NEWS

Life Insurance Companies in Brisk Business Toward End of FY

Aug 02, 2020 0 1 minutes 46 seconds to read

August 2: Life insurance companies recorded significant increase in their business during the last fiscal year amid threat of coronavirus…

Birgunj Customs Office Tops Import and Export of Goods

Aug 02, 2020 0 2 minutes 48 seconds to read

August 2: Birgunj Customs Office has once again maintained its reputation as the main customs point of the country with maximum export during the last fiscal…

Public Transportation not following Criteria of Vehicle Operation

Aug 02, 2020 0 2 minutes 39 seconds to read

August 2: Transport entrepreneurs have not been following the criteria set by the government for operating the public vehicles within the districts after the government lifted an ban on vehicular movement which was in effect during the four months long lockdown.…

700 Applications for Seed Capital of Start-up Business

Aug 02, 2020 0 2 minutes 22 seconds to read

Aug 2: Around 700 persons have filed application for the seed capital announced by the government for start-up…

NOC Hikes Price of Petroleum Products

Aug 02, 2020 0 1 minutes 34 seconds to read

August 2: Nepal Oil Corporation has increased the price of petroleum products effective from Saturday midnight (August 1).…

Central Bank Issues Reverse Repo Again

Jul 31, 2020 0 1 minutes 1 seconds to read

July 31: Nepal Rastra Bank (NRB) has been repeatedly mopping excess liquidity from banks and financial institutions (BFIs) since the last three…

Small Hotels Resume Operation, Big Ones in ‘Wait and Watch’ Situation

Jul 31, 2020 0 2 minutes 50 seconds to read

July 31: Small hotels and restaurants have opened from Thursday (July 30) after the government lifted a ban on hospitality industry after ending the months-long lockdown…

Internal Dispute of Sunrise Bank resolved

Jul 31, 2020 0 1 minutes 59 seconds to read

July 31: The dispute between the board of directors of Sunrise Bank and the CEO has been resolved for the time being.…

Government to Seek Financial Assistance from ADB to Mitigate the Risks of Floods and Landslides

Jul 31, 2020 0 1 minutes 36 seconds to read

July 31: The government has decided to seek financial assistance of US$ 50 million (Rs 6 billion) from the Asian Development Bank (ADB) to mitigate the risks of floods and…

NAC Permanently Grounds Chinese Aircraft

Jul 31, 2020 0 3 minutes 17 seconds to read

July 31: Nepal Airlines Corporation (NSC) has formally stopped the operation of Chinese aircraft for domestic flights from Thursday (July…

Importers doubt Effectiveness of Electronic Cargo Tracking System

Jul 31, 2020 0 2 minutes 11 seconds to read

July 31: Nepali importers have suggested that the Electronic Cargo Tracking System (ECTS) being used for transshipment of goods via India is not necessary along the railway…

Import of Gold Lowest in 5 Years

Jul 30, 2020 0 2 minutes 55 seconds to read

July 30: The lockdown imposed by the government to contain the spread of coronavirus and the increase in price of gold in the international market led to a drastic fall in import of the precious yellow metal during the last fiscal…

University of Arizona Offers Online Degree in Collaboration with Partner in Nepal

Jul 30, 2020 0 2 minutes 52 seconds to read

…

Shareholders Worried by Closure of Sri Ram Sugar Mill

Jul 30, 2020 0 3 minutes 27 seconds to read

July 30: With the announcement of the closure of Shri Ram Sugar Mills, shareholders of the company are worried about losing their…

Hotel Industry Formally Resumes Service

Jul 30, 2020 0 1 minutes 26 seconds to read

July 30: Hotels and restaurants have formally reopened from today after the government lifted a ban on operating hotel industry effective from July 30.…

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No Laughing Matter

The Sweet Rewards of Power

By Madan Lamsal

. . .
read more »

NEPSE

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			'title' => 'Life Insurance Companies in Brisk Business Toward End of FY',
			'sub_title' => '',
			'summary' => 'August 2: Life insurance companies recorded significant increase in their business during the last fiscal year amid threat of coronavirus pandemic.',
			'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 2: Life insurance companies recorded significant increase in their business during the last fiscal year amid threat of coronavirus pandemic.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The collection of insurance premium had initially declined for three months after the government &nbsp;imposed lockdown on March&nbsp; 24. However, toward the end of the last fiscal year, collection of insurance premium saw a remarkable increase, according to preliminary report of the Insurance Board Nepal.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The collection of insurance premium between mid-March to mid-May was around Rs 2 billion per month. It rose to Rs 4.74 billion between mid-May to mid-June. The collection of insurance premium skyrocketed to Rs 24.55 billion in mid-June to mid-July, according to IBN.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Insurance companies say that their business gained momentum after the government lifted the lockdown. Their business was back on track toward the end of the last fiscal year.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">According to the data prepared by IBN, collection of insurance premium of life insurance companies during the last fiscal year 2019/20 was Rs 94.38 billion, which is 34 percent more than&nbsp; the amount in the previous fiscal year 2018/19. In FY 2018/19, collection of insurance premium was Rs 70 billion. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Stakeholders were expecting an increase in collection of insurance premium by only 15 percent.</span></span></span></span></p>

<p>&nbsp;</p>
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			'title' => 'Birgunj Customs Office Tops Import and Export of Goods',
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			'summary' => 'August 2: Birgunj Customs Office has once again maintained its reputation as the main customs point of the country with maximum export during the last fiscal year.',
			'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 2: Birgunj Customs Office has once again maintained its reputation as the main customs point of the country with maximum export during the last fiscal year.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">In FY 2019/20, export from this customs point was 32 percent of the total export of 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;">Birgunj Customs Office informed that goods worth Rs 32.27 billion were exported from this customs point during the review period. The export from this point was worth Rs 24.53 billion in the previous 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 total export of Nepal during the last fiscal year was Rs 97.70 billion.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Information Officer at the customs office, Bimal Sah, told New Business Age that the major export product from this customs point during the review period was refined palm&nbsp; oil. </span></span></span></span></p>

<p><span 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;During the last fiscal year, 107,535 metric tons of refined palm oil worth Rs 11.72 billion was exported from here,&rdquo; said Sah.</span></span></span></span></p>

<p><span 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 export of palm oil during last fiscal year was almost double the amount of the previous year. In Fiscal Year 2018/19, a total of 57,576 metric tons of refined palm oil was exported from the&nbsp; same customs point. Altogether 14 oil refinery industries had been exporting palm oil from Birgunj. However, the export of palm oil has come to a halt since the last three months due to a ban imposed by India.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Other products exported from here is significant quantity includes juice, jam, soybean oil, synthetic yarn, sports shoes, toothpaste among others.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The Department of Customs informed that Birgunj Customs Office is responsible for overall 33 percent of export from the country. Biratnagar comes second at 29 percent followed by Tribhuvan International Airport (20 percent).</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Birgunj is also ahead of other customs points in import. Out of imports worth Rs 1196.79 billion, Birgunj Customs Points is alone responsible for import of Rs 413.39 billion, which is 34 percent of the total import. &nbsp;</span></span></span></span></p>

<p>&nbsp;</p>
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			'title' => 'Public Transportation not following Criteria of Vehicle Operation ',
			'sub_title' => '',
			'summary' => 'August 2: Transport entrepreneurs have not been following the criteria set by the government for operating the public vehicles within the districts after the government lifted an ban on vehicular movement which was in effect during the four months long lockdown. ',
			'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">August 2: Transport entrepreneurs have not been following the criteria set by the government for operating the public vehicles within the districts after the government lifted an ban on vehicular movement which was in effect during the four months long lockdown. In mid-July, the government of Nepal decided to&nbsp; allow operation of public vehicles by adopting safety measures and carrying passengers up to half the seat capacity. The government had also agreed to let the transport entrepreneurs charge up to 50% more fare than usual. However, the public vehicles are found carrying more passengers than that allowed by the government disregarding the increasing number of coronavirus infection. </span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">Ramesh Dhakal of Koteshwor shares his experience that the vehicle keeps stopping to let passengers in the bus even after more than half of the seat capacity is already occupied. &ldquo;Although they fill only half the seat capacity when they cannot find many passengers, they keep as many passengers as possible when they can ,&rdquo; he says. </span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">Hemant Acharya of Kirtipur also shares the same experience like that of Dhakal. He says although there are only half passengers in the microbus up to Balkhu, they let in passengers to the full capacity in areas where there aren&rsquo;t any traffic police check posts. &ldquo;They charge double fare but do not maintain physical distancing measures. The helpers do not wear mask as well,&rdquo; he says. </span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">The transport entrepreneurs and government had recently reached an agreement to operate vehicles. As per the agreement, it is mandatory for the drivers/helpers to wear mask, gloves and keep a sanitizer in the vehicle. However, many vehicles do not have sanitizer in the vehicle and helpers do not wear mask and gloves, says Ram Thapa, a transport activist. </span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">&ldquo;I have travelled in some public vehicles myself. Some have followed the safety measures while some have neglected them. In such cases, they can be a means of spreading the infection,&rdquo; he says. He also alleges the Department of Transport Management and traffic police for not monitoring it the vehicles. </span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">The Metropolitan Traffic Police Division says that they have taken action against more than 50 vehicles carrying more passenger than half the seat capacity. Chief of the Division, SSP Bhim Prasad Dhakal said, &quot;We are monitoring the situation by stopping vehicles at various places and warning those vehicles which have not adopted safety measures.&rdquo; </span></span></span></p>

<p>&nbsp;</p>
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			'title' => '700 Applications for Seed Capital of Start-up Business',
			'sub_title' => '',
			'summary' => 'Aug 2: Around 700 persons have filed application for the seed capital announced by the government for start-up business.',
			'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;">Aug 2: Around 700 persons have filed application for the seed capital announced by the government for start-up business.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Initially, the government had said it would provide the capital as grant but later decided to provide it as concessional 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 National Planning Commission (NPC) has issued a notice in early May seeking application for the government support.</span></span></span></span></p>

<p><span 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 NPC, start-up businesses in the fields of information technology, agriculture, health, tourism, education and industry have filed the application.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">NPC informed that the applicants will receive 50 percent amount needed for establishing the start-up business as concessional loan from the government. The rate of interest for such loan has been fixed at 2 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 applicant has to clearly mention in the proposal the status of self investment, the amount it seeks from the government and its investment partners. </span></span></span></span></p>

<p><span 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 applicant must also mention the permanent account number (PAN) of the individual or the organisation seeking government support.</span></span></span></span></p>

<p><span 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 NPC expect more applications as the deadline for submission has been extended due to the lockdown.&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;">The government had envisioned a Challenge Fund to promote start-up businesses during the budget of last fiscal year. Later, a committee headed by NPC member decided to convert the fund into Start-up Business Seed Capital Grant. The government recently decided to provide the amount as concessional loan instead of grant because of the fragile economy caused by coronavirus pandemic.</span></span></span></span></p>

<p>&nbsp;</p>
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			'id' => '12263',
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			'title' => 'NOC Hikes Price of Petroleum Products ',
			'sub_title' => '',
			'summary' => 'August 2: Nepal Oil Corporation has increased the price of petroleum products effective from Saturday midnight (August 1). ',
			'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 2: Nepal Oil Corporation has increased the price of petroleum products effective from Saturday midnight (August 1). </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">According to the state-owned oil monopoly, it has increased the price of diesel, petrol and kerosene by Rs 2 per litre each. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">With the new price adjustment, kerosene and diesel will now cost Rs 90 per litre while petrol will cost Rs 104 per litre. Meanwhile, NOC has not changed the price of cooking gas and aviation turbine fuel.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">According to a statement issued by NOC, it decided to adjust the prices of petroleum products as per the revised list provided by the Indian Oil Corporation. NOC clarified that the price was hiked in accordance to the automatic pricing mechanism adopted by the state-owned oil company.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">NOC stated that the price of petrol has increased in the international market and therefore the price was adjusted in Nepal 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;">NOC had earlier reviewed the price of petroleum products on July 10.</span></span></span></span></p>

<p>&nbsp;</p>
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			'title' => 'Central Bank Issues Reverse Repo Again ',
			'sub_title' => '',
			'summary' => 'July 31: Nepal Rastra Bank (NRB) has been repeatedly mopping excess liquidity from banks and financial institutions (BFIs) since the last three months.',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">July 31: Nepal Rastra Bank (NRB) has been repeatedly mopping excess liquidity from banks and financial institutions (BFIs) since the last three months.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">In this regard, NRB on Thursday (July 30) issued reverse repo of Rs 20 billion with maturity period of one week. The reverse repo will mature on August 6.</span></span></span></span></p>

<p><span 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 had also issued reverse repo of the same amount recently on July 23.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Of late, BFIs have reported more deposits while the flow of loan has not been proportionate, thereby causing excess liquidity. According to NRB, banks have excess liquidity of Rs 200 billion at present.</span></span></span></span></p>

<p>&nbsp;</p>
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			'title' => 'Small Hotels Resume Operation, Big Ones in ‘Wait and Watch’ Situation',
			'sub_title' => '',
			'summary' => 'July 31: Small hotels and restaurants have opened from Thursday (July 30) after the government lifted a ban on hospitality industry after ending the months-long lockdown recently.',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">July 31: Small hotels and restaurants have opened from Thursday (July 30) after the government lifted a ban on hospitality industry after ending the months-long lockdown 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:Arial">According to the Hotel Association of Nepal (HAN) hotels ranging from one star to three stars have resumed their service in Kathmandu Valley, Pokhara, Chitwan and other major tourist destinations across the country.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">Besides hotels, trekking and mountaineering companies as well as tour and travel agencies have also started their business after four months of closure. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">However, very few big hotels have resumed their business so far. Although five-star hotels like Soaltee Crowne Plaza, Kathmandu Aloft and Marriot Hotel have reopened, other five-star hotels are yet to resume their service. It is said that the big hotels are not in a mood to resume full-fledged service anticipating lack of customers 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:Arial">These hotels are making preparations to restart their business but are waiting for international flights to resume first. The government has decided to allow domestic and international flights from August 17.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">Hotel entrepreneurs say that they are not in a hurry to reopen their hotels due to lack of internal and foreign tourists as the government is yet to lift the ban on air service. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">&ldquo;Although there is no booking at the moment, we have given the message that the hotel industry has resumed service in Nepal,&rdquo; said General Secretary of HAN Sajan Shakya, adding, &ldquo;The government will allow operation of air service from August 17 so we are in a wait and watch situation.&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:Arial">Although the government has allowed hotel industry to resume their business, hotel entrepreneurs complain that the health protocols issued by the government is not clear. There is confusion regarding unclear policy on arrival of foreign tourists. The government has not stated clearly whether foreign tourists will have to stay in quarantine for 14 days or not and if PCR test alone is enough to let them in, said Shakya.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">HAN estimates a sharp decline in arrival of tourists this season. During last year, around 250,000 tourists had visited Nepal during this time. However, stakeholders believe it will take at least three to four years before the situation normalizes.</span></span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
',
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			'description' => '',
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	(int) 7 => array(
		'Article' => array(
			'id' => '12261',
			'article_category_id' => '1',
			'title' => 'Internal Dispute of Sunrise Bank resolved',
			'sub_title' => '',
			'summary' => 'July 31: The dispute between the board of directors of Sunrise Bank and the CEO has been resolved for the time being. ',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">July 31: The dispute between the board of directors of Sunrise Bank and the CEO has been resolved for the time being. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The dispute had taken unexpected turns after the board allegedly demanded resignation of CEO Janak Sharma Poudel. However, the misunderstanding has been resolved after both sides reached an understanding on Thursday (July 30) to move ahead hand in hand.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">A board meeting on Thursday decided to take future course of action on mutual understanding. Company Secretary of Sunrise Bank, Ishwar Pokharel, informed that the board meeting took a decision for the welfare of all stakeholders. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">&ldquo;We have resolved the issue by taking all sides into confidence. Both sides have decided to work together for the welfare of the organisation,&rdquo; said Pathak, adding that the board had sought clarification from CEO Poudel instead of resignation.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">&ldquo;The board and the CEO have agreed to collaborate to take the bank to new heights,&rdquo; said Pathak.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Nepal Rastra Bank had called both sides for discussion recently after the dispute grew out of proportion. The central bank had suggested the board members of the bank to sort out the issue through mutual understanding. An informed source told New Business Age that the board members of the bank decided to collaborate with the CEO fearing intervention by the central bank.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria">&nbsp;</span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p>&nbsp;</p>
',
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			'modified' => '2020-07-31',
			'keywords' => '',
			'description' => '',
			'sortorder' => '12007',
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	(int) 8 => array(
		'Article' => array(
			'id' => '12258',
			'article_category_id' => '1',
			'title' => 'Government to Seek Financial Assistance from ADB to Mitigate the Risks of Floods and Landslides',
			'sub_title' => '',
			'summary' => 'July 31: The government has decided to seek financial assistance of US$ 50 million (Rs 6 billion) from the Asian Development Bank (ADB) to mitigate the risks of floods and landslides.',
			'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;">July 31: The government has decided to seek financial assistance of US$ 50 million (Rs 6 billion) from the Asian Development Bank (ADB) to mitigate the risks of floods and landslides.</span></span></span></span></p>

<p><span 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 Council of Ministers has decided to form a talks team headed by joint secretary at the International Financial Assistance Coordination Division for this purpose. </span></span></span></span></p>

<p><span 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 for Communication and Information Technology Dr Yuba Raj Khatiwada confirmed that the government has formed the team to prepare a work plan for seeking assistance from ADB.</span></span></span></span></p>

<p><span 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 said that government will seek both loan and grant assistance from ADB.</span></span></span></span></p>

<p><span 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, the government has decided to give 50 percent concession on customs duty to the Food Management and Trade Company Limited and the Salt Trading Limited to import a total of 30,000 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:&quot;Arial Unicode MS&quot;">The cabinet meeting also decided to take necessary steps to resume schools and educational institutes that have remained closed due to the coronavirus pandemic and the subsequent lockdown.</span></span></span></span></p>

<p>&nbsp;</p>
',
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			'article_date' => '2020-07-31 13:45:09',
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	(int) 9 => array(
		'Article' => array(
			'id' => '12257',
			'article_category_id' => '1',
			'title' => 'NAC Permanently Grounds Chinese Aircraft',
			'sub_title' => '',
			'summary' => 'July 31: Nepal Airlines Corporation (NSC) has formally stopped the operation of Chinese aircraft for domestic flights from Thursday (July 30).',
			'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;">July 31: Nepal Airlines Corporation (NSC) has formally stopped the operation of Chinese aircraft for domestic flights from Thursday (July 30).</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Due to its failure to operate the six Chinese aircraft due to high cost and maintenance as well as other factors, a board meeting of the state-owned airline company had earlier decided to permanently ground the aircraft effective from July 30.</span></span></span></span></p>

<p><span 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 NAC board has been heavily criticized for purchasing the aircraft under political pressure without conducting proper 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;">NAC&rsquo;s stake in the domestic market is currently 3 percent, which is expected to shrink further after grounding the China-made aircraft.</span></span></span></span></p>

<p><span 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 already decided to resume domestic and international flights from August 17. But the state-owned company now doesn&rsquo;t have adequate aircraft for domestic 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;">After grounding the six aircraft, NAC now has just three Twin Otters left in its fleet for internal flights. One of them is currently being repaired to the NAC is in a position to operate only two aircraft at the moment.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">NAC Spokesperson Archana Khadka informed that the flag carrier of Nepal will use these two aircraft for domestic flights for the time being.</span></span></span></span></p>

<p><span 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;NAC has formally decided to ground all the Chinese aircraft for domestic flights. Now we will utilize the Twin Otters for domestic flight,&rdquo; said Khadka.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">NAC stated that the Twin Otters with seat capacity of 17 to 19 passengers will provide service to remote areas of the country. However, NAC will not be operating any flights in the main trunk routes with high number of passengers. NAC had been operating the Chinese aircraft in trunk routes like Bhairahawa, Pokhara, Nepalgunj, Dhangadhi, Simara, Biratnagar and Chandragadhi.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Private companies have been dominating the domestic flight service in the country. Buddha Air, Yeti Airlines and Shree Airlines have strong hold in the domestic flight routes. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">NAC Spokesperson Khadka informed that the company is discussing about procuring new aircraft after it sells off the Chinese planes.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">NAC had to face losses worth Rs 2.3 billion while operating the&nbsp; Chinese aircraft during the last five years.</span></span></span></span></p>

<p>&nbsp;</p>
',
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			'created' => '2020-07-31',
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			'keywords' => '',
			'description' => '',
			'sortorder' => '12005',
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	(int) 10 => array(
		'Article' => array(
			'id' => '12259',
			'article_category_id' => '1',
			'title' => 'Importers doubt Effectiveness of Electronic Cargo Tracking System',
			'sub_title' => '',
			'summary' => 'July 31: Nepali importers have suggested that the Electronic Cargo Tracking System (ECTS) being used for transshipment of goods via India is not necessary along the railway route.',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">July 31: Nepali importers have suggested that the Electronic Cargo Tracking System (ECTS) being used for transshipment of goods via India is not necessary along the railway route.</span></span></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">They also complained that the effectiveness of ECTS, that has been implemented on transshipments of goods imported from Kolkata Port in India, has not been reviewed till date.&nbsp;&nbsp;&nbsp;&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">The Ministry of Industry, Commerce and Supplies itself is unclear about the impact of the ECTS even after a year and a half since it came into operation. The ministry earlier had been informed to review the impact of ECTS on transshipment of goods within the first three month of its introduction.</span></span></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">ECTS was implemented as a pilot project to facilitate the transshipment of goods for overseas trade at the seaports of 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">However, the importers claim additional ECTS is unnecessary along the railway route as it is already being used on containers transported by the trains.</span></span></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">At present, a tracking device based on GPS is connected to the container coming from Kolkata port till Birgunj dry port.</span></span></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">This system was adopted from February 15, 2019 to remove the paperwork at Kolkata Port.</span></span></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 ECTS was implemented to ensure that containers coming from third countries were not misused in 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">Even though it is said that the container can be monitored through this device, the service provider has not provided tracking facility to most of the concerned importers.</span></span></span></span></p>

<p>&nbsp;</p>
',
			'published' => true,
			'created' => '2020-07-31',
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			'keywords' => '',
			'description' => '',
			'sortorder' => '12004',
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	(int) 11 => array(
		'Article' => array(
			'id' => '12256',
			'article_category_id' => '1',
			'title' => 'Import of Gold Lowest in 5 Years',
			'sub_title' => '',
			'summary' => 'July 30: The lockdown imposed by the government to contain the spread of coronavirus and the increase in price of gold in the international market led to a drastic fall in import of the precious yellow metal during the last fiscal year.',
			'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;">July 30: The lockdown imposed by the government to contain the spread of coronavirus and the increase in price of gold in the international market led to a drastic fall in import of the precious yellow metal during the last fiscal year.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">According to the data maintained by the Department of Customs, the import of gold in FY 2019/20 was the lowest in the last five years. During the review period, Nepal imported gold worth Rs 13.46 billion, which is 61.11 percent less than the import in the previous fiscal year (2018/19) when the country imported gold worth Rs 34.61 billion.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Five years ago, the import of gold was worth Rs 16.7 billion.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">In the recent years, Nepal had been importing gold worth Rs 30 billion in average every year. But this year, the import of gold declined to a great extent.</span></span></span></span></p>

<p><span 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 terms of quantity, the import of gold declined by 68 percent in the review period compared to the previous fiscal year. In FY 2019/20, Nepal imported 7492 kg of gold while the import in FY 2018/19 was 1400 kg.</span></span></span></span></p>

<p><span 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 country didn&rsquo;t import any gold after the government imposed lockdown on March 24. Executive Director of Nepal Banker&rsquo;s Association Anil Sharma told New Business Age that the country hasn&rsquo;t imported gold after the lockdown was imposed. Banks have stock of 330 kg gold which was imported before the lockdown period. The banks have been supplying gold to the market as per the demand.</span></span></span></span></p>

<p><span 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;Dealers have stopped buying gold due to the increase in price,&rdquo; said Sharma, adding that hardly 1 kg of gold gets sold in a day.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">He said that the banks will not import any additional gold until the stock is cleared.</span></span></span></span></p>

<p>&nbsp;</p>

<p><span 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 price of gold was Rs 60,000 per tola (11 grams approximately) by mid-July 2019. The price has increased to almost Rs 100,000 in about a year. Due to the increase in price of gold, the trade has slumped a lot. Gold dealers themselves have reportedly urged bankers not to import any more gold.</span></span></span></span></p>

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

<p>&nbsp;</p>
',
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	(int) 12 => array(
		'Article' => array(
			'id' => '12255',
			'article_category_id' => '1',
			'title' => 'University of Arizona Offers Online Degree in Collaboration with Partner in Nepal',
			'sub_title' => '',
			'summary' => '',
			'content' => '<p><span style="font-size:20px"><span style="font-family:Arial">July 30: USA-based University of Arizona and rem.work, Kathmandu have announced a coworking space partnership for the concept of &ldquo;Global Campus&rdquo; to help students start or continue a US degree without leaving their home country. </span></span></p>

<p><span style="font-size:20px"><span style="font-family:Arial">A joint statement issued by the two organisation states that rem.work, a leading coworking space provider in Nepal, has created &ldquo;flexible and affordable options&rdquo; with the University of Arizona to allow students to earn a full US degree or US transfer credits. </span></span></p>

<p><span style="font-size:20px"><span style="font-family:Arial">&ldquo;Not only does Global Campus help solve the mobility challenges of today caused by COVID-19, it is a meaningful and long-term effort at meeting the UN Sustainable Development Goal of providing accessible quality education to the world,&rdquo; the statement quoted President of the University of Arizona Robert C Robbins as saying.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Arial">As universities have increasingly pivoted to offer online learning modalities, coworking spaces have become a pioneering point of access for University of Arizona&rsquo;s global campus degree programs. </span></span></p>

<p><span style="font-size:20px"><span style="font-family:Arial">Enrolling in the University of Arizona through a coworking partner is attractive to mid-career and working professionals looking to up-skill, re-skill, or start a master&rsquo;s program in a safe and professional setting, with access to reliable internet and leading-edge amenities, the statement&nbsp; further said. </span></span></p>

<p><span style="font-size:20px"><span style="font-family:Arial">&ldquo;With a substantial scholarship in place for students in Nepal, this is one of the most flexible and affordable ways to get a fully-accredited U.S. degree from a high-ranking U.S. university, without leaving the country. Tuition covers online classes taught by top-notch Arizona faculty, as well as full access to all current and future rem.work facilities in Nepal,&rdquo; the statement added.</span></span></p>

<p><img alt="" src="/app/webroot/userfiles/images/Global-Campus-TWITTER-15-1.png" style="height:409px; width:545px" /></p>

<p><span style="font-size:20px"><span style="font-family:Arial">According to the statement, the website of the University of Arizona (<a href="https://everywhere.arizona.edu/">everywhere.arizona.edu</a>) presents students with flexible degree path options and guides them to an adviser who can assist in finding a convenient coworking location, and will help the student create a customized degree plan.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Arial">&ldquo;The events that caused the current situation in international education have hastened the dawn of a new post-mobility world in which physical travel is unnecessary for the creation and transmission of knowledge across borders,&rdquo; said Brent White, vice provost of global affairs at Arizona.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Arial">&ldquo;Almost overnight, courses have transitioned to online, and international students are continuing to study while remaining safe at home in their own countries. We want to help them achieve their dreams of a U.S. degree, no matter the circumstances.&rdquo;</span></span></p>

<p><span style="font-size:20px"><img alt="" src="/app/webroot/userfiles/images/Global-Campus-FB-10-1.png" style="height:420px; width:800px" /></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '12254',
			'article_category_id' => '1',
			'title' => 'Shareholders Worried by Closure of Sri Ram Sugar Mill ',
			'sub_title' => '',
			'summary' => 'July 30: With the announcement of the closure of Shri Ram Sugar Mills, shareholders of the company are worried about losing their investment.',
			'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;">July 30: With the announcement of the closure of Shri Ram Sugar Mills, shareholders of the company are worried about losing their investment. As soon as the company permanently shut down from July 28, the share trading was also closed. </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 share transaction of the company was active till Monday, July 27 when 770 units of shares were traded. Each unit of share was traded for Rs 338. </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;">Shareholder Damaruballabh Ghimire said that the company which issued shares 19 years ago, has paid 7-8 percent dividend only once. He said that the shares issued by 67 companies to the public have not returned their investments after their closure. </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 Ghimire, he fears that the shareholders will not get anything as the company will have to pay their staff, farmers, and bank loans by selling their movable and immovable assets. He alleges that private companies are making profit while the public companies are shut down stating that they are at loss. </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;">Companies like Necon Air, Gorakhkali Rubber Industry, Crystal Finance, Basbari Leather Shoe Company, and Nepal Battery have been closed but not a single investor has received their share. Many have kept their certificates safe in the hope of getting their money back. </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 law, the shareholders should get back their investment. When a company is dissolved, </span></span><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">the first priority should be given to the workers and employees of the industry while paying the liability of the company. The remaining amount is then used for repaying the loan and liquidator&rsquo;s remuneration. The amount paid to sugarcane farmers by Shri Ram Sugar Mills should also be given priority. The investors will get back their investment only after paying off these amount. </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;">However, even after selling all the assets of the mills, it is said that it is difficult to pay the investors. Spokesperson of Nepal Stock Exchange (NEPSE) Murari Parajuli said that it is uncertain whether Sri Ram Mills can return the investment of the shareholders or not. He said that if the liquidator orders the dismissal of the company, NEPSE will use the power of the market operator to determine whether the shareholders have been given priority or not. </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;">Due to lack of capital, the company has not been able to pay the amount and remuneration of the employees working in the industry for the last four months. The company said it would pay the amount from the sale of movable property. The management of the company has already started the process for the necessary permission from the Government of Nepal in this regard. </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 3.45 million units of share are listed in the secondary market of security deposit worth Rs 304.5 million. </span></span></span></span></p>
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			'id' => '12252',
			'article_category_id' => '1',
			'title' => 'Hotel Industry Formally Resumes Service',
			'sub_title' => '',
			'summary' => 'July 30: Hotels and restaurants have formally reopened from today after the government lifted a ban on operating hotel industry effective from July 30. ',
			'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;">July 30: Hotels and restaurants have formally reopened from today after the government lifted a ban on operating hotel industry effective from July 30. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Trekking agencies, travel and expedition companies have resumed their service targeting the peak season. However, the hotel entrepreneurs are worried about the uncertainty of the protocol set by the health ministry. They say that the government has not made any clear criteria regarding foreign tourists and therefore they are a little hesitant. The government has not set clear criteria about handling the foreign visitors after PCR test. They argue that the foreign tourists do not visit Nepal to stay in quarantine for 14 days. But the government is not clear about this provision, informed Srijana Rana, president of Hotel Association of Nepal.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Although the protocol issued by the ministry has defined the dos and don&rsquo;ts for hotels, restaurants, airline companies and all the businesses associated with tourists, it doesn&rsquo;t mention anything about tourists. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Senior Vice President of HAN Binayak Shah says tourists cannot visit Nepal in this context even if they are willing to come here.</span></span></span></span></p>
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		'Article' => array(
			'id' => '12267',
			'article_category_id' => '1',
			'title' => 'Life Insurance Companies in Brisk Business Toward End of FY',
			'sub_title' => '',
			'summary' => 'August 2: Life insurance companies recorded significant increase in their business during the last fiscal year amid threat of coronavirus pandemic.',
			'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 2: Life insurance companies recorded significant increase in their business during the last fiscal year amid threat of coronavirus pandemic.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The collection of insurance premium had initially declined for three months after the government &nbsp;imposed lockdown on March&nbsp; 24. However, toward the end of the last fiscal year, collection of insurance premium saw a remarkable increase, according to preliminary report of the Insurance Board Nepal.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The collection of insurance premium between mid-March to mid-May was around Rs 2 billion per month. It rose to Rs 4.74 billion between mid-May to mid-June. The collection of insurance premium skyrocketed to Rs 24.55 billion in mid-June to mid-July, according to IBN.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Insurance companies say that their business gained momentum after the government lifted the lockdown. Their business was back on track toward the end of the last fiscal year.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">According to the data prepared by IBN, collection of insurance premium of life insurance companies during the last fiscal year 2019/20 was Rs 94.38 billion, which is 34 percent more than&nbsp; the amount in the previous fiscal year 2018/19. In FY 2018/19, collection of insurance premium was Rs 70 billion. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Stakeholders were expecting an increase in collection of insurance premium by only 15 percent.</span></span></span></span></p>

<p>&nbsp;</p>
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			'id' => '12266',
			'article_category_id' => '1',
			'title' => 'Birgunj Customs Office Tops Import and Export of Goods',
			'sub_title' => '',
			'summary' => 'August 2: Birgunj Customs Office has once again maintained its reputation as the main customs point of the country with maximum export during the last fiscal year.',
			'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 2: Birgunj Customs Office has once again maintained its reputation as the main customs point of the country with maximum export during the last fiscal year.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">In FY 2019/20, export from this customs point was 32 percent of the total export of 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;">Birgunj Customs Office informed that goods worth Rs 32.27 billion were exported from this customs point during the review period. The export from this point was worth Rs 24.53 billion in the previous 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 total export of Nepal during the last fiscal year was Rs 97.70 billion.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Information Officer at the customs office, Bimal Sah, told New Business Age that the major export product from this customs point during the review period was refined palm&nbsp; oil. </span></span></span></span></p>

<p><span 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;During the last fiscal year, 107,535 metric tons of refined palm oil worth Rs 11.72 billion was exported from here,&rdquo; said Sah.</span></span></span></span></p>

<p><span 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 export of palm oil during last fiscal year was almost double the amount of the previous year. In Fiscal Year 2018/19, a total of 57,576 metric tons of refined palm oil was exported from the&nbsp; same customs point. Altogether 14 oil refinery industries had been exporting palm oil from Birgunj. However, the export of palm oil has come to a halt since the last three months due to a ban imposed by India.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Other products exported from here is significant quantity includes juice, jam, soybean oil, synthetic yarn, sports shoes, toothpaste among others.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The Department of Customs informed that Birgunj Customs Office is responsible for overall 33 percent of export from the country. Biratnagar comes second at 29 percent followed by Tribhuvan International Airport (20 percent).</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Birgunj is also ahead of other customs points in import. Out of imports worth Rs 1196.79 billion, Birgunj Customs Points is alone responsible for import of Rs 413.39 billion, which is 34 percent of the total import. &nbsp;</span></span></span></span></p>

<p>&nbsp;</p>
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			'id' => '12265',
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			'title' => 'Public Transportation not following Criteria of Vehicle Operation ',
			'sub_title' => '',
			'summary' => 'August 2: Transport entrepreneurs have not been following the criteria set by the government for operating the public vehicles within the districts after the government lifted an ban on vehicular movement which was in effect during the four months long lockdown. ',
			'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">August 2: Transport entrepreneurs have not been following the criteria set by the government for operating the public vehicles within the districts after the government lifted an ban on vehicular movement which was in effect during the four months long lockdown. In mid-July, the government of Nepal decided to&nbsp; allow operation of public vehicles by adopting safety measures and carrying passengers up to half the seat capacity. The government had also agreed to let the transport entrepreneurs charge up to 50% more fare than usual. However, the public vehicles are found carrying more passengers than that allowed by the government disregarding the increasing number of coronavirus infection. </span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">Ramesh Dhakal of Koteshwor shares his experience that the vehicle keeps stopping to let passengers in the bus even after more than half of the seat capacity is already occupied. &ldquo;Although they fill only half the seat capacity when they cannot find many passengers, they keep as many passengers as possible when they can ,&rdquo; he says. </span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">Hemant Acharya of Kirtipur also shares the same experience like that of Dhakal. He says although there are only half passengers in the microbus up to Balkhu, they let in passengers to the full capacity in areas where there aren&rsquo;t any traffic police check posts. &ldquo;They charge double fare but do not maintain physical distancing measures. The helpers do not wear mask as well,&rdquo; he says. </span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">The transport entrepreneurs and government had recently reached an agreement to operate vehicles. As per the agreement, it is mandatory for the drivers/helpers to wear mask, gloves and keep a sanitizer in the vehicle. However, many vehicles do not have sanitizer in the vehicle and helpers do not wear mask and gloves, says Ram Thapa, a transport activist. </span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">&ldquo;I have travelled in some public vehicles myself. Some have followed the safety measures while some have neglected them. In such cases, they can be a means of spreading the infection,&rdquo; he says. He also alleges the Department of Transport Management and traffic police for not monitoring it the vehicles. </span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">The Metropolitan Traffic Police Division says that they have taken action against more than 50 vehicles carrying more passenger than half the seat capacity. Chief of the Division, SSP Bhim Prasad Dhakal said, &quot;We are monitoring the situation by stopping vehicles at various places and warning those vehicles which have not adopted safety measures.&rdquo; </span></span></span></p>

<p>&nbsp;</p>
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			'id' => '12264',
			'article_category_id' => '1',
			'title' => '700 Applications for Seed Capital of Start-up Business',
			'sub_title' => '',
			'summary' => 'Aug 2: Around 700 persons have filed application for the seed capital announced by the government for start-up business.',
			'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;">Aug 2: Around 700 persons have filed application for the seed capital announced by the government for start-up business.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Initially, the government had said it would provide the capital as grant but later decided to provide it as concessional 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 National Planning Commission (NPC) has issued a notice in early May seeking application for the government support.</span></span></span></span></p>

<p><span 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 NPC, start-up businesses in the fields of information technology, agriculture, health, tourism, education and industry have filed the application.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">NPC informed that the applicants will receive 50 percent amount needed for establishing the start-up business as concessional loan from the government. The rate of interest for such loan has been fixed at 2 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 applicant has to clearly mention in the proposal the status of self investment, the amount it seeks from the government and its investment partners. </span></span></span></span></p>

<p><span 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 applicant must also mention the permanent account number (PAN) of the individual or the organisation seeking government support.</span></span></span></span></p>

<p><span 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 NPC expect more applications as the deadline for submission has been extended due to the lockdown.&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;">The government had envisioned a Challenge Fund to promote start-up businesses during the budget of last fiscal year. Later, a committee headed by NPC member decided to convert the fund into Start-up Business Seed Capital Grant. The government recently decided to provide the amount as concessional loan instead of grant because of the fragile economy caused by coronavirus pandemic.</span></span></span></span></p>

<p>&nbsp;</p>
',
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			'created' => '2020-08-02',
			'modified' => '2020-08-02',
			'keywords' => '',
			'description' => '',
			'sortorder' => '12011',
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	(int) 4 => array(
		'Article' => array(
			'id' => '12263',
			'article_category_id' => '1',
			'title' => 'NOC Hikes Price of Petroleum Products ',
			'sub_title' => '',
			'summary' => 'August 2: Nepal Oil Corporation has increased the price of petroleum products effective from Saturday midnight (August 1). ',
			'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 2: Nepal Oil Corporation has increased the price of petroleum products effective from Saturday midnight (August 1). </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">According to the state-owned oil monopoly, it has increased the price of diesel, petrol and kerosene by Rs 2 per litre each. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">With the new price adjustment, kerosene and diesel will now cost Rs 90 per litre while petrol will cost Rs 104 per litre. Meanwhile, NOC has not changed the price of cooking gas and aviation turbine fuel.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">According to a statement issued by NOC, it decided to adjust the prices of petroleum products as per the revised list provided by the Indian Oil Corporation. NOC clarified that the price was hiked in accordance to the automatic pricing mechanism adopted by the state-owned oil company.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">NOC stated that the price of petrol has increased in the international market and therefore the price was adjusted in Nepal 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;">NOC had earlier reviewed the price of petroleum products on July 10.</span></span></span></span></p>

<p>&nbsp;</p>
',
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			'created' => '2020-08-02',
			'modified' => '2020-08-02',
			'keywords' => '',
			'description' => '',
			'sortorder' => '12010',
			'image' => '20200802105911_petrolpump.jpg',
			'article_date' => '2020-08-02 10:58:42',
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	(int) 5 => array(
		'Article' => array(
			'id' => '12262',
			'article_category_id' => '1',
			'title' => 'Central Bank Issues Reverse Repo Again ',
			'sub_title' => '',
			'summary' => 'July 31: Nepal Rastra Bank (NRB) has been repeatedly mopping excess liquidity from banks and financial institutions (BFIs) since the last three months.',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">July 31: Nepal Rastra Bank (NRB) has been repeatedly mopping excess liquidity from banks and financial institutions (BFIs) since the last three months.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">In this regard, NRB on Thursday (July 30) issued reverse repo of Rs 20 billion with maturity period of one week. The reverse repo will mature on August 6.</span></span></span></span></p>

<p><span 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 had also issued reverse repo of the same amount recently on July 23.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Of late, BFIs have reported more deposits while the flow of loan has not been proportionate, thereby causing excess liquidity. According to NRB, banks have excess liquidity of Rs 200 billion at present.</span></span></span></span></p>

<p>&nbsp;</p>
',
			'published' => true,
			'created' => '2020-07-31',
			'modified' => '2020-07-31',
			'keywords' => '',
			'description' => '',
			'sortorder' => '12009',
			'image' => '20200731035410_nrb.jpg',
			'article_date' => '2020-07-31 15:53:39',
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	(int) 6 => array(
		'Article' => array(
			'id' => '12260',
			'article_category_id' => '1',
			'title' => 'Small Hotels Resume Operation, Big Ones in ‘Wait and Watch’ Situation',
			'sub_title' => '',
			'summary' => 'July 31: Small hotels and restaurants have opened from Thursday (July 30) after the government lifted a ban on hospitality industry after ending the months-long lockdown recently.',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">July 31: Small hotels and restaurants have opened from Thursday (July 30) after the government lifted a ban on hospitality industry after ending the months-long lockdown 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:Arial">According to the Hotel Association of Nepal (HAN) hotels ranging from one star to three stars have resumed their service in Kathmandu Valley, Pokhara, Chitwan and other major tourist destinations across the country.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">Besides hotels, trekking and mountaineering companies as well as tour and travel agencies have also started their business after four months of closure. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">However, very few big hotels have resumed their business so far. Although five-star hotels like Soaltee Crowne Plaza, Kathmandu Aloft and Marriot Hotel have reopened, other five-star hotels are yet to resume their service. It is said that the big hotels are not in a mood to resume full-fledged service anticipating lack of customers 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:Arial">These hotels are making preparations to restart their business but are waiting for international flights to resume first. The government has decided to allow domestic and international flights from August 17.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">Hotel entrepreneurs say that they are not in a hurry to reopen their hotels due to lack of internal and foreign tourists as the government is yet to lift the ban on air service. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">&ldquo;Although there is no booking at the moment, we have given the message that the hotel industry has resumed service in Nepal,&rdquo; said General Secretary of HAN Sajan Shakya, adding, &ldquo;The government will allow operation of air service from August 17 so we are in a wait and watch situation.&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:Arial">Although the government has allowed hotel industry to resume their business, hotel entrepreneurs complain that the health protocols issued by the government is not clear. There is confusion regarding unclear policy on arrival of foreign tourists. The government has not stated clearly whether foreign tourists will have to stay in quarantine for 14 days or not and if PCR test alone is enough to let them in, said Shakya.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">HAN estimates a sharp decline in arrival of tourists this season. During last year, around 250,000 tourists had visited Nepal during this time. However, stakeholders believe it will take at least three to four years before the situation normalizes.</span></span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
',
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			'description' => '',
			'sortorder' => '12008',
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	(int) 7 => array(
		'Article' => array(
			'id' => '12261',
			'article_category_id' => '1',
			'title' => 'Internal Dispute of Sunrise Bank resolved',
			'sub_title' => '',
			'summary' => 'July 31: The dispute between the board of directors of Sunrise Bank and the CEO has been resolved for the time being. ',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">July 31: The dispute between the board of directors of Sunrise Bank and the CEO has been resolved for the time being. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The dispute had taken unexpected turns after the board allegedly demanded resignation of CEO Janak Sharma Poudel. However, the misunderstanding has been resolved after both sides reached an understanding on Thursday (July 30) to move ahead hand in hand.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">A board meeting on Thursday decided to take future course of action on mutual understanding. Company Secretary of Sunrise Bank, Ishwar Pokharel, informed that the board meeting took a decision for the welfare of all stakeholders. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">&ldquo;We have resolved the issue by taking all sides into confidence. Both sides have decided to work together for the welfare of the organisation,&rdquo; said Pathak, adding that the board had sought clarification from CEO Poudel instead of resignation.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">&ldquo;The board and the CEO have agreed to collaborate to take the bank to new heights,&rdquo; said Pathak.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Nepal Rastra Bank had called both sides for discussion recently after the dispute grew out of proportion. The central bank had suggested the board members of the bank to sort out the issue through mutual understanding. An informed source told New Business Age that the board members of the bank decided to collaborate with the CEO fearing intervention by the central bank.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria">&nbsp;</span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p>&nbsp;</p>
',
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			'modified' => '2020-07-31',
			'keywords' => '',
			'description' => '',
			'sortorder' => '12007',
			'image' => '20200731034056_2095800857.Clipboard10.jpg',
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	(int) 8 => array(
		'Article' => array(
			'id' => '12258',
			'article_category_id' => '1',
			'title' => 'Government to Seek Financial Assistance from ADB to Mitigate the Risks of Floods and Landslides',
			'sub_title' => '',
			'summary' => 'July 31: The government has decided to seek financial assistance of US$ 50 million (Rs 6 billion) from the Asian Development Bank (ADB) to mitigate the risks of floods and landslides.',
			'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;">July 31: The government has decided to seek financial assistance of US$ 50 million (Rs 6 billion) from the Asian Development Bank (ADB) to mitigate the risks of floods and landslides.</span></span></span></span></p>

<p><span 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 Council of Ministers has decided to form a talks team headed by joint secretary at the International Financial Assistance Coordination Division for this purpose. </span></span></span></span></p>

<p><span 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 for Communication and Information Technology Dr Yuba Raj Khatiwada confirmed that the government has formed the team to prepare a work plan for seeking assistance from ADB.</span></span></span></span></p>

<p><span 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 said that government will seek both loan and grant assistance from ADB.</span></span></span></span></p>

<p><span 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, the government has decided to give 50 percent concession on customs duty to the Food Management and Trade Company Limited and the Salt Trading Limited to import a total of 30,000 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:&quot;Arial Unicode MS&quot;">The cabinet meeting also decided to take necessary steps to resume schools and educational institutes that have remained closed due to the coronavirus pandemic and the subsequent lockdown.</span></span></span></span></p>

<p>&nbsp;</p>
',
			'published' => true,
			'created' => '2020-07-31',
			'modified' => '2020-07-31',
			'keywords' => '',
			'description' => '',
			'sortorder' => '12006',
			'image' => '20200731014544_20200722031823_1595369744.Clipboard13.jpg',
			'article_date' => '2020-07-31 13:45:09',
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	(int) 9 => array(
		'Article' => array(
			'id' => '12257',
			'article_category_id' => '1',
			'title' => 'NAC Permanently Grounds Chinese Aircraft',
			'sub_title' => '',
			'summary' => 'July 31: Nepal Airlines Corporation (NSC) has formally stopped the operation of Chinese aircraft for domestic flights from Thursday (July 30).',
			'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;">July 31: Nepal Airlines Corporation (NSC) has formally stopped the operation of Chinese aircraft for domestic flights from Thursday (July 30).</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Due to its failure to operate the six Chinese aircraft due to high cost and maintenance as well as other factors, a board meeting of the state-owned airline company had earlier decided to permanently ground the aircraft effective from July 30.</span></span></span></span></p>

<p><span 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 NAC board has been heavily criticized for purchasing the aircraft under political pressure without conducting proper 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;">NAC&rsquo;s stake in the domestic market is currently 3 percent, which is expected to shrink further after grounding the China-made aircraft.</span></span></span></span></p>

<p><span 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 already decided to resume domestic and international flights from August 17. But the state-owned company now doesn&rsquo;t have adequate aircraft for domestic 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;">After grounding the six aircraft, NAC now has just three Twin Otters left in its fleet for internal flights. One of them is currently being repaired to the NAC is in a position to operate only two aircraft at the moment.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">NAC Spokesperson Archana Khadka informed that the flag carrier of Nepal will use these two aircraft for domestic flights for the time being.</span></span></span></span></p>

<p><span 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;NAC has formally decided to ground all the Chinese aircraft for domestic flights. Now we will utilize the Twin Otters for domestic flight,&rdquo; said Khadka.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">NAC stated that the Twin Otters with seat capacity of 17 to 19 passengers will provide service to remote areas of the country. However, NAC will not be operating any flights in the main trunk routes with high number of passengers. NAC had been operating the Chinese aircraft in trunk routes like Bhairahawa, Pokhara, Nepalgunj, Dhangadhi, Simara, Biratnagar and Chandragadhi.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Private companies have been dominating the domestic flight service in the country. Buddha Air, Yeti Airlines and Shree Airlines have strong hold in the domestic flight routes. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">NAC Spokesperson Khadka informed that the company is discussing about procuring new aircraft after it sells off the Chinese planes.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">NAC had to face losses worth Rs 2.3 billion while operating the&nbsp; Chinese aircraft during the last five years.</span></span></span></span></p>

<p>&nbsp;</p>
',
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			'description' => '',
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	(int) 10 => array(
		'Article' => array(
			'id' => '12259',
			'article_category_id' => '1',
			'title' => 'Importers doubt Effectiveness of Electronic Cargo Tracking System',
			'sub_title' => '',
			'summary' => 'July 31: Nepali importers have suggested that the Electronic Cargo Tracking System (ECTS) being used for transshipment of goods via India is not necessary along the railway route.',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">July 31: Nepali importers have suggested that the Electronic Cargo Tracking System (ECTS) being used for transshipment of goods via India is not necessary along the railway route.</span></span></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">They also complained that the effectiveness of ECTS, that has been implemented on transshipments of goods imported from Kolkata Port in India, has not been reviewed till date.&nbsp;&nbsp;&nbsp;&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">The Ministry of Industry, Commerce and Supplies itself is unclear about the impact of the ECTS even after a year and a half since it came into operation. The ministry earlier had been informed to review the impact of ECTS on transshipment of goods within the first three month of its introduction.</span></span></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">ECTS was implemented as a pilot project to facilitate the transshipment of goods for overseas trade at the seaports of 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">However, the importers claim additional ECTS is unnecessary along the railway route as it is already being used on containers transported by the trains.</span></span></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">At present, a tracking device based on GPS is connected to the container coming from Kolkata port till Birgunj dry port.</span></span></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">This system was adopted from February 15, 2019 to remove the paperwork at Kolkata Port.</span></span></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 ECTS was implemented to ensure that containers coming from third countries were not misused in 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">Even though it is said that the container can be monitored through this device, the service provider has not provided tracking facility to most of the concerned importers.</span></span></span></span></p>

<p>&nbsp;</p>
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	(int) 11 => array(
		'Article' => array(
			'id' => '12256',
			'article_category_id' => '1',
			'title' => 'Import of Gold Lowest in 5 Years',
			'sub_title' => '',
			'summary' => 'July 30: The lockdown imposed by the government to contain the spread of coronavirus and the increase in price of gold in the international market led to a drastic fall in import of the precious yellow metal during the last fiscal year.',
			'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;">July 30: The lockdown imposed by the government to contain the spread of coronavirus and the increase in price of gold in the international market led to a drastic fall in import of the precious yellow metal during the last fiscal year.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">According to the data maintained by the Department of Customs, the import of gold in FY 2019/20 was the lowest in the last five years. During the review period, Nepal imported gold worth Rs 13.46 billion, which is 61.11 percent less than the import in the previous fiscal year (2018/19) when the country imported gold worth Rs 34.61 billion.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Five years ago, the import of gold was worth Rs 16.7 billion.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">In the recent years, Nepal had been importing gold worth Rs 30 billion in average every year. But this year, the import of gold declined to a great extent.</span></span></span></span></p>

<p><span 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 terms of quantity, the import of gold declined by 68 percent in the review period compared to the previous fiscal year. In FY 2019/20, Nepal imported 7492 kg of gold while the import in FY 2018/19 was 1400 kg.</span></span></span></span></p>

<p><span 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 country didn&rsquo;t import any gold after the government imposed lockdown on March 24. Executive Director of Nepal Banker&rsquo;s Association Anil Sharma told New Business Age that the country hasn&rsquo;t imported gold after the lockdown was imposed. Banks have stock of 330 kg gold which was imported before the lockdown period. The banks have been supplying gold to the market as per the demand.</span></span></span></span></p>

<p><span 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;Dealers have stopped buying gold due to the increase in price,&rdquo; said Sharma, adding that hardly 1 kg of gold gets sold in a day.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">He said that the banks will not import any additional gold until the stock is cleared.</span></span></span></span></p>

<p>&nbsp;</p>

<p><span 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 price of gold was Rs 60,000 per tola (11 grams approximately) by mid-July 2019. The price has increased to almost Rs 100,000 in about a year. Due to the increase in price of gold, the trade has slumped a lot. Gold dealers themselves have reportedly urged bankers not to import any more gold.</span></span></span></span></p>

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

<p>&nbsp;</p>
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	(int) 12 => array(
		'Article' => array(
			'id' => '12255',
			'article_category_id' => '1',
			'title' => 'University of Arizona Offers Online Degree in Collaboration with Partner in Nepal',
			'sub_title' => '',
			'summary' => '',
			'content' => '<p><span style="font-size:20px"><span style="font-family:Arial">July 30: USA-based University of Arizona and rem.work, Kathmandu have announced a coworking space partnership for the concept of &ldquo;Global Campus&rdquo; to help students start or continue a US degree without leaving their home country. </span></span></p>

<p><span style="font-size:20px"><span style="font-family:Arial">A joint statement issued by the two organisation states that rem.work, a leading coworking space provider in Nepal, has created &ldquo;flexible and affordable options&rdquo; with the University of Arizona to allow students to earn a full US degree or US transfer credits. </span></span></p>

<p><span style="font-size:20px"><span style="font-family:Arial">&ldquo;Not only does Global Campus help solve the mobility challenges of today caused by COVID-19, it is a meaningful and long-term effort at meeting the UN Sustainable Development Goal of providing accessible quality education to the world,&rdquo; the statement quoted President of the University of Arizona Robert C Robbins as saying.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Arial">As universities have increasingly pivoted to offer online learning modalities, coworking spaces have become a pioneering point of access for University of Arizona&rsquo;s global campus degree programs. </span></span></p>

<p><span style="font-size:20px"><span style="font-family:Arial">Enrolling in the University of Arizona through a coworking partner is attractive to mid-career and working professionals looking to up-skill, re-skill, or start a master&rsquo;s program in a safe and professional setting, with access to reliable internet and leading-edge amenities, the statement&nbsp; further said. </span></span></p>

<p><span style="font-size:20px"><span style="font-family:Arial">&ldquo;With a substantial scholarship in place for students in Nepal, this is one of the most flexible and affordable ways to get a fully-accredited U.S. degree from a high-ranking U.S. university, without leaving the country. Tuition covers online classes taught by top-notch Arizona faculty, as well as full access to all current and future rem.work facilities in Nepal,&rdquo; the statement added.</span></span></p>

<p><img alt="" src="/app/webroot/userfiles/images/Global-Campus-TWITTER-15-1.png" style="height:409px; width:545px" /></p>

<p><span style="font-size:20px"><span style="font-family:Arial">According to the statement, the website of the University of Arizona (<a href="https://everywhere.arizona.edu/">everywhere.arizona.edu</a>) presents students with flexible degree path options and guides them to an adviser who can assist in finding a convenient coworking location, and will help the student create a customized degree plan.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Arial">&ldquo;The events that caused the current situation in international education have hastened the dawn of a new post-mobility world in which physical travel is unnecessary for the creation and transmission of knowledge across borders,&rdquo; said Brent White, vice provost of global affairs at Arizona.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Arial">&ldquo;Almost overnight, courses have transitioned to online, and international students are continuing to study while remaining safe at home in their own countries. We want to help them achieve their dreams of a U.S. degree, no matter the circumstances.&rdquo;</span></span></p>

<p><span style="font-size:20px"><img alt="" src="/app/webroot/userfiles/images/Global-Campus-FB-10-1.png" style="height:420px; width:800px" /></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '12254',
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			'title' => 'Shareholders Worried by Closure of Sri Ram Sugar Mill ',
			'sub_title' => '',
			'summary' => 'July 30: With the announcement of the closure of Shri Ram Sugar Mills, shareholders of the company are worried about losing their investment.',
			'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;">July 30: With the announcement of the closure of Shri Ram Sugar Mills, shareholders of the company are worried about losing their investment. As soon as the company permanently shut down from July 28, the share trading was also closed. </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 share transaction of the company was active till Monday, July 27 when 770 units of shares were traded. Each unit of share was traded for Rs 338. </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;">Shareholder Damaruballabh Ghimire said that the company which issued shares 19 years ago, has paid 7-8 percent dividend only once. He said that the shares issued by 67 companies to the public have not returned their investments after their closure. </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 Ghimire, he fears that the shareholders will not get anything as the company will have to pay their staff, farmers, and bank loans by selling their movable and immovable assets. He alleges that private companies are making profit while the public companies are shut down stating that they are at loss. </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;">Companies like Necon Air, Gorakhkali Rubber Industry, Crystal Finance, Basbari Leather Shoe Company, and Nepal Battery have been closed but not a single investor has received their share. Many have kept their certificates safe in the hope of getting their money back. </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 law, the shareholders should get back their investment. When a company is dissolved, </span></span><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">the first priority should be given to the workers and employees of the industry while paying the liability of the company. The remaining amount is then used for repaying the loan and liquidator&rsquo;s remuneration. The amount paid to sugarcane farmers by Shri Ram Sugar Mills should also be given priority. The investors will get back their investment only after paying off these amount. </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;">However, even after selling all the assets of the mills, it is said that it is difficult to pay the investors. Spokesperson of Nepal Stock Exchange (NEPSE) Murari Parajuli said that it is uncertain whether Sri Ram Mills can return the investment of the shareholders or not. He said that if the liquidator orders the dismissal of the company, NEPSE will use the power of the market operator to determine whether the shareholders have been given priority or not. </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;">Due to lack of capital, the company has not been able to pay the amount and remuneration of the employees working in the industry for the last four months. The company said it would pay the amount from the sale of movable property. The management of the company has already started the process for the necessary permission from the Government of Nepal in this regard. </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 3.45 million units of share are listed in the secondary market of security deposit worth Rs 304.5 million. </span></span></span></span></p>
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			'id' => '12252',
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			'title' => 'Hotel Industry Formally Resumes Service',
			'sub_title' => '',
			'summary' => 'July 30: Hotels and restaurants have formally reopened from today after the government lifted a ban on operating hotel industry effective from July 30. ',
			'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;">July 30: Hotels and restaurants have formally reopened from today after the government lifted a ban on operating hotel industry effective from July 30. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Trekking agencies, travel and expedition companies have resumed their service targeting the peak season. However, the hotel entrepreneurs are worried about the uncertainty of the protocol set by the health ministry. They say that the government has not made any clear criteria regarding foreign tourists and therefore they are a little hesitant. The government has not set clear criteria about handling the foreign visitors after PCR test. They argue that the foreign tourists do not visit Nepal to stay in quarantine for 14 days. But the government is not clear about this provision, informed Srijana Rana, president of Hotel Association of Nepal.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Although the protocol issued by the ministry has defined the dos and don&rsquo;ts for hotels, restaurants, airline companies and all the businesses associated with tourists, it doesn&rsquo;t mention anything about tourists. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Senior Vice President of HAN Binayak Shah says tourists cannot visit Nepal in this context even if they are willing to come here.</span></span></span></span></p>
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		'Article' => array(
			'id' => '12267',
			'article_category_id' => '1',
			'title' => 'Life Insurance Companies in Brisk Business Toward End of FY',
			'sub_title' => '',
			'summary' => 'August 2: Life insurance companies recorded significant increase in their business during the last fiscal year amid threat of coronavirus pandemic.',
			'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 2: Life insurance companies recorded significant increase in their business during the last fiscal year amid threat of coronavirus pandemic.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The collection of insurance premium had initially declined for three months after the government &nbsp;imposed lockdown on March&nbsp; 24. However, toward the end of the last fiscal year, collection of insurance premium saw a remarkable increase, according to preliminary report of the Insurance Board Nepal.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The collection of insurance premium between mid-March to mid-May was around Rs 2 billion per month. It rose to Rs 4.74 billion between mid-May to mid-June. The collection of insurance premium skyrocketed to Rs 24.55 billion in mid-June to mid-July, according to IBN.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Insurance companies say that their business gained momentum after the government lifted the lockdown. Their business was back on track toward the end of the last fiscal year.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">According to the data prepared by IBN, collection of insurance premium of life insurance companies during the last fiscal year 2019/20 was Rs 94.38 billion, which is 34 percent more than&nbsp; the amount in the previous fiscal year 2018/19. In FY 2018/19, collection of insurance premium was Rs 70 billion. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Stakeholders were expecting an increase in collection of insurance premium by only 15 percent.</span></span></span></span></p>

<p>&nbsp;</p>
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			'id' => '12266',
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			'title' => 'Birgunj Customs Office Tops Import and Export of Goods',
			'sub_title' => '',
			'summary' => 'August 2: Birgunj Customs Office has once again maintained its reputation as the main customs point of the country with maximum export during the last fiscal year.',
			'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 2: Birgunj Customs Office has once again maintained its reputation as the main customs point of the country with maximum export during the last fiscal year.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">In FY 2019/20, export from this customs point was 32 percent of the total export of 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;">Birgunj Customs Office informed that goods worth Rs 32.27 billion were exported from this customs point during the review period. The export from this point was worth Rs 24.53 billion in the previous 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 total export of Nepal during the last fiscal year was Rs 97.70 billion.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Information Officer at the customs office, Bimal Sah, told New Business Age that the major export product from this customs point during the review period was refined palm&nbsp; oil. </span></span></span></span></p>

<p><span 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;During the last fiscal year, 107,535 metric tons of refined palm oil worth Rs 11.72 billion was exported from here,&rdquo; said Sah.</span></span></span></span></p>

<p><span 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 export of palm oil during last fiscal year was almost double the amount of the previous year. In Fiscal Year 2018/19, a total of 57,576 metric tons of refined palm oil was exported from the&nbsp; same customs point. Altogether 14 oil refinery industries had been exporting palm oil from Birgunj. However, the export of palm oil has come to a halt since the last three months due to a ban imposed by India.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Other products exported from here is significant quantity includes juice, jam, soybean oil, synthetic yarn, sports shoes, toothpaste among others.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The Department of Customs informed that Birgunj Customs Office is responsible for overall 33 percent of export from the country. Biratnagar comes second at 29 percent followed by Tribhuvan International Airport (20 percent).</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Birgunj is also ahead of other customs points in import. Out of imports worth Rs 1196.79 billion, Birgunj Customs Points is alone responsible for import of Rs 413.39 billion, which is 34 percent of the total import. &nbsp;</span></span></span></span></p>

<p>&nbsp;</p>
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			'article_date' => '2020-08-02 17:43:58',
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	(int) 2 => array(
		'Article' => array(
			'id' => '12265',
			'article_category_id' => '1',
			'title' => 'Public Transportation not following Criteria of Vehicle Operation ',
			'sub_title' => '',
			'summary' => 'August 2: Transport entrepreneurs have not been following the criteria set by the government for operating the public vehicles within the districts after the government lifted an ban on vehicular movement which was in effect during the four months long lockdown. ',
			'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">August 2: Transport entrepreneurs have not been following the criteria set by the government for operating the public vehicles within the districts after the government lifted an ban on vehicular movement which was in effect during the four months long lockdown. In mid-July, the government of Nepal decided to&nbsp; allow operation of public vehicles by adopting safety measures and carrying passengers up to half the seat capacity. The government had also agreed to let the transport entrepreneurs charge up to 50% more fare than usual. However, the public vehicles are found carrying more passengers than that allowed by the government disregarding the increasing number of coronavirus infection. </span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">Ramesh Dhakal of Koteshwor shares his experience that the vehicle keeps stopping to let passengers in the bus even after more than half of the seat capacity is already occupied. &ldquo;Although they fill only half the seat capacity when they cannot find many passengers, they keep as many passengers as possible when they can ,&rdquo; he says. </span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">Hemant Acharya of Kirtipur also shares the same experience like that of Dhakal. He says although there are only half passengers in the microbus up to Balkhu, they let in passengers to the full capacity in areas where there aren&rsquo;t any traffic police check posts. &ldquo;They charge double fare but do not maintain physical distancing measures. The helpers do not wear mask as well,&rdquo; he says. </span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">The transport entrepreneurs and government had recently reached an agreement to operate vehicles. As per the agreement, it is mandatory for the drivers/helpers to wear mask, gloves and keep a sanitizer in the vehicle. However, many vehicles do not have sanitizer in the vehicle and helpers do not wear mask and gloves, says Ram Thapa, a transport activist. </span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">&ldquo;I have travelled in some public vehicles myself. Some have followed the safety measures while some have neglected them. In such cases, they can be a means of spreading the infection,&rdquo; he says. He also alleges the Department of Transport Management and traffic police for not monitoring it the vehicles. </span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">The Metropolitan Traffic Police Division says that they have taken action against more than 50 vehicles carrying more passenger than half the seat capacity. Chief of the Division, SSP Bhim Prasad Dhakal said, &quot;We are monitoring the situation by stopping vehicles at various places and warning those vehicles which have not adopted safety measures.&rdquo; </span></span></span></p>

<p>&nbsp;</p>
',
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			'description' => '',
			'sortorder' => '12012',
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	(int) 3 => array(
		'Article' => array(
			'id' => '12264',
			'article_category_id' => '1',
			'title' => '700 Applications for Seed Capital of Start-up Business',
			'sub_title' => '',
			'summary' => 'Aug 2: Around 700 persons have filed application for the seed capital announced by the government for start-up business.',
			'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;">Aug 2: Around 700 persons have filed application for the seed capital announced by the government for start-up business.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Initially, the government had said it would provide the capital as grant but later decided to provide it as concessional 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 National Planning Commission (NPC) has issued a notice in early May seeking application for the government support.</span></span></span></span></p>

<p><span 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 NPC, start-up businesses in the fields of information technology, agriculture, health, tourism, education and industry have filed the application.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">NPC informed that the applicants will receive 50 percent amount needed for establishing the start-up business as concessional loan from the government. The rate of interest for such loan has been fixed at 2 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 applicant has to clearly mention in the proposal the status of self investment, the amount it seeks from the government and its investment partners. </span></span></span></span></p>

<p><span 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 applicant must also mention the permanent account number (PAN) of the individual or the organisation seeking government support.</span></span></span></span></p>

<p><span 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 NPC expect more applications as the deadline for submission has been extended due to the lockdown.&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;">The government had envisioned a Challenge Fund to promote start-up businesses during the budget of last fiscal year. Later, a committee headed by NPC member decided to convert the fund into Start-up Business Seed Capital Grant. The government recently decided to provide the amount as concessional loan instead of grant because of the fragile economy caused by coronavirus pandemic.</span></span></span></span></p>

<p>&nbsp;</p>
',
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			'created' => '2020-08-02',
			'modified' => '2020-08-02',
			'keywords' => '',
			'description' => '',
			'sortorder' => '12011',
			'image' => '20200802121212_1596318983.Clipboard15.jpg',
			'article_date' => '2020-08-02 12:11:41',
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	(int) 4 => array(
		'Article' => array(
			'id' => '12263',
			'article_category_id' => '1',
			'title' => 'NOC Hikes Price of Petroleum Products ',
			'sub_title' => '',
			'summary' => 'August 2: Nepal Oil Corporation has increased the price of petroleum products effective from Saturday midnight (August 1). ',
			'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 2: Nepal Oil Corporation has increased the price of petroleum products effective from Saturday midnight (August 1). </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">According to the state-owned oil monopoly, it has increased the price of diesel, petrol and kerosene by Rs 2 per litre each. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">With the new price adjustment, kerosene and diesel will now cost Rs 90 per litre while petrol will cost Rs 104 per litre. Meanwhile, NOC has not changed the price of cooking gas and aviation turbine fuel.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">According to a statement issued by NOC, it decided to adjust the prices of petroleum products as per the revised list provided by the Indian Oil Corporation. NOC clarified that the price was hiked in accordance to the automatic pricing mechanism adopted by the state-owned oil company.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">NOC stated that the price of petrol has increased in the international market and therefore the price was adjusted in Nepal 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;">NOC had earlier reviewed the price of petroleum products on July 10.</span></span></span></span></p>

<p>&nbsp;</p>
',
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			'created' => '2020-08-02',
			'modified' => '2020-08-02',
			'keywords' => '',
			'description' => '',
			'sortorder' => '12010',
			'image' => '20200802105911_petrolpump.jpg',
			'article_date' => '2020-08-02 10:58:42',
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	(int) 5 => array(
		'Article' => array(
			'id' => '12262',
			'article_category_id' => '1',
			'title' => 'Central Bank Issues Reverse Repo Again ',
			'sub_title' => '',
			'summary' => 'July 31: Nepal Rastra Bank (NRB) has been repeatedly mopping excess liquidity from banks and financial institutions (BFIs) since the last three months.',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">July 31: Nepal Rastra Bank (NRB) has been repeatedly mopping excess liquidity from banks and financial institutions (BFIs) since the last three months.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">In this regard, NRB on Thursday (July 30) issued reverse repo of Rs 20 billion with maturity period of one week. The reverse repo will mature on August 6.</span></span></span></span></p>

<p><span 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 had also issued reverse repo of the same amount recently on July 23.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Of late, BFIs have reported more deposits while the flow of loan has not been proportionate, thereby causing excess liquidity. According to NRB, banks have excess liquidity of Rs 200 billion at present.</span></span></span></span></p>

<p>&nbsp;</p>
',
			'published' => true,
			'created' => '2020-07-31',
			'modified' => '2020-07-31',
			'keywords' => '',
			'description' => '',
			'sortorder' => '12009',
			'image' => '20200731035410_nrb.jpg',
			'article_date' => '2020-07-31 15:53:39',
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	(int) 6 => array(
		'Article' => array(
			'id' => '12260',
			'article_category_id' => '1',
			'title' => 'Small Hotels Resume Operation, Big Ones in ‘Wait and Watch’ Situation',
			'sub_title' => '',
			'summary' => 'July 31: Small hotels and restaurants have opened from Thursday (July 30) after the government lifted a ban on hospitality industry after ending the months-long lockdown recently.',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">July 31: Small hotels and restaurants have opened from Thursday (July 30) after the government lifted a ban on hospitality industry after ending the months-long lockdown 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:Arial">According to the Hotel Association of Nepal (HAN) hotels ranging from one star to three stars have resumed their service in Kathmandu Valley, Pokhara, Chitwan and other major tourist destinations across the country.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">Besides hotels, trekking and mountaineering companies as well as tour and travel agencies have also started their business after four months of closure. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">However, very few big hotels have resumed their business so far. Although five-star hotels like Soaltee Crowne Plaza, Kathmandu Aloft and Marriot Hotel have reopened, other five-star hotels are yet to resume their service. It is said that the big hotels are not in a mood to resume full-fledged service anticipating lack of customers 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:Arial">These hotels are making preparations to restart their business but are waiting for international flights to resume first. The government has decided to allow domestic and international flights from August 17.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">Hotel entrepreneurs say that they are not in a hurry to reopen their hotels due to lack of internal and foreign tourists as the government is yet to lift the ban on air service. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">&ldquo;Although there is no booking at the moment, we have given the message that the hotel industry has resumed service in Nepal,&rdquo; said General Secretary of HAN Sajan Shakya, adding, &ldquo;The government will allow operation of air service from August 17 so we are in a wait and watch situation.&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:Arial">Although the government has allowed hotel industry to resume their business, hotel entrepreneurs complain that the health protocols issued by the government is not clear. There is confusion regarding unclear policy on arrival of foreign tourists. The government has not stated clearly whether foreign tourists will have to stay in quarantine for 14 days or not and if PCR test alone is enough to let them in, said Shakya.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">HAN estimates a sharp decline in arrival of tourists this season. During last year, around 250,000 tourists had visited Nepal during this time. However, stakeholders believe it will take at least three to four years before the situation normalizes.</span></span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
',
			'published' => true,
			'created' => '2020-07-31',
			'modified' => '2020-07-31',
			'keywords' => '',
			'description' => '',
			'sortorder' => '12008',
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	(int) 7 => array(
		'Article' => array(
			'id' => '12261',
			'article_category_id' => '1',
			'title' => 'Internal Dispute of Sunrise Bank resolved',
			'sub_title' => '',
			'summary' => 'July 31: The dispute between the board of directors of Sunrise Bank and the CEO has been resolved for the time being. ',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">July 31: The dispute between the board of directors of Sunrise Bank and the CEO has been resolved for the time being. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The dispute had taken unexpected turns after the board allegedly demanded resignation of CEO Janak Sharma Poudel. However, the misunderstanding has been resolved after both sides reached an understanding on Thursday (July 30) to move ahead hand in hand.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">A board meeting on Thursday decided to take future course of action on mutual understanding. Company Secretary of Sunrise Bank, Ishwar Pokharel, informed that the board meeting took a decision for the welfare of all stakeholders. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">&ldquo;We have resolved the issue by taking all sides into confidence. Both sides have decided to work together for the welfare of the organisation,&rdquo; said Pathak, adding that the board had sought clarification from CEO Poudel instead of resignation.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">&ldquo;The board and the CEO have agreed to collaborate to take the bank to new heights,&rdquo; said Pathak.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Nepal Rastra Bank had called both sides for discussion recently after the dispute grew out of proportion. The central bank had suggested the board members of the bank to sort out the issue through mutual understanding. An informed source told New Business Age that the board members of the bank decided to collaborate with the CEO fearing intervention by the central bank.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria">&nbsp;</span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p>&nbsp;</p>
',
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			'modified' => '2020-07-31',
			'keywords' => '',
			'description' => '',
			'sortorder' => '12007',
			'image' => '20200731034056_2095800857.Clipboard10.jpg',
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	(int) 8 => array(
		'Article' => array(
			'id' => '12258',
			'article_category_id' => '1',
			'title' => 'Government to Seek Financial Assistance from ADB to Mitigate the Risks of Floods and Landslides',
			'sub_title' => '',
			'summary' => 'July 31: The government has decided to seek financial assistance of US$ 50 million (Rs 6 billion) from the Asian Development Bank (ADB) to mitigate the risks of floods and landslides.',
			'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;">July 31: The government has decided to seek financial assistance of US$ 50 million (Rs 6 billion) from the Asian Development Bank (ADB) to mitigate the risks of floods and landslides.</span></span></span></span></p>

<p><span 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 Council of Ministers has decided to form a talks team headed by joint secretary at the International Financial Assistance Coordination Division for this purpose. </span></span></span></span></p>

<p><span 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 for Communication and Information Technology Dr Yuba Raj Khatiwada confirmed that the government has formed the team to prepare a work plan for seeking assistance from ADB.</span></span></span></span></p>

<p><span 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 said that government will seek both loan and grant assistance from ADB.</span></span></span></span></p>

<p><span 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, the government has decided to give 50 percent concession on customs duty to the Food Management and Trade Company Limited and the Salt Trading Limited to import a total of 30,000 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:&quot;Arial Unicode MS&quot;">The cabinet meeting also decided to take necessary steps to resume schools and educational institutes that have remained closed due to the coronavirus pandemic and the subsequent lockdown.</span></span></span></span></p>

<p>&nbsp;</p>
',
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			'created' => '2020-07-31',
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			'keywords' => '',
			'description' => '',
			'sortorder' => '12006',
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	(int) 9 => array(
		'Article' => array(
			'id' => '12257',
			'article_category_id' => '1',
			'title' => 'NAC Permanently Grounds Chinese Aircraft',
			'sub_title' => '',
			'summary' => 'July 31: Nepal Airlines Corporation (NSC) has formally stopped the operation of Chinese aircraft for domestic flights from Thursday (July 30).',
			'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;">July 31: Nepal Airlines Corporation (NSC) has formally stopped the operation of Chinese aircraft for domestic flights from Thursday (July 30).</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Due to its failure to operate the six Chinese aircraft due to high cost and maintenance as well as other factors, a board meeting of the state-owned airline company had earlier decided to permanently ground the aircraft effective from July 30.</span></span></span></span></p>

<p><span 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 NAC board has been heavily criticized for purchasing the aircraft under political pressure without conducting proper 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;">NAC&rsquo;s stake in the domestic market is currently 3 percent, which is expected to shrink further after grounding the China-made aircraft.</span></span></span></span></p>

<p><span 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 already decided to resume domestic and international flights from August 17. But the state-owned company now doesn&rsquo;t have adequate aircraft for domestic 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;">After grounding the six aircraft, NAC now has just three Twin Otters left in its fleet for internal flights. One of them is currently being repaired to the NAC is in a position to operate only two aircraft at the moment.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">NAC Spokesperson Archana Khadka informed that the flag carrier of Nepal will use these two aircraft for domestic flights for the time being.</span></span></span></span></p>

<p><span 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;NAC has formally decided to ground all the Chinese aircraft for domestic flights. Now we will utilize the Twin Otters for domestic flight,&rdquo; said Khadka.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">NAC stated that the Twin Otters with seat capacity of 17 to 19 passengers will provide service to remote areas of the country. However, NAC will not be operating any flights in the main trunk routes with high number of passengers. NAC had been operating the Chinese aircraft in trunk routes like Bhairahawa, Pokhara, Nepalgunj, Dhangadhi, Simara, Biratnagar and Chandragadhi.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Private companies have been dominating the domestic flight service in the country. Buddha Air, Yeti Airlines and Shree Airlines have strong hold in the domestic flight routes. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">NAC Spokesperson Khadka informed that the company is discussing about procuring new aircraft after it sells off the Chinese planes.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">NAC had to face losses worth Rs 2.3 billion while operating the&nbsp; Chinese aircraft during the last five years.</span></span></span></span></p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '12259',
			'article_category_id' => '1',
			'title' => 'Importers doubt Effectiveness of Electronic Cargo Tracking System',
			'sub_title' => '',
			'summary' => 'July 31: Nepali importers have suggested that the Electronic Cargo Tracking System (ECTS) being used for transshipment of goods via India is not necessary along the railway route.',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">July 31: Nepali importers have suggested that the Electronic Cargo Tracking System (ECTS) being used for transshipment of goods via India is not necessary along the railway route.</span></span></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">They also complained that the effectiveness of ECTS, that has been implemented on transshipments of goods imported from Kolkata Port in India, has not been reviewed till date.&nbsp;&nbsp;&nbsp;&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">The Ministry of Industry, Commerce and Supplies itself is unclear about the impact of the ECTS even after a year and a half since it came into operation. The ministry earlier had been informed to review the impact of ECTS on transshipment of goods within the first three month of its introduction.</span></span></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">ECTS was implemented as a pilot project to facilitate the transshipment of goods for overseas trade at the seaports of 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">However, the importers claim additional ECTS is unnecessary along the railway route as it is already being used on containers transported by the trains.</span></span></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">At present, a tracking device based on GPS is connected to the container coming from Kolkata port till Birgunj dry port.</span></span></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">This system was adopted from February 15, 2019 to remove the paperwork at Kolkata Port.</span></span></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 ECTS was implemented to ensure that containers coming from third countries were not misused in 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">Even though it is said that the container can be monitored through this device, the service provider has not provided tracking facility to most of the concerned importers.</span></span></span></span></p>

<p>&nbsp;</p>
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	(int) 11 => array(
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			'id' => '12256',
			'article_category_id' => '1',
			'title' => 'Import of Gold Lowest in 5 Years',
			'sub_title' => '',
			'summary' => 'July 30: The lockdown imposed by the government to contain the spread of coronavirus and the increase in price of gold in the international market led to a drastic fall in import of the precious yellow metal during the last fiscal year.',
			'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;">July 30: The lockdown imposed by the government to contain the spread of coronavirus and the increase in price of gold in the international market led to a drastic fall in import of the precious yellow metal during the last fiscal year.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">According to the data maintained by the Department of Customs, the import of gold in FY 2019/20 was the lowest in the last five years. During the review period, Nepal imported gold worth Rs 13.46 billion, which is 61.11 percent less than the import in the previous fiscal year (2018/19) when the country imported gold worth Rs 34.61 billion.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Five years ago, the import of gold was worth Rs 16.7 billion.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">In the recent years, Nepal had been importing gold worth Rs 30 billion in average every year. But this year, the import of gold declined to a great extent.</span></span></span></span></p>

<p><span 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 terms of quantity, the import of gold declined by 68 percent in the review period compared to the previous fiscal year. In FY 2019/20, Nepal imported 7492 kg of gold while the import in FY 2018/19 was 1400 kg.</span></span></span></span></p>

<p><span 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 country didn&rsquo;t import any gold after the government imposed lockdown on March 24. Executive Director of Nepal Banker&rsquo;s Association Anil Sharma told New Business Age that the country hasn&rsquo;t imported gold after the lockdown was imposed. Banks have stock of 330 kg gold which was imported before the lockdown period. The banks have been supplying gold to the market as per the demand.</span></span></span></span></p>

<p><span 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;Dealers have stopped buying gold due to the increase in price,&rdquo; said Sharma, adding that hardly 1 kg of gold gets sold in a day.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">He said that the banks will not import any additional gold until the stock is cleared.</span></span></span></span></p>

<p>&nbsp;</p>

<p><span 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 price of gold was Rs 60,000 per tola (11 grams approximately) by mid-July 2019. The price has increased to almost Rs 100,000 in about a year. Due to the increase in price of gold, the trade has slumped a lot. Gold dealers themselves have reportedly urged bankers not to import any more gold.</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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			'id' => '12255',
			'article_category_id' => '1',
			'title' => 'University of Arizona Offers Online Degree in Collaboration with Partner in Nepal',
			'sub_title' => '',
			'summary' => '',
			'content' => '<p><span style="font-size:20px"><span style="font-family:Arial">July 30: USA-based University of Arizona and rem.work, Kathmandu have announced a coworking space partnership for the concept of &ldquo;Global Campus&rdquo; to help students start or continue a US degree without leaving their home country. </span></span></p>

<p><span style="font-size:20px"><span style="font-family:Arial">A joint statement issued by the two organisation states that rem.work, a leading coworking space provider in Nepal, has created &ldquo;flexible and affordable options&rdquo; with the University of Arizona to allow students to earn a full US degree or US transfer credits. </span></span></p>

<p><span style="font-size:20px"><span style="font-family:Arial">&ldquo;Not only does Global Campus help solve the mobility challenges of today caused by COVID-19, it is a meaningful and long-term effort at meeting the UN Sustainable Development Goal of providing accessible quality education to the world,&rdquo; the statement quoted President of the University of Arizona Robert C Robbins as saying.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Arial">As universities have increasingly pivoted to offer online learning modalities, coworking spaces have become a pioneering point of access for University of Arizona&rsquo;s global campus degree programs. </span></span></p>

<p><span style="font-size:20px"><span style="font-family:Arial">Enrolling in the University of Arizona through a coworking partner is attractive to mid-career and working professionals looking to up-skill, re-skill, or start a master&rsquo;s program in a safe and professional setting, with access to reliable internet and leading-edge amenities, the statement&nbsp; further said. </span></span></p>

<p><span style="font-size:20px"><span style="font-family:Arial">&ldquo;With a substantial scholarship in place for students in Nepal, this is one of the most flexible and affordable ways to get a fully-accredited U.S. degree from a high-ranking U.S. university, without leaving the country. Tuition covers online classes taught by top-notch Arizona faculty, as well as full access to all current and future rem.work facilities in Nepal,&rdquo; the statement added.</span></span></p>

<p><img alt="" src="/app/webroot/userfiles/images/Global-Campus-TWITTER-15-1.png" style="height:409px; width:545px" /></p>

<p><span style="font-size:20px"><span style="font-family:Arial">According to the statement, the website of the University of Arizona (<a href="https://everywhere.arizona.edu/">everywhere.arizona.edu</a>) presents students with flexible degree path options and guides them to an adviser who can assist in finding a convenient coworking location, and will help the student create a customized degree plan.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Arial">&ldquo;The events that caused the current situation in international education have hastened the dawn of a new post-mobility world in which physical travel is unnecessary for the creation and transmission of knowledge across borders,&rdquo; said Brent White, vice provost of global affairs at Arizona.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Arial">&ldquo;Almost overnight, courses have transitioned to online, and international students are continuing to study while remaining safe at home in their own countries. We want to help them achieve their dreams of a U.S. degree, no matter the circumstances.&rdquo;</span></span></p>

<p><span style="font-size:20px"><img alt="" src="/app/webroot/userfiles/images/Global-Campus-FB-10-1.png" style="height:420px; width:800px" /></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '12254',
			'article_category_id' => '1',
			'title' => 'Shareholders Worried by Closure of Sri Ram Sugar Mill ',
			'sub_title' => '',
			'summary' => 'July 30: With the announcement of the closure of Shri Ram Sugar Mills, shareholders of the company are worried about losing their investment.',
			'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;">July 30: With the announcement of the closure of Shri Ram Sugar Mills, shareholders of the company are worried about losing their investment. As soon as the company permanently shut down from July 28, the share trading was also closed. </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 share transaction of the company was active till Monday, July 27 when 770 units of shares were traded. Each unit of share was traded for Rs 338. </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;">Shareholder Damaruballabh Ghimire said that the company which issued shares 19 years ago, has paid 7-8 percent dividend only once. He said that the shares issued by 67 companies to the public have not returned their investments after their closure. </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 Ghimire, he fears that the shareholders will not get anything as the company will have to pay their staff, farmers, and bank loans by selling their movable and immovable assets. He alleges that private companies are making profit while the public companies are shut down stating that they are at loss. </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;">Companies like Necon Air, Gorakhkali Rubber Industry, Crystal Finance, Basbari Leather Shoe Company, and Nepal Battery have been closed but not a single investor has received their share. Many have kept their certificates safe in the hope of getting their money back. </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 law, the shareholders should get back their investment. When a company is dissolved, </span></span><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">the first priority should be given to the workers and employees of the industry while paying the liability of the company. The remaining amount is then used for repaying the loan and liquidator&rsquo;s remuneration. The amount paid to sugarcane farmers by Shri Ram Sugar Mills should also be given priority. The investors will get back their investment only after paying off these amount. </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;">However, even after selling all the assets of the mills, it is said that it is difficult to pay the investors. Spokesperson of Nepal Stock Exchange (NEPSE) Murari Parajuli said that it is uncertain whether Sri Ram Mills can return the investment of the shareholders or not. He said that if the liquidator orders the dismissal of the company, NEPSE will use the power of the market operator to determine whether the shareholders have been given priority or not. </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;">Due to lack of capital, the company has not been able to pay the amount and remuneration of the employees working in the industry for the last four months. The company said it would pay the amount from the sale of movable property. The management of the company has already started the process for the necessary permission from the Government of Nepal in this regard. </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 3.45 million units of share are listed in the secondary market of security deposit worth Rs 304.5 million. </span></span></span></span></p>
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			'id' => '12252',
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			'title' => 'Hotel Industry Formally Resumes Service',
			'sub_title' => '',
			'summary' => 'July 30: Hotels and restaurants have formally reopened from today after the government lifted a ban on operating hotel industry effective from July 30. ',
			'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;">July 30: Hotels and restaurants have formally reopened from today after the government lifted a ban on operating hotel industry effective from July 30. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Trekking agencies, travel and expedition companies have resumed their service targeting the peak season. However, the hotel entrepreneurs are worried about the uncertainty of the protocol set by the health ministry. They say that the government has not made any clear criteria regarding foreign tourists and therefore they are a little hesitant. The government has not set clear criteria about handling the foreign visitors after PCR test. They argue that the foreign tourists do not visit Nepal to stay in quarantine for 14 days. But the government is not clear about this provision, informed Srijana Rana, president of Hotel Association of Nepal.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Although the protocol issued by the ministry has defined the dos and don&rsquo;ts for hotels, restaurants, airline companies and all the businesses associated with tourists, it doesn&rsquo;t mention anything about tourists. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Senior Vice President of HAN Binayak Shah says tourists cannot visit Nepal in this context even if they are willing to come here.</span></span></span></span></p>
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			'sub_title' => '',
			'summary' => 'August 2: Life insurance companies recorded significant increase in their business during the last fiscal year amid threat of coronavirus pandemic.',
			'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 2: Life insurance companies recorded significant increase in their business during the last fiscal year amid threat of coronavirus pandemic.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The collection of insurance premium had initially declined for three months after the government &nbsp;imposed lockdown on March&nbsp; 24. However, toward the end of the last fiscal year, collection of insurance premium saw a remarkable increase, according to preliminary report of the Insurance Board Nepal.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The collection of insurance premium between mid-March to mid-May was around Rs 2 billion per month. It rose to Rs 4.74 billion between mid-May to mid-June. The collection of insurance premium skyrocketed to Rs 24.55 billion in mid-June to mid-July, according to IBN.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Insurance companies say that their business gained momentum after the government lifted the lockdown. Their business was back on track toward the end of the last fiscal year.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">According to the data prepared by IBN, collection of insurance premium of life insurance companies during the last fiscal year 2019/20 was Rs 94.38 billion, which is 34 percent more than&nbsp; the amount in the previous fiscal year 2018/19. In FY 2018/19, collection of insurance premium was Rs 70 billion. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Stakeholders were expecting an increase in collection of insurance premium by only 15 percent.</span></span></span></span></p>

<p>&nbsp;</p>
',
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			'sortorder' => '12014',
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	(int) 1 => array(
		'Article' => array(
			'id' => '12266',
			'article_category_id' => '1',
			'title' => 'Birgunj Customs Office Tops Import and Export of Goods',
			'sub_title' => '',
			'summary' => 'August 2: Birgunj Customs Office has once again maintained its reputation as the main customs point of the country with maximum export during the last fiscal year.',
			'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 2: Birgunj Customs Office has once again maintained its reputation as the main customs point of the country with maximum export during the last fiscal year.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">In FY 2019/20, export from this customs point was 32 percent of the total export of 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;">Birgunj Customs Office informed that goods worth Rs 32.27 billion were exported from this customs point during the review period. The export from this point was worth Rs 24.53 billion in the previous 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 total export of Nepal during the last fiscal year was Rs 97.70 billion.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Information Officer at the customs office, Bimal Sah, told New Business Age that the major export product from this customs point during the review period was refined palm&nbsp; oil. </span></span></span></span></p>

<p><span 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;During the last fiscal year, 107,535 metric tons of refined palm oil worth Rs 11.72 billion was exported from here,&rdquo; said Sah.</span></span></span></span></p>

<p><span 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 export of palm oil during last fiscal year was almost double the amount of the previous year. In Fiscal Year 2018/19, a total of 57,576 metric tons of refined palm oil was exported from the&nbsp; same customs point. Altogether 14 oil refinery industries had been exporting palm oil from Birgunj. However, the export of palm oil has come to a halt since the last three months due to a ban imposed by India.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Other products exported from here is significant quantity includes juice, jam, soybean oil, synthetic yarn, sports shoes, toothpaste among others.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The Department of Customs informed that Birgunj Customs Office is responsible for overall 33 percent of export from the country. Biratnagar comes second at 29 percent followed by Tribhuvan International Airport (20 percent).</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Birgunj is also ahead of other customs points in import. Out of imports worth Rs 1196.79 billion, Birgunj Customs Points is alone responsible for import of Rs 413.39 billion, which is 34 percent of the total import. &nbsp;</span></span></span></span></p>

<p>&nbsp;</p>
',
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	(int) 2 => array(
		'Article' => array(
			'id' => '12265',
			'article_category_id' => '1',
			'title' => 'Public Transportation not following Criteria of Vehicle Operation ',
			'sub_title' => '',
			'summary' => 'August 2: Transport entrepreneurs have not been following the criteria set by the government for operating the public vehicles within the districts after the government lifted an ban on vehicular movement which was in effect during the four months long lockdown. ',
			'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">August 2: Transport entrepreneurs have not been following the criteria set by the government for operating the public vehicles within the districts after the government lifted an ban on vehicular movement which was in effect during the four months long lockdown. In mid-July, the government of Nepal decided to&nbsp; allow operation of public vehicles by adopting safety measures and carrying passengers up to half the seat capacity. The government had also agreed to let the transport entrepreneurs charge up to 50% more fare than usual. However, the public vehicles are found carrying more passengers than that allowed by the government disregarding the increasing number of coronavirus infection. </span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">Ramesh Dhakal of Koteshwor shares his experience that the vehicle keeps stopping to let passengers in the bus even after more than half of the seat capacity is already occupied. &ldquo;Although they fill only half the seat capacity when they cannot find many passengers, they keep as many passengers as possible when they can ,&rdquo; he says. </span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">Hemant Acharya of Kirtipur also shares the same experience like that of Dhakal. He says although there are only half passengers in the microbus up to Balkhu, they let in passengers to the full capacity in areas where there aren&rsquo;t any traffic police check posts. &ldquo;They charge double fare but do not maintain physical distancing measures. The helpers do not wear mask as well,&rdquo; he says. </span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">The transport entrepreneurs and government had recently reached an agreement to operate vehicles. As per the agreement, it is mandatory for the drivers/helpers to wear mask, gloves and keep a sanitizer in the vehicle. However, many vehicles do not have sanitizer in the vehicle and helpers do not wear mask and gloves, says Ram Thapa, a transport activist. </span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">&ldquo;I have travelled in some public vehicles myself. Some have followed the safety measures while some have neglected them. In such cases, they can be a means of spreading the infection,&rdquo; he says. He also alleges the Department of Transport Management and traffic police for not monitoring it the vehicles. </span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">The Metropolitan Traffic Police Division says that they have taken action against more than 50 vehicles carrying more passenger than half the seat capacity. Chief of the Division, SSP Bhim Prasad Dhakal said, &quot;We are monitoring the situation by stopping vehicles at various places and warning those vehicles which have not adopted safety measures.&rdquo; </span></span></span></p>

<p>&nbsp;</p>
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	(int) 3 => array(
		'Article' => array(
			'id' => '12264',
			'article_category_id' => '1',
			'title' => '700 Applications for Seed Capital of Start-up Business',
			'sub_title' => '',
			'summary' => 'Aug 2: Around 700 persons have filed application for the seed capital announced by the government for start-up business.',
			'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;">Aug 2: Around 700 persons have filed application for the seed capital announced by the government for start-up business.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Initially, the government had said it would provide the capital as grant but later decided to provide it as concessional 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 National Planning Commission (NPC) has issued a notice in early May seeking application for the government support.</span></span></span></span></p>

<p><span 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 NPC, start-up businesses in the fields of information technology, agriculture, health, tourism, education and industry have filed the application.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">NPC informed that the applicants will receive 50 percent amount needed for establishing the start-up business as concessional loan from the government. The rate of interest for such loan has been fixed at 2 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 applicant has to clearly mention in the proposal the status of self investment, the amount it seeks from the government and its investment partners. </span></span></span></span></p>

<p><span 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 applicant must also mention the permanent account number (PAN) of the individual or the organisation seeking government support.</span></span></span></span></p>

<p><span 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 NPC expect more applications as the deadline for submission has been extended due to the lockdown.&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;">The government had envisioned a Challenge Fund to promote start-up businesses during the budget of last fiscal year. Later, a committee headed by NPC member decided to convert the fund into Start-up Business Seed Capital Grant. The government recently decided to provide the amount as concessional loan instead of grant because of the fragile economy caused by coronavirus pandemic.</span></span></span></span></p>

<p>&nbsp;</p>
',
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			'sortorder' => '12011',
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	(int) 4 => array(
		'Article' => array(
			'id' => '12263',
			'article_category_id' => '1',
			'title' => 'NOC Hikes Price of Petroleum Products ',
			'sub_title' => '',
			'summary' => 'August 2: Nepal Oil Corporation has increased the price of petroleum products effective from Saturday midnight (August 1). ',
			'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 2: Nepal Oil Corporation has increased the price of petroleum products effective from Saturday midnight (August 1). </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">According to the state-owned oil monopoly, it has increased the price of diesel, petrol and kerosene by Rs 2 per litre each. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">With the new price adjustment, kerosene and diesel will now cost Rs 90 per litre while petrol will cost Rs 104 per litre. Meanwhile, NOC has not changed the price of cooking gas and aviation turbine fuel.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">According to a statement issued by NOC, it decided to adjust the prices of petroleum products as per the revised list provided by the Indian Oil Corporation. NOC clarified that the price was hiked in accordance to the automatic pricing mechanism adopted by the state-owned oil company.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">NOC stated that the price of petrol has increased in the international market and therefore the price was adjusted in Nepal 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;">NOC had earlier reviewed the price of petroleum products on July 10.</span></span></span></span></p>

<p>&nbsp;</p>
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			'sortorder' => '12010',
			'image' => '20200802105911_petrolpump.jpg',
			'article_date' => '2020-08-02 10:58:42',
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	(int) 5 => array(
		'Article' => array(
			'id' => '12262',
			'article_category_id' => '1',
			'title' => 'Central Bank Issues Reverse Repo Again ',
			'sub_title' => '',
			'summary' => 'July 31: Nepal Rastra Bank (NRB) has been repeatedly mopping excess liquidity from banks and financial institutions (BFIs) since the last three months.',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">July 31: Nepal Rastra Bank (NRB) has been repeatedly mopping excess liquidity from banks and financial institutions (BFIs) since the last three months.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">In this regard, NRB on Thursday (July 30) issued reverse repo of Rs 20 billion with maturity period of one week. The reverse repo will mature on August 6.</span></span></span></span></p>

<p><span 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 had also issued reverse repo of the same amount recently on July 23.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Of late, BFIs have reported more deposits while the flow of loan has not been proportionate, thereby causing excess liquidity. According to NRB, banks have excess liquidity of Rs 200 billion at present.</span></span></span></span></p>

<p>&nbsp;</p>
',
			'published' => true,
			'created' => '2020-07-31',
			'modified' => '2020-07-31',
			'keywords' => '',
			'description' => '',
			'sortorder' => '12009',
			'image' => '20200731035410_nrb.jpg',
			'article_date' => '2020-07-31 15:53:39',
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	(int) 6 => array(
		'Article' => array(
			'id' => '12260',
			'article_category_id' => '1',
			'title' => 'Small Hotels Resume Operation, Big Ones in ‘Wait and Watch’ Situation',
			'sub_title' => '',
			'summary' => 'July 31: Small hotels and restaurants have opened from Thursday (July 30) after the government lifted a ban on hospitality industry after ending the months-long lockdown recently.',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">July 31: Small hotels and restaurants have opened from Thursday (July 30) after the government lifted a ban on hospitality industry after ending the months-long lockdown 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:Arial">According to the Hotel Association of Nepal (HAN) hotels ranging from one star to three stars have resumed their service in Kathmandu Valley, Pokhara, Chitwan and other major tourist destinations across the country.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">Besides hotels, trekking and mountaineering companies as well as tour and travel agencies have also started their business after four months of closure. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">However, very few big hotels have resumed their business so far. Although five-star hotels like Soaltee Crowne Plaza, Kathmandu Aloft and Marriot Hotel have reopened, other five-star hotels are yet to resume their service. It is said that the big hotels are not in a mood to resume full-fledged service anticipating lack of customers 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:Arial">These hotels are making preparations to restart their business but are waiting for international flights to resume first. The government has decided to allow domestic and international flights from August 17.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">Hotel entrepreneurs say that they are not in a hurry to reopen their hotels due to lack of internal and foreign tourists as the government is yet to lift the ban on air service. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">&ldquo;Although there is no booking at the moment, we have given the message that the hotel industry has resumed service in Nepal,&rdquo; said General Secretary of HAN Sajan Shakya, adding, &ldquo;The government will allow operation of air service from August 17 so we are in a wait and watch situation.&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:Arial">Although the government has allowed hotel industry to resume their business, hotel entrepreneurs complain that the health protocols issued by the government is not clear. There is confusion regarding unclear policy on arrival of foreign tourists. The government has not stated clearly whether foreign tourists will have to stay in quarantine for 14 days or not and if PCR test alone is enough to let them in, said Shakya.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">HAN estimates a sharp decline in arrival of tourists this season. During last year, around 250,000 tourists had visited Nepal during this time. However, stakeholders believe it will take at least three to four years before the situation normalizes.</span></span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
',
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	(int) 7 => array(
		'Article' => array(
			'id' => '12261',
			'article_category_id' => '1',
			'title' => 'Internal Dispute of Sunrise Bank resolved',
			'sub_title' => '',
			'summary' => 'July 31: The dispute between the board of directors of Sunrise Bank and the CEO has been resolved for the time being. ',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">July 31: The dispute between the board of directors of Sunrise Bank and the CEO has been resolved for the time being. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The dispute had taken unexpected turns after the board allegedly demanded resignation of CEO Janak Sharma Poudel. However, the misunderstanding has been resolved after both sides reached an understanding on Thursday (July 30) to move ahead hand in hand.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">A board meeting on Thursday decided to take future course of action on mutual understanding. Company Secretary of Sunrise Bank, Ishwar Pokharel, informed that the board meeting took a decision for the welfare of all stakeholders. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">&ldquo;We have resolved the issue by taking all sides into confidence. Both sides have decided to work together for the welfare of the organisation,&rdquo; said Pathak, adding that the board had sought clarification from CEO Poudel instead of resignation.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">&ldquo;The board and the CEO have agreed to collaborate to take the bank to new heights,&rdquo; said Pathak.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Nepal Rastra Bank had called both sides for discussion recently after the dispute grew out of proportion. The central bank had suggested the board members of the bank to sort out the issue through mutual understanding. An informed source told New Business Age that the board members of the bank decided to collaborate with the CEO fearing intervention by the central bank.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria">&nbsp;</span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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			'description' => '',
			'sortorder' => '12007',
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	(int) 8 => array(
		'Article' => array(
			'id' => '12258',
			'article_category_id' => '1',
			'title' => 'Government to Seek Financial Assistance from ADB to Mitigate the Risks of Floods and Landslides',
			'sub_title' => '',
			'summary' => 'July 31: The government has decided to seek financial assistance of US$ 50 million (Rs 6 billion) from the Asian Development Bank (ADB) to mitigate the risks of floods and landslides.',
			'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;">July 31: The government has decided to seek financial assistance of US$ 50 million (Rs 6 billion) from the Asian Development Bank (ADB) to mitigate the risks of floods and landslides.</span></span></span></span></p>

<p><span 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 Council of Ministers has decided to form a talks team headed by joint secretary at the International Financial Assistance Coordination Division for this purpose. </span></span></span></span></p>

<p><span 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 for Communication and Information Technology Dr Yuba Raj Khatiwada confirmed that the government has formed the team to prepare a work plan for seeking assistance from ADB.</span></span></span></span></p>

<p><span 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 said that government will seek both loan and grant assistance from ADB.</span></span></span></span></p>

<p><span 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, the government has decided to give 50 percent concession on customs duty to the Food Management and Trade Company Limited and the Salt Trading Limited to import a total of 30,000 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:&quot;Arial Unicode MS&quot;">The cabinet meeting also decided to take necessary steps to resume schools and educational institutes that have remained closed due to the coronavirus pandemic and the subsequent lockdown.</span></span></span></span></p>

<p>&nbsp;</p>
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			'article_date' => '2020-07-31 13:45:09',
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	(int) 9 => array(
		'Article' => array(
			'id' => '12257',
			'article_category_id' => '1',
			'title' => 'NAC Permanently Grounds Chinese Aircraft',
			'sub_title' => '',
			'summary' => 'July 31: Nepal Airlines Corporation (NSC) has formally stopped the operation of Chinese aircraft for domestic flights from Thursday (July 30).',
			'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;">July 31: Nepal Airlines Corporation (NSC) has formally stopped the operation of Chinese aircraft for domestic flights from Thursday (July 30).</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Due to its failure to operate the six Chinese aircraft due to high cost and maintenance as well as other factors, a board meeting of the state-owned airline company had earlier decided to permanently ground the aircraft effective from July 30.</span></span></span></span></p>

<p><span 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 NAC board has been heavily criticized for purchasing the aircraft under political pressure without conducting proper 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;">NAC&rsquo;s stake in the domestic market is currently 3 percent, which is expected to shrink further after grounding the China-made aircraft.</span></span></span></span></p>

<p><span 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 already decided to resume domestic and international flights from August 17. But the state-owned company now doesn&rsquo;t have adequate aircraft for domestic 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;">After grounding the six aircraft, NAC now has just three Twin Otters left in its fleet for internal flights. One of them is currently being repaired to the NAC is in a position to operate only two aircraft at the moment.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">NAC Spokesperson Archana Khadka informed that the flag carrier of Nepal will use these two aircraft for domestic flights for the time being.</span></span></span></span></p>

<p><span 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;NAC has formally decided to ground all the Chinese aircraft for domestic flights. Now we will utilize the Twin Otters for domestic flight,&rdquo; said Khadka.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">NAC stated that the Twin Otters with seat capacity of 17 to 19 passengers will provide service to remote areas of the country. However, NAC will not be operating any flights in the main trunk routes with high number of passengers. NAC had been operating the Chinese aircraft in trunk routes like Bhairahawa, Pokhara, Nepalgunj, Dhangadhi, Simara, Biratnagar and Chandragadhi.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Private companies have been dominating the domestic flight service in the country. Buddha Air, Yeti Airlines and Shree Airlines have strong hold in the domestic flight routes. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">NAC Spokesperson Khadka informed that the company is discussing about procuring new aircraft after it sells off the Chinese planes.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">NAC had to face losses worth Rs 2.3 billion while operating the&nbsp; Chinese aircraft during the last five years.</span></span></span></span></p>

<p>&nbsp;</p>
',
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			'sortorder' => '12005',
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	(int) 10 => array(
		'Article' => array(
			'id' => '12259',
			'article_category_id' => '1',
			'title' => 'Importers doubt Effectiveness of Electronic Cargo Tracking System',
			'sub_title' => '',
			'summary' => 'July 31: Nepali importers have suggested that the Electronic Cargo Tracking System (ECTS) being used for transshipment of goods via India is not necessary along the railway route.',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">July 31: Nepali importers have suggested that the Electronic Cargo Tracking System (ECTS) being used for transshipment of goods via India is not necessary along the railway route.</span></span></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">They also complained that the effectiveness of ECTS, that has been implemented on transshipments of goods imported from Kolkata Port in India, has not been reviewed till date.&nbsp;&nbsp;&nbsp;&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">The Ministry of Industry, Commerce and Supplies itself is unclear about the impact of the ECTS even after a year and a half since it came into operation. The ministry earlier had been informed to review the impact of ECTS on transshipment of goods within the first three month of its introduction.</span></span></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">ECTS was implemented as a pilot project to facilitate the transshipment of goods for overseas trade at the seaports of 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">However, the importers claim additional ECTS is unnecessary along the railway route as it is already being used on containers transported by the trains.</span></span></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">At present, a tracking device based on GPS is connected to the container coming from Kolkata port till Birgunj dry port.</span></span></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">This system was adopted from February 15, 2019 to remove the paperwork at Kolkata Port.</span></span></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 ECTS was implemented to ensure that containers coming from third countries were not misused in 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">Even though it is said that the container can be monitored through this device, the service provider has not provided tracking facility to most of the concerned importers.</span></span></span></span></p>

<p>&nbsp;</p>
',
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	(int) 11 => array(
		'Article' => array(
			'id' => '12256',
			'article_category_id' => '1',
			'title' => 'Import of Gold Lowest in 5 Years',
			'sub_title' => '',
			'summary' => 'July 30: The lockdown imposed by the government to contain the spread of coronavirus and the increase in price of gold in the international market led to a drastic fall in import of the precious yellow metal during the last fiscal year.',
			'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;">July 30: The lockdown imposed by the government to contain the spread of coronavirus and the increase in price of gold in the international market led to a drastic fall in import of the precious yellow metal during the last fiscal year.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">According to the data maintained by the Department of Customs, the import of gold in FY 2019/20 was the lowest in the last five years. During the review period, Nepal imported gold worth Rs 13.46 billion, which is 61.11 percent less than the import in the previous fiscal year (2018/19) when the country imported gold worth Rs 34.61 billion.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Five years ago, the import of gold was worth Rs 16.7 billion.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">In the recent years, Nepal had been importing gold worth Rs 30 billion in average every year. But this year, the import of gold declined to a great extent.</span></span></span></span></p>

<p><span 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 terms of quantity, the import of gold declined by 68 percent in the review period compared to the previous fiscal year. In FY 2019/20, Nepal imported 7492 kg of gold while the import in FY 2018/19 was 1400 kg.</span></span></span></span></p>

<p><span 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 country didn&rsquo;t import any gold after the government imposed lockdown on March 24. Executive Director of Nepal Banker&rsquo;s Association Anil Sharma told New Business Age that the country hasn&rsquo;t imported gold after the lockdown was imposed. Banks have stock of 330 kg gold which was imported before the lockdown period. The banks have been supplying gold to the market as per the demand.</span></span></span></span></p>

<p><span 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;Dealers have stopped buying gold due to the increase in price,&rdquo; said Sharma, adding that hardly 1 kg of gold gets sold in a day.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">He said that the banks will not import any additional gold until the stock is cleared.</span></span></span></span></p>

<p>&nbsp;</p>

<p><span 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 price of gold was Rs 60,000 per tola (11 grams approximately) by mid-July 2019. The price has increased to almost Rs 100,000 in about a year. Due to the increase in price of gold, the trade has slumped a lot. Gold dealers themselves have reportedly urged bankers not to import any more gold.</span></span></span></span></p>

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

<p>&nbsp;</p>
',
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	(int) 12 => array(
		'Article' => array(
			'id' => '12255',
			'article_category_id' => '1',
			'title' => 'University of Arizona Offers Online Degree in Collaboration with Partner in Nepal',
			'sub_title' => '',
			'summary' => '',
			'content' => '<p><span style="font-size:20px"><span style="font-family:Arial">July 30: USA-based University of Arizona and rem.work, Kathmandu have announced a coworking space partnership for the concept of &ldquo;Global Campus&rdquo; to help students start or continue a US degree without leaving their home country. </span></span></p>

<p><span style="font-size:20px"><span style="font-family:Arial">A joint statement issued by the two organisation states that rem.work, a leading coworking space provider in Nepal, has created &ldquo;flexible and affordable options&rdquo; with the University of Arizona to allow students to earn a full US degree or US transfer credits. </span></span></p>

<p><span style="font-size:20px"><span style="font-family:Arial">&ldquo;Not only does Global Campus help solve the mobility challenges of today caused by COVID-19, it is a meaningful and long-term effort at meeting the UN Sustainable Development Goal of providing accessible quality education to the world,&rdquo; the statement quoted President of the University of Arizona Robert C Robbins as saying.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Arial">As universities have increasingly pivoted to offer online learning modalities, coworking spaces have become a pioneering point of access for University of Arizona&rsquo;s global campus degree programs. </span></span></p>

<p><span style="font-size:20px"><span style="font-family:Arial">Enrolling in the University of Arizona through a coworking partner is attractive to mid-career and working professionals looking to up-skill, re-skill, or start a master&rsquo;s program in a safe and professional setting, with access to reliable internet and leading-edge amenities, the statement&nbsp; further said. </span></span></p>

<p><span style="font-size:20px"><span style="font-family:Arial">&ldquo;With a substantial scholarship in place for students in Nepal, this is one of the most flexible and affordable ways to get a fully-accredited U.S. degree from a high-ranking U.S. university, without leaving the country. Tuition covers online classes taught by top-notch Arizona faculty, as well as full access to all current and future rem.work facilities in Nepal,&rdquo; the statement added.</span></span></p>

<p><img alt="" src="/app/webroot/userfiles/images/Global-Campus-TWITTER-15-1.png" style="height:409px; width:545px" /></p>

<p><span style="font-size:20px"><span style="font-family:Arial">According to the statement, the website of the University of Arizona (<a href="https://everywhere.arizona.edu/">everywhere.arizona.edu</a>) presents students with flexible degree path options and guides them to an adviser who can assist in finding a convenient coworking location, and will help the student create a customized degree plan.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Arial">&ldquo;The events that caused the current situation in international education have hastened the dawn of a new post-mobility world in which physical travel is unnecessary for the creation and transmission of knowledge across borders,&rdquo; said Brent White, vice provost of global affairs at Arizona.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Arial">&ldquo;Almost overnight, courses have transitioned to online, and international students are continuing to study while remaining safe at home in their own countries. We want to help them achieve their dreams of a U.S. degree, no matter the circumstances.&rdquo;</span></span></p>

<p><span style="font-size:20px"><img alt="" src="/app/webroot/userfiles/images/Global-Campus-FB-10-1.png" style="height:420px; width:800px" /></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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	(int) 13 => array(
		'Article' => array(
			'id' => '12254',
			'article_category_id' => '1',
			'title' => 'Shareholders Worried by Closure of Sri Ram Sugar Mill ',
			'sub_title' => '',
			'summary' => 'July 30: With the announcement of the closure of Shri Ram Sugar Mills, shareholders of the company are worried about losing their investment.',
			'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;">July 30: With the announcement of the closure of Shri Ram Sugar Mills, shareholders of the company are worried about losing their investment. As soon as the company permanently shut down from July 28, the share trading was also closed. </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 share transaction of the company was active till Monday, July 27 when 770 units of shares were traded. Each unit of share was traded for Rs 338. </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;">Shareholder Damaruballabh Ghimire said that the company which issued shares 19 years ago, has paid 7-8 percent dividend only once. He said that the shares issued by 67 companies to the public have not returned their investments after their closure. </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 Ghimire, he fears that the shareholders will not get anything as the company will have to pay their staff, farmers, and bank loans by selling their movable and immovable assets. He alleges that private companies are making profit while the public companies are shut down stating that they are at loss. </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;">Companies like Necon Air, Gorakhkali Rubber Industry, Crystal Finance, Basbari Leather Shoe Company, and Nepal Battery have been closed but not a single investor has received their share. Many have kept their certificates safe in the hope of getting their money back. </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 law, the shareholders should get back their investment. When a company is dissolved, </span></span><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">the first priority should be given to the workers and employees of the industry while paying the liability of the company. The remaining amount is then used for repaying the loan and liquidator&rsquo;s remuneration. The amount paid to sugarcane farmers by Shri Ram Sugar Mills should also be given priority. The investors will get back their investment only after paying off these amount. </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;">However, even after selling all the assets of the mills, it is said that it is difficult to pay the investors. Spokesperson of Nepal Stock Exchange (NEPSE) Murari Parajuli said that it is uncertain whether Sri Ram Mills can return the investment of the shareholders or not. He said that if the liquidator orders the dismissal of the company, NEPSE will use the power of the market operator to determine whether the shareholders have been given priority or not. </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;">Due to lack of capital, the company has not been able to pay the amount and remuneration of the employees working in the industry for the last four months. The company said it would pay the amount from the sale of movable property. The management of the company has already started the process for the necessary permission from the Government of Nepal in this regard. </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 3.45 million units of share are listed in the secondary market of security deposit worth Rs 304.5 million. </span></span></span></span></p>
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			'id' => '12252',
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			'title' => 'Hotel Industry Formally Resumes Service',
			'sub_title' => '',
			'summary' => 'July 30: Hotels and restaurants have formally reopened from today after the government lifted a ban on operating hotel industry effective from July 30. ',
			'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;">July 30: Hotels and restaurants have formally reopened from today after the government lifted a ban on operating hotel industry effective from July 30. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Trekking agencies, travel and expedition companies have resumed their service targeting the peak season. However, the hotel entrepreneurs are worried about the uncertainty of the protocol set by the health ministry. They say that the government has not made any clear criteria regarding foreign tourists and therefore they are a little hesitant. The government has not set clear criteria about handling the foreign visitors after PCR test. They argue that the foreign tourists do not visit Nepal to stay in quarantine for 14 days. But the government is not clear about this provision, informed Srijana Rana, president of Hotel Association of Nepal.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Although the protocol issued by the ministry has defined the dos and don&rsquo;ts for hotels, restaurants, airline companies and all the businesses associated with tourists, it doesn&rsquo;t mention anything about tourists. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Senior Vice President of HAN Binayak Shah says tourists cannot visit Nepal in this context even if they are willing to come here.</span></span></span></span></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