NEWS

Gold Price Sets New Record

Jul 27, 2020 0 1 minutes 14 seconds to read

July 27: The price of gold in the Nepali market reached an all-time high on Monday (July 27).…

Promoter Share of CIT up for Auction

Jul 27, 2020 0 1 minutes 22 seconds to read

July 27: Promoter share of Citizenship Investment Trust (CIT) owned by Life Insurance Corporation Nepal Limited (LIC Nepal) has been put up for auction from Monday (July…

Supreme Court Tells United Insurance Company to Settle Insurance Claim

Jul 27, 2020 0 3 minutes 11 seconds to read

July 27: The Supreme Court has upheld the insurance claim made by Everest Paper Mills.…

Hotel Industry Gearing Up to Resume Service

Jul 27, 2020 0 3 minutes 46 seconds to read

July 27: Hotel entrepreneurs have started preparations to resume their business, which has been halted due to coronavirus and the subsequent lockdown imposed to control the spread of the…

NRB Holds Discussion with the Board Members of Sunrise Bank

Jul 27, 2020 0 1 minutes 48 seconds to read

July 27: Nepal Rastra Bank held discussion with the Board of Directors (BOD) of Sunrise Bank on Sunday, July 26 regarding the board’s attempt to remove the bank’s CEO.…

Tourism Entrepreneurs Demand Immediate Release of Relief Fund to Resume Business

Jul 26, 2020 0 1 minutes 54 seconds to read

July 26: Tourism entrepreneurs are preparing to reopen hotels, restaurants and trekking agencies which were closed since the last four months after the government imposed lockdown on March…

NRB Decides to Mop Excess Liquidity of Rs 20 Billion

Jul 26, 2020 0 2 minutes 50 seconds to read

July 26: Nepal Rastra Bank (NRB) has decided to take necessary measures for mopping excess liquidity in banks due to the poor demand for loans.…

Government Liabilities to Social Security Fund Exceeds Rs 1 billion

Jul 26, 2020 0 2 minutes 10 seconds to read

July 26: The government’s liability for Social Security Fund (SSF) has exceeded Rs 1 billion during the four months of…

Internal Dispute of Sunrise Bank Drags the Bank to NRB

Jul 26, 2020 0 2 minutes 37 seconds to read

July 26: Nepal Rastra Bank has called the CEO and Board of Directors (BOD) of Sunrise Bank for discussion after the internal dispute between them escalated.…

Investment Commitment Shrinks by 46 Percent

Jul 26, 2020 0 2 minutes 31 seconds to read

July 26: Investment commitment for Nepal in the last fiscal year was the lowest since the past three years despite the government’s claim that there has been an improvement in investment-friendly environment.…

Government Starts Issuing Embossed Number Plates

Jul 26, 2020 0 1 minutes 41 seconds to read

July 26: The government has started distributing embossed number…

Price of Gold Reaches All-time High in Nepal

Jul 24, 2020 0 1 minutes 13 seconds to read

July 24: The price of gold has been increasing steadily in the market of…

Cement Industries Forced to Import Clinker due to Government Policy

Jul 24, 2020 0 2 minutes 44 seconds to read

July 24: The government has adopted a policy for the country to become self reliant on…

FNCCI Election Postponed Again

Jul 24, 2020 0 2 minutes 31 seconds to read

July 24: The upcoming 54th General Assembly of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) has been postponed once…

Parliamentary Committee Begins Probe into Khimti Hydropower Project

Jul 24, 2020 0 2 minutes 29 seconds to read

July 24: A parliamentary committee has decided to initiate a probe into the delay in transfer of ownership of Khimti Hydropower…

< previous568569570571572573574575576next >

No Laughing Matter

The Sweet Rewards of Power

By Madan Lamsal

. . .
read more »

NEPSE

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			'id' => '12237',
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			'title' => 'Gold Price Sets New Record ',
			'sub_title' => '',
			'summary' => 'July 27: The price of gold in the Nepali market reached an all-time high on Monday (July 27). ',
			'content' => '<p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:Arial">July 27: The price of gold in the Nepali market reached an all-time high on Monday (July 27).&nbsp; The price of the precious yellow metal has been increasing steadily since the last few days.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:Arial">According to the Federation of Nepalese Gold and Silver Dealers Association, the price of gold has increased overnight by Rs 1200 per tola (11 grams approximately). </span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:Arial">The price of fine gold has reached Rs 97,500 per tola. The latest price hike is a new record in the price of gold in the country.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:Arial">Likewise, the price of silver has also increased by Rs 55 per tola. Silver is being traded for Rs 1210 per tola with the increase in price. </span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:Arial">The price of gold has also increased in the international market to reach an all-time high. The price of gold in the international market increased by 1 percent to reach 1920.9 dollors per ounce. The price of gold has been&nbsp; increasing since the trade war between USA and China began last year.</span></span></span></p>

<p>&nbsp;</p>
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			'id' => '12236',
			'article_category_id' => '1',
			'title' => 'Promoter Share of CIT up for Auction',
			'sub_title' => '',
			'summary' => 'July 27: Promoter share of Citizenship Investment Trust (CIT) owned by Life Insurance Corporation Nepal Limited (LIC Nepal) has been put up for auction from Monday (July 27).',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">July 27: Promoter share of Citizenship Investment Trust (CIT) owned by Life Insurance Corporation Nepal Limited (LIC Nepal) has been put up for auction from Monday (July 27).</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">Altogether 50,000 units of promoter share of CIT will be up for auction for a week until July 3.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">Banks and Financial Institutes (BFIs) and insurance companies interested in purchasing those shares can acquire them by presenting a sealed-bid quotation of at least Rs 1,800 per unit.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">The minimum units shares that interested companies can purchase is 100 units or its multiple.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">Nepal SBI Merchant Banking Limited and Life Insurance Corporation Nepal have been appointed as the share registrar for the auction.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">The quotation form can be availed from the branch offices of Nepal SBI Merchant Banking in Biratnagar, Birtamod, Birgunj, Janakpur, Hetauda, Narayangadh, Pokhara, Baglung, Butwal, Dang, Nepalgunj, Surkhet, Dhangadhi and Mahendranagar.</span></span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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			'id' => '12235',
			'article_category_id' => '1',
			'title' => 'Supreme Court Tells United Insurance Company to Settle Insurance Claim ',
			'sub_title' => '',
			'summary' => 'July 27: The Supreme Court has upheld the insurance claim made by Everest Paper Mills. ',
			'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 27: The Supreme Court has upheld the insurance claim made by Everest Paper Mills. Issuing a final verdict in favour of the mill, the apex court has ordered United Insurance Company to pay the insurance claim to the mill after a lengthy legal battle. In addition to that, the insurance company has also been instructed to pay the interest for the liable amount.</span></span></span></span></p>

<p><span 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 division bench of justices Bisnwambhar Prasad Shrestha and Hari Prasad Phuyal issued the verdict last Wednesday (July 22). The paper mill had claimed insurance worth Rs 15 million for damages while filing the complaint. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">However, United Insurance has said it will take further legal steps after getting the full text of the verdict. Stating that the Supreme Court&rsquo;s verdict has victimized them, a high ranking official of the insurance company said they will take further legal steps in this regard.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">&ldquo;We haven&rsquo;t received the full text of Supreme Court verdict. We ill take further legal steps after consulting with our layers upon receiving the full text,&rdquo; said the official requesting anonymity.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">He argued that the Supreme Court&rsquo;s verdict in favour of the petitioner has been unjust for them when the surveyor has presented a report that warrants &lsquo;no claim&rsquo;. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">During the insurgency era, the then Maoists rebels had detonated a pressure cooker bomb at Everest Paper Mills after the company declined to provide donation to the insurgents. The blast had damaged the machinery and readymade papers inside the mill.</span></span></span></span></p>

<p><span 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 paper mill had purchased two separate insurance policies from the insurance company for the machinery plant and the readymade products. </span></span></span></span></p>

<p><span 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 insurance company argues that the insurance policy covers damage to readymade products stored in the warehouse but the paper mill has been claiming compensation for products damaged in the plant. </span></span></span></span></p>

<p><span 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 paper mill and insurance company had jointly hired two surveyors to prepare a report. The surveyors concluded that it was the company&rsquo;s flaw to keep the readymade products inside the plant and therefore the insurance company did not need to pay for the damages. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">As per the recommendation made by the report, the insurance company had paid Rs 45 million to the mill for the damages sustained by the plant.</span></span></span></span></p>
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			'id' => '12233',
			'article_category_id' => '1',
			'title' => 'Hotel Industry Gearing Up to Resume Service',
			'sub_title' => '',
			'summary' => 'July 27: Hotel entrepreneurs have started preparations to resume their business, which has been halted due to coronavirus and the subsequent lockdown imposed to control the spread of the disease.',
			'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 27: Hotel entrepreneurs have started preparations to resume their business, which has been halted due to coronavirus and the subsequent lockdown imposed to control the spread of the disease.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">They are gearing up to reopen hotels and restaurants after the government decided to allow them to resume their services 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 hotel industry has been completely shut since the last four months after the government imposed the lockdown on March 24. Hotel entrepreneurs say it is not possible to resume full-fledged service right now so they will be partially operating with just 10 percent of their capacity 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;">Shangri-La Hotel, a five-star hotel in the capital, is preparing to resume its service from the upcoming full moon day (Janai Purnima festival) on August 3. Meanwhile, another five-star hotel, Radisson, is doing its homework to resume service after mid-August. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Similarly, other restaurants and bars have also started training their staffers and adopting safety measures as per the health standard set by the government to resume their 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:&quot;Arial Unicode MS&quot;">Senior Vice President of Hotel Association of Nepal (HAN) Binayak Shah says that small and medium-sized hotels are actively preparing to resume their service than the big hotels.</span></span></span></span></p>

<p><span 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;At this point, we are resuming service not to&nbsp; make profit but to give the message that we are trying to create a conducive environment for business. We just want to bring the business back in tune,&rdquo; said Shah.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Shah, who is also the executive director of Airport Hotel, informed that they will be operating at 10 percent of their capacity 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;">Executive Director of Shangri-La Hotel Praveen Bahadur Pandey said that the hotel will resume service from the upcoming full moon day just for &ldquo;maintenance&rdquo;.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">&ldquo;We are still not allowed to organize mass meetings and parties. But the hotel will remain open with limited service for some personal guests who regularly visit our coffee shops and restaurant,&rdquo; said Pandey. </span></span></span></span></p>

<p><span 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 added that they are expecting 2 to 10 percent of 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;">&ldquo;We will mobilize only 10 percent of staffers,&rdquo; he added.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Hotel entrepreneurs say that although the government has given approval to resume their business, foreign tourists visiting Nepal still need to stay in quarantine for 14 days. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Pandey argues that foreign tourists will not visit Nepal if they have to stay in quarantine for 14 days.</span></span></span></span></p>
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		'Article' => array(
			'id' => '12234',
			'article_category_id' => '1',
			'title' => 'NRB Holds Discussion with the Board Members of Sunrise Bank',
			'sub_title' => '',
			'summary' => 'July 27: Nepal Rastra Bank held discussion with the Board of Directors (BOD) of Sunrise Bank on Sunday, July 26 regarding the board’s attempt to remove the bank’s CEO. ',
			'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 27: Nepal Rastra Bank held discussion with the Board of Directors (BOD) of Sunrise Bank on Sunday, July 26 regarding the board&rsquo;s attempt to remove the bank&rsquo;s CEO. NRB had called both the parties for discussion after the BOD had demanded the resignation of CEO Janak Poudel. </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, NRB held discussion only with the board members. Executive Director of the central bank&rsquo;s BFI Regulatory Department Dev Kumar Dhakal, executive director of the bank&rsquo;s Supervision Department Mukunda Chhetri, BOD chairman Moti Lal Dugar, directors Bachha Raj Tater, Malchand Dugar, Shailendra Guragain, Sharada Sharma, Dipak Nepal and Om Krishna Joshi were present during the discussion. </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;">During the discussion, officials of NRB only asked the board members about the reason of the recent dispute. Executive director Dhakal did not want to speak about details of the discussion and only said that it was a normal routine process of NRB. </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;">In the half an hour-long discussion, Sunrise BOD told NRB that they were not satisfied with the performance of the CEO. &ldquo;We have put our words in front of NRB officials, but they have not given any suggestion yet. We are waiting for their suggestion,&rdquo; one of the directors of the bank said. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">On the other side, CEO Poudel expressed his dissatisfaction that he was not invited in the discussion and reiterated that he will not resign. </span></span></span></p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '12231',
			'article_category_id' => '1',
			'title' => 'Tourism Entrepreneurs Demand Immediate Release of Relief Fund to Resume Business',
			'sub_title' => '',
			'summary' => 'July 26: Tourism entrepreneurs are preparing to reopen hotels, restaurants and trekking agencies which were closed since the last four months after the government imposed lockdown on March 24.',
			'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 26: Tourism entrepreneurs are preparing to reopen hotels, restaurants and trekking agencies which were closed since the last four months after the government imposed lockdown on March 24.&nbsp; However, despite the government lifting the lockdown, tourism entrepreneurs are not in a position to reopen their businesses right away due to lack of&nbsp; capital. Therefore, they have urged the government to immediately release the fund announced as a relief for this sector. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Nepal Rastra Bank has maintained that its new monetary policy and an additional fund of Rs 50 billion pledged by the government for the tourism industry would help in revitalizing the sector which has been badly affected by coronavirus.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">However, tourism entrepreneurs have urged the government to immediately release the fund stating that they lack capital to resume their 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;">The government had pledged Rs 50 billion to facilitate the payment of workers associated with the tourism industry. The fund will be released as soon as the government makes it available to the Nepal Rastra Bank.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Secretary at the Ministry of Culture, Tourism and Civil Aviation Kedar Bahadur Adhikari said that they have already urged the finance ministry to set up the fund. &ldquo;But we have not received any word from the Finance Ministry,&rdquo; he said. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Meanwhile, the central bank has announced various concessions for the tourism sector in its monetary policy. </span></span></span></span></p>
',
			'published' => true,
			'created' => '2020-07-26',
			'modified' => '2020-07-26',
			'keywords' => '',
			'description' => '',
			'sortorder' => '11979',
			'image' => '20200726035417_20200505123424_20180513122353_tourism.jpg',
			'article_date' => '2020-07-26 15:53:07',
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	(int) 6 => array(
		'Article' => array(
			'id' => '12230',
			'article_category_id' => '1',
			'title' => 'NRB Decides to Mop Excess Liquidity of Rs 20 Billion',
			'sub_title' => '',
			'summary' => 'July 26: Nepal Rastra Bank (NRB) has decided to take necessary measures for mopping excess liquidity in banks due to the poor demand for loans. ',
			'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 26: Nepal Rastra Bank (NRB) has decided to take necessary measures for mopping excess liquidity in banks due to the poor demand for loans. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">It is estimated that banks are currently having excessive liquidity of Rs 200 billion. The central bank on Thursday (July 23)decided to issue reversal repo (repurchase agreement) of Rs 20 billion with maturity period of one week.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">NRB in its new monetary policy has increased the core capital plus deposit (CCD) ratio of banks from 80 percent to 85 percent targeting increased flow of loans to Covid-19 affected sector. This provision, which will last till the end of the current fiscal year, is expected to raise the excess liquidity to Rs 120 billion in average.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Banking expert Analraj Bhattarai stresses on making the economy vibrant to attain the 7 percent economic growth target set by the government. Bhattarai believes that the government has to ease the liquidity crunch to attain this target.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">&ldquo;The lending capacity of banks has increased after the NRB increased the CCD ratio and removed buffer capital. People seeking loan can avail loan at low interest rate if there is sufficient liquidity in the market,&rdquo; said Bhattarai.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">NRB Spokesperson Dr Gunakar Bhatta informed New Business Age that the central bank is preparing to issue new directives within a few days.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">&ldquo;Increasing the CCD ration will increase liquidity in the market,&rdquo; said Bhatta, adding, &ldquo;We are preparing to issue new directives in this regard very soon.&rdquo; </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">According to Bhatta, the new directive will stabilize the economy.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Meanwhile, President of Nepal Bankers Association, Bhuvan Dahal, says simply increasing the CCD ratio alone will not increase the liquidity in the market.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">However, Bhatta insists that the new provision will increase the liquidity which in turn will increase the flow of investible capital. This is expected to reduce the rate of interest.</span></span></span></span></p>
',
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			'created' => '2020-07-26',
			'modified' => '2020-07-27',
			'keywords' => '',
			'description' => '',
			'sortorder' => '11978',
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	(int) 7 => array(
		'Article' => array(
			'id' => '12232',
			'article_category_id' => '1',
			'title' => 'Government Liabilities to Social Security Fund Exceeds Rs 1 billion',
			'sub_title' => '',
			'summary' => 'July 26: The government’s liability for Social Security Fund (SSF) has exceeded Rs 1 billion during the four months of lockdown.',
			'content' => '<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">July 26: The government&rsquo;s liability for Social Security Fund (SSF) has exceeded Rs 1 billion during the four months of lockdown.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">According to SSF, the government is yet to pay Rs 1.12 billion to the fund.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">The government anticipating meltdown of economy and business due to the lockdown had announced to contribute to the SSF on behalf of the employees under their relief program to facilitate the private sector .</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">The finance ministry had announced that the government would contribute to the SSF on behalf of the affiliated industries and companies for the months of March, April, May and June. </span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">Following the announcement, the government&rsquo;s payable amount to the SSF has reached Rs 1.12 billion for the months of March, April, May and June. </span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">So far, the government has only deposited Rs 186.7 million for March. </span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">The Social Security Fund has already written to the ministry of finance to clear the pending amount. According to the fund, a total of Rs 940 million is yet to be paid by the government for the remaining three months.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">Kapil Mani Gyawali, executive director of SSF informed that the government has been requested to pay Rs 940 million for April, May and June.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">&ldquo;The Ministry of Finance has assured SSF that it will deposit the pending amount within the month of July as the new fiscal year has started,&rdquo; he informed.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">Gyawali said that private establishments were reluctant to join the fund before the lockdown but now have gradually started joining the fund as the industry and business are affected by the pandemic.</span></span></span></p>

<p>&nbsp;</p>
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	(int) 8 => array(
		'Article' => array(
			'id' => '12229',
			'article_category_id' => '1',
			'title' => 'Internal Dispute of Sunrise Bank Drags the Bank to NRB ',
			'sub_title' => '',
			'summary' => 'July 26: Nepal Rastra Bank has called the CEO and Board of Directors (BOD) of Sunrise Bank for discussion after the internal dispute between them escalated. ',
			'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">July 26: Nepal Rastra Bank has called the CEO and Board of Directors (BOD) of Sunrise Bank for discussion after the internal dispute between them escalated. </span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">Unsatisfied with the performance of CEO Janak Sharma Poudel, the BOD had decided to seek his resignation. NRB has called both sides for discussion on Sunday after the BOD demanded resignation and Poudel refused to resign. </span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">NRB&rsquo;s decision to call the bank&rsquo;s officials in relation to the internal dispute is considered as an intervention by the central bank. The chairman of the bank should have looked after policy and the CEO should have looked at the implementation part. However, NRB intervened after seeing that the dispute between the two parties may get the bank into trouble. </span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">Dev Kumar Dhakal, executive director of the regulatory department of NRB, informed that all parties of the bank will be questioned on Sunday (July 26). &ldquo;The BOD of Sunrise Bank has demanded the resignation of the CEO. Therefore, we have called both the parties,&rdquo; he said, adding, &ldquo;NRB can supervise and discuss with the banks and financial institutions at any time if necessary.&rdquo; </span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">One side has claimed that the CEO&#39;s resignation was demanded as per the decision of the BOD while the other side has claimed that only the dissident group has demanded his resignation. </span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">According to a source close to the bank, some members of BOD (especially Malchand Dugad) were not satisfied with Poudel&rsquo;s performance. </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;The dispute erupted after the chairman of the bank Moti Lal Dugad was in favor of the CEO,&rdquo; the source said. </span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">In the meantime, CEO Poudel said that there is a internal misunderstanding with the board and there&rsquo;s no official decision about resignation. &ldquo;Neither there is an official decision about resignation nor will I resign. It has been a year since I started working. There&rsquo;s still three years left in the four years tenure. I will take the bank to new heights till the end of my tenure,&rdquo; Poudel told New Business Age.&nbsp;&nbsp; </span></span></span></p>

<p>&nbsp;</p>
',
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			'keywords' => '',
			'description' => '',
			'sortorder' => '11976',
			'image' => '20200726023403_1595713284.Clipboard05.jpg',
			'article_date' => '2020-07-26 14:32:17',
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	(int) 9 => array(
		'Article' => array(
			'id' => '12228',
			'article_category_id' => '1',
			'title' => 'Investment Commitment Shrinks by 46 Percent ',
			'sub_title' => '',
			'summary' => 'July 26: Investment commitment for Nepal in the last fiscal year was the lowest since the past three years despite the government’s claim that there has been an improvement in investment-friendly environment. ',
			'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 26: Investment commitment for Nepal in the last fiscal year was the lowest since the past three years despite the government&rsquo;s claim that there has been an improvement in investment-friendly environment. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Data from the Department of Industry show that the investment commitment in the Fiscal year 2019/20 decreased by 46.13 percent as the investors were in a wait and watch mood due to the coronavirus pandemic.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">A total of 277 industries, including small-scale industries as well and medium and large industries, were registered with the Department of Industry in the last fiscal year. These industries had received investment commitment of Rs 152 billion. But the investment commitment as well as number of industries registered in the last fiscal year was significantly lower than that of FY 2018/19. In FY 2018/19, a total of 439 industries were registered with investment commitment of Rs 283 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;">The major reason for the decline in investment commitment is considered as the decrease in number of registration of industries. The registration of industries in the last few months of FY 2019/20 shrunk by 36.9 percent as the country&rsquo;s economy was paralyzed by 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;">Although the overall investment commitment in the last fiscal year declined significantly, there was an increase in foreign investment commitment. According to the Department of Industries, foreign investment commitment in FY 2019/20 increased by 51 percent compared to the previous fiscal year. Foreign companies had committed to invest Rs 38.35 billion in 223 companies in the last fiscal year. Such commitment from foreign investors in the previous fiscal year was 25.47 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;">Spokesperson at the Department of Industry, Binod Khadka, told New Business Age that the registration of new companies has come to a standstill in the last few months due to coronavirus.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">According to the Department, sectors like energy, tourism and production are the first choice for investors. The energy sector received the largest share of investment commitment of Rs 100 billion followed by Rs 20 billion for tourism sector.</span></span></span></span></p>

<p>&nbsp;</p>
',
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			'created' => '2020-07-26',
			'modified' => '2020-07-26',
			'keywords' => '',
			'description' => '',
			'sortorder' => '11975',
			'image' => '20200726111758_1595713489.1 copy.jpg',
			'article_date' => '2020-07-26 11:16:08',
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	(int) 10 => array(
		'Article' => array(
			'id' => '12227',
			'article_category_id' => '1',
			'title' => 'Government Starts Issuing Embossed Number Plates',
			'sub_title' => '',
			'summary' => 'July 26: The government has started distributing embossed number plates.',
			'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 26: </span></span><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The government has started distributing embossed number plates. Minister for Physical Infrastructure and Transport Basanta Nembang and Physical Infrastructure Minister of Bagmati Province Rameshwar Phuyal jointly distributed the number plates amid a function in the capital&nbsp; on Friday (July 24).</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Speaking at the function, Minister Nembang said that the government is working toward proper management of transportation system in the new federal setup by delegating powers to the provinces and local units.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">He further said that the government is preparing to set up offices to test the condition of vehicles in all seven provinces with the objective of minimizing accidents. In this regard vehicle fitness test centres have already been established in Butwal and Hetauda, he added.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Minister Nambang also said that the government had planned replacing the traditional number plates with embossed number plates long ago but was unable to do so due to legal obstacles. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">&ldquo;The process to issue the smart number plates with digital information to 2.5 million vehicles has been initiated,&rdquo; Minister Nembang announced, adding that all the vehicles will have to use embossed number plates within a few years.</span></span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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			'image' => '20200726104944_1595608051.number plate.jpg',
			'article_date' => '2020-07-26 10:49:04',
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	(int) 11 => array(
		'Article' => array(
			'id' => '12225',
			'article_category_id' => '1',
			'title' => 'Price of Gold Reaches All-time High in Nepal',
			'sub_title' => 'One Tola of Gold being Traded at Rs 95,800',
			'summary' => 'July 24: The price of gold has been increasing steadily in the market of Nepal.',
			'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 24: The price of gold has been increasing steadily in the market of Nepal. The price of gold increased by Rs 1300 per tola (11 grams approximately) on Friday to reach an all-time high.</span></span></span></span></p>

<p><span 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 Nepal Gold and Silver Dealer&rsquo;s Federation, gold is being traded at Rs 95,800 per tola as of Friday. On Thursday, the price of gold per tola was Rs 94,500, which too was Rs 500 more than the previous 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;">Likewise, the price of silver also increased marginally on Friday. The price of silver was up by Rs 5 per tola. Silver is being traded for Rs 1150 per tola.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Investors are attracted toward gold due to the coronavirus pandemic. They are investing heavily on gold to secure their investment, thereby causing a sharp rise in the price of the precious yellow metal.</span></span></span></span></p>

<p>&nbsp;</p>
',
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			'created' => '2020-07-24',
			'modified' => '2020-07-24',
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			'description' => '',
			'sortorder' => '11973',
			'image' => '20200724022325_gold.jpg',
			'article_date' => '2020-07-24 14:22:41',
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	(int) 12 => array(
		'Article' => array(
			'id' => '12226',
			'article_category_id' => '1',
			'title' => 'Cement Industries Forced to Import Clinker due to Government Policy ',
			'sub_title' => '',
			'summary' => 'July 24: The government has adopted a policy for the country to become self reliant on cement.',
			'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 24: The government has adopted a policy for the country to become self reliant on cement. On the other hand, the government&rsquo;s policy itself forces cement manufacturers to import clinker from abroad.</span></span></span></span></p>

<p><span 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 Nepal Bureau of Standards and Metrology (NBSM) has set a criterion for Ordinary Portland Cement (OPC) to have not more than 5 percent of Magnesium Oxide (MGO). However, the content of MGO in locally-made clinker is more than 6 percent due to which cement producers are forced to import clinker from 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;">Some local clinker industries have been manufacturing clinker by purchasing limestone from mines that have low content of magnesium. However, majority of cement industries import clinker. It has been found that the mines in western Nepal has high content of MGO.</span></span></span></span></p>

<p><span 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 mines of eastern Nepal have low content of MGO which comply with the standard set by the government, mines of western Nepal in Palpa and&nbsp; Dang have high amount of MGO, according to Dhruba Thapa, chairman of Nepal Cement Producers Association.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">&ldquo;We are forced to mix the clinker with high content of MGO with the ones with low content. This increases the cost of production,&rdquo; said Thapa.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Thapa claimed that the limestone of Palpa and Dang have 4 percent of MGO, which increases to 6 percent when they prepare clinker.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Communication officer at the NBSM Sanjeev Kumar Thakur said that they have received information that the content of MGO differ from one mine to the other, but they do not have proper data regarding it.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">At present, there are 65 cement industries in operation in Nepal. Among them, 18 produce clinker on their own. The others import clinker. The government has announced plans to become self reliant on cement four years ago. But the industry is still relying on import to produce cement.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">NBSM claims that high content of MGO makes the cement weak.</span></span></span></span></p>
',
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	(int) 13 => array(
		'Article' => array(
			'id' => '12224',
			'article_category_id' => '1',
			'title' => 'FNCCI Election Postponed Again',
			'sub_title' => 'Office Bearers Decide to hold AGM within 15 Days after Government lifts Restriction on Mass Gathering',
			'summary' => 'July 24: The upcoming 54th General Assembly of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) has been postponed once again.',
			'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 24: The upcoming 54<sup>th</sup> General Assembly of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) has been postponed once again. FNCCI was scheduled to hold the General Assembly on August 10 and 11 to choose a new leadership. But a meeting of the office bearers of FNCCI and former presidents on Thursday (July 23) decided to defer the General Assembly.</span></span></span></span></p>

<p><span 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 press statement issued by FNCCI states that the General Assembly will be held within 15 days after getting permission from the government to hold mass gatherings. </span></span></span></span></p>

<p><span 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 latest decision, the election for office bearers of FNCCI has now been pushed further away indefinitely.</span></span></span></span></p>

<p><span 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 recent cabinet meeting had decided to lift the ban on lockdown but the restrictions on mass gatherings and various other measures to prevent the spread of coronavirus still remains in place. Therefore, FNCCI has made it clear that they will not be able to organize the General Assembly.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">During Thursday&rsquo;s meeting, majority of the participants agreed that it is not the right time to hold the General Assembly due to the risk of coronavirus pandemic and the floods and landslides taking place 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:&quot;Arial Unicode MS&quot;">They concluded that it is not practical to gather more than 1000 industrialists for the General Assembly because the threat of coronavirus still persists despite the government lifting the lockdown.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The term of current President Bhavani Rana will end after the General Assembly and&nbsp; Senior Vice President Shekhar Golchha will take charge of the responsibilities of FNCCI as per the federation&rsquo;s statute.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Meanwhile, Vice President Chandra Dhakal and Kishor Pradhan will be vying for the post of Senior Vice President in the FNCCI election. There is a provision for the Senior Vice President to lead the federation during the next term.</span></span></span></span></p>
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			'created' => '2020-07-24',
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			'sortorder' => '11971',
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		'Article' => array(
			'id' => '12223',
			'article_category_id' => '1',
			'title' => 'Parliamentary Committee Begins Probe into Khimti Hydropower Project ',
			'sub_title' => '',
			'summary' => 'July 24: A parliamentary committee has decided to initiate a probe into the delay in transfer of ownership of Khimti Hydropower Project.',
			'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">July 24: A parliamentary committee has decided to initiate a probe into the delay in transfer of ownership of Khimti Hydropower Project. The Agriculture, Cooperatives and Natural Resources Committee under the federal parliament has initiated the probe by obtaining documents related to Power Purchase Agreement (PPA) and Project Development Agreement (PDA) of the hydropower project. </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 committee had sent a letter to the Ministry of Energy, Water Resource and Irrigation last Monday to submit the documents within three days. Following the directive, the ministry had sent the necessary documents by Wednesday, and subsequently, the committee started the probe from Thursday. The committee will complete studying the documents within a week. </span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">A member of the probe committee said that they initiated the investigation after the ownership handover of the project was not done in time. &ldquo;We have already started the probe after receiving PPA and PDA. We have taken this step to find out why the handover was not done in time,&rdquo; he said, &ldquo;Now we are studying the arrangement and agreement in PPA and PDA. We will then give necessary instruction to the concerned bodies.&rdquo; </span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">An official of the Nepal Electricity Authority admitted that the parliamentary committee has started investigation into the matter. Spokesperson of NEA Prabal Adhikari said that discussions with Himal Power Limited to finalise the handover of ownership is underway.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">According to the pre-agreement between the Nepal Government and Himal Power Limited, 50% share ownership of the 60 MW project was to be given to NEA. However, due to the four-month long lockdown, it did not happen. Both the ministry and NEA said discussions in this regard is still ongoing. </span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">Prabin Raj Aryal, spokesperson of the ministry informed that they are working to resolve the issue as soon as possible. </span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">As the officials of Himal Power were abroad and stuck there due to the lockdown, a virtual meeting was held between Himal Power and NEA regarding transfer of ownership. However, the meeting could not reach a conclusion. NEA claims that the transfer of the ownership was not completed in time due to the same reason. </span></span></span></p>
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			'id' => '12237',
			'article_category_id' => '1',
			'title' => 'Gold Price Sets New Record ',
			'sub_title' => '',
			'summary' => 'July 27: The price of gold in the Nepali market reached an all-time high on Monday (July 27). ',
			'content' => '<p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:Arial">July 27: The price of gold in the Nepali market reached an all-time high on Monday (July 27).&nbsp; The price of the precious yellow metal has been increasing steadily since the last few days.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:Arial">According to the Federation of Nepalese Gold and Silver Dealers Association, the price of gold has increased overnight by Rs 1200 per tola (11 grams approximately). </span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:Arial">The price of fine gold has reached Rs 97,500 per tola. The latest price hike is a new record in the price of gold in the country.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:Arial">Likewise, the price of silver has also increased by Rs 55 per tola. Silver is being traded for Rs 1210 per tola with the increase in price. </span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:Arial">The price of gold has also increased in the international market to reach an all-time high. The price of gold in the international market increased by 1 percent to reach 1920.9 dollors per ounce. The price of gold has been&nbsp; increasing since the trade war between USA and China began last year.</span></span></span></p>

<p>&nbsp;</p>
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			'id' => '12236',
			'article_category_id' => '1',
			'title' => 'Promoter Share of CIT up for Auction',
			'sub_title' => '',
			'summary' => 'July 27: Promoter share of Citizenship Investment Trust (CIT) owned by Life Insurance Corporation Nepal Limited (LIC Nepal) has been put up for auction from Monday (July 27).',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">July 27: Promoter share of Citizenship Investment Trust (CIT) owned by Life Insurance Corporation Nepal Limited (LIC Nepal) has been put up for auction from Monday (July 27).</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">Altogether 50,000 units of promoter share of CIT will be up for auction for a week until July 3.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">Banks and Financial Institutes (BFIs) and insurance companies interested in purchasing those shares can acquire them by presenting a sealed-bid quotation of at least Rs 1,800 per unit.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">The minimum units shares that interested companies can purchase is 100 units or its multiple.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">Nepal SBI Merchant Banking Limited and Life Insurance Corporation Nepal have been appointed as the share registrar for the auction.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">The quotation form can be availed from the branch offices of Nepal SBI Merchant Banking in Biratnagar, Birtamod, Birgunj, Janakpur, Hetauda, Narayangadh, Pokhara, Baglung, Butwal, Dang, Nepalgunj, Surkhet, Dhangadhi and Mahendranagar.</span></span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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			'id' => '12235',
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			'title' => 'Supreme Court Tells United Insurance Company to Settle Insurance Claim ',
			'sub_title' => '',
			'summary' => 'July 27: The Supreme Court has upheld the insurance claim made by Everest Paper Mills. ',
			'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 27: The Supreme Court has upheld the insurance claim made by Everest Paper Mills. Issuing a final verdict in favour of the mill, the apex court has ordered United Insurance Company to pay the insurance claim to the mill after a lengthy legal battle. In addition to that, the insurance company has also been instructed to pay the interest for the liable amount.</span></span></span></span></p>

<p><span 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 division bench of justices Bisnwambhar Prasad Shrestha and Hari Prasad Phuyal issued the verdict last Wednesday (July 22). The paper mill had claimed insurance worth Rs 15 million for damages while filing the complaint. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">However, United Insurance has said it will take further legal steps after getting the full text of the verdict. Stating that the Supreme Court&rsquo;s verdict has victimized them, a high ranking official of the insurance company said they will take further legal steps in this regard.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">&ldquo;We haven&rsquo;t received the full text of Supreme Court verdict. We ill take further legal steps after consulting with our layers upon receiving the full text,&rdquo; said the official requesting anonymity.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">He argued that the Supreme Court&rsquo;s verdict in favour of the petitioner has been unjust for them when the surveyor has presented a report that warrants &lsquo;no claim&rsquo;. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">During the insurgency era, the then Maoists rebels had detonated a pressure cooker bomb at Everest Paper Mills after the company declined to provide donation to the insurgents. The blast had damaged the machinery and readymade papers inside the mill.</span></span></span></span></p>

<p><span 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 paper mill had purchased two separate insurance policies from the insurance company for the machinery plant and the readymade products. </span></span></span></span></p>

<p><span 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 insurance company argues that the insurance policy covers damage to readymade products stored in the warehouse but the paper mill has been claiming compensation for products damaged in the plant. </span></span></span></span></p>

<p><span 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 paper mill and insurance company had jointly hired two surveyors to prepare a report. The surveyors concluded that it was the company&rsquo;s flaw to keep the readymade products inside the plant and therefore the insurance company did not need to pay for the damages. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">As per the recommendation made by the report, the insurance company had paid Rs 45 million to the mill for the damages sustained by the plant.</span></span></span></span></p>
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			'id' => '12233',
			'article_category_id' => '1',
			'title' => 'Hotel Industry Gearing Up to Resume Service',
			'sub_title' => '',
			'summary' => 'July 27: Hotel entrepreneurs have started preparations to resume their business, which has been halted due to coronavirus and the subsequent lockdown imposed to control the spread of the disease.',
			'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 27: Hotel entrepreneurs have started preparations to resume their business, which has been halted due to coronavirus and the subsequent lockdown imposed to control the spread of the disease.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">They are gearing up to reopen hotels and restaurants after the government decided to allow them to resume their services 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 hotel industry has been completely shut since the last four months after the government imposed the lockdown on March 24. Hotel entrepreneurs say it is not possible to resume full-fledged service right now so they will be partially operating with just 10 percent of their capacity 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;">Shangri-La Hotel, a five-star hotel in the capital, is preparing to resume its service from the upcoming full moon day (Janai Purnima festival) on August 3. Meanwhile, another five-star hotel, Radisson, is doing its homework to resume service after mid-August. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Similarly, other restaurants and bars have also started training their staffers and adopting safety measures as per the health standard set by the government to resume their 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:&quot;Arial Unicode MS&quot;">Senior Vice President of Hotel Association of Nepal (HAN) Binayak Shah says that small and medium-sized hotels are actively preparing to resume their service than the big hotels.</span></span></span></span></p>

<p><span 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;At this point, we are resuming service not to&nbsp; make profit but to give the message that we are trying to create a conducive environment for business. We just want to bring the business back in tune,&rdquo; said Shah.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Shah, who is also the executive director of Airport Hotel, informed that they will be operating at 10 percent of their capacity 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;">Executive Director of Shangri-La Hotel Praveen Bahadur Pandey said that the hotel will resume service from the upcoming full moon day just for &ldquo;maintenance&rdquo;.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">&ldquo;We are still not allowed to organize mass meetings and parties. But the hotel will remain open with limited service for some personal guests who regularly visit our coffee shops and restaurant,&rdquo; said Pandey. </span></span></span></span></p>

<p><span 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 added that they are expecting 2 to 10 percent of 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;">&ldquo;We will mobilize only 10 percent of staffers,&rdquo; he added.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Hotel entrepreneurs say that although the government has given approval to resume their business, foreign tourists visiting Nepal still need to stay in quarantine for 14 days. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Pandey argues that foreign tourists will not visit Nepal if they have to stay in quarantine for 14 days.</span></span></span></span></p>
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			'title' => 'NRB Holds Discussion with the Board Members of Sunrise Bank',
			'sub_title' => '',
			'summary' => 'July 27: Nepal Rastra Bank held discussion with the Board of Directors (BOD) of Sunrise Bank on Sunday, July 26 regarding the board’s attempt to remove the bank’s CEO. ',
			'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 27: Nepal Rastra Bank held discussion with the Board of Directors (BOD) of Sunrise Bank on Sunday, July 26 regarding the board&rsquo;s attempt to remove the bank&rsquo;s CEO. NRB had called both the parties for discussion after the BOD had demanded the resignation of CEO Janak Poudel. </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, NRB held discussion only with the board members. Executive Director of the central bank&rsquo;s BFI Regulatory Department Dev Kumar Dhakal, executive director of the bank&rsquo;s Supervision Department Mukunda Chhetri, BOD chairman Moti Lal Dugar, directors Bachha Raj Tater, Malchand Dugar, Shailendra Guragain, Sharada Sharma, Dipak Nepal and Om Krishna Joshi were present during the discussion. </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;">During the discussion, officials of NRB only asked the board members about the reason of the recent dispute. Executive director Dhakal did not want to speak about details of the discussion and only said that it was a normal routine process of NRB. </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;">In the half an hour-long discussion, Sunrise BOD told NRB that they were not satisfied with the performance of the CEO. &ldquo;We have put our words in front of NRB officials, but they have not given any suggestion yet. We are waiting for their suggestion,&rdquo; one of the directors of the bank said. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">On the other side, CEO Poudel expressed his dissatisfaction that he was not invited in the discussion and reiterated that he will not resign. </span></span></span></p>

<p>&nbsp;</p>
',
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			'created' => '2020-07-27',
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			'description' => '',
			'sortorder' => '11980',
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			'article_date' => '2020-07-27 11:38:43',
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	(int) 5 => array(
		'Article' => array(
			'id' => '12231',
			'article_category_id' => '1',
			'title' => 'Tourism Entrepreneurs Demand Immediate Release of Relief Fund to Resume Business',
			'sub_title' => '',
			'summary' => 'July 26: Tourism entrepreneurs are preparing to reopen hotels, restaurants and trekking agencies which were closed since the last four months after the government imposed lockdown on March 24.',
			'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 26: Tourism entrepreneurs are preparing to reopen hotels, restaurants and trekking agencies which were closed since the last four months after the government imposed lockdown on March 24.&nbsp; However, despite the government lifting the lockdown, tourism entrepreneurs are not in a position to reopen their businesses right away due to lack of&nbsp; capital. Therefore, they have urged the government to immediately release the fund announced as a relief for this sector. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Nepal Rastra Bank has maintained that its new monetary policy and an additional fund of Rs 50 billion pledged by the government for the tourism industry would help in revitalizing the sector which has been badly affected by coronavirus.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">However, tourism entrepreneurs have urged the government to immediately release the fund stating that they lack capital to resume their 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;">The government had pledged Rs 50 billion to facilitate the payment of workers associated with the tourism industry. The fund will be released as soon as the government makes it available to the Nepal Rastra Bank.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Secretary at the Ministry of Culture, Tourism and Civil Aviation Kedar Bahadur Adhikari said that they have already urged the finance ministry to set up the fund. &ldquo;But we have not received any word from the Finance Ministry,&rdquo; he said. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Meanwhile, the central bank has announced various concessions for the tourism sector in its monetary policy. </span></span></span></span></p>
',
			'published' => true,
			'created' => '2020-07-26',
			'modified' => '2020-07-26',
			'keywords' => '',
			'description' => '',
			'sortorder' => '11979',
			'image' => '20200726035417_20200505123424_20180513122353_tourism.jpg',
			'article_date' => '2020-07-26 15:53:07',
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	(int) 6 => array(
		'Article' => array(
			'id' => '12230',
			'article_category_id' => '1',
			'title' => 'NRB Decides to Mop Excess Liquidity of Rs 20 Billion',
			'sub_title' => '',
			'summary' => 'July 26: Nepal Rastra Bank (NRB) has decided to take necessary measures for mopping excess liquidity in banks due to the poor demand for loans. ',
			'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 26: Nepal Rastra Bank (NRB) has decided to take necessary measures for mopping excess liquidity in banks due to the poor demand for loans. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">It is estimated that banks are currently having excessive liquidity of Rs 200 billion. The central bank on Thursday (July 23)decided to issue reversal repo (repurchase agreement) of Rs 20 billion with maturity period of one week.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">NRB in its new monetary policy has increased the core capital plus deposit (CCD) ratio of banks from 80 percent to 85 percent targeting increased flow of loans to Covid-19 affected sector. This provision, which will last till the end of the current fiscal year, is expected to raise the excess liquidity to Rs 120 billion in average.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Banking expert Analraj Bhattarai stresses on making the economy vibrant to attain the 7 percent economic growth target set by the government. Bhattarai believes that the government has to ease the liquidity crunch to attain this target.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">&ldquo;The lending capacity of banks has increased after the NRB increased the CCD ratio and removed buffer capital. People seeking loan can avail loan at low interest rate if there is sufficient liquidity in the market,&rdquo; said Bhattarai.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">NRB Spokesperson Dr Gunakar Bhatta informed New Business Age that the central bank is preparing to issue new directives within a few days.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">&ldquo;Increasing the CCD ration will increase liquidity in the market,&rdquo; said Bhatta, adding, &ldquo;We are preparing to issue new directives in this regard very soon.&rdquo; </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">According to Bhatta, the new directive will stabilize the economy.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Meanwhile, President of Nepal Bankers Association, Bhuvan Dahal, says simply increasing the CCD ratio alone will not increase the liquidity in the market.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">However, Bhatta insists that the new provision will increase the liquidity which in turn will increase the flow of investible capital. This is expected to reduce the rate of interest.</span></span></span></span></p>
',
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			'created' => '2020-07-26',
			'modified' => '2020-07-27',
			'keywords' => '',
			'description' => '',
			'sortorder' => '11978',
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	(int) 7 => array(
		'Article' => array(
			'id' => '12232',
			'article_category_id' => '1',
			'title' => 'Government Liabilities to Social Security Fund Exceeds Rs 1 billion',
			'sub_title' => '',
			'summary' => 'July 26: The government’s liability for Social Security Fund (SSF) has exceeded Rs 1 billion during the four months of lockdown.',
			'content' => '<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">July 26: The government&rsquo;s liability for Social Security Fund (SSF) has exceeded Rs 1 billion during the four months of lockdown.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">According to SSF, the government is yet to pay Rs 1.12 billion to the fund.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">The government anticipating meltdown of economy and business due to the lockdown had announced to contribute to the SSF on behalf of the employees under their relief program to facilitate the private sector .</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">The finance ministry had announced that the government would contribute to the SSF on behalf of the affiliated industries and companies for the months of March, April, May and June. </span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">Following the announcement, the government&rsquo;s payable amount to the SSF has reached Rs 1.12 billion for the months of March, April, May and June. </span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">So far, the government has only deposited Rs 186.7 million for March. </span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">The Social Security Fund has already written to the ministry of finance to clear the pending amount. According to the fund, a total of Rs 940 million is yet to be paid by the government for the remaining three months.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">Kapil Mani Gyawali, executive director of SSF informed that the government has been requested to pay Rs 940 million for April, May and June.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">&ldquo;The Ministry of Finance has assured SSF that it will deposit the pending amount within the month of July as the new fiscal year has started,&rdquo; he informed.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">Gyawali said that private establishments were reluctant to join the fund before the lockdown but now have gradually started joining the fund as the industry and business are affected by the pandemic.</span></span></span></p>

<p>&nbsp;</p>
',
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	(int) 8 => array(
		'Article' => array(
			'id' => '12229',
			'article_category_id' => '1',
			'title' => 'Internal Dispute of Sunrise Bank Drags the Bank to NRB ',
			'sub_title' => '',
			'summary' => 'July 26: Nepal Rastra Bank has called the CEO and Board of Directors (BOD) of Sunrise Bank for discussion after the internal dispute between them escalated. ',
			'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">July 26: Nepal Rastra Bank has called the CEO and Board of Directors (BOD) of Sunrise Bank for discussion after the internal dispute between them escalated. </span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">Unsatisfied with the performance of CEO Janak Sharma Poudel, the BOD had decided to seek his resignation. NRB has called both sides for discussion on Sunday after the BOD demanded resignation and Poudel refused to resign. </span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">NRB&rsquo;s decision to call the bank&rsquo;s officials in relation to the internal dispute is considered as an intervention by the central bank. The chairman of the bank should have looked after policy and the CEO should have looked at the implementation part. However, NRB intervened after seeing that the dispute between the two parties may get the bank into trouble. </span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">Dev Kumar Dhakal, executive director of the regulatory department of NRB, informed that all parties of the bank will be questioned on Sunday (July 26). &ldquo;The BOD of Sunrise Bank has demanded the resignation of the CEO. Therefore, we have called both the parties,&rdquo; he said, adding, &ldquo;NRB can supervise and discuss with the banks and financial institutions at any time if necessary.&rdquo; </span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">One side has claimed that the CEO&#39;s resignation was demanded as per the decision of the BOD while the other side has claimed that only the dissident group has demanded his resignation. </span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">According to a source close to the bank, some members of BOD (especially Malchand Dugad) were not satisfied with Poudel&rsquo;s performance. </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;The dispute erupted after the chairman of the bank Moti Lal Dugad was in favor of the CEO,&rdquo; the source said. </span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">In the meantime, CEO Poudel said that there is a internal misunderstanding with the board and there&rsquo;s no official decision about resignation. &ldquo;Neither there is an official decision about resignation nor will I resign. It has been a year since I started working. There&rsquo;s still three years left in the four years tenure. I will take the bank to new heights till the end of my tenure,&rdquo; Poudel told New Business Age.&nbsp;&nbsp; </span></span></span></p>

<p>&nbsp;</p>
',
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			'modified' => '2020-07-26',
			'keywords' => '',
			'description' => '',
			'sortorder' => '11976',
			'image' => '20200726023403_1595713284.Clipboard05.jpg',
			'article_date' => '2020-07-26 14:32:17',
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	(int) 9 => array(
		'Article' => array(
			'id' => '12228',
			'article_category_id' => '1',
			'title' => 'Investment Commitment Shrinks by 46 Percent ',
			'sub_title' => '',
			'summary' => 'July 26: Investment commitment for Nepal in the last fiscal year was the lowest since the past three years despite the government’s claim that there has been an improvement in investment-friendly environment. ',
			'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 26: Investment commitment for Nepal in the last fiscal year was the lowest since the past three years despite the government&rsquo;s claim that there has been an improvement in investment-friendly environment. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Data from the Department of Industry show that the investment commitment in the Fiscal year 2019/20 decreased by 46.13 percent as the investors were in a wait and watch mood due to the coronavirus pandemic.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">A total of 277 industries, including small-scale industries as well and medium and large industries, were registered with the Department of Industry in the last fiscal year. These industries had received investment commitment of Rs 152 billion. But the investment commitment as well as number of industries registered in the last fiscal year was significantly lower than that of FY 2018/19. In FY 2018/19, a total of 439 industries were registered with investment commitment of Rs 283 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;">The major reason for the decline in investment commitment is considered as the decrease in number of registration of industries. The registration of industries in the last few months of FY 2019/20 shrunk by 36.9 percent as the country&rsquo;s economy was paralyzed by 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;">Although the overall investment commitment in the last fiscal year declined significantly, there was an increase in foreign investment commitment. According to the Department of Industries, foreign investment commitment in FY 2019/20 increased by 51 percent compared to the previous fiscal year. Foreign companies had committed to invest Rs 38.35 billion in 223 companies in the last fiscal year. Such commitment from foreign investors in the previous fiscal year was 25.47 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;">Spokesperson at the Department of Industry, Binod Khadka, told New Business Age that the registration of new companies has come to a standstill in the last few months due to coronavirus.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">According to the Department, sectors like energy, tourism and production are the first choice for investors. The energy sector received the largest share of investment commitment of Rs 100 billion followed by Rs 20 billion for tourism sector.</span></span></span></span></p>

<p>&nbsp;</p>
',
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			'keywords' => '',
			'description' => '',
			'sortorder' => '11975',
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	(int) 10 => array(
		'Article' => array(
			'id' => '12227',
			'article_category_id' => '1',
			'title' => 'Government Starts Issuing Embossed Number Plates',
			'sub_title' => '',
			'summary' => 'July 26: The government has started distributing embossed number plates.',
			'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 26: </span></span><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The government has started distributing embossed number plates. Minister for Physical Infrastructure and Transport Basanta Nembang and Physical Infrastructure Minister of Bagmati Province Rameshwar Phuyal jointly distributed the number plates amid a function in the capital&nbsp; on Friday (July 24).</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Speaking at the function, Minister Nembang said that the government is working toward proper management of transportation system in the new federal setup by delegating powers to the provinces and local units.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">He further said that the government is preparing to set up offices to test the condition of vehicles in all seven provinces with the objective of minimizing accidents. In this regard vehicle fitness test centres have already been established in Butwal and Hetauda, he added.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Minister Nambang also said that the government had planned replacing the traditional number plates with embossed number plates long ago but was unable to do so due to legal obstacles. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">&ldquo;The process to issue the smart number plates with digital information to 2.5 million vehicles has been initiated,&rdquo; Minister Nembang announced, adding that all the vehicles will have to use embossed number plates within a few years.</span></span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
',
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			'image' => '20200726104944_1595608051.number plate.jpg',
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	(int) 11 => array(
		'Article' => array(
			'id' => '12225',
			'article_category_id' => '1',
			'title' => 'Price of Gold Reaches All-time High in Nepal',
			'sub_title' => 'One Tola of Gold being Traded at Rs 95,800',
			'summary' => 'July 24: The price of gold has been increasing steadily in the market of Nepal.',
			'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 24: The price of gold has been increasing steadily in the market of Nepal. The price of gold increased by Rs 1300 per tola (11 grams approximately) on Friday to reach an all-time high.</span></span></span></span></p>

<p><span 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 Nepal Gold and Silver Dealer&rsquo;s Federation, gold is being traded at Rs 95,800 per tola as of Friday. On Thursday, the price of gold per tola was Rs 94,500, which too was Rs 500 more than the previous 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;">Likewise, the price of silver also increased marginally on Friday. The price of silver was up by Rs 5 per tola. Silver is being traded for Rs 1150 per tola.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Investors are attracted toward gold due to the coronavirus pandemic. They are investing heavily on gold to secure their investment, thereby causing a sharp rise in the price of the precious yellow metal.</span></span></span></span></p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '12226',
			'article_category_id' => '1',
			'title' => 'Cement Industries Forced to Import Clinker due to Government Policy ',
			'sub_title' => '',
			'summary' => 'July 24: The government has adopted a policy for the country to become self reliant on cement.',
			'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 24: The government has adopted a policy for the country to become self reliant on cement. On the other hand, the government&rsquo;s policy itself forces cement manufacturers to import clinker from abroad.</span></span></span></span></p>

<p><span 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 Nepal Bureau of Standards and Metrology (NBSM) has set a criterion for Ordinary Portland Cement (OPC) to have not more than 5 percent of Magnesium Oxide (MGO). However, the content of MGO in locally-made clinker is more than 6 percent due to which cement producers are forced to import clinker from 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;">Some local clinker industries have been manufacturing clinker by purchasing limestone from mines that have low content of magnesium. However, majority of cement industries import clinker. It has been found that the mines in western Nepal has high content of MGO.</span></span></span></span></p>

<p><span 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 mines of eastern Nepal have low content of MGO which comply with the standard set by the government, mines of western Nepal in Palpa and&nbsp; Dang have high amount of MGO, according to Dhruba Thapa, chairman of Nepal Cement Producers Association.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">&ldquo;We are forced to mix the clinker with high content of MGO with the ones with low content. This increases the cost of production,&rdquo; said Thapa.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Thapa claimed that the limestone of Palpa and Dang have 4 percent of MGO, which increases to 6 percent when they prepare clinker.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Communication officer at the NBSM Sanjeev Kumar Thakur said that they have received information that the content of MGO differ from one mine to the other, but they do not have proper data regarding it.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">At present, there are 65 cement industries in operation in Nepal. Among them, 18 produce clinker on their own. The others import clinker. The government has announced plans to become self reliant on cement four years ago. But the industry is still relying on import to produce cement.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">NBSM claims that high content of MGO makes the cement weak.</span></span></span></span></p>
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		'Article' => array(
			'id' => '12224',
			'article_category_id' => '1',
			'title' => 'FNCCI Election Postponed Again',
			'sub_title' => 'Office Bearers Decide to hold AGM within 15 Days after Government lifts Restriction on Mass Gathering',
			'summary' => 'July 24: The upcoming 54th General Assembly of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) has been postponed once again.',
			'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 24: The upcoming 54<sup>th</sup> General Assembly of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) has been postponed once again. FNCCI was scheduled to hold the General Assembly on August 10 and 11 to choose a new leadership. But a meeting of the office bearers of FNCCI and former presidents on Thursday (July 23) decided to defer the General Assembly.</span></span></span></span></p>

<p><span 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 press statement issued by FNCCI states that the General Assembly will be held within 15 days after getting permission from the government to hold mass gatherings. </span></span></span></span></p>

<p><span 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 latest decision, the election for office bearers of FNCCI has now been pushed further away indefinitely.</span></span></span></span></p>

<p><span 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 recent cabinet meeting had decided to lift the ban on lockdown but the restrictions on mass gatherings and various other measures to prevent the spread of coronavirus still remains in place. Therefore, FNCCI has made it clear that they will not be able to organize the General Assembly.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">During Thursday&rsquo;s meeting, majority of the participants agreed that it is not the right time to hold the General Assembly due to the risk of coronavirus pandemic and the floods and landslides taking place 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:&quot;Arial Unicode MS&quot;">They concluded that it is not practical to gather more than 1000 industrialists for the General Assembly because the threat of coronavirus still persists despite the government lifting the lockdown.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The term of current President Bhavani Rana will end after the General Assembly and&nbsp; Senior Vice President Shekhar Golchha will take charge of the responsibilities of FNCCI as per the federation&rsquo;s statute.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Meanwhile, Vice President Chandra Dhakal and Kishor Pradhan will be vying for the post of Senior Vice President in the FNCCI election. There is a provision for the Senior Vice President to lead the federation during the next term.</span></span></span></span></p>
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			'sortorder' => '11971',
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		'Article' => array(
			'id' => '12223',
			'article_category_id' => '1',
			'title' => 'Parliamentary Committee Begins Probe into Khimti Hydropower Project ',
			'sub_title' => '',
			'summary' => 'July 24: A parliamentary committee has decided to initiate a probe into the delay in transfer of ownership of Khimti Hydropower Project.',
			'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">July 24: A parliamentary committee has decided to initiate a probe into the delay in transfer of ownership of Khimti Hydropower Project. The Agriculture, Cooperatives and Natural Resources Committee under the federal parliament has initiated the probe by obtaining documents related to Power Purchase Agreement (PPA) and Project Development Agreement (PDA) of the hydropower project. </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 committee had sent a letter to the Ministry of Energy, Water Resource and Irrigation last Monday to submit the documents within three days. Following the directive, the ministry had sent the necessary documents by Wednesday, and subsequently, the committee started the probe from Thursday. The committee will complete studying the documents within a week. </span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">A member of the probe committee said that they initiated the investigation after the ownership handover of the project was not done in time. &ldquo;We have already started the probe after receiving PPA and PDA. We have taken this step to find out why the handover was not done in time,&rdquo; he said, &ldquo;Now we are studying the arrangement and agreement in PPA and PDA. We will then give necessary instruction to the concerned bodies.&rdquo; </span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">An official of the Nepal Electricity Authority admitted that the parliamentary committee has started investigation into the matter. Spokesperson of NEA Prabal Adhikari said that discussions with Himal Power Limited to finalise the handover of ownership is underway.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">According to the pre-agreement between the Nepal Government and Himal Power Limited, 50% share ownership of the 60 MW project was to be given to NEA. However, due to the four-month long lockdown, it did not happen. Both the ministry and NEA said discussions in this regard is still ongoing. </span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">Prabin Raj Aryal, spokesperson of the ministry informed that they are working to resolve the issue as soon as possible. </span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">As the officials of Himal Power were abroad and stuck there due to the lockdown, a virtual meeting was held between Himal Power and NEA regarding transfer of ownership. However, the meeting could not reach a conclusion. NEA claims that the transfer of the ownership was not completed in time due to the same reason. </span></span></span></p>
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		'Article' => array(
			'id' => '12237',
			'article_category_id' => '1',
			'title' => 'Gold Price Sets New Record ',
			'sub_title' => '',
			'summary' => 'July 27: The price of gold in the Nepali market reached an all-time high on Monday (July 27). ',
			'content' => '<p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:Arial">July 27: The price of gold in the Nepali market reached an all-time high on Monday (July 27).&nbsp; The price of the precious yellow metal has been increasing steadily since the last few days.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:Arial">According to the Federation of Nepalese Gold and Silver Dealers Association, the price of gold has increased overnight by Rs 1200 per tola (11 grams approximately). </span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:Arial">The price of fine gold has reached Rs 97,500 per tola. The latest price hike is a new record in the price of gold in the country.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:Arial">Likewise, the price of silver has also increased by Rs 55 per tola. Silver is being traded for Rs 1210 per tola with the increase in price. </span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:Arial">The price of gold has also increased in the international market to reach an all-time high. The price of gold in the international market increased by 1 percent to reach 1920.9 dollors per ounce. The price of gold has been&nbsp; increasing since the trade war between USA and China began last year.</span></span></span></p>

<p>&nbsp;</p>
',
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			'id' => '12236',
			'article_category_id' => '1',
			'title' => 'Promoter Share of CIT up for Auction',
			'sub_title' => '',
			'summary' => 'July 27: Promoter share of Citizenship Investment Trust (CIT) owned by Life Insurance Corporation Nepal Limited (LIC Nepal) has been put up for auction from Monday (July 27).',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">July 27: Promoter share of Citizenship Investment Trust (CIT) owned by Life Insurance Corporation Nepal Limited (LIC Nepal) has been put up for auction from Monday (July 27).</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">Altogether 50,000 units of promoter share of CIT will be up for auction for a week until July 3.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">Banks and Financial Institutes (BFIs) and insurance companies interested in purchasing those shares can acquire them by presenting a sealed-bid quotation of at least Rs 1,800 per unit.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">The minimum units shares that interested companies can purchase is 100 units or its multiple.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">Nepal SBI Merchant Banking Limited and Life Insurance Corporation Nepal have been appointed as the share registrar for the auction.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">The quotation form can be availed from the branch offices of Nepal SBI Merchant Banking in Biratnagar, Birtamod, Birgunj, Janakpur, Hetauda, Narayangadh, Pokhara, Baglung, Butwal, Dang, Nepalgunj, Surkhet, Dhangadhi and Mahendranagar.</span></span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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			'id' => '12235',
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			'title' => 'Supreme Court Tells United Insurance Company to Settle Insurance Claim ',
			'sub_title' => '',
			'summary' => 'July 27: The Supreme Court has upheld the insurance claim made by Everest Paper Mills. ',
			'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 27: The Supreme Court has upheld the insurance claim made by Everest Paper Mills. Issuing a final verdict in favour of the mill, the apex court has ordered United Insurance Company to pay the insurance claim to the mill after a lengthy legal battle. In addition to that, the insurance company has also been instructed to pay the interest for the liable amount.</span></span></span></span></p>

<p><span 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 division bench of justices Bisnwambhar Prasad Shrestha and Hari Prasad Phuyal issued the verdict last Wednesday (July 22). The paper mill had claimed insurance worth Rs 15 million for damages while filing the complaint. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">However, United Insurance has said it will take further legal steps after getting the full text of the verdict. Stating that the Supreme Court&rsquo;s verdict has victimized them, a high ranking official of the insurance company said they will take further legal steps in this regard.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">&ldquo;We haven&rsquo;t received the full text of Supreme Court verdict. We ill take further legal steps after consulting with our layers upon receiving the full text,&rdquo; said the official requesting anonymity.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">He argued that the Supreme Court&rsquo;s verdict in favour of the petitioner has been unjust for them when the surveyor has presented a report that warrants &lsquo;no claim&rsquo;. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">During the insurgency era, the then Maoists rebels had detonated a pressure cooker bomb at Everest Paper Mills after the company declined to provide donation to the insurgents. The blast had damaged the machinery and readymade papers inside the mill.</span></span></span></span></p>

<p><span 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 paper mill had purchased two separate insurance policies from the insurance company for the machinery plant and the readymade products. </span></span></span></span></p>

<p><span 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 insurance company argues that the insurance policy covers damage to readymade products stored in the warehouse but the paper mill has been claiming compensation for products damaged in the plant. </span></span></span></span></p>

<p><span 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 paper mill and insurance company had jointly hired two surveyors to prepare a report. The surveyors concluded that it was the company&rsquo;s flaw to keep the readymade products inside the plant and therefore the insurance company did not need to pay for the damages. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">As per the recommendation made by the report, the insurance company had paid Rs 45 million to the mill for the damages sustained by the plant.</span></span></span></span></p>
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	(int) 3 => array(
		'Article' => array(
			'id' => '12233',
			'article_category_id' => '1',
			'title' => 'Hotel Industry Gearing Up to Resume Service',
			'sub_title' => '',
			'summary' => 'July 27: Hotel entrepreneurs have started preparations to resume their business, which has been halted due to coronavirus and the subsequent lockdown imposed to control the spread of the disease.',
			'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 27: Hotel entrepreneurs have started preparations to resume their business, which has been halted due to coronavirus and the subsequent lockdown imposed to control the spread of the disease.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">They are gearing up to reopen hotels and restaurants after the government decided to allow them to resume their services 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 hotel industry has been completely shut since the last four months after the government imposed the lockdown on March 24. Hotel entrepreneurs say it is not possible to resume full-fledged service right now so they will be partially operating with just 10 percent of their capacity 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;">Shangri-La Hotel, a five-star hotel in the capital, is preparing to resume its service from the upcoming full moon day (Janai Purnima festival) on August 3. Meanwhile, another five-star hotel, Radisson, is doing its homework to resume service after mid-August. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Similarly, other restaurants and bars have also started training their staffers and adopting safety measures as per the health standard set by the government to resume their 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:&quot;Arial Unicode MS&quot;">Senior Vice President of Hotel Association of Nepal (HAN) Binayak Shah says that small and medium-sized hotels are actively preparing to resume their service than the big hotels.</span></span></span></span></p>

<p><span 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;At this point, we are resuming service not to&nbsp; make profit but to give the message that we are trying to create a conducive environment for business. We just want to bring the business back in tune,&rdquo; said Shah.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Shah, who is also the executive director of Airport Hotel, informed that they will be operating at 10 percent of their capacity 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;">Executive Director of Shangri-La Hotel Praveen Bahadur Pandey said that the hotel will resume service from the upcoming full moon day just for &ldquo;maintenance&rdquo;.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">&ldquo;We are still not allowed to organize mass meetings and parties. But the hotel will remain open with limited service for some personal guests who regularly visit our coffee shops and restaurant,&rdquo; said Pandey. </span></span></span></span></p>

<p><span 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 added that they are expecting 2 to 10 percent of 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;">&ldquo;We will mobilize only 10 percent of staffers,&rdquo; he added.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Hotel entrepreneurs say that although the government has given approval to resume their business, foreign tourists visiting Nepal still need to stay in quarantine for 14 days. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Pandey argues that foreign tourists will not visit Nepal if they have to stay in quarantine for 14 days.</span></span></span></span></p>
',
			'published' => true,
			'created' => '2020-07-27',
			'modified' => '2020-07-27',
			'keywords' => '',
			'description' => '',
			'sortorder' => '11981',
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	(int) 4 => array(
		'Article' => array(
			'id' => '12234',
			'article_category_id' => '1',
			'title' => 'NRB Holds Discussion with the Board Members of Sunrise Bank',
			'sub_title' => '',
			'summary' => 'July 27: Nepal Rastra Bank held discussion with the Board of Directors (BOD) of Sunrise Bank on Sunday, July 26 regarding the board’s attempt to remove the bank’s CEO. ',
			'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 27: Nepal Rastra Bank held discussion with the Board of Directors (BOD) of Sunrise Bank on Sunday, July 26 regarding the board&rsquo;s attempt to remove the bank&rsquo;s CEO. NRB had called both the parties for discussion after the BOD had demanded the resignation of CEO Janak Poudel. </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, NRB held discussion only with the board members. Executive Director of the central bank&rsquo;s BFI Regulatory Department Dev Kumar Dhakal, executive director of the bank&rsquo;s Supervision Department Mukunda Chhetri, BOD chairman Moti Lal Dugar, directors Bachha Raj Tater, Malchand Dugar, Shailendra Guragain, Sharada Sharma, Dipak Nepal and Om Krishna Joshi were present during the discussion. </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;">During the discussion, officials of NRB only asked the board members about the reason of the recent dispute. Executive director Dhakal did not want to speak about details of the discussion and only said that it was a normal routine process of NRB. </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;">In the half an hour-long discussion, Sunrise BOD told NRB that they were not satisfied with the performance of the CEO. &ldquo;We have put our words in front of NRB officials, but they have not given any suggestion yet. We are waiting for their suggestion,&rdquo; one of the directors of the bank said. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">On the other side, CEO Poudel expressed his dissatisfaction that he was not invited in the discussion and reiterated that he will not resign. </span></span></span></p>

<p>&nbsp;</p>
',
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			'description' => '',
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	(int) 5 => array(
		'Article' => array(
			'id' => '12231',
			'article_category_id' => '1',
			'title' => 'Tourism Entrepreneurs Demand Immediate Release of Relief Fund to Resume Business',
			'sub_title' => '',
			'summary' => 'July 26: Tourism entrepreneurs are preparing to reopen hotels, restaurants and trekking agencies which were closed since the last four months after the government imposed lockdown on March 24.',
			'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 26: Tourism entrepreneurs are preparing to reopen hotels, restaurants and trekking agencies which were closed since the last four months after the government imposed lockdown on March 24.&nbsp; However, despite the government lifting the lockdown, tourism entrepreneurs are not in a position to reopen their businesses right away due to lack of&nbsp; capital. Therefore, they have urged the government to immediately release the fund announced as a relief for this sector. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Nepal Rastra Bank has maintained that its new monetary policy and an additional fund of Rs 50 billion pledged by the government for the tourism industry would help in revitalizing the sector which has been badly affected by coronavirus.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">However, tourism entrepreneurs have urged the government to immediately release the fund stating that they lack capital to resume their 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;">The government had pledged Rs 50 billion to facilitate the payment of workers associated with the tourism industry. The fund will be released as soon as the government makes it available to the Nepal Rastra Bank.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Secretary at the Ministry of Culture, Tourism and Civil Aviation Kedar Bahadur Adhikari said that they have already urged the finance ministry to set up the fund. &ldquo;But we have not received any word from the Finance Ministry,&rdquo; he said. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Meanwhile, the central bank has announced various concessions for the tourism sector in its monetary policy. </span></span></span></span></p>
',
			'published' => true,
			'created' => '2020-07-26',
			'modified' => '2020-07-26',
			'keywords' => '',
			'description' => '',
			'sortorder' => '11979',
			'image' => '20200726035417_20200505123424_20180513122353_tourism.jpg',
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	(int) 6 => array(
		'Article' => array(
			'id' => '12230',
			'article_category_id' => '1',
			'title' => 'NRB Decides to Mop Excess Liquidity of Rs 20 Billion',
			'sub_title' => '',
			'summary' => 'July 26: Nepal Rastra Bank (NRB) has decided to take necessary measures for mopping excess liquidity in banks due to the poor demand for loans. ',
			'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 26: Nepal Rastra Bank (NRB) has decided to take necessary measures for mopping excess liquidity in banks due to the poor demand for loans. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">It is estimated that banks are currently having excessive liquidity of Rs 200 billion. The central bank on Thursday (July 23)decided to issue reversal repo (repurchase agreement) of Rs 20 billion with maturity period of one week.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">NRB in its new monetary policy has increased the core capital plus deposit (CCD) ratio of banks from 80 percent to 85 percent targeting increased flow of loans to Covid-19 affected sector. This provision, which will last till the end of the current fiscal year, is expected to raise the excess liquidity to Rs 120 billion in average.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Banking expert Analraj Bhattarai stresses on making the economy vibrant to attain the 7 percent economic growth target set by the government. Bhattarai believes that the government has to ease the liquidity crunch to attain this target.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">&ldquo;The lending capacity of banks has increased after the NRB increased the CCD ratio and removed buffer capital. People seeking loan can avail loan at low interest rate if there is sufficient liquidity in the market,&rdquo; said Bhattarai.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">NRB Spokesperson Dr Gunakar Bhatta informed New Business Age that the central bank is preparing to issue new directives within a few days.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">&ldquo;Increasing the CCD ration will increase liquidity in the market,&rdquo; said Bhatta, adding, &ldquo;We are preparing to issue new directives in this regard very soon.&rdquo; </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">According to Bhatta, the new directive will stabilize the economy.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Meanwhile, President of Nepal Bankers Association, Bhuvan Dahal, says simply increasing the CCD ratio alone will not increase the liquidity in the market.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">However, Bhatta insists that the new provision will increase the liquidity which in turn will increase the flow of investible capital. This is expected to reduce the rate of interest.</span></span></span></span></p>
',
			'published' => true,
			'created' => '2020-07-26',
			'modified' => '2020-07-27',
			'keywords' => '',
			'description' => '',
			'sortorder' => '11978',
			'image' => '20200726030507_1595714205.Clipboard08.jpg',
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	(int) 7 => array(
		'Article' => array(
			'id' => '12232',
			'article_category_id' => '1',
			'title' => 'Government Liabilities to Social Security Fund Exceeds Rs 1 billion',
			'sub_title' => '',
			'summary' => 'July 26: The government’s liability for Social Security Fund (SSF) has exceeded Rs 1 billion during the four months of lockdown.',
			'content' => '<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">July 26: The government&rsquo;s liability for Social Security Fund (SSF) has exceeded Rs 1 billion during the four months of lockdown.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">According to SSF, the government is yet to pay Rs 1.12 billion to the fund.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">The government anticipating meltdown of economy and business due to the lockdown had announced to contribute to the SSF on behalf of the employees under their relief program to facilitate the private sector .</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">The finance ministry had announced that the government would contribute to the SSF on behalf of the affiliated industries and companies for the months of March, April, May and June. </span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">Following the announcement, the government&rsquo;s payable amount to the SSF has reached Rs 1.12 billion for the months of March, April, May and June. </span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">So far, the government has only deposited Rs 186.7 million for March. </span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">The Social Security Fund has already written to the ministry of finance to clear the pending amount. According to the fund, a total of Rs 940 million is yet to be paid by the government for the remaining three months.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">Kapil Mani Gyawali, executive director of SSF informed that the government has been requested to pay Rs 940 million for April, May and June.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">&ldquo;The Ministry of Finance has assured SSF that it will deposit the pending amount within the month of July as the new fiscal year has started,&rdquo; he informed.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">Gyawali said that private establishments were reluctant to join the fund before the lockdown but now have gradually started joining the fund as the industry and business are affected by the pandemic.</span></span></span></p>

<p>&nbsp;</p>
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	(int) 8 => array(
		'Article' => array(
			'id' => '12229',
			'article_category_id' => '1',
			'title' => 'Internal Dispute of Sunrise Bank Drags the Bank to NRB ',
			'sub_title' => '',
			'summary' => 'July 26: Nepal Rastra Bank has called the CEO and Board of Directors (BOD) of Sunrise Bank for discussion after the internal dispute between them escalated. ',
			'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">July 26: Nepal Rastra Bank has called the CEO and Board of Directors (BOD) of Sunrise Bank for discussion after the internal dispute between them escalated. </span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">Unsatisfied with the performance of CEO Janak Sharma Poudel, the BOD had decided to seek his resignation. NRB has called both sides for discussion on Sunday after the BOD demanded resignation and Poudel refused to resign. </span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">NRB&rsquo;s decision to call the bank&rsquo;s officials in relation to the internal dispute is considered as an intervention by the central bank. The chairman of the bank should have looked after policy and the CEO should have looked at the implementation part. However, NRB intervened after seeing that the dispute between the two parties may get the bank into trouble. </span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">Dev Kumar Dhakal, executive director of the regulatory department of NRB, informed that all parties of the bank will be questioned on Sunday (July 26). &ldquo;The BOD of Sunrise Bank has demanded the resignation of the CEO. Therefore, we have called both the parties,&rdquo; he said, adding, &ldquo;NRB can supervise and discuss with the banks and financial institutions at any time if necessary.&rdquo; </span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">One side has claimed that the CEO&#39;s resignation was demanded as per the decision of the BOD while the other side has claimed that only the dissident group has demanded his resignation. </span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">According to a source close to the bank, some members of BOD (especially Malchand Dugad) were not satisfied with Poudel&rsquo;s performance. </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;The dispute erupted after the chairman of the bank Moti Lal Dugad was in favor of the CEO,&rdquo; the source said. </span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">In the meantime, CEO Poudel said that there is a internal misunderstanding with the board and there&rsquo;s no official decision about resignation. &ldquo;Neither there is an official decision about resignation nor will I resign. It has been a year since I started working. There&rsquo;s still three years left in the four years tenure. I will take the bank to new heights till the end of my tenure,&rdquo; Poudel told New Business Age.&nbsp;&nbsp; </span></span></span></p>

<p>&nbsp;</p>
',
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			'description' => '',
			'sortorder' => '11976',
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	(int) 9 => array(
		'Article' => array(
			'id' => '12228',
			'article_category_id' => '1',
			'title' => 'Investment Commitment Shrinks by 46 Percent ',
			'sub_title' => '',
			'summary' => 'July 26: Investment commitment for Nepal in the last fiscal year was the lowest since the past three years despite the government’s claim that there has been an improvement in investment-friendly environment. ',
			'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 26: Investment commitment for Nepal in the last fiscal year was the lowest since the past three years despite the government&rsquo;s claim that there has been an improvement in investment-friendly environment. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Data from the Department of Industry show that the investment commitment in the Fiscal year 2019/20 decreased by 46.13 percent as the investors were in a wait and watch mood due to the coronavirus pandemic.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">A total of 277 industries, including small-scale industries as well and medium and large industries, were registered with the Department of Industry in the last fiscal year. These industries had received investment commitment of Rs 152 billion. But the investment commitment as well as number of industries registered in the last fiscal year was significantly lower than that of FY 2018/19. In FY 2018/19, a total of 439 industries were registered with investment commitment of Rs 283 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;">The major reason for the decline in investment commitment is considered as the decrease in number of registration of industries. The registration of industries in the last few months of FY 2019/20 shrunk by 36.9 percent as the country&rsquo;s economy was paralyzed by 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;">Although the overall investment commitment in the last fiscal year declined significantly, there was an increase in foreign investment commitment. According to the Department of Industries, foreign investment commitment in FY 2019/20 increased by 51 percent compared to the previous fiscal year. Foreign companies had committed to invest Rs 38.35 billion in 223 companies in the last fiscal year. Such commitment from foreign investors in the previous fiscal year was 25.47 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;">Spokesperson at the Department of Industry, Binod Khadka, told New Business Age that the registration of new companies has come to a standstill in the last few months due to coronavirus.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">According to the Department, sectors like energy, tourism and production are the first choice for investors. The energy sector received the largest share of investment commitment of Rs 100 billion followed by Rs 20 billion for tourism sector.</span></span></span></span></p>

<p>&nbsp;</p>
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			'id' => '12227',
			'article_category_id' => '1',
			'title' => 'Government Starts Issuing Embossed Number Plates',
			'sub_title' => '',
			'summary' => 'July 26: The government has started distributing embossed number plates.',
			'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 26: </span></span><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The government has started distributing embossed number plates. Minister for Physical Infrastructure and Transport Basanta Nembang and Physical Infrastructure Minister of Bagmati Province Rameshwar Phuyal jointly distributed the number plates amid a function in the capital&nbsp; on Friday (July 24).</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Speaking at the function, Minister Nembang said that the government is working toward proper management of transportation system in the new federal setup by delegating powers to the provinces and local units.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">He further said that the government is preparing to set up offices to test the condition of vehicles in all seven provinces with the objective of minimizing accidents. In this regard vehicle fitness test centres have already been established in Butwal and Hetauda, he added.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Minister Nambang also said that the government had planned replacing the traditional number plates with embossed number plates long ago but was unable to do so due to legal obstacles. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">&ldquo;The process to issue the smart number plates with digital information to 2.5 million vehicles has been initiated,&rdquo; Minister Nembang announced, adding that all the vehicles will have to use embossed number plates within a few years.</span></span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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			'id' => '12225',
			'article_category_id' => '1',
			'title' => 'Price of Gold Reaches All-time High in Nepal',
			'sub_title' => 'One Tola of Gold being Traded at Rs 95,800',
			'summary' => 'July 24: The price of gold has been increasing steadily in the market of Nepal.',
			'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 24: The price of gold has been increasing steadily in the market of Nepal. The price of gold increased by Rs 1300 per tola (11 grams approximately) on Friday to reach an all-time high.</span></span></span></span></p>

<p><span 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 Nepal Gold and Silver Dealer&rsquo;s Federation, gold is being traded at Rs 95,800 per tola as of Friday. On Thursday, the price of gold per tola was Rs 94,500, which too was Rs 500 more than the previous 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;">Likewise, the price of silver also increased marginally on Friday. The price of silver was up by Rs 5 per tola. Silver is being traded for Rs 1150 per tola.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Investors are attracted toward gold due to the coronavirus pandemic. They are investing heavily on gold to secure their investment, thereby causing a sharp rise in the price of the precious yellow metal.</span></span></span></span></p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '12226',
			'article_category_id' => '1',
			'title' => 'Cement Industries Forced to Import Clinker due to Government Policy ',
			'sub_title' => '',
			'summary' => 'July 24: The government has adopted a policy for the country to become self reliant on cement.',
			'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 24: The government has adopted a policy for the country to become self reliant on cement. On the other hand, the government&rsquo;s policy itself forces cement manufacturers to import clinker from abroad.</span></span></span></span></p>

<p><span 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 Nepal Bureau of Standards and Metrology (NBSM) has set a criterion for Ordinary Portland Cement (OPC) to have not more than 5 percent of Magnesium Oxide (MGO). However, the content of MGO in locally-made clinker is more than 6 percent due to which cement producers are forced to import clinker from 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;">Some local clinker industries have been manufacturing clinker by purchasing limestone from mines that have low content of magnesium. However, majority of cement industries import clinker. It has been found that the mines in western Nepal has high content of MGO.</span></span></span></span></p>

<p><span 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 mines of eastern Nepal have low content of MGO which comply with the standard set by the government, mines of western Nepal in Palpa and&nbsp; Dang have high amount of MGO, according to Dhruba Thapa, chairman of Nepal Cement Producers Association.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">&ldquo;We are forced to mix the clinker with high content of MGO with the ones with low content. This increases the cost of production,&rdquo; said Thapa.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Thapa claimed that the limestone of Palpa and Dang have 4 percent of MGO, which increases to 6 percent when they prepare clinker.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Communication officer at the NBSM Sanjeev Kumar Thakur said that they have received information that the content of MGO differ from one mine to the other, but they do not have proper data regarding it.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">At present, there are 65 cement industries in operation in Nepal. Among them, 18 produce clinker on their own. The others import clinker. The government has announced plans to become self reliant on cement four years ago. But the industry is still relying on import to produce cement.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">NBSM claims that high content of MGO makes the cement weak.</span></span></span></span></p>
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			'id' => '12224',
			'article_category_id' => '1',
			'title' => 'FNCCI Election Postponed Again',
			'sub_title' => 'Office Bearers Decide to hold AGM within 15 Days after Government lifts Restriction on Mass Gathering',
			'summary' => 'July 24: The upcoming 54th General Assembly of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) has been postponed once again.',
			'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 24: The upcoming 54<sup>th</sup> General Assembly of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) has been postponed once again. FNCCI was scheduled to hold the General Assembly on August 10 and 11 to choose a new leadership. But a meeting of the office bearers of FNCCI and former presidents on Thursday (July 23) decided to defer the General Assembly.</span></span></span></span></p>

<p><span 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 press statement issued by FNCCI states that the General Assembly will be held within 15 days after getting permission from the government to hold mass gatherings. </span></span></span></span></p>

<p><span 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 latest decision, the election for office bearers of FNCCI has now been pushed further away indefinitely.</span></span></span></span></p>

<p><span 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 recent cabinet meeting had decided to lift the ban on lockdown but the restrictions on mass gatherings and various other measures to prevent the spread of coronavirus still remains in place. Therefore, FNCCI has made it clear that they will not be able to organize the General Assembly.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">During Thursday&rsquo;s meeting, majority of the participants agreed that it is not the right time to hold the General Assembly due to the risk of coronavirus pandemic and the floods and landslides taking place 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:&quot;Arial Unicode MS&quot;">They concluded that it is not practical to gather more than 1000 industrialists for the General Assembly because the threat of coronavirus still persists despite the government lifting the lockdown.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The term of current President Bhavani Rana will end after the General Assembly and&nbsp; Senior Vice President Shekhar Golchha will take charge of the responsibilities of FNCCI as per the federation&rsquo;s statute.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Meanwhile, Vice President Chandra Dhakal and Kishor Pradhan will be vying for the post of Senior Vice President in the FNCCI election. There is a provision for the Senior Vice President to lead the federation during the next term.</span></span></span></span></p>
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		'Article' => array(
			'id' => '12223',
			'article_category_id' => '1',
			'title' => 'Parliamentary Committee Begins Probe into Khimti Hydropower Project ',
			'sub_title' => '',
			'summary' => 'July 24: A parliamentary committee has decided to initiate a probe into the delay in transfer of ownership of Khimti Hydropower Project.',
			'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">July 24: A parliamentary committee has decided to initiate a probe into the delay in transfer of ownership of Khimti Hydropower Project. The Agriculture, Cooperatives and Natural Resources Committee under the federal parliament has initiated the probe by obtaining documents related to Power Purchase Agreement (PPA) and Project Development Agreement (PDA) of the hydropower project. </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 committee had sent a letter to the Ministry of Energy, Water Resource and Irrigation last Monday to submit the documents within three days. Following the directive, the ministry had sent the necessary documents by Wednesday, and subsequently, the committee started the probe from Thursday. The committee will complete studying the documents within a week. </span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">A member of the probe committee said that they initiated the investigation after the ownership handover of the project was not done in time. &ldquo;We have already started the probe after receiving PPA and PDA. We have taken this step to find out why the handover was not done in time,&rdquo; he said, &ldquo;Now we are studying the arrangement and agreement in PPA and PDA. We will then give necessary instruction to the concerned bodies.&rdquo; </span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">An official of the Nepal Electricity Authority admitted that the parliamentary committee has started investigation into the matter. Spokesperson of NEA Prabal Adhikari said that discussions with Himal Power Limited to finalise the handover of ownership is underway.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">According to the pre-agreement between the Nepal Government and Himal Power Limited, 50% share ownership of the 60 MW project was to be given to NEA. However, due to the four-month long lockdown, it did not happen. Both the ministry and NEA said discussions in this regard is still ongoing. </span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">Prabin Raj Aryal, spokesperson of the ministry informed that they are working to resolve the issue as soon as possible. </span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">As the officials of Himal Power were abroad and stuck there due to the lockdown, a virtual meeting was held between Himal Power and NEA regarding transfer of ownership. However, the meeting could not reach a conclusion. NEA claims that the transfer of the ownership was not completed in time due to the same reason. </span></span></span></p>
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			'id' => '12237',
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			'title' => 'Gold Price Sets New Record ',
			'sub_title' => '',
			'summary' => 'July 27: The price of gold in the Nepali market reached an all-time high on Monday (July 27). ',
			'content' => '<p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:Arial">July 27: The price of gold in the Nepali market reached an all-time high on Monday (July 27).&nbsp; The price of the precious yellow metal has been increasing steadily since the last few days.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:Arial">According to the Federation of Nepalese Gold and Silver Dealers Association, the price of gold has increased overnight by Rs 1200 per tola (11 grams approximately). </span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:Arial">The price of fine gold has reached Rs 97,500 per tola. The latest price hike is a new record in the price of gold in the country.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:Arial">Likewise, the price of silver has also increased by Rs 55 per tola. Silver is being traded for Rs 1210 per tola with the increase in price. </span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:Arial">The price of gold has also increased in the international market to reach an all-time high. The price of gold in the international market increased by 1 percent to reach 1920.9 dollors per ounce. The price of gold has been&nbsp; increasing since the trade war between USA and China began last year.</span></span></span></p>

<p>&nbsp;</p>
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			'id' => '12236',
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			'title' => 'Promoter Share of CIT up for Auction',
			'sub_title' => '',
			'summary' => 'July 27: Promoter share of Citizenship Investment Trust (CIT) owned by Life Insurance Corporation Nepal Limited (LIC Nepal) has been put up for auction from Monday (July 27).',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">July 27: Promoter share of Citizenship Investment Trust (CIT) owned by Life Insurance Corporation Nepal Limited (LIC Nepal) has been put up for auction from Monday (July 27).</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">Altogether 50,000 units of promoter share of CIT will be up for auction for a week until July 3.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">Banks and Financial Institutes (BFIs) and insurance companies interested in purchasing those shares can acquire them by presenting a sealed-bid quotation of at least Rs 1,800 per unit.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">The minimum units shares that interested companies can purchase is 100 units or its multiple.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">Nepal SBI Merchant Banking Limited and Life Insurance Corporation Nepal have been appointed as the share registrar for the auction.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">The quotation form can be availed from the branch offices of Nepal SBI Merchant Banking in Biratnagar, Birtamod, Birgunj, Janakpur, Hetauda, Narayangadh, Pokhara, Baglung, Butwal, Dang, Nepalgunj, Surkhet, Dhangadhi and Mahendranagar.</span></span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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	(int) 2 => array(
		'Article' => array(
			'id' => '12235',
			'article_category_id' => '1',
			'title' => 'Supreme Court Tells United Insurance Company to Settle Insurance Claim ',
			'sub_title' => '',
			'summary' => 'July 27: The Supreme Court has upheld the insurance claim made by Everest Paper Mills. ',
			'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 27: The Supreme Court has upheld the insurance claim made by Everest Paper Mills. Issuing a final verdict in favour of the mill, the apex court has ordered United Insurance Company to pay the insurance claim to the mill after a lengthy legal battle. In addition to that, the insurance company has also been instructed to pay the interest for the liable amount.</span></span></span></span></p>

<p><span 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 division bench of justices Bisnwambhar Prasad Shrestha and Hari Prasad Phuyal issued the verdict last Wednesday (July 22). The paper mill had claimed insurance worth Rs 15 million for damages while filing the complaint. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">However, United Insurance has said it will take further legal steps after getting the full text of the verdict. Stating that the Supreme Court&rsquo;s verdict has victimized them, a high ranking official of the insurance company said they will take further legal steps in this regard.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">&ldquo;We haven&rsquo;t received the full text of Supreme Court verdict. We ill take further legal steps after consulting with our layers upon receiving the full text,&rdquo; said the official requesting anonymity.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">He argued that the Supreme Court&rsquo;s verdict in favour of the petitioner has been unjust for them when the surveyor has presented a report that warrants &lsquo;no claim&rsquo;. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">During the insurgency era, the then Maoists rebels had detonated a pressure cooker bomb at Everest Paper Mills after the company declined to provide donation to the insurgents. The blast had damaged the machinery and readymade papers inside the mill.</span></span></span></span></p>

<p><span 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 paper mill had purchased two separate insurance policies from the insurance company for the machinery plant and the readymade products. </span></span></span></span></p>

<p><span 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 insurance company argues that the insurance policy covers damage to readymade products stored in the warehouse but the paper mill has been claiming compensation for products damaged in the plant. </span></span></span></span></p>

<p><span 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 paper mill and insurance company had jointly hired two surveyors to prepare a report. The surveyors concluded that it was the company&rsquo;s flaw to keep the readymade products inside the plant and therefore the insurance company did not need to pay for the damages. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">As per the recommendation made by the report, the insurance company had paid Rs 45 million to the mill for the damages sustained by the plant.</span></span></span></span></p>
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	(int) 3 => array(
		'Article' => array(
			'id' => '12233',
			'article_category_id' => '1',
			'title' => 'Hotel Industry Gearing Up to Resume Service',
			'sub_title' => '',
			'summary' => 'July 27: Hotel entrepreneurs have started preparations to resume their business, which has been halted due to coronavirus and the subsequent lockdown imposed to control the spread of the disease.',
			'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 27: Hotel entrepreneurs have started preparations to resume their business, which has been halted due to coronavirus and the subsequent lockdown imposed to control the spread of the disease.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">They are gearing up to reopen hotels and restaurants after the government decided to allow them to resume their services 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 hotel industry has been completely shut since the last four months after the government imposed the lockdown on March 24. Hotel entrepreneurs say it is not possible to resume full-fledged service right now so they will be partially operating with just 10 percent of their capacity 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;">Shangri-La Hotel, a five-star hotel in the capital, is preparing to resume its service from the upcoming full moon day (Janai Purnima festival) on August 3. Meanwhile, another five-star hotel, Radisson, is doing its homework to resume service after mid-August. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Similarly, other restaurants and bars have also started training their staffers and adopting safety measures as per the health standard set by the government to resume their 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:&quot;Arial Unicode MS&quot;">Senior Vice President of Hotel Association of Nepal (HAN) Binayak Shah says that small and medium-sized hotels are actively preparing to resume their service than the big hotels.</span></span></span></span></p>

<p><span 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;At this point, we are resuming service not to&nbsp; make profit but to give the message that we are trying to create a conducive environment for business. We just want to bring the business back in tune,&rdquo; said Shah.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Shah, who is also the executive director of Airport Hotel, informed that they will be operating at 10 percent of their capacity 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;">Executive Director of Shangri-La Hotel Praveen Bahadur Pandey said that the hotel will resume service from the upcoming full moon day just for &ldquo;maintenance&rdquo;.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">&ldquo;We are still not allowed to organize mass meetings and parties. But the hotel will remain open with limited service for some personal guests who regularly visit our coffee shops and restaurant,&rdquo; said Pandey. </span></span></span></span></p>

<p><span 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 added that they are expecting 2 to 10 percent of 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;">&ldquo;We will mobilize only 10 percent of staffers,&rdquo; he added.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Hotel entrepreneurs say that although the government has given approval to resume their business, foreign tourists visiting Nepal still need to stay in quarantine for 14 days. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Pandey argues that foreign tourists will not visit Nepal if they have to stay in quarantine for 14 days.</span></span></span></span></p>
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	(int) 4 => array(
		'Article' => array(
			'id' => '12234',
			'article_category_id' => '1',
			'title' => 'NRB Holds Discussion with the Board Members of Sunrise Bank',
			'sub_title' => '',
			'summary' => 'July 27: Nepal Rastra Bank held discussion with the Board of Directors (BOD) of Sunrise Bank on Sunday, July 26 regarding the board’s attempt to remove the bank’s CEO. ',
			'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 27: Nepal Rastra Bank held discussion with the Board of Directors (BOD) of Sunrise Bank on Sunday, July 26 regarding the board&rsquo;s attempt to remove the bank&rsquo;s CEO. NRB had called both the parties for discussion after the BOD had demanded the resignation of CEO Janak Poudel. </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, NRB held discussion only with the board members. Executive Director of the central bank&rsquo;s BFI Regulatory Department Dev Kumar Dhakal, executive director of the bank&rsquo;s Supervision Department Mukunda Chhetri, BOD chairman Moti Lal Dugar, directors Bachha Raj Tater, Malchand Dugar, Shailendra Guragain, Sharada Sharma, Dipak Nepal and Om Krishna Joshi were present during the discussion. </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;">During the discussion, officials of NRB only asked the board members about the reason of the recent dispute. Executive director Dhakal did not want to speak about details of the discussion and only said that it was a normal routine process of NRB. </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;">In the half an hour-long discussion, Sunrise BOD told NRB that they were not satisfied with the performance of the CEO. &ldquo;We have put our words in front of NRB officials, but they have not given any suggestion yet. We are waiting for their suggestion,&rdquo; one of the directors of the bank said. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">On the other side, CEO Poudel expressed his dissatisfaction that he was not invited in the discussion and reiterated that he will not resign. </span></span></span></p>

<p>&nbsp;</p>
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	(int) 5 => array(
		'Article' => array(
			'id' => '12231',
			'article_category_id' => '1',
			'title' => 'Tourism Entrepreneurs Demand Immediate Release of Relief Fund to Resume Business',
			'sub_title' => '',
			'summary' => 'July 26: Tourism entrepreneurs are preparing to reopen hotels, restaurants and trekking agencies which were closed since the last four months after the government imposed lockdown on March 24.',
			'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 26: Tourism entrepreneurs are preparing to reopen hotels, restaurants and trekking agencies which were closed since the last four months after the government imposed lockdown on March 24.&nbsp; However, despite the government lifting the lockdown, tourism entrepreneurs are not in a position to reopen their businesses right away due to lack of&nbsp; capital. Therefore, they have urged the government to immediately release the fund announced as a relief for this sector. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Nepal Rastra Bank has maintained that its new monetary policy and an additional fund of Rs 50 billion pledged by the government for the tourism industry would help in revitalizing the sector which has been badly affected by coronavirus.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">However, tourism entrepreneurs have urged the government to immediately release the fund stating that they lack capital to resume their 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;">The government had pledged Rs 50 billion to facilitate the payment of workers associated with the tourism industry. The fund will be released as soon as the government makes it available to the Nepal Rastra Bank.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Secretary at the Ministry of Culture, Tourism and Civil Aviation Kedar Bahadur Adhikari said that they have already urged the finance ministry to set up the fund. &ldquo;But we have not received any word from the Finance Ministry,&rdquo; he said. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Meanwhile, the central bank has announced various concessions for the tourism sector in its monetary policy. </span></span></span></span></p>
',
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	(int) 6 => array(
		'Article' => array(
			'id' => '12230',
			'article_category_id' => '1',
			'title' => 'NRB Decides to Mop Excess Liquidity of Rs 20 Billion',
			'sub_title' => '',
			'summary' => 'July 26: Nepal Rastra Bank (NRB) has decided to take necessary measures for mopping excess liquidity in banks due to the poor demand for loans. ',
			'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 26: Nepal Rastra Bank (NRB) has decided to take necessary measures for mopping excess liquidity in banks due to the poor demand for loans. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">It is estimated that banks are currently having excessive liquidity of Rs 200 billion. The central bank on Thursday (July 23)decided to issue reversal repo (repurchase agreement) of Rs 20 billion with maturity period of one week.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">NRB in its new monetary policy has increased the core capital plus deposit (CCD) ratio of banks from 80 percent to 85 percent targeting increased flow of loans to Covid-19 affected sector. This provision, which will last till the end of the current fiscal year, is expected to raise the excess liquidity to Rs 120 billion in average.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Banking expert Analraj Bhattarai stresses on making the economy vibrant to attain the 7 percent economic growth target set by the government. Bhattarai believes that the government has to ease the liquidity crunch to attain this target.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">&ldquo;The lending capacity of banks has increased after the NRB increased the CCD ratio and removed buffer capital. People seeking loan can avail loan at low interest rate if there is sufficient liquidity in the market,&rdquo; said Bhattarai.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">NRB Spokesperson Dr Gunakar Bhatta informed New Business Age that the central bank is preparing to issue new directives within a few days.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">&ldquo;Increasing the CCD ration will increase liquidity in the market,&rdquo; said Bhatta, adding, &ldquo;We are preparing to issue new directives in this regard very soon.&rdquo; </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">According to Bhatta, the new directive will stabilize the economy.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Meanwhile, President of Nepal Bankers Association, Bhuvan Dahal, says simply increasing the CCD ratio alone will not increase the liquidity in the market.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">However, Bhatta insists that the new provision will increase the liquidity which in turn will increase the flow of investible capital. This is expected to reduce the rate of interest.</span></span></span></span></p>
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	(int) 7 => array(
		'Article' => array(
			'id' => '12232',
			'article_category_id' => '1',
			'title' => 'Government Liabilities to Social Security Fund Exceeds Rs 1 billion',
			'sub_title' => '',
			'summary' => 'July 26: The government’s liability for Social Security Fund (SSF) has exceeded Rs 1 billion during the four months of lockdown.',
			'content' => '<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">July 26: The government&rsquo;s liability for Social Security Fund (SSF) has exceeded Rs 1 billion during the four months of lockdown.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">According to SSF, the government is yet to pay Rs 1.12 billion to the fund.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">The government anticipating meltdown of economy and business due to the lockdown had announced to contribute to the SSF on behalf of the employees under their relief program to facilitate the private sector .</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">The finance ministry had announced that the government would contribute to the SSF on behalf of the affiliated industries and companies for the months of March, April, May and June. </span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">Following the announcement, the government&rsquo;s payable amount to the SSF has reached Rs 1.12 billion for the months of March, April, May and June. </span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">So far, the government has only deposited Rs 186.7 million for March. </span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">The Social Security Fund has already written to the ministry of finance to clear the pending amount. According to the fund, a total of Rs 940 million is yet to be paid by the government for the remaining three months.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">Kapil Mani Gyawali, executive director of SSF informed that the government has been requested to pay Rs 940 million for April, May and June.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">&ldquo;The Ministry of Finance has assured SSF that it will deposit the pending amount within the month of July as the new fiscal year has started,&rdquo; he informed.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">Gyawali said that private establishments were reluctant to join the fund before the lockdown but now have gradually started joining the fund as the industry and business are affected by the pandemic.</span></span></span></p>

<p>&nbsp;</p>
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			'article_date' => '2020-07-26 16:00:25',
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	(int) 8 => array(
		'Article' => array(
			'id' => '12229',
			'article_category_id' => '1',
			'title' => 'Internal Dispute of Sunrise Bank Drags the Bank to NRB ',
			'sub_title' => '',
			'summary' => 'July 26: Nepal Rastra Bank has called the CEO and Board of Directors (BOD) of Sunrise Bank for discussion after the internal dispute between them escalated. ',
			'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">July 26: Nepal Rastra Bank has called the CEO and Board of Directors (BOD) of Sunrise Bank for discussion after the internal dispute between them escalated. </span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">Unsatisfied with the performance of CEO Janak Sharma Poudel, the BOD had decided to seek his resignation. NRB has called both sides for discussion on Sunday after the BOD demanded resignation and Poudel refused to resign. </span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">NRB&rsquo;s decision to call the bank&rsquo;s officials in relation to the internal dispute is considered as an intervention by the central bank. The chairman of the bank should have looked after policy and the CEO should have looked at the implementation part. However, NRB intervened after seeing that the dispute between the two parties may get the bank into trouble. </span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">Dev Kumar Dhakal, executive director of the regulatory department of NRB, informed that all parties of the bank will be questioned on Sunday (July 26). &ldquo;The BOD of Sunrise Bank has demanded the resignation of the CEO. Therefore, we have called both the parties,&rdquo; he said, adding, &ldquo;NRB can supervise and discuss with the banks and financial institutions at any time if necessary.&rdquo; </span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">One side has claimed that the CEO&#39;s resignation was demanded as per the decision of the BOD while the other side has claimed that only the dissident group has demanded his resignation. </span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">According to a source close to the bank, some members of BOD (especially Malchand Dugad) were not satisfied with Poudel&rsquo;s performance. </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;The dispute erupted after the chairman of the bank Moti Lal Dugad was in favor of the CEO,&rdquo; the source said. </span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">In the meantime, CEO Poudel said that there is a internal misunderstanding with the board and there&rsquo;s no official decision about resignation. &ldquo;Neither there is an official decision about resignation nor will I resign. It has been a year since I started working. There&rsquo;s still three years left in the four years tenure. I will take the bank to new heights till the end of my tenure,&rdquo; Poudel told New Business Age.&nbsp;&nbsp; </span></span></span></p>

<p>&nbsp;</p>
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	(int) 9 => array(
		'Article' => array(
			'id' => '12228',
			'article_category_id' => '1',
			'title' => 'Investment Commitment Shrinks by 46 Percent ',
			'sub_title' => '',
			'summary' => 'July 26: Investment commitment for Nepal in the last fiscal year was the lowest since the past three years despite the government’s claim that there has been an improvement in investment-friendly environment. ',
			'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 26: Investment commitment for Nepal in the last fiscal year was the lowest since the past three years despite the government&rsquo;s claim that there has been an improvement in investment-friendly environment. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Data from the Department of Industry show that the investment commitment in the Fiscal year 2019/20 decreased by 46.13 percent as the investors were in a wait and watch mood due to the coronavirus pandemic.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">A total of 277 industries, including small-scale industries as well and medium and large industries, were registered with the Department of Industry in the last fiscal year. These industries had received investment commitment of Rs 152 billion. But the investment commitment as well as number of industries registered in the last fiscal year was significantly lower than that of FY 2018/19. In FY 2018/19, a total of 439 industries were registered with investment commitment of Rs 283 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;">The major reason for the decline in investment commitment is considered as the decrease in number of registration of industries. The registration of industries in the last few months of FY 2019/20 shrunk by 36.9 percent as the country&rsquo;s economy was paralyzed by 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;">Although the overall investment commitment in the last fiscal year declined significantly, there was an increase in foreign investment commitment. According to the Department of Industries, foreign investment commitment in FY 2019/20 increased by 51 percent compared to the previous fiscal year. Foreign companies had committed to invest Rs 38.35 billion in 223 companies in the last fiscal year. Such commitment from foreign investors in the previous fiscal year was 25.47 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;">Spokesperson at the Department of Industry, Binod Khadka, told New Business Age that the registration of new companies has come to a standstill in the last few months due to coronavirus.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">According to the Department, sectors like energy, tourism and production are the first choice for investors. The energy sector received the largest share of investment commitment of Rs 100 billion followed by Rs 20 billion for tourism sector.</span></span></span></span></p>

<p>&nbsp;</p>
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	(int) 10 => array(
		'Article' => array(
			'id' => '12227',
			'article_category_id' => '1',
			'title' => 'Government Starts Issuing Embossed Number Plates',
			'sub_title' => '',
			'summary' => 'July 26: The government has started distributing embossed number plates.',
			'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 26: </span></span><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The government has started distributing embossed number plates. Minister for Physical Infrastructure and Transport Basanta Nembang and Physical Infrastructure Minister of Bagmati Province Rameshwar Phuyal jointly distributed the number plates amid a function in the capital&nbsp; on Friday (July 24).</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Speaking at the function, Minister Nembang said that the government is working toward proper management of transportation system in the new federal setup by delegating powers to the provinces and local units.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">He further said that the government is preparing to set up offices to test the condition of vehicles in all seven provinces with the objective of minimizing accidents. In this regard vehicle fitness test centres have already been established in Butwal and Hetauda, he added.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Minister Nambang also said that the government had planned replacing the traditional number plates with embossed number plates long ago but was unable to do so due to legal obstacles. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">&ldquo;The process to issue the smart number plates with digital information to 2.5 million vehicles has been initiated,&rdquo; Minister Nembang announced, adding that all the vehicles will have to use embossed number plates within a few years.</span></span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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	(int) 11 => array(
		'Article' => array(
			'id' => '12225',
			'article_category_id' => '1',
			'title' => 'Price of Gold Reaches All-time High in Nepal',
			'sub_title' => 'One Tola of Gold being Traded at Rs 95,800',
			'summary' => 'July 24: The price of gold has been increasing steadily in the market of Nepal.',
			'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 24: The price of gold has been increasing steadily in the market of Nepal. The price of gold increased by Rs 1300 per tola (11 grams approximately) on Friday to reach an all-time high.</span></span></span></span></p>

<p><span 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 Nepal Gold and Silver Dealer&rsquo;s Federation, gold is being traded at Rs 95,800 per tola as of Friday. On Thursday, the price of gold per tola was Rs 94,500, which too was Rs 500 more than the previous 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;">Likewise, the price of silver also increased marginally on Friday. The price of silver was up by Rs 5 per tola. Silver is being traded for Rs 1150 per tola.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Investors are attracted toward gold due to the coronavirus pandemic. They are investing heavily on gold to secure their investment, thereby causing a sharp rise in the price of the precious yellow metal.</span></span></span></span></p>

<p>&nbsp;</p>
',
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			'created' => '2020-07-24',
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			'description' => '',
			'sortorder' => '11973',
			'image' => '20200724022325_gold.jpg',
			'article_date' => '2020-07-24 14:22:41',
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	(int) 12 => array(
		'Article' => array(
			'id' => '12226',
			'article_category_id' => '1',
			'title' => 'Cement Industries Forced to Import Clinker due to Government Policy ',
			'sub_title' => '',
			'summary' => 'July 24: The government has adopted a policy for the country to become self reliant on cement.',
			'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 24: The government has adopted a policy for the country to become self reliant on cement. On the other hand, the government&rsquo;s policy itself forces cement manufacturers to import clinker from abroad.</span></span></span></span></p>

<p><span 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 Nepal Bureau of Standards and Metrology (NBSM) has set a criterion for Ordinary Portland Cement (OPC) to have not more than 5 percent of Magnesium Oxide (MGO). However, the content of MGO in locally-made clinker is more than 6 percent due to which cement producers are forced to import clinker from 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;">Some local clinker industries have been manufacturing clinker by purchasing limestone from mines that have low content of magnesium. However, majority of cement industries import clinker. It has been found that the mines in western Nepal has high content of MGO.</span></span></span></span></p>

<p><span 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 mines of eastern Nepal have low content of MGO which comply with the standard set by the government, mines of western Nepal in Palpa and&nbsp; Dang have high amount of MGO, according to Dhruba Thapa, chairman of Nepal Cement Producers Association.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">&ldquo;We are forced to mix the clinker with high content of MGO with the ones with low content. This increases the cost of production,&rdquo; said Thapa.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Thapa claimed that the limestone of Palpa and Dang have 4 percent of MGO, which increases to 6 percent when they prepare clinker.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Communication officer at the NBSM Sanjeev Kumar Thakur said that they have received information that the content of MGO differ from one mine to the other, but they do not have proper data regarding it.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">At present, there are 65 cement industries in operation in Nepal. Among them, 18 produce clinker on their own. The others import clinker. The government has announced plans to become self reliant on cement four years ago. But the industry is still relying on import to produce cement.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">NBSM claims that high content of MGO makes the cement weak.</span></span></span></span></p>
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			'sortorder' => '11972',
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	(int) 13 => array(
		'Article' => array(
			'id' => '12224',
			'article_category_id' => '1',
			'title' => 'FNCCI Election Postponed Again',
			'sub_title' => 'Office Bearers Decide to hold AGM within 15 Days after Government lifts Restriction on Mass Gathering',
			'summary' => 'July 24: The upcoming 54th General Assembly of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) has been postponed once again.',
			'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 24: The upcoming 54<sup>th</sup> General Assembly of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) has been postponed once again. FNCCI was scheduled to hold the General Assembly on August 10 and 11 to choose a new leadership. But a meeting of the office bearers of FNCCI and former presidents on Thursday (July 23) decided to defer the General Assembly.</span></span></span></span></p>

<p><span 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 press statement issued by FNCCI states that the General Assembly will be held within 15 days after getting permission from the government to hold mass gatherings. </span></span></span></span></p>

<p><span 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 latest decision, the election for office bearers of FNCCI has now been pushed further away indefinitely.</span></span></span></span></p>

<p><span 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 recent cabinet meeting had decided to lift the ban on lockdown but the restrictions on mass gatherings and various other measures to prevent the spread of coronavirus still remains in place. Therefore, FNCCI has made it clear that they will not be able to organize the General Assembly.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">During Thursday&rsquo;s meeting, majority of the participants agreed that it is not the right time to hold the General Assembly due to the risk of coronavirus pandemic and the floods and landslides taking place 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:&quot;Arial Unicode MS&quot;">They concluded that it is not practical to gather more than 1000 industrialists for the General Assembly because the threat of coronavirus still persists despite the government lifting the lockdown.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The term of current President Bhavani Rana will end after the General Assembly and&nbsp; Senior Vice President Shekhar Golchha will take charge of the responsibilities of FNCCI as per the federation&rsquo;s statute.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Meanwhile, Vice President Chandra Dhakal and Kishor Pradhan will be vying for the post of Senior Vice President in the FNCCI election. There is a provision for the Senior Vice President to lead the federation during the next term.</span></span></span></span></p>
',
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			'created' => '2020-07-24',
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			'keywords' => '',
			'description' => '',
			'sortorder' => '11971',
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			'article_date' => '2020-07-24 13:52:38',
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	(int) 14 => array(
		'Article' => array(
			'id' => '12223',
			'article_category_id' => '1',
			'title' => 'Parliamentary Committee Begins Probe into Khimti Hydropower Project ',
			'sub_title' => '',
			'summary' => 'July 24: A parliamentary committee has decided to initiate a probe into the delay in transfer of ownership of Khimti Hydropower Project.',
			'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">July 24: A parliamentary committee has decided to initiate a probe into the delay in transfer of ownership of Khimti Hydropower Project. The Agriculture, Cooperatives and Natural Resources Committee under the federal parliament has initiated the probe by obtaining documents related to Power Purchase Agreement (PPA) and Project Development Agreement (PDA) of the hydropower project. </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 committee had sent a letter to the Ministry of Energy, Water Resource and Irrigation last Monday to submit the documents within three days. Following the directive, the ministry had sent the necessary documents by Wednesday, and subsequently, the committee started the probe from Thursday. The committee will complete studying the documents within a week. </span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">A member of the probe committee said that they initiated the investigation after the ownership handover of the project was not done in time. &ldquo;We have already started the probe after receiving PPA and PDA. We have taken this step to find out why the handover was not done in time,&rdquo; he said, &ldquo;Now we are studying the arrangement and agreement in PPA and PDA. We will then give necessary instruction to the concerned bodies.&rdquo; </span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">An official of the Nepal Electricity Authority admitted that the parliamentary committee has started investigation into the matter. Spokesperson of NEA Prabal Adhikari said that discussions with Himal Power Limited to finalise the handover of ownership is underway.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">According to the pre-agreement between the Nepal Government and Himal Power Limited, 50% share ownership of the 60 MW project was to be given to NEA. However, due to the four-month long lockdown, it did not happen. Both the ministry and NEA said discussions in this regard is still ongoing. </span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">Prabin Raj Aryal, spokesperson of the ministry informed that they are working to resolve the issue as soon as possible. </span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">As the officials of Himal Power were abroad and stuck there due to the lockdown, a virtual meeting was held between Himal Power and NEA regarding transfer of ownership. However, the meeting could not reach a conclusion. NEA claims that the transfer of the ownership was not completed in time due to the same reason. </span></span></span></p>
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Government Proposes Formation of New Authority to Regulate Cooperatives

Sugar Prices Surge ahead of Festive Season amid Govt’s Failure to Import Sugar

BFIN to Host Conference in Kathmandu on Wednesday

Price of Gold Reaches All-Time High in Nepal

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