800 per tola, an increase of Rs 2,400 overnight.</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">According to the Federation, the price of gold took a massive plunge in the domestic market after the price of the precious yellow metal declined in the international market. The price of gold in the international market had recently soared above US$ 2000 per ounce but it dropped to 1890 this week.</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 federation said it is studying the reason for the sudden plunge in price of gold in the international market.</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">Analysts believe that the price of gold went down in the international market after Russia claimed to have discovered the vaccine for coronavirus. This breakthrough is said to have attracted investors to other sectors. </span></span></span></span></p> <p> </p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Last week, the price of gold reached an all time high in the Nepali market as 11 grams of gold was traded for Rs 103,500. </span></span><span style="font-size:14.0pt"><span style="font-family:Arial">The price of gold in the Nepali market had remained above Rs 100,000 in the past two weeks.</span></span></span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2020-08-13', 'modified' => '2020-08-13', 'keywords' => '', 'description' => '', 'sortorder' => '12062', 'image' => '20200813105413_gold.jpg', 'article_date' => '2020-08-13 10:53:27', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '12314', 'article_category_id' => '1', 'title' => 'Handicraft Exporters Forced to Pay 3 Times High Fare ', 'sub_title' => '', 'summary' => 'August 12: Handicraft entrepreneurs have been obliged to pay three times high fare while exporting their products through chartered flights operated from Nepal for international rescue missions. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">August 12: Handicraft entrepreneurs have been obliged to pay three times high fare while exporting their products through chartered flights operated from Nepal for international rescue missions. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">The handicraft products produced in Nepal are exported to more than 50 countries including China, Japan, the USA, and the UK. However, due to the coronavirus pandemic, the export has been badly affected. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">Some products like pashmina, felt and wood carvings, which were ordered before the lockdown, are being exported to limited countries even by paying high fare. Among 42 different types of handicraft items, only around 20-22 types are being exported at present. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">The fare for each country has increased than during the normal situation. President of Export Council of Nepal, Hari Bahadur Karki, said that the fare has become expensive because only chartered flights are available at present. According to him, the previous fare to the US was $3 per kg but now it costs around $9-$10. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">Likewise, the fare for Bhutan was $1 per kg which has increased to $4. The fare for Japan was $2 but now has shot up to $4, and the regular cost of $3 per kg to the UK, now costs $7 and it costs $8-$9 per kg to Germany instead of the normal fare of $3. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">Surendra Bhai Shakya, of the Federation of Handicraft Association of Nepal (FHAN), says only 5 percent export is done at present to 18 countries including China, the USA, the UK, Germany, Bhutan, and Japan. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">“We cannot look at the present situation alone. We have to think about the future as well, so we must export goods at any cost,” he said. Entrepreneurs are obliged to export some items made of metal craft, felt and fiber even by paying more than the production cost. </span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2020-08-12', 'modified' => '2020-08-12', 'keywords' => '', 'description' => '', 'sortorder' => '12061', 'image' => '20200812033232_1597197111.3.jpg', 'article_date' => '2020-08-12 15:31:08', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '12313', 'article_category_id' => '1', 'title' => 'Remittance Inflow Above Average in Last Two Months', 'sub_title' => '', 'summary' => 'August 12: Remittance inflow to Nepal has been above average in the last two months despite projection of decline in remittance due to the Covid-19 crisis.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">August 12: Remittance inflow to Nepal has been above average in the last two months despite projection of decline in remittance due to the Covid-19 crisis.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Preliminary data collected by Nepal Remitters Association show that the inflow of remittance to Nepal between mid-May to mid-July was above average inflow of remittance.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">During normal situation, the average inflow of remittance to Nepal remains around Rs 73 billion per month. However, the remittance sent to Nepal between mid-June to mid-July was around Rs 80 billion. The figure was Rs 94 billion in the previous month (mid-May to mid-June). </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The inflow of remittance had initially reduced after the government of Nepal as well as various other countries imposed lockdown in March to contain the spread of coronavirus. But there has been an improvement in the situation, according to remittance companies.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Data maintained by Nepal Rastra Bank show that the inflow of remittance to Nepal in mid-March to mid-April was Rs 34 billion and Rs 54 billion in mid-April to mid-May. Then onward, the remittance inflow has remained above average.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">General Secretary of Nepal Remitters Association Ritesh Mittal says that people have started using legal channel to send remittance after the ‘hundi’ business collapsed during 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:"Arial Unicode MS"">“Inflow of remittance has increased after a slump in the hundi business,” said Mittal. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Earlier, a large amount of remittance from the UK, Australia, the UAE and South Korea used to arrive here through the illegal hundi business. However, remittance companies say that people have started sending money from these countries through official channel.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">It is also believed that the money which could not be sent during the lockdown period were sent in lump sum after the restrictions were lifted. This is also another reason for the encouraging result.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“The amount withheld during the lockdown is still in the process of transfer. That is the reason why the inflow of remittance was encouraging last month,” said Suman Pokharel, president of Nepal Remitters Association.</span></span></span></span></p> ', 'published' => true, 'created' => '2020-08-12', 'modified' => '2020-08-12', 'keywords' => '', 'description' => '', 'sortorder' => '12060', 'image' => '20200812031943_1597198775.Clipboard06.jpg', 'article_date' => '2020-08-12 15:19:13', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ) ) $current_user = null $logged_in = false $xml = falseinclude - APP/View/Elements/side_bar.ctp, line 133 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
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However, tourism entrepreneurs complain that the government did not let them resume their service despite fulfilling all the protocols set by the government.</span></span></span></span></p> ', 'published' => true, 'created' => '2020-08-16', 'modified' => '2020-08-16', 'keywords' => '', 'description' => '', 'sortorder' => '12075', 'image' => '20200816115453_20200506031951_120_1571271950.jpg', 'article_date' => '2020-08-16 11:54:13', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '12327', 'article_category_id' => '1', 'title' => 'Impact of Lockdown on Banks’ Financial Statements', 'sub_title' => 'Net Profit of 5 Banks Decline by an Average of 13.21%', 'summary' => 'August 14: The impacts of the four-month long lockdown, enforced by the government to control the spread of coronavirus, has been quite conspicuous in the previous fiscal year’s annual financial statements of commercial banks. ', 'content' => '<p><em>CEO of Nabil Bank Anil Keshari Shah (R) and actress Priyanka Karki during a programme in this file photo.</em></p> <p> </p> <table cellspacing="0" style="border-collapse:collapse"> <tbody> <tr> <td rowspan="2" style="background-color:#70ad47; border-bottom:1px solid black; border-left:1px solid black; border-right:none; border-top:1px solid black; vertical-align:top; width:67px"> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Bank</span></span></span></p> </td> <td colspan="2" style="background-color:#70ad47; border-bottom:1px solid #70ad47; border-left:none; border-right:none; border-top:1px solid #70ad47; vertical-align:top; width:134px"> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Profit (Billion)</span></span></span></p> </td> <td colspan="2" style="background-color:#70ad47; border-bottom:1px solid #70ad47; border-left:none; border-right:none; border-top:1px solid #70ad47; vertical-align:top; width:134px"> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Interest Income (Billion)</span></span></span></p> </td> <td colspan="2" style="background-color:#70ad47; border-bottom:1px solid #70ad47; border-left:none; border-right:1px solid #70ad47; border-top:1px solid #70ad47; vertical-align:top; width:134px"> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">EPS (Rupees)</span></span></span></p> </td> </tr> <tr> <td style="background-color:#a8d08d; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><strong>2077</strong></span></span></p> </td> <td style="background-color:#a8d08d; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><strong>2076</strong></span></span></p> </td> <td style="background-color:#a8d08d; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><strong>2077</strong></span></span></p> </td> <td style="background-color:#a8d08d; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><strong>2076</strong></span></span></p> </td> <td style="background-color:#a8d08d; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><strong>2077</strong></span></span></p> </td> <td style="background-color:#a8d08d; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><strong>2076</strong></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><strong>Bank Of Kathmandu</strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">1.49</span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">1.89</span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">3.58</span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">3.77</span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">17.26</span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">23.53</span></span></p> </td> </tr> <tr> <td style="background-color:#e2efd9; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><strong>Citizens</strong></span></span></p> </td> <td style="background-color:#e2efd9; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">1.11</span></span></p> </td> <td style="background-color:#e2efd9; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">1.46</span></span></p> </td> <td style="background-color:#e2efd9; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">2.88</span></span></p> </td> <td style="background-color:#e2efd9; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">2.68</span></span></p> </td> <td style="background-color:#e2efd9; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">12.92</span></span></p> </td> <td style="background-color:#e2efd9; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">17.49</span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><strong>Nabil</strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">3.56</span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">4.23</span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">7.02</span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">7.15</span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">37.66</span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">50.57</span></span></p> </td> </tr> <tr> <td style="background-color:#e2efd9; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><strong>Nepal</strong></span></span></p> </td> <td style="background-color:#e2efd9; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">2.55</span></span></p> </td> <td style="background-color:#e2efd9; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">2.81</span></span></p> </td> <td style="background-color:#e2efd9; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">5.61</span></span></p> </td> <td style="background-color:#e2efd9; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">6.18</span></span></p> </td> <td style="background-color:#e2efd9; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">22.66</span></span></p> </td> <td style="background-color:#e2efd9; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">26.99</span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><strong>Siddartha</strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">2.09</span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">2.25</span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">5.58</span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">4.66</span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">21.38</span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">23.07</span></span></p> </td> </tr> </tbody> </table> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><em>Source: Fourth Quarterly Report of the Previous Fiscal Year of the Respective Banks</em></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">August 14: The impacts of the four-month long lockdown, enforced by the government to control the spread of coronavirus, has been quite conspicuous in the previous fiscal year’s annual financial statements of commercial banks. The lockdown has affected many indicators such as the banks’ interest income, profit, distributable profit, earning per share, etc.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">The government had enforced the lockdown from March 24 to July 23 in order to control the spread of coronavirus. Banks had to face the lockdown for 20 days in their third quarter and the entire fourth quarter. The annual financial statements of the last fiscal year have been affected due to the absence of economic as well as banking activities during the lockdown period.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">As of Thursday (August 13), commercial banks including Nabil, Nepal Bank, Citizens Bank International, Siddhartha Bank and Bank of Kathmandu have published their annual financial statements of the last fiscal year. According to these statements, the net profit of all of these five banks have decreased by an average of 13.21 per cent.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">Their interest income, operating profit and the earning per share have also decreased. In addition, the banks claimed that their distributable profits have also decreased as compared to the previous year. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">As compared to the previous year, the net profit of Bank of Kathmandu, Citizens, Nabil Bank, Nepal Bank and Siddhartha Bank have decreased by 22.21 per cent, 23.72 per cent, 15.85 per cent, 1.55 per cent and 7.30 per cent respectively.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">Interest from loans is the major source of income for banks. However, Nepal Rastra Bank extended the interest payment period till the end of Ashad (mid-July) considering the impact of the lockdown on debtors. In addition to this, the central bank also directed the banks to reduce the interest rates on loans by 2 percentage points. As a result, the banks could not earn the interest income that they had expected in the early days. Banks informed that the interest they did collect was less than anticipated.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">The banks were expecting to collect the interests within the end of Ashad (mid-July). However, Nepal Rastra Bank announced that the loan payment period would further be extended under the monetary policy after which, the debtors didn’t pay the loan and the interest that they owed to the banks. As a result, other indicators of the financial statements also had to suffer.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">Banks mostly invest on the industrial sector by providing them with loans. They had also increased their investments in the tourism sector due to the tourism year (Visit Nepal 2020). Banks are currently not in a position to recover these loans because of the impact of the lockdown on the tourism sector.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">Furthermore, there have been no income from the Letter of Credit (LC) transactions and foreign currency exchange. Bankers stated that the income of banks have decreased due to these reasons while the expenses remained the same, which ultimately led to a decrease in the profit as well as other indicators.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">Bankers say the rate of profit was already not very satisfactory in the beginning of the previous fiscal year. The rate of profit had already shrunk to a single-digit number in the beginning of the year of the same banks that used to earn a double-digit rate of profit in the previous years. However, they noted that the profits might become negative by the end of this fiscal year.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">The Chief Executive Officer (CEO) of Nabil Bank Anil Keshari Shah said that the lockdown has greatly affected the banking sector in a small period of time. He believed that the extension of the loan payment period and the decrease in the interest rates were the reasons for the decrease in the profits of banks.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">“Rastra Bank directed the banks to reduce their interests on loan but not on deposits. In addition to this, the expenses related to salary of the employees, operating costs remained the same,” he said, adding, “We had to face expenses like these in the fourth quarter with no income. As a result, our annual financial statements got affected.” He added that the financial statements of Nabil Bank needs to be looked at positively despite the decrease in profits.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">He explained that the banks need to focus more on making their financial statements instead of focusing on the profits. “If we become profit-centric now, we may have to face another challenge again. That’s why we need to move forward with policies that reduce the operating cost and protects the customers.”</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">Surendra Bhandari, the Chief Executive Officer (CEO) of Kumari Bank said that the profit and the distributable profit of Kumari Bank has decreased.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">“Acquisition of Deva Bikash Bank has not impacted Kumari Bank as much as we had thought it would,” he said, “It is very much evident that the profit of all of the banks have decreased in the last fiscal year. This is seen in the financial statements of the banks that have been published so far. All of the banks are facing a common challenge right now.”</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""> Gunakar Bhatta, the spokesperson for Nepal Rastra Bank, said that the banking sector will get revived quickly if the economic activities resume in the coming days. “The banks have made a huge sacrifice right now. Many policies introduced by the Nepal Rastra Bank have made things easier for them,” he said, “If the economic activities keep going in this rate, the banks will get revived in no time.”</span></span><br /> <br /> <br /> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2020-08-14', 'modified' => '2020-08-14', 'keywords' => '', 'description' => '', 'sortorder' => '12074', 'image' => '20200814035203_20190329015431_DSC_0854(1).jpg', 'article_date' => '2020-08-14 15:49:57', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '12324', 'article_category_id' => '1', 'title' => 'Central Bank Tells BFIs to Bear Expenses of Covid-19 Infected Employees ', 'sub_title' => '', 'summary' => 'August 14: Nepal Rastra Bank (NRB) has instructed banks and financial institutions (BFIs) to bear the expenses of PCR tests for their staffers.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">August 14: Nepal Rastra Bank (NRB) has instructed banks and financial institutions (BFIs) to bear the expenses of PCR tests for their staffers.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">A notice issued by the central bank on Thursday has directed BFIs to provide salary and other expenses to the employees living in isolation, and arrange additional leave as well as provision to work from home for staffers who are in quarantine. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">Likewise, the central bank has also directed the BFIs to provide their service with maximum 50 percent staffsin districts where more than 200 cases of coronavirus have been confirmed. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">Meanwhile, an employee at the head office of NRB has tested positive for coronavirus. The employee of the Financial Management Department tested positive for Covid-19 during PCR test on Wednesday. NRB has asked the employee to stay in self-isolation and has also sealed the department where the infected person used to work. The employee was on leave since a week due after complaining of common cold. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">The PCR report of 20 other employees of the department turned out negative. According to NRB, they have been asked to stay in self-quarantine for 14 days although their report is negative. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">Spokesperson of NRB Dr Gunakar Bhatta informed that everyone in the bank have been adopting precautions and maintaining physical distancing at work. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">Other employees of NRB had tested corona positive prior to this as well. An employee of Birgunj-based provincial office of NRB had also tested positive last Sunday. </span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2020-08-14', 'modified' => '2020-08-14', 'keywords' => '', 'description' => '', 'sortorder' => '12072', 'image' => '20200814013129_nrb.jpg', 'article_date' => '2020-08-14 13:30:56', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '12325', 'article_category_id' => '1', 'title' => 'Company Registrar’s Office to go Digital from August 17', 'sub_title' => '', 'summary' => 'August 14: The Company Registrar’s Office has decided to digitalize its service from August 17 and provide all kinds of services to its customers through online medium.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">August 14: The Company Registrar’s Office has decided to digitalize its service from August 17 and provide all kinds of services to its customers through online medium.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The office had started online service seven years ago and has decided to fully adopt digital means after two weeks.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The Company Registrar’s Office has also made it mandatory for all companies that have been registered in accordance to the Companies Act 2063 to follow online registration process. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Once this new system comes into operation, all the companies have to go through online registration process. They will have to submit all the documents digitally.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Deputy Registrar at the office Tulsiram Gaire informed New Business Age that all the records will be kept electronically from August 17 onwards.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Likewise, all companies whether newly registered or old ones will have to submit their annual report and audit report through electronic means.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">It is believed that the digitalization process would help in getting details of all the companies registered at the office. The number of such offices stands at around 237,000. Officials say it will be easy to update information and to access information about the board members and other office bearers of the companies, and learn about their capital once the Company Registrar’s Office goes digital.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">As the government office prepares to impose online registration process, entrepreneurs complain that the registration process will be full of hassles due to technical glitches. They say that they are facing difficulty in availing online service from the office 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:"Arial Unicode MS"">“Our fellow business entrepreneurs have been complaining about the difficulty in online registration because the website of the Company Registrar’s Office often goes down,” said Krishna Dulal, chairman of NADA, adding, “It would be commendable if the concerned authorities move ahead with this process in a well managed way.”</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Meanwhile, the Company Registrar’s Office downplayed the technical problems saying that the companies might have faced some problems because the website is being upgraded at the moment.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“The problem will be fixed in 2 to 3 days once the upgrading of the website is complete,” said Deputy Registrar Gaire.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-08-14', 'modified' => '2020-08-14', 'keywords' => '', 'description' => '', 'sortorder' => '12071', 'image' => '20200814021355_1597275518.1 Compani-Rajistar-ko-Office_final.jpg', 'article_date' => '2020-08-14 14:13:20', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '12323', 'article_category_id' => '1', 'title' => 'Supreme Court Directs Government to Submit Report on Discarded Vehicles', 'sub_title' => '', 'summary' => 'August 14: The Supreme Court has issued an order in the name of the government to submit a report on the status of government-owned vehicles that are lying unused in junkyards of government offices. ', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">August 14: The Supreme Court has issued an order in the name of the government to submit a report on the status of government-owned vehicles that are lying unused in junkyards of government offices. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">A division bench of Supreme Court justices Anil Kumar Sinha and Hari Prasad Phuyal on Wednesday (August 12) issued the order seeking detailed information of such vehicles and the government’s plan to manage them. The apex court has asked the government to submit the report within six 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:"Arial Unicode MS"">The Supreme Court issued the order in response to a writ petition filed by advocate Padam Shrestha on August 3. In the petition, advocate Shrestha argues that the government has been dumping vehicles at the junkyard although they can be used after repair. The petitioner has also alleged of financial irregularities and misuse of state coffers in procuring new vehicles when the discarded vehicles are in condition to operate.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The Office of the Prime Minister and Council of Ministers as well as 21 other ministries have been made defendants in the case.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">In the petition, advocate Shrestha had demanded a mandamus order for keeping proper data of such vehicles and operating those that are fit for use after repair. The vehicles that are not useable should be auctioned and the money deposited in the state coffers, reads the petition.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The bench noted that the issues raised by the petitioner are of serious nature and of public importance and therefore concluded that the matter needs a detailed study.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The apex court has also ordered the government to form a probe committee having representation of concerned stakeholders. The Office of the Prime Minister and Council of Ministers has been asked to foot the bill for the study.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Advocate Shrestha says that the government has been misusing fund from the state coffers by spending millions of rupees for vehicles every year despite having adequate number of vehicles at its disposal. He pointed out to the report of the Auditor General’s Office that has clearly recommended the government not to purchase any new vehicle for a certain period but the government has been ignoring the report.</span></span></span></span></p> ', 'published' => true, 'created' => '2020-08-14', 'modified' => '2020-08-14', 'keywords' => '', 'description' => '', 'sortorder' => '12070', 'image' => '20200814122358_1597376285.Clipboard06.jpg', 'article_date' => '2020-08-14 12:23:23', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '12322', 'article_category_id' => '1', 'title' => 'DDA Preparing to Increase Price of Medicines', 'sub_title' => '', 'summary' => 'August 14: The Department of Drug Administration (DDA) has initiated the process of increasing the price of medicines. ', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">August 14: The Department of Drug Administration (DDA) has initiated the process of increasing the price of medicines. The DDA is preparing to send a work procedure to the Ministry of Health and Population to adjust the price of medicines as per the understanding reached between the department, the ministry and drug manufacturers on July 26. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The drug manufacturers of Nepal had organised a protest since early July putting forth various demands including a ban on import of 30 different kinds of drugs that are manufactured in sufficient quantity in Nepal, price adjustment and granting permission for sale of sanitizers only by registered companies.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Following the protest, the Council of Ministers on July 6 formed a three-member committee headed by joint secretary Dr Bikas Devkota of the ministry to study the demands of the drug manufacturers. DDA Director General Narayan Prasad Dhakal and president of the Association of Pharmaceutical Producers of Nepal Narayan Chhetri were members of the committee.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The committee had pledged to fulfill demands of the drug manufacturers within three weeks.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“During the meeting on July 26, the committee had pledged to forward the work procedure for increasing the price of medicines to the ministry, which in turn would implement it,” said Chhetri.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The drug manufacturers had been demanding a review of prices of medicines that were fixed more than 16 years ago.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Director General of DDA Dhakal said that the work procedure has recommended increasing the prices of 100 different kinds of medicines.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-08-14', 'modified' => '2020-08-14', 'keywords' => '', 'description' => '', 'sortorder' => '12069', 'image' => '20200814105316_1597373355.asas.jpg', 'article_date' => '2020-08-14 10:52:36', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '12321', 'article_category_id' => '1', 'title' => 'Industries Reduce Production by Half due to Infection of Workers', 'sub_title' => '', 'summary' => 'August 14: The production capacity of the industries has decreased by 40 percent in Sunsari-Morang Industrial Corridor after workers employed in the industries tested positive for Covid-19. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">August 14: The production capacity of the industries has decreased by 40 percent in Sunsari-Morang Industrial Corridor after workers employed in the industries tested positive for Covid-19. </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:Calibri">The industrialists informed that production in their industries has been affected due to shortage of workers due to the panic of Covid-19 infection.</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:Calibri">The industries in the corridor have been forced to reduce their production capacity to 60 percent due to the surge in cases of the contagious coronavirus.</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:Calibri">Aarti Strip, a multinational company, has already stopped its production for some days after more than 20 of its workers were infected with Covid-19 on August 9. The multinational company employs about 500 workers and initially had two infected cases. </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:Calibri">After the second round of tests of the factory workers confirmed 20 workers were infected, Budhiganga Rural Municipality had issued an order to seal the industry.</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:Calibri">Aarti Strip has been producing galvanized sheets and iron rods and exporting them to India and other countries. It is the prime exporter of such sheets and iron rods in Nepal. </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:Calibri">Chief of the administrative department of the industry, Diwas Nepal, informed that the production of the industry has been stalled after the surge in cases of coronavirus among the factory worker. "Now the industry is closed, we are in isolation within the industry," Nepal added.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-08-14', 'modified' => '2020-08-14', 'keywords' => '', 'description' => '', 'sortorder' => '12068', 'image' => '20200814100506_1597274314.Clipboard01.jpg', 'article_date' => '2020-08-14 10:04:30', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '12320', 'article_category_id' => '1', 'title' => 'SEBON Implements Book Building Method for the Issuance of IPO', 'sub_title' => 'Provision of a minimum of 50 units of shares with a discount of 10 per cent on the cut-off price for general investors ', 'summary' => 'August 13: Securities Board of Nepal (SEBON) has implemented book building method for the issuance of Initial Public Offering (IPO). ', 'content' => '<h1><span style="font-size:12pt"><span style="font-family:"Times New Roman"">August 13: Securities Board of Nepal (SEBON) has implemented book building method for the issuance of Initial Public Offering (IPO). </span></span></h1> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">SEBON has brought into use the Book-Building Guidelines, 2077 for the application of the book building method for the issuance of IPO under its Securities Registration and Issuance Regulations.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">Bhisma Raj Dungana, the chairman of SEBON, said that the general investors will get a minimum of 50 units of shares under this method.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">He also clarified that this method would not be mandatory for all companies. He informed New Business Age that issuing of the IPO under this method would require the company to provide the general investors with a discount of 10 per cent on the cut-off price.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">The board has also prepared some guidelines about the book-building method before implementing it. The guidelines state that that the companies issuing their IPO through this method need to prepare a preliminary assessment that states the estimated value as well as the method of valuation of their IPO, in consultation with their issue manager.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">The company will further have to take advices from a minimum of 10 qualified institutional investors about the minimum number of shares they want to purchase, their expected price of shares, and the basis for the valuation.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">The company issuing the IPO through the book-building method will then have to set a price of the IPO by analyzing the institutional investors’ expected price of the shares. They will then have to set a price ceiling and a price floor at 20 per cent above and below the price of the share respectively.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">The IPO will then have to be issued to qualified institutional investors registered with SEBON, through bidding after the price of the share along with its upper and lower limits approved. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">Similarly, a capable institutional investor will not be permitted to bid for more than 20 per cent of the issued IPO. They will also have to either deposit the full amount of the auctioned price to the specified bank, present a Good-For-Payment cheque or have the full amount blocked in their bank account.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">The automated electronic auction system operated by Nepal Stock Exchange (NEPSE) will have to be used for the book-building method. The companies can ask the board for a sealed-bid auction until the automated electronic auction system is introduced by NEPSE.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">The company will have to determine the cut-off price once all of the issued shares are sold to the institutional investors, and will have to distribute the shares to all of the applicants whose bid was above the cut-off price.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">In case the number of shares is insufficient to meet the demanded quantity of applicants, whose bid was above the cut-off price, the shares will have to be distributed proportionally. The board has also arranged for the account to be cleared as required or for the unused amount to be returned to the applicants within three working days with its accrued interest in case of a proportional distribution of the shares.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">The board believes that the use of book-building method for issuing IPO will make the price of shares more transparent and competitive. The board aims to get the companies of the real sector to enter the capital market and believes that such companies will feel encouraged to enter the capital market after the implementation of the book-building method.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">The board is also confident that this method will enable the companies issuing their IPO to get a high price for their shares and the institutional investors to increase their ownership in the issuing company, which will help in increasing the corporate governance.</span></span></p> ', 'published' => true, 'created' => '2020-08-13', 'modified' => '2020-08-13', 'keywords' => '', 'description' => '', 'sortorder' => '12067', 'image' => '20200813022215_sebon.jpg', 'article_date' => '2020-08-13 14:21:34', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '12319', 'article_category_id' => '1', 'title' => 'Export of Palm Oil Closed since Three Months ', 'sub_title' => '', 'summary' => 'August 13: Refined palm oil is the most exported item from Birgunj. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">August 13: Refined palm oil is the most exported item from Birgunj. However, the export of palm oil has stopped recently. In the Fiscal Year 2076/77, 14 industries of Bara-Parsa Industrial Corridor exported 168,000 metric tons of refined palm oil to India through this checkpoint. According to the data of Birgunj Customs Office, processed palm oil was the most exported product. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">A total of 170,000 metric tons of processed palm oil worth Rs 11.72 billion was exported in the last fiscal year. Bimal Shah, Information Officer of Birgunj Customs Office, said the figure is 47% higher in comparison to the previous year. In the FY 2075/76, a total of 57,000 metric tons of palm oil was exported. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">Suresh Rungata, chairman of OCB Food, said that the export of palm oil has been closed since three months after India banned the import of refined palm oil. Entrepreneurs have complained that the government has not taken any initiative to open the export of this product. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">Rungata accused the government of being indifferent towards the problems of exporters. Entrepreneurs have claimed that the overall export will decline in the current fiscal year 2077/78 after the export of the main commodity was stopped. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">In the last one year, 61,550 metric tons of soybean oil were exported. According to the statistics at the customs department, refined soybean oil worth Rs 8.24 billion was exported to India during this period. In the previous year, the export was only 12,911 metric ton. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">However, the Ministry of Industry, Commerce and Supplies has said that an initiative is being taken to open the export of palm oil. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">"Efforts are being made with the Indian side at various levels. We are hopeful that we will be able to resume export soon,” said Nawaraj Dhakal, joint secretary at the ministry. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-08-13', 'modified' => '2020-08-13', 'keywords' => '', 'description' => '', 'sortorder' => '12066', 'image' => '20200813014937_1597274429.Clipboard01.jpg', 'article_date' => '2020-08-13 13:49:05', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '12318', 'article_category_id' => '1', 'title' => 'Government Extends SDPs Under Grant from Indian Embassy', 'sub_title' => '', 'summary' => 'August 13: The government had extended the deadline for small development projects (SDPs) with investment from the Indian Embassy by three years. ', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">August 13: The government had extended the deadline for small development projects (SDPs) with investment from the Indian Embassy by three years. A meeting of the Council of Ministers on Monday (August 3) decided to extend the time period for these 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:"Arial Unicode MS"">The SDPs will now get continuity till August 2023.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Earlier, the Indian Embassy used to have direct involvement in these projects. But after the new constitution was promulgated in Nepal, a new clause has been added allowing the projects to run in collaboration with the local units.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The Ministry of Federal Affairs and Local Development oversees these projects. According to the ministry, the Indian Embassy can now move ahead with the projects only in collaboration with the local bodies. Joint Secretary at the ministry, Basanta Adhikari, informed New Business Age that the embassy used to finance the projects through the District Development Committees earlier but now the modality has been changed.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The Indian aid used to be spent outside the budget of the Government of Nepal before. But the financial assistance for these projects will now onward be incorporated in the annual budget of the government. Such decision was taken by the cabinet more than seven months ago.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">This project, which was initiated in 2003, needs to be renewed every three years.</span></span></span></span></p> ', 'published' => true, 'created' => '2020-08-13', 'modified' => '2020-08-13', 'keywords' => '', 'description' => '', 'sortorder' => '12065', 'image' => '20200813012110_1597275927.jpg', 'article_date' => '2020-08-13 13:20:39', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '12317', 'article_category_id' => '1', 'title' => 'NRB Restricts Issuance of Rights Shares to Put Pressure on Merger and Acquisition ', 'sub_title' => '', 'summary' => 'August 13: Nepal Rastra Bank (NRB) has started to reject the proposals of banks and financial institutions (BFIs) to issue rights shares.', 'content' => '<h1><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">August 13: Nepal Rastra Bank (NRB) has started to reject the proposals of banks and financial institutions (BFIs) to issue rights shares. NRB has adopted a strategy of increasing the capital of BFIs only through mergers and acquisitions. The central bank informed that it is discouraging the issuance of rights shares and promoting mergers instead. </span></span></span></h1> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Nepal Rastra Bank’s strategy of restricting the issuance of rights shares has compelled banks and financial institutions to opt for merger or acquisition in order to increase their capital. NRB Spokesperson Gunakar Batta said that the central bank’s next move is to reduce the number of banks down to a certain level. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">“The capital base needs to be strengthened through merger or acquisition. Nepal Rastra Bank is prioritizing mergers over any other methods in order to reduce the number of banks,” he told New Business Age.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">The Banks and Financial Institutions Regulation Department of NRB informed that the central bank has rejected proposals of issuance of rights shares of some institutions including Tinau, Mission and Shine Resunga development banks. Shine Resunga Development Bank that has a paid-up capital of Rs 3.1 Billion, had sought permission from the central bank to issue rights shares at a 4:1 ratio, as per the decision of the 11<sup>th</sup> annual general meeting of the bank. The proposal has however been rejected.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">An official from the regulations department of Nepal Rastra Bank has said that it was inappropriate for the banks to ask for an approval for issuing their rights shares from the central bank after endorsing it by the AGM. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">“We are aiming to promote mergers and acquisitions. Issuing of rights shares is not an option for increasing the capital to strengthen the banks,” a high-level source said.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">The central bank has been rejecting proposals to issue rights shares but has not prohibited the issuance of rights shares. It hasn’t issued any circular to the commercial banks, development banks and micro finance companies to stop issuing rights shares. However, micro-finance companies will be given specific instructions prohibiting them from issuing rights shares. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">The latest move of the central bank is in line with the monetary policy of the current fiscal year which encourages mergers and acquisition more than issuance of rights shares.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Bankers believe that the issuance of rights shares should be tightened instead of a complete ban.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Bankers pointed that issuing of rights shares unnecessarily shouldn’t be approved but certain criteria need to be created to approve the issuance of necessary rights shares if required. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Basanta Raj Lamsal, the chairman of Nepal Microfinance Bankers’ Association, said that it would be more appropriate to grow the capital through both rights shares and mergers. Chairman Lamsal further informed that he is planning to request Rastra Bank to make necessary arrangements and criteria required to enable financial institutions to issue their rights shares.</span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2020-08-13', 'modified' => '2020-08-13', 'keywords' => '', 'description' => '', 'sortorder' => '12064', 'image' => '20200813123205_1597198983.Clipboard06.jpg', 'article_date' => '2020-08-13 12:31:33', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '12316', 'article_category_id' => '1', 'title' => 'Airline Operators Warn of Protest if the Government Further Extends Ban on Flights', 'sub_title' => '', 'summary' => 'August 13: Airline operators have warned of protest if the government does not allow them to resume flights from September 1.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">August 13: Airline operators have warned of protest if the government does not allow them to resume flights from September 1.</span></span></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 government recently extended a ban on all commercial flights including domestic and international flights, except chartered flights for rescue operations, by 15 days due to a surge in coronavirus cases in the country after lifting 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:Arial">The government had earlier said it would allow air service to resume from August 17. Airline companies had already started booking tickets. But the cabinet on Monday decided to extend the ban.</span></span></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">Following the latest decision of the government not to allow air service till August 31, the airline operators on Wednesday warned that they will be forced to protest if the government keeps on extending the ban on air service.</span></span></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">Regular flights in Nepal have come to a complete halt after the government imposed a lockdown on March 24.</span></span></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 airline operators of Nepal say that other countries have already resumed domestic flights despite the Covid-19 crisis. Therefore, they urged the Government of Nepal to follow suit.</span></span></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">President of the Airline Operators Association of Nepal Rameshwar Thapa said that the government’s decision to extend the ban on flights at a time when they were ready to resume service was inappropriate.</span></span></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">“We have completed all the preparations to resume air service by following the protocols set by the International </span></span><span style="font-size:14.0pt"><span style="font-family:Arial">Civil Aviation Organization (ICAO) and the guidelines fixed by the Government of Nepal,” said Thapa. </span></span></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">He added that they will have to close their companies if the government does not allow them to resume air service from September 1.</span></span></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 said that thousands of employees in this sector have been badly affected by the ban on air service since the last five 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:Arial">“The ban on flights has also affected rescue of people injured in floods and landslides. Pregnant women referred to the hospitals in the capital have not been able to get prompt service due to unavailability of flights,” the 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">It is estimated that the private airline companies have had to bear losses of around Rs 5 to 6 billion due to the closure of air service since the last five months.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-08-13', 'modified' => '2020-08-13', 'keywords' => '', 'description' => '', 'sortorder' => '12063', 'image' => '20200813115026_plane.jpg', 'article_date' => '2020-08-13 11:49:53', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '12315', 'article_category_id' => '1', 'title' => 'Gold Takes a Massive Plunge and then Rises', 'sub_title' => '', 'summary' => 'August 13: The price of gold took a nosedive in the Nepali market on Wednesday (August 12) after steady rise for several weeks.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">August 13: The price of gold took a nosedive in the Nepali market on Wednesday (August 12) after steady rise for several weeks.</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 price of the precious yellow metal dropped by a massive margin of Rs 6,200 per tola (11 grams approximately) in a single day.</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">According to the Federation of Nepal Gold and Silver Dealers Association, gold was traded for Rs 95,400 on Wednesday. </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 is the highest single-day drop in gold price since the market resumed after the nationwide lockdown was imposed on March 24.</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">On Thursday, gold is being traded for Rs 97,800 per tola, an increase of Rs 2,400 overnight.</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">According to the Federation, the price of gold took a massive plunge in the domestic market after the price of the precious yellow metal declined in the international market. The price of gold in the international market had recently soared above US$ 2000 per ounce but it dropped to 1890 this week.</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 federation said it is studying the reason for the sudden plunge in price of gold in the international market.</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">Analysts believe that the price of gold went down in the international market after Russia claimed to have discovered the vaccine for coronavirus. This breakthrough is said to have attracted investors to other sectors. </span></span></span></span></p> <p> </p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Last week, the price of gold reached an all time high in the Nepali market as 11 grams of gold was traded for Rs 103,500. </span></span><span style="font-size:14.0pt"><span style="font-family:Arial">The price of gold in the Nepali market had remained above Rs 100,000 in the past two weeks.</span></span></span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2020-08-13', 'modified' => '2020-08-13', 'keywords' => '', 'description' => '', 'sortorder' => '12062', 'image' => '20200813105413_gold.jpg', 'article_date' => '2020-08-13 10:53:27', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '12314', 'article_category_id' => '1', 'title' => 'Handicraft Exporters Forced to Pay 3 Times High Fare ', 'sub_title' => '', 'summary' => 'August 12: Handicraft entrepreneurs have been obliged to pay three times high fare while exporting their products through chartered flights operated from Nepal for international rescue missions. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">August 12: Handicraft entrepreneurs have been obliged to pay three times high fare while exporting their products through chartered flights operated from Nepal for international rescue missions. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">The handicraft products produced in Nepal are exported to more than 50 countries including China, Japan, the USA, and the UK. However, due to the coronavirus pandemic, the export has been badly affected. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">Some products like pashmina, felt and wood carvings, which were ordered before the lockdown, are being exported to limited countries even by paying high fare. Among 42 different types of handicraft items, only around 20-22 types are being exported at present. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">The fare for each country has increased than during the normal situation. President of Export Council of Nepal, Hari Bahadur Karki, said that the fare has become expensive because only chartered flights are available at present. According to him, the previous fare to the US was $3 per kg but now it costs around $9-$10. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">Likewise, the fare for Bhutan was $1 per kg which has increased to $4. The fare for Japan was $2 but now has shot up to $4, and the regular cost of $3 per kg to the UK, now costs $7 and it costs $8-$9 per kg to Germany instead of the normal fare of $3. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">Surendra Bhai Shakya, of the Federation of Handicraft Association of Nepal (FHAN), says only 5 percent export is done at present to 18 countries including China, the USA, the UK, Germany, Bhutan, and Japan. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">“We cannot look at the present situation alone. We have to think about the future as well, so we must export goods at any cost,” he said. Entrepreneurs are obliged to export some items made of metal craft, felt and fiber even by paying more than the production cost. </span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2020-08-12', 'modified' => '2020-08-12', 'keywords' => '', 'description' => '', 'sortorder' => '12061', 'image' => '20200812033232_1597197111.3.jpg', 'article_date' => '2020-08-12 15:31:08', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '12313', 'article_category_id' => '1', 'title' => 'Remittance Inflow Above Average in Last Two Months', 'sub_title' => '', 'summary' => 'August 12: Remittance inflow to Nepal has been above average in the last two months despite projection of decline in remittance due to the Covid-19 crisis.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">August 12: Remittance inflow to Nepal has been above average in the last two months despite projection of decline in remittance due to the Covid-19 crisis.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Preliminary data collected by Nepal Remitters Association show that the inflow of remittance to Nepal between mid-May to mid-July was above average inflow of remittance.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">During normal situation, the average inflow of remittance to Nepal remains around Rs 73 billion per month. However, the remittance sent to Nepal between mid-June to mid-July was around Rs 80 billion. The figure was Rs 94 billion in the previous month (mid-May to mid-June). </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The inflow of remittance had initially reduced after the government of Nepal as well as various other countries imposed lockdown in March to contain the spread of coronavirus. But there has been an improvement in the situation, according to remittance companies.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Data maintained by Nepal Rastra Bank show that the inflow of remittance to Nepal in mid-March to mid-April was Rs 34 billion and Rs 54 billion in mid-April to mid-May. Then onward, the remittance inflow has remained above average.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">General Secretary of Nepal Remitters Association Ritesh Mittal says that people have started using legal channel to send remittance after the ‘hundi’ business collapsed during 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:"Arial Unicode MS"">“Inflow of remittance has increased after a slump in the hundi business,” said Mittal. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Earlier, a large amount of remittance from the UK, Australia, the UAE and South Korea used to arrive here through the illegal hundi business. However, remittance companies say that people have started sending money from these countries through official channel.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">It is also believed that the money which could not be sent during the lockdown period were sent in lump sum after the restrictions were lifted. This is also another reason for the encouraging result.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“The amount withheld during the lockdown is still in the process of transfer. That is the reason why the inflow of remittance was encouraging last month,” said Suman Pokharel, president of Nepal Remitters Association.</span></span></span></span></p> ', 'published' => true, 'created' => '2020-08-12', 'modified' => '2020-08-12', 'keywords' => '', 'description' => '', 'sortorder' => '12060', 'image' => '20200812031943_1597198775.Clipboard06.jpg', 'article_date' => '2020-08-12 15:19:13', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ) ) $current_user = null $logged_in = false $xml = falsesimplexml_load_file - [internal], line ?? include - APP/View/Elements/side_bar.ctp, line 133 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
| Currency | Unit |
Buy | Sell |
| U.S. Dollar | 1 | 121.23 | 121.83 |
| European Euro | 1 | 131.65 | 132.31 |
| UK Pound Sterling | 1 | 142.47 | 143.18 |
| Swiss Franc | 1 | 124.29 | 124.90 |
| Australian Dollar | 1 | 71.69 | 72.05 |
| Canadian Dollar | 1 | 83.90 | 84.32 |
| Japanese Yen | 10 | 10.94 | 11.00 |
| Chinese Yuan | 1 | 17.17 | 17.26 |
| Saudi Arabian Riyal | 1 | 32.27 | 32.43 |
| UAE Dirham | 1 | 33.01 | 33.17 |
| Malaysian Ringgit | 1 | 27.36 | 27.50 |
| South Korean Won | 100 | 9.77 | 9.82 |
Update: 2020-03-25 | Source: Nepal Rastra Bank (NRB)
| Fine Gold | 1 tola | 77000.00 |
| Tejabi Gold | 1 tola | 76700.00 |
| Silver | 1 tola | 720.00 |
Update : 2020-03-25
Source: Federation of Nepal Gold and Silver Dealers' Association
| Petrol | 1 Liter | 106.00 |
| Diesel | 1 Liter | 95.00 |
| Kerosene | 1 Liter | 95.00 |
| LP Gas | 1 Cylinder | 1375.00 |
Update : 2020-03-25
