NEWS

Transshipment Cost Still High despite Elimination of Middle Agents

Aug 12, 2020 0 1 minutes 35 seconds to read

August 12:Although the government has adopted various measures and tactics to reduce the cost of overseas trade of Nepal, the importers have been forced to pay excessive amount in one pretext or the…

CDOs, Local Units Authorised to Impose Lockdown

Aug 12, 2020 0 3 minutes 8 seconds to read

August 12: The Council of Ministers has authorised the chief district officers and local levels to impose lockdown after assessing the Covid-19 situation in that particular…

High Court Bars Investment Board’s CEO from Assuming Office

Aug 12, 2020 0 1 minutes 30 seconds to read

…

Upaya City Cargo Launches New App for Logistics Delivery

Aug 11, 2020 0 3 minutes 3 seconds to read

August 11: Upaya City Cargo recently launched their new smartphone application amid a special event.…

Government Amends Building Code for First Time in 25 Years

Aug 11, 2020 0 1 minutes 43 seconds to read

August 11: The government has amended the Earthquake Resistance Infrastructure Building Code almost after two and a half decades after its formation.…

FMTCL to Purchase 100,000 Metric Tons of Food Grains

Aug 11, 2020 0 2 minutes 27 seconds to read

August 11: The Food Management and Trade Company Limited (FMTCL) is preparing to purchase 100,000 metric tons of food for the current fiscal…

Nepal Tourism Board's Budget Shrinks by Half

Aug 11, 2020 0 1 minutes 47 seconds to read

August 11: The budget of Nepal Tourism Board (NTB) for the current fiscal year has almost shrunk by 50 percent due to the adverse impact of…

Gold Dealers Purchasing Gold Despite Exorbitant Price

Aug 11, 2020 0 3 minutes 14 seconds to read

August 11: Gold dealers have purchased 140 kilograms of gold from banks in the last two weeks despite the gold business coming to a standstill due to skyrocketing price of the precious yellow…

Government Delays Resumption of Air Service by 15 Days

Aug 11, 2020 0 1 minutes 34 seconds to read

August 11: The government has decided to delay flight operations and long-route vehicle service by another 15…

Nepal Rastra Bank Studying Big Mergers

Aug 10, 2020 0 3 minutes 28 seconds to read

August 10: Nepal Rastra Bank (NRB) has decided to implement the policy of merging commercial banks once the adverse situation created by coronavirus pandemic returns back to…

DDA Allows Import of Emergency Drug after 2 Months

Aug 10, 2020 0 2 minutes 25 seconds to read

August 10: It took almost two months for the Department of Drug Administration to clear the way for importing emergency medicine which is considered effective in the treatment of…

Construction Companies Require Rs 65 billion to Resume Halted Projects

Aug 10, 2020 0 1 minutes 17 seconds to read

August 10: Construction works at most of the national projects are stagnating due to Covid-19 crisis and lockdown to stop the spread of the…

Government Initiates Homework to Avail Concessional Loan

Aug 10, 2020 0 3 minutes 11 seconds to read

August 10: The government has started homework to avail concessional loan to the businesses and industries affected by coronavirus at an interest rate of 5 percent per…

CCMC in Favour of Delaying Operation of Air Service

Aug 10, 2020 0 1 minutes 57 seconds to read

August 10: The government is likely to revert its decision to allow operation of air service and long-route vehicles from August 17 due to a surge in cases of coronavirus in the…

Central Bank Instructs BFIs to Operate in Shift-wise Routine

Aug 10, 2020 0 1 minutes 57 seconds to read

August 10: Nepal Rastra Bank (NRB) has once again directed banks and financial institution (BFIs) to make arrangement for their employees to work from home or in shift-wise…

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No Laughing Matter

The Sweet Rewards of Power

By Madan Lamsal

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NEPSE

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			'title' => 'Transshipment Cost Still High despite Elimination of Middle Agents',
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			'summary' => 'August 12:Although the government has adopted various measures and tactics to reduce the cost of overseas trade of Nepal, the importers have been forced to pay excessive amount in one pretext or the other.',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">August 12: Although the government has adopted various measures and tactics to reduce the cost of overseas trade of Nepal, the importers have been forced to pay excessive amount in one pretext or the other.</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">It has been a year and a half since the provision for importers&rsquo; representatives (customs house agent) was removed from the Kolkata port for import of goods to Nepal from third countries, but the transshipment cost has instead increased, according to the Nepali importers.</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 importers who once complained about the increase in shipping cost due to the involvement of the agents now claim that a cartel of shipping companies has not let the cost decline. A transshipment system has already replaced the agents at the Kolkata port in West Bengal, India.</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">Ashok Kumar Temani, chairman of the Transport and Transit Committee of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) informed that even though the transshipment system has replaced the agents the transportation cost has increased significantly.</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">&ldquo;There is a syndicate due to involvement of limited companies and lack of regulation in transportation. Due to the lack of competition, the shipping companies are charging the transportation cost as per their will,&rdquo; informed Temani.</span></span></span></span></p>

<p>&nbsp;</p>
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			'title' => 'CDOs, Local Units Authorised to Impose Lockdown',
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			'summary' => 'August 12: The Council of Ministers has authorised the chief district officers and local levels to impose lockdown after assessing the Covid-19 situation in that particular area.',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">August 12: The Council of Ministers has authorised the chief district officers and local levels to impose lockdown after assessing the Covid-19 situation in that particular area. With this decision, the government has ruled out a nationwide lockdown for the second time.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Speaking at a press briefing organised to make the decision of cabinet public, government spokesperson Yuba Raj Khatiwada informed that the cabinet has authorized the district administration offices and the local units to impose lockdown or prohibitory orders on the basis of risk assessment.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Minister Khatiwada, who holds the portfolio of finance and communication ministries, said that the CDOs of the districts with more than 200 active cases of coronavirus have been delegated the right to impose lockdown if required. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">&ldquo;We haven&rsquo;t imposed nationwide lockdown. The cabinet decisions have not mentioned the word &lsquo;lockdown&rsquo; anywhere. Therefore, the public can be assured that the central government will not impose a lockdown again,&rdquo; said Minister Khatiwada.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">However, the recent cabinet meeting decided to seal Nepal&rsquo;s international borders till September 16. Earlier, the government had decided to open the borders from August 16. But the date was pushed further a month away due to the risk of infection from people entering the country from abroad, especially India. However, the government has decided to open 10 entry points for emergency visits.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The 10 entry points through land route includes Kakarbhitta (Jhapa), Rani (Morang), Madar (Siraha), Gaur (Rautahat), Birgunj (Parsa), Belhaiya (Rupandehi), Krishnanagar (Kapilbastu), Jamunah (Banke), Gaurifanta (Kailali) and Gaddachauki (Kanchanpur).</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Although the government had earlier allowed hotels and restaurants to reopen from July 30, it has reverted its decision after finding people in the eateries without masks and proper precautions. The government has allowed only take-away service from hotels and restaurants.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Likewise, reopening of schools and educational institutions has been delayed until further notice.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The government has also banned all kinds of seminars and gatherings unless it is urgent stating that the disease has been increasing in the country of late.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The Council of Ministers has also directed government and private organisations that deal directly with the public to operate with 50 percent staffers. The remaining 50 percent employees should be allowed to work from home, informed Minister Khatiwada.</span></span></span></span></p>
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			'title' => 'High Court Bars Investment Board’s CEO from Assuming Office',
			'sub_title' => '',
			'summary' => '',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">August 12: Patan High Court has issued an interim order to the government not to execute its decision of appointing Sushil Bhatta as the CEO of Investment Board 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:Arial">The high court also issued an interim order against the newly appointed CEO not to perform any work in the capacity of the investment board&#39;s CEO. </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">A single bench of chief judge of high court Nahakul Subedi ordered the government not to implement its decision until the next hearing on August 16. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">Spokesperson of the high court, Shambhu Regmi, confirmed to New Business Age that both sides have been called for the next hearing on August 16.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">Advocate Jaya Bahadur Bhujel had filed a writ petition on Monday challenging the appointment of Bhatta as the CEO of investment board. Bhujel argued that Bhatta lacks the experience required to be appointed the CEO of investment board. </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">Patan High Court has also asked the Nepal Bar Association to provide two senior lawyers as amicus curie as this case is of public interest.</span></span></span></span></p>
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			'title' => 'Upaya City Cargo Launches New App for Logistics Delivery',
			'sub_title' => '',
			'summary' => 'August 11: Upaya City Cargo recently launched their new smartphone application amid a special event. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">August 11: Upaya City Cargo recently launched their new smartphone application amid a special event. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">The company expressed its belief that the app, which it claimed to be &ldquo;one of the pioneers of digital logistic service in the Nepalese industry,&rdquo; will help make online delivery easier.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">The company said in a statement that they had adopted precautionary measures of physical distance, mask and sanitization during the launch.&nbsp;</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri">&nbsp;<span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">The company&rsquo;s chairman Suman Rayamajhi shed light on the mission, vision and core values of the company. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">Chief Operating Officer of Upaya City Cargo, Amigo Khadka, shared the company&rsquo;s plans to expand its services outside Kathmandu valley to 10 major cities within a timeframe of one year. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">Considering the various issues associated with the lack of proper supply-chain logistics in Nepal, Khadka expressed that City Cargo aims to make several contributions towards transforming Nepal&rsquo;s economy for the better by becoming a reliable logistics partner for all e-commerce and agribusinesses.&nbsp;</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">The company&rsquo;s Product and Development Head Karan Basnet shared that &ldquo;Auto connection through Platform&rdquo; and &ldquo;Tracking and Automated VAT Bills&rdquo; are some of the key features in City Cargo&rsquo;s Client App that make the booking process easy for customers. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">The app has provision for customers to hire vehicles on a trip-wise and daily hire basis. Furthermore, the drivers will be automatically notified regarding trips/bookings and they will be able to easily view their income details. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">According to the company, Upaya City Cargo is an online marketplace for intra-city logistics that connects individuals and businesses with pickup driver partners and integrates technology to ensure quick and hassle-free delivery of bulk goods. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">Upaya City Cargo said it has about 3500 clients and 500+ driver-partners. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">Upaya Citycargo provides vehicles like TATA Pickups, TATA Ace, Bolero and Maruti Cargo Van for trip-wise and daily hire basis to its customers.&nbsp;</span></span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '12308',
			'article_category_id' => '1',
			'title' => 'Government Amends Building Code for First Time in 25 Years',
			'sub_title' => '',
			'summary' => 'August 11: The government has amended the Earthquake Resistance Infrastructure Building Code almost after two and a half decades after its formation. ',
			'content' => '<p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:&quot;Devanagari Sangam MN&quot;">August 11: </span>The government has amended the Earthquake Resistance Infrastructure Building Code almost after two and a half decades after its formation. The building code was introduced in the mid-90s to mitigate the risk of earthquakes in the country.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Times">The government had given emphasis to earthquake resilient structures after the mega earthquake of 1990. It was in the wake of the major earthquake more than 30 years ago that the government for the first time had brought the building code. Amending the building code for the first time in 25 years, the government on Monday endorsed the Seismic Design of Building Code. The Ministry of Urban Development is planning to implement this new code as soon as possible.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Times">Officials at the ministry informed that the government amended the building code because the old laws were not sufficient to address the current problems. </span></span></p>

<p><span style="font-size:20px"><span style="font-family:Times">According to Joint Secretary at the ministry, Navaraj Pyakurel, the amended building code facilitates in preparing earthquake resilient engineering design of small buildings to skyscrapers. </span></span></p>

<p><span style="font-size:20px"><span style="font-family:Times">He added that the new code was prepared after conducting a study on the impact of earthquake on land, which was done in collaboration with the Department of Mines and Mineralogy.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Times">Now onwards, buildings in Nepal do not have to take reference from India. The new building code has fixed the size of beam and pillars as well as the rods required for making buildings, informed Pyakurel. Following this code will help in making buildings earthquake resilient, added Pyakurel.</span></span></p>

<p>&nbsp;</p>

<p><span style="font-size:20px"><span style="font-family:Times">&nbsp;</span></span></p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '12307',
			'article_category_id' => '1',
			'title' => 'FMTCL to Purchase 100,000 Metric Tons of Food Grains',
			'sub_title' => '',
			'summary' => 'August 11: The Food Management and Trade Company Limited (FMTCL) is preparing to purchase 100,000 metric tons of food for the current fiscal year.',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">August 11: The Food Management and Trade Company Limited (FMTCL) is preparing to purchase 100,000 metric tons of food for the current fiscal year.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">Informed sources told New Business Age that FMTCL is planning to buy 60,000 metric tons of paddy, 25,000 metric tons of rice, 5,000 metric tons of wheat, 250 metric tons of lentil, 20 metric tons of soybean, and 10,000 metric tons of sugar.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">Likewise, the state-owned company is also preparing to buy 20,000 liters of edible oil and 3,000 goats for the upcoming Dashain festival.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">Information officer of FMTCL, Sharmila Neupane Subedi, said that the company will be spending a total of Rs 4.97 billion for the purchase of aforementioned food items.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">In the last fiscal year, FMTCL had set a target to purchase 30,000 metric tons of paddy but the actual purchase was only 22,000 metric tons. Similarly, it purchased 549 metric tons of wheat instead of 3,000 metric tons due to the crisis created by coronavirus.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">According to Subedi, FMTCL is making such a large purchase for the first time to promote local products and to control price hike in the market.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">Earlier, FMTCL used to make purchase from its centers in Bardiya, Kailali, Janakpur, Biratnagar and Birtamod. But this year, it is preparing to set up temporary centers for making the purchase.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">There is a legal provision for FMTCL to keep a stock of 33,000 metric tons of food grains just in case for natural disasters like earthquake, floods and other calamities. However, the company&rsquo;s stock is much less than the provision. According to FMTCL officials, it has a stock of 11,000 metric tons of rice and 549 metric tons of wheat 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">The officials informed that the stock got reduced during the lockdown and they were not able to replace it due to the pandemic.</span></span></span></span></p>

<p>&nbsp;</p>
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	(int) 6 => array(
		'Article' => array(
			'id' => '12306',
			'article_category_id' => '1',
			'title' => 'Nepal Tourism Board's Budget Shrinks by Half',
			'sub_title' => 'Only Rs 820 million allocated for current fiscal year ',
			'summary' => 'August 11: The budget of Nepal Tourism Board (NTB) for the current fiscal year has almost shrunk by 50 percent due to the adverse impact of 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 11: The budget of Nepal Tourism Board (NTB) for the current fiscal year has almost shrunk by 50 percent due to the adverse impact of 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">NTB, which has been authorized with the main responsibility of promoting and developing the country&#39;s tourism sector, had announced its budget for the new fiscal year on Monday, August 10. The tourism board has announced a budget of around Rs 820 million for the fiscal year 2077/78.</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 budget was approved by the board meeting of NTB held on Monday. NTB in its new budget has prioritized promotion of domestic tourism and research on tourism.</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">Due to the Covid-19 pandemic, tourism activities have come to a standstill and its sources of revenue have declined drastically. This has forced NTB to cut its budget this year due to lack of resources. Last year, NTB had announced a budget of Rs 1.63 billion focusing on promotion of Visit Nepal 2020 campaign.</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 board in its official statement informed that the budget had to be reduced due to lack of resources at a time when Covid-19 has severely affected the entire tourism activities. &nbsp;</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">Awadhesh Kumar Das, a member of the board and coordinator of the budget committee, informed that the size of the current year&#39;s budget has been reduced due to the complete closure of tourism activities and lack of cash reserves.</span></span></span></span></p>

<p>&nbsp;</p>
',
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			'description' => '',
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	(int) 7 => array(
		'Article' => array(
			'id' => '12305',
			'article_category_id' => '1',
			'title' => 'Gold Dealers Purchasing Gold Despite Exorbitant Price',
			'sub_title' => '',
			'summary' => 'August 11: Gold dealers have purchased 140 kilograms of gold from banks in the last two weeks despite the gold business coming to a standstill due to skyrocketing price of the precious yellow metal.',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">August 11: Gold dealers have purchased 140 kilograms of gold from banks in the last two weeks despite the gold business coming to a standstill due to skyrocketing price of the precious yellow metal.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The gold dealers reportedly bought the gold expecting the price of gold to rise further. The price of gold has crossed the mark of Rs 100,000 per 11 grams in the Nepali market due to the increase in price of gold in the international market. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Gold dealers say their business has come to a halt due to the sharp increase in price and low demand from customers. However, they have been purchasing gold from bank in abnormally high quantity in the last 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:&quot;Arial Unicode MS&quot;">Commercial banks had a stock of 320 kilograms of gold as of July 24. But they are left with only 180 kgs of gold by this Sunday (August 9). Nepal Bankers Association confirmed that they have sold 140 kgs of gold in the last 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:&quot;Arial Unicode MS&quot;">Tej Ratna&nbsp; Shakya, former chairman of the Federation of Nepal Gold and Silver Dealers Association, says it is unusual for the dealers to purchase such a large quantity of gold at a time when the business has come to a standstill.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">&ldquo;The demand for gold has dropped significantly due to the increase in price. I don&rsquo;t think our fellow gold dealers purchased gold from banks in such a situation,&rdquo; says Shakya, adding, &ldquo;But we are making effort to seek information in this regard from the federation.&rdquo;</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Meanwhile, executive director of Nepal Bankers Association Anil Sharma informed that they sold the gold to the dealers.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The government has authorised only commercial banks to sell gold to the dealers. The gold dealers are required to submit a recommendation from the federation to the banks to purchase gold. But the federation says it has not issued any recommendation recently. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The federation believes that the gold dealers might have purchased gold from the banks for the upcoming Teej and other festivals.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Nepal Rastra Bank has prohibited commercial banks to sell gold to any other individuals except gold dealers.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Bankers have not imported any gold since the government imposed lockdown on March 24.</span></span></span></span></p>
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	(int) 8 => array(
		'Article' => array(
			'id' => '12304',
			'article_category_id' => '1',
			'title' => 'Government Delays Resumption of Air Service by 15 Days',
			'sub_title' => 'Long-route Vehicles to Operate from August 31',
			'summary' => 'August 11: The government has decided to delay flight operations and long-route vehicle service by another 15 days.',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">August 11: The government has decided to delay flight operations and long-route vehicle service by another 15 days.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Reverting its earlier decision, a meeting of the Council of Ministers on Monday (August 10) decided to resume air service and long-route vehicles only from August 31. The cabinet had earlier decided to resume air service and inter-district transportation service from August 17. The decision taken on July 20 also includes admission of students for the new academic session. However, a surge in coronavirus cases has forced the government to review its earlier decisions.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The Covid-19 Crisis Management Centre (CCMC) had recommended the government on Sunday to delay the date for resuming air service and operation of long-route vehicles.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Amid speculations that the lockdown measures would be imposed again, government authorities have made it clear that it would not impose lockdown again. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">In order to resume their business, air service providers had started training their staffers by maintaining safety standards. Some airline companies had also fixed the air fare and started taking bookings </span></span></span></span></p>

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

<p>&nbsp;</p>
',
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			'keywords' => '',
			'description' => '',
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			'article_date' => '2020-08-11 11:14:34',
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	(int) 9 => array(
		'Article' => array(
			'id' => '12303',
			'article_category_id' => '1',
			'title' => 'Nepal Rastra Bank Studying Big Mergers ',
			'sub_title' => '',
			'summary' => 'August 10: Nepal Rastra Bank (NRB) has decided to implement the policy of merging commercial banks once the adverse situation created by coronavirus pandemic returns back to normal.',
			'content' => '<h1><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">August 10: Nepal Rastra Bank (NRB) has decided to implement the policy of merging commercial banks once the adverse situation created by coronavirus pandemic returns back to normal. The central bank is enforcing the merger of commercial banks, especially the ones that have cross holdings. NRB informed that it has started a study for big mergers. </span></span></h1>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">The monetary policy requires merger or acquisition of banks and financial institutions that are promoted by the same person or group; or financial institutions that are directly or indirectly owned or controlled by a single family or a business group. </span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">According to Dr Gunakar Bhatta, executive director of the Banks and Financial Institutions Regulation Department of NRB, the central bank has already collected the data about the ownership and the cross holdings of all financial institutions. He also informed that Nepal Rastra Bank will study the mergers and acquisitions on this basis. Commercial banks have not presented any propositions to the central bank regarding the mergers so far.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">&ldquo;The banks will have to merge anyway. Nepal Rastra Bank wants to reduce the number of private banks,&rdquo; he told New Business Age, adding, &ldquo;We are walking towards the direction of a liberal economy, that is why Nepal Rastra Bank is encouraging commercial banks to merge voluntarily instead of being forced into merger.&rdquo; </span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">It is believed that NRB is pressing for big mergers because a single bank is currently not capable of fully investing in infrastructure projects. NRB Governor Maha Prasad Adhikari said that the monetary policy of the fiscal year &nbsp;2077/78 encourages mergers between commercial banks for strengthening the financial sector in Nepal. He further explained that the operator and the executives of commercial banks were notified about the mergers as soon as the monetary policy was made public. Governor Adhikari also informed that the commercial banks will be pressured to enter into a merger once the situation risen by coronavirus goes back to normal. He however admitted that the regulations for mergers and acquisitions require some amendment too.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">Banking experts noted that private banks would start merging once the government banks merge first. Nepal Rastra Bank and Nepal Banijya Bank, both government-owned entities, have claimed that they are ready to merge if the government directs them to do so. Bankers believe that Nepal Rastra Bank does not want merger of government-owned banks as the current monetary policy envisages turning the government-owned Agricultural Development Bank Limited into an agricultural hub.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">Global IME Bank, which was merged with Janata Bank due the pressure from former NRB Governor Dr Chiranjiwi Nepal, does not face any compulsion for new mergers now. Nepal Rastra Bank said that the rest of the 22 commercial banks are open to opt for a big merger. An emphasis is being given for mergers between a weaker and a stronger bank. Nepal Rastra Bank believes that more problems may arise if mergers happen between weaker banks. Everest Bank and Laxmi Bank had begun the procedure for a merger almost three years ago but the merger did not materialize as both the banks couldn&rsquo;t reach an agreement even after the Due Diligence Audit (DDA) was completed. Keshav Poudel, the Public Relations Officer of Laxmi Bank, said that while the board has had some unofficial discussions, the bank still hasn&rsquo;t officially prepared for entering into any merger so far. </span></span></p>

<p>&nbsp;</p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">&nbsp;</span></span></p>
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			'created' => '2020-08-10',
			'modified' => '2020-08-10',
			'keywords' => '',
			'description' => '',
			'sortorder' => '12050',
			'image' => '20200810055708_nrb.jpg',
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	(int) 10 => array(
		'Article' => array(
			'id' => '12301',
			'article_category_id' => '1',
			'title' => 'DDA Allows Import of Emergency Drug after 2 Months',
			'sub_title' => '',
			'summary' => 'August 10: It took almost two months for the Department of Drug Administration to clear the way for importing emergency medicine which is considered effective in the treatment of coronavirus.',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">August 10: It took almost two months for the Department of Drug Administration to clear the way for importing emergency medicine which is considered effective in the treatment of coronavirus. Remdicivir injection is being imported after the department completed all the procedure for the import. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">Some importers approached the department last May seeking permission for import. The medical sector has been criticizing the department for delaying the emergency import of medicines. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">The department had requested for permission from the Ministry of Health and Population on June 24 for the import of Remdesivir and Favipiravir. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">The ministry took a month to give permission to the department. The ministry had directed the department to move ahead with the import process of Remdicivir by a secretary-level decision on July 20. The department took almost the same amount of time to prepare the procedure as well. Santosh KC, spokesperson of the department, informed that the procedure for importing drugs was passed on Sunday. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">&nbsp;&ldquo;The importers need to complete the due process because the government has not officially approved the drug for treatment of coronavirus, although it is considered effective for treating the disease,&rdquo; KC told New Business Age. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">The demand for importing the drug has increased as the number of deaths from coronavirus has climbed in Nepal. It is seen that this drug has been effective in treating coronavirus in countries including India, Bangladesh, and Pakistan. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">It was being imported illegally as the department did not allow the import. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">Doctors say that the drug that is available in India for IRs 5,000 costs more than Rs 50,000 here because of the shortage. </span></span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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	(int) 11 => array(
		'Article' => array(
			'id' => '12302',
			'article_category_id' => '1',
			'title' => 'Construction Companies Require Rs 65 billion to Resume Halted Projects',
			'sub_title' => '',
			'summary' => 'August 10: Construction works at most of the national projects are stagnating due to Covid-19 crisis and lockdown to stop the spread of the infection.',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">August 10: Construction works at most of the national projects are stagnating due to Covid-19 crisis and lockdown to stop the spread of the infection. &nbsp;In addition to that, the rainy season has obstructed the work progress at various construction sites.</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">Construction companies say that around Rs 65 billion is required between August to November for resuming the construction work. However, they also inform that they will not be able to move ahead with the projects due to lack of capital and in absence of government support.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">Federation of Contractors&#39; Associations of Nepal (FCAN) informed that Rs 65 billion is needed within next three months to resume the construction works. So, they have demanded the government for refinancing to support their expenditure.</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">Ravi Singh, president of FCAN informed that contractors are ready to resume their construction works in some of the projects. &ldquo;However, they need money to pay the labourers, daily wage workers and for bringing construction materials to the project sites,&rdquo; he added.</span></span></span></span></p>

<p>&nbsp;</p>
',
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	(int) 12 => array(
		'Article' => array(
			'id' => '12298',
			'article_category_id' => '1',
			'title' => 'Government Initiates Homework to Avail Concessional Loan ',
			'sub_title' => '',
			'summary' => 'August 10: The government has started homework to avail concessional loan to the businesses and industries affected by coronavirus at an interest rate of 5 percent per annum.',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">August 10: The government has started homework to avail concessional loan to the businesses and industries affected by coronavirus at an interest rate of 5 percent per annum.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The government intends to provide the concessional loan from the fund of Rs 50 billion announced while unveiling the budget of the current fiscal year. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The Ministry of Finance has started homework to seek funds from various donor agencies. Finance Minister Yuba Raj Khatiwada has especially urged the World Bank and ADB to provide concessional loan for the sectors affected by coronavirus.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">A high-ranking official at the ministry informed New Business Age that the ministry has received positive response to the appeal.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">According to the source, donor agencies are also discussing about the possibility of diverting foreign investment to the fund.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">&ldquo;It is difficult to continue with the ongoing projects during the current crisis. Therefore, we are discussing about the possibility to channeling the investment of the projects toward the fund,&rdquo; said the source requesting anonymity. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">However, the finance ministry is not certain how much amount will be deposited in the fund. The government is expecting to collect half the pledged amount from donor agencies.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Officials at the ministry said that the government is making efforts to execute the plans and policies announced to support the businesses and organisations badly affected by coronavirus pandemic and the subsequent lockdown imposed by the government.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Another official at the finance ministry said they are preparing a work procedure to authorize Nepal Rastra Bank to provide the concessional loans to the affected groups.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Once the work procedure is complete, the ministry will deposit the amount and seek applications from the private sector for availing the loan.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The work procedure is focused on supporting small and medium scale industries and to facilitate the tourism sector to pay the salary of the workers, said the source requesting anonymity.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">&ldquo;We will finalize everything within a month,&rdquo; said the official.</span></span></span></span></p>

<p>&nbsp;</p>
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			'id' => '12299',
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			'title' => 'CCMC in Favour of Delaying Operation of Air Service ',
			'sub_title' => '',
			'summary' => 'August 10: The government is likely to revert its decision to allow operation of air service and long-route vehicles from August 17 due to a surge in cases of coronavirus in the country.',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">August 10: The government is likely to revert its decision to allow operation of air service and long-route vehicles from August 17 due to a surge in cases of coronavirus in the country.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">A meeting of the Covid-19 Crisis Management Centre (CCMC) on Sunday decided to recommend the government to postpone the date for resuming public transportation service along long routes as well as domestic and international flights.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The CCMC meeting decided to urge the Council of Ministers to resume the services 15 days later than the date fixed earlier.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The cabinet had decided on July 20 to resume air service along with inter-district transportation and schools from August 17.&nbsp;</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">However, resuming air service and transportation have come under scrutiny due to the community level transmission of coronavirus, prompting more than 14 districts to issue prohibitory order.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Sunday&rsquo;s meeting also concluded that the surge in coronavirus cases in the capital as well as other parts of the country could lead to a shortage of isolation wards and therefore instructed the concerned authorities to make preparations accordingly.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The meeting also decided to urge the government to adopt strict measures at the international border points of the country. CCMC has recommended the government to reduce the entry points along India border to 10.</span></span></span></span></p>
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		'Article' => array(
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			'title' => 'Central Bank Instructs BFIs to Operate in Shift-wise Routine',
			'sub_title' => '',
			'summary' => 'August 10: Nepal Rastra Bank (NRB) has once again directed banks and financial institution (BFIs) to make arrangement for their employees to work from home or in shift-wise routine.',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">August 10: Nepal Rastra Bank (NRB) has once again directed banks and financial institution (BFIs) to make arrangement for their employees to work from home or in shift-wise routine.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Issuing a circular on Sunday (August 9), the central bank instructed the BFIs to allow the staffers to work from home as much as possible because of high risk of coronavirus infection in Kathmandu and other districts.&nbsp; </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">NRB has also asked the banking institutes to form a &lsquo;business contingency plan&rsquo; to provide quality service by adopting precautionary measures during the current 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:&quot;Arial Unicode MS&quot;">In the circular, NRB has told the BFIs to divide the workers in different groups and deploy them in shift-wise routine to minimize the risk of Covid-19 infection.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The central bank noted that the employees are facing problems due to shutdown, prohibitory orders as well as odd-even number system for vehicles. Considering the adverse situation, the central bank urged the banks and financial institutions to create an environment for the staffers to work from home. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Likewise, NRB has instructed the branch offices of BFIs in provinces to operate as per the decision taken by the provincial and the local governments.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The central bank urged BFIs to promote digital transaction.</span></span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '12312',
			'article_category_id' => '1',
			'title' => 'Transshipment Cost Still High despite Elimination of Middle Agents',
			'sub_title' => '',
			'summary' => 'August 12:Although the government has adopted various measures and tactics to reduce the cost of overseas trade of Nepal, the importers have been forced to pay excessive amount in one pretext or the other.',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">August 12: Although the government has adopted various measures and tactics to reduce the cost of overseas trade of Nepal, the importers have been forced to pay excessive amount in one pretext or the other.</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">It has been a year and a half since the provision for importers&rsquo; representatives (customs house agent) was removed from the Kolkata port for import of goods to Nepal from third countries, but the transshipment cost has instead increased, according to the Nepali importers.</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 importers who once complained about the increase in shipping cost due to the involvement of the agents now claim that a cartel of shipping companies has not let the cost decline. A transshipment system has already replaced the agents at the Kolkata port in West Bengal, India.</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">Ashok Kumar Temani, chairman of the Transport and Transit Committee of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) informed that even though the transshipment system has replaced the agents the transportation cost has increased significantly.</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">&ldquo;There is a syndicate due to involvement of limited companies and lack of regulation in transportation. Due to the lack of competition, the shipping companies are charging the transportation cost as per their will,&rdquo; informed Temani.</span></span></span></span></p>

<p>&nbsp;</p>
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			'id' => '12311',
			'article_category_id' => '1',
			'title' => 'CDOs, Local Units Authorised to Impose Lockdown',
			'sub_title' => '',
			'summary' => 'August 12: The Council of Ministers has authorised the chief district officers and local levels to impose lockdown after assessing the Covid-19 situation in that particular area.',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">August 12: The Council of Ministers has authorised the chief district officers and local levels to impose lockdown after assessing the Covid-19 situation in that particular area. With this decision, the government has ruled out a nationwide lockdown for the second time.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Speaking at a press briefing organised to make the decision of cabinet public, government spokesperson Yuba Raj Khatiwada informed that the cabinet has authorized the district administration offices and the local units to impose lockdown or prohibitory orders on the basis of risk assessment.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Minister Khatiwada, who holds the portfolio of finance and communication ministries, said that the CDOs of the districts with more than 200 active cases of coronavirus have been delegated the right to impose lockdown if required. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">&ldquo;We haven&rsquo;t imposed nationwide lockdown. The cabinet decisions have not mentioned the word &lsquo;lockdown&rsquo; anywhere. Therefore, the public can be assured that the central government will not impose a lockdown again,&rdquo; said Minister Khatiwada.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">However, the recent cabinet meeting decided to seal Nepal&rsquo;s international borders till September 16. Earlier, the government had decided to open the borders from August 16. But the date was pushed further a month away due to the risk of infection from people entering the country from abroad, especially India. However, the government has decided to open 10 entry points for emergency visits.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The 10 entry points through land route includes Kakarbhitta (Jhapa), Rani (Morang), Madar (Siraha), Gaur (Rautahat), Birgunj (Parsa), Belhaiya (Rupandehi), Krishnanagar (Kapilbastu), Jamunah (Banke), Gaurifanta (Kailali) and Gaddachauki (Kanchanpur).</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Although the government had earlier allowed hotels and restaurants to reopen from July 30, it has reverted its decision after finding people in the eateries without masks and proper precautions. The government has allowed only take-away service from hotels and restaurants.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Likewise, reopening of schools and educational institutions has been delayed until further notice.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The government has also banned all kinds of seminars and gatherings unless it is urgent stating that the disease has been increasing in the country of late.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The Council of Ministers has also directed government and private organisations that deal directly with the public to operate with 50 percent staffers. The remaining 50 percent employees should be allowed to work from home, informed Minister Khatiwada.</span></span></span></span></p>
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		'Article' => array(
			'id' => '12310',
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			'title' => 'High Court Bars Investment Board’s CEO from Assuming Office',
			'sub_title' => '',
			'summary' => '',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">August 12: Patan High Court has issued an interim order to the government not to execute its decision of appointing Sushil Bhatta as the CEO of Investment Board 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:Arial">The high court also issued an interim order against the newly appointed CEO not to perform any work in the capacity of the investment board&#39;s CEO. </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">A single bench of chief judge of high court Nahakul Subedi ordered the government not to implement its decision until the next hearing on August 16. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">Spokesperson of the high court, Shambhu Regmi, confirmed to New Business Age that both sides have been called for the next hearing on August 16.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">Advocate Jaya Bahadur Bhujel had filed a writ petition on Monday challenging the appointment of Bhatta as the CEO of investment board. Bhujel argued that Bhatta lacks the experience required to be appointed the CEO of investment board. </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">Patan High Court has also asked the Nepal Bar Association to provide two senior lawyers as amicus curie as this case is of public interest.</span></span></span></span></p>
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			'id' => '12309',
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			'title' => 'Upaya City Cargo Launches New App for Logistics Delivery',
			'sub_title' => '',
			'summary' => 'August 11: Upaya City Cargo recently launched their new smartphone application amid a special event. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">August 11: Upaya City Cargo recently launched their new smartphone application amid a special event. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">The company expressed its belief that the app, which it claimed to be &ldquo;one of the pioneers of digital logistic service in the Nepalese industry,&rdquo; will help make online delivery easier.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">The company said in a statement that they had adopted precautionary measures of physical distance, mask and sanitization during the launch.&nbsp;</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri">&nbsp;<span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">The company&rsquo;s chairman Suman Rayamajhi shed light on the mission, vision and core values of the company. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">Chief Operating Officer of Upaya City Cargo, Amigo Khadka, shared the company&rsquo;s plans to expand its services outside Kathmandu valley to 10 major cities within a timeframe of one year. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">Considering the various issues associated with the lack of proper supply-chain logistics in Nepal, Khadka expressed that City Cargo aims to make several contributions towards transforming Nepal&rsquo;s economy for the better by becoming a reliable logistics partner for all e-commerce and agribusinesses.&nbsp;</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">The company&rsquo;s Product and Development Head Karan Basnet shared that &ldquo;Auto connection through Platform&rdquo; and &ldquo;Tracking and Automated VAT Bills&rdquo; are some of the key features in City Cargo&rsquo;s Client App that make the booking process easy for customers. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">The app has provision for customers to hire vehicles on a trip-wise and daily hire basis. Furthermore, the drivers will be automatically notified regarding trips/bookings and they will be able to easily view their income details. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">According to the company, Upaya City Cargo is an online marketplace for intra-city logistics that connects individuals and businesses with pickup driver partners and integrates technology to ensure quick and hassle-free delivery of bulk goods. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">Upaya City Cargo said it has about 3500 clients and 500+ driver-partners. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">Upaya Citycargo provides vehicles like TATA Pickups, TATA Ace, Bolero and Maruti Cargo Van for trip-wise and daily hire basis to its customers.&nbsp;</span></span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
',
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	(int) 4 => array(
		'Article' => array(
			'id' => '12308',
			'article_category_id' => '1',
			'title' => 'Government Amends Building Code for First Time in 25 Years',
			'sub_title' => '',
			'summary' => 'August 11: The government has amended the Earthquake Resistance Infrastructure Building Code almost after two and a half decades after its formation. ',
			'content' => '<p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:&quot;Devanagari Sangam MN&quot;">August 11: </span>The government has amended the Earthquake Resistance Infrastructure Building Code almost after two and a half decades after its formation. The building code was introduced in the mid-90s to mitigate the risk of earthquakes in the country.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Times">The government had given emphasis to earthquake resilient structures after the mega earthquake of 1990. It was in the wake of the major earthquake more than 30 years ago that the government for the first time had brought the building code. Amending the building code for the first time in 25 years, the government on Monday endorsed the Seismic Design of Building Code. The Ministry of Urban Development is planning to implement this new code as soon as possible.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Times">Officials at the ministry informed that the government amended the building code because the old laws were not sufficient to address the current problems. </span></span></p>

<p><span style="font-size:20px"><span style="font-family:Times">According to Joint Secretary at the ministry, Navaraj Pyakurel, the amended building code facilitates in preparing earthquake resilient engineering design of small buildings to skyscrapers. </span></span></p>

<p><span style="font-size:20px"><span style="font-family:Times">He added that the new code was prepared after conducting a study on the impact of earthquake on land, which was done in collaboration with the Department of Mines and Mineralogy.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Times">Now onwards, buildings in Nepal do not have to take reference from India. The new building code has fixed the size of beam and pillars as well as the rods required for making buildings, informed Pyakurel. Following this code will help in making buildings earthquake resilient, added Pyakurel.</span></span></p>

<p>&nbsp;</p>

<p><span style="font-size:20px"><span style="font-family:Times">&nbsp;</span></span></p>

<p>&nbsp;</p>
',
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			'modified' => '2020-08-11',
			'keywords' => '',
			'description' => '',
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			'image' => '20200811041415_1597095739.Clipboard07.jpg',
			'article_date' => '2020-08-11 16:13:39',
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	(int) 5 => array(
		'Article' => array(
			'id' => '12307',
			'article_category_id' => '1',
			'title' => 'FMTCL to Purchase 100,000 Metric Tons of Food Grains',
			'sub_title' => '',
			'summary' => 'August 11: The Food Management and Trade Company Limited (FMTCL) is preparing to purchase 100,000 metric tons of food for the current fiscal year.',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">August 11: The Food Management and Trade Company Limited (FMTCL) is preparing to purchase 100,000 metric tons of food for the current fiscal year.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">Informed sources told New Business Age that FMTCL is planning to buy 60,000 metric tons of paddy, 25,000 metric tons of rice, 5,000 metric tons of wheat, 250 metric tons of lentil, 20 metric tons of soybean, and 10,000 metric tons of sugar.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">Likewise, the state-owned company is also preparing to buy 20,000 liters of edible oil and 3,000 goats for the upcoming Dashain festival.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">Information officer of FMTCL, Sharmila Neupane Subedi, said that the company will be spending a total of Rs 4.97 billion for the purchase of aforementioned food items.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">In the last fiscal year, FMTCL had set a target to purchase 30,000 metric tons of paddy but the actual purchase was only 22,000 metric tons. Similarly, it purchased 549 metric tons of wheat instead of 3,000 metric tons due to the crisis created by coronavirus.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">According to Subedi, FMTCL is making such a large purchase for the first time to promote local products and to control price hike in the market.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">Earlier, FMTCL used to make purchase from its centers in Bardiya, Kailali, Janakpur, Biratnagar and Birtamod. But this year, it is preparing to set up temporary centers for making the purchase.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">There is a legal provision for FMTCL to keep a stock of 33,000 metric tons of food grains just in case for natural disasters like earthquake, floods and other calamities. However, the company&rsquo;s stock is much less than the provision. According to FMTCL officials, it has a stock of 11,000 metric tons of rice and 549 metric tons of wheat 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">The officials informed that the stock got reduced during the lockdown and they were not able to replace it due to the pandemic.</span></span></span></span></p>

<p>&nbsp;</p>
',
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	(int) 6 => array(
		'Article' => array(
			'id' => '12306',
			'article_category_id' => '1',
			'title' => 'Nepal Tourism Board's Budget Shrinks by Half',
			'sub_title' => 'Only Rs 820 million allocated for current fiscal year ',
			'summary' => 'August 11: The budget of Nepal Tourism Board (NTB) for the current fiscal year has almost shrunk by 50 percent due to the adverse impact of 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 11: The budget of Nepal Tourism Board (NTB) for the current fiscal year has almost shrunk by 50 percent due to the adverse impact of 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">NTB, which has been authorized with the main responsibility of promoting and developing the country&#39;s tourism sector, had announced its budget for the new fiscal year on Monday, August 10. The tourism board has announced a budget of around Rs 820 million for the fiscal year 2077/78.</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 budget was approved by the board meeting of NTB held on Monday. NTB in its new budget has prioritized promotion of domestic tourism and research on tourism.</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">Due to the Covid-19 pandemic, tourism activities have come to a standstill and its sources of revenue have declined drastically. This has forced NTB to cut its budget this year due to lack of resources. Last year, NTB had announced a budget of Rs 1.63 billion focusing on promotion of Visit Nepal 2020 campaign.</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 board in its official statement informed that the budget had to be reduced due to lack of resources at a time when Covid-19 has severely affected the entire tourism activities. &nbsp;</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">Awadhesh Kumar Das, a member of the board and coordinator of the budget committee, informed that the size of the current year&#39;s budget has been reduced due to the complete closure of tourism activities and lack of cash reserves.</span></span></span></span></p>

<p>&nbsp;</p>
',
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	(int) 7 => array(
		'Article' => array(
			'id' => '12305',
			'article_category_id' => '1',
			'title' => 'Gold Dealers Purchasing Gold Despite Exorbitant Price',
			'sub_title' => '',
			'summary' => 'August 11: Gold dealers have purchased 140 kilograms of gold from banks in the last two weeks despite the gold business coming to a standstill due to skyrocketing price of the precious yellow metal.',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">August 11: Gold dealers have purchased 140 kilograms of gold from banks in the last two weeks despite the gold business coming to a standstill due to skyrocketing price of the precious yellow metal.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The gold dealers reportedly bought the gold expecting the price of gold to rise further. The price of gold has crossed the mark of Rs 100,000 per 11 grams in the Nepali market due to the increase in price of gold in the international market. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Gold dealers say their business has come to a halt due to the sharp increase in price and low demand from customers. However, they have been purchasing gold from bank in abnormally high quantity in the last 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:&quot;Arial Unicode MS&quot;">Commercial banks had a stock of 320 kilograms of gold as of July 24. But they are left with only 180 kgs of gold by this Sunday (August 9). Nepal Bankers Association confirmed that they have sold 140 kgs of gold in the last 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:&quot;Arial Unicode MS&quot;">Tej Ratna&nbsp; Shakya, former chairman of the Federation of Nepal Gold and Silver Dealers Association, says it is unusual for the dealers to purchase such a large quantity of gold at a time when the business has come to a standstill.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">&ldquo;The demand for gold has dropped significantly due to the increase in price. I don&rsquo;t think our fellow gold dealers purchased gold from banks in such a situation,&rdquo; says Shakya, adding, &ldquo;But we are making effort to seek information in this regard from the federation.&rdquo;</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Meanwhile, executive director of Nepal Bankers Association Anil Sharma informed that they sold the gold to the dealers.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The government has authorised only commercial banks to sell gold to the dealers. The gold dealers are required to submit a recommendation from the federation to the banks to purchase gold. But the federation says it has not issued any recommendation recently. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The federation believes that the gold dealers might have purchased gold from the banks for the upcoming Teej and other festivals.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Nepal Rastra Bank has prohibited commercial banks to sell gold to any other individuals except gold dealers.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Bankers have not imported any gold since the government imposed lockdown on March 24.</span></span></span></span></p>
',
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	(int) 8 => array(
		'Article' => array(
			'id' => '12304',
			'article_category_id' => '1',
			'title' => 'Government Delays Resumption of Air Service by 15 Days',
			'sub_title' => 'Long-route Vehicles to Operate from August 31',
			'summary' => 'August 11: The government has decided to delay flight operations and long-route vehicle service by another 15 days.',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">August 11: The government has decided to delay flight operations and long-route vehicle service by another 15 days.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Reverting its earlier decision, a meeting of the Council of Ministers on Monday (August 10) decided to resume air service and long-route vehicles only from August 31. The cabinet had earlier decided to resume air service and inter-district transportation service from August 17. The decision taken on July 20 also includes admission of students for the new academic session. However, a surge in coronavirus cases has forced the government to review its earlier decisions.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The Covid-19 Crisis Management Centre (CCMC) had recommended the government on Sunday to delay the date for resuming air service and operation of long-route vehicles.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Amid speculations that the lockdown measures would be imposed again, government authorities have made it clear that it would not impose lockdown again. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">In order to resume their business, air service providers had started training their staffers by maintaining safety standards. Some airline companies had also fixed the air fare and started taking bookings </span></span></span></span></p>

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

<p>&nbsp;</p>
',
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	(int) 9 => array(
		'Article' => array(
			'id' => '12303',
			'article_category_id' => '1',
			'title' => 'Nepal Rastra Bank Studying Big Mergers ',
			'sub_title' => '',
			'summary' => 'August 10: Nepal Rastra Bank (NRB) has decided to implement the policy of merging commercial banks once the adverse situation created by coronavirus pandemic returns back to normal.',
			'content' => '<h1><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">August 10: Nepal Rastra Bank (NRB) has decided to implement the policy of merging commercial banks once the adverse situation created by coronavirus pandemic returns back to normal. The central bank is enforcing the merger of commercial banks, especially the ones that have cross holdings. NRB informed that it has started a study for big mergers. </span></span></h1>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">The monetary policy requires merger or acquisition of banks and financial institutions that are promoted by the same person or group; or financial institutions that are directly or indirectly owned or controlled by a single family or a business group. </span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">According to Dr Gunakar Bhatta, executive director of the Banks and Financial Institutions Regulation Department of NRB, the central bank has already collected the data about the ownership and the cross holdings of all financial institutions. He also informed that Nepal Rastra Bank will study the mergers and acquisitions on this basis. Commercial banks have not presented any propositions to the central bank regarding the mergers so far.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">&ldquo;The banks will have to merge anyway. Nepal Rastra Bank wants to reduce the number of private banks,&rdquo; he told New Business Age, adding, &ldquo;We are walking towards the direction of a liberal economy, that is why Nepal Rastra Bank is encouraging commercial banks to merge voluntarily instead of being forced into merger.&rdquo; </span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">It is believed that NRB is pressing for big mergers because a single bank is currently not capable of fully investing in infrastructure projects. NRB Governor Maha Prasad Adhikari said that the monetary policy of the fiscal year &nbsp;2077/78 encourages mergers between commercial banks for strengthening the financial sector in Nepal. He further explained that the operator and the executives of commercial banks were notified about the mergers as soon as the monetary policy was made public. Governor Adhikari also informed that the commercial banks will be pressured to enter into a merger once the situation risen by coronavirus goes back to normal. He however admitted that the regulations for mergers and acquisitions require some amendment too.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">Banking experts noted that private banks would start merging once the government banks merge first. Nepal Rastra Bank and Nepal Banijya Bank, both government-owned entities, have claimed that they are ready to merge if the government directs them to do so. Bankers believe that Nepal Rastra Bank does not want merger of government-owned banks as the current monetary policy envisages turning the government-owned Agricultural Development Bank Limited into an agricultural hub.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">Global IME Bank, which was merged with Janata Bank due the pressure from former NRB Governor Dr Chiranjiwi Nepal, does not face any compulsion for new mergers now. Nepal Rastra Bank said that the rest of the 22 commercial banks are open to opt for a big merger. An emphasis is being given for mergers between a weaker and a stronger bank. Nepal Rastra Bank believes that more problems may arise if mergers happen between weaker banks. Everest Bank and Laxmi Bank had begun the procedure for a merger almost three years ago but the merger did not materialize as both the banks couldn&rsquo;t reach an agreement even after the Due Diligence Audit (DDA) was completed. Keshav Poudel, the Public Relations Officer of Laxmi Bank, said that while the board has had some unofficial discussions, the bank still hasn&rsquo;t officially prepared for entering into any merger so far. </span></span></p>

<p>&nbsp;</p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">&nbsp;</span></span></p>
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	(int) 10 => array(
		'Article' => array(
			'id' => '12301',
			'article_category_id' => '1',
			'title' => 'DDA Allows Import of Emergency Drug after 2 Months',
			'sub_title' => '',
			'summary' => 'August 10: It took almost two months for the Department of Drug Administration to clear the way for importing emergency medicine which is considered effective in the treatment of coronavirus.',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">August 10: It took almost two months for the Department of Drug Administration to clear the way for importing emergency medicine which is considered effective in the treatment of coronavirus. Remdicivir injection is being imported after the department completed all the procedure for the import. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">Some importers approached the department last May seeking permission for import. The medical sector has been criticizing the department for delaying the emergency import of medicines. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">The department had requested for permission from the Ministry of Health and Population on June 24 for the import of Remdesivir and Favipiravir. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">The ministry took a month to give permission to the department. The ministry had directed the department to move ahead with the import process of Remdicivir by a secretary-level decision on July 20. The department took almost the same amount of time to prepare the procedure as well. Santosh KC, spokesperson of the department, informed that the procedure for importing drugs was passed on Sunday. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">&nbsp;&ldquo;The importers need to complete the due process because the government has not officially approved the drug for treatment of coronavirus, although it is considered effective for treating the disease,&rdquo; KC told New Business Age. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">The demand for importing the drug has increased as the number of deaths from coronavirus has climbed in Nepal. It is seen that this drug has been effective in treating coronavirus in countries including India, Bangladesh, and Pakistan. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">It was being imported illegally as the department did not allow the import. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">Doctors say that the drug that is available in India for IRs 5,000 costs more than Rs 50,000 here because of the shortage. </span></span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '12302',
			'article_category_id' => '1',
			'title' => 'Construction Companies Require Rs 65 billion to Resume Halted Projects',
			'sub_title' => '',
			'summary' => 'August 10: Construction works at most of the national projects are stagnating due to Covid-19 crisis and lockdown to stop the spread of the infection.',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">August 10: Construction works at most of the national projects are stagnating due to Covid-19 crisis and lockdown to stop the spread of the infection. &nbsp;In addition to that, the rainy season has obstructed the work progress at various construction sites.</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">Construction companies say that around Rs 65 billion is required between August to November for resuming the construction work. However, they also inform that they will not be able to move ahead with the projects due to lack of capital and in absence of government support.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">Federation of Contractors&#39; Associations of Nepal (FCAN) informed that Rs 65 billion is needed within next three months to resume the construction works. So, they have demanded the government for refinancing to support their expenditure.</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">Ravi Singh, president of FCAN informed that contractors are ready to resume their construction works in some of the projects. &ldquo;However, they need money to pay the labourers, daily wage workers and for bringing construction materials to the project sites,&rdquo; he added.</span></span></span></span></p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '12298',
			'article_category_id' => '1',
			'title' => 'Government Initiates Homework to Avail Concessional Loan ',
			'sub_title' => '',
			'summary' => 'August 10: The government has started homework to avail concessional loan to the businesses and industries affected by coronavirus at an interest rate of 5 percent per annum.',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">August 10: The government has started homework to avail concessional loan to the businesses and industries affected by coronavirus at an interest rate of 5 percent per annum.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The government intends to provide the concessional loan from the fund of Rs 50 billion announced while unveiling the budget of the current fiscal year. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The Ministry of Finance has started homework to seek funds from various donor agencies. Finance Minister Yuba Raj Khatiwada has especially urged the World Bank and ADB to provide concessional loan for the sectors affected by coronavirus.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">A high-ranking official at the ministry informed New Business Age that the ministry has received positive response to the appeal.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">According to the source, donor agencies are also discussing about the possibility of diverting foreign investment to the fund.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">&ldquo;It is difficult to continue with the ongoing projects during the current crisis. Therefore, we are discussing about the possibility to channeling the investment of the projects toward the fund,&rdquo; said the source requesting anonymity. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">However, the finance ministry is not certain how much amount will be deposited in the fund. The government is expecting to collect half the pledged amount from donor agencies.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Officials at the ministry said that the government is making efforts to execute the plans and policies announced to support the businesses and organisations badly affected by coronavirus pandemic and the subsequent lockdown imposed by the government.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Another official at the finance ministry said they are preparing a work procedure to authorize Nepal Rastra Bank to provide the concessional loans to the affected groups.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Once the work procedure is complete, the ministry will deposit the amount and seek applications from the private sector for availing the loan.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The work procedure is focused on supporting small and medium scale industries and to facilitate the tourism sector to pay the salary of the workers, said the source requesting anonymity.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">&ldquo;We will finalize everything within a month,&rdquo; said the official.</span></span></span></span></p>

<p>&nbsp;</p>
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			'article_category_id' => '1',
			'title' => 'CCMC in Favour of Delaying Operation of Air Service ',
			'sub_title' => '',
			'summary' => 'August 10: The government is likely to revert its decision to allow operation of air service and long-route vehicles from August 17 due to a surge in cases of coronavirus in the country.',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">August 10: The government is likely to revert its decision to allow operation of air service and long-route vehicles from August 17 due to a surge in cases of coronavirus in the country.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">A meeting of the Covid-19 Crisis Management Centre (CCMC) on Sunday decided to recommend the government to postpone the date for resuming public transportation service along long routes as well as domestic and international flights.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The CCMC meeting decided to urge the Council of Ministers to resume the services 15 days later than the date fixed earlier.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The cabinet had decided on July 20 to resume air service along with inter-district transportation and schools from August 17.&nbsp;</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">However, resuming air service and transportation have come under scrutiny due to the community level transmission of coronavirus, prompting more than 14 districts to issue prohibitory order.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Sunday&rsquo;s meeting also concluded that the surge in coronavirus cases in the capital as well as other parts of the country could lead to a shortage of isolation wards and therefore instructed the concerned authorities to make preparations accordingly.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The meeting also decided to urge the government to adopt strict measures at the international border points of the country. CCMC has recommended the government to reduce the entry points along India border to 10.</span></span></span></span></p>
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		'Article' => array(
			'id' => '12300',
			'article_category_id' => '1',
			'title' => 'Central Bank Instructs BFIs to Operate in Shift-wise Routine',
			'sub_title' => '',
			'summary' => 'August 10: Nepal Rastra Bank (NRB) has once again directed banks and financial institution (BFIs) to make arrangement for their employees to work from home or in shift-wise routine.',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">August 10: Nepal Rastra Bank (NRB) has once again directed banks and financial institution (BFIs) to make arrangement for their employees to work from home or in shift-wise routine.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Issuing a circular on Sunday (August 9), the central bank instructed the BFIs to allow the staffers to work from home as much as possible because of high risk of coronavirus infection in Kathmandu and other districts.&nbsp; </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">NRB has also asked the banking institutes to form a &lsquo;business contingency plan&rsquo; to provide quality service by adopting precautionary measures during the current 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:&quot;Arial Unicode MS&quot;">In the circular, NRB has told the BFIs to divide the workers in different groups and deploy them in shift-wise routine to minimize the risk of Covid-19 infection.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The central bank noted that the employees are facing problems due to shutdown, prohibitory orders as well as odd-even number system for vehicles. Considering the adverse situation, the central bank urged the banks and financial institutions to create an environment for the staffers to work from home. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Likewise, NRB has instructed the branch offices of BFIs in provinces to operate as per the decision taken by the provincial and the local governments.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The central bank urged BFIs to promote digital transaction.</span></span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '12312',
			'article_category_id' => '1',
			'title' => 'Transshipment Cost Still High despite Elimination of Middle Agents',
			'sub_title' => '',
			'summary' => 'August 12:Although the government has adopted various measures and tactics to reduce the cost of overseas trade of Nepal, the importers have been forced to pay excessive amount in one pretext or the other.',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">August 12: Although the government has adopted various measures and tactics to reduce the cost of overseas trade of Nepal, the importers have been forced to pay excessive amount in one pretext or the other.</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">It has been a year and a half since the provision for importers&rsquo; representatives (customs house agent) was removed from the Kolkata port for import of goods to Nepal from third countries, but the transshipment cost has instead increased, according to the Nepali importers.</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 importers who once complained about the increase in shipping cost due to the involvement of the agents now claim that a cartel of shipping companies has not let the cost decline. A transshipment system has already replaced the agents at the Kolkata port in West Bengal, India.</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">Ashok Kumar Temani, chairman of the Transport and Transit Committee of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) informed that even though the transshipment system has replaced the agents the transportation cost has increased significantly.</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">&ldquo;There is a syndicate due to involvement of limited companies and lack of regulation in transportation. Due to the lack of competition, the shipping companies are charging the transportation cost as per their will,&rdquo; informed Temani.</span></span></span></span></p>

<p>&nbsp;</p>
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			'title' => 'CDOs, Local Units Authorised to Impose Lockdown',
			'sub_title' => '',
			'summary' => 'August 12: The Council of Ministers has authorised the chief district officers and local levels to impose lockdown after assessing the Covid-19 situation in that particular area.',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">August 12: The Council of Ministers has authorised the chief district officers and local levels to impose lockdown after assessing the Covid-19 situation in that particular area. With this decision, the government has ruled out a nationwide lockdown for the second time.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Speaking at a press briefing organised to make the decision of cabinet public, government spokesperson Yuba Raj Khatiwada informed that the cabinet has authorized the district administration offices and the local units to impose lockdown or prohibitory orders on the basis of risk assessment.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Minister Khatiwada, who holds the portfolio of finance and communication ministries, said that the CDOs of the districts with more than 200 active cases of coronavirus have been delegated the right to impose lockdown if required. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">&ldquo;We haven&rsquo;t imposed nationwide lockdown. The cabinet decisions have not mentioned the word &lsquo;lockdown&rsquo; anywhere. Therefore, the public can be assured that the central government will not impose a lockdown again,&rdquo; said Minister Khatiwada.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">However, the recent cabinet meeting decided to seal Nepal&rsquo;s international borders till September 16. Earlier, the government had decided to open the borders from August 16. But the date was pushed further a month away due to the risk of infection from people entering the country from abroad, especially India. However, the government has decided to open 10 entry points for emergency visits.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The 10 entry points through land route includes Kakarbhitta (Jhapa), Rani (Morang), Madar (Siraha), Gaur (Rautahat), Birgunj (Parsa), Belhaiya (Rupandehi), Krishnanagar (Kapilbastu), Jamunah (Banke), Gaurifanta (Kailali) and Gaddachauki (Kanchanpur).</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Although the government had earlier allowed hotels and restaurants to reopen from July 30, it has reverted its decision after finding people in the eateries without masks and proper precautions. The government has allowed only take-away service from hotels and restaurants.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Likewise, reopening of schools and educational institutions has been delayed until further notice.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The government has also banned all kinds of seminars and gatherings unless it is urgent stating that the disease has been increasing in the country of late.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The Council of Ministers has also directed government and private organisations that deal directly with the public to operate with 50 percent staffers. The remaining 50 percent employees should be allowed to work from home, informed Minister Khatiwada.</span></span></span></span></p>
',
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	(int) 2 => array(
		'Article' => array(
			'id' => '12310',
			'article_category_id' => '1',
			'title' => 'High Court Bars Investment Board’s CEO from Assuming Office',
			'sub_title' => '',
			'summary' => '',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">August 12: Patan High Court has issued an interim order to the government not to execute its decision of appointing Sushil Bhatta as the CEO of Investment Board 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:Arial">The high court also issued an interim order against the newly appointed CEO not to perform any work in the capacity of the investment board&#39;s CEO. </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">A single bench of chief judge of high court Nahakul Subedi ordered the government not to implement its decision until the next hearing on August 16. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">Spokesperson of the high court, Shambhu Regmi, confirmed to New Business Age that both sides have been called for the next hearing on August 16.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">Advocate Jaya Bahadur Bhujel had filed a writ petition on Monday challenging the appointment of Bhatta as the CEO of investment board. Bhujel argued that Bhatta lacks the experience required to be appointed the CEO of investment board. </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">Patan High Court has also asked the Nepal Bar Association to provide two senior lawyers as amicus curie as this case is of public interest.</span></span></span></span></p>
',
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			'image' => '20200812104902_1597201344.Sushil_bhatta.jpg',
			'article_date' => '2020-08-12 10:48:29',
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	(int) 3 => array(
		'Article' => array(
			'id' => '12309',
			'article_category_id' => '1',
			'title' => 'Upaya City Cargo Launches New App for Logistics Delivery',
			'sub_title' => '',
			'summary' => 'August 11: Upaya City Cargo recently launched their new smartphone application amid a special event. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">August 11: Upaya City Cargo recently launched their new smartphone application amid a special event. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">The company expressed its belief that the app, which it claimed to be &ldquo;one of the pioneers of digital logistic service in the Nepalese industry,&rdquo; will help make online delivery easier.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">The company said in a statement that they had adopted precautionary measures of physical distance, mask and sanitization during the launch.&nbsp;</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri">&nbsp;<span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">The company&rsquo;s chairman Suman Rayamajhi shed light on the mission, vision and core values of the company. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">Chief Operating Officer of Upaya City Cargo, Amigo Khadka, shared the company&rsquo;s plans to expand its services outside Kathmandu valley to 10 major cities within a timeframe of one year. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">Considering the various issues associated with the lack of proper supply-chain logistics in Nepal, Khadka expressed that City Cargo aims to make several contributions towards transforming Nepal&rsquo;s economy for the better by becoming a reliable logistics partner for all e-commerce and agribusinesses.&nbsp;</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">The company&rsquo;s Product and Development Head Karan Basnet shared that &ldquo;Auto connection through Platform&rdquo; and &ldquo;Tracking and Automated VAT Bills&rdquo; are some of the key features in City Cargo&rsquo;s Client App that make the booking process easy for customers. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">The app has provision for customers to hire vehicles on a trip-wise and daily hire basis. Furthermore, the drivers will be automatically notified regarding trips/bookings and they will be able to easily view their income details. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">According to the company, Upaya City Cargo is an online marketplace for intra-city logistics that connects individuals and businesses with pickup driver partners and integrates technology to ensure quick and hassle-free delivery of bulk goods. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">Upaya City Cargo said it has about 3500 clients and 500+ driver-partners. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">Upaya Citycargo provides vehicles like TATA Pickups, TATA Ace, Bolero and Maruti Cargo Van for trip-wise and daily hire basis to its customers.&nbsp;</span></span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
',
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	(int) 4 => array(
		'Article' => array(
			'id' => '12308',
			'article_category_id' => '1',
			'title' => 'Government Amends Building Code for First Time in 25 Years',
			'sub_title' => '',
			'summary' => 'August 11: The government has amended the Earthquake Resistance Infrastructure Building Code almost after two and a half decades after its formation. ',
			'content' => '<p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:&quot;Devanagari Sangam MN&quot;">August 11: </span>The government has amended the Earthquake Resistance Infrastructure Building Code almost after two and a half decades after its formation. The building code was introduced in the mid-90s to mitigate the risk of earthquakes in the country.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Times">The government had given emphasis to earthquake resilient structures after the mega earthquake of 1990. It was in the wake of the major earthquake more than 30 years ago that the government for the first time had brought the building code. Amending the building code for the first time in 25 years, the government on Monday endorsed the Seismic Design of Building Code. The Ministry of Urban Development is planning to implement this new code as soon as possible.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Times">Officials at the ministry informed that the government amended the building code because the old laws were not sufficient to address the current problems. </span></span></p>

<p><span style="font-size:20px"><span style="font-family:Times">According to Joint Secretary at the ministry, Navaraj Pyakurel, the amended building code facilitates in preparing earthquake resilient engineering design of small buildings to skyscrapers. </span></span></p>

<p><span style="font-size:20px"><span style="font-family:Times">He added that the new code was prepared after conducting a study on the impact of earthquake on land, which was done in collaboration with the Department of Mines and Mineralogy.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Times">Now onwards, buildings in Nepal do not have to take reference from India. The new building code has fixed the size of beam and pillars as well as the rods required for making buildings, informed Pyakurel. Following this code will help in making buildings earthquake resilient, added Pyakurel.</span></span></p>

<p>&nbsp;</p>

<p><span style="font-size:20px"><span style="font-family:Times">&nbsp;</span></span></p>

<p>&nbsp;</p>
',
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			'keywords' => '',
			'description' => '',
			'sortorder' => '12055',
			'image' => '20200811041415_1597095739.Clipboard07.jpg',
			'article_date' => '2020-08-11 16:13:39',
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	(int) 5 => array(
		'Article' => array(
			'id' => '12307',
			'article_category_id' => '1',
			'title' => 'FMTCL to Purchase 100,000 Metric Tons of Food Grains',
			'sub_title' => '',
			'summary' => 'August 11: The Food Management and Trade Company Limited (FMTCL) is preparing to purchase 100,000 metric tons of food for the current fiscal year.',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">August 11: The Food Management and Trade Company Limited (FMTCL) is preparing to purchase 100,000 metric tons of food for the current fiscal year.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">Informed sources told New Business Age that FMTCL is planning to buy 60,000 metric tons of paddy, 25,000 metric tons of rice, 5,000 metric tons of wheat, 250 metric tons of lentil, 20 metric tons of soybean, and 10,000 metric tons of sugar.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">Likewise, the state-owned company is also preparing to buy 20,000 liters of edible oil and 3,000 goats for the upcoming Dashain festival.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">Information officer of FMTCL, Sharmila Neupane Subedi, said that the company will be spending a total of Rs 4.97 billion for the purchase of aforementioned food items.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">In the last fiscal year, FMTCL had set a target to purchase 30,000 metric tons of paddy but the actual purchase was only 22,000 metric tons. Similarly, it purchased 549 metric tons of wheat instead of 3,000 metric tons due to the crisis created by coronavirus.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">According to Subedi, FMTCL is making such a large purchase for the first time to promote local products and to control price hike in the market.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">Earlier, FMTCL used to make purchase from its centers in Bardiya, Kailali, Janakpur, Biratnagar and Birtamod. But this year, it is preparing to set up temporary centers for making the purchase.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">There is a legal provision for FMTCL to keep a stock of 33,000 metric tons of food grains just in case for natural disasters like earthquake, floods and other calamities. However, the company&rsquo;s stock is much less than the provision. According to FMTCL officials, it has a stock of 11,000 metric tons of rice and 549 metric tons of wheat 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">The officials informed that the stock got reduced during the lockdown and they were not able to replace it due to the pandemic.</span></span></span></span></p>

<p>&nbsp;</p>
',
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	(int) 6 => array(
		'Article' => array(
			'id' => '12306',
			'article_category_id' => '1',
			'title' => 'Nepal Tourism Board's Budget Shrinks by Half',
			'sub_title' => 'Only Rs 820 million allocated for current fiscal year ',
			'summary' => 'August 11: The budget of Nepal Tourism Board (NTB) for the current fiscal year has almost shrunk by 50 percent due to the adverse impact of 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 11: The budget of Nepal Tourism Board (NTB) for the current fiscal year has almost shrunk by 50 percent due to the adverse impact of 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">NTB, which has been authorized with the main responsibility of promoting and developing the country&#39;s tourism sector, had announced its budget for the new fiscal year on Monday, August 10. The tourism board has announced a budget of around Rs 820 million for the fiscal year 2077/78.</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 budget was approved by the board meeting of NTB held on Monday. NTB in its new budget has prioritized promotion of domestic tourism and research on tourism.</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">Due to the Covid-19 pandemic, tourism activities have come to a standstill and its sources of revenue have declined drastically. This has forced NTB to cut its budget this year due to lack of resources. Last year, NTB had announced a budget of Rs 1.63 billion focusing on promotion of Visit Nepal 2020 campaign.</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 board in its official statement informed that the budget had to be reduced due to lack of resources at a time when Covid-19 has severely affected the entire tourism activities. &nbsp;</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">Awadhesh Kumar Das, a member of the board and coordinator of the budget committee, informed that the size of the current year&#39;s budget has been reduced due to the complete closure of tourism activities and lack of cash reserves.</span></span></span></span></p>

<p>&nbsp;</p>
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	(int) 7 => array(
		'Article' => array(
			'id' => '12305',
			'article_category_id' => '1',
			'title' => 'Gold Dealers Purchasing Gold Despite Exorbitant Price',
			'sub_title' => '',
			'summary' => 'August 11: Gold dealers have purchased 140 kilograms of gold from banks in the last two weeks despite the gold business coming to a standstill due to skyrocketing price of the precious yellow metal.',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">August 11: Gold dealers have purchased 140 kilograms of gold from banks in the last two weeks despite the gold business coming to a standstill due to skyrocketing price of the precious yellow metal.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The gold dealers reportedly bought the gold expecting the price of gold to rise further. The price of gold has crossed the mark of Rs 100,000 per 11 grams in the Nepali market due to the increase in price of gold in the international market. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Gold dealers say their business has come to a halt due to the sharp increase in price and low demand from customers. However, they have been purchasing gold from bank in abnormally high quantity in the last 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:&quot;Arial Unicode MS&quot;">Commercial banks had a stock of 320 kilograms of gold as of July 24. But they are left with only 180 kgs of gold by this Sunday (August 9). Nepal Bankers Association confirmed that they have sold 140 kgs of gold in the last 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:&quot;Arial Unicode MS&quot;">Tej Ratna&nbsp; Shakya, former chairman of the Federation of Nepal Gold and Silver Dealers Association, says it is unusual for the dealers to purchase such a large quantity of gold at a time when the business has come to a standstill.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">&ldquo;The demand for gold has dropped significantly due to the increase in price. I don&rsquo;t think our fellow gold dealers purchased gold from banks in such a situation,&rdquo; says Shakya, adding, &ldquo;But we are making effort to seek information in this regard from the federation.&rdquo;</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Meanwhile, executive director of Nepal Bankers Association Anil Sharma informed that they sold the gold to the dealers.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The government has authorised only commercial banks to sell gold to the dealers. The gold dealers are required to submit a recommendation from the federation to the banks to purchase gold. But the federation says it has not issued any recommendation recently. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The federation believes that the gold dealers might have purchased gold from the banks for the upcoming Teej and other festivals.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Nepal Rastra Bank has prohibited commercial banks to sell gold to any other individuals except gold dealers.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Bankers have not imported any gold since the government imposed lockdown on March 24.</span></span></span></span></p>
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	(int) 8 => array(
		'Article' => array(
			'id' => '12304',
			'article_category_id' => '1',
			'title' => 'Government Delays Resumption of Air Service by 15 Days',
			'sub_title' => 'Long-route Vehicles to Operate from August 31',
			'summary' => 'August 11: The government has decided to delay flight operations and long-route vehicle service by another 15 days.',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">August 11: The government has decided to delay flight operations and long-route vehicle service by another 15 days.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Reverting its earlier decision, a meeting of the Council of Ministers on Monday (August 10) decided to resume air service and long-route vehicles only from August 31. The cabinet had earlier decided to resume air service and inter-district transportation service from August 17. The decision taken on July 20 also includes admission of students for the new academic session. However, a surge in coronavirus cases has forced the government to review its earlier decisions.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The Covid-19 Crisis Management Centre (CCMC) had recommended the government on Sunday to delay the date for resuming air service and operation of long-route vehicles.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Amid speculations that the lockdown measures would be imposed again, government authorities have made it clear that it would not impose lockdown again. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">In order to resume their business, air service providers had started training their staffers by maintaining safety standards. Some airline companies had also fixed the air fare and started taking bookings </span></span></span></span></p>

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

<p>&nbsp;</p>
',
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			'sortorder' => '12051',
			'image' => '20200811111514_1597077952.cabiate_.jpg',
			'article_date' => '2020-08-11 11:14:34',
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	(int) 9 => array(
		'Article' => array(
			'id' => '12303',
			'article_category_id' => '1',
			'title' => 'Nepal Rastra Bank Studying Big Mergers ',
			'sub_title' => '',
			'summary' => 'August 10: Nepal Rastra Bank (NRB) has decided to implement the policy of merging commercial banks once the adverse situation created by coronavirus pandemic returns back to normal.',
			'content' => '<h1><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">August 10: Nepal Rastra Bank (NRB) has decided to implement the policy of merging commercial banks once the adverse situation created by coronavirus pandemic returns back to normal. The central bank is enforcing the merger of commercial banks, especially the ones that have cross holdings. NRB informed that it has started a study for big mergers. </span></span></h1>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">The monetary policy requires merger or acquisition of banks and financial institutions that are promoted by the same person or group; or financial institutions that are directly or indirectly owned or controlled by a single family or a business group. </span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">According to Dr Gunakar Bhatta, executive director of the Banks and Financial Institutions Regulation Department of NRB, the central bank has already collected the data about the ownership and the cross holdings of all financial institutions. He also informed that Nepal Rastra Bank will study the mergers and acquisitions on this basis. Commercial banks have not presented any propositions to the central bank regarding the mergers so far.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">&ldquo;The banks will have to merge anyway. Nepal Rastra Bank wants to reduce the number of private banks,&rdquo; he told New Business Age, adding, &ldquo;We are walking towards the direction of a liberal economy, that is why Nepal Rastra Bank is encouraging commercial banks to merge voluntarily instead of being forced into merger.&rdquo; </span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">It is believed that NRB is pressing for big mergers because a single bank is currently not capable of fully investing in infrastructure projects. NRB Governor Maha Prasad Adhikari said that the monetary policy of the fiscal year &nbsp;2077/78 encourages mergers between commercial banks for strengthening the financial sector in Nepal. He further explained that the operator and the executives of commercial banks were notified about the mergers as soon as the monetary policy was made public. Governor Adhikari also informed that the commercial banks will be pressured to enter into a merger once the situation risen by coronavirus goes back to normal. He however admitted that the regulations for mergers and acquisitions require some amendment too.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">Banking experts noted that private banks would start merging once the government banks merge first. Nepal Rastra Bank and Nepal Banijya Bank, both government-owned entities, have claimed that they are ready to merge if the government directs them to do so. Bankers believe that Nepal Rastra Bank does not want merger of government-owned banks as the current monetary policy envisages turning the government-owned Agricultural Development Bank Limited into an agricultural hub.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">Global IME Bank, which was merged with Janata Bank due the pressure from former NRB Governor Dr Chiranjiwi Nepal, does not face any compulsion for new mergers now. Nepal Rastra Bank said that the rest of the 22 commercial banks are open to opt for a big merger. An emphasis is being given for mergers between a weaker and a stronger bank. Nepal Rastra Bank believes that more problems may arise if mergers happen between weaker banks. Everest Bank and Laxmi Bank had begun the procedure for a merger almost three years ago but the merger did not materialize as both the banks couldn&rsquo;t reach an agreement even after the Due Diligence Audit (DDA) was completed. Keshav Poudel, the Public Relations Officer of Laxmi Bank, said that while the board has had some unofficial discussions, the bank still hasn&rsquo;t officially prepared for entering into any merger so far. </span></span></p>

<p>&nbsp;</p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">&nbsp;</span></span></p>
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		'Article' => array(
			'id' => '12301',
			'article_category_id' => '1',
			'title' => 'DDA Allows Import of Emergency Drug after 2 Months',
			'sub_title' => '',
			'summary' => 'August 10: It took almost two months for the Department of Drug Administration to clear the way for importing emergency medicine which is considered effective in the treatment of coronavirus.',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">August 10: It took almost two months for the Department of Drug Administration to clear the way for importing emergency medicine which is considered effective in the treatment of coronavirus. Remdicivir injection is being imported after the department completed all the procedure for the import. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">Some importers approached the department last May seeking permission for import. The medical sector has been criticizing the department for delaying the emergency import of medicines. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">The department had requested for permission from the Ministry of Health and Population on June 24 for the import of Remdesivir and Favipiravir. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">The ministry took a month to give permission to the department. The ministry had directed the department to move ahead with the import process of Remdicivir by a secretary-level decision on July 20. The department took almost the same amount of time to prepare the procedure as well. Santosh KC, spokesperson of the department, informed that the procedure for importing drugs was passed on Sunday. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">&nbsp;&ldquo;The importers need to complete the due process because the government has not officially approved the drug for treatment of coronavirus, although it is considered effective for treating the disease,&rdquo; KC told New Business Age. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">The demand for importing the drug has increased as the number of deaths from coronavirus has climbed in Nepal. It is seen that this drug has been effective in treating coronavirus in countries including India, Bangladesh, and Pakistan. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">It was being imported illegally as the department did not allow the import. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">Doctors say that the drug that is available in India for IRs 5,000 costs more than Rs 50,000 here because of the shortage. </span></span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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			'article_category_id' => '1',
			'title' => 'Construction Companies Require Rs 65 billion to Resume Halted Projects',
			'sub_title' => '',
			'summary' => 'August 10: Construction works at most of the national projects are stagnating due to Covid-19 crisis and lockdown to stop the spread of the infection.',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">August 10: Construction works at most of the national projects are stagnating due to Covid-19 crisis and lockdown to stop the spread of the infection. &nbsp;In addition to that, the rainy season has obstructed the work progress at various construction sites.</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">Construction companies say that around Rs 65 billion is required between August to November for resuming the construction work. However, they also inform that they will not be able to move ahead with the projects due to lack of capital and in absence of government support.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">Federation of Contractors&#39; Associations of Nepal (FCAN) informed that Rs 65 billion is needed within next three months to resume the construction works. So, they have demanded the government for refinancing to support their expenditure.</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">Ravi Singh, president of FCAN informed that contractors are ready to resume their construction works in some of the projects. &ldquo;However, they need money to pay the labourers, daily wage workers and for bringing construction materials to the project sites,&rdquo; he added.</span></span></span></span></p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '12298',
			'article_category_id' => '1',
			'title' => 'Government Initiates Homework to Avail Concessional Loan ',
			'sub_title' => '',
			'summary' => 'August 10: The government has started homework to avail concessional loan to the businesses and industries affected by coronavirus at an interest rate of 5 percent per annum.',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">August 10: The government has started homework to avail concessional loan to the businesses and industries affected by coronavirus at an interest rate of 5 percent per annum.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The government intends to provide the concessional loan from the fund of Rs 50 billion announced while unveiling the budget of the current fiscal year. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The Ministry of Finance has started homework to seek funds from various donor agencies. Finance Minister Yuba Raj Khatiwada has especially urged the World Bank and ADB to provide concessional loan for the sectors affected by coronavirus.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">A high-ranking official at the ministry informed New Business Age that the ministry has received positive response to the appeal.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">According to the source, donor agencies are also discussing about the possibility of diverting foreign investment to the fund.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">&ldquo;It is difficult to continue with the ongoing projects during the current crisis. Therefore, we are discussing about the possibility to channeling the investment of the projects toward the fund,&rdquo; said the source requesting anonymity. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">However, the finance ministry is not certain how much amount will be deposited in the fund. The government is expecting to collect half the pledged amount from donor agencies.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Officials at the ministry said that the government is making efforts to execute the plans and policies announced to support the businesses and organisations badly affected by coronavirus pandemic and the subsequent lockdown imposed by the government.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Another official at the finance ministry said they are preparing a work procedure to authorize Nepal Rastra Bank to provide the concessional loans to the affected groups.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Once the work procedure is complete, the ministry will deposit the amount and seek applications from the private sector for availing the loan.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The work procedure is focused on supporting small and medium scale industries and to facilitate the tourism sector to pay the salary of the workers, said the source requesting anonymity.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">&ldquo;We will finalize everything within a month,&rdquo; said the official.</span></span></span></span></p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '12299',
			'article_category_id' => '1',
			'title' => 'CCMC in Favour of Delaying Operation of Air Service ',
			'sub_title' => '',
			'summary' => 'August 10: The government is likely to revert its decision to allow operation of air service and long-route vehicles from August 17 due to a surge in cases of coronavirus in the country.',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">August 10: The government is likely to revert its decision to allow operation of air service and long-route vehicles from August 17 due to a surge in cases of coronavirus in the country.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">A meeting of the Covid-19 Crisis Management Centre (CCMC) on Sunday decided to recommend the government to postpone the date for resuming public transportation service along long routes as well as domestic and international flights.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The CCMC meeting decided to urge the Council of Ministers to resume the services 15 days later than the date fixed earlier.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The cabinet had decided on July 20 to resume air service along with inter-district transportation and schools from August 17.&nbsp;</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">However, resuming air service and transportation have come under scrutiny due to the community level transmission of coronavirus, prompting more than 14 districts to issue prohibitory order.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Sunday&rsquo;s meeting also concluded that the surge in coronavirus cases in the capital as well as other parts of the country could lead to a shortage of isolation wards and therefore instructed the concerned authorities to make preparations accordingly.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The meeting also decided to urge the government to adopt strict measures at the international border points of the country. CCMC has recommended the government to reduce the entry points along India border to 10.</span></span></span></span></p>
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		'Article' => array(
			'id' => '12300',
			'article_category_id' => '1',
			'title' => 'Central Bank Instructs BFIs to Operate in Shift-wise Routine',
			'sub_title' => '',
			'summary' => 'August 10: Nepal Rastra Bank (NRB) has once again directed banks and financial institution (BFIs) to make arrangement for their employees to work from home or in shift-wise routine.',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">August 10: Nepal Rastra Bank (NRB) has once again directed banks and financial institution (BFIs) to make arrangement for their employees to work from home or in shift-wise routine.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Issuing a circular on Sunday (August 9), the central bank instructed the BFIs to allow the staffers to work from home as much as possible because of high risk of coronavirus infection in Kathmandu and other districts.&nbsp; </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">NRB has also asked the banking institutes to form a &lsquo;business contingency plan&rsquo; to provide quality service by adopting precautionary measures during the current 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:&quot;Arial Unicode MS&quot;">In the circular, NRB has told the BFIs to divide the workers in different groups and deploy them in shift-wise routine to minimize the risk of Covid-19 infection.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The central bank noted that the employees are facing problems due to shutdown, prohibitory orders as well as odd-even number system for vehicles. Considering the adverse situation, the central bank urged the banks and financial institutions to create an environment for the staffers to work from home. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Likewise, NRB has instructed the branch offices of BFIs in provinces to operate as per the decision taken by the provincial and the local governments.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The central bank urged BFIs to promote digital transaction.</span></span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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			'title' => 'Transshipment Cost Still High despite Elimination of Middle Agents',
			'sub_title' => '',
			'summary' => 'August 12:Although the government has adopted various measures and tactics to reduce the cost of overseas trade of Nepal, the importers have been forced to pay excessive amount in one pretext or the other.',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">August 12: Although the government has adopted various measures and tactics to reduce the cost of overseas trade of Nepal, the importers have been forced to pay excessive amount in one pretext or the other.</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">It has been a year and a half since the provision for importers&rsquo; representatives (customs house agent) was removed from the Kolkata port for import of goods to Nepal from third countries, but the transshipment cost has instead increased, according to the Nepali importers.</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 importers who once complained about the increase in shipping cost due to the involvement of the agents now claim that a cartel of shipping companies has not let the cost decline. A transshipment system has already replaced the agents at the Kolkata port in West Bengal, India.</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">Ashok Kumar Temani, chairman of the Transport and Transit Committee of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) informed that even though the transshipment system has replaced the agents the transportation cost has increased significantly.</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">&ldquo;There is a syndicate due to involvement of limited companies and lack of regulation in transportation. Due to the lack of competition, the shipping companies are charging the transportation cost as per their will,&rdquo; informed Temani.</span></span></span></span></p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '12311',
			'article_category_id' => '1',
			'title' => 'CDOs, Local Units Authorised to Impose Lockdown',
			'sub_title' => '',
			'summary' => 'August 12: The Council of Ministers has authorised the chief district officers and local levels to impose lockdown after assessing the Covid-19 situation in that particular area.',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">August 12: The Council of Ministers has authorised the chief district officers and local levels to impose lockdown after assessing the Covid-19 situation in that particular area. With this decision, the government has ruled out a nationwide lockdown for the second time.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Speaking at a press briefing organised to make the decision of cabinet public, government spokesperson Yuba Raj Khatiwada informed that the cabinet has authorized the district administration offices and the local units to impose lockdown or prohibitory orders on the basis of risk assessment.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Minister Khatiwada, who holds the portfolio of finance and communication ministries, said that the CDOs of the districts with more than 200 active cases of coronavirus have been delegated the right to impose lockdown if required. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">&ldquo;We haven&rsquo;t imposed nationwide lockdown. The cabinet decisions have not mentioned the word &lsquo;lockdown&rsquo; anywhere. Therefore, the public can be assured that the central government will not impose a lockdown again,&rdquo; said Minister Khatiwada.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">However, the recent cabinet meeting decided to seal Nepal&rsquo;s international borders till September 16. Earlier, the government had decided to open the borders from August 16. But the date was pushed further a month away due to the risk of infection from people entering the country from abroad, especially India. However, the government has decided to open 10 entry points for emergency visits.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The 10 entry points through land route includes Kakarbhitta (Jhapa), Rani (Morang), Madar (Siraha), Gaur (Rautahat), Birgunj (Parsa), Belhaiya (Rupandehi), Krishnanagar (Kapilbastu), Jamunah (Banke), Gaurifanta (Kailali) and Gaddachauki (Kanchanpur).</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Although the government had earlier allowed hotels and restaurants to reopen from July 30, it has reverted its decision after finding people in the eateries without masks and proper precautions. The government has allowed only take-away service from hotels and restaurants.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Likewise, reopening of schools and educational institutions has been delayed until further notice.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The government has also banned all kinds of seminars and gatherings unless it is urgent stating that the disease has been increasing in the country of late.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The Council of Ministers has also directed government and private organisations that deal directly with the public to operate with 50 percent staffers. The remaining 50 percent employees should be allowed to work from home, informed Minister Khatiwada.</span></span></span></span></p>
',
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			'sortorder' => '12058',
			'image' => '20200812123718_Finance.jpg',
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	(int) 2 => array(
		'Article' => array(
			'id' => '12310',
			'article_category_id' => '1',
			'title' => 'High Court Bars Investment Board’s CEO from Assuming Office',
			'sub_title' => '',
			'summary' => '',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">August 12: Patan High Court has issued an interim order to the government not to execute its decision of appointing Sushil Bhatta as the CEO of Investment Board 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:Arial">The high court also issued an interim order against the newly appointed CEO not to perform any work in the capacity of the investment board&#39;s CEO. </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">A single bench of chief judge of high court Nahakul Subedi ordered the government not to implement its decision until the next hearing on August 16. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">Spokesperson of the high court, Shambhu Regmi, confirmed to New Business Age that both sides have been called for the next hearing on August 16.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">Advocate Jaya Bahadur Bhujel had filed a writ petition on Monday challenging the appointment of Bhatta as the CEO of investment board. Bhujel argued that Bhatta lacks the experience required to be appointed the CEO of investment board. </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">Patan High Court has also asked the Nepal Bar Association to provide two senior lawyers as amicus curie as this case is of public interest.</span></span></span></span></p>
',
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			'image' => '20200812104902_1597201344.Sushil_bhatta.jpg',
			'article_date' => '2020-08-12 10:48:29',
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	(int) 3 => array(
		'Article' => array(
			'id' => '12309',
			'article_category_id' => '1',
			'title' => 'Upaya City Cargo Launches New App for Logistics Delivery',
			'sub_title' => '',
			'summary' => 'August 11: Upaya City Cargo recently launched their new smartphone application amid a special event. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">August 11: Upaya City Cargo recently launched their new smartphone application amid a special event. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">The company expressed its belief that the app, which it claimed to be &ldquo;one of the pioneers of digital logistic service in the Nepalese industry,&rdquo; will help make online delivery easier.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">The company said in a statement that they had adopted precautionary measures of physical distance, mask and sanitization during the launch.&nbsp;</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri">&nbsp;<span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">The company&rsquo;s chairman Suman Rayamajhi shed light on the mission, vision and core values of the company. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">Chief Operating Officer of Upaya City Cargo, Amigo Khadka, shared the company&rsquo;s plans to expand its services outside Kathmandu valley to 10 major cities within a timeframe of one year. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">Considering the various issues associated with the lack of proper supply-chain logistics in Nepal, Khadka expressed that City Cargo aims to make several contributions towards transforming Nepal&rsquo;s economy for the better by becoming a reliable logistics partner for all e-commerce and agribusinesses.&nbsp;</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">The company&rsquo;s Product and Development Head Karan Basnet shared that &ldquo;Auto connection through Platform&rdquo; and &ldquo;Tracking and Automated VAT Bills&rdquo; are some of the key features in City Cargo&rsquo;s Client App that make the booking process easy for customers. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">The app has provision for customers to hire vehicles on a trip-wise and daily hire basis. Furthermore, the drivers will be automatically notified regarding trips/bookings and they will be able to easily view their income details. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">According to the company, Upaya City Cargo is an online marketplace for intra-city logistics that connects individuals and businesses with pickup driver partners and integrates technology to ensure quick and hassle-free delivery of bulk goods. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">Upaya City Cargo said it has about 3500 clients and 500+ driver-partners. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">Upaya Citycargo provides vehicles like TATA Pickups, TATA Ace, Bolero and Maruti Cargo Van for trip-wise and daily hire basis to its customers.&nbsp;</span></span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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	(int) 4 => array(
		'Article' => array(
			'id' => '12308',
			'article_category_id' => '1',
			'title' => 'Government Amends Building Code for First Time in 25 Years',
			'sub_title' => '',
			'summary' => 'August 11: The government has amended the Earthquake Resistance Infrastructure Building Code almost after two and a half decades after its formation. ',
			'content' => '<p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:&quot;Devanagari Sangam MN&quot;">August 11: </span>The government has amended the Earthquake Resistance Infrastructure Building Code almost after two and a half decades after its formation. The building code was introduced in the mid-90s to mitigate the risk of earthquakes in the country.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Times">The government had given emphasis to earthquake resilient structures after the mega earthquake of 1990. It was in the wake of the major earthquake more than 30 years ago that the government for the first time had brought the building code. Amending the building code for the first time in 25 years, the government on Monday endorsed the Seismic Design of Building Code. The Ministry of Urban Development is planning to implement this new code as soon as possible.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Times">Officials at the ministry informed that the government amended the building code because the old laws were not sufficient to address the current problems. </span></span></p>

<p><span style="font-size:20px"><span style="font-family:Times">According to Joint Secretary at the ministry, Navaraj Pyakurel, the amended building code facilitates in preparing earthquake resilient engineering design of small buildings to skyscrapers. </span></span></p>

<p><span style="font-size:20px"><span style="font-family:Times">He added that the new code was prepared after conducting a study on the impact of earthquake on land, which was done in collaboration with the Department of Mines and Mineralogy.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Times">Now onwards, buildings in Nepal do not have to take reference from India. The new building code has fixed the size of beam and pillars as well as the rods required for making buildings, informed Pyakurel. Following this code will help in making buildings earthquake resilient, added Pyakurel.</span></span></p>

<p>&nbsp;</p>

<p><span style="font-size:20px"><span style="font-family:Times">&nbsp;</span></span></p>

<p>&nbsp;</p>
',
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			'keywords' => '',
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			'article_date' => '2020-08-11 16:13:39',
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	(int) 5 => array(
		'Article' => array(
			'id' => '12307',
			'article_category_id' => '1',
			'title' => 'FMTCL to Purchase 100,000 Metric Tons of Food Grains',
			'sub_title' => '',
			'summary' => 'August 11: The Food Management and Trade Company Limited (FMTCL) is preparing to purchase 100,000 metric tons of food for the current fiscal year.',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">August 11: The Food Management and Trade Company Limited (FMTCL) is preparing to purchase 100,000 metric tons of food for the current fiscal year.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">Informed sources told New Business Age that FMTCL is planning to buy 60,000 metric tons of paddy, 25,000 metric tons of rice, 5,000 metric tons of wheat, 250 metric tons of lentil, 20 metric tons of soybean, and 10,000 metric tons of sugar.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">Likewise, the state-owned company is also preparing to buy 20,000 liters of edible oil and 3,000 goats for the upcoming Dashain festival.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">Information officer of FMTCL, Sharmila Neupane Subedi, said that the company will be spending a total of Rs 4.97 billion for the purchase of aforementioned food items.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">In the last fiscal year, FMTCL had set a target to purchase 30,000 metric tons of paddy but the actual purchase was only 22,000 metric tons. Similarly, it purchased 549 metric tons of wheat instead of 3,000 metric tons due to the crisis created by coronavirus.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">According to Subedi, FMTCL is making such a large purchase for the first time to promote local products and to control price hike in the market.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">Earlier, FMTCL used to make purchase from its centers in Bardiya, Kailali, Janakpur, Biratnagar and Birtamod. But this year, it is preparing to set up temporary centers for making the purchase.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">There is a legal provision for FMTCL to keep a stock of 33,000 metric tons of food grains just in case for natural disasters like earthquake, floods and other calamities. However, the company&rsquo;s stock is much less than the provision. According to FMTCL officials, it has a stock of 11,000 metric tons of rice and 549 metric tons of wheat 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">The officials informed that the stock got reduced during the lockdown and they were not able to replace it due to the pandemic.</span></span></span></span></p>

<p>&nbsp;</p>
',
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	(int) 6 => array(
		'Article' => array(
			'id' => '12306',
			'article_category_id' => '1',
			'title' => 'Nepal Tourism Board's Budget Shrinks by Half',
			'sub_title' => 'Only Rs 820 million allocated for current fiscal year ',
			'summary' => 'August 11: The budget of Nepal Tourism Board (NTB) for the current fiscal year has almost shrunk by 50 percent due to the adverse impact of 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 11: The budget of Nepal Tourism Board (NTB) for the current fiscal year has almost shrunk by 50 percent due to the adverse impact of 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">NTB, which has been authorized with the main responsibility of promoting and developing the country&#39;s tourism sector, had announced its budget for the new fiscal year on Monday, August 10. The tourism board has announced a budget of around Rs 820 million for the fiscal year 2077/78.</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 budget was approved by the board meeting of NTB held on Monday. NTB in its new budget has prioritized promotion of domestic tourism and research on tourism.</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">Due to the Covid-19 pandemic, tourism activities have come to a standstill and its sources of revenue have declined drastically. This has forced NTB to cut its budget this year due to lack of resources. Last year, NTB had announced a budget of Rs 1.63 billion focusing on promotion of Visit Nepal 2020 campaign.</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 board in its official statement informed that the budget had to be reduced due to lack of resources at a time when Covid-19 has severely affected the entire tourism activities. &nbsp;</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">Awadhesh Kumar Das, a member of the board and coordinator of the budget committee, informed that the size of the current year&#39;s budget has been reduced due to the complete closure of tourism activities and lack of cash reserves.</span></span></span></span></p>

<p>&nbsp;</p>
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	(int) 7 => array(
		'Article' => array(
			'id' => '12305',
			'article_category_id' => '1',
			'title' => 'Gold Dealers Purchasing Gold Despite Exorbitant Price',
			'sub_title' => '',
			'summary' => 'August 11: Gold dealers have purchased 140 kilograms of gold from banks in the last two weeks despite the gold business coming to a standstill due to skyrocketing price of the precious yellow metal.',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">August 11: Gold dealers have purchased 140 kilograms of gold from banks in the last two weeks despite the gold business coming to a standstill due to skyrocketing price of the precious yellow metal.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The gold dealers reportedly bought the gold expecting the price of gold to rise further. The price of gold has crossed the mark of Rs 100,000 per 11 grams in the Nepali market due to the increase in price of gold in the international market. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Gold dealers say their business has come to a halt due to the sharp increase in price and low demand from customers. However, they have been purchasing gold from bank in abnormally high quantity in the last 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:&quot;Arial Unicode MS&quot;">Commercial banks had a stock of 320 kilograms of gold as of July 24. But they are left with only 180 kgs of gold by this Sunday (August 9). Nepal Bankers Association confirmed that they have sold 140 kgs of gold in the last 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:&quot;Arial Unicode MS&quot;">Tej Ratna&nbsp; Shakya, former chairman of the Federation of Nepal Gold and Silver Dealers Association, says it is unusual for the dealers to purchase such a large quantity of gold at a time when the business has come to a standstill.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">&ldquo;The demand for gold has dropped significantly due to the increase in price. I don&rsquo;t think our fellow gold dealers purchased gold from banks in such a situation,&rdquo; says Shakya, adding, &ldquo;But we are making effort to seek information in this regard from the federation.&rdquo;</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Meanwhile, executive director of Nepal Bankers Association Anil Sharma informed that they sold the gold to the dealers.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The government has authorised only commercial banks to sell gold to the dealers. The gold dealers are required to submit a recommendation from the federation to the banks to purchase gold. But the federation says it has not issued any recommendation recently. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The federation believes that the gold dealers might have purchased gold from the banks for the upcoming Teej and other festivals.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Nepal Rastra Bank has prohibited commercial banks to sell gold to any other individuals except gold dealers.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Bankers have not imported any gold since the government imposed lockdown on March 24.</span></span></span></span></p>
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	(int) 8 => array(
		'Article' => array(
			'id' => '12304',
			'article_category_id' => '1',
			'title' => 'Government Delays Resumption of Air Service by 15 Days',
			'sub_title' => 'Long-route Vehicles to Operate from August 31',
			'summary' => 'August 11: The government has decided to delay flight operations and long-route vehicle service by another 15 days.',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">August 11: The government has decided to delay flight operations and long-route vehicle service by another 15 days.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Reverting its earlier decision, a meeting of the Council of Ministers on Monday (August 10) decided to resume air service and long-route vehicles only from August 31. The cabinet had earlier decided to resume air service and inter-district transportation service from August 17. The decision taken on July 20 also includes admission of students for the new academic session. However, a surge in coronavirus cases has forced the government to review its earlier decisions.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The Covid-19 Crisis Management Centre (CCMC) had recommended the government on Sunday to delay the date for resuming air service and operation of long-route vehicles.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Amid speculations that the lockdown measures would be imposed again, government authorities have made it clear that it would not impose lockdown again. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">In order to resume their business, air service providers had started training their staffers by maintaining safety standards. Some airline companies had also fixed the air fare and started taking bookings </span></span></span></span></p>

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

<p>&nbsp;</p>
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			'description' => '',
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	(int) 9 => array(
		'Article' => array(
			'id' => '12303',
			'article_category_id' => '1',
			'title' => 'Nepal Rastra Bank Studying Big Mergers ',
			'sub_title' => '',
			'summary' => 'August 10: Nepal Rastra Bank (NRB) has decided to implement the policy of merging commercial banks once the adverse situation created by coronavirus pandemic returns back to normal.',
			'content' => '<h1><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">August 10: Nepal Rastra Bank (NRB) has decided to implement the policy of merging commercial banks once the adverse situation created by coronavirus pandemic returns back to normal. The central bank is enforcing the merger of commercial banks, especially the ones that have cross holdings. NRB informed that it has started a study for big mergers. </span></span></h1>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">The monetary policy requires merger or acquisition of banks and financial institutions that are promoted by the same person or group; or financial institutions that are directly or indirectly owned or controlled by a single family or a business group. </span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">According to Dr Gunakar Bhatta, executive director of the Banks and Financial Institutions Regulation Department of NRB, the central bank has already collected the data about the ownership and the cross holdings of all financial institutions. He also informed that Nepal Rastra Bank will study the mergers and acquisitions on this basis. Commercial banks have not presented any propositions to the central bank regarding the mergers so far.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">&ldquo;The banks will have to merge anyway. Nepal Rastra Bank wants to reduce the number of private banks,&rdquo; he told New Business Age, adding, &ldquo;We are walking towards the direction of a liberal economy, that is why Nepal Rastra Bank is encouraging commercial banks to merge voluntarily instead of being forced into merger.&rdquo; </span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">It is believed that NRB is pressing for big mergers because a single bank is currently not capable of fully investing in infrastructure projects. NRB Governor Maha Prasad Adhikari said that the monetary policy of the fiscal year &nbsp;2077/78 encourages mergers between commercial banks for strengthening the financial sector in Nepal. He further explained that the operator and the executives of commercial banks were notified about the mergers as soon as the monetary policy was made public. Governor Adhikari also informed that the commercial banks will be pressured to enter into a merger once the situation risen by coronavirus goes back to normal. He however admitted that the regulations for mergers and acquisitions require some amendment too.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">Banking experts noted that private banks would start merging once the government banks merge first. Nepal Rastra Bank and Nepal Banijya Bank, both government-owned entities, have claimed that they are ready to merge if the government directs them to do so. Bankers believe that Nepal Rastra Bank does not want merger of government-owned banks as the current monetary policy envisages turning the government-owned Agricultural Development Bank Limited into an agricultural hub.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">Global IME Bank, which was merged with Janata Bank due the pressure from former NRB Governor Dr Chiranjiwi Nepal, does not face any compulsion for new mergers now. Nepal Rastra Bank said that the rest of the 22 commercial banks are open to opt for a big merger. An emphasis is being given for mergers between a weaker and a stronger bank. Nepal Rastra Bank believes that more problems may arise if mergers happen between weaker banks. Everest Bank and Laxmi Bank had begun the procedure for a merger almost three years ago but the merger did not materialize as both the banks couldn&rsquo;t reach an agreement even after the Due Diligence Audit (DDA) was completed. Keshav Poudel, the Public Relations Officer of Laxmi Bank, said that while the board has had some unofficial discussions, the bank still hasn&rsquo;t officially prepared for entering into any merger so far. </span></span></p>

<p>&nbsp;</p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">&nbsp;</span></span></p>
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			'description' => '',
			'sortorder' => '12050',
			'image' => '20200810055708_nrb.jpg',
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	(int) 10 => array(
		'Article' => array(
			'id' => '12301',
			'article_category_id' => '1',
			'title' => 'DDA Allows Import of Emergency Drug after 2 Months',
			'sub_title' => '',
			'summary' => 'August 10: It took almost two months for the Department of Drug Administration to clear the way for importing emergency medicine which is considered effective in the treatment of coronavirus.',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">August 10: It took almost two months for the Department of Drug Administration to clear the way for importing emergency medicine which is considered effective in the treatment of coronavirus. Remdicivir injection is being imported after the department completed all the procedure for the import. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">Some importers approached the department last May seeking permission for import. The medical sector has been criticizing the department for delaying the emergency import of medicines. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">The department had requested for permission from the Ministry of Health and Population on June 24 for the import of Remdesivir and Favipiravir. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">The ministry took a month to give permission to the department. The ministry had directed the department to move ahead with the import process of Remdicivir by a secretary-level decision on July 20. The department took almost the same amount of time to prepare the procedure as well. Santosh KC, spokesperson of the department, informed that the procedure for importing drugs was passed on Sunday. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">&nbsp;&ldquo;The importers need to complete the due process because the government has not officially approved the drug for treatment of coronavirus, although it is considered effective for treating the disease,&rdquo; KC told New Business Age. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">The demand for importing the drug has increased as the number of deaths from coronavirus has climbed in Nepal. It is seen that this drug has been effective in treating coronavirus in countries including India, Bangladesh, and Pakistan. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">It was being imported illegally as the department did not allow the import. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">Doctors say that the drug that is available in India for IRs 5,000 costs more than Rs 50,000 here because of the shortage. </span></span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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	(int) 11 => array(
		'Article' => array(
			'id' => '12302',
			'article_category_id' => '1',
			'title' => 'Construction Companies Require Rs 65 billion to Resume Halted Projects',
			'sub_title' => '',
			'summary' => 'August 10: Construction works at most of the national projects are stagnating due to Covid-19 crisis and lockdown to stop the spread of the infection.',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">August 10: Construction works at most of the national projects are stagnating due to Covid-19 crisis and lockdown to stop the spread of the infection. &nbsp;In addition to that, the rainy season has obstructed the work progress at various construction sites.</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">Construction companies say that around Rs 65 billion is required between August to November for resuming the construction work. However, they also inform that they will not be able to move ahead with the projects due to lack of capital and in absence of government support.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">Federation of Contractors&#39; Associations of Nepal (FCAN) informed that Rs 65 billion is needed within next three months to resume the construction works. So, they have demanded the government for refinancing to support their expenditure.</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">Ravi Singh, president of FCAN informed that contractors are ready to resume their construction works in some of the projects. &ldquo;However, they need money to pay the labourers, daily wage workers and for bringing construction materials to the project sites,&rdquo; he added.</span></span></span></span></p>

<p>&nbsp;</p>
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	(int) 12 => array(
		'Article' => array(
			'id' => '12298',
			'article_category_id' => '1',
			'title' => 'Government Initiates Homework to Avail Concessional Loan ',
			'sub_title' => '',
			'summary' => 'August 10: The government has started homework to avail concessional loan to the businesses and industries affected by coronavirus at an interest rate of 5 percent per annum.',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">August 10: The government has started homework to avail concessional loan to the businesses and industries affected by coronavirus at an interest rate of 5 percent per annum.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The government intends to provide the concessional loan from the fund of Rs 50 billion announced while unveiling the budget of the current fiscal year. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The Ministry of Finance has started homework to seek funds from various donor agencies. Finance Minister Yuba Raj Khatiwada has especially urged the World Bank and ADB to provide concessional loan for the sectors affected by coronavirus.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">A high-ranking official at the ministry informed New Business Age that the ministry has received positive response to the appeal.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">According to the source, donor agencies are also discussing about the possibility of diverting foreign investment to the fund.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">&ldquo;It is difficult to continue with the ongoing projects during the current crisis. Therefore, we are discussing about the possibility to channeling the investment of the projects toward the fund,&rdquo; said the source requesting anonymity. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">However, the finance ministry is not certain how much amount will be deposited in the fund. The government is expecting to collect half the pledged amount from donor agencies.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Officials at the ministry said that the government is making efforts to execute the plans and policies announced to support the businesses and organisations badly affected by coronavirus pandemic and the subsequent lockdown imposed by the government.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Another official at the finance ministry said they are preparing a work procedure to authorize Nepal Rastra Bank to provide the concessional loans to the affected groups.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Once the work procedure is complete, the ministry will deposit the amount and seek applications from the private sector for availing the loan.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The work procedure is focused on supporting small and medium scale industries and to facilitate the tourism sector to pay the salary of the workers, said the source requesting anonymity.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">&ldquo;We will finalize everything within a month,&rdquo; said the official.</span></span></span></span></p>

<p>&nbsp;</p>
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	(int) 13 => array(
		'Article' => array(
			'id' => '12299',
			'article_category_id' => '1',
			'title' => 'CCMC in Favour of Delaying Operation of Air Service ',
			'sub_title' => '',
			'summary' => 'August 10: The government is likely to revert its decision to allow operation of air service and long-route vehicles from August 17 due to a surge in cases of coronavirus in the country.',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">August 10: The government is likely to revert its decision to allow operation of air service and long-route vehicles from August 17 due to a surge in cases of coronavirus in the country.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">A meeting of the Covid-19 Crisis Management Centre (CCMC) on Sunday decided to recommend the government to postpone the date for resuming public transportation service along long routes as well as domestic and international flights.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The CCMC meeting decided to urge the Council of Ministers to resume the services 15 days later than the date fixed earlier.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The cabinet had decided on July 20 to resume air service along with inter-district transportation and schools from August 17.&nbsp;</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">However, resuming air service and transportation have come under scrutiny due to the community level transmission of coronavirus, prompting more than 14 districts to issue prohibitory order.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Sunday&rsquo;s meeting also concluded that the surge in coronavirus cases in the capital as well as other parts of the country could lead to a shortage of isolation wards and therefore instructed the concerned authorities to make preparations accordingly.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The meeting also decided to urge the government to adopt strict measures at the international border points of the country. CCMC has recommended the government to reduce the entry points along India border to 10.</span></span></span></span></p>
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	(int) 14 => array(
		'Article' => array(
			'id' => '12300',
			'article_category_id' => '1',
			'title' => 'Central Bank Instructs BFIs to Operate in Shift-wise Routine',
			'sub_title' => '',
			'summary' => 'August 10: Nepal Rastra Bank (NRB) has once again directed banks and financial institution (BFIs) to make arrangement for their employees to work from home or in shift-wise routine.',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">August 10: Nepal Rastra Bank (NRB) has once again directed banks and financial institution (BFIs) to make arrangement for their employees to work from home or in shift-wise routine.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Issuing a circular on Sunday (August 9), the central bank instructed the BFIs to allow the staffers to work from home as much as possible because of high risk of coronavirus infection in Kathmandu and other districts.&nbsp; </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">NRB has also asked the banking institutes to form a &lsquo;business contingency plan&rsquo; to provide quality service by adopting precautionary measures during the current 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:&quot;Arial Unicode MS&quot;">In the circular, NRB has told the BFIs to divide the workers in different groups and deploy them in shift-wise routine to minimize the risk of Covid-19 infection.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The central bank noted that the employees are facing problems due to shutdown, prohibitory orders as well as odd-even number system for vehicles. Considering the adverse situation, the central bank urged the banks and financial institutions to create an environment for the staffers to work from home. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Likewise, NRB has instructed the branch offices of BFIs in provinces to operate as per the decision taken by the provincial and the local governments.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The central bank urged BFIs to promote digital transaction.</span></span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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FOREX

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

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

Bullion

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

Update : 2020-03-25

Source: Federation of Nepal Gold and Silver Dealers' Association

Petroleum

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