The joint venture agreement between Nepal Electricity Authority (NEA) and the Power Grid Corporation of India for the construction of Nepal-India second cross-border transmission line New Butwal-Gorakhpur (400 KV) will be signed within the next month.…
The government has informed the donor country, the United States , that the Millennium Challenge Corporation (MCC Compact) has been currently put on hold.…
The Nepal Tourism Board (NTB) has started imparting training virtually to the tourism entrepreneurs about the effective implementation of the protocol on precautions and safety measures to be taken while reopening the tourism sector after the COVID-19 pandemic.…
The government has started issuing labour permit for foreign employment after a halt of three and half months.…
While business community members are currently in ‘wait and watch’ mode and are hesitant in investing amid Covid-19 crisis, two cement industries have added billions in new investments.…
With the enforcement of lockdown to contain the spread of coronavirus infection, tea estates in Ilam district have lost a sizable income during the peak season to pluck the first flush.…
The World Bank has elevated Nepal’s income status to lower-middle-income group from the lower-income…
In a window of just three days, the government has call two tenders worth Rs 25 Billion for the construction of tank bed of 106 km Kakadvitta-Inaruwa section of the Mechi-Mahakali Electric Railway.…
Soft drinks maker Coca-Cola has announced partnership with Nepal Red-Cross Society to heighten the safety of frontline health workers and volunteers who are assisting patients during theCOVID-19 pandemic.…
After shutting down for nearly three months, small and medium enterprises (SMEs) have resumed their activities to find themselves surrounded by several issues due to very little or no business at all.…
The World Bank has appointed Faris Hadad-Zervos as its new Country Director for Maldives, Nepal and Sri Lanka effective from July 1.…
The government has decided to change some provisions of the Commission for Investigation of Abuse of Authority (CIAA) Bill (3rd amendment) following a strong protest from the country’s private sector.…
Soaltee Crowne Plaza, Idea Studio and National Academy of Medical Science (NAMS) have announced launch of the project ‘Samyog’.…
The International Finance Corporation (IFC), the private sector arm of the World Bank, has said it will be investing additional USD 60 million in Nepal in the next six months.…
Nepalis, who are paying payment gateways fees to international companies for digital transactions, will soon be relieved from paying additional fees to payment services providers including Visa for digital transactions soon.…
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', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">July 5: The joint venture agreement between Nepal Electricity Authority (NEA) and the Power Grid Corporation of India for the construction of Nepal-India second cross-border transmission line New Butwal-Gorakhpur (400 KV) will be signed within the next month. The discussions between the two sides regarding this matter have reached the final stage. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">Executive director of the NEA, Kulman Ghising said, “Preparations of the joint venture agreement is now almost finalised. We will sign the agreement within a month.” </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">The transmission line will be constructed with equal investment of Nepal and India, i.e. 50/50 percent investment. The two sides had agreed to set up a joint venture company. According to the agreement, the structure of the joint company and other issues will be determined soon. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">“Both sides had already agreed to open a joint venture company. We are now completing the method of establishing the joint company accordingly,” Ghising said. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">After the joint investment agreement is done, it has to be passed by the Council of Ministers of Nepal as well as India. Then the joint company will be established in India. Ghising says it might take three to four months for the company to be established. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">The agreement for the construction of cross-border transmission line was done in last October during a meeting of Nepal-India secretary level Joint Steering Committee held at Bengaluru. At that time, it was already decided that the joint company will be established within three months, however, due to various reasons it has not been done yet. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">The company that is going to be established now will build the transmission line of Indian section. Millennium Challenge Account (MCA) under Millennium Challenge Corporation (MCC) will construct the transmission line in Nepal section. Ghising said that if MCA Nepal could not build the transmission line in Nepal due to MCC dispute, the NEA will build it. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">According to the Detailed Project Report (DPR), the total length of the transmission line will be 140 km. Among the total length, 120 km section will be in Gorakhpur, India while 20 km section will be in Nepal. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">About Rs 7 billion investments is estimated for the construction. 80 percent investment will be raised from concessional loan while 20 percent from equity investment of both sides. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">This project is also associated with US funded MCC. The DPR was already prepared in 2015. Another substation will be constructed near Rohini River. The import and export of electricity from Nepal to India and vice versa will be done through this. Especially when the electricity generated from Budhigandaki and Marsyangdi is in excess, it will be easier to export the surplus power to India through this transmission line. </span></span></span></span></p> ', 'published' => true, 'created' => '2020-07-05', 'modified' => '2020-07-05', 'keywords' => '', 'description' => '', 'sortorder' => '11919', 'image' => '20200705015307_New Butwal-Gorakhpur.jpg', 'article_date' => '2020-07-05 13:50:54', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 1 => array( 'Article' => array( 'id' => '12171', 'article_category_id' => '1', 'title' => 'MCC Ratification Put on Hold after Expiry of Deadline', 'sub_title' => '', 'summary' => 'The government has informed the donor country, the United States , that the Millennium Challenge Corporation (MCC Compact) has been currently put on hold. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">July 4: The government has informed the donor country, the United States , that the Millennium Challenge Corporation (MCC Compact) has been currently put on hold. With the expiry of deadline to endorse the compact by the parliament two days back, the Finance Ministry wrote a missive to the United States in this regard.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">The delay in the endorsement of the MCC compact by the parliament was the effect of intra-party wrangling in the ruling Nepal Communist Party.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Now, with the pending of huge assistance, Nepal is likely to witness negative impacts on its development projects.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Finance Minister Dr Yubaraj Khatiwada said the ongoing budget session of the federal parliament was prorogued due to COVID-19. So, the United States was informed that the MCC compact aimed at development of energy and transport sectors could not be endorsed by the parliament at present. He however said government was for the implementation of MCC compact.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Dr Khatiwada said, "It can be discussed that some points in the MCC compact could have been presented differently. But the disputes still persisting over some points of the compact affect trust on and perspective towards Nepal government." He suggested that some of the issues could be sorted out through letters of exchange.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Talking to the National News Agency (RSS), Dr Khatiwada further said the endorsement of the MCC pact was delayed also because of the lack of preparatory works for its implementation owing to the COVID-19 pandemic.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Although the budget had incorporated some activities for the implementation of the compact, the difference within the ruling party halted it, pointing out the need of approval first by the parliament for undertaking the activities.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Earlier, there was sharp polarisation in the standing committee of NCP over the MCC pact resulting to the formation of a team to study its broader impact. The study team comprised senior leader Jhalanath Khanal, leader Bhim Bahadur Rawal and Foreign Minister Pradeep Kumar Gyawali. The team later submitted the report to the party leadership, urging for some amendment before its passage by the parliament. The MCC compact consist of Rs 51 billion assistance by the US government to Nepal for energy and transportation sectors. <em>(RSS)</em></span></span></span></span></p> ', 'published' => true, 'created' => '2020-07-04', 'modified' => '2020-07-08', 'keywords' => '', 'description' => '', 'sortorder' => '11918', 'image' => '20200704031812_MCC.jpg', 'article_date' => '2020-07-04 15:14:47', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '31' ) ), (int) 2 => array( 'Article' => array( 'id' => '12170', 'article_category_id' => '1', 'title' => 'NTB Imparts Online Tourism Protocol Training', 'sub_title' => '', 'summary' => 'The Nepal Tourism Board (NTB) has started imparting training virtually to the tourism entrepreneurs about the effective implementation of the protocol on precautions and safety measures to be taken while reopening the tourism sector after the COVID-19 pandemic. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">July 4: The Nepal Tourism Board (NTB) has started imparting training virtually to the tourism entrepreneurs about the effective implementation of the protocol on precautions and safety measures to be taken while reopening the tourism sector after the COVID-19 pandemic. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Issuing a press statement on Friday, the Board shared that the training was conducted in coordination with the tourism related organisations to enforce the ‘Operational Guideline with Health Protocol for Tourism Sector’ that the Ministry of Culture, Tourism and Civil Aviation and NTB had prepared jointly. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">NTB CEO Dr Dhananjay Regmi shared that some 600 tourism entrepreneurs would be provided training in the first phase. The protocol includes measures to be taken by the people right from their arrival to their departure as well as by the service providers here. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">The protocol also encourages tourism entrepreneurs to do digital marketing to attract tourists in the wake of COVID-19, according to the press statement. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">The training was coordinated by Hotel Association of Nepal, Nepal Association of Tour and Travel Agents, and Trekking Agencies Association of Nepal. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">The training would be conducted at the state level in future, according to the NTB. </span></span></span></span></p> ', 'published' => true, 'created' => '2020-07-04', 'modified' => '2020-07-04', 'keywords' => '', 'description' => '', 'sortorder' => '11917', 'image' => '20200704031410_tourism.jpg', 'article_date' => '2020-07-04 15:12:53', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 3 => array( 'Article' => array( 'id' => '12169', 'article_category_id' => '1', 'title' => 'Govt Resumes Issuance of Foreign Employment Permit', 'sub_title' => '', 'summary' => 'The government has started issuing labour permit for foreign employment after a halt of three and half months. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">June 4: The government has started issuing labour permit for foreign employment after a halt of three and half months. Migrant workers who had returned to Nepal during their holidays and those, have contract duration remaining and those already cleared the processes for foreign employment before the lockdown will be allowed to go abroad after following the Covid-19 safety protocols. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Earlier, meeting of Covid 19 Crisis Management Centre (CCMC) held on June 21 had agreed with Ministry of Labor, Employment and Social Security (MoLESS) in principle to formulate safety protocols for foreign employment. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">According to the Labour Office at Tahachal, those who have their contracts renewed and duration of visas extended will be provided the foreign employment permits. It has started distributing permits from Thursday. According to Umesh Basnet, chief of Labor Office, labour permit issuance resumed immediately after the office received letter from MoLESS. “We have started issuing labor permits for the countries which have been permitted for foreign employment by the government. However, new labour permits will not be issued right now,” said Basnet. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Though the Foreign Employment Department have started issuing permits smoothly, it is difficult for the migrant workers to travel due to suspension on international flight. However, they can travel if the government arranges chartered flights. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">The High-Level Committee for Prevention and Control of Coronavirus had directed to suspend issuance of labour permits on March 12. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">The resumption of issuance of labour permits came after many countries opened their industrial and business sectors shut down during the worldwide lockdown. Before lockdown, around 5,000 migrant workers had returned to Nepal for their holidays. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">“Because of the Covid-19, currently, only 100,000 to 150,000 migrant workers are in the situation to go abroad,” said Kumar Dahal, director general of Department of Labour. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">However, recruitment companies have expressed their displeasure about the resumption of labour permit issuance. Nepal Association of Foreign Employment Agencies (NAFEA), responded that government has haphazardly made the decision. </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">“The risk of coronavirus transmission has not minimized yet. The migrant workers will get into trouble if the destination country doesn’t allow them to enter,” said Bishnu Gaire, president of NAFEA. </span></span></span></span></p> ', 'published' => true, 'created' => '2020-07-04', 'modified' => '2020-07-04', 'keywords' => '', 'description' => '', 'sortorder' => '11916', 'image' => '20200704031215_Foreign Employment.jpg', 'article_date' => '2020-07-04 15:10:21', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 4 => array( 'Article' => array( 'id' => '12168', 'article_category_id' => '1', 'title' => 'Rise of Two Big Companies in Cement Industry', 'sub_title' => '', 'summary' => 'While business community members are currently in ‘wait and watch’ mode and are hesitant in investing amid Covid-19 crisis, two cement industries have added billions in new investments. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">July 3: While business community members are currently in ‘wait and watch’ mode and are hesitant in investing amid the Covid-19 crisis, two cement industries have added billions in new investments. Dang Cement, which was limited to registration for the last 15 years, has now received approval for investment worth Rs 32.50 billion with the goal of producing cement and clinker within the next three years. Likewise, Samrat Cement Industry has also sanctioned Rs 15.05 billion to expand its clinker and cement production capacity. Investment Board Nepal (IBN) has already approved their investment proposal on June 19. With this, a total of Rs 47.55 billion investment will be added in the cement industry. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">Samrat Cement, which was registered in the Department of Industry in 2070, had then received approval for investment of Rs 7 billion to produce clinker as well. Currently the company, which has been producing cement only, has said that it will also produce clinker. The company’s Chairman Mukunda Prasad Timilsina said that although they had bought clinker and started cement production, they weren’t operating at full capacity. Samrat Cement has 50 percent share of locals of Dang. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">“The industry produces 30,000 sacks of cement every day,” informed Timilsina, adding, “We are in the final stage of preparation for the production of clinker. We will be starting our clinker production in three months.” He also informed that the company will also generate 6MW electricity itself for the production of cement and clinker. Seven years after its registration, the company has doubled its investment and expanded its capacity. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">The production capacity of Samrat cement was 1,800 tonnes per day during the initial days. With the increment in investment, Timilsina said they now produce 4,500 tonnes clinker and 3,600 tonnes cement daily. The company has been producing cement at only 30 to 40 percent of its capacity. It will be operating with full capacity workforce, raw materials management and technicians from India arrive. The company has even taken limestone mines at Dang and Rolpa. At present, the company has provided employment to 150 people and after capacity expansion, 500 people will get employment. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">Meanwhile, Dang Cement has to start from start even though it has received principle agreement for investment from IBN. The company aims to commence production within three years after completion of legal processes. Dang Cement was bought by an Indian company after the then Ambuja Cement failed to bring the project. The company had stopped working due to the deteriorating business climate during the conflict era. An official of Dang Cement said that no other works besides purchase of some land and company registration progressed during that period. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">The shares of the Dang Cement, which had investment from Ambuja Group of India, is now owned by Hong Kong Redline which associated to the Chinese cement giant Hongsi. The company, which has seen a significant increase in investment, aims to produce 6,000 tonnes per day. The company aimed to produce 1,200 ton cement while registering the company. According to the company’s officials, the industry will produce cement by making clinker with the additional investment. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">The company has also planned to produce clinker and sell to other companies as well. The official said, “Now we will work from the scratch. We have only received the in principle agreement from the board.” According to him, although the company is registered, there hasn’t been any work and as the development possibility in the western region is high now, the company is willing to invest. He said that even though the investment looks challenging, cement and clinker can be produced at low cost as it uses high technology and can also be sold at a lower price than others. Neither construction work nor the factory work has been done at present. He said that more than 500 people will get direct employment when the industry comes into operation. </span></span></span></span></p> ', 'published' => true, 'created' => '2020-07-03', 'modified' => '2020-07-03', 'keywords' => '', 'description' => '', 'sortorder' => '11915', 'image' => '20200703023316_Samrat Cement.jpg', 'article_date' => '2020-07-03 14:31:45', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 5 => array( 'Article' => array( 'id' => '12167', 'article_category_id' => '1', 'title' => 'Lockdown Results in Huge Losses to Tea Estates ', 'sub_title' => '', 'summary' => 'With the enforcement of lockdown to contain the spread of coronavirus infection, tea estates in Ilam district have lost a sizable income during the peak season to pluck the first flush. ', 'content' => '<div> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">July 3: With the enforcement of lockdown to contain the spread of coronavirus infection, tea estates in Ilam district have lost a sizable income during the peak season to pluck the first flush.</span></span></span></span><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif""> </span></span><br /> <span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">The farmers could neither take the tea leaves for processing nor do they supply the processed tea to the market. The first flush, which gets readied from the beginning of April, is considered as the best quality tea leaves with more market and values. This year the farmers could not pluck the high-quality first flush due to lockdown, incurring a huge loss to the farmers and factories, proprietor of Jasbire Tea Processing Center Sarad Subba of Ilam Municipality-4 said. <br /> We could not supply the tea despite there was a demand from the third countries, he bemoaned. "We supply our products to China and other third countries. But, we have not sent yet this year as the international market is in standstill," Subba added. <br /> The tea factory owners have also failed to pay the tea farmers and workers as well. Chief of Gorkha Tea Estate, Udaya Chapagain, shared that their loss is huge as tea factories remained closed for some days. He, however, claimed that he was regularly paying for the workers and farmers even in the lockdown despite his products have not reached the market. <br /> This sector incurred more than Rs 6 million in loss in the first season of this year, General Secretary of Central Tea Cooperatives Association Rabin Rai said. <em>(RSS)</em></span></span></span></span></p> </div> ', 'published' => true, 'created' => '2020-07-03', 'modified' => '2020-07-03', 'keywords' => '', 'description' => '', 'sortorder' => '11914', 'image' => '20200703014705_Tea estate.jpg', 'article_date' => '2020-07-03 13:43:17', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 6 => array( 'Article' => array( 'id' => '12166', 'article_category_id' => '1', 'title' => 'World Bank Elevates Nepal’s Status to Lower-Middle Income Group ', 'sub_title' => '', 'summary' => 'The World Bank has elevated Nepal’s income status to lower-middle-income group from the lower-income country.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">July 3: The World Bank has elevated Nepal’s income status to lower-middle-income group from the lower-income country.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">Publishing the Updated Country Income Classification for 2020-21 on its Data Blog, the Washington DC-based agency said that Nepal has notch up to the new group with its gross national income (GNI) of USD 1,090 from USD 960 a year earlier. According to the World Bank, countries having GNI of USD1, 036 to USD 4,045 are kept in the category of lower-middle income group. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">“The World Bank assigns the world’s economies to four income groups—low, lower-middle, upper-middle, and high-income countries. The classifications are updated each year on July 1 and are based on GNI per capita in current USD (using the Atlas method exchange rates of the previous year,” the World Bank writes. </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">The bank has said that the GNI numbers that are used for this year’s classification do not yet reflect the impact of Covid-19.</span></span></span></span></p> ', 'published' => true, 'created' => '2020-07-03', 'modified' => '2020-07-03', 'keywords' => '', 'description' => '', 'sortorder' => '11913', 'image' => '20200703013607_World Bank.jpg', 'article_date' => '2020-07-03 13:34:29', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 7 => array( 'Article' => array( 'id' => '12165', 'article_category_id' => '1', 'title' => 'East-West Electric Railway: Tender Call Worth Rs 25 Billion in 3 Days ', 'sub_title' => '', 'summary' => 'In a window of just three days, the government has call two tenders worth Rs 25 Billion for the construction of tank bed of 106 km Kakadvitta-Inaruwa section of the Mechi-Mahakali Electric Railway. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">July 2: In a window of just three days, the government has call two tenders worth Rs 25 Billion for the construction of tank bed of 106 km Kakadvitta-Inaruwa section of the Mechi-Mahakali Electric Railway. The Department of Railways under the Ministry of Physical Infrastructure and Transport call the tender twice on Sunday and Wednesday asking Nepali construction companies to participate in the bidding process. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">The Department of Railway has received a total budget of Rs 8.66 billion for the coming FY 2077/78. However, the tender for the construction of railway which is three times more than the budget, has also raised concerns. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Even though the foreign construction companies are allowed to propose for infrastructure projects of more than Rs 1 billion, they cannot apply tender this time. Likewise, few big Nepali construction companies can participate in the tender in small packages above Rs 10 million. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Director General of the department Balaram Mishra said that a total of 56 packages have been prepared and then called for tender. According to him, the 50 km section in Jhapa district has been divided into 34 packages. Similarly, the tender has been called to contract 56 km of Morang-Sunsari section in 30 packages. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">He said that this tender is available for Nepali company only so that Nepali construction businessmen can use that money for professional development as Nepal itself will invest in this railway. The department has called for tender after the approval of Ministry of Finance and National Planning Commission. Multi-year contracts are processed only after the approval of these two bodies. He further said that there would not be shortage in budget for the construction as the tender is a multi-year contract and was called after the approval of these two bodies. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Although the decision of the department to allow Nepali construction companies only to apply for tender is positive, the construction businessmen have responded that due to some specifications seen in the tender, only limited businessmen can participate. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Former Secretary of the Ministry of Physical Infrastructure and Transport Tulsi Prasad Sitaula remarked that even the budget of 3-4 years cannot support the tender. This shows the tradition of not being able to work on time but only adding up the contracts has been repeated. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">“It is a wrong practice to pile up contracts instead of completing the projects that have been contracted,” Sitaula said, “As the budget for the construction of railway is low, the bodies that approves the tender by ensuring the budget is also guilty.” </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">“It is unnecessary for the government to call for tender of such large amount at a time when it has been difficult to pay the employees,” he further said adding, “There is an unreasonable condition while issuing the tender which is likely to reduce competition.” </span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2020-07-02', 'modified' => '2020-07-02', 'keywords' => '', 'description' => '', 'sortorder' => '11912', 'image' => '20200702020522_elecrtic railway track contsruction.jpg', 'article_date' => '2020-07-02 14:03:01', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 8 => array( 'Article' => array( 'id' => '12164', 'article_category_id' => '1', 'title' => 'Coco-Cola and Nepal Red-Cross Society Join Hands to Fight Against Covid-19', 'sub_title' => '', 'summary' => 'Soft drinks maker Coca-Cola has announced partnership with Nepal Red-Cross Society to heighten the safety of frontline health workers and volunteers who are assisting patients during theCOVID-19 pandemic. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">July 2: Soft drinks maker </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Coca-Cola has announced partnership with Nepal Red-Cross Society to heighten the safety of frontline health workers and volunteers who are assisting patients during the COVID-19 pandemic. Issuing a press statement, Coca-Cola said that the project aims to provide safety gears and disinfectant items to the health workers and frontline workers in public hospitals dedicated for COVID-19 treatment, in all seven provinces in the country. “The overall objective of the project is to serve approx. 60,000 health workers across the country including doctors, nurses, blood technicians, ambulance drivers, medical technicians, people in quarantine centers and community members at risk towards COVID-19,” reads the statement. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">According to the statement, the first handover ceremony commenced on June 30 at the premises of the Ministry of Health and Population in the presence of Health Minister Bhanu Bhakta Dhakal, representatives of Coca-Cola in Nepal and Nepal Red-Cross Society. As a first phase of the project, safety gears and health equipment were handed over to Minister Dhakal for the health workers of Sukraraj Tropical Hospital, Teku as received by the hospital director, Dr. Sagar Kumar Rajbhandari. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">“The aid distribution will be conducted indifferent phases and the first phase includes 15,000 surgical masks, 1,150 K-95 masks, 550 disposable coverall with hoods, 300 safety goggles, 10,000 pairs of gloves, 440 safety boots, 2,500 bottles of sanitizers, 450 packs of Chemical Sodium Hypo-chloride Sanitizer and 15,118 bars of soap,” said the company adding that this distribution will be completed within in the next two weeks.</span></span></span></span></p> ', 'published' => true, 'created' => '2020-07-02', 'modified' => '2020-07-02', 'keywords' => '', 'description' => '', 'sortorder' => '11911', 'image' => '20200702015208_Coca Cola NRCS.jpeg', 'article_date' => '2020-07-02 13:49:47', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 9 => array( 'Article' => array( 'id' => '12163', 'article_category_id' => '1', 'title' => 'SMEs Bear the Brunt of Adverse Impacts of Lockdown', 'sub_title' => '', 'summary' => 'After shutting down for nearly three months, small and medium enterprises (SMEs) have resumed their activities to find themselves surrounded by several issues due to very little or no business at all. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">June 2: After shutting down for nearly three months, small and medium enterprises (SMEs) have resumed their activities to find themselves surrounded by several issues due to very little or no business at all. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Business owners in key market areas of Kathmandu including New Road, Khichapokhari, Sundhara, Ason, Indrachowk and other large commercial centers are spending their days waiting for customers to come. They say </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">though allowed to open their stores, it has become very challenging for them to pay house rents and bank loans. According to the storekeepers, they have to stay idle for the whole day. “We are also not able to supply many types of goods demanded by customers as the import of goods has slowed down,” said Kamal Agarwal, president, National Trade Association, an association of merchants of New Road and adjacent areas. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">According to him, business owners are looking towards the government for financial assistance at this time of crisis. “We have not paid taxes from Chaitra (March-April) onwards due to the lockdown. Now, we are required to clear tax dues of six months,” he said, adding, “On top of that, there is a pressure to pay house rents and staff salaries. The business is close to nil right now.” Business owners are required to pay house rent ranging from Rs 15,000 - Rs 150,000 in areas such as Khichapokhari, Newroad, Sundhara and Ason. According to Agrawal, there are more than 20,000 small businesses operating in ward no 22 and 24 of the area.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">The lockdown has disrupted the wholesale trade in Kathmandu which is dependent on small businesses from across the country including Pokhara, Butwal, Narayanghat, Nepalgunj and other cities. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Similarly, businesses in malls and shopping centres are also facing several difficulties currently. The Kathmandu Mall in Sundhara is still shut down, though all other malls are open. Diwasapana JV, which is responsible for the management of Kathmandu Mall, has not allowed the storeowners to open their stores citing problems in the Mall’s electricity supply. Due to this, many have already left their businesses, and many are about to leave soon, say store owners at Kathmandu Mall. Currently, around 120 stores are operating in Kathmandu Mall and they pay monthly rent ranging from Rs 20,000 – Rs 500,000. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><strong><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">SME Owners Demand Loan Repayment Deferral </span></span></strong></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">A committee formed for management for businesses of Kathmandu hit by Covid-19 crisis has demanded the banks and financial institutions (BFIs) not to recover interest and principle payment of loans forcefully from businesses.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">The committee formed by the Kathmandu Chambers of Commerce and Industries (KCCI) has demanded to announce the lockdown period as ‘zero hour’ and provide deduction on principle, interest and installment of loan repayment. The committee has asked full deduction on interest payment for loans up to Rs 10 million, 50 percent interest for loans above Rs 50 million and 25 percent of deduction for loans above Rs 50 million. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">The committee has warned of protest if their demand is not met. Dinesh Shrestha, president of KCCI said that they are preparing to organise protests from Friday. </span></span></span></span></p> <p><br /> </p> ', 'published' => true, 'created' => '2020-07-02', 'modified' => '2020-07-02', 'keywords' => '', 'description' => '', 'sortorder' => '11910', 'image' => '20200702014438_smes.jpg', 'article_date' => '2020-07-02 13:37:48', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 10 => array( 'Article' => array( 'id' => '12162', 'article_category_id' => '1', 'title' => 'Hadad-Zervos Named World Bank’s New Country Director for Maldives, Nepal and Sri Lanka', 'sub_title' => '', 'summary' => 'The World Bank has appointed Faris Hadad-Zervos as its new Country Director for Maldives, Nepal and Sri Lanka effective from July 1. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">June 2:<strong> </strong>The World Bank has appointed </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Faris Hadad-Zervos as its new Country Director for Maldives, Nepal and Sri Lanka effective from July 1. Previously, he worked as bank’s Country Manager for Nepal from May 2018. “Based in the sub-regional office in Kathmandu, Nepal, he will lead World Bank support to Maldives, Nepal and Sri Lanka, overseeing the current total portfolio of around USD 5.5 billion,” reads a press statement issued by the World Bank. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Hadad-Zervos succeeds Idah Z. Pswarayi-Riddihough, who will be taking on a new World Bank assignment. A US national, he joined the World Bank in 1996 and held country manager positions in Malaysia and Bolivia. He also served as Manager of the Technical Cooperation Program with the Gulf Cooperation Countries, Head of Mission for Iraq, and Operations Manager for the West Bank and Gaza.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">According to the World Bank, Hadad-Zervos’ appointment comes at a time when governments of the three countries must quickly address both the immediate and longer-term health and economic impacts of the COVID-19 crisis.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">“It is critical to protect lives and livelihoods and support economic recovery as countries are fighting the impacts of the COVID-19 crisis,”</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif"> the statement quoted Hadad-Zervos as saying. “My first priority is to ensure that World Bank-financed programs help alleviate the health and economic impacts of COVID-19, create jobs, and foster inclusive and sustainable growth in the Maldives, Nepal and Sri Lanka, and I look forward to working with governments, development partners, the private sector, and civil society.”</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">According to the statement, the World Bank is supporting the governments of Maldives, Nepal and Sri Lanka through COVID-19 emergency response projects totaling over USD 350 million to help the countries prevent, detect and respond to the pandemic and strengthen public health preparedness.</span></span></span></span></p> ', 'published' => true, 'created' => '2020-07-02', 'modified' => '2020-07-02', 'keywords' => '', 'description' => '', 'sortorder' => '11909', 'image' => '20200702114803_Faris_Hadad.jpg', 'article_date' => '2020-07-02 11:46:41', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 11 => array( 'Article' => array( 'id' => '12161', 'article_category_id' => '1', 'title' => 'Govt to Make Changes in CIAA Bill ', 'sub_title' => '', 'summary' => 'The government has decided to change some provisions of the Commission for Investigation of Abuse of Authority (CIAA) Bill (3rd amendment) following a strong protest from the country’s private sector. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">July 1: The government has decided to change</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif""> some provisions of the </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">Commission for Investigation of </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">Abuse of Authority (CIAA) Bil</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">l (3<sup>rd </sup>amendment) following a strong protest from the country’s private sector</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">. The decision came after the government faced a sharp criticism from various quarters of the society for provisions in the Bill to bring the business community into the purview of CIAA. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">According to the Office of Prime Minister and Council of Ministers (OPMCM), the bill will not be moved ahead in the current state and will be sent to parliamentary committee once the provisions are changed. “The O</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">ffice </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">of the Prime Minister </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">is ready to </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">change</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif""> the institutional monitoring of the private sector. The Bill will be brought back soon to make necessary changes</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">,”</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif""> a source at OPMCM told New Business Age</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">. </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">Chairman of the Legislative Committee under the Nati</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">onal Assembly Par</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">shuram Meghi Gurung also admitted th</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">at there are changes being made in the proposed Bill. “A</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">s the Prime Minister himself is in favor of the amendment,</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif""> t</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">he bill is unlikely to </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">be </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">pass</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">ed in its current state</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">. Informal discussions have bee</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">n held with the </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">OPMCM </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">in this respect,” </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">he said. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">According to Gurung, the Legislative Committee is in favor of removing provisions to bring companies such as bank and financial institutions, insurance companies, medical colleges and related hospitals, other universities or colleges, and public limited companies under the purview of CIAA by publishing a notice in Nepal Gazette. “We are preparing to amend the bill in a way that the CIAA will be allowed to investigate suspicious industrialist instead of the whole organisation,” he added. Addressing the 17<sup>th</sup> annual general meeting of Confederation of Nepalese Industries (CNI) on June 29, Prime Minister KP Sharma Oli said that the bill could be amended as there are already many regulatory bodies that monitor the private sector and CIAA is not necessary in this regard. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">Earlier, the bill provided that the CIAA </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">could investigate any person holding any position in a company, authority, board, medical college, hospital, bank or any other institution which is </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">entirely</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif""> or p</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">artially owned by the government</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">.</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">The </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">private sector</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif""> of Nepal</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif""> has bee</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">n vehemently opposing the bill. The businesspersons met the Prime Minister and senior leaders of the opposition party to put forward their disagreement as soon as the legislative committee approved the bill that was sent to the NA. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">Federation of Nepalese Chamber of Commerce and Industry (FNCCI) and CNI issued their joint press released saying that the four points in the bill should be rectified and one point should be scrapped. They said that companies that do not have government investment should not be defined as public organisations. Likewise, they have demanded to remove the provision of allowing any company to define as a public organisation, by publishing a notice in the Nepal Gazette. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">Even six years ago, the then government had proposed that the </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">CIAA</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif""> be allowed to investigate corruption in the private sector. </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">However, the</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif""> provision could not be implemented due to the strong </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">opposition of the </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">private sector.</span></span></span></span></p> ', 'published' => true, 'created' => '2020-07-01', 'modified' => '2020-07-01', 'keywords' => '', 'description' => '', 'sortorder' => '11908', 'image' => '20200701053938_OPMCM.jpg', 'article_date' => '2020-07-01 17:37:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 12 => array( 'Article' => array( 'id' => '12160', 'article_category_id' => '1', 'title' => 'Soaltee Crowne Plaza, Idea Studio and NAMS Join Hands for Project ‘Samyog’', 'sub_title' => '', 'summary' => 'Soaltee Crowne Plaza, Idea Studio and National Academy of Medical Science (NAMS) have announced launch of the project ‘Samyog’. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">July 1: Soaltee Crowne Plaza, Idea Studio and National Academy of Medical Science (NAMS) have announced launch of the project ‘Samyog’. The hotel in a press statement said that the aim of the project is to create a unique collaboration of a hotel and a hospital in order to enhance the clinically sanitized standards in hotels and aesthetical cleanliness standards in hospitals. The project is a joint programme of Bir Hospital (NAMS), Soaltee Crowne Plaza Kathmandu and Idea Studio Nepal. “It includes training, demonstrations, implementation plan and evaluations for training the hygiene team of Bir Hospital to enhance the hygiene and cleanliness standards of the hospital together with the clinically sanitized environment,” reads the statement.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">According to the statement the project, which is being launched in coordination with Idea Studio, has developed the training materials and manuals by sharing hygiene related documents and knowledge between the five star hospitality sector in hospital and clinical best practices in the hospital sector to hotel hygiene. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">According to Soaltee, the objective of the project is to welcome every single guest with much higher commitment to their well-being, supported by enhanced standards of hygiene protocols and clinically sanitised standards of cleanliness in every aspect of rooms and hotel experience to ensure that they always feel safe and secure.</span></span></span></span></p> ', 'published' => true, 'created' => '2020-07-01', 'modified' => '2020-07-01', 'keywords' => '', 'description' => '', 'sortorder' => '11907', 'image' => '20200701011829_Soaltee Crowne Plaza.jpg', 'article_date' => '2020-07-01 13:17:20', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => false, 'user_id' => '31' ) ), (int) 13 => array( 'Article' => array( 'id' => '12159', 'article_category_id' => '1', 'title' => 'IFC to Provide USD 60M Funding to 4 BFIs in Next 6 Months ', 'sub_title' => '', 'summary' => 'The International Finance Corporation (IFC), the private sector arm of the World Bank, has said it will be investing additional USD 60 million in Nepal in the next six months. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Mangal","serif"">July 1: The International Finance Corporation (IFC), the private sector arm of the World Bank, has said it will be investing additional USD 60 million in Nepal in the next six months. IFC shared its investment plans on Tuesday amid a memorandum of understanding (MoU) signing ceremony with NMB Bank to provide the bank USD 25 million loan. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Mangal","serif"">According to Santosh Pandey, acting resident representative of IFC for Nepal, the corporation will invest in two commercial banks and two microfinance institutions. He said that IFC will make loan investment of around USD 50-60 million in FY 2020/21 in Nepal. “We will be investing only in small and medium industries (SMEs),” said Pandey in a press meet organised virtually after the MoU signing function. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Mangal","serif"">“Now, we will provide loans to the enterprises which are already in our funding pipeline,” he added. According to him, 90 percent of industries in Nepal are small, medium and cottage industries. “Investment in such enterprises will help in employment creation, support export and contribute in country’s GDP. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><strong><span style="font-size:15.0pt"><span style="font-family:"Mangal","serif"">Loan Agreement with NMB </span></span></strong></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Mangal","serif"">NMB bank will be receiving USD 25 million IFC as foreign loan. Sunil KC, CEO of NMB Bank and Santos Pandey of IFC signed an agreement to this effect. Speaking on the occasion, KC informed that the loan will be invested in SEM sector which has been severely affected by the Covid-19 pandemic. Recalling the USD 15 million NMB Bank borrowed from IFC two years ago, KC commented that the bank will focus its investment to support the growth of SME sector. “IFC has provided the amount as term loan for three years. We will receive the money after getting approval from Nepal Rastra Bank (NRB),” KC said adding that NRB has simplified the process of bringing money from abroad.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Mangal","serif"">Besides IFC, NMB has already received loan of Rs 1 billion each from Symbiotics Investment, Switzerland and Commonwealth Development Cooperation. </span></span></span></span></p> ', 'published' => true, 'created' => '2020-07-01', 'modified' => '2020-07-01', 'keywords' => '', 'description' => '', 'sortorder' => '11906', 'image' => '20200701123537_IFC Sign off.jpg', 'article_date' => '2020-07-01 12:33:57', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 14 => array( 'Article' => array( 'id' => '12158', 'article_category_id' => '1', 'title' => 'Process to Establish National Payment Gateway Reaches Final Stage', 'sub_title' => '', 'summary' => 'Nepalis, who are paying payment gateways fees to international companies for digital transactions, will soon be relieved from paying additional fees to payment services providers including Visa for digital transactions soon. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Mangal","serif"">June 30: Nepalis, who are paying payment gateways fees to international companies for digital transactions, will soon be relieved from paying additional fees to payment services providers including Visa for digital transactions soon. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Mangal","serif"">The process to establish national payment gateway by the Nepal Rastra Bank (NRB) has reached final stage. According to NRB official the gateway will be used for payments related to the government’s tax collection and services in the beginning. Banks and financial institutions (BFIs), however, will need the National Payment Switch for banking transactions. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Mangal","serif"">NRB and National Information Technology Center (NITC) have already bought the gateway, but this is yet to come into operation. Subash Ghimire, director of Payment Systems Department of NRB said that the card used in financial institution would not be useable for the payment gateway. According to him, National Payment Gateway and National Payment Switch are two different technologies and National Payment Switch is required for banking transactions. “The gateway will be used only for tax collection in the beginning,” said Ghimire. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Mangal","serif"">As the payment gateway will only include government payment, preparations are underway to incorporate establishment of the National Payment Switch in the Monetary Policy for FY2020/21. After the Payment Switch comes into operation country’s own card can be introduced and this will be cost effective. Currently, Nepal’s banks are providing payment services of debit and credit cards through international switch. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Mangal","serif"">The budget for current fiscal year has also announced to make the payment systems safe, advanced and electronic. With expansion of services like branchless banking, mobile banking and internet banking, government focus has been in encouraging cashless transaction.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Mangal","serif"">According to NRB’s Payment Systems Department Director Ghimire, banks have been demanding an international standard payment switch. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Mangal","serif"">Due to lack of switching system, banks are required to maintain payment switch on their own or use international institutions like American Express. “This will contribute to a decrease in paper works, reduce price for transaction and promoting digitisation,” said Bhuwan Dahal, president of the Nepal Bankers’ Association. “Also, the risk of network hacking will be lower for banks.” </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Mangal","serif"">Due to the lockdown, banks have waived fees for inter-banking transactions leading to an increase in digital transactions. Bankers say the number of transactions will decline after they start charging for digital payments. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Mangal","serif"">Currently, Nepal Electronic Payment System (NEPS) has been providing switch facility to 16 banks. Similarly, Nepal Clearing House (NCHL) has also been facilitating with digital transaction with its systems like Connect IPS and RTGS.</span></span></span></span></p> ', 'published' => true, 'created' => '2020-06-30', 'modified' => '2020-06-30', 'keywords' => '', 'description' => '', 'sortorder' => '11905', 'image' => '20200630045940_payment switch.jpg', 'article_date' => '2020-06-30 16:57:17', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '31' ) ) ) $current_user = null $logged_in = falseinclude - APP/View/Elements/side_bar.ctp, line 60 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
Warning (2): simplexml_load_file() [<a href='http://php.net/function.simplexml-load-file'>function.simplexml-load-file</a>]: I/O warning : failed to load external entity "" [APP/View/Elements/side_bar.ctp, line 60]file not found!Code Context// $file = 'http://aabhiyan:QUVLg8Wzs2F7G9N7@nepalstock.com.np/api/indexdata.xml';if(!$xml = simplexml_load_file($file)){$viewFile = '/var/www/html/newbusinessage.com/app/View/Elements/side_bar.ctp' $dataForView = array( 'articles' => array( (int) 0 => array( 'Article' => array( [maximum depth reached] ) ), (int) 1 => array( 'Article' => array( [maximum depth reached] ) ), (int) 2 => array( 'Article' => array( [maximum depth reached] ) ), (int) 3 => array( 'Article' => array( [maximum depth reached] ) ), (int) 4 => array( 'Article' => array( [maximum depth reached] ) ), (int) 5 => array( 'Article' => array( [maximum depth reached] ) ), (int) 6 => array( 'Article' => array( [maximum depth reached] ) ), (int) 7 => array( 'Article' => array( [maximum depth reached] ) ), (int) 8 => array( 'Article' => array( [maximum depth reached] ) ), (int) 9 => array( 'Article' => array( [maximum depth reached] ) ), (int) 10 => array( 'Article' => array( [maximum depth reached] ) ), (int) 11 => array( 'Article' => array( [maximum depth reached] ) ), (int) 12 => array( 'Article' => array( [maximum depth reached] ) ), (int) 13 => array( 'Article' => array( [maximum depth reached] ) ), (int) 14 => array( 'Article' => array( [maximum depth reached] ) ) ), 'current_user' => null, 'logged_in' => false ) $articles = array( (int) 0 => array( 'Article' => array( 'id' => '12172', 'article_category_id' => '1', 'title' => 'New Butwal-Gorakhpur Transmission Line: Preparations for Joint Investment Agreement in Final Phase', 'sub_title' => '', 'summary' => 'The joint venture agreement between Nepal Electricity Authority (NEA) and the Power Grid Corporation of India for the construction of Nepal-India second cross-border transmission line New Butwal-Gorakhpur (400 KV) will be signed within the next month. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">July 5: The joint venture agreement between Nepal Electricity Authority (NEA) and the Power Grid Corporation of India for the construction of Nepal-India second cross-border transmission line New Butwal-Gorakhpur (400 KV) will be signed within the next month. The discussions between the two sides regarding this matter have reached the final stage. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">Executive director of the NEA, Kulman Ghising said, “Preparations of the joint venture agreement is now almost finalised. We will sign the agreement within a month.” </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">The transmission line will be constructed with equal investment of Nepal and India, i.e. 50/50 percent investment. The two sides had agreed to set up a joint venture company. According to the agreement, the structure of the joint company and other issues will be determined soon. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">“Both sides had already agreed to open a joint venture company. We are now completing the method of establishing the joint company accordingly,” Ghising said. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">After the joint investment agreement is done, it has to be passed by the Council of Ministers of Nepal as well as India. Then the joint company will be established in India. Ghising says it might take three to four months for the company to be established. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">The agreement for the construction of cross-border transmission line was done in last October during a meeting of Nepal-India secretary level Joint Steering Committee held at Bengaluru. At that time, it was already decided that the joint company will be established within three months, however, due to various reasons it has not been done yet. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">The company that is going to be established now will build the transmission line of Indian section. Millennium Challenge Account (MCA) under Millennium Challenge Corporation (MCC) will construct the transmission line in Nepal section. Ghising said that if MCA Nepal could not build the transmission line in Nepal due to MCC dispute, the NEA will build it. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">According to the Detailed Project Report (DPR), the total length of the transmission line will be 140 km. Among the total length, 120 km section will be in Gorakhpur, India while 20 km section will be in Nepal. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">About Rs 7 billion investments is estimated for the construction. 80 percent investment will be raised from concessional loan while 20 percent from equity investment of both sides. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">This project is also associated with US funded MCC. The DPR was already prepared in 2015. Another substation will be constructed near Rohini River. The import and export of electricity from Nepal to India and vice versa will be done through this. Especially when the electricity generated from Budhigandaki and Marsyangdi is in excess, it will be easier to export the surplus power to India through this transmission line. </span></span></span></span></p> ', 'published' => true, 'created' => '2020-07-05', 'modified' => '2020-07-05', 'keywords' => '', 'description' => '', 'sortorder' => '11919', 'image' => '20200705015307_New Butwal-Gorakhpur.jpg', 'article_date' => '2020-07-05 13:50:54', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 1 => array( 'Article' => array( 'id' => '12171', 'article_category_id' => '1', 'title' => 'MCC Ratification Put on Hold after Expiry of Deadline', 'sub_title' => '', 'summary' => 'The government has informed the donor country, the United States , that the Millennium Challenge Corporation (MCC Compact) has been currently put on hold. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">July 4: The government has informed the donor country, the United States , that the Millennium Challenge Corporation (MCC Compact) has been currently put on hold. With the expiry of deadline to endorse the compact by the parliament two days back, the Finance Ministry wrote a missive to the United States in this regard.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">The delay in the endorsement of the MCC compact by the parliament was the effect of intra-party wrangling in the ruling Nepal Communist Party.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Now, with the pending of huge assistance, Nepal is likely to witness negative impacts on its development projects.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Finance Minister Dr Yubaraj Khatiwada said the ongoing budget session of the federal parliament was prorogued due to COVID-19. So, the United States was informed that the MCC compact aimed at development of energy and transport sectors could not be endorsed by the parliament at present. He however said government was for the implementation of MCC compact.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Dr Khatiwada said, "It can be discussed that some points in the MCC compact could have been presented differently. But the disputes still persisting over some points of the compact affect trust on and perspective towards Nepal government." He suggested that some of the issues could be sorted out through letters of exchange.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Talking to the National News Agency (RSS), Dr Khatiwada further said the endorsement of the MCC pact was delayed also because of the lack of preparatory works for its implementation owing to the COVID-19 pandemic.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Although the budget had incorporated some activities for the implementation of the compact, the difference within the ruling party halted it, pointing out the need of approval first by the parliament for undertaking the activities.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Earlier, there was sharp polarisation in the standing committee of NCP over the MCC pact resulting to the formation of a team to study its broader impact. The study team comprised senior leader Jhalanath Khanal, leader Bhim Bahadur Rawal and Foreign Minister Pradeep Kumar Gyawali. The team later submitted the report to the party leadership, urging for some amendment before its passage by the parliament. The MCC compact consist of Rs 51 billion assistance by the US government to Nepal for energy and transportation sectors. <em>(RSS)</em></span></span></span></span></p> ', 'published' => true, 'created' => '2020-07-04', 'modified' => '2020-07-08', 'keywords' => '', 'description' => '', 'sortorder' => '11918', 'image' => '20200704031812_MCC.jpg', 'article_date' => '2020-07-04 15:14:47', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '31' ) ), (int) 2 => array( 'Article' => array( 'id' => '12170', 'article_category_id' => '1', 'title' => 'NTB Imparts Online Tourism Protocol Training', 'sub_title' => '', 'summary' => 'The Nepal Tourism Board (NTB) has started imparting training virtually to the tourism entrepreneurs about the effective implementation of the protocol on precautions and safety measures to be taken while reopening the tourism sector after the COVID-19 pandemic. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">July 4: The Nepal Tourism Board (NTB) has started imparting training virtually to the tourism entrepreneurs about the effective implementation of the protocol on precautions and safety measures to be taken while reopening the tourism sector after the COVID-19 pandemic. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Issuing a press statement on Friday, the Board shared that the training was conducted in coordination with the tourism related organisations to enforce the ‘Operational Guideline with Health Protocol for Tourism Sector’ that the Ministry of Culture, Tourism and Civil Aviation and NTB had prepared jointly. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">NTB CEO Dr Dhananjay Regmi shared that some 600 tourism entrepreneurs would be provided training in the first phase. The protocol includes measures to be taken by the people right from their arrival to their departure as well as by the service providers here. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">The protocol also encourages tourism entrepreneurs to do digital marketing to attract tourists in the wake of COVID-19, according to the press statement. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">The training was coordinated by Hotel Association of Nepal, Nepal Association of Tour and Travel Agents, and Trekking Agencies Association of Nepal. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">The training would be conducted at the state level in future, according to the NTB. </span></span></span></span></p> ', 'published' => true, 'created' => '2020-07-04', 'modified' => '2020-07-04', 'keywords' => '', 'description' => '', 'sortorder' => '11917', 'image' => '20200704031410_tourism.jpg', 'article_date' => '2020-07-04 15:12:53', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 3 => array( 'Article' => array( 'id' => '12169', 'article_category_id' => '1', 'title' => 'Govt Resumes Issuance of Foreign Employment Permit', 'sub_title' => '', 'summary' => 'The government has started issuing labour permit for foreign employment after a halt of three and half months. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">June 4: The government has started issuing labour permit for foreign employment after a halt of three and half months. Migrant workers who had returned to Nepal during their holidays and those, have contract duration remaining and those already cleared the processes for foreign employment before the lockdown will be allowed to go abroad after following the Covid-19 safety protocols. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Earlier, meeting of Covid 19 Crisis Management Centre (CCMC) held on June 21 had agreed with Ministry of Labor, Employment and Social Security (MoLESS) in principle to formulate safety protocols for foreign employment. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">According to the Labour Office at Tahachal, those who have their contracts renewed and duration of visas extended will be provided the foreign employment permits. It has started distributing permits from Thursday. According to Umesh Basnet, chief of Labor Office, labour permit issuance resumed immediately after the office received letter from MoLESS. “We have started issuing labor permits for the countries which have been permitted for foreign employment by the government. However, new labour permits will not be issued right now,” said Basnet. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Though the Foreign Employment Department have started issuing permits smoothly, it is difficult for the migrant workers to travel due to suspension on international flight. However, they can travel if the government arranges chartered flights. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">The High-Level Committee for Prevention and Control of Coronavirus had directed to suspend issuance of labour permits on March 12. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">The resumption of issuance of labour permits came after many countries opened their industrial and business sectors shut down during the worldwide lockdown. Before lockdown, around 5,000 migrant workers had returned to Nepal for their holidays. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">“Because of the Covid-19, currently, only 100,000 to 150,000 migrant workers are in the situation to go abroad,” said Kumar Dahal, director general of Department of Labour. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">However, recruitment companies have expressed their displeasure about the resumption of labour permit issuance. Nepal Association of Foreign Employment Agencies (NAFEA), responded that government has haphazardly made the decision. </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">“The risk of coronavirus transmission has not minimized yet. The migrant workers will get into trouble if the destination country doesn’t allow them to enter,” said Bishnu Gaire, president of NAFEA. </span></span></span></span></p> ', 'published' => true, 'created' => '2020-07-04', 'modified' => '2020-07-04', 'keywords' => '', 'description' => '', 'sortorder' => '11916', 'image' => '20200704031215_Foreign Employment.jpg', 'article_date' => '2020-07-04 15:10:21', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 4 => array( 'Article' => array( 'id' => '12168', 'article_category_id' => '1', 'title' => 'Rise of Two Big Companies in Cement Industry', 'sub_title' => '', 'summary' => 'While business community members are currently in ‘wait and watch’ mode and are hesitant in investing amid Covid-19 crisis, two cement industries have added billions in new investments. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">July 3: While business community members are currently in ‘wait and watch’ mode and are hesitant in investing amid the Covid-19 crisis, two cement industries have added billions in new investments. Dang Cement, which was limited to registration for the last 15 years, has now received approval for investment worth Rs 32.50 billion with the goal of producing cement and clinker within the next three years. Likewise, Samrat Cement Industry has also sanctioned Rs 15.05 billion to expand its clinker and cement production capacity. Investment Board Nepal (IBN) has already approved their investment proposal on June 19. With this, a total of Rs 47.55 billion investment will be added in the cement industry. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">Samrat Cement, which was registered in the Department of Industry in 2070, had then received approval for investment of Rs 7 billion to produce clinker as well. Currently the company, which has been producing cement only, has said that it will also produce clinker. The company’s Chairman Mukunda Prasad Timilsina said that although they had bought clinker and started cement production, they weren’t operating at full capacity. Samrat Cement has 50 percent share of locals of Dang. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">“The industry produces 30,000 sacks of cement every day,” informed Timilsina, adding, “We are in the final stage of preparation for the production of clinker. We will be starting our clinker production in three months.” He also informed that the company will also generate 6MW electricity itself for the production of cement and clinker. Seven years after its registration, the company has doubled its investment and expanded its capacity. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">The production capacity of Samrat cement was 1,800 tonnes per day during the initial days. With the increment in investment, Timilsina said they now produce 4,500 tonnes clinker and 3,600 tonnes cement daily. The company has been producing cement at only 30 to 40 percent of its capacity. It will be operating with full capacity workforce, raw materials management and technicians from India arrive. The company has even taken limestone mines at Dang and Rolpa. At present, the company has provided employment to 150 people and after capacity expansion, 500 people will get employment. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">Meanwhile, Dang Cement has to start from start even though it has received principle agreement for investment from IBN. The company aims to commence production within three years after completion of legal processes. Dang Cement was bought by an Indian company after the then Ambuja Cement failed to bring the project. The company had stopped working due to the deteriorating business climate during the conflict era. An official of Dang Cement said that no other works besides purchase of some land and company registration progressed during that period. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">The shares of the Dang Cement, which had investment from Ambuja Group of India, is now owned by Hong Kong Redline which associated to the Chinese cement giant Hongsi. The company, which has seen a significant increase in investment, aims to produce 6,000 tonnes per day. The company aimed to produce 1,200 ton cement while registering the company. According to the company’s officials, the industry will produce cement by making clinker with the additional investment. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">The company has also planned to produce clinker and sell to other companies as well. The official said, “Now we will work from the scratch. We have only received the in principle agreement from the board.” According to him, although the company is registered, there hasn’t been any work and as the development possibility in the western region is high now, the company is willing to invest. He said that even though the investment looks challenging, cement and clinker can be produced at low cost as it uses high technology and can also be sold at a lower price than others. Neither construction work nor the factory work has been done at present. He said that more than 500 people will get direct employment when the industry comes into operation. </span></span></span></span></p> ', 'published' => true, 'created' => '2020-07-03', 'modified' => '2020-07-03', 'keywords' => '', 'description' => '', 'sortorder' => '11915', 'image' => '20200703023316_Samrat Cement.jpg', 'article_date' => '2020-07-03 14:31:45', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 5 => array( 'Article' => array( 'id' => '12167', 'article_category_id' => '1', 'title' => 'Lockdown Results in Huge Losses to Tea Estates ', 'sub_title' => '', 'summary' => 'With the enforcement of lockdown to contain the spread of coronavirus infection, tea estates in Ilam district have lost a sizable income during the peak season to pluck the first flush. ', 'content' => '<div> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">July 3: With the enforcement of lockdown to contain the spread of coronavirus infection, tea estates in Ilam district have lost a sizable income during the peak season to pluck the first flush.</span></span></span></span><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif""> </span></span><br /> <span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">The farmers could neither take the tea leaves for processing nor do they supply the processed tea to the market. The first flush, which gets readied from the beginning of April, is considered as the best quality tea leaves with more market and values. This year the farmers could not pluck the high-quality first flush due to lockdown, incurring a huge loss to the farmers and factories, proprietor of Jasbire Tea Processing Center Sarad Subba of Ilam Municipality-4 said. <br /> We could not supply the tea despite there was a demand from the third countries, he bemoaned. "We supply our products to China and other third countries. But, we have not sent yet this year as the international market is in standstill," Subba added. <br /> The tea factory owners have also failed to pay the tea farmers and workers as well. Chief of Gorkha Tea Estate, Udaya Chapagain, shared that their loss is huge as tea factories remained closed for some days. He, however, claimed that he was regularly paying for the workers and farmers even in the lockdown despite his products have not reached the market. <br /> This sector incurred more than Rs 6 million in loss in the first season of this year, General Secretary of Central Tea Cooperatives Association Rabin Rai said. <em>(RSS)</em></span></span></span></span></p> </div> ', 'published' => true, 'created' => '2020-07-03', 'modified' => '2020-07-03', 'keywords' => '', 'description' => '', 'sortorder' => '11914', 'image' => '20200703014705_Tea estate.jpg', 'article_date' => '2020-07-03 13:43:17', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 6 => array( 'Article' => array( 'id' => '12166', 'article_category_id' => '1', 'title' => 'World Bank Elevates Nepal’s Status to Lower-Middle Income Group ', 'sub_title' => '', 'summary' => 'The World Bank has elevated Nepal’s income status to lower-middle-income group from the lower-income country.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">July 3: The World Bank has elevated Nepal’s income status to lower-middle-income group from the lower-income country.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">Publishing the Updated Country Income Classification for 2020-21 on its Data Blog, the Washington DC-based agency said that Nepal has notch up to the new group with its gross national income (GNI) of USD 1,090 from USD 960 a year earlier. According to the World Bank, countries having GNI of USD1, 036 to USD 4,045 are kept in the category of lower-middle income group. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">“The World Bank assigns the world’s economies to four income groups—low, lower-middle, upper-middle, and high-income countries. The classifications are updated each year on July 1 and are based on GNI per capita in current USD (using the Atlas method exchange rates of the previous year,” the World Bank writes. </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">The bank has said that the GNI numbers that are used for this year’s classification do not yet reflect the impact of Covid-19.</span></span></span></span></p> ', 'published' => true, 'created' => '2020-07-03', 'modified' => '2020-07-03', 'keywords' => '', 'description' => '', 'sortorder' => '11913', 'image' => '20200703013607_World Bank.jpg', 'article_date' => '2020-07-03 13:34:29', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 7 => array( 'Article' => array( 'id' => '12165', 'article_category_id' => '1', 'title' => 'East-West Electric Railway: Tender Call Worth Rs 25 Billion in 3 Days ', 'sub_title' => '', 'summary' => 'In a window of just three days, the government has call two tenders worth Rs 25 Billion for the construction of tank bed of 106 km Kakadvitta-Inaruwa section of the Mechi-Mahakali Electric Railway. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">July 2: In a window of just three days, the government has call two tenders worth Rs 25 Billion for the construction of tank bed of 106 km Kakadvitta-Inaruwa section of the Mechi-Mahakali Electric Railway. The Department of Railways under the Ministry of Physical Infrastructure and Transport call the tender twice on Sunday and Wednesday asking Nepali construction companies to participate in the bidding process. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">The Department of Railway has received a total budget of Rs 8.66 billion for the coming FY 2077/78. However, the tender for the construction of railway which is three times more than the budget, has also raised concerns. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Even though the foreign construction companies are allowed to propose for infrastructure projects of more than Rs 1 billion, they cannot apply tender this time. Likewise, few big Nepali construction companies can participate in the tender in small packages above Rs 10 million. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Director General of the department Balaram Mishra said that a total of 56 packages have been prepared and then called for tender. According to him, the 50 km section in Jhapa district has been divided into 34 packages. Similarly, the tender has been called to contract 56 km of Morang-Sunsari section in 30 packages. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">He said that this tender is available for Nepali company only so that Nepali construction businessmen can use that money for professional development as Nepal itself will invest in this railway. The department has called for tender after the approval of Ministry of Finance and National Planning Commission. Multi-year contracts are processed only after the approval of these two bodies. He further said that there would not be shortage in budget for the construction as the tender is a multi-year contract and was called after the approval of these two bodies. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Although the decision of the department to allow Nepali construction companies only to apply for tender is positive, the construction businessmen have responded that due to some specifications seen in the tender, only limited businessmen can participate. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Former Secretary of the Ministry of Physical Infrastructure and Transport Tulsi Prasad Sitaula remarked that even the budget of 3-4 years cannot support the tender. This shows the tradition of not being able to work on time but only adding up the contracts has been repeated. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">“It is a wrong practice to pile up contracts instead of completing the projects that have been contracted,” Sitaula said, “As the budget for the construction of railway is low, the bodies that approves the tender by ensuring the budget is also guilty.” </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">“It is unnecessary for the government to call for tender of such large amount at a time when it has been difficult to pay the employees,” he further said adding, “There is an unreasonable condition while issuing the tender which is likely to reduce competition.” </span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2020-07-02', 'modified' => '2020-07-02', 'keywords' => '', 'description' => '', 'sortorder' => '11912', 'image' => '20200702020522_elecrtic railway track contsruction.jpg', 'article_date' => '2020-07-02 14:03:01', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 8 => array( 'Article' => array( 'id' => '12164', 'article_category_id' => '1', 'title' => 'Coco-Cola and Nepal Red-Cross Society Join Hands to Fight Against Covid-19', 'sub_title' => '', 'summary' => 'Soft drinks maker Coca-Cola has announced partnership with Nepal Red-Cross Society to heighten the safety of frontline health workers and volunteers who are assisting patients during theCOVID-19 pandemic. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">July 2: Soft drinks maker </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Coca-Cola has announced partnership with Nepal Red-Cross Society to heighten the safety of frontline health workers and volunteers who are assisting patients during the COVID-19 pandemic. Issuing a press statement, Coca-Cola said that the project aims to provide safety gears and disinfectant items to the health workers and frontline workers in public hospitals dedicated for COVID-19 treatment, in all seven provinces in the country. “The overall objective of the project is to serve approx. 60,000 health workers across the country including doctors, nurses, blood technicians, ambulance drivers, medical technicians, people in quarantine centers and community members at risk towards COVID-19,” reads the statement. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">According to the statement, the first handover ceremony commenced on June 30 at the premises of the Ministry of Health and Population in the presence of Health Minister Bhanu Bhakta Dhakal, representatives of Coca-Cola in Nepal and Nepal Red-Cross Society. As a first phase of the project, safety gears and health equipment were handed over to Minister Dhakal for the health workers of Sukraraj Tropical Hospital, Teku as received by the hospital director, Dr. Sagar Kumar Rajbhandari. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">“The aid distribution will be conducted indifferent phases and the first phase includes 15,000 surgical masks, 1,150 K-95 masks, 550 disposable coverall with hoods, 300 safety goggles, 10,000 pairs of gloves, 440 safety boots, 2,500 bottles of sanitizers, 450 packs of Chemical Sodium Hypo-chloride Sanitizer and 15,118 bars of soap,” said the company adding that this distribution will be completed within in the next two weeks.</span></span></span></span></p> ', 'published' => true, 'created' => '2020-07-02', 'modified' => '2020-07-02', 'keywords' => '', 'description' => '', 'sortorder' => '11911', 'image' => '20200702015208_Coca Cola NRCS.jpeg', 'article_date' => '2020-07-02 13:49:47', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 9 => array( 'Article' => array( 'id' => '12163', 'article_category_id' => '1', 'title' => 'SMEs Bear the Brunt of Adverse Impacts of Lockdown', 'sub_title' => '', 'summary' => 'After shutting down for nearly three months, small and medium enterprises (SMEs) have resumed their activities to find themselves surrounded by several issues due to very little or no business at all. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">June 2: After shutting down for nearly three months, small and medium enterprises (SMEs) have resumed their activities to find themselves surrounded by several issues due to very little or no business at all. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Business owners in key market areas of Kathmandu including New Road, Khichapokhari, Sundhara, Ason, Indrachowk and other large commercial centers are spending their days waiting for customers to come. They say </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">though allowed to open their stores, it has become very challenging for them to pay house rents and bank loans. According to the storekeepers, they have to stay idle for the whole day. “We are also not able to supply many types of goods demanded by customers as the import of goods has slowed down,” said Kamal Agarwal, president, National Trade Association, an association of merchants of New Road and adjacent areas. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">According to him, business owners are looking towards the government for financial assistance at this time of crisis. “We have not paid taxes from Chaitra (March-April) onwards due to the lockdown. Now, we are required to clear tax dues of six months,” he said, adding, “On top of that, there is a pressure to pay house rents and staff salaries. The business is close to nil right now.” Business owners are required to pay house rent ranging from Rs 15,000 - Rs 150,000 in areas such as Khichapokhari, Newroad, Sundhara and Ason. According to Agrawal, there are more than 20,000 small businesses operating in ward no 22 and 24 of the area.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">The lockdown has disrupted the wholesale trade in Kathmandu which is dependent on small businesses from across the country including Pokhara, Butwal, Narayanghat, Nepalgunj and other cities. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Similarly, businesses in malls and shopping centres are also facing several difficulties currently. The Kathmandu Mall in Sundhara is still shut down, though all other malls are open. Diwasapana JV, which is responsible for the management of Kathmandu Mall, has not allowed the storeowners to open their stores citing problems in the Mall’s electricity supply. Due to this, many have already left their businesses, and many are about to leave soon, say store owners at Kathmandu Mall. Currently, around 120 stores are operating in Kathmandu Mall and they pay monthly rent ranging from Rs 20,000 – Rs 500,000. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><strong><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">SME Owners Demand Loan Repayment Deferral </span></span></strong></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">A committee formed for management for businesses of Kathmandu hit by Covid-19 crisis has demanded the banks and financial institutions (BFIs) not to recover interest and principle payment of loans forcefully from businesses.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">The committee formed by the Kathmandu Chambers of Commerce and Industries (KCCI) has demanded to announce the lockdown period as ‘zero hour’ and provide deduction on principle, interest and installment of loan repayment. The committee has asked full deduction on interest payment for loans up to Rs 10 million, 50 percent interest for loans above Rs 50 million and 25 percent of deduction for loans above Rs 50 million. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">The committee has warned of protest if their demand is not met. Dinesh Shrestha, president of KCCI said that they are preparing to organise protests from Friday. </span></span></span></span></p> <p><br /> </p> ', 'published' => true, 'created' => '2020-07-02', 'modified' => '2020-07-02', 'keywords' => '', 'description' => '', 'sortorder' => '11910', 'image' => '20200702014438_smes.jpg', 'article_date' => '2020-07-02 13:37:48', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 10 => array( 'Article' => array( 'id' => '12162', 'article_category_id' => '1', 'title' => 'Hadad-Zervos Named World Bank’s New Country Director for Maldives, Nepal and Sri Lanka', 'sub_title' => '', 'summary' => 'The World Bank has appointed Faris Hadad-Zervos as its new Country Director for Maldives, Nepal and Sri Lanka effective from July 1. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">June 2:<strong> </strong>The World Bank has appointed </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Faris Hadad-Zervos as its new Country Director for Maldives, Nepal and Sri Lanka effective from July 1. Previously, he worked as bank’s Country Manager for Nepal from May 2018. “Based in the sub-regional office in Kathmandu, Nepal, he will lead World Bank support to Maldives, Nepal and Sri Lanka, overseeing the current total portfolio of around USD 5.5 billion,” reads a press statement issued by the World Bank. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Hadad-Zervos succeeds Idah Z. Pswarayi-Riddihough, who will be taking on a new World Bank assignment. A US national, he joined the World Bank in 1996 and held country manager positions in Malaysia and Bolivia. He also served as Manager of the Technical Cooperation Program with the Gulf Cooperation Countries, Head of Mission for Iraq, and Operations Manager for the West Bank and Gaza.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">According to the World Bank, Hadad-Zervos’ appointment comes at a time when governments of the three countries must quickly address both the immediate and longer-term health and economic impacts of the COVID-19 crisis.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">“It is critical to protect lives and livelihoods and support economic recovery as countries are fighting the impacts of the COVID-19 crisis,”</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif"> the statement quoted Hadad-Zervos as saying. “My first priority is to ensure that World Bank-financed programs help alleviate the health and economic impacts of COVID-19, create jobs, and foster inclusive and sustainable growth in the Maldives, Nepal and Sri Lanka, and I look forward to working with governments, development partners, the private sector, and civil society.”</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">According to the statement, the World Bank is supporting the governments of Maldives, Nepal and Sri Lanka through COVID-19 emergency response projects totaling over USD 350 million to help the countries prevent, detect and respond to the pandemic and strengthen public health preparedness.</span></span></span></span></p> ', 'published' => true, 'created' => '2020-07-02', 'modified' => '2020-07-02', 'keywords' => '', 'description' => '', 'sortorder' => '11909', 'image' => '20200702114803_Faris_Hadad.jpg', 'article_date' => '2020-07-02 11:46:41', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 11 => array( 'Article' => array( 'id' => '12161', 'article_category_id' => '1', 'title' => 'Govt to Make Changes in CIAA Bill ', 'sub_title' => '', 'summary' => 'The government has decided to change some provisions of the Commission for Investigation of Abuse of Authority (CIAA) Bill (3rd amendment) following a strong protest from the country’s private sector. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">July 1: The government has decided to change</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif""> some provisions of the </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">Commission for Investigation of </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">Abuse of Authority (CIAA) Bil</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">l (3<sup>rd </sup>amendment) following a strong protest from the country’s private sector</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">. The decision came after the government faced a sharp criticism from various quarters of the society for provisions in the Bill to bring the business community into the purview of CIAA. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">According to the Office of Prime Minister and Council of Ministers (OPMCM), the bill will not be moved ahead in the current state and will be sent to parliamentary committee once the provisions are changed. “The O</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">ffice </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">of the Prime Minister </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">is ready to </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">change</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif""> the institutional monitoring of the private sector. The Bill will be brought back soon to make necessary changes</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">,”</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif""> a source at OPMCM told New Business Age</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">. </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">Chairman of the Legislative Committee under the Nati</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">onal Assembly Par</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">shuram Meghi Gurung also admitted th</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">at there are changes being made in the proposed Bill. “A</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">s the Prime Minister himself is in favor of the amendment,</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif""> t</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">he bill is unlikely to </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">be </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">pass</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">ed in its current state</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">. Informal discussions have bee</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">n held with the </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">OPMCM </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">in this respect,” </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">he said. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">According to Gurung, the Legislative Committee is in favor of removing provisions to bring companies such as bank and financial institutions, insurance companies, medical colleges and related hospitals, other universities or colleges, and public limited companies under the purview of CIAA by publishing a notice in Nepal Gazette. “We are preparing to amend the bill in a way that the CIAA will be allowed to investigate suspicious industrialist instead of the whole organisation,” he added. Addressing the 17<sup>th</sup> annual general meeting of Confederation of Nepalese Industries (CNI) on June 29, Prime Minister KP Sharma Oli said that the bill could be amended as there are already many regulatory bodies that monitor the private sector and CIAA is not necessary in this regard. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">Earlier, the bill provided that the CIAA </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">could investigate any person holding any position in a company, authority, board, medical college, hospital, bank or any other institution which is </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">entirely</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif""> or p</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">artially owned by the government</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">.</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">The </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">private sector</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif""> of Nepal</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif""> has bee</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">n vehemently opposing the bill. The businesspersons met the Prime Minister and senior leaders of the opposition party to put forward their disagreement as soon as the legislative committee approved the bill that was sent to the NA. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">Federation of Nepalese Chamber of Commerce and Industry (FNCCI) and CNI issued their joint press released saying that the four points in the bill should be rectified and one point should be scrapped. They said that companies that do not have government investment should not be defined as public organisations. Likewise, they have demanded to remove the provision of allowing any company to define as a public organisation, by publishing a notice in the Nepal Gazette. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">Even six years ago, the then government had proposed that the </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">CIAA</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif""> be allowed to investigate corruption in the private sector. </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">However, the</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif""> provision could not be implemented due to the strong </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">opposition of the </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">private sector.</span></span></span></span></p> ', 'published' => true, 'created' => '2020-07-01', 'modified' => '2020-07-01', 'keywords' => '', 'description' => '', 'sortorder' => '11908', 'image' => '20200701053938_OPMCM.jpg', 'article_date' => '2020-07-01 17:37:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 12 => array( 'Article' => array( 'id' => '12160', 'article_category_id' => '1', 'title' => 'Soaltee Crowne Plaza, Idea Studio and NAMS Join Hands for Project ‘Samyog’', 'sub_title' => '', 'summary' => 'Soaltee Crowne Plaza, Idea Studio and National Academy of Medical Science (NAMS) have announced launch of the project ‘Samyog’. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">July 1: Soaltee Crowne Plaza, Idea Studio and National Academy of Medical Science (NAMS) have announced launch of the project ‘Samyog’. The hotel in a press statement said that the aim of the project is to create a unique collaboration of a hotel and a hospital in order to enhance the clinically sanitized standards in hotels and aesthetical cleanliness standards in hospitals. The project is a joint programme of Bir Hospital (NAMS), Soaltee Crowne Plaza Kathmandu and Idea Studio Nepal. “It includes training, demonstrations, implementation plan and evaluations for training the hygiene team of Bir Hospital to enhance the hygiene and cleanliness standards of the hospital together with the clinically sanitized environment,” reads the statement.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">According to the statement the project, which is being launched in coordination with Idea Studio, has developed the training materials and manuals by sharing hygiene related documents and knowledge between the five star hospitality sector in hospital and clinical best practices in the hospital sector to hotel hygiene. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">According to Soaltee, the objective of the project is to welcome every single guest with much higher commitment to their well-being, supported by enhanced standards of hygiene protocols and clinically sanitised standards of cleanliness in every aspect of rooms and hotel experience to ensure that they always feel safe and secure.</span></span></span></span></p> ', 'published' => true, 'created' => '2020-07-01', 'modified' => '2020-07-01', 'keywords' => '', 'description' => '', 'sortorder' => '11907', 'image' => '20200701011829_Soaltee Crowne Plaza.jpg', 'article_date' => '2020-07-01 13:17:20', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => false, 'user_id' => '31' ) ), (int) 13 => array( 'Article' => array( 'id' => '12159', 'article_category_id' => '1', 'title' => 'IFC to Provide USD 60M Funding to 4 BFIs in Next 6 Months ', 'sub_title' => '', 'summary' => 'The International Finance Corporation (IFC), the private sector arm of the World Bank, has said it will be investing additional USD 60 million in Nepal in the next six months. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Mangal","serif"">July 1: The International Finance Corporation (IFC), the private sector arm of the World Bank, has said it will be investing additional USD 60 million in Nepal in the next six months. IFC shared its investment plans on Tuesday amid a memorandum of understanding (MoU) signing ceremony with NMB Bank to provide the bank USD 25 million loan. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Mangal","serif"">According to Santosh Pandey, acting resident representative of IFC for Nepal, the corporation will invest in two commercial banks and two microfinance institutions. He said that IFC will make loan investment of around USD 50-60 million in FY 2020/21 in Nepal. “We will be investing only in small and medium industries (SMEs),” said Pandey in a press meet organised virtually after the MoU signing function. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Mangal","serif"">“Now, we will provide loans to the enterprises which are already in our funding pipeline,” he added. According to him, 90 percent of industries in Nepal are small, medium and cottage industries. “Investment in such enterprises will help in employment creation, support export and contribute in country’s GDP. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><strong><span style="font-size:15.0pt"><span style="font-family:"Mangal","serif"">Loan Agreement with NMB </span></span></strong></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Mangal","serif"">NMB bank will be receiving USD 25 million IFC as foreign loan. Sunil KC, CEO of NMB Bank and Santos Pandey of IFC signed an agreement to this effect. Speaking on the occasion, KC informed that the loan will be invested in SEM sector which has been severely affected by the Covid-19 pandemic. Recalling the USD 15 million NMB Bank borrowed from IFC two years ago, KC commented that the bank will focus its investment to support the growth of SME sector. “IFC has provided the amount as term loan for three years. We will receive the money after getting approval from Nepal Rastra Bank (NRB),” KC said adding that NRB has simplified the process of bringing money from abroad.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Mangal","serif"">Besides IFC, NMB has already received loan of Rs 1 billion each from Symbiotics Investment, Switzerland and Commonwealth Development Cooperation. </span></span></span></span></p> ', 'published' => true, 'created' => '2020-07-01', 'modified' => '2020-07-01', 'keywords' => '', 'description' => '', 'sortorder' => '11906', 'image' => '20200701123537_IFC Sign off.jpg', 'article_date' => '2020-07-01 12:33:57', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 14 => array( 'Article' => array( 'id' => '12158', 'article_category_id' => '1', 'title' => 'Process to Establish National Payment Gateway Reaches Final Stage', 'sub_title' => '', 'summary' => 'Nepalis, who are paying payment gateways fees to international companies for digital transactions, will soon be relieved from paying additional fees to payment services providers including Visa for digital transactions soon. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Mangal","serif"">June 30: Nepalis, who are paying payment gateways fees to international companies for digital transactions, will soon be relieved from paying additional fees to payment services providers including Visa for digital transactions soon. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Mangal","serif"">The process to establish national payment gateway by the Nepal Rastra Bank (NRB) has reached final stage. According to NRB official the gateway will be used for payments related to the government’s tax collection and services in the beginning. Banks and financial institutions (BFIs), however, will need the National Payment Switch for banking transactions. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Mangal","serif"">NRB and National Information Technology Center (NITC) have already bought the gateway, but this is yet to come into operation. Subash Ghimire, director of Payment Systems Department of NRB said that the card used in financial institution would not be useable for the payment gateway. According to him, National Payment Gateway and National Payment Switch are two different technologies and National Payment Switch is required for banking transactions. “The gateway will be used only for tax collection in the beginning,” said Ghimire. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Mangal","serif"">As the payment gateway will only include government payment, preparations are underway to incorporate establishment of the National Payment Switch in the Monetary Policy for FY2020/21. After the Payment Switch comes into operation country’s own card can be introduced and this will be cost effective. Currently, Nepal’s banks are providing payment services of debit and credit cards through international switch. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Mangal","serif"">The budget for current fiscal year has also announced to make the payment systems safe, advanced and electronic. With expansion of services like branchless banking, mobile banking and internet banking, government focus has been in encouraging cashless transaction.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Mangal","serif"">According to NRB’s Payment Systems Department Director Ghimire, banks have been demanding an international standard payment switch. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Mangal","serif"">Due to lack of switching system, banks are required to maintain payment switch on their own or use international institutions like American Express. “This will contribute to a decrease in paper works, reduce price for transaction and promoting digitisation,” said Bhuwan Dahal, president of the Nepal Bankers’ Association. “Also, the risk of network hacking will be lower for banks.” </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Mangal","serif"">Due to the lockdown, banks have waived fees for inter-banking transactions leading to an increase in digital transactions. Bankers say the number of transactions will decline after they start charging for digital payments. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Mangal","serif"">Currently, Nepal Electronic Payment System (NEPS) has been providing switch facility to 16 banks. Similarly, Nepal Clearing House (NCHL) has also been facilitating with digital transaction with its systems like Connect IPS and RTGS.</span></span></span></span></p> ', 'published' => true, 'created' => '2020-06-30', 'modified' => '2020-06-30', 'keywords' => '', 'description' => '', 'sortorder' => '11905', 'image' => '20200630045940_payment switch.jpg', 'article_date' => '2020-06-30 16:57:17', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '31' ) ) ) $current_user = null $logged_in = falsesimplexml_load_file - [internal], line ?? include - APP/View/Elements/side_bar.ctp, line 60 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
Notice (8): Undefined variable: file [APP/View/Elements/side_bar.ctp, line 133]Code Context// $file = 'http://aabhiyan:QUVLg8Wzs2F7G9N7@nepalstock.com.np/api/subindexdata.xml';if(!$xml = simplexml_load_file($file)){$viewFile = '/var/www/html/newbusinessage.com/app/View/Elements/side_bar.ctp' $dataForView = array( 'articles' => array( (int) 0 => array( 'Article' => array( [maximum depth reached] ) ), (int) 1 => array( 'Article' => array( [maximum depth reached] ) ), (int) 2 => array( 'Article' => array( [maximum depth reached] ) ), (int) 3 => array( 'Article' => array( [maximum depth reached] ) ), (int) 4 => array( 'Article' => array( [maximum depth reached] ) ), (int) 5 => array( 'Article' => array( [maximum depth reached] ) ), (int) 6 => array( 'Article' => array( [maximum depth reached] ) ), (int) 7 => array( 'Article' => array( [maximum depth reached] ) ), (int) 8 => array( 'Article' => array( [maximum depth reached] ) ), (int) 9 => array( 'Article' => array( [maximum depth reached] ) ), (int) 10 => array( 'Article' => array( [maximum depth reached] ) ), (int) 11 => array( 'Article' => array( [maximum depth reached] ) ), (int) 12 => array( 'Article' => array( [maximum depth reached] ) ), (int) 13 => array( 'Article' => array( [maximum depth reached] ) ), (int) 14 => array( 'Article' => array( [maximum depth reached] ) ) ), 'current_user' => null, 'logged_in' => false ) $articles = array( (int) 0 => array( 'Article' => array( 'id' => '12172', 'article_category_id' => '1', 'title' => 'New Butwal-Gorakhpur Transmission Line: Preparations for Joint Investment Agreement in Final Phase', 'sub_title' => '', 'summary' => 'The joint venture agreement between Nepal Electricity Authority (NEA) and the Power Grid Corporation of India for the construction of Nepal-India second cross-border transmission line New Butwal-Gorakhpur (400 KV) will be signed within the next month. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">July 5: The joint venture agreement between Nepal Electricity Authority (NEA) and the Power Grid Corporation of India for the construction of Nepal-India second cross-border transmission line New Butwal-Gorakhpur (400 KV) will be signed within the next month. The discussions between the two sides regarding this matter have reached the final stage. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">Executive director of the NEA, Kulman Ghising said, “Preparations of the joint venture agreement is now almost finalised. We will sign the agreement within a month.” </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">The transmission line will be constructed with equal investment of Nepal and India, i.e. 50/50 percent investment. The two sides had agreed to set up a joint venture company. According to the agreement, the structure of the joint company and other issues will be determined soon. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">“Both sides had already agreed to open a joint venture company. We are now completing the method of establishing the joint company accordingly,” Ghising said. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">After the joint investment agreement is done, it has to be passed by the Council of Ministers of Nepal as well as India. Then the joint company will be established in India. Ghising says it might take three to four months for the company to be established. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">The agreement for the construction of cross-border transmission line was done in last October during a meeting of Nepal-India secretary level Joint Steering Committee held at Bengaluru. At that time, it was already decided that the joint company will be established within three months, however, due to various reasons it has not been done yet. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">The company that is going to be established now will build the transmission line of Indian section. Millennium Challenge Account (MCA) under Millennium Challenge Corporation (MCC) will construct the transmission line in Nepal section. Ghising said that if MCA Nepal could not build the transmission line in Nepal due to MCC dispute, the NEA will build it. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">According to the Detailed Project Report (DPR), the total length of the transmission line will be 140 km. Among the total length, 120 km section will be in Gorakhpur, India while 20 km section will be in Nepal. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">About Rs 7 billion investments is estimated for the construction. 80 percent investment will be raised from concessional loan while 20 percent from equity investment of both sides. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">This project is also associated with US funded MCC. The DPR was already prepared in 2015. Another substation will be constructed near Rohini River. The import and export of electricity from Nepal to India and vice versa will be done through this. Especially when the electricity generated from Budhigandaki and Marsyangdi is in excess, it will be easier to export the surplus power to India through this transmission line. </span></span></span></span></p> ', 'published' => true, 'created' => '2020-07-05', 'modified' => '2020-07-05', 'keywords' => '', 'description' => '', 'sortorder' => '11919', 'image' => '20200705015307_New Butwal-Gorakhpur.jpg', 'article_date' => '2020-07-05 13:50:54', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 1 => array( 'Article' => array( 'id' => '12171', 'article_category_id' => '1', 'title' => 'MCC Ratification Put on Hold after Expiry of Deadline', 'sub_title' => '', 'summary' => 'The government has informed the donor country, the United States , that the Millennium Challenge Corporation (MCC Compact) has been currently put on hold. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">July 4: The government has informed the donor country, the United States , that the Millennium Challenge Corporation (MCC Compact) has been currently put on hold. With the expiry of deadline to endorse the compact by the parliament two days back, the Finance Ministry wrote a missive to the United States in this regard.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">The delay in the endorsement of the MCC compact by the parliament was the effect of intra-party wrangling in the ruling Nepal Communist Party.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Now, with the pending of huge assistance, Nepal is likely to witness negative impacts on its development projects.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Finance Minister Dr Yubaraj Khatiwada said the ongoing budget session of the federal parliament was prorogued due to COVID-19. So, the United States was informed that the MCC compact aimed at development of energy and transport sectors could not be endorsed by the parliament at present. He however said government was for the implementation of MCC compact.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Dr Khatiwada said, "It can be discussed that some points in the MCC compact could have been presented differently. But the disputes still persisting over some points of the compact affect trust on and perspective towards Nepal government." He suggested that some of the issues could be sorted out through letters of exchange.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Talking to the National News Agency (RSS), Dr Khatiwada further said the endorsement of the MCC pact was delayed also because of the lack of preparatory works for its implementation owing to the COVID-19 pandemic.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Although the budget had incorporated some activities for the implementation of the compact, the difference within the ruling party halted it, pointing out the need of approval first by the parliament for undertaking the activities.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Earlier, there was sharp polarisation in the standing committee of NCP over the MCC pact resulting to the formation of a team to study its broader impact. The study team comprised senior leader Jhalanath Khanal, leader Bhim Bahadur Rawal and Foreign Minister Pradeep Kumar Gyawali. The team later submitted the report to the party leadership, urging for some amendment before its passage by the parliament. The MCC compact consist of Rs 51 billion assistance by the US government to Nepal for energy and transportation sectors. <em>(RSS)</em></span></span></span></span></p> ', 'published' => true, 'created' => '2020-07-04', 'modified' => '2020-07-08', 'keywords' => '', 'description' => '', 'sortorder' => '11918', 'image' => '20200704031812_MCC.jpg', 'article_date' => '2020-07-04 15:14:47', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '31' ) ), (int) 2 => array( 'Article' => array( 'id' => '12170', 'article_category_id' => '1', 'title' => 'NTB Imparts Online Tourism Protocol Training', 'sub_title' => '', 'summary' => 'The Nepal Tourism Board (NTB) has started imparting training virtually to the tourism entrepreneurs about the effective implementation of the protocol on precautions and safety measures to be taken while reopening the tourism sector after the COVID-19 pandemic. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">July 4: The Nepal Tourism Board (NTB) has started imparting training virtually to the tourism entrepreneurs about the effective implementation of the protocol on precautions and safety measures to be taken while reopening the tourism sector after the COVID-19 pandemic. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Issuing a press statement on Friday, the Board shared that the training was conducted in coordination with the tourism related organisations to enforce the ‘Operational Guideline with Health Protocol for Tourism Sector’ that the Ministry of Culture, Tourism and Civil Aviation and NTB had prepared jointly. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">NTB CEO Dr Dhananjay Regmi shared that some 600 tourism entrepreneurs would be provided training in the first phase. The protocol includes measures to be taken by the people right from their arrival to their departure as well as by the service providers here. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">The protocol also encourages tourism entrepreneurs to do digital marketing to attract tourists in the wake of COVID-19, according to the press statement. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">The training was coordinated by Hotel Association of Nepal, Nepal Association of Tour and Travel Agents, and Trekking Agencies Association of Nepal. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">The training would be conducted at the state level in future, according to the NTB. </span></span></span></span></p> ', 'published' => true, 'created' => '2020-07-04', 'modified' => '2020-07-04', 'keywords' => '', 'description' => '', 'sortorder' => '11917', 'image' => '20200704031410_tourism.jpg', 'article_date' => '2020-07-04 15:12:53', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 3 => array( 'Article' => array( 'id' => '12169', 'article_category_id' => '1', 'title' => 'Govt Resumes Issuance of Foreign Employment Permit', 'sub_title' => '', 'summary' => 'The government has started issuing labour permit for foreign employment after a halt of three and half months. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">June 4: The government has started issuing labour permit for foreign employment after a halt of three and half months. Migrant workers who had returned to Nepal during their holidays and those, have contract duration remaining and those already cleared the processes for foreign employment before the lockdown will be allowed to go abroad after following the Covid-19 safety protocols. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Earlier, meeting of Covid 19 Crisis Management Centre (CCMC) held on June 21 had agreed with Ministry of Labor, Employment and Social Security (MoLESS) in principle to formulate safety protocols for foreign employment. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">According to the Labour Office at Tahachal, those who have their contracts renewed and duration of visas extended will be provided the foreign employment permits. It has started distributing permits from Thursday. According to Umesh Basnet, chief of Labor Office, labour permit issuance resumed immediately after the office received letter from MoLESS. “We have started issuing labor permits for the countries which have been permitted for foreign employment by the government. However, new labour permits will not be issued right now,” said Basnet. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Though the Foreign Employment Department have started issuing permits smoothly, it is difficult for the migrant workers to travel due to suspension on international flight. However, they can travel if the government arranges chartered flights. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">The High-Level Committee for Prevention and Control of Coronavirus had directed to suspend issuance of labour permits on March 12. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">The resumption of issuance of labour permits came after many countries opened their industrial and business sectors shut down during the worldwide lockdown. Before lockdown, around 5,000 migrant workers had returned to Nepal for their holidays. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">“Because of the Covid-19, currently, only 100,000 to 150,000 migrant workers are in the situation to go abroad,” said Kumar Dahal, director general of Department of Labour. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">However, recruitment companies have expressed their displeasure about the resumption of labour permit issuance. Nepal Association of Foreign Employment Agencies (NAFEA), responded that government has haphazardly made the decision. </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">“The risk of coronavirus transmission has not minimized yet. The migrant workers will get into trouble if the destination country doesn’t allow them to enter,” said Bishnu Gaire, president of NAFEA. </span></span></span></span></p> ', 'published' => true, 'created' => '2020-07-04', 'modified' => '2020-07-04', 'keywords' => '', 'description' => '', 'sortorder' => '11916', 'image' => '20200704031215_Foreign Employment.jpg', 'article_date' => '2020-07-04 15:10:21', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 4 => array( 'Article' => array( 'id' => '12168', 'article_category_id' => '1', 'title' => 'Rise of Two Big Companies in Cement Industry', 'sub_title' => '', 'summary' => 'While business community members are currently in ‘wait and watch’ mode and are hesitant in investing amid Covid-19 crisis, two cement industries have added billions in new investments. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">July 3: While business community members are currently in ‘wait and watch’ mode and are hesitant in investing amid the Covid-19 crisis, two cement industries have added billions in new investments. Dang Cement, which was limited to registration for the last 15 years, has now received approval for investment worth Rs 32.50 billion with the goal of producing cement and clinker within the next three years. Likewise, Samrat Cement Industry has also sanctioned Rs 15.05 billion to expand its clinker and cement production capacity. Investment Board Nepal (IBN) has already approved their investment proposal on June 19. With this, a total of Rs 47.55 billion investment will be added in the cement industry. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">Samrat Cement, which was registered in the Department of Industry in 2070, had then received approval for investment of Rs 7 billion to produce clinker as well. Currently the company, which has been producing cement only, has said that it will also produce clinker. The company’s Chairman Mukunda Prasad Timilsina said that although they had bought clinker and started cement production, they weren’t operating at full capacity. Samrat Cement has 50 percent share of locals of Dang. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">“The industry produces 30,000 sacks of cement every day,” informed Timilsina, adding, “We are in the final stage of preparation for the production of clinker. We will be starting our clinker production in three months.” He also informed that the company will also generate 6MW electricity itself for the production of cement and clinker. Seven years after its registration, the company has doubled its investment and expanded its capacity. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">The production capacity of Samrat cement was 1,800 tonnes per day during the initial days. With the increment in investment, Timilsina said they now produce 4,500 tonnes clinker and 3,600 tonnes cement daily. The company has been producing cement at only 30 to 40 percent of its capacity. It will be operating with full capacity workforce, raw materials management and technicians from India arrive. The company has even taken limestone mines at Dang and Rolpa. At present, the company has provided employment to 150 people and after capacity expansion, 500 people will get employment. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">Meanwhile, Dang Cement has to start from start even though it has received principle agreement for investment from IBN. The company aims to commence production within three years after completion of legal processes. Dang Cement was bought by an Indian company after the then Ambuja Cement failed to bring the project. The company had stopped working due to the deteriorating business climate during the conflict era. An official of Dang Cement said that no other works besides purchase of some land and company registration progressed during that period. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">The shares of the Dang Cement, which had investment from Ambuja Group of India, is now owned by Hong Kong Redline which associated to the Chinese cement giant Hongsi. The company, which has seen a significant increase in investment, aims to produce 6,000 tonnes per day. The company aimed to produce 1,200 ton cement while registering the company. According to the company’s officials, the industry will produce cement by making clinker with the additional investment. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">The company has also planned to produce clinker and sell to other companies as well. The official said, “Now we will work from the scratch. We have only received the in principle agreement from the board.” According to him, although the company is registered, there hasn’t been any work and as the development possibility in the western region is high now, the company is willing to invest. He said that even though the investment looks challenging, cement and clinker can be produced at low cost as it uses high technology and can also be sold at a lower price than others. Neither construction work nor the factory work has been done at present. He said that more than 500 people will get direct employment when the industry comes into operation. </span></span></span></span></p> ', 'published' => true, 'created' => '2020-07-03', 'modified' => '2020-07-03', 'keywords' => '', 'description' => '', 'sortorder' => '11915', 'image' => '20200703023316_Samrat Cement.jpg', 'article_date' => '2020-07-03 14:31:45', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 5 => array( 'Article' => array( 'id' => '12167', 'article_category_id' => '1', 'title' => 'Lockdown Results in Huge Losses to Tea Estates ', 'sub_title' => '', 'summary' => 'With the enforcement of lockdown to contain the spread of coronavirus infection, tea estates in Ilam district have lost a sizable income during the peak season to pluck the first flush. ', 'content' => '<div> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">July 3: With the enforcement of lockdown to contain the spread of coronavirus infection, tea estates in Ilam district have lost a sizable income during the peak season to pluck the first flush.</span></span></span></span><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif""> </span></span><br /> <span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">The farmers could neither take the tea leaves for processing nor do they supply the processed tea to the market. The first flush, which gets readied from the beginning of April, is considered as the best quality tea leaves with more market and values. This year the farmers could not pluck the high-quality first flush due to lockdown, incurring a huge loss to the farmers and factories, proprietor of Jasbire Tea Processing Center Sarad Subba of Ilam Municipality-4 said. <br /> We could not supply the tea despite there was a demand from the third countries, he bemoaned. "We supply our products to China and other third countries. But, we have not sent yet this year as the international market is in standstill," Subba added. <br /> The tea factory owners have also failed to pay the tea farmers and workers as well. Chief of Gorkha Tea Estate, Udaya Chapagain, shared that their loss is huge as tea factories remained closed for some days. He, however, claimed that he was regularly paying for the workers and farmers even in the lockdown despite his products have not reached the market. <br /> This sector incurred more than Rs 6 million in loss in the first season of this year, General Secretary of Central Tea Cooperatives Association Rabin Rai said. <em>(RSS)</em></span></span></span></span></p> </div> ', 'published' => true, 'created' => '2020-07-03', 'modified' => '2020-07-03', 'keywords' => '', 'description' => '', 'sortorder' => '11914', 'image' => '20200703014705_Tea estate.jpg', 'article_date' => '2020-07-03 13:43:17', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 6 => array( 'Article' => array( 'id' => '12166', 'article_category_id' => '1', 'title' => 'World Bank Elevates Nepal’s Status to Lower-Middle Income Group ', 'sub_title' => '', 'summary' => 'The World Bank has elevated Nepal’s income status to lower-middle-income group from the lower-income country.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">July 3: The World Bank has elevated Nepal’s income status to lower-middle-income group from the lower-income country.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">Publishing the Updated Country Income Classification for 2020-21 on its Data Blog, the Washington DC-based agency said that Nepal has notch up to the new group with its gross national income (GNI) of USD 1,090 from USD 960 a year earlier. According to the World Bank, countries having GNI of USD1, 036 to USD 4,045 are kept in the category of lower-middle income group. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">“The World Bank assigns the world’s economies to four income groups—low, lower-middle, upper-middle, and high-income countries. The classifications are updated each year on July 1 and are based on GNI per capita in current USD (using the Atlas method exchange rates of the previous year,” the World Bank writes. </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">The bank has said that the GNI numbers that are used for this year’s classification do not yet reflect the impact of Covid-19.</span></span></span></span></p> ', 'published' => true, 'created' => '2020-07-03', 'modified' => '2020-07-03', 'keywords' => '', 'description' => '', 'sortorder' => '11913', 'image' => '20200703013607_World Bank.jpg', 'article_date' => '2020-07-03 13:34:29', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 7 => array( 'Article' => array( 'id' => '12165', 'article_category_id' => '1', 'title' => 'East-West Electric Railway: Tender Call Worth Rs 25 Billion in 3 Days ', 'sub_title' => '', 'summary' => 'In a window of just three days, the government has call two tenders worth Rs 25 Billion for the construction of tank bed of 106 km Kakadvitta-Inaruwa section of the Mechi-Mahakali Electric Railway. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">July 2: In a window of just three days, the government has call two tenders worth Rs 25 Billion for the construction of tank bed of 106 km Kakadvitta-Inaruwa section of the Mechi-Mahakali Electric Railway. The Department of Railways under the Ministry of Physical Infrastructure and Transport call the tender twice on Sunday and Wednesday asking Nepali construction companies to participate in the bidding process. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">The Department of Railway has received a total budget of Rs 8.66 billion for the coming FY 2077/78. However, the tender for the construction of railway which is three times more than the budget, has also raised concerns. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Even though the foreign construction companies are allowed to propose for infrastructure projects of more than Rs 1 billion, they cannot apply tender this time. Likewise, few big Nepali construction companies can participate in the tender in small packages above Rs 10 million. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Director General of the department Balaram Mishra said that a total of 56 packages have been prepared and then called for tender. According to him, the 50 km section in Jhapa district has been divided into 34 packages. Similarly, the tender has been called to contract 56 km of Morang-Sunsari section in 30 packages. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">He said that this tender is available for Nepali company only so that Nepali construction businessmen can use that money for professional development as Nepal itself will invest in this railway. The department has called for tender after the approval of Ministry of Finance and National Planning Commission. Multi-year contracts are processed only after the approval of these two bodies. He further said that there would not be shortage in budget for the construction as the tender is a multi-year contract and was called after the approval of these two bodies. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Although the decision of the department to allow Nepali construction companies only to apply for tender is positive, the construction businessmen have responded that due to some specifications seen in the tender, only limited businessmen can participate. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Former Secretary of the Ministry of Physical Infrastructure and Transport Tulsi Prasad Sitaula remarked that even the budget of 3-4 years cannot support the tender. This shows the tradition of not being able to work on time but only adding up the contracts has been repeated. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">“It is a wrong practice to pile up contracts instead of completing the projects that have been contracted,” Sitaula said, “As the budget for the construction of railway is low, the bodies that approves the tender by ensuring the budget is also guilty.” </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">“It is unnecessary for the government to call for tender of such large amount at a time when it has been difficult to pay the employees,” he further said adding, “There is an unreasonable condition while issuing the tender which is likely to reduce competition.” </span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2020-07-02', 'modified' => '2020-07-02', 'keywords' => '', 'description' => '', 'sortorder' => '11912', 'image' => '20200702020522_elecrtic railway track contsruction.jpg', 'article_date' => '2020-07-02 14:03:01', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 8 => array( 'Article' => array( 'id' => '12164', 'article_category_id' => '1', 'title' => 'Coco-Cola and Nepal Red-Cross Society Join Hands to Fight Against Covid-19', 'sub_title' => '', 'summary' => 'Soft drinks maker Coca-Cola has announced partnership with Nepal Red-Cross Society to heighten the safety of frontline health workers and volunteers who are assisting patients during theCOVID-19 pandemic. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">July 2: Soft drinks maker </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Coca-Cola has announced partnership with Nepal Red-Cross Society to heighten the safety of frontline health workers and volunteers who are assisting patients during the COVID-19 pandemic. Issuing a press statement, Coca-Cola said that the project aims to provide safety gears and disinfectant items to the health workers and frontline workers in public hospitals dedicated for COVID-19 treatment, in all seven provinces in the country. “The overall objective of the project is to serve approx. 60,000 health workers across the country including doctors, nurses, blood technicians, ambulance drivers, medical technicians, people in quarantine centers and community members at risk towards COVID-19,” reads the statement. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">According to the statement, the first handover ceremony commenced on June 30 at the premises of the Ministry of Health and Population in the presence of Health Minister Bhanu Bhakta Dhakal, representatives of Coca-Cola in Nepal and Nepal Red-Cross Society. As a first phase of the project, safety gears and health equipment were handed over to Minister Dhakal for the health workers of Sukraraj Tropical Hospital, Teku as received by the hospital director, Dr. Sagar Kumar Rajbhandari. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">“The aid distribution will be conducted indifferent phases and the first phase includes 15,000 surgical masks, 1,150 K-95 masks, 550 disposable coverall with hoods, 300 safety goggles, 10,000 pairs of gloves, 440 safety boots, 2,500 bottles of sanitizers, 450 packs of Chemical Sodium Hypo-chloride Sanitizer and 15,118 bars of soap,” said the company adding that this distribution will be completed within in the next two weeks.</span></span></span></span></p> ', 'published' => true, 'created' => '2020-07-02', 'modified' => '2020-07-02', 'keywords' => '', 'description' => '', 'sortorder' => '11911', 'image' => '20200702015208_Coca Cola NRCS.jpeg', 'article_date' => '2020-07-02 13:49:47', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 9 => array( 'Article' => array( 'id' => '12163', 'article_category_id' => '1', 'title' => 'SMEs Bear the Brunt of Adverse Impacts of Lockdown', 'sub_title' => '', 'summary' => 'After shutting down for nearly three months, small and medium enterprises (SMEs) have resumed their activities to find themselves surrounded by several issues due to very little or no business at all. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">June 2: After shutting down for nearly three months, small and medium enterprises (SMEs) have resumed their activities to find themselves surrounded by several issues due to very little or no business at all. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Business owners in key market areas of Kathmandu including New Road, Khichapokhari, Sundhara, Ason, Indrachowk and other large commercial centers are spending their days waiting for customers to come. They say </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">though allowed to open their stores, it has become very challenging for them to pay house rents and bank loans. According to the storekeepers, they have to stay idle for the whole day. “We are also not able to supply many types of goods demanded by customers as the import of goods has slowed down,” said Kamal Agarwal, president, National Trade Association, an association of merchants of New Road and adjacent areas. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">According to him, business owners are looking towards the government for financial assistance at this time of crisis. “We have not paid taxes from Chaitra (March-April) onwards due to the lockdown. Now, we are required to clear tax dues of six months,” he said, adding, “On top of that, there is a pressure to pay house rents and staff salaries. The business is close to nil right now.” Business owners are required to pay house rent ranging from Rs 15,000 - Rs 150,000 in areas such as Khichapokhari, Newroad, Sundhara and Ason. According to Agrawal, there are more than 20,000 small businesses operating in ward no 22 and 24 of the area.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">The lockdown has disrupted the wholesale trade in Kathmandu which is dependent on small businesses from across the country including Pokhara, Butwal, Narayanghat, Nepalgunj and other cities. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Similarly, businesses in malls and shopping centres are also facing several difficulties currently. The Kathmandu Mall in Sundhara is still shut down, though all other malls are open. Diwasapana JV, which is responsible for the management of Kathmandu Mall, has not allowed the storeowners to open their stores citing problems in the Mall’s electricity supply. Due to this, many have already left their businesses, and many are about to leave soon, say store owners at Kathmandu Mall. Currently, around 120 stores are operating in Kathmandu Mall and they pay monthly rent ranging from Rs 20,000 – Rs 500,000. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><strong><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">SME Owners Demand Loan Repayment Deferral </span></span></strong></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">A committee formed for management for businesses of Kathmandu hit by Covid-19 crisis has demanded the banks and financial institutions (BFIs) not to recover interest and principle payment of loans forcefully from businesses.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">The committee formed by the Kathmandu Chambers of Commerce and Industries (KCCI) has demanded to announce the lockdown period as ‘zero hour’ and provide deduction on principle, interest and installment of loan repayment. The committee has asked full deduction on interest payment for loans up to Rs 10 million, 50 percent interest for loans above Rs 50 million and 25 percent of deduction for loans above Rs 50 million. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">The committee has warned of protest if their demand is not met. Dinesh Shrestha, president of KCCI said that they are preparing to organise protests from Friday. </span></span></span></span></p> <p><br /> </p> ', 'published' => true, 'created' => '2020-07-02', 'modified' => '2020-07-02', 'keywords' => '', 'description' => '', 'sortorder' => '11910', 'image' => '20200702014438_smes.jpg', 'article_date' => '2020-07-02 13:37:48', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 10 => array( 'Article' => array( 'id' => '12162', 'article_category_id' => '1', 'title' => 'Hadad-Zervos Named World Bank’s New Country Director for Maldives, Nepal and Sri Lanka', 'sub_title' => '', 'summary' => 'The World Bank has appointed Faris Hadad-Zervos as its new Country Director for Maldives, Nepal and Sri Lanka effective from July 1. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">June 2:<strong> </strong>The World Bank has appointed </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Faris Hadad-Zervos as its new Country Director for Maldives, Nepal and Sri Lanka effective from July 1. Previously, he worked as bank’s Country Manager for Nepal from May 2018. “Based in the sub-regional office in Kathmandu, Nepal, he will lead World Bank support to Maldives, Nepal and Sri Lanka, overseeing the current total portfolio of around USD 5.5 billion,” reads a press statement issued by the World Bank. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Hadad-Zervos succeeds Idah Z. Pswarayi-Riddihough, who will be taking on a new World Bank assignment. A US national, he joined the World Bank in 1996 and held country manager positions in Malaysia and Bolivia. He also served as Manager of the Technical Cooperation Program with the Gulf Cooperation Countries, Head of Mission for Iraq, and Operations Manager for the West Bank and Gaza.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">According to the World Bank, Hadad-Zervos’ appointment comes at a time when governments of the three countries must quickly address both the immediate and longer-term health and economic impacts of the COVID-19 crisis.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">“It is critical to protect lives and livelihoods and support economic recovery as countries are fighting the impacts of the COVID-19 crisis,”</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif"> the statement quoted Hadad-Zervos as saying. “My first priority is to ensure that World Bank-financed programs help alleviate the health and economic impacts of COVID-19, create jobs, and foster inclusive and sustainable growth in the Maldives, Nepal and Sri Lanka, and I look forward to working with governments, development partners, the private sector, and civil society.”</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">According to the statement, the World Bank is supporting the governments of Maldives, Nepal and Sri Lanka through COVID-19 emergency response projects totaling over USD 350 million to help the countries prevent, detect and respond to the pandemic and strengthen public health preparedness.</span></span></span></span></p> ', 'published' => true, 'created' => '2020-07-02', 'modified' => '2020-07-02', 'keywords' => '', 'description' => '', 'sortorder' => '11909', 'image' => '20200702114803_Faris_Hadad.jpg', 'article_date' => '2020-07-02 11:46:41', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 11 => array( 'Article' => array( 'id' => '12161', 'article_category_id' => '1', 'title' => 'Govt to Make Changes in CIAA Bill ', 'sub_title' => '', 'summary' => 'The government has decided to change some provisions of the Commission for Investigation of Abuse of Authority (CIAA) Bill (3rd amendment) following a strong protest from the country’s private sector. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">July 1: The government has decided to change</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif""> some provisions of the </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">Commission for Investigation of </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">Abuse of Authority (CIAA) Bil</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">l (3<sup>rd </sup>amendment) following a strong protest from the country’s private sector</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">. The decision came after the government faced a sharp criticism from various quarters of the society for provisions in the Bill to bring the business community into the purview of CIAA. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">According to the Office of Prime Minister and Council of Ministers (OPMCM), the bill will not be moved ahead in the current state and will be sent to parliamentary committee once the provisions are changed. “The O</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">ffice </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">of the Prime Minister </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">is ready to </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">change</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif""> the institutional monitoring of the private sector. The Bill will be brought back soon to make necessary changes</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">,”</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif""> a source at OPMCM told New Business Age</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">. </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">Chairman of the Legislative Committee under the Nati</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">onal Assembly Par</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">shuram Meghi Gurung also admitted th</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">at there are changes being made in the proposed Bill. “A</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">s the Prime Minister himself is in favor of the amendment,</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif""> t</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">he bill is unlikely to </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">be </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">pass</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">ed in its current state</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">. Informal discussions have bee</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">n held with the </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">OPMCM </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">in this respect,” </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">he said. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">According to Gurung, the Legislative Committee is in favor of removing provisions to bring companies such as bank and financial institutions, insurance companies, medical colleges and related hospitals, other universities or colleges, and public limited companies under the purview of CIAA by publishing a notice in Nepal Gazette. “We are preparing to amend the bill in a way that the CIAA will be allowed to investigate suspicious industrialist instead of the whole organisation,” he added. Addressing the 17<sup>th</sup> annual general meeting of Confederation of Nepalese Industries (CNI) on June 29, Prime Minister KP Sharma Oli said that the bill could be amended as there are already many regulatory bodies that monitor the private sector and CIAA is not necessary in this regard. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">Earlier, the bill provided that the CIAA </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">could investigate any person holding any position in a company, authority, board, medical college, hospital, bank or any other institution which is </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">entirely</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif""> or p</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">artially owned by the government</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">.</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">The </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">private sector</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif""> of Nepal</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif""> has bee</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">n vehemently opposing the bill. The businesspersons met the Prime Minister and senior leaders of the opposition party to put forward their disagreement as soon as the legislative committee approved the bill that was sent to the NA. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">Federation of Nepalese Chamber of Commerce and Industry (FNCCI) and CNI issued their joint press released saying that the four points in the bill should be rectified and one point should be scrapped. They said that companies that do not have government investment should not be defined as public organisations. Likewise, they have demanded to remove the provision of allowing any company to define as a public organisation, by publishing a notice in the Nepal Gazette. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">Even six years ago, the then government had proposed that the </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">CIAA</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif""> be allowed to investigate corruption in the private sector. </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">However, the</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif""> provision could not be implemented due to the strong </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">opposition of the </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">private sector.</span></span></span></span></p> ', 'published' => true, 'created' => '2020-07-01', 'modified' => '2020-07-01', 'keywords' => '', 'description' => '', 'sortorder' => '11908', 'image' => '20200701053938_OPMCM.jpg', 'article_date' => '2020-07-01 17:37:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 12 => array( 'Article' => array( 'id' => '12160', 'article_category_id' => '1', 'title' => 'Soaltee Crowne Plaza, Idea Studio and NAMS Join Hands for Project ‘Samyog’', 'sub_title' => '', 'summary' => 'Soaltee Crowne Plaza, Idea Studio and National Academy of Medical Science (NAMS) have announced launch of the project ‘Samyog’. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">July 1: Soaltee Crowne Plaza, Idea Studio and National Academy of Medical Science (NAMS) have announced launch of the project ‘Samyog’. The hotel in a press statement said that the aim of the project is to create a unique collaboration of a hotel and a hospital in order to enhance the clinically sanitized standards in hotels and aesthetical cleanliness standards in hospitals. The project is a joint programme of Bir Hospital (NAMS), Soaltee Crowne Plaza Kathmandu and Idea Studio Nepal. “It includes training, demonstrations, implementation plan and evaluations for training the hygiene team of Bir Hospital to enhance the hygiene and cleanliness standards of the hospital together with the clinically sanitized environment,” reads the statement.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">According to the statement the project, which is being launched in coordination with Idea Studio, has developed the training materials and manuals by sharing hygiene related documents and knowledge between the five star hospitality sector in hospital and clinical best practices in the hospital sector to hotel hygiene. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">According to Soaltee, the objective of the project is to welcome every single guest with much higher commitment to their well-being, supported by enhanced standards of hygiene protocols and clinically sanitised standards of cleanliness in every aspect of rooms and hotel experience to ensure that they always feel safe and secure.</span></span></span></span></p> ', 'published' => true, 'created' => '2020-07-01', 'modified' => '2020-07-01', 'keywords' => '', 'description' => '', 'sortorder' => '11907', 'image' => '20200701011829_Soaltee Crowne Plaza.jpg', 'article_date' => '2020-07-01 13:17:20', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => false, 'user_id' => '31' ) ), (int) 13 => array( 'Article' => array( 'id' => '12159', 'article_category_id' => '1', 'title' => 'IFC to Provide USD 60M Funding to 4 BFIs in Next 6 Months ', 'sub_title' => '', 'summary' => 'The International Finance Corporation (IFC), the private sector arm of the World Bank, has said it will be investing additional USD 60 million in Nepal in the next six months. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Mangal","serif"">July 1: The International Finance Corporation (IFC), the private sector arm of the World Bank, has said it will be investing additional USD 60 million in Nepal in the next six months. IFC shared its investment plans on Tuesday amid a memorandum of understanding (MoU) signing ceremony with NMB Bank to provide the bank USD 25 million loan. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Mangal","serif"">According to Santosh Pandey, acting resident representative of IFC for Nepal, the corporation will invest in two commercial banks and two microfinance institutions. He said that IFC will make loan investment of around USD 50-60 million in FY 2020/21 in Nepal. “We will be investing only in small and medium industries (SMEs),” said Pandey in a press meet organised virtually after the MoU signing function. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Mangal","serif"">“Now, we will provide loans to the enterprises which are already in our funding pipeline,” he added. According to him, 90 percent of industries in Nepal are small, medium and cottage industries. “Investment in such enterprises will help in employment creation, support export and contribute in country’s GDP. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><strong><span style="font-size:15.0pt"><span style="font-family:"Mangal","serif"">Loan Agreement with NMB </span></span></strong></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Mangal","serif"">NMB bank will be receiving USD 25 million IFC as foreign loan. Sunil KC, CEO of NMB Bank and Santos Pandey of IFC signed an agreement to this effect. Speaking on the occasion, KC informed that the loan will be invested in SEM sector which has been severely affected by the Covid-19 pandemic. Recalling the USD 15 million NMB Bank borrowed from IFC two years ago, KC commented that the bank will focus its investment to support the growth of SME sector. “IFC has provided the amount as term loan for three years. We will receive the money after getting approval from Nepal Rastra Bank (NRB),” KC said adding that NRB has simplified the process of bringing money from abroad.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Mangal","serif"">Besides IFC, NMB has already received loan of Rs 1 billion each from Symbiotics Investment, Switzerland and Commonwealth Development Cooperation. </span></span></span></span></p> ', 'published' => true, 'created' => '2020-07-01', 'modified' => '2020-07-01', 'keywords' => '', 'description' => '', 'sortorder' => '11906', 'image' => '20200701123537_IFC Sign off.jpg', 'article_date' => '2020-07-01 12:33:57', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 14 => array( 'Article' => array( 'id' => '12158', 'article_category_id' => '1', 'title' => 'Process to Establish National Payment Gateway Reaches Final Stage', 'sub_title' => '', 'summary' => 'Nepalis, who are paying payment gateways fees to international companies for digital transactions, will soon be relieved from paying additional fees to payment services providers including Visa for digital transactions soon. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Mangal","serif"">June 30: Nepalis, who are paying payment gateways fees to international companies for digital transactions, will soon be relieved from paying additional fees to payment services providers including Visa for digital transactions soon. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Mangal","serif"">The process to establish national payment gateway by the Nepal Rastra Bank (NRB) has reached final stage. According to NRB official the gateway will be used for payments related to the government’s tax collection and services in the beginning. Banks and financial institutions (BFIs), however, will need the National Payment Switch for banking transactions. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Mangal","serif"">NRB and National Information Technology Center (NITC) have already bought the gateway, but this is yet to come into operation. Subash Ghimire, director of Payment Systems Department of NRB said that the card used in financial institution would not be useable for the payment gateway. According to him, National Payment Gateway and National Payment Switch are two different technologies and National Payment Switch is required for banking transactions. “The gateway will be used only for tax collection in the beginning,” said Ghimire. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Mangal","serif"">As the payment gateway will only include government payment, preparations are underway to incorporate establishment of the National Payment Switch in the Monetary Policy for FY2020/21. After the Payment Switch comes into operation country’s own card can be introduced and this will be cost effective. Currently, Nepal’s banks are providing payment services of debit and credit cards through international switch. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Mangal","serif"">The budget for current fiscal year has also announced to make the payment systems safe, advanced and electronic. With expansion of services like branchless banking, mobile banking and internet banking, government focus has been in encouraging cashless transaction.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Mangal","serif"">According to NRB’s Payment Systems Department Director Ghimire, banks have been demanding an international standard payment switch. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Mangal","serif"">Due to lack of switching system, banks are required to maintain payment switch on their own or use international institutions like American Express. “This will contribute to a decrease in paper works, reduce price for transaction and promoting digitisation,” said Bhuwan Dahal, president of the Nepal Bankers’ Association. “Also, the risk of network hacking will be lower for banks.” </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Mangal","serif"">Due to the lockdown, banks have waived fees for inter-banking transactions leading to an increase in digital transactions. Bankers say the number of transactions will decline after they start charging for digital payments. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Mangal","serif"">Currently, Nepal Electronic Payment System (NEPS) has been providing switch facility to 16 banks. Similarly, Nepal Clearing House (NCHL) has also been facilitating with digital transaction with its systems like Connect IPS and RTGS.</span></span></span></span></p> ', 'published' => true, 'created' => '2020-06-30', 'modified' => '2020-06-30', 'keywords' => '', 'description' => '', 'sortorder' => '11905', 'image' => '20200630045940_payment switch.jpg', 'article_date' => '2020-06-30 16:57:17', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '31' ) ) ) $current_user = null $logged_in = false $xml = falseinclude - APP/View/Elements/side_bar.ctp, line 133 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
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', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">July 5: The joint venture agreement between Nepal Electricity Authority (NEA) and the Power Grid Corporation of India for the construction of Nepal-India second cross-border transmission line New Butwal-Gorakhpur (400 KV) will be signed within the next month. The discussions between the two sides regarding this matter have reached the final stage. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">Executive director of the NEA, Kulman Ghising said, “Preparations of the joint venture agreement is now almost finalised. We will sign the agreement within a month.” </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">The transmission line will be constructed with equal investment of Nepal and India, i.e. 50/50 percent investment. The two sides had agreed to set up a joint venture company. According to the agreement, the structure of the joint company and other issues will be determined soon. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">“Both sides had already agreed to open a joint venture company. We are now completing the method of establishing the joint company accordingly,” Ghising said. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">After the joint investment agreement is done, it has to be passed by the Council of Ministers of Nepal as well as India. Then the joint company will be established in India. Ghising says it might take three to four months for the company to be established. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">The agreement for the construction of cross-border transmission line was done in last October during a meeting of Nepal-India secretary level Joint Steering Committee held at Bengaluru. At that time, it was already decided that the joint company will be established within three months, however, due to various reasons it has not been done yet. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">The company that is going to be established now will build the transmission line of Indian section. Millennium Challenge Account (MCA) under Millennium Challenge Corporation (MCC) will construct the transmission line in Nepal section. Ghising said that if MCA Nepal could not build the transmission line in Nepal due to MCC dispute, the NEA will build it. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">According to the Detailed Project Report (DPR), the total length of the transmission line will be 140 km. Among the total length, 120 km section will be in Gorakhpur, India while 20 km section will be in Nepal. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">About Rs 7 billion investments is estimated for the construction. 80 percent investment will be raised from concessional loan while 20 percent from equity investment of both sides. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">This project is also associated with US funded MCC. The DPR was already prepared in 2015. Another substation will be constructed near Rohini River. The import and export of electricity from Nepal to India and vice versa will be done through this. Especially when the electricity generated from Budhigandaki and Marsyangdi is in excess, it will be easier to export the surplus power to India through this transmission line. </span></span></span></span></p> ', 'published' => true, 'created' => '2020-07-05', 'modified' => '2020-07-05', 'keywords' => '', 'description' => '', 'sortorder' => '11919', 'image' => '20200705015307_New Butwal-Gorakhpur.jpg', 'article_date' => '2020-07-05 13:50:54', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 1 => array( 'Article' => array( 'id' => '12171', 'article_category_id' => '1', 'title' => 'MCC Ratification Put on Hold after Expiry of Deadline', 'sub_title' => '', 'summary' => 'The government has informed the donor country, the United States , that the Millennium Challenge Corporation (MCC Compact) has been currently put on hold. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">July 4: The government has informed the donor country, the United States , that the Millennium Challenge Corporation (MCC Compact) has been currently put on hold. With the expiry of deadline to endorse the compact by the parliament two days back, the Finance Ministry wrote a missive to the United States in this regard.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">The delay in the endorsement of the MCC compact by the parliament was the effect of intra-party wrangling in the ruling Nepal Communist Party.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Now, with the pending of huge assistance, Nepal is likely to witness negative impacts on its development projects.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Finance Minister Dr Yubaraj Khatiwada said the ongoing budget session of the federal parliament was prorogued due to COVID-19. So, the United States was informed that the MCC compact aimed at development of energy and transport sectors could not be endorsed by the parliament at present. He however said government was for the implementation of MCC compact.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Dr Khatiwada said, "It can be discussed that some points in the MCC compact could have been presented differently. But the disputes still persisting over some points of the compact affect trust on and perspective towards Nepal government." He suggested that some of the issues could be sorted out through letters of exchange.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Talking to the National News Agency (RSS), Dr Khatiwada further said the endorsement of the MCC pact was delayed also because of the lack of preparatory works for its implementation owing to the COVID-19 pandemic.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Although the budget had incorporated some activities for the implementation of the compact, the difference within the ruling party halted it, pointing out the need of approval first by the parliament for undertaking the activities.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Earlier, there was sharp polarisation in the standing committee of NCP over the MCC pact resulting to the formation of a team to study its broader impact. The study team comprised senior leader Jhalanath Khanal, leader Bhim Bahadur Rawal and Foreign Minister Pradeep Kumar Gyawali. The team later submitted the report to the party leadership, urging for some amendment before its passage by the parliament. The MCC compact consist of Rs 51 billion assistance by the US government to Nepal for energy and transportation sectors. <em>(RSS)</em></span></span></span></span></p> ', 'published' => true, 'created' => '2020-07-04', 'modified' => '2020-07-08', 'keywords' => '', 'description' => '', 'sortorder' => '11918', 'image' => '20200704031812_MCC.jpg', 'article_date' => '2020-07-04 15:14:47', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '31' ) ), (int) 2 => array( 'Article' => array( 'id' => '12170', 'article_category_id' => '1', 'title' => 'NTB Imparts Online Tourism Protocol Training', 'sub_title' => '', 'summary' => 'The Nepal Tourism Board (NTB) has started imparting training virtually to the tourism entrepreneurs about the effective implementation of the protocol on precautions and safety measures to be taken while reopening the tourism sector after the COVID-19 pandemic. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">July 4: The Nepal Tourism Board (NTB) has started imparting training virtually to the tourism entrepreneurs about the effective implementation of the protocol on precautions and safety measures to be taken while reopening the tourism sector after the COVID-19 pandemic. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Issuing a press statement on Friday, the Board shared that the training was conducted in coordination with the tourism related organisations to enforce the ‘Operational Guideline with Health Protocol for Tourism Sector’ that the Ministry of Culture, Tourism and Civil Aviation and NTB had prepared jointly. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">NTB CEO Dr Dhananjay Regmi shared that some 600 tourism entrepreneurs would be provided training in the first phase. The protocol includes measures to be taken by the people right from their arrival to their departure as well as by the service providers here. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">The protocol also encourages tourism entrepreneurs to do digital marketing to attract tourists in the wake of COVID-19, according to the press statement. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">The training was coordinated by Hotel Association of Nepal, Nepal Association of Tour and Travel Agents, and Trekking Agencies Association of Nepal. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">The training would be conducted at the state level in future, according to the NTB. </span></span></span></span></p> ', 'published' => true, 'created' => '2020-07-04', 'modified' => '2020-07-04', 'keywords' => '', 'description' => '', 'sortorder' => '11917', 'image' => '20200704031410_tourism.jpg', 'article_date' => '2020-07-04 15:12:53', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 3 => array( 'Article' => array( 'id' => '12169', 'article_category_id' => '1', 'title' => 'Govt Resumes Issuance of Foreign Employment Permit', 'sub_title' => '', 'summary' => 'The government has started issuing labour permit for foreign employment after a halt of three and half months. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">June 4: The government has started issuing labour permit for foreign employment after a halt of three and half months. Migrant workers who had returned to Nepal during their holidays and those, have contract duration remaining and those already cleared the processes for foreign employment before the lockdown will be allowed to go abroad after following the Covid-19 safety protocols. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Earlier, meeting of Covid 19 Crisis Management Centre (CCMC) held on June 21 had agreed with Ministry of Labor, Employment and Social Security (MoLESS) in principle to formulate safety protocols for foreign employment. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">According to the Labour Office at Tahachal, those who have their contracts renewed and duration of visas extended will be provided the foreign employment permits. It has started distributing permits from Thursday. According to Umesh Basnet, chief of Labor Office, labour permit issuance resumed immediately after the office received letter from MoLESS. “We have started issuing labor permits for the countries which have been permitted for foreign employment by the government. However, new labour permits will not be issued right now,” said Basnet. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Though the Foreign Employment Department have started issuing permits smoothly, it is difficult for the migrant workers to travel due to suspension on international flight. However, they can travel if the government arranges chartered flights. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">The High-Level Committee for Prevention and Control of Coronavirus had directed to suspend issuance of labour permits on March 12. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">The resumption of issuance of labour permits came after many countries opened their industrial and business sectors shut down during the worldwide lockdown. Before lockdown, around 5,000 migrant workers had returned to Nepal for their holidays. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">“Because of the Covid-19, currently, only 100,000 to 150,000 migrant workers are in the situation to go abroad,” said Kumar Dahal, director general of Department of Labour. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">However, recruitment companies have expressed their displeasure about the resumption of labour permit issuance. Nepal Association of Foreign Employment Agencies (NAFEA), responded that government has haphazardly made the decision. </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">“The risk of coronavirus transmission has not minimized yet. The migrant workers will get into trouble if the destination country doesn’t allow them to enter,” said Bishnu Gaire, president of NAFEA. </span></span></span></span></p> ', 'published' => true, 'created' => '2020-07-04', 'modified' => '2020-07-04', 'keywords' => '', 'description' => '', 'sortorder' => '11916', 'image' => '20200704031215_Foreign Employment.jpg', 'article_date' => '2020-07-04 15:10:21', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 4 => array( 'Article' => array( 'id' => '12168', 'article_category_id' => '1', 'title' => 'Rise of Two Big Companies in Cement Industry', 'sub_title' => '', 'summary' => 'While business community members are currently in ‘wait and watch’ mode and are hesitant in investing amid Covid-19 crisis, two cement industries have added billions in new investments. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">July 3: While business community members are currently in ‘wait and watch’ mode and are hesitant in investing amid the Covid-19 crisis, two cement industries have added billions in new investments. Dang Cement, which was limited to registration for the last 15 years, has now received approval for investment worth Rs 32.50 billion with the goal of producing cement and clinker within the next three years. Likewise, Samrat Cement Industry has also sanctioned Rs 15.05 billion to expand its clinker and cement production capacity. Investment Board Nepal (IBN) has already approved their investment proposal on June 19. With this, a total of Rs 47.55 billion investment will be added in the cement industry. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">Samrat Cement, which was registered in the Department of Industry in 2070, had then received approval for investment of Rs 7 billion to produce clinker as well. Currently the company, which has been producing cement only, has said that it will also produce clinker. The company’s Chairman Mukunda Prasad Timilsina said that although they had bought clinker and started cement production, they weren’t operating at full capacity. Samrat Cement has 50 percent share of locals of Dang. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">“The industry produces 30,000 sacks of cement every day,” informed Timilsina, adding, “We are in the final stage of preparation for the production of clinker. We will be starting our clinker production in three months.” He also informed that the company will also generate 6MW electricity itself for the production of cement and clinker. Seven years after its registration, the company has doubled its investment and expanded its capacity. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">The production capacity of Samrat cement was 1,800 tonnes per day during the initial days. With the increment in investment, Timilsina said they now produce 4,500 tonnes clinker and 3,600 tonnes cement daily. The company has been producing cement at only 30 to 40 percent of its capacity. It will be operating with full capacity workforce, raw materials management and technicians from India arrive. The company has even taken limestone mines at Dang and Rolpa. At present, the company has provided employment to 150 people and after capacity expansion, 500 people will get employment. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">Meanwhile, Dang Cement has to start from start even though it has received principle agreement for investment from IBN. The company aims to commence production within three years after completion of legal processes. Dang Cement was bought by an Indian company after the then Ambuja Cement failed to bring the project. The company had stopped working due to the deteriorating business climate during the conflict era. An official of Dang Cement said that no other works besides purchase of some land and company registration progressed during that period. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">The shares of the Dang Cement, which had investment from Ambuja Group of India, is now owned by Hong Kong Redline which associated to the Chinese cement giant Hongsi. The company, which has seen a significant increase in investment, aims to produce 6,000 tonnes per day. The company aimed to produce 1,200 ton cement while registering the company. According to the company’s officials, the industry will produce cement by making clinker with the additional investment. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">The company has also planned to produce clinker and sell to other companies as well. The official said, “Now we will work from the scratch. We have only received the in principle agreement from the board.” According to him, although the company is registered, there hasn’t been any work and as the development possibility in the western region is high now, the company is willing to invest. He said that even though the investment looks challenging, cement and clinker can be produced at low cost as it uses high technology and can also be sold at a lower price than others. Neither construction work nor the factory work has been done at present. He said that more than 500 people will get direct employment when the industry comes into operation. </span></span></span></span></p> ', 'published' => true, 'created' => '2020-07-03', 'modified' => '2020-07-03', 'keywords' => '', 'description' => '', 'sortorder' => '11915', 'image' => '20200703023316_Samrat Cement.jpg', 'article_date' => '2020-07-03 14:31:45', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 5 => array( 'Article' => array( 'id' => '12167', 'article_category_id' => '1', 'title' => 'Lockdown Results in Huge Losses to Tea Estates ', 'sub_title' => '', 'summary' => 'With the enforcement of lockdown to contain the spread of coronavirus infection, tea estates in Ilam district have lost a sizable income during the peak season to pluck the first flush. ', 'content' => '<div> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">July 3: With the enforcement of lockdown to contain the spread of coronavirus infection, tea estates in Ilam district have lost a sizable income during the peak season to pluck the first flush.</span></span></span></span><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif""> </span></span><br /> <span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">The farmers could neither take the tea leaves for processing nor do they supply the processed tea to the market. The first flush, which gets readied from the beginning of April, is considered as the best quality tea leaves with more market and values. This year the farmers could not pluck the high-quality first flush due to lockdown, incurring a huge loss to the farmers and factories, proprietor of Jasbire Tea Processing Center Sarad Subba of Ilam Municipality-4 said. <br /> We could not supply the tea despite there was a demand from the third countries, he bemoaned. "We supply our products to China and other third countries. But, we have not sent yet this year as the international market is in standstill," Subba added. <br /> The tea factory owners have also failed to pay the tea farmers and workers as well. Chief of Gorkha Tea Estate, Udaya Chapagain, shared that their loss is huge as tea factories remained closed for some days. He, however, claimed that he was regularly paying for the workers and farmers even in the lockdown despite his products have not reached the market. <br /> This sector incurred more than Rs 6 million in loss in the first season of this year, General Secretary of Central Tea Cooperatives Association Rabin Rai said. <em>(RSS)</em></span></span></span></span></p> </div> ', 'published' => true, 'created' => '2020-07-03', 'modified' => '2020-07-03', 'keywords' => '', 'description' => '', 'sortorder' => '11914', 'image' => '20200703014705_Tea estate.jpg', 'article_date' => '2020-07-03 13:43:17', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 6 => array( 'Article' => array( 'id' => '12166', 'article_category_id' => '1', 'title' => 'World Bank Elevates Nepal’s Status to Lower-Middle Income Group ', 'sub_title' => '', 'summary' => 'The World Bank has elevated Nepal’s income status to lower-middle-income group from the lower-income country.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">July 3: The World Bank has elevated Nepal’s income status to lower-middle-income group from the lower-income country.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">Publishing the Updated Country Income Classification for 2020-21 on its Data Blog, the Washington DC-based agency said that Nepal has notch up to the new group with its gross national income (GNI) of USD 1,090 from USD 960 a year earlier. According to the World Bank, countries having GNI of USD1, 036 to USD 4,045 are kept in the category of lower-middle income group. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">“The World Bank assigns the world’s economies to four income groups—low, lower-middle, upper-middle, and high-income countries. The classifications are updated each year on July 1 and are based on GNI per capita in current USD (using the Atlas method exchange rates of the previous year,” the World Bank writes. </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">The bank has said that the GNI numbers that are used for this year’s classification do not yet reflect the impact of Covid-19.</span></span></span></span></p> ', 'published' => true, 'created' => '2020-07-03', 'modified' => '2020-07-03', 'keywords' => '', 'description' => '', 'sortorder' => '11913', 'image' => '20200703013607_World Bank.jpg', 'article_date' => '2020-07-03 13:34:29', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 7 => array( 'Article' => array( 'id' => '12165', 'article_category_id' => '1', 'title' => 'East-West Electric Railway: Tender Call Worth Rs 25 Billion in 3 Days ', 'sub_title' => '', 'summary' => 'In a window of just three days, the government has call two tenders worth Rs 25 Billion for the construction of tank bed of 106 km Kakadvitta-Inaruwa section of the Mechi-Mahakali Electric Railway. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">July 2: In a window of just three days, the government has call two tenders worth Rs 25 Billion for the construction of tank bed of 106 km Kakadvitta-Inaruwa section of the Mechi-Mahakali Electric Railway. The Department of Railways under the Ministry of Physical Infrastructure and Transport call the tender twice on Sunday and Wednesday asking Nepali construction companies to participate in the bidding process. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">The Department of Railway has received a total budget of Rs 8.66 billion for the coming FY 2077/78. However, the tender for the construction of railway which is three times more than the budget, has also raised concerns. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Even though the foreign construction companies are allowed to propose for infrastructure projects of more than Rs 1 billion, they cannot apply tender this time. Likewise, few big Nepali construction companies can participate in the tender in small packages above Rs 10 million. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Director General of the department Balaram Mishra said that a total of 56 packages have been prepared and then called for tender. According to him, the 50 km section in Jhapa district has been divided into 34 packages. Similarly, the tender has been called to contract 56 km of Morang-Sunsari section in 30 packages. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">He said that this tender is available for Nepali company only so that Nepali construction businessmen can use that money for professional development as Nepal itself will invest in this railway. The department has called for tender after the approval of Ministry of Finance and National Planning Commission. Multi-year contracts are processed only after the approval of these two bodies. He further said that there would not be shortage in budget for the construction as the tender is a multi-year contract and was called after the approval of these two bodies. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Although the decision of the department to allow Nepali construction companies only to apply for tender is positive, the construction businessmen have responded that due to some specifications seen in the tender, only limited businessmen can participate. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Former Secretary of the Ministry of Physical Infrastructure and Transport Tulsi Prasad Sitaula remarked that even the budget of 3-4 years cannot support the tender. This shows the tradition of not being able to work on time but only adding up the contracts has been repeated. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">“It is a wrong practice to pile up contracts instead of completing the projects that have been contracted,” Sitaula said, “As the budget for the construction of railway is low, the bodies that approves the tender by ensuring the budget is also guilty.” </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">“It is unnecessary for the government to call for tender of such large amount at a time when it has been difficult to pay the employees,” he further said adding, “There is an unreasonable condition while issuing the tender which is likely to reduce competition.” </span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2020-07-02', 'modified' => '2020-07-02', 'keywords' => '', 'description' => '', 'sortorder' => '11912', 'image' => '20200702020522_elecrtic railway track contsruction.jpg', 'article_date' => '2020-07-02 14:03:01', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 8 => array( 'Article' => array( 'id' => '12164', 'article_category_id' => '1', 'title' => 'Coco-Cola and Nepal Red-Cross Society Join Hands to Fight Against Covid-19', 'sub_title' => '', 'summary' => 'Soft drinks maker Coca-Cola has announced partnership with Nepal Red-Cross Society to heighten the safety of frontline health workers and volunteers who are assisting patients during theCOVID-19 pandemic. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">July 2: Soft drinks maker </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Coca-Cola has announced partnership with Nepal Red-Cross Society to heighten the safety of frontline health workers and volunteers who are assisting patients during the COVID-19 pandemic. Issuing a press statement, Coca-Cola said that the project aims to provide safety gears and disinfectant items to the health workers and frontline workers in public hospitals dedicated for COVID-19 treatment, in all seven provinces in the country. “The overall objective of the project is to serve approx. 60,000 health workers across the country including doctors, nurses, blood technicians, ambulance drivers, medical technicians, people in quarantine centers and community members at risk towards COVID-19,” reads the statement. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">According to the statement, the first handover ceremony commenced on June 30 at the premises of the Ministry of Health and Population in the presence of Health Minister Bhanu Bhakta Dhakal, representatives of Coca-Cola in Nepal and Nepal Red-Cross Society. As a first phase of the project, safety gears and health equipment were handed over to Minister Dhakal for the health workers of Sukraraj Tropical Hospital, Teku as received by the hospital director, Dr. Sagar Kumar Rajbhandari. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">“The aid distribution will be conducted indifferent phases and the first phase includes 15,000 surgical masks, 1,150 K-95 masks, 550 disposable coverall with hoods, 300 safety goggles, 10,000 pairs of gloves, 440 safety boots, 2,500 bottles of sanitizers, 450 packs of Chemical Sodium Hypo-chloride Sanitizer and 15,118 bars of soap,” said the company adding that this distribution will be completed within in the next two weeks.</span></span></span></span></p> ', 'published' => true, 'created' => '2020-07-02', 'modified' => '2020-07-02', 'keywords' => '', 'description' => '', 'sortorder' => '11911', 'image' => '20200702015208_Coca Cola NRCS.jpeg', 'article_date' => '2020-07-02 13:49:47', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 9 => array( 'Article' => array( 'id' => '12163', 'article_category_id' => '1', 'title' => 'SMEs Bear the Brunt of Adverse Impacts of Lockdown', 'sub_title' => '', 'summary' => 'After shutting down for nearly three months, small and medium enterprises (SMEs) have resumed their activities to find themselves surrounded by several issues due to very little or no business at all. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">June 2: After shutting down for nearly three months, small and medium enterprises (SMEs) have resumed their activities to find themselves surrounded by several issues due to very little or no business at all. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Business owners in key market areas of Kathmandu including New Road, Khichapokhari, Sundhara, Ason, Indrachowk and other large commercial centers are spending their days waiting for customers to come. They say </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">though allowed to open their stores, it has become very challenging for them to pay house rents and bank loans. According to the storekeepers, they have to stay idle for the whole day. “We are also not able to supply many types of goods demanded by customers as the import of goods has slowed down,” said Kamal Agarwal, president, National Trade Association, an association of merchants of New Road and adjacent areas. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">According to him, business owners are looking towards the government for financial assistance at this time of crisis. “We have not paid taxes from Chaitra (March-April) onwards due to the lockdown. Now, we are required to clear tax dues of six months,” he said, adding, “On top of that, there is a pressure to pay house rents and staff salaries. The business is close to nil right now.” Business owners are required to pay house rent ranging from Rs 15,000 - Rs 150,000 in areas such as Khichapokhari, Newroad, Sundhara and Ason. According to Agrawal, there are more than 20,000 small businesses operating in ward no 22 and 24 of the area.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">The lockdown has disrupted the wholesale trade in Kathmandu which is dependent on small businesses from across the country including Pokhara, Butwal, Narayanghat, Nepalgunj and other cities. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Similarly, businesses in malls and shopping centres are also facing several difficulties currently. The Kathmandu Mall in Sundhara is still shut down, though all other malls are open. Diwasapana JV, which is responsible for the management of Kathmandu Mall, has not allowed the storeowners to open their stores citing problems in the Mall’s electricity supply. Due to this, many have already left their businesses, and many are about to leave soon, say store owners at Kathmandu Mall. Currently, around 120 stores are operating in Kathmandu Mall and they pay monthly rent ranging from Rs 20,000 – Rs 500,000. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><strong><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">SME Owners Demand Loan Repayment Deferral </span></span></strong></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">A committee formed for management for businesses of Kathmandu hit by Covid-19 crisis has demanded the banks and financial institutions (BFIs) not to recover interest and principle payment of loans forcefully from businesses.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">The committee formed by the Kathmandu Chambers of Commerce and Industries (KCCI) has demanded to announce the lockdown period as ‘zero hour’ and provide deduction on principle, interest and installment of loan repayment. The committee has asked full deduction on interest payment for loans up to Rs 10 million, 50 percent interest for loans above Rs 50 million and 25 percent of deduction for loans above Rs 50 million. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">The committee has warned of protest if their demand is not met. Dinesh Shrestha, president of KCCI said that they are preparing to organise protests from Friday. </span></span></span></span></p> <p><br /> </p> ', 'published' => true, 'created' => '2020-07-02', 'modified' => '2020-07-02', 'keywords' => '', 'description' => '', 'sortorder' => '11910', 'image' => '20200702014438_smes.jpg', 'article_date' => '2020-07-02 13:37:48', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 10 => array( 'Article' => array( 'id' => '12162', 'article_category_id' => '1', 'title' => 'Hadad-Zervos Named World Bank’s New Country Director for Maldives, Nepal and Sri Lanka', 'sub_title' => '', 'summary' => 'The World Bank has appointed Faris Hadad-Zervos as its new Country Director for Maldives, Nepal and Sri Lanka effective from July 1. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">June 2:<strong> </strong>The World Bank has appointed </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Faris Hadad-Zervos as its new Country Director for Maldives, Nepal and Sri Lanka effective from July 1. Previously, he worked as bank’s Country Manager for Nepal from May 2018. “Based in the sub-regional office in Kathmandu, Nepal, he will lead World Bank support to Maldives, Nepal and Sri Lanka, overseeing the current total portfolio of around USD 5.5 billion,” reads a press statement issued by the World Bank. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Hadad-Zervos succeeds Idah Z. Pswarayi-Riddihough, who will be taking on a new World Bank assignment. A US national, he joined the World Bank in 1996 and held country manager positions in Malaysia and Bolivia. He also served as Manager of the Technical Cooperation Program with the Gulf Cooperation Countries, Head of Mission for Iraq, and Operations Manager for the West Bank and Gaza.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">According to the World Bank, Hadad-Zervos’ appointment comes at a time when governments of the three countries must quickly address both the immediate and longer-term health and economic impacts of the COVID-19 crisis.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">“It is critical to protect lives and livelihoods and support economic recovery as countries are fighting the impacts of the COVID-19 crisis,”</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif"> the statement quoted Hadad-Zervos as saying. “My first priority is to ensure that World Bank-financed programs help alleviate the health and economic impacts of COVID-19, create jobs, and foster inclusive and sustainable growth in the Maldives, Nepal and Sri Lanka, and I look forward to working with governments, development partners, the private sector, and civil society.”</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">According to the statement, the World Bank is supporting the governments of Maldives, Nepal and Sri Lanka through COVID-19 emergency response projects totaling over USD 350 million to help the countries prevent, detect and respond to the pandemic and strengthen public health preparedness.</span></span></span></span></p> ', 'published' => true, 'created' => '2020-07-02', 'modified' => '2020-07-02', 'keywords' => '', 'description' => '', 'sortorder' => '11909', 'image' => '20200702114803_Faris_Hadad.jpg', 'article_date' => '2020-07-02 11:46:41', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 11 => array( 'Article' => array( 'id' => '12161', 'article_category_id' => '1', 'title' => 'Govt to Make Changes in CIAA Bill ', 'sub_title' => '', 'summary' => 'The government has decided to change some provisions of the Commission for Investigation of Abuse of Authority (CIAA) Bill (3rd amendment) following a strong protest from the country’s private sector. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">July 1: The government has decided to change</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif""> some provisions of the </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">Commission for Investigation of </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">Abuse of Authority (CIAA) Bil</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">l (3<sup>rd </sup>amendment) following a strong protest from the country’s private sector</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">. The decision came after the government faced a sharp criticism from various quarters of the society for provisions in the Bill to bring the business community into the purview of CIAA. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">According to the Office of Prime Minister and Council of Ministers (OPMCM), the bill will not be moved ahead in the current state and will be sent to parliamentary committee once the provisions are changed. “The O</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">ffice </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">of the Prime Minister </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">is ready to </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">change</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif""> the institutional monitoring of the private sector. The Bill will be brought back soon to make necessary changes</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">,”</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif""> a source at OPMCM told New Business Age</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">. </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">Chairman of the Legislative Committee under the Nati</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">onal Assembly Par</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">shuram Meghi Gurung also admitted th</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">at there are changes being made in the proposed Bill. “A</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">s the Prime Minister himself is in favor of the amendment,</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif""> t</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">he bill is unlikely to </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">be </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">pass</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">ed in its current state</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">. Informal discussions have bee</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">n held with the </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">OPMCM </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">in this respect,” </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">he said. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">According to Gurung, the Legislative Committee is in favor of removing provisions to bring companies such as bank and financial institutions, insurance companies, medical colleges and related hospitals, other universities or colleges, and public limited companies under the purview of CIAA by publishing a notice in Nepal Gazette. “We are preparing to amend the bill in a way that the CIAA will be allowed to investigate suspicious industrialist instead of the whole organisation,” he added. Addressing the 17<sup>th</sup> annual general meeting of Confederation of Nepalese Industries (CNI) on June 29, Prime Minister KP Sharma Oli said that the bill could be amended as there are already many regulatory bodies that monitor the private sector and CIAA is not necessary in this regard. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">Earlier, the bill provided that the CIAA </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">could investigate any person holding any position in a company, authority, board, medical college, hospital, bank or any other institution which is </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">entirely</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif""> or p</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">artially owned by the government</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">.</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">The </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">private sector</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif""> of Nepal</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif""> has bee</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">n vehemently opposing the bill. The businesspersons met the Prime Minister and senior leaders of the opposition party to put forward their disagreement as soon as the legislative committee approved the bill that was sent to the NA. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">Federation of Nepalese Chamber of Commerce and Industry (FNCCI) and CNI issued their joint press released saying that the four points in the bill should be rectified and one point should be scrapped. They said that companies that do not have government investment should not be defined as public organisations. Likewise, they have demanded to remove the provision of allowing any company to define as a public organisation, by publishing a notice in the Nepal Gazette. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">Even six years ago, the then government had proposed that the </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">CIAA</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif""> be allowed to investigate corruption in the private sector. </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">However, the</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif""> provision could not be implemented due to the strong </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">opposition of the </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">private sector.</span></span></span></span></p> ', 'published' => true, 'created' => '2020-07-01', 'modified' => '2020-07-01', 'keywords' => '', 'description' => '', 'sortorder' => '11908', 'image' => '20200701053938_OPMCM.jpg', 'article_date' => '2020-07-01 17:37:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 12 => array( 'Article' => array( 'id' => '12160', 'article_category_id' => '1', 'title' => 'Soaltee Crowne Plaza, Idea Studio and NAMS Join Hands for Project ‘Samyog’', 'sub_title' => '', 'summary' => 'Soaltee Crowne Plaza, Idea Studio and National Academy of Medical Science (NAMS) have announced launch of the project ‘Samyog’. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">July 1: Soaltee Crowne Plaza, Idea Studio and National Academy of Medical Science (NAMS) have announced launch of the project ‘Samyog’. The hotel in a press statement said that the aim of the project is to create a unique collaboration of a hotel and a hospital in order to enhance the clinically sanitized standards in hotels and aesthetical cleanliness standards in hospitals. The project is a joint programme of Bir Hospital (NAMS), Soaltee Crowne Plaza Kathmandu and Idea Studio Nepal. “It includes training, demonstrations, implementation plan and evaluations for training the hygiene team of Bir Hospital to enhance the hygiene and cleanliness standards of the hospital together with the clinically sanitized environment,” reads the statement.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">According to the statement the project, which is being launched in coordination with Idea Studio, has developed the training materials and manuals by sharing hygiene related documents and knowledge between the five star hospitality sector in hospital and clinical best practices in the hospital sector to hotel hygiene. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">According to Soaltee, the objective of the project is to welcome every single guest with much higher commitment to their well-being, supported by enhanced standards of hygiene protocols and clinically sanitised standards of cleanliness in every aspect of rooms and hotel experience to ensure that they always feel safe and secure.</span></span></span></span></p> ', 'published' => true, 'created' => '2020-07-01', 'modified' => '2020-07-01', 'keywords' => '', 'description' => '', 'sortorder' => '11907', 'image' => '20200701011829_Soaltee Crowne Plaza.jpg', 'article_date' => '2020-07-01 13:17:20', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => false, 'user_id' => '31' ) ), (int) 13 => array( 'Article' => array( 'id' => '12159', 'article_category_id' => '1', 'title' => 'IFC to Provide USD 60M Funding to 4 BFIs in Next 6 Months ', 'sub_title' => '', 'summary' => 'The International Finance Corporation (IFC), the private sector arm of the World Bank, has said it will be investing additional USD 60 million in Nepal in the next six months. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Mangal","serif"">July 1: The International Finance Corporation (IFC), the private sector arm of the World Bank, has said it will be investing additional USD 60 million in Nepal in the next six months. IFC shared its investment plans on Tuesday amid a memorandum of understanding (MoU) signing ceremony with NMB Bank to provide the bank USD 25 million loan. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Mangal","serif"">According to Santosh Pandey, acting resident representative of IFC for Nepal, the corporation will invest in two commercial banks and two microfinance institutions. He said that IFC will make loan investment of around USD 50-60 million in FY 2020/21 in Nepal. “We will be investing only in small and medium industries (SMEs),” said Pandey in a press meet organised virtually after the MoU signing function. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Mangal","serif"">“Now, we will provide loans to the enterprises which are already in our funding pipeline,” he added. According to him, 90 percent of industries in Nepal are small, medium and cottage industries. “Investment in such enterprises will help in employment creation, support export and contribute in country’s GDP. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><strong><span style="font-size:15.0pt"><span style="font-family:"Mangal","serif"">Loan Agreement with NMB </span></span></strong></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Mangal","serif"">NMB bank will be receiving USD 25 million IFC as foreign loan. Sunil KC, CEO of NMB Bank and Santos Pandey of IFC signed an agreement to this effect. Speaking on the occasion, KC informed that the loan will be invested in SEM sector which has been severely affected by the Covid-19 pandemic. Recalling the USD 15 million NMB Bank borrowed from IFC two years ago, KC commented that the bank will focus its investment to support the growth of SME sector. “IFC has provided the amount as term loan for three years. We will receive the money after getting approval from Nepal Rastra Bank (NRB),” KC said adding that NRB has simplified the process of bringing money from abroad.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Mangal","serif"">Besides IFC, NMB has already received loan of Rs 1 billion each from Symbiotics Investment, Switzerland and Commonwealth Development Cooperation. </span></span></span></span></p> ', 'published' => true, 'created' => '2020-07-01', 'modified' => '2020-07-01', 'keywords' => '', 'description' => '', 'sortorder' => '11906', 'image' => '20200701123537_IFC Sign off.jpg', 'article_date' => '2020-07-01 12:33:57', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 14 => array( 'Article' => array( 'id' => '12158', 'article_category_id' => '1', 'title' => 'Process to Establish National Payment Gateway Reaches Final Stage', 'sub_title' => '', 'summary' => 'Nepalis, who are paying payment gateways fees to international companies for digital transactions, will soon be relieved from paying additional fees to payment services providers including Visa for digital transactions soon. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Mangal","serif"">June 30: Nepalis, who are paying payment gateways fees to international companies for digital transactions, will soon be relieved from paying additional fees to payment services providers including Visa for digital transactions soon. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Mangal","serif"">The process to establish national payment gateway by the Nepal Rastra Bank (NRB) has reached final stage. According to NRB official the gateway will be used for payments related to the government’s tax collection and services in the beginning. Banks and financial institutions (BFIs), however, will need the National Payment Switch for banking transactions. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Mangal","serif"">NRB and National Information Technology Center (NITC) have already bought the gateway, but this is yet to come into operation. Subash Ghimire, director of Payment Systems Department of NRB said that the card used in financial institution would not be useable for the payment gateway. According to him, National Payment Gateway and National Payment Switch are two different technologies and National Payment Switch is required for banking transactions. “The gateway will be used only for tax collection in the beginning,” said Ghimire. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Mangal","serif"">As the payment gateway will only include government payment, preparations are underway to incorporate establishment of the National Payment Switch in the Monetary Policy for FY2020/21. After the Payment Switch comes into operation country’s own card can be introduced and this will be cost effective. Currently, Nepal’s banks are providing payment services of debit and credit cards through international switch. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Mangal","serif"">The budget for current fiscal year has also announced to make the payment systems safe, advanced and electronic. With expansion of services like branchless banking, mobile banking and internet banking, government focus has been in encouraging cashless transaction.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Mangal","serif"">According to NRB’s Payment Systems Department Director Ghimire, banks have been demanding an international standard payment switch. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Mangal","serif"">Due to lack of switching system, banks are required to maintain payment switch on their own or use international institutions like American Express. “This will contribute to a decrease in paper works, reduce price for transaction and promoting digitisation,” said Bhuwan Dahal, president of the Nepal Bankers’ Association. “Also, the risk of network hacking will be lower for banks.” </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Mangal","serif"">Due to the lockdown, banks have waived fees for inter-banking transactions leading to an increase in digital transactions. Bankers say the number of transactions will decline after they start charging for digital payments. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Mangal","serif"">Currently, Nepal Electronic Payment System (NEPS) has been providing switch facility to 16 banks. Similarly, Nepal Clearing House (NCHL) has also been facilitating with digital transaction with its systems like Connect IPS and RTGS.</span></span></span></span></p> ', 'published' => true, 'created' => '2020-06-30', 'modified' => '2020-06-30', 'keywords' => '', 'description' => '', 'sortorder' => '11905', 'image' => '20200630045940_payment switch.jpg', 'article_date' => '2020-06-30 16:57:17', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '31' ) ) ) $current_user = null $logged_in = false $xml = falsesimplexml_load_file - [internal], line ?? include - APP/View/Elements/side_bar.ctp, line 133 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
| Currency | Unit |
Buy | Sell |
| U.S. Dollar | 1 | 121.23 | 121.83 |
| European Euro | 1 | 131.65 | 132.31 |
| UK Pound Sterling | 1 | 142.47 | 143.18 |
| Swiss Franc | 1 | 124.29 | 124.90 |
| Australian Dollar | 1 | 71.69 | 72.05 |
| Canadian Dollar | 1 | 83.90 | 84.32 |
| Japanese Yen | 10 | 10.94 | 11.00 |
| Chinese Yuan | 1 | 17.17 | 17.26 |
| Saudi Arabian Riyal | 1 | 32.27 | 32.43 |
| UAE Dirham | 1 | 33.01 | 33.17 |
| Malaysian Ringgit | 1 | 27.36 | 27.50 |
| South Korean Won | 100 | 9.77 | 9.82 |
Update: 2020-03-25 | Source: Nepal Rastra Bank (NRB)
| Fine Gold | 1 tola | 77000.00 |
| Tejabi Gold | 1 tola | 76700.00 |
| Silver | 1 tola | 720.00 |
Update : 2020-03-25
Source: Federation of Nepal Gold and Silver Dealers' Association
| Petrol | 1 Liter | 106.00 |
| Diesel | 1 Liter | 95.00 |
| Kerosene | 1 Liter | 95.00 |
| LP Gas | 1 Cylinder | 1375.00 |
Update : 2020-03-25
