NEWS

Siddhartha Bank and F1Soft Ink ‘Quickbhuktani’ Deal

Jun 24, 2020 0 1 minutes 52 seconds to read

Siddhartha Bank Limited has signed an agreement with the fintech company F1Soft International for the execution of invoice discounting service through ‘QuikBhuktani’…

Confusion Grows Over 500 Containers Held at Dry Port

Jun 24, 2020 0 2 minutes 56 seconds to read

The fate of 500 containers being held at the Birjung Dry Port for the last 30 days is increasingly becoming uncertain as the customs authority has become confused over the clearance of the goods.…

PAC Begins Probe into Medical Supply Procurement Irregularities

Jun 23, 2020 0 3 minutes 1 seconds to read

The Public Accounts Committee (PAC) under the House of Representatives has labled the procurement of the essential medical supplies for treatment of Covid-19 carried out by Omni Business Pvt Ltd as against the Public Procurement…

Indifference of MoF and SEBON Towards Resuming Stock Transactions

Jun 23, 2020 0 4 minutes 50 seconds to read

Nepal Stock Exchange (Nepse), which has about 1.7 million investors and capitalization of more than Rs 1.5 trillion, has been closed for three months after the government impose lockdown on March 24.…

Date Set for FNCCI AGM

Jun 23, 2020 0 1 minutes 46 seconds to read

Ending months of uncertainty, the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) has decided to hold its annual general meeting (AGM) on August 11-12.…

FNCCI AGM Proposed for August 2nd Week

Jun 22, 2020 0 2 minutes 40 seconds to read

The 54th Annual general Meeting of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI), which was postponed twice due to disturbances created by Covid-19 pandemic, has been proposed for the second week of August.…

CDC Group Establishes Presence in Nepal

Jun 22, 2020 0 3 minutes 17 seconds to read

CDC Group Plc, a UK-based impact investor focusing on investments in Africa and South Asia, has appointed Rabi Rayamajhi as its Country Representative for…

500 Containers with Unauthorised Goods Held at Birgunj Dry Port

Jun 22, 2020 0 3 minutes 34 seconds to read

500 containers with goods including garden peas, dates, pepper and beetle nuts, which were imported unauthorised, are stuck at the Birgunj Dry…

IBN Approves Investment Proposals worth Rs 185.43 Billion

Jun 21, 2020 0 3 minutes 10 seconds to read

The 44th meeting of Investment Board Nepal (IBN) has approved proposals of seven investment projects worth Rs 185.43 billion.…

Rs 5.50 Billion Revenue collected in 6 days

Jun 21, 2020 0 3 minutes 17 seconds to read

While the government is struggling to meet current expenditure due to the difficulties created by the Covid-19 pandemic, the collection of revenue has started to improve as soon as the banks and financial institutions (BFIs) and business houses have started clearing their tax dues.…

Sastodeal Raises USD 1 Million in Additional Investment

Jun 19, 2020 0 1 minutes 44 seconds to read

E-commerce portal Sastodeal has raised USD 1 million from the Dolma Impact Fund and other existing shareholders as part of an ongoing fundraising…

Collect Taxes 1 Month After Lockdown is Fully Lifted: SC

Jun 12, 2020 0 1 minutes 53 seconds to read

The Supreme Court has directed the government not to collect taxes during the lockdown.…

Salary Payment Dispute Between Employers and Workers Intensifies

Jun 11, 2020 0 2 minutes 38 seconds to read

As the lockdown continues to hammer industrial and business activities, payment of salary has become a contentious issue.…

World Bank’s USD 450 Million Grant for Road Project in Nepal

Jun 11, 2020 0 3 minutes 4 seconds to read

The World Bank on June 10 approved a USD 450 million project to help Nepal improve its roads and set the course for post-COVID-19 economic recovery through greater cross-border trade, more jobs, especially for women, and better road safety.…

KCM Concludes KuberWiz program 2019/20

Jun 10, 2020 0 4 minutes 40 seconds to read

Kathmandu College of Management (KCM) has wrapped off the final KuberWiz session for the year 2019/20 on June 7.…

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No Laughing Matter

The Sweet Rewards of Power

By Madan Lamsal

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NEPSE

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			'id' => '12142',
			'article_category_id' => '1',
			'title' => 'Siddhartha Bank and F1Soft Ink ‘Quickbhuktani’ Deal',
			'sub_title' => '',
			'summary' => 'Siddhartha Bank Limited has signed an agreement with the fintech company F1Soft International for the execution of invoice discounting service through ‘QuikBhuktani’ platform.',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">June 24: Siddhartha Bank Limited has signed an agreement with the fintech company F1Soft International for the execution of invoice discounting service through &lsquo;QuikBhuktani&rsquo; platform.</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:&quot;Cambria&quot;,serif">&lsquo;QuikBhuktani&rsquo; is Nepal&rsquo;s first online invoice discounting platform, developed by F1Soft with support from UKaid Sakchyam Access to Finance Programme.&nbsp; &ldquo;Through this platform, Siddhartha Bank shall provide the facility of invoice discounting to its business clients by using the reverse factoring model.&nbsp; F1Soft shall take the responsibility of platform management and technical support,&rdquo; F1Soft said in a 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:&quot;Cambria&quot;,serif">According to the statement, QuikBhuktani brings together buyers, suppliers and the bank in a secured web-based platform. Using this platform, a supplier digitally issues invoice to buyer and the buyer approves it for payment with a fixed timeline. &ldquo;If the supplier needs that payment before the due date, the supplier can forward that bill to the buyer&rsquo;s bank through the same platform and request for instant payment from the bank,&rdquo; reads the statement. The bank makes discounted payment to supplier and later collects the full invoice amount from buyer at the end of the payment timeline.</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:&quot;Cambria&quot;,serif">&ldquo;Siddhartha Bank and F1Soft believe QuikBhuktani can be very relevant and beneficial, especially in context of Nepal where majority of business transactions are done in credit,&rdquo; the statement said. According to the fintech company, it helps to improve the cash flow between businesses, which is particularly important in present situation when the whole economy is slowing down due to COVID 19 pandemic. </span></span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '12140',
			'article_category_id' => '1',
			'title' => 'Confusion Grows Over 500 Containers Held at Dry Port',
			'sub_title' => '',
			'summary' => 'The fate of 500 containers being held at the Birjung Dry Port for the last 30 days is increasingly becoming uncertain as the customs authority has become confused over the clearance of the goods. ',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">June 24: The fate of 500 containers being held at the Birjung Dry Port for the last 30 days is increasingly becoming uncertain as the customs authority has become confused over the clearance of the goods. The containers are said to have items including </span></span><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">garden peas, dates, pepper and beetle nuts, which were imported after the government announced ban on import of dry fruits and some food items on fears that the Covid-19 pandemic will hit the country&rsquo;s foreign currency reserve. The clearance of the consignments was denied after it was found that the importers have not taken approval from Food Technology and Quality Control Department (FTQCD). </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">According to Shishir Ghimire, director of Department of Customs (DoC), no decision has been taken yet regarding the consignments. &ldquo;We are not able to decide as this issue is related to FTQCD and Ministry of Industry, Commerce and Supplies (MoICS). We are not sure either to confiscate or destroy the goods,&rdquo; said Ghimire. &nbsp;</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:&quot;Cambria&quot;,serif">Meanwhile, FTQCD officials say that their duty is limited to providing permits to the importers after determining quality of the goods. &ldquo;It is responsibility of the DoC and MoICS to decide on the goods if the importers have not taken permission,&rdquo; mentioned Mohan Krishna Maharjan, spokesperson of FTQCD. According to him, the department has not issued permit after March 29 to import any goods that has been banned by the government. &nbsp;</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:&quot;Cambria&quot;,serif">According to the FCQTD, the validity period of a permit is six months. The goods stuck at the dry port were imported based on the permission obtained before six months, said Umesh Shrestha, chief customs administrator. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">A few days ago, the office had seized a container of carrying beetle nuts. According to a Birgunj-based importer, exporters of the goods have increased inquiry about payment of the goods after the dry port authority denied clearance of the containers.&nbsp;</span></span><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">&ldquo;Additional 500-700 containers are stuck at the Indian ports. As the clearance processes are not taking place, we are confused about bringing more containers here,&rdquo; he said.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">According to DoC officials, the role of banks also looks doubtful ragarding the transactions of the consignment imported under Documents Against Payment (DAP) system. A DoC official said that though import permit is mandatory under DAP, the bank went ahead with the process without official papers. </span></span></span></span></p>
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		'Article' => array(
			'id' => '12139',
			'article_category_id' => '1',
			'title' => 'PAC Begins Probe into Medical Supply Procurement Irregularities ',
			'sub_title' => '',
			'summary' => 'The Public Accounts Committee (PAC) under the House of Representatives has labled the procurement of the essential medical supplies for treatment of Covid-19 carried out by Omni Business Pvt Ltd as against the Public Procurement Act',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Mangal&quot;,serif">June 23: The Public Accounts Committee (PAC) under the House of Representatives has labled the procurement of the essential medical supplies for treatment of Covid-19 carried out by Omni Business Pvt Ltd as against the Public Procurement Act. PAC made such comments after announcing to probe deeply into the allegation. </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:&quot;Mangal&quot;,serif">According to the committee, there has been widespread misuse of authority while awarding the contract. &ldquo;In spite of including the department chief in procuring the supplies, involvement of unrelated individuals in the procurement process has been found,&rdquo; said Bharat Kumar Shah, chairman of PAC, at the begining of the committee&rsquo;s meeting on Monday. </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:&quot;Mangal&quot;,serif">PAC summoned Narayan Prasad Bidari, secretary of Prime Minister&rsquo;s Office (PMO), Laxman Aryal, secretary of health and Dipendra Man Singh, director general of Health Services Department on Monday to testify regarding the controversies surrounding the procurement of medical supplies from Omni. </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:&quot;Mangal&quot;,serif">On March 25, Ministry of Health formed a committee under the leadership of health ministry advisor Dr Khem Karki to procure medical supplies for coronavirus control and treatment. After Minister for Health Bhanubhakta Dhakal granted a go-ahead for the procurement, the Health Services Department signed formal agreement with Omni Group. PAC has found out that the evaluation committee provisioned as per the Public Procurement Act was given no role in the procurement 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:&quot;Mangal&quot;,serif">According to PAC members, the role of minister Dhakal and Dr Karki in this respect are doubtful. &ldquo;Hurried behavior of high officials including the health minister to give the responsibility of procurement to Omni Group is pointing towards irregularities,&rdquo; they 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:&quot;Mangal&quot;,serif">The alleged involvement of advisor of the ministry has provide a space for irregularity,&rdquo; said Minendra Rijal, PAC member and parliamentarian from the opposition Nepali Congress party. According to him, the contract was given to someone who was not even in the preliminary discussion. Payment of the supplies was carried out in US dollars even though the agreement was signed for payment in Nepali rupees. &ldquo;They haven&rsquo;t answered this question yet,&rdquo; said Rijal. </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:&quot;Mangal&quot;,serif">However, PMO secretary Bidari claimed that there are no irregularities in the Coronavirus Control and Treatment programme. </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:&quot;Mangal&quot;,serif">Health secretary Laxman Aryal said that he is unaware of the issue as he has just joined the ministry but hoped that truth will soon be discovered regarding the topic matter. &nbsp;&nbsp;</span></span></span></span></p>

<p>&nbsp;</p>
',
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		'Article' => array(
			'id' => '12138',
			'article_category_id' => '1',
			'title' => 'Indifference of MoF and SEBON Towards Resuming Stock Transactions',
			'sub_title' => '',
			'summary' => 'Nepal Stock Exchange (Nepse), which has about 1.7 million investors and capitalization of more than Rs 1.5 trillion, has been closed for three months after the government impose lockdown on March 24. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">June 23: Nepal Stock Exchange (Nepse), which has about 1.7 million investors and capitalization of more than Rs 1.5 trillion, has been closed for three months after the government impose lockdown on March 24. However, neither the regulator Securities Board of Nepal (SEBON) nor the Ministry of Finance (MoF) are showing any concern to opening it.&nbsp; </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:&quot;Cambria&quot;,serif">For many investors it is mysterious that MoF, which is putting its focus currently to collect taxes due to decline in revenue, has also become unconcerned when a market, which is itself a source of tax, is closed for such a long time. Even though the government has eased the lockdown, investors have become outraged due to the continuous closure of the stock market. </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:&quot;Cambria&quot;,serif">On Monday, SEBON formed a committee, comprising of representatives of NEPSE, CDS and Clearing Limited, and representatives of associations relate to securities brokers and stock investors, to study the possibility of opening the stock market. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">Stakeholders say that it is not necessary for the regulatory body to form a committee and consult other agencies at a time when most of the business activities have resumed. &ldquo;It is a weakness of SEBON,&rdquo; said investor and stock market analyst Dilip Munankarmi. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">However, SEBON seems to open the market only by improving many aspects of the capital market including bank integration and T-plus-One transaction clearance. According to Bhisma Raj Dhungana, chairperson of SEBON, the board is working in a way to ensure that the market would not be closed again. He says that the board plans to move ahead only after identifying the current market situation and improvements that are necessary. According to him, the committee will submit the report by June 26. &ldquo;The market has been closed for a long time. We are taking initiative to reopen it smoothly as soon as possible for this will also affect our future plans,&rdquo; says Dhungana, &ldquo;Based on the committee&rsquo;s report, the market will reopen properly.&rdquo; </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">Investors, on the other hand, think that it is illogical to say that the market will only open after making improvements, as nothing was done during the three months of the lockdown. They claimed that the board has not paid attention to their suggestions. </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:&quot;Cambria&quot;,serif">According to investor and stock analyst Prakash Tiwari, closing the market indefinitely will not create capital and liquidity. He believes that this will send a negative message internationally while preparing to open investment to non-resident Nepalis. </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:&quot;Cambria&quot;,serif">Chief Executive Officer of NEPSE Chandra Singh Saud said that no problems exist in the online trading system. He mentioned that they are ready to open the market once SEBON gives instruction. According to him, NEPSE is requesting for the username and password to be added to the system as the investors have to get it themselves. He has requested all the investors to integrate their bank accounts as many people are doing business online through connect IPS from abroad. </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:&quot;Cambria&quot;,serif">Stockbrokers also stressed on the need to open the market immediately. &ldquo;The market should have never been closed. But now that many businesses have come into operation, the stock market should also be opened,&rdquo; said Ishwor Rimal, chairperson of the Nepal Stock House. &ldquo;Closing the stock market that has been running for 27 years gives negative messages,&rdquo; he said adding that the government has been losing millions in revenue every day while the market is closed. </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:&quot;Cambria&quot;,serif">Meanwhile, investors are expressing divided opinions regarding the opening of the market. President of Nepal Stock Investors Association Uttam Aryal stressed on the need to operate the market based on policies and rules rather than the wishes of individuals. Furthermore, he also said that the concerned bodies need to take initiative to help at least 51 percent of nearly 300,000 investors to participate in the online trading system. </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:&quot;Cambria&quot;,serif">&nbsp;He suggested that the authorities to implement necessary arrangements to safeguard the investors, who have already lost more than Rs 63 billion in stock investments during the lockdown, from hit by margin call when the market resumes. </span></span></span></span></p>
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	(int) 4 => array(
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			'id' => '12137',
			'article_category_id' => '1',
			'title' => 'Date Set for FNCCI AGM ',
			'sub_title' => '',
			'summary' => 'Ending months of uncertainty, the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) has decided to hold its annual general meeting (AGM) on August 11-12. ',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Nirmala UI&quot;,sans-serif">June 23: Ending months of uncertainty, the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) has decided to hold its annual general meeting (AGM) on August 11-12. A virtual meeting of executive committee of FNCCI held on Monday finalised the new date of AGM. The meeting which went onto six hours took the decision to this effect unanimously. According to Shekhar Golchha, senior vice president of FNCCI, a meeting of the organisation&rsquo;s office bearers on Sunday proposed the AGM for August 10-11 which was deferred by a day to August 11-12 due to a technical reason. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Nirmala UI&quot;,sans-serif">The AGM, which was originally scheduled for April 10-11, was postponed to May 20-21 due to the lockdown. The second schedule was also not met because of extension of lockdown and Covid-19 fears. This situation led to increase in dispute between the various factions within FNCCI. As per the statute of the organisation, the AGM was to be organised within mid-April which can be extended for three months in case difficulties are encountered to hold the general meeting. The new date has been set using the special authority for resolving complications clause of the statute. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Nirmala UI&quot;,sans-serif">However, there are still doubts that the AGM will be organised on the given date. &ldquo;We hope that the situation will start to normalize by mid-August. If not, there will be postponement of AGM,&rdquo; said Umesh Lal Shrestha, vice president (commodity) of FNCCI, adding, &ldquo;Currently, protecting people from coronavirus contagion is more important than holding an event.&rdquo; &nbsp;</span></span></span></span></p>

<p>&nbsp;</p>
',
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	(int) 5 => array(
		'Article' => array(
			'id' => '12136',
			'article_category_id' => '1',
			'title' => 'FNCCI AGM Proposed for August 2nd Week',
			'sub_title' => '',
			'summary' => 'The 54th Annual general Meeting of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI), which was postponed twice due to disturbances created by Covid-19 pandemic, has been proposed for the second week of August. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;">June 22: The 54<sup>th</sup> Annual general Meeting of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI), which was postponed twice due to disturbances created by Covid-19 pandemic, has been proposed for the second week of August. The new date was proposed during a meeting of FNCCI office bearers held on Sunday. If the proposal is approved by the executive committee meeting of the apex body of Nepali private sector scheduled for today, the AGM will be held on August 9 and 10 in Kathmandu. </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:&quot;Arial&quot;,&quot;sans-serif&quot;">&nbsp;&ldquo;Today&rsquo;s meeting has proposed the date of AGM which will be decided by the executive committee meeting,&rdquo; said Chandra Prasad Dhakal, vice president (associate) of FNCCI. &nbsp;</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:&quot;Arial&quot;,&quot;sans-serif&quot;">Holding the AGM has become a matter of contention between the different factions within the largest private sector body. Some of its senior members are against organising AGM at the moment citing the risks due to the spread of coronavirus while some have been piling pressure on the organisation&rsquo;s leadership to hold the event by June. FNCCI President Bhawani Rana had proposed not to hold the AGM for the next couple of months. </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:&quot;Arial&quot;,&quot;sans-serif&quot;">As per the statute of FNCCI, the AGM should have been organised within mid-April. The AGM was scheduled for April 10-11, which was postponed to May 20-21 due to the lockdown. There is a provision in the federation&rsquo;s statute that the event can be held after three months in exceptional circumstances. However, FNCCI leaders say that AGM can be held in August by finding necessary legal alternatives. </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:&quot;Arial&quot;,&quot;sans-serif&quot;">A faction within FNCCI led by past president and Distinguished Member Chandi Raj Dhakal, Vice President (Associate) Chandra Prasad Dhakal, Vice President (Commodity) Umesh Lal Shrestha and Treasurer Nirak Kc has been pressuring to hold AGM immediately. </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:&quot;Arial&quot;,&quot;sans-serif&quot;">The upcoming AGM will elect a new executive committee for three-year tenure. As per the organisation&rsquo;s statute, the senior vice president will automatically become the president, according to which, the current Senior Vice President Shekhar Golchha will be the President from the upcoming AGM. Vice presidents Chandra Dhakal and Kishor Pradhan have already announced their candidacies for the post of senior vice president. </span></span></span></span></p>

<p>&nbsp;</p>
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	(int) 6 => array(
		'Article' => array(
			'id' => '12135',
			'article_category_id' => '1',
			'title' => 'CDC Group Establishes Presence in Nepal',
			'sub_title' => '',
			'summary' => 'CDC Group Plc, a UK-based impact investor focusing on investments in Africa and South Asia, has appointed Rabi Rayamajhi as its Country Representative for Nepal',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;">June 22: CDC Group Plc, a UK-based impact investor focusing on investments in Africa and South Asia, has appointed Rabi Rayamajhi as its Country Representative for 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:&quot;Arial&quot;,&quot;sans-serif&quot;">Issuing a press statement, the company said that Rayamajhi has joined CDC from the Department for International Development (DFID), Nepal, where he was a private sector development advisor for four years and led projects in the financial and SME sectors. Prior to his role at DFID, Rayamajhi provided advisory support to the Investment Board of Nepal in promoting foreign investment and executing large-scale infrastructure projects in waste management, hydropower and cement sectors. He started his career at Standard Chartered Bank and has an MBA qualification from Singapore Management University.</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:&quot;Arial&quot;,&quot;sans-serif&quot;">According to the statement, Rayamajhi will be based at CDC&rsquo;s representative office in Kathmandu, where he will work closely with CDC teams across Asia.&nbsp; According to teh statement, with a mandate that includes providing counter-cyclical financing during financial crises, CDC is playing a role in protecting jobs and businesses. The firm&rsquo;s</span></span><span style="font-size:15.0pt"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;">&nbsp;response to the COVID-19 pandemic has three areas of focus: &lsquo;preserve&rsquo;, &lsquo;strengthen&rsquo; and &lsquo;rebuild&rsquo;, CDC said. </span></span>&nbsp;</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">&nbsp;<span style="font-size:15.0pt"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;">&ldquo;We welcome Rabi to CDC as our Country Representative in Nepal. His expertise in private sector development and extensive knowledge of the investment environment in Nepal will boost CDC&rsquo;s priority of providing increased long-term capital support to businesses and bolstering sector growth in the country. Rabi will be instrumental in strengthening our partnership with businesses and broadening our presence in Nepal, as we work to enhance corporate governance, develop environmental and social strategies, promoting skills and job creation that power Nepal&rsquo;s economy,&rdquo; the statement quoted </span></span><span style="font-size:15.0pt"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;">Srini Nagarajan, head of Asia at CDC as saying. </span></span>&nbsp;</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:&quot;Arial&quot;,&quot;sans-serif&quot;">Commenting on his appointment, Rayamajhi said that he is keen to get to work on developing local partnerships that will continue to boost business growth and improve the lives of millions of people.</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:&quot;Arial&quot;,&quot;sans-serif&quot;">&nbsp;&ldquo;I welcome a stronger presence for CDC in Nepal &ndash; this is great news for the country. The UK continues is committed to playing a strong role in working with the Government of Nepal and all development stakeholders to ensure Nepal is &lsquo;open for business&rsquo;. While the current COVID crisis has adversely affected Nepal&rsquo;s economy, there are also opportunities for investments to help ensure Nepal&rsquo;s recovery is resilient to future shocks and promotes green growth.&nbsp; I hope CDC and others like them will seize these opportunities,&rdquo;<strong> </strong>the statement quoted Lisa Honan, acting UK Ambassador and country director for DFID, Nepal as saying. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">&nbsp;</span></span></p>
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	(int) 7 => array(
		'Article' => array(
			'id' => '12134',
			'article_category_id' => '1',
			'title' => '500 Containers with Unauthorised Goods Held at Birgunj Dry Port ',
			'sub_title' => '',
			'summary' => '500 containers with goods including garden peas, dates, pepper and beetle nuts, which were imported unauthorised, are stuck at the Birgunj Dry port',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Mangal&quot;,&quot;serif&quot;">June 22: 500 containers with goods including garden peas, dates, pepper and beetle nuts, which were imported unauthorised, are stuck at the Birgunj Dry port. The importers of the goods have not taken permission from Food Technology and Quality Control Department (FTQCD) and the containers having the items have been held at the port for last one month. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Mangal&quot;,&quot;serif&quot;">On March 29, the government announced ban on import of dry fruits and other expensive edible items to avoid possible depletion of the country&rsquo;s foreign currency reserve with the Covid-19. However, the imports of such items under DAP, CAD, draft and TT systems, that had already moved ahead prior to March 29, have been allowed. It is also mandatory for importers to obtain FTQCD approval to import goods under such arrangements. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Mangal&quot;,&quot;serif&quot;">According to Umesh Shrestha, chief customs administrator of Dry Port Customs Office, the clearance of the containers was stopped though the importers started the process to import the goods started before March 29. &ldquo;It was found that they had not obtained permission from FTQCD,&rdquo; Shrestha told New Business Age.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Mangal&quot;,&quot;serif&quot;">Almost all goods imported from third countries enter Nepal via the Birgunj Dry Port. According to the Customs Office, the clearance of consignments under DAP have been halted. After importers receive the goods, payments of consignment from Kolkata and Visakhapatnam ports are carried out at the Birgunj Dry Port. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Mangal&quot;,&quot;serif&quot;">As the containers have been lying at the yard for many days, Himalayan Terminal is preparing to move the containers to the warehouse. According to the port authority, most of the containers held at the port are carrying dry peas. &nbsp;&nbsp;&nbsp;</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Mangal&quot;,&quot;serif&quot;">As per existing arrangements, the customs office can seize goods if found imported illegally. A few days ago, the office had seized a container of carrying beetle nuts. According to a Birjung-based importer, exporters of the goods have increased inquiry about payment of the goods after the dry port authority denied clearance of the containers. </span></span><span style="font-size:15.0pt"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;">&ldquo;Additional 500-700 containers are stuck at the Indian ports. As the clearance processes are not taking place, we are confused about bringing more containers here,&rdquo; he said. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;">The government banned the import of dry fruits and some other food items citing the pressure on the country&rsquo;s forex reserve created by the Covid-19 pandemic. According to customs officials, import of dry peas has remained highest followed by dates, pepper and beetle nuts. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;">These items are mostly imported unauthorised from third countries to export to India. Dry peas are imported from Canada and Indonesia whereas dates come from Pakistan and pepper from Vietnam. Similarly, beetle nuts are imported from Indonesia and Thailand. </span></span></span></span></p>

<p>&nbsp;</p>
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	(int) 8 => array(
		'Article' => array(
			'id' => '12133',
			'article_category_id' => '1',
			'title' => 'IBN Approves Investment Proposals worth Rs 185.43 Billion ',
			'sub_title' => '',
			'summary' => 'The 44th meeting of Investment Board Nepal (IBN) has approved proposals of seven investment projects worth Rs 185.43 billion. ',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">June 21: The 44<sup>th</sup> meeting of Investment Board Nepal (IBN) has approved proposals of seven investment projects worth Rs 185.43 billion. The meeting held on June 20 under the chairmanship of the Prime Minister KP Sharma Oli, who is also chairs the IBN, gave its approval to investment proposals of five hydropower and two cement industry related projects. Similarly, the meeting also decided to extend the deadline for submission of detailed project report (DPR) for different four projects. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">IBN, which has remained without CEO for around two months after Maha Prasad Adhikari was appointed governor of the Nepal Rastra Bank, received criticism for its inability to approve investment proposals. According to IBN officials, the combined capacity of the five hydropower projects that received the board&rsquo;s nod is 688.4 megawatts. Among them, Upper Marshyangdi-2 &nbsp;has capacity of 327MW whereas Kaligandaki Gorge 164MW, Isuwa Khola HEP 87.2MW, Myagdi Khola Hydropower Project 57.3MW and Aankhu Khola Hydropower Project 43.9MW. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">The meeting also approved investment proposal of Dang Cement and Samrat Cement. The total investment in these two cement industries is Rs 47.55 billion. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">The meeting has also decided to conduct feasibility study of solar project in Kohalpur, Banke and Banganga, Kapilvastu with combined capacity of 125MW. Resen Energy Singapore Joint Venture PTE has been selected for study of the projects that will be developed under public-private partnership (PPP) modality.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">&ldquo;The meeting decided to extend the deadline of projects including China-Nepal Friendship Industrial Park, Muktinath Cablecar, Multimodel Logistic Park and Terminal and block facility project,&rdquo; informed Balaram Rijal, spokesperson of IBN. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">According to him, the deadline for submitting DPR has been extended due to the difficulties created by the transmission of coronavirus. The meeting was participated by finance, energy, industry, commerce and supplies, forest, physical infrastructure and transport ministers. Similarly, Vice-chairman of National Planning Commission, Governor of Nepal Rastra Bank and leaders from all three umbrella association of the country&rsquo;s private sector were also present in the meeting. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><strong><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">CEO appointment process begins after 2 months </span></span></strong></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">IBN has started the process of appointing CEO two months after Maha Prasad Adhikari was appointed as NRB Governor. A recommendation committee under the Office of the Prime Minister and Council of Ministers has published a notice on Friday to asking for applications for IBN&rsquo;s CEO within the next 15 days. </span></span></span></span></p>

<p>&nbsp;</p>
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	(int) 9 => array(
		'Article' => array(
			'id' => '12132',
			'article_category_id' => '1',
			'title' => 'Rs 5.50 Billion Revenue collected in 6 days',
			'sub_title' => '',
			'summary' => 'While the government is struggling to meet current expenditure due to the difficulties created by the Covid-19 pandemic, the collection of revenue has started to improve as soon as the banks and financial institutions (BFIs) and business houses have started clearing their tax dues. ',
			'content' => '<h2><span style="font-size:22px"><span style="font-family:Calibri,sans-serif"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">June 21: While the government is struggling to meet current expenditure due to the difficulties created by the Covid-19 pandemic, the collection of revenue has started to improve as soon as the banks and financial institutions (BFIs) and business houses have started clearing their tax dues. </span></span></span></h2>

<h2><span style="font-size:22px"><span style="font-family:Calibri,sans-serif"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">According to Jhalak Ram Adhikari, chief tax administrator at Large Taxpayers Office (LTO), a total of Rs 5.50 billion has been collected in the last six days from 234 taxpayers. </span></span></span></h2>

<h2><span style="font-size:22px"><span style="font-family:Calibri,sans-serif"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">&ldquo;We have observed that taxpayers are coming spontaneously to pay taxes with the intention of helping the state at a time of crisis,&rdquo; he said. According to him, the number of BFIs, private and public sector institutions coming to submit their revenue has increased over the last few days. </span></span></span></h2>

<h2><span style="font-size:22px"><span style="font-family:Calibri,sans-serif"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Officials at the Inland Revenue Department (IRD) have also said that the enthusiasm of the taxpayers is increasing. Deputy Director General of the department Mukti Prasad Pandey said the number of payments in VAT, second installment of estimated income tax and advance tax is on the rise. According to him, Rs 9.21 billion revenue has been collected till June 19.&rdquo;About Rs 50 billion has been collected during the period from March 24 to June 20,&rdquo; he informed. &nbsp;</span></span></span></h2>

<h2><span style="font-size:22px"><span style="font-family:Calibri,sans-serif"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Nepal Bankers&rsquo; Association (NBA), the organization of chief executive officers of commercial banks, had recently urged banks to clear their tax dues. Bhuvan Dahal, president of NBA said that the meeting held last Wednesday had agreed to pay taxes. He informed that that commercial banks will clear all kinds of their tax dues by today.&nbsp; </span></span></span></h2>

<h2><span style="font-size:22px"><span style="font-family:Calibri,sans-serif"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">&ldquo;It was not possible to pay taxes due to the lockdown and it seems the government is in trouble in terms of revenue collection. Therefore, we are paying taxes on time,&rdquo; he said. The government has been distressed after the Supreme Court ordered to collect taxes only after 30 days of lifting the lockdown. </span></span></span></h2>

<h2><span style="font-size:22px"><span style="font-family:Calibri,sans-serif"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Even though the lockdown has eased, there still is not favorable environment for the private sector companies to pay taxes. According to the industrialists, the three-month long lockdown has crippled the business sector and it will take some time for companies to pay taxes smoothly. Shekhar Golchha, senior vice-president of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) said that the order of the court has given relief to the people. </span></span></span></h2>

<h2><span style="font-size:22px"><span style="font-family:Calibri,sans-serif"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">&ldquo;It is the responsibility of citizens to pay the revenue. The order of the Supreme Court has made us somewhat comfortable in difficult situations. But, I request businesspersons who can pay taxes to help the government in this difficult time,&rdquo; he mentioned. He believes that the government should listen to the problems of the industrialists who are unable to pay taxes immediately and resolve the crisis through cooperation. </span></span></span></h2>

<h2>&nbsp;</h2>
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		'Article' => array(
			'id' => '12131',
			'article_category_id' => '1',
			'title' => 'Sastodeal Raises USD 1 Million in Additional Investment',
			'sub_title' => '',
			'summary' => 'E-commerce portal Sastodeal has raised USD 1 million from the Dolma Impact Fund and other existing shareholders as part of an ongoing fundraising round.',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">E-commerce portal Sastodeal has raised USD 1 million from the Dolma Impact Fund and other existing shareholders as part of an ongoing fundraising round. Issuing a press statement, the company said that the investment will be used towards reaching Sastodeal&rsquo;s milestone target of achieving Rs 1 Billion in annual revenue within the next 18 months. &nbsp;&ldquo;This will include an expansion of product categories, talent acquisition, core operations, vendor empowerment, and an expansion to other regions in Nepal,&rdquo; 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:&quot;Cambria&quot;,&quot;serif&quot;">With the spread of coronavirus, Sastodeal claims that online shopping has been rising as new customers are getting familiar with online shopping. We worked as part of a government taskforce, along with other e-commerce providers, to deliver essentials during lockdown,&rdquo; the statement quoted Amun Thapa, CEO of Sastodeal as saying. &ldquo;Now that the lockdown has eased, the demand has increased more than ever as new customers are now familiar with online shopping.&rdquo;</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:&quot;Cambria&quot;,&quot;serif&quot;">Dolma Impact Fund, the first international private equity fund investing in Nepal, is already has investment in Sastodeal. </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:&quot;Cambria&quot;,&quot;serif&quot;">&ldquo;This is a high growth industry which performed a vital task during lockdown. This new investment reflects our belief in the Sastodeal team and our continued investment in Nepal&rsquo;s technology sector, alongside our healthcare and renewable energy investments. We are delighted to lead this round of financing alongside local partners,&rdquo; says Tim Gocher, CEO, Dolma Impact Fund. </span></span></span></span></p>
',
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			'created' => '2020-06-19',
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			'sortorder' => '11879',
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		'Article' => array(
			'id' => '12130',
			'article_category_id' => '1',
			'title' => 'Collect Taxes 1 Month After Lockdown is Fully Lifted: SC',
			'sub_title' => '',
			'summary' => 'The Supreme Court has directed the government not to collect taxes during the lockdown. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">The Supreme Court has directed the government not to collect taxes during the lockdown. A division bench of justices Anil Kumar Sinha and Manoj Kumar Sharma issued an interim order yesterday directing the authorities to make necessary arrangements for taxpayers so that they can pay taxes and submit details within a month from the date of full lifting of the lockdown. Last week, the Inland Revenue Department (IRD) published a notice asking taxpayers to clear their tax dues and file tax details by June 21 and 29 respectively. Supreme Court&rsquo;s order came as a response to two separate writ petitions file by advocates Thaneshwar Kaphle and Srijana Adhikari against the Ministry of Finance and IRD. &nbsp;</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:&quot;Cambria&quot;,serif">The court has directed the government to simplify tax payment procedures keeping in mind that social distancing and other health safety measures are to be maintained for some time after the restrictions are lifted. Similarly, the court has also ordered to make reviews and arrangements in justifiable ways to set new tax paying deadlines should difficulties arise in particular areas or across the country for taxpayers to operate their businesses and continue jobs. </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:&quot;Cambria&quot;,serif">The private sector has welcomed the Supreme Court&rsquo;s order. Shekhar Golchha, senior vice president of Federation of Nepalese Chambers of Commerce and Industry (FNCCI) said that easing of the lockdown by the government and the ruling of the Supreme Court have been encouraging for the private sector. &ldquo;We hope that the situation will return to normalcy and business community members will again reach to a position to contribute to the government&rsquo;s revenue,&rdquo; he expressed. &nbsp;Rajesh Kaji Shrestha, president of Nepal Chamber of Commerce (NCC) also said that the court&rsquo;s order has provided relief to the crisis mired private sector. </span></span></span></span></p>

<p>&nbsp;</p>
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			'created' => '2020-06-12',
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		'Article' => array(
			'id' => '12129',
			'article_category_id' => '1',
			'title' => 'Salary Payment Dispute Between Employers and Workers Intensifies',
			'sub_title' => '',
			'summary' => 'As the lockdown continues to hammer industrial and business activities, payment of salary has become a contentious issue. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:&quot;Cambria&quot;,serif">As the lockdown continues to hammer industrial and business activities, payment of salary has become a contentious issue. Though a tri-part taskforce, comprising of representative from government, private sector and labour unions mandated to find a resolve to the issue is currently working, no progress in salary management has been made till date. Despite holding five meetings since its inception some two months ago, the taskforce has not been able to find a common ground between the disagreeing sides and associations of private sector and labour unions are competing against each other to submit memorandum to the government lately. Both sides have refused to budge from their positions; employers are saying that they cannot pay more than 50 percent of usual wages of employees while labour union leaders are demanding employers to pay 50 percent for now and the remaining after businesses resume their operations as directed by the government. &nbsp;&nbsp;</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:&quot;Cambria&quot;,serif">According to Bharat Raj Acharya, vice chairman of Employers&rsquo; Council which is under the Federation of Nepalese Chambers of Commerce and Industry (FNCCI), the council on June 8 submitted a memorandum at the Office of the Prime Minister and Council of Ministers Office requesting for proactive role of government to resolve the issue as taskforce could not reach to a conclusion. Acharya informed that it submitted a joint letter of FNCCI, Federation of Nepali Small and Cottage Industries (FNSCI) and other private sector bodies incorporating their concepts for resolving the issues related to salary payment. &ldquo;We have reiterated that workers can be paid a maximum of 50 percent of their salaries at present,&rdquo; he said. According to him, industrial enterprises cannot pay salaries to those workers who are absent at work during the lockdown. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:&quot;Cambria&quot;,serif">Meanwhile, labour unions are also preparing to counter the move of employers demanding that the government&rsquo;s directive to clear the salary dues of Chaitra and Baisakh is implemented. Major labour unions including General Federation of Nepalese Trade Unions (GEFONT) and Nepal Trade Union Congress (NTUC) are said to be submitting memorandum to Office of the Prime Minister, Ministry of Labour, Employment and Social Security and the Federal Parliament&rsquo;s labour committee. &ldquo;We want to attract attention of the government that employers have ignored its direction to clear the salary dues,&rdquo; said Pushkar Acharya, president of NTUC. According to him, 75 percent employers in the country haven&rsquo;t yet registered their businesses at the Social Security Fund. &ldquo;Salary payment for Jestha can be negotiated and agreed separately. But it is wrong to hold the salaries when there is a possibility that the wages of Baisakh can pe paid partially after businesses resume their operations,&rdquo; he said. </span></span></span></span></p>
',
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			'created' => '2020-06-11',
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			'sortorder' => '11877',
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	(int) 13 => array(
		'Article' => array(
			'id' => '12128',
			'article_category_id' => '1',
			'title' => 'World Bank’s USD 450 Million Grant for Road Project in Nepal ',
			'sub_title' => '',
			'summary' => 'The World Bank on June 10 approved a USD 450 million project to help Nepal improve its roads and set the course for post-COVID-19 economic recovery through greater cross-border trade, more jobs, especially for women, and better road safety. ',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">The World Bank on June 10 approved a USD 450 million project to help Nepal improve its roads and set the course for post-COVID-19 economic recovery through greater cross-border trade, more jobs, especially for women, and better road safety. The Washington DC-based multilateral agency in a press statement informed that the grant money will be used in the Nepal Strategic Road Connectivity and Trade Improvement Project to enhance regional road connectivity by improving the Nagdhunga-Naubise-Mugling road and upgrading the Kamala-Dhalkebar-Pathlaiya road. &ldquo;Both are crucial to Nepal&rsquo;s connectivity and trade with India and other countries. The project will also enhance infrastructure, facilities, and sanitation at border crossing points to ease trade constraints and spur agricultural exports,&rdquo; reads the statement. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">The bank said that amid the COVID-19 pandemic, the project will also support better screening of goods and people at border facilities, and develop guidance for special working arrangements, such as safe distancing and remote working.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">The project will strengthen the National Road Safety Council and the Department of Roads and support periodic maintenance of high-traffic roads within the Strategic Road Network. It also includes a contingency emergency response component to reallocate project funds to support emergency response and recovery.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">&ldquo;The project will reduce the time and cost of moving goods and boost Nepal&rsquo;s trade, which accounts for about 40 percent of the country&rsquo;s economic output,&rdquo; the statement quoted&nbsp;Sri Kumar Tadimalla, project task team leader and senior transport specialist of the World Bank as saying. &ldquo;Equally importantly, the project includes best practices in safety, climate resilience, road asset management, gender equality, social inclusion and citizen engagement, which the federal, provincial and local governments can take on,&rdquo; he added. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">According to the World Bank, the project is well-aligned with the past and ongoing efforts of Nepal and its regional partners to achieve the full potential for trade in the eastern sub-region of South Asia. It is a part of the World Bank&rsquo;s Eastern Corridor Connectivity Program, which since 2013, has financed a continually evolving regional program to improve connectivity and trade in Bangladesh, Bhutan, India, and Nepal. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">&ldquo;In the context of COVID-19, protecting people&rsquo;s lives is the priority, and giving a fillip to economic recovery is equally urgent,&rdquo; the statement quoted&nbsp;Faris Hadad-Zervos, World Bank Country Manager for Nepal as saying. &ldquo;Our support will pave the way for Nepal&rsquo;s COVID-19 recovery by making roads safer and more efficient while helping move people and goods, creating jobs, and generating demand for local products and services,&rdquo; he said. </span></span></span></span></p>
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			'id' => '12127',
			'article_category_id' => '1',
			'title' => 'KCM Concludes KuberWiz program 2019/20',
			'sub_title' => '',
			'summary' => 'Kathmandu College of Management (KCM) has wrapped off the final KuberWiz session for the year 2019/20 on June 7. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">Kathmandu College of Management (KCM) has wrapped off the final KuberWiz session for the year 2019/20 on June 7. KuberWiz is a flagship stock investment programme of KCM where students of the 3<sup>rd</sup> year Finance &amp; Banking students of the KCM-Siam International BBA programme learn how real-life stock investments are done by investing a small amount of their own money combined with an equal part of loan from college in the Nepal Stock Exchange (NEPSE). </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:&quot;Cambria&quot;,&quot;serif&quot;">Issuing a press statement, KCM said that this year&rsquo;s final session of KuberWiz programme was organised virtually due to the Covid-19 disruption. &ldquo;Unlike earlier years, this year&rsquo;s participants saw a roller-coaster ride as Nepse index rallied to surpass 1,600 points in late February while it was just hovering around 1,100 points in early December of 2019,&rdquo; reads the statement. &ldquo;The current COVID-19 crisis only added to their panic as NEPSE had been closed indefinitely following the nation-wide lockdown since late March. Nevertheless, students drove through these challenges with perseverance. They are still holding on to a large chunk of their portfolio and are hopeful that the market will bounce back once the lockdown is over and the economy is back and running,&rdquo; said the college. </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:&quot;Cambria&quot;,&quot;serif&quot;">According to the statement, the virtual session was accompanied by the guest judges Ajay Shrestha, chairman and managing director at iCapital and Niranjan Phuyal, &nbsp;deputy manager of NEPSE and board member of CDS and Clearing Limited. </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:&quot;Cambria&quot;,&quot;serif&quot;">Among the seven groups competing in the KuberWiz programme, Group 7 won the competition. &ldquo;Their portfolio was highly diversified with their asset-allocation being in commercial banks (50.1 percent), micro-finance (8 percent), life insurance (2.9 percent), manufacturing (26.8 percent), hotels (3.7 percent) and fixed deposits (8.5 percent). They had expected a 25 percent return on their overall portfolio with their investment strategy to choose stocks based on fundamental analysis and trade based on technical analysis. They used the dividend discount model (DDM) to find the intrinsic value of nine companies to check whether the stocks were overvalued or undervalued,&rdquo; informed KCM, adding, &ldquo;Overall, their total gain was Rs 43,081and during their conclusion they stated that KuberWiz taught them valuable lessons of controlling emotions, being rational, and having patience during the process of investment.&rdquo;</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:&quot;Cambria&quot;,&quot;serif&quot;">Similarly, Group 4, securing the second position, had a high-risk profile, and had a return objective to earn 20 percent on their investments. &ldquo;Their strategy for asset allocation was to incline more towards equity investments and chose finance (8 percent), hydropower (9 percent), non-life insurance (19 percent), and development banks (43 percent) for their allocation. Their investment objective was to engage in value investing and to focus more on capital gain than dividends. The seven companies they invested in gave them realized gain of Rs 12,792.1 and unrealized loss of Rs 7494,&rdquo; 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:&quot;Cambria&quot;,&quot;serif&quot;">Likewise, Group 1, securing the third position, had an expected return of 15 percent on their investments and they allocated their assets in commercial banks, life insurance, non-life insurance, and telecommunication sectors. &ldquo;To Group 1, diversification was an important factor and they had invested in eight companies that gave them net realized gain of Rs 50,67.76 with their return on investment (ROI) being 2.41 percent,&rdquo; informed KCM. </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:&quot;Cambria&quot;,&quot;serif&quot;">According to the statement, the guest judges also shared their insightful observations and some learning from their professional lives. Shrestha mainly stressed the fact that mistakes while investing are bound to happen, and the market, if it goes down, will come back up eventually but what matters the most is the lessons learned from the mistakes and applying the learning to future investments. Phuyal pointed out the importance of following one&rsquo;s return objectives and sacrificing greed in the investment process. He suggested the students make and follow their pre-set investment objective and focus not only on technical and fundamental analysis but also on a relatively newer approach known as behavioral analysis. </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:&quot;Cambria&quot;,&quot;serif&quot;">According to KCM, The session concluded with the announcement of winners and vote of thanks addressed by the vice-principal of the college Maria Shrestha. &ldquo;Group 1 bagged the third place and was awarded books on business and personality development. Group 4 became the runner-up with a cash prize of Rs 20,000 while Group 7 stood out in first place and won the title of &ldquo;KuberWizards&rdquo; with a cash prize of Rs 30,000,&rdquo; the statement said. </span></span></span></span></p>
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		'Article' => array(
			'id' => '12142',
			'article_category_id' => '1',
			'title' => 'Siddhartha Bank and F1Soft Ink ‘Quickbhuktani’ Deal',
			'sub_title' => '',
			'summary' => 'Siddhartha Bank Limited has signed an agreement with the fintech company F1Soft International for the execution of invoice discounting service through ‘QuikBhuktani’ platform.',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">June 24: Siddhartha Bank Limited has signed an agreement with the fintech company F1Soft International for the execution of invoice discounting service through &lsquo;QuikBhuktani&rsquo; platform.</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:&quot;Cambria&quot;,serif">&lsquo;QuikBhuktani&rsquo; is Nepal&rsquo;s first online invoice discounting platform, developed by F1Soft with support from UKaid Sakchyam Access to Finance Programme.&nbsp; &ldquo;Through this platform, Siddhartha Bank shall provide the facility of invoice discounting to its business clients by using the reverse factoring model.&nbsp; F1Soft shall take the responsibility of platform management and technical support,&rdquo; F1Soft said in a 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:&quot;Cambria&quot;,serif">According to the statement, QuikBhuktani brings together buyers, suppliers and the bank in a secured web-based platform. Using this platform, a supplier digitally issues invoice to buyer and the buyer approves it for payment with a fixed timeline. &ldquo;If the supplier needs that payment before the due date, the supplier can forward that bill to the buyer&rsquo;s bank through the same platform and request for instant payment from the bank,&rdquo; reads the statement. The bank makes discounted payment to supplier and later collects the full invoice amount from buyer at the end of the payment timeline.</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:&quot;Cambria&quot;,serif">&ldquo;Siddhartha Bank and F1Soft believe QuikBhuktani can be very relevant and beneficial, especially in context of Nepal where majority of business transactions are done in credit,&rdquo; the statement said. According to the fintech company, it helps to improve the cash flow between businesses, which is particularly important in present situation when the whole economy is slowing down due to COVID 19 pandemic. </span></span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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			'created' => '2020-06-24',
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			'keywords' => '',
			'description' => '',
			'sortorder' => '11889',
			'image' => '20200624022446_signing with Siddhartha[7191].jpg',
			'article_date' => '2020-06-24 14:23:27',
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	(int) 1 => array(
		'Article' => array(
			'id' => '12140',
			'article_category_id' => '1',
			'title' => 'Confusion Grows Over 500 Containers Held at Dry Port',
			'sub_title' => '',
			'summary' => 'The fate of 500 containers being held at the Birjung Dry Port for the last 30 days is increasingly becoming uncertain as the customs authority has become confused over the clearance of the goods. ',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">June 24: The fate of 500 containers being held at the Birjung Dry Port for the last 30 days is increasingly becoming uncertain as the customs authority has become confused over the clearance of the goods. The containers are said to have items including </span></span><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">garden peas, dates, pepper and beetle nuts, which were imported after the government announced ban on import of dry fruits and some food items on fears that the Covid-19 pandemic will hit the country&rsquo;s foreign currency reserve. The clearance of the consignments was denied after it was found that the importers have not taken approval from Food Technology and Quality Control Department (FTQCD). </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">According to Shishir Ghimire, director of Department of Customs (DoC), no decision has been taken yet regarding the consignments. &ldquo;We are not able to decide as this issue is related to FTQCD and Ministry of Industry, Commerce and Supplies (MoICS). We are not sure either to confiscate or destroy the goods,&rdquo; said Ghimire. &nbsp;</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:&quot;Cambria&quot;,serif">Meanwhile, FTQCD officials say that their duty is limited to providing permits to the importers after determining quality of the goods. &ldquo;It is responsibility of the DoC and MoICS to decide on the goods if the importers have not taken permission,&rdquo; mentioned Mohan Krishna Maharjan, spokesperson of FTQCD. According to him, the department has not issued permit after March 29 to import any goods that has been banned by the government. &nbsp;</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:&quot;Cambria&quot;,serif">According to the FCQTD, the validity period of a permit is six months. The goods stuck at the dry port were imported based on the permission obtained before six months, said Umesh Shrestha, chief customs administrator. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">A few days ago, the office had seized a container of carrying beetle nuts. According to a Birgunj-based importer, exporters of the goods have increased inquiry about payment of the goods after the dry port authority denied clearance of the containers.&nbsp;</span></span><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">&ldquo;Additional 500-700 containers are stuck at the Indian ports. As the clearance processes are not taking place, we are confused about bringing more containers here,&rdquo; he said.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">According to DoC officials, the role of banks also looks doubtful ragarding the transactions of the consignment imported under Documents Against Payment (DAP) system. A DoC official said that though import permit is mandatory under DAP, the bank went ahead with the process without official papers. </span></span></span></span></p>
',
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			'created' => '2020-06-24',
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			'keywords' => '',
			'description' => '',
			'sortorder' => '11888',
			'image' => '20200624020915_Birgunj Dry Port.jpg',
			'article_date' => '2020-06-24 14:07:41',
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	(int) 2 => array(
		'Article' => array(
			'id' => '12139',
			'article_category_id' => '1',
			'title' => 'PAC Begins Probe into Medical Supply Procurement Irregularities ',
			'sub_title' => '',
			'summary' => 'The Public Accounts Committee (PAC) under the House of Representatives has labled the procurement of the essential medical supplies for treatment of Covid-19 carried out by Omni Business Pvt Ltd as against the Public Procurement Act',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Mangal&quot;,serif">June 23: The Public Accounts Committee (PAC) under the House of Representatives has labled the procurement of the essential medical supplies for treatment of Covid-19 carried out by Omni Business Pvt Ltd as against the Public Procurement Act. PAC made such comments after announcing to probe deeply into the allegation. </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:&quot;Mangal&quot;,serif">According to the committee, there has been widespread misuse of authority while awarding the contract. &ldquo;In spite of including the department chief in procuring the supplies, involvement of unrelated individuals in the procurement process has been found,&rdquo; said Bharat Kumar Shah, chairman of PAC, at the begining of the committee&rsquo;s meeting on Monday. </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:&quot;Mangal&quot;,serif">PAC summoned Narayan Prasad Bidari, secretary of Prime Minister&rsquo;s Office (PMO), Laxman Aryal, secretary of health and Dipendra Man Singh, director general of Health Services Department on Monday to testify regarding the controversies surrounding the procurement of medical supplies from Omni. </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:&quot;Mangal&quot;,serif">On March 25, Ministry of Health formed a committee under the leadership of health ministry advisor Dr Khem Karki to procure medical supplies for coronavirus control and treatment. After Minister for Health Bhanubhakta Dhakal granted a go-ahead for the procurement, the Health Services Department signed formal agreement with Omni Group. PAC has found out that the evaluation committee provisioned as per the Public Procurement Act was given no role in the procurement 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:&quot;Mangal&quot;,serif">According to PAC members, the role of minister Dhakal and Dr Karki in this respect are doubtful. &ldquo;Hurried behavior of high officials including the health minister to give the responsibility of procurement to Omni Group is pointing towards irregularities,&rdquo; they 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:&quot;Mangal&quot;,serif">The alleged involvement of advisor of the ministry has provide a space for irregularity,&rdquo; said Minendra Rijal, PAC member and parliamentarian from the opposition Nepali Congress party. According to him, the contract was given to someone who was not even in the preliminary discussion. Payment of the supplies was carried out in US dollars even though the agreement was signed for payment in Nepali rupees. &ldquo;They haven&rsquo;t answered this question yet,&rdquo; said Rijal. </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:&quot;Mangal&quot;,serif">However, PMO secretary Bidari claimed that there are no irregularities in the Coronavirus Control and Treatment programme. </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:&quot;Mangal&quot;,serif">Health secretary Laxman Aryal said that he is unaware of the issue as he has just joined the ministry but hoped that truth will soon be discovered regarding the topic matter. &nbsp;&nbsp;</span></span></span></span></p>

<p>&nbsp;</p>
',
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			'created' => '2020-06-23',
			'modified' => '2020-06-23',
			'keywords' => '',
			'description' => '',
			'sortorder' => '11887',
			'image' => '20200623053942_Omni Group medical supplies.jpg',
			'article_date' => '2020-06-23 17:38:07',
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	(int) 3 => array(
		'Article' => array(
			'id' => '12138',
			'article_category_id' => '1',
			'title' => 'Indifference of MoF and SEBON Towards Resuming Stock Transactions',
			'sub_title' => '',
			'summary' => 'Nepal Stock Exchange (Nepse), which has about 1.7 million investors and capitalization of more than Rs 1.5 trillion, has been closed for three months after the government impose lockdown on March 24. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">June 23: Nepal Stock Exchange (Nepse), which has about 1.7 million investors and capitalization of more than Rs 1.5 trillion, has been closed for three months after the government impose lockdown on March 24. However, neither the regulator Securities Board of Nepal (SEBON) nor the Ministry of Finance (MoF) are showing any concern to opening it.&nbsp; </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:&quot;Cambria&quot;,serif">For many investors it is mysterious that MoF, which is putting its focus currently to collect taxes due to decline in revenue, has also become unconcerned when a market, which is itself a source of tax, is closed for such a long time. Even though the government has eased the lockdown, investors have become outraged due to the continuous closure of the stock market. </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:&quot;Cambria&quot;,serif">On Monday, SEBON formed a committee, comprising of representatives of NEPSE, CDS and Clearing Limited, and representatives of associations relate to securities brokers and stock investors, to study the possibility of opening the stock market. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">Stakeholders say that it is not necessary for the regulatory body to form a committee and consult other agencies at a time when most of the business activities have resumed. &ldquo;It is a weakness of SEBON,&rdquo; said investor and stock market analyst Dilip Munankarmi. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">However, SEBON seems to open the market only by improving many aspects of the capital market including bank integration and T-plus-One transaction clearance. According to Bhisma Raj Dhungana, chairperson of SEBON, the board is working in a way to ensure that the market would not be closed again. He says that the board plans to move ahead only after identifying the current market situation and improvements that are necessary. According to him, the committee will submit the report by June 26. &ldquo;The market has been closed for a long time. We are taking initiative to reopen it smoothly as soon as possible for this will also affect our future plans,&rdquo; says Dhungana, &ldquo;Based on the committee&rsquo;s report, the market will reopen properly.&rdquo; </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">Investors, on the other hand, think that it is illogical to say that the market will only open after making improvements, as nothing was done during the three months of the lockdown. They claimed that the board has not paid attention to their suggestions. </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:&quot;Cambria&quot;,serif">According to investor and stock analyst Prakash Tiwari, closing the market indefinitely will not create capital and liquidity. He believes that this will send a negative message internationally while preparing to open investment to non-resident Nepalis. </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:&quot;Cambria&quot;,serif">Chief Executive Officer of NEPSE Chandra Singh Saud said that no problems exist in the online trading system. He mentioned that they are ready to open the market once SEBON gives instruction. According to him, NEPSE is requesting for the username and password to be added to the system as the investors have to get it themselves. He has requested all the investors to integrate their bank accounts as many people are doing business online through connect IPS from abroad. </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:&quot;Cambria&quot;,serif">Stockbrokers also stressed on the need to open the market immediately. &ldquo;The market should have never been closed. But now that many businesses have come into operation, the stock market should also be opened,&rdquo; said Ishwor Rimal, chairperson of the Nepal Stock House. &ldquo;Closing the stock market that has been running for 27 years gives negative messages,&rdquo; he said adding that the government has been losing millions in revenue every day while the market is closed. </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:&quot;Cambria&quot;,serif">Meanwhile, investors are expressing divided opinions regarding the opening of the market. President of Nepal Stock Investors Association Uttam Aryal stressed on the need to operate the market based on policies and rules rather than the wishes of individuals. Furthermore, he also said that the concerned bodies need to take initiative to help at least 51 percent of nearly 300,000 investors to participate in the online trading system. </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:&quot;Cambria&quot;,serif">&nbsp;He suggested that the authorities to implement necessary arrangements to safeguard the investors, who have already lost more than Rs 63 billion in stock investments during the lockdown, from hit by margin call when the market resumes. </span></span></span></span></p>
',
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			'created' => '2020-06-23',
			'modified' => '2020-06-23',
			'keywords' => '',
			'description' => '',
			'sortorder' => '11886',
			'image' => '20200623041330_NEPSE.jpg',
			'article_date' => '2020-06-23 16:09:32',
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	(int) 4 => array(
		'Article' => array(
			'id' => '12137',
			'article_category_id' => '1',
			'title' => 'Date Set for FNCCI AGM ',
			'sub_title' => '',
			'summary' => 'Ending months of uncertainty, the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) has decided to hold its annual general meeting (AGM) on August 11-12. ',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Nirmala UI&quot;,sans-serif">June 23: Ending months of uncertainty, the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) has decided to hold its annual general meeting (AGM) on August 11-12. A virtual meeting of executive committee of FNCCI held on Monday finalised the new date of AGM. The meeting which went onto six hours took the decision to this effect unanimously. According to Shekhar Golchha, senior vice president of FNCCI, a meeting of the organisation&rsquo;s office bearers on Sunday proposed the AGM for August 10-11 which was deferred by a day to August 11-12 due to a technical reason. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Nirmala UI&quot;,sans-serif">The AGM, which was originally scheduled for April 10-11, was postponed to May 20-21 due to the lockdown. The second schedule was also not met because of extension of lockdown and Covid-19 fears. This situation led to increase in dispute between the various factions within FNCCI. As per the statute of the organisation, the AGM was to be organised within mid-April which can be extended for three months in case difficulties are encountered to hold the general meeting. The new date has been set using the special authority for resolving complications clause of the statute. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Nirmala UI&quot;,sans-serif">However, there are still doubts that the AGM will be organised on the given date. &ldquo;We hope that the situation will start to normalize by mid-August. If not, there will be postponement of AGM,&rdquo; said Umesh Lal Shrestha, vice president (commodity) of FNCCI, adding, &ldquo;Currently, protecting people from coronavirus contagion is more important than holding an event.&rdquo; &nbsp;</span></span></span></span></p>

<p>&nbsp;</p>
',
			'published' => true,
			'created' => '2020-06-23',
			'modified' => '2020-06-23',
			'keywords' => '',
			'description' => '',
			'sortorder' => '11885',
			'image' => '20200623020501_FNCCI building teku.jpg',
			'article_date' => '2020-06-23 14:03:57',
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	(int) 5 => array(
		'Article' => array(
			'id' => '12136',
			'article_category_id' => '1',
			'title' => 'FNCCI AGM Proposed for August 2nd Week',
			'sub_title' => '',
			'summary' => 'The 54th Annual general Meeting of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI), which was postponed twice due to disturbances created by Covid-19 pandemic, has been proposed for the second week of August. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;">June 22: The 54<sup>th</sup> Annual general Meeting of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI), which was postponed twice due to disturbances created by Covid-19 pandemic, has been proposed for the second week of August. The new date was proposed during a meeting of FNCCI office bearers held on Sunday. If the proposal is approved by the executive committee meeting of the apex body of Nepali private sector scheduled for today, the AGM will be held on August 9 and 10 in Kathmandu. </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:&quot;Arial&quot;,&quot;sans-serif&quot;">&nbsp;&ldquo;Today&rsquo;s meeting has proposed the date of AGM which will be decided by the executive committee meeting,&rdquo; said Chandra Prasad Dhakal, vice president (associate) of FNCCI. &nbsp;</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:&quot;Arial&quot;,&quot;sans-serif&quot;">Holding the AGM has become a matter of contention between the different factions within the largest private sector body. Some of its senior members are against organising AGM at the moment citing the risks due to the spread of coronavirus while some have been piling pressure on the organisation&rsquo;s leadership to hold the event by June. FNCCI President Bhawani Rana had proposed not to hold the AGM for the next couple of months. </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:&quot;Arial&quot;,&quot;sans-serif&quot;">As per the statute of FNCCI, the AGM should have been organised within mid-April. The AGM was scheduled for April 10-11, which was postponed to May 20-21 due to the lockdown. There is a provision in the federation&rsquo;s statute that the event can be held after three months in exceptional circumstances. However, FNCCI leaders say that AGM can be held in August by finding necessary legal alternatives. </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:&quot;Arial&quot;,&quot;sans-serif&quot;">A faction within FNCCI led by past president and Distinguished Member Chandi Raj Dhakal, Vice President (Associate) Chandra Prasad Dhakal, Vice President (Commodity) Umesh Lal Shrestha and Treasurer Nirak Kc has been pressuring to hold AGM immediately. </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:&quot;Arial&quot;,&quot;sans-serif&quot;">The upcoming AGM will elect a new executive committee for three-year tenure. As per the organisation&rsquo;s statute, the senior vice president will automatically become the president, according to which, the current Senior Vice President Shekhar Golchha will be the President from the upcoming AGM. Vice presidents Chandra Dhakal and Kishor Pradhan have already announced their candidacies for the post of senior vice president. </span></span></span></span></p>

<p>&nbsp;</p>
',
			'published' => true,
			'created' => '2020-06-22',
			'modified' => '2020-06-22',
			'keywords' => '',
			'description' => '',
			'sortorder' => '11884',
			'image' => '20200622053259_FNCCI building.jpg',
			'article_date' => '2020-06-22 17:31:26',
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	(int) 6 => array(
		'Article' => array(
			'id' => '12135',
			'article_category_id' => '1',
			'title' => 'CDC Group Establishes Presence in Nepal',
			'sub_title' => '',
			'summary' => 'CDC Group Plc, a UK-based impact investor focusing on investments in Africa and South Asia, has appointed Rabi Rayamajhi as its Country Representative for Nepal',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;">June 22: CDC Group Plc, a UK-based impact investor focusing on investments in Africa and South Asia, has appointed Rabi Rayamajhi as its Country Representative for 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:&quot;Arial&quot;,&quot;sans-serif&quot;">Issuing a press statement, the company said that Rayamajhi has joined CDC from the Department for International Development (DFID), Nepal, where he was a private sector development advisor for four years and led projects in the financial and SME sectors. Prior to his role at DFID, Rayamajhi provided advisory support to the Investment Board of Nepal in promoting foreign investment and executing large-scale infrastructure projects in waste management, hydropower and cement sectors. He started his career at Standard Chartered Bank and has an MBA qualification from Singapore Management University.</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:&quot;Arial&quot;,&quot;sans-serif&quot;">According to the statement, Rayamajhi will be based at CDC&rsquo;s representative office in Kathmandu, where he will work closely with CDC teams across Asia.&nbsp; According to teh statement, with a mandate that includes providing counter-cyclical financing during financial crises, CDC is playing a role in protecting jobs and businesses. The firm&rsquo;s</span></span><span style="font-size:15.0pt"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;">&nbsp;response to the COVID-19 pandemic has three areas of focus: &lsquo;preserve&rsquo;, &lsquo;strengthen&rsquo; and &lsquo;rebuild&rsquo;, CDC said. </span></span>&nbsp;</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">&nbsp;<span style="font-size:15.0pt"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;">&ldquo;We welcome Rabi to CDC as our Country Representative in Nepal. His expertise in private sector development and extensive knowledge of the investment environment in Nepal will boost CDC&rsquo;s priority of providing increased long-term capital support to businesses and bolstering sector growth in the country. Rabi will be instrumental in strengthening our partnership with businesses and broadening our presence in Nepal, as we work to enhance corporate governance, develop environmental and social strategies, promoting skills and job creation that power Nepal&rsquo;s economy,&rdquo; the statement quoted </span></span><span style="font-size:15.0pt"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;">Srini Nagarajan, head of Asia at CDC as saying. </span></span>&nbsp;</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:&quot;Arial&quot;,&quot;sans-serif&quot;">Commenting on his appointment, Rayamajhi said that he is keen to get to work on developing local partnerships that will continue to boost business growth and improve the lives of millions of people.</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:&quot;Arial&quot;,&quot;sans-serif&quot;">&nbsp;&ldquo;I welcome a stronger presence for CDC in Nepal &ndash; this is great news for the country. The UK continues is committed to playing a strong role in working with the Government of Nepal and all development stakeholders to ensure Nepal is &lsquo;open for business&rsquo;. While the current COVID crisis has adversely affected Nepal&rsquo;s economy, there are also opportunities for investments to help ensure Nepal&rsquo;s recovery is resilient to future shocks and promotes green growth.&nbsp; I hope CDC and others like them will seize these opportunities,&rdquo;<strong> </strong>the statement quoted Lisa Honan, acting UK Ambassador and country director for DFID, Nepal as saying. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">&nbsp;</span></span></p>
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	(int) 7 => array(
		'Article' => array(
			'id' => '12134',
			'article_category_id' => '1',
			'title' => '500 Containers with Unauthorised Goods Held at Birgunj Dry Port ',
			'sub_title' => '',
			'summary' => '500 containers with goods including garden peas, dates, pepper and beetle nuts, which were imported unauthorised, are stuck at the Birgunj Dry port',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Mangal&quot;,&quot;serif&quot;">June 22: 500 containers with goods including garden peas, dates, pepper and beetle nuts, which were imported unauthorised, are stuck at the Birgunj Dry port. The importers of the goods have not taken permission from Food Technology and Quality Control Department (FTQCD) and the containers having the items have been held at the port for last one month. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Mangal&quot;,&quot;serif&quot;">On March 29, the government announced ban on import of dry fruits and other expensive edible items to avoid possible depletion of the country&rsquo;s foreign currency reserve with the Covid-19. However, the imports of such items under DAP, CAD, draft and TT systems, that had already moved ahead prior to March 29, have been allowed. It is also mandatory for importers to obtain FTQCD approval to import goods under such arrangements. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Mangal&quot;,&quot;serif&quot;">According to Umesh Shrestha, chief customs administrator of Dry Port Customs Office, the clearance of the containers was stopped though the importers started the process to import the goods started before March 29. &ldquo;It was found that they had not obtained permission from FTQCD,&rdquo; Shrestha told New Business Age.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Mangal&quot;,&quot;serif&quot;">Almost all goods imported from third countries enter Nepal via the Birgunj Dry Port. According to the Customs Office, the clearance of consignments under DAP have been halted. After importers receive the goods, payments of consignment from Kolkata and Visakhapatnam ports are carried out at the Birgunj Dry Port. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Mangal&quot;,&quot;serif&quot;">As the containers have been lying at the yard for many days, Himalayan Terminal is preparing to move the containers to the warehouse. According to the port authority, most of the containers held at the port are carrying dry peas. &nbsp;&nbsp;&nbsp;</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Mangal&quot;,&quot;serif&quot;">As per existing arrangements, the customs office can seize goods if found imported illegally. A few days ago, the office had seized a container of carrying beetle nuts. According to a Birjung-based importer, exporters of the goods have increased inquiry about payment of the goods after the dry port authority denied clearance of the containers. </span></span><span style="font-size:15.0pt"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;">&ldquo;Additional 500-700 containers are stuck at the Indian ports. As the clearance processes are not taking place, we are confused about bringing more containers here,&rdquo; he said. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;">The government banned the import of dry fruits and some other food items citing the pressure on the country&rsquo;s forex reserve created by the Covid-19 pandemic. According to customs officials, import of dry peas has remained highest followed by dates, pepper and beetle nuts. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;">These items are mostly imported unauthorised from third countries to export to India. Dry peas are imported from Canada and Indonesia whereas dates come from Pakistan and pepper from Vietnam. Similarly, beetle nuts are imported from Indonesia and Thailand. </span></span></span></span></p>

<p>&nbsp;</p>
',
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	(int) 8 => array(
		'Article' => array(
			'id' => '12133',
			'article_category_id' => '1',
			'title' => 'IBN Approves Investment Proposals worth Rs 185.43 Billion ',
			'sub_title' => '',
			'summary' => 'The 44th meeting of Investment Board Nepal (IBN) has approved proposals of seven investment projects worth Rs 185.43 billion. ',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">June 21: The 44<sup>th</sup> meeting of Investment Board Nepal (IBN) has approved proposals of seven investment projects worth Rs 185.43 billion. The meeting held on June 20 under the chairmanship of the Prime Minister KP Sharma Oli, who is also chairs the IBN, gave its approval to investment proposals of five hydropower and two cement industry related projects. Similarly, the meeting also decided to extend the deadline for submission of detailed project report (DPR) for different four projects. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">IBN, which has remained without CEO for around two months after Maha Prasad Adhikari was appointed governor of the Nepal Rastra Bank, received criticism for its inability to approve investment proposals. According to IBN officials, the combined capacity of the five hydropower projects that received the board&rsquo;s nod is 688.4 megawatts. Among them, Upper Marshyangdi-2 &nbsp;has capacity of 327MW whereas Kaligandaki Gorge 164MW, Isuwa Khola HEP 87.2MW, Myagdi Khola Hydropower Project 57.3MW and Aankhu Khola Hydropower Project 43.9MW. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">The meeting also approved investment proposal of Dang Cement and Samrat Cement. The total investment in these two cement industries is Rs 47.55 billion. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">The meeting has also decided to conduct feasibility study of solar project in Kohalpur, Banke and Banganga, Kapilvastu with combined capacity of 125MW. Resen Energy Singapore Joint Venture PTE has been selected for study of the projects that will be developed under public-private partnership (PPP) modality.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">&ldquo;The meeting decided to extend the deadline of projects including China-Nepal Friendship Industrial Park, Muktinath Cablecar, Multimodel Logistic Park and Terminal and block facility project,&rdquo; informed Balaram Rijal, spokesperson of IBN. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">According to him, the deadline for submitting DPR has been extended due to the difficulties created by the transmission of coronavirus. The meeting was participated by finance, energy, industry, commerce and supplies, forest, physical infrastructure and transport ministers. Similarly, Vice-chairman of National Planning Commission, Governor of Nepal Rastra Bank and leaders from all three umbrella association of the country&rsquo;s private sector were also present in the meeting. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><strong><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">CEO appointment process begins after 2 months </span></span></strong></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">IBN has started the process of appointing CEO two months after Maha Prasad Adhikari was appointed as NRB Governor. A recommendation committee under the Office of the Prime Minister and Council of Ministers has published a notice on Friday to asking for applications for IBN&rsquo;s CEO within the next 15 days. </span></span></span></span></p>

<p>&nbsp;</p>
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	(int) 9 => array(
		'Article' => array(
			'id' => '12132',
			'article_category_id' => '1',
			'title' => 'Rs 5.50 Billion Revenue collected in 6 days',
			'sub_title' => '',
			'summary' => 'While the government is struggling to meet current expenditure due to the difficulties created by the Covid-19 pandemic, the collection of revenue has started to improve as soon as the banks and financial institutions (BFIs) and business houses have started clearing their tax dues. ',
			'content' => '<h2><span style="font-size:22px"><span style="font-family:Calibri,sans-serif"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">June 21: While the government is struggling to meet current expenditure due to the difficulties created by the Covid-19 pandemic, the collection of revenue has started to improve as soon as the banks and financial institutions (BFIs) and business houses have started clearing their tax dues. </span></span></span></h2>

<h2><span style="font-size:22px"><span style="font-family:Calibri,sans-serif"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">According to Jhalak Ram Adhikari, chief tax administrator at Large Taxpayers Office (LTO), a total of Rs 5.50 billion has been collected in the last six days from 234 taxpayers. </span></span></span></h2>

<h2><span style="font-size:22px"><span style="font-family:Calibri,sans-serif"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">&ldquo;We have observed that taxpayers are coming spontaneously to pay taxes with the intention of helping the state at a time of crisis,&rdquo; he said. According to him, the number of BFIs, private and public sector institutions coming to submit their revenue has increased over the last few days. </span></span></span></h2>

<h2><span style="font-size:22px"><span style="font-family:Calibri,sans-serif"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Officials at the Inland Revenue Department (IRD) have also said that the enthusiasm of the taxpayers is increasing. Deputy Director General of the department Mukti Prasad Pandey said the number of payments in VAT, second installment of estimated income tax and advance tax is on the rise. According to him, Rs 9.21 billion revenue has been collected till June 19.&rdquo;About Rs 50 billion has been collected during the period from March 24 to June 20,&rdquo; he informed. &nbsp;</span></span></span></h2>

<h2><span style="font-size:22px"><span style="font-family:Calibri,sans-serif"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Nepal Bankers&rsquo; Association (NBA), the organization of chief executive officers of commercial banks, had recently urged banks to clear their tax dues. Bhuvan Dahal, president of NBA said that the meeting held last Wednesday had agreed to pay taxes. He informed that that commercial banks will clear all kinds of their tax dues by today.&nbsp; </span></span></span></h2>

<h2><span style="font-size:22px"><span style="font-family:Calibri,sans-serif"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">&ldquo;It was not possible to pay taxes due to the lockdown and it seems the government is in trouble in terms of revenue collection. Therefore, we are paying taxes on time,&rdquo; he said. The government has been distressed after the Supreme Court ordered to collect taxes only after 30 days of lifting the lockdown. </span></span></span></h2>

<h2><span style="font-size:22px"><span style="font-family:Calibri,sans-serif"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Even though the lockdown has eased, there still is not favorable environment for the private sector companies to pay taxes. According to the industrialists, the three-month long lockdown has crippled the business sector and it will take some time for companies to pay taxes smoothly. Shekhar Golchha, senior vice-president of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) said that the order of the court has given relief to the people. </span></span></span></h2>

<h2><span style="font-size:22px"><span style="font-family:Calibri,sans-serif"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">&ldquo;It is the responsibility of citizens to pay the revenue. The order of the Supreme Court has made us somewhat comfortable in difficult situations. But, I request businesspersons who can pay taxes to help the government in this difficult time,&rdquo; he mentioned. He believes that the government should listen to the problems of the industrialists who are unable to pay taxes immediately and resolve the crisis through cooperation. </span></span></span></h2>

<h2>&nbsp;</h2>
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	(int) 10 => array(
		'Article' => array(
			'id' => '12131',
			'article_category_id' => '1',
			'title' => 'Sastodeal Raises USD 1 Million in Additional Investment',
			'sub_title' => '',
			'summary' => 'E-commerce portal Sastodeal has raised USD 1 million from the Dolma Impact Fund and other existing shareholders as part of an ongoing fundraising round.',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">E-commerce portal Sastodeal has raised USD 1 million from the Dolma Impact Fund and other existing shareholders as part of an ongoing fundraising round. Issuing a press statement, the company said that the investment will be used towards reaching Sastodeal&rsquo;s milestone target of achieving Rs 1 Billion in annual revenue within the next 18 months. &nbsp;&ldquo;This will include an expansion of product categories, talent acquisition, core operations, vendor empowerment, and an expansion to other regions in Nepal,&rdquo; 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:&quot;Cambria&quot;,&quot;serif&quot;">With the spread of coronavirus, Sastodeal claims that online shopping has been rising as new customers are getting familiar with online shopping. We worked as part of a government taskforce, along with other e-commerce providers, to deliver essentials during lockdown,&rdquo; the statement quoted Amun Thapa, CEO of Sastodeal as saying. &ldquo;Now that the lockdown has eased, the demand has increased more than ever as new customers are now familiar with online shopping.&rdquo;</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:&quot;Cambria&quot;,&quot;serif&quot;">Dolma Impact Fund, the first international private equity fund investing in Nepal, is already has investment in Sastodeal. </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:&quot;Cambria&quot;,&quot;serif&quot;">&ldquo;This is a high growth industry which performed a vital task during lockdown. This new investment reflects our belief in the Sastodeal team and our continued investment in Nepal&rsquo;s technology sector, alongside our healthcare and renewable energy investments. We are delighted to lead this round of financing alongside local partners,&rdquo; says Tim Gocher, CEO, Dolma Impact Fund. </span></span></span></span></p>
',
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	(int) 11 => array(
		'Article' => array(
			'id' => '12130',
			'article_category_id' => '1',
			'title' => 'Collect Taxes 1 Month After Lockdown is Fully Lifted: SC',
			'sub_title' => '',
			'summary' => 'The Supreme Court has directed the government not to collect taxes during the lockdown. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">The Supreme Court has directed the government not to collect taxes during the lockdown. A division bench of justices Anil Kumar Sinha and Manoj Kumar Sharma issued an interim order yesterday directing the authorities to make necessary arrangements for taxpayers so that they can pay taxes and submit details within a month from the date of full lifting of the lockdown. Last week, the Inland Revenue Department (IRD) published a notice asking taxpayers to clear their tax dues and file tax details by June 21 and 29 respectively. Supreme Court&rsquo;s order came as a response to two separate writ petitions file by advocates Thaneshwar Kaphle and Srijana Adhikari against the Ministry of Finance and IRD. &nbsp;</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:&quot;Cambria&quot;,serif">The court has directed the government to simplify tax payment procedures keeping in mind that social distancing and other health safety measures are to be maintained for some time after the restrictions are lifted. Similarly, the court has also ordered to make reviews and arrangements in justifiable ways to set new tax paying deadlines should difficulties arise in particular areas or across the country for taxpayers to operate their businesses and continue jobs. </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:&quot;Cambria&quot;,serif">The private sector has welcomed the Supreme Court&rsquo;s order. Shekhar Golchha, senior vice president of Federation of Nepalese Chambers of Commerce and Industry (FNCCI) said that easing of the lockdown by the government and the ruling of the Supreme Court have been encouraging for the private sector. &ldquo;We hope that the situation will return to normalcy and business community members will again reach to a position to contribute to the government&rsquo;s revenue,&rdquo; he expressed. &nbsp;Rajesh Kaji Shrestha, president of Nepal Chamber of Commerce (NCC) also said that the court&rsquo;s order has provided relief to the crisis mired private sector. </span></span></span></span></p>

<p>&nbsp;</p>
',
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	(int) 12 => array(
		'Article' => array(
			'id' => '12129',
			'article_category_id' => '1',
			'title' => 'Salary Payment Dispute Between Employers and Workers Intensifies',
			'sub_title' => '',
			'summary' => 'As the lockdown continues to hammer industrial and business activities, payment of salary has become a contentious issue. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:&quot;Cambria&quot;,serif">As the lockdown continues to hammer industrial and business activities, payment of salary has become a contentious issue. Though a tri-part taskforce, comprising of representative from government, private sector and labour unions mandated to find a resolve to the issue is currently working, no progress in salary management has been made till date. Despite holding five meetings since its inception some two months ago, the taskforce has not been able to find a common ground between the disagreeing sides and associations of private sector and labour unions are competing against each other to submit memorandum to the government lately. Both sides have refused to budge from their positions; employers are saying that they cannot pay more than 50 percent of usual wages of employees while labour union leaders are demanding employers to pay 50 percent for now and the remaining after businesses resume their operations as directed by the government. &nbsp;&nbsp;</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:&quot;Cambria&quot;,serif">According to Bharat Raj Acharya, vice chairman of Employers&rsquo; Council which is under the Federation of Nepalese Chambers of Commerce and Industry (FNCCI), the council on June 8 submitted a memorandum at the Office of the Prime Minister and Council of Ministers Office requesting for proactive role of government to resolve the issue as taskforce could not reach to a conclusion. Acharya informed that it submitted a joint letter of FNCCI, Federation of Nepali Small and Cottage Industries (FNSCI) and other private sector bodies incorporating their concepts for resolving the issues related to salary payment. &ldquo;We have reiterated that workers can be paid a maximum of 50 percent of their salaries at present,&rdquo; he said. According to him, industrial enterprises cannot pay salaries to those workers who are absent at work during the lockdown. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:&quot;Cambria&quot;,serif">Meanwhile, labour unions are also preparing to counter the move of employers demanding that the government&rsquo;s directive to clear the salary dues of Chaitra and Baisakh is implemented. Major labour unions including General Federation of Nepalese Trade Unions (GEFONT) and Nepal Trade Union Congress (NTUC) are said to be submitting memorandum to Office of the Prime Minister, Ministry of Labour, Employment and Social Security and the Federal Parliament&rsquo;s labour committee. &ldquo;We want to attract attention of the government that employers have ignored its direction to clear the salary dues,&rdquo; said Pushkar Acharya, president of NTUC. According to him, 75 percent employers in the country haven&rsquo;t yet registered their businesses at the Social Security Fund. &ldquo;Salary payment for Jestha can be negotiated and agreed separately. But it is wrong to hold the salaries when there is a possibility that the wages of Baisakh can pe paid partially after businesses resume their operations,&rdquo; he said. </span></span></span></span></p>
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	(int) 13 => array(
		'Article' => array(
			'id' => '12128',
			'article_category_id' => '1',
			'title' => 'World Bank’s USD 450 Million Grant for Road Project in Nepal ',
			'sub_title' => '',
			'summary' => 'The World Bank on June 10 approved a USD 450 million project to help Nepal improve its roads and set the course for post-COVID-19 economic recovery through greater cross-border trade, more jobs, especially for women, and better road safety. ',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">The World Bank on June 10 approved a USD 450 million project to help Nepal improve its roads and set the course for post-COVID-19 economic recovery through greater cross-border trade, more jobs, especially for women, and better road safety. The Washington DC-based multilateral agency in a press statement informed that the grant money will be used in the Nepal Strategic Road Connectivity and Trade Improvement Project to enhance regional road connectivity by improving the Nagdhunga-Naubise-Mugling road and upgrading the Kamala-Dhalkebar-Pathlaiya road. &ldquo;Both are crucial to Nepal&rsquo;s connectivity and trade with India and other countries. The project will also enhance infrastructure, facilities, and sanitation at border crossing points to ease trade constraints and spur agricultural exports,&rdquo; reads the statement. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">The bank said that amid the COVID-19 pandemic, the project will also support better screening of goods and people at border facilities, and develop guidance for special working arrangements, such as safe distancing and remote working.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">The project will strengthen the National Road Safety Council and the Department of Roads and support periodic maintenance of high-traffic roads within the Strategic Road Network. It also includes a contingency emergency response component to reallocate project funds to support emergency response and recovery.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">&ldquo;The project will reduce the time and cost of moving goods and boost Nepal&rsquo;s trade, which accounts for about 40 percent of the country&rsquo;s economic output,&rdquo; the statement quoted&nbsp;Sri Kumar Tadimalla, project task team leader and senior transport specialist of the World Bank as saying. &ldquo;Equally importantly, the project includes best practices in safety, climate resilience, road asset management, gender equality, social inclusion and citizen engagement, which the federal, provincial and local governments can take on,&rdquo; he added. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">According to the World Bank, the project is well-aligned with the past and ongoing efforts of Nepal and its regional partners to achieve the full potential for trade in the eastern sub-region of South Asia. It is a part of the World Bank&rsquo;s Eastern Corridor Connectivity Program, which since 2013, has financed a continually evolving regional program to improve connectivity and trade in Bangladesh, Bhutan, India, and Nepal. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">&ldquo;In the context of COVID-19, protecting people&rsquo;s lives is the priority, and giving a fillip to economic recovery is equally urgent,&rdquo; the statement quoted&nbsp;Faris Hadad-Zervos, World Bank Country Manager for Nepal as saying. &ldquo;Our support will pave the way for Nepal&rsquo;s COVID-19 recovery by making roads safer and more efficient while helping move people and goods, creating jobs, and generating demand for local products and services,&rdquo; he said. </span></span></span></span></p>
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			'id' => '12127',
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			'title' => 'KCM Concludes KuberWiz program 2019/20',
			'sub_title' => '',
			'summary' => 'Kathmandu College of Management (KCM) has wrapped off the final KuberWiz session for the year 2019/20 on June 7. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">Kathmandu College of Management (KCM) has wrapped off the final KuberWiz session for the year 2019/20 on June 7. KuberWiz is a flagship stock investment programme of KCM where students of the 3<sup>rd</sup> year Finance &amp; Banking students of the KCM-Siam International BBA programme learn how real-life stock investments are done by investing a small amount of their own money combined with an equal part of loan from college in the Nepal Stock Exchange (NEPSE). </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:&quot;Cambria&quot;,&quot;serif&quot;">Issuing a press statement, KCM said that this year&rsquo;s final session of KuberWiz programme was organised virtually due to the Covid-19 disruption. &ldquo;Unlike earlier years, this year&rsquo;s participants saw a roller-coaster ride as Nepse index rallied to surpass 1,600 points in late February while it was just hovering around 1,100 points in early December of 2019,&rdquo; reads the statement. &ldquo;The current COVID-19 crisis only added to their panic as NEPSE had been closed indefinitely following the nation-wide lockdown since late March. Nevertheless, students drove through these challenges with perseverance. They are still holding on to a large chunk of their portfolio and are hopeful that the market will bounce back once the lockdown is over and the economy is back and running,&rdquo; said the college. </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:&quot;Cambria&quot;,&quot;serif&quot;">According to the statement, the virtual session was accompanied by the guest judges Ajay Shrestha, chairman and managing director at iCapital and Niranjan Phuyal, &nbsp;deputy manager of NEPSE and board member of CDS and Clearing Limited. </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:&quot;Cambria&quot;,&quot;serif&quot;">Among the seven groups competing in the KuberWiz programme, Group 7 won the competition. &ldquo;Their portfolio was highly diversified with their asset-allocation being in commercial banks (50.1 percent), micro-finance (8 percent), life insurance (2.9 percent), manufacturing (26.8 percent), hotels (3.7 percent) and fixed deposits (8.5 percent). They had expected a 25 percent return on their overall portfolio with their investment strategy to choose stocks based on fundamental analysis and trade based on technical analysis. They used the dividend discount model (DDM) to find the intrinsic value of nine companies to check whether the stocks were overvalued or undervalued,&rdquo; informed KCM, adding, &ldquo;Overall, their total gain was Rs 43,081and during their conclusion they stated that KuberWiz taught them valuable lessons of controlling emotions, being rational, and having patience during the process of investment.&rdquo;</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:&quot;Cambria&quot;,&quot;serif&quot;">Similarly, Group 4, securing the second position, had a high-risk profile, and had a return objective to earn 20 percent on their investments. &ldquo;Their strategy for asset allocation was to incline more towards equity investments and chose finance (8 percent), hydropower (9 percent), non-life insurance (19 percent), and development banks (43 percent) for their allocation. Their investment objective was to engage in value investing and to focus more on capital gain than dividends. The seven companies they invested in gave them realized gain of Rs 12,792.1 and unrealized loss of Rs 7494,&rdquo; 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:&quot;Cambria&quot;,&quot;serif&quot;">Likewise, Group 1, securing the third position, had an expected return of 15 percent on their investments and they allocated their assets in commercial banks, life insurance, non-life insurance, and telecommunication sectors. &ldquo;To Group 1, diversification was an important factor and they had invested in eight companies that gave them net realized gain of Rs 50,67.76 with their return on investment (ROI) being 2.41 percent,&rdquo; informed KCM. </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:&quot;Cambria&quot;,&quot;serif&quot;">According to the statement, the guest judges also shared their insightful observations and some learning from their professional lives. Shrestha mainly stressed the fact that mistakes while investing are bound to happen, and the market, if it goes down, will come back up eventually but what matters the most is the lessons learned from the mistakes and applying the learning to future investments. Phuyal pointed out the importance of following one&rsquo;s return objectives and sacrificing greed in the investment process. He suggested the students make and follow their pre-set investment objective and focus not only on technical and fundamental analysis but also on a relatively newer approach known as behavioral analysis. </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:&quot;Cambria&quot;,&quot;serif&quot;">According to KCM, The session concluded with the announcement of winners and vote of thanks addressed by the vice-principal of the college Maria Shrestha. &ldquo;Group 1 bagged the third place and was awarded books on business and personality development. Group 4 became the runner-up with a cash prize of Rs 20,000 while Group 7 stood out in first place and won the title of &ldquo;KuberWizards&rdquo; with a cash prize of Rs 30,000,&rdquo; the statement said. </span></span></span></span></p>
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		'Article' => array(
			'id' => '12142',
			'article_category_id' => '1',
			'title' => 'Siddhartha Bank and F1Soft Ink ‘Quickbhuktani’ Deal',
			'sub_title' => '',
			'summary' => 'Siddhartha Bank Limited has signed an agreement with the fintech company F1Soft International for the execution of invoice discounting service through ‘QuikBhuktani’ platform.',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">June 24: Siddhartha Bank Limited has signed an agreement with the fintech company F1Soft International for the execution of invoice discounting service through &lsquo;QuikBhuktani&rsquo; platform.</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:&quot;Cambria&quot;,serif">&lsquo;QuikBhuktani&rsquo; is Nepal&rsquo;s first online invoice discounting platform, developed by F1Soft with support from UKaid Sakchyam Access to Finance Programme.&nbsp; &ldquo;Through this platform, Siddhartha Bank shall provide the facility of invoice discounting to its business clients by using the reverse factoring model.&nbsp; F1Soft shall take the responsibility of platform management and technical support,&rdquo; F1Soft said in a 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:&quot;Cambria&quot;,serif">According to the statement, QuikBhuktani brings together buyers, suppliers and the bank in a secured web-based platform. Using this platform, a supplier digitally issues invoice to buyer and the buyer approves it for payment with a fixed timeline. &ldquo;If the supplier needs that payment before the due date, the supplier can forward that bill to the buyer&rsquo;s bank through the same platform and request for instant payment from the bank,&rdquo; reads the statement. The bank makes discounted payment to supplier and later collects the full invoice amount from buyer at the end of the payment timeline.</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:&quot;Cambria&quot;,serif">&ldquo;Siddhartha Bank and F1Soft believe QuikBhuktani can be very relevant and beneficial, especially in context of Nepal where majority of business transactions are done in credit,&rdquo; the statement said. According to the fintech company, it helps to improve the cash flow between businesses, which is particularly important in present situation when the whole economy is slowing down due to COVID 19 pandemic. </span></span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '12140',
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			'title' => 'Confusion Grows Over 500 Containers Held at Dry Port',
			'sub_title' => '',
			'summary' => 'The fate of 500 containers being held at the Birjung Dry Port for the last 30 days is increasingly becoming uncertain as the customs authority has become confused over the clearance of the goods. ',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">June 24: The fate of 500 containers being held at the Birjung Dry Port for the last 30 days is increasingly becoming uncertain as the customs authority has become confused over the clearance of the goods. The containers are said to have items including </span></span><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">garden peas, dates, pepper and beetle nuts, which were imported after the government announced ban on import of dry fruits and some food items on fears that the Covid-19 pandemic will hit the country&rsquo;s foreign currency reserve. The clearance of the consignments was denied after it was found that the importers have not taken approval from Food Technology and Quality Control Department (FTQCD). </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">According to Shishir Ghimire, director of Department of Customs (DoC), no decision has been taken yet regarding the consignments. &ldquo;We are not able to decide as this issue is related to FTQCD and Ministry of Industry, Commerce and Supplies (MoICS). We are not sure either to confiscate or destroy the goods,&rdquo; said Ghimire. &nbsp;</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:&quot;Cambria&quot;,serif">Meanwhile, FTQCD officials say that their duty is limited to providing permits to the importers after determining quality of the goods. &ldquo;It is responsibility of the DoC and MoICS to decide on the goods if the importers have not taken permission,&rdquo; mentioned Mohan Krishna Maharjan, spokesperson of FTQCD. According to him, the department has not issued permit after March 29 to import any goods that has been banned by the government. &nbsp;</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:&quot;Cambria&quot;,serif">According to the FCQTD, the validity period of a permit is six months. The goods stuck at the dry port were imported based on the permission obtained before six months, said Umesh Shrestha, chief customs administrator. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">A few days ago, the office had seized a container of carrying beetle nuts. According to a Birgunj-based importer, exporters of the goods have increased inquiry about payment of the goods after the dry port authority denied clearance of the containers.&nbsp;</span></span><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">&ldquo;Additional 500-700 containers are stuck at the Indian ports. As the clearance processes are not taking place, we are confused about bringing more containers here,&rdquo; he said.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">According to DoC officials, the role of banks also looks doubtful ragarding the transactions of the consignment imported under Documents Against Payment (DAP) system. A DoC official said that though import permit is mandatory under DAP, the bank went ahead with the process without official papers. </span></span></span></span></p>
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			'title' => 'PAC Begins Probe into Medical Supply Procurement Irregularities ',
			'sub_title' => '',
			'summary' => 'The Public Accounts Committee (PAC) under the House of Representatives has labled the procurement of the essential medical supplies for treatment of Covid-19 carried out by Omni Business Pvt Ltd as against the Public Procurement Act',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Mangal&quot;,serif">June 23: The Public Accounts Committee (PAC) under the House of Representatives has labled the procurement of the essential medical supplies for treatment of Covid-19 carried out by Omni Business Pvt Ltd as against the Public Procurement Act. PAC made such comments after announcing to probe deeply into the allegation. </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:&quot;Mangal&quot;,serif">According to the committee, there has been widespread misuse of authority while awarding the contract. &ldquo;In spite of including the department chief in procuring the supplies, involvement of unrelated individuals in the procurement process has been found,&rdquo; said Bharat Kumar Shah, chairman of PAC, at the begining of the committee&rsquo;s meeting on Monday. </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:&quot;Mangal&quot;,serif">PAC summoned Narayan Prasad Bidari, secretary of Prime Minister&rsquo;s Office (PMO), Laxman Aryal, secretary of health and Dipendra Man Singh, director general of Health Services Department on Monday to testify regarding the controversies surrounding the procurement of medical supplies from Omni. </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:&quot;Mangal&quot;,serif">On March 25, Ministry of Health formed a committee under the leadership of health ministry advisor Dr Khem Karki to procure medical supplies for coronavirus control and treatment. After Minister for Health Bhanubhakta Dhakal granted a go-ahead for the procurement, the Health Services Department signed formal agreement with Omni Group. PAC has found out that the evaluation committee provisioned as per the Public Procurement Act was given no role in the procurement 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:&quot;Mangal&quot;,serif">According to PAC members, the role of minister Dhakal and Dr Karki in this respect are doubtful. &ldquo;Hurried behavior of high officials including the health minister to give the responsibility of procurement to Omni Group is pointing towards irregularities,&rdquo; they 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:&quot;Mangal&quot;,serif">The alleged involvement of advisor of the ministry has provide a space for irregularity,&rdquo; said Minendra Rijal, PAC member and parliamentarian from the opposition Nepali Congress party. According to him, the contract was given to someone who was not even in the preliminary discussion. Payment of the supplies was carried out in US dollars even though the agreement was signed for payment in Nepali rupees. &ldquo;They haven&rsquo;t answered this question yet,&rdquo; said Rijal. </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:&quot;Mangal&quot;,serif">However, PMO secretary Bidari claimed that there are no irregularities in the Coronavirus Control and Treatment programme. </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:&quot;Mangal&quot;,serif">Health secretary Laxman Aryal said that he is unaware of the issue as he has just joined the ministry but hoped that truth will soon be discovered regarding the topic matter. &nbsp;&nbsp;</span></span></span></span></p>

<p>&nbsp;</p>
',
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			'description' => '',
			'sortorder' => '11887',
			'image' => '20200623053942_Omni Group medical supplies.jpg',
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	(int) 3 => array(
		'Article' => array(
			'id' => '12138',
			'article_category_id' => '1',
			'title' => 'Indifference of MoF and SEBON Towards Resuming Stock Transactions',
			'sub_title' => '',
			'summary' => 'Nepal Stock Exchange (Nepse), which has about 1.7 million investors and capitalization of more than Rs 1.5 trillion, has been closed for three months after the government impose lockdown on March 24. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">June 23: Nepal Stock Exchange (Nepse), which has about 1.7 million investors and capitalization of more than Rs 1.5 trillion, has been closed for three months after the government impose lockdown on March 24. However, neither the regulator Securities Board of Nepal (SEBON) nor the Ministry of Finance (MoF) are showing any concern to opening it.&nbsp; </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:&quot;Cambria&quot;,serif">For many investors it is mysterious that MoF, which is putting its focus currently to collect taxes due to decline in revenue, has also become unconcerned when a market, which is itself a source of tax, is closed for such a long time. Even though the government has eased the lockdown, investors have become outraged due to the continuous closure of the stock market. </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:&quot;Cambria&quot;,serif">On Monday, SEBON formed a committee, comprising of representatives of NEPSE, CDS and Clearing Limited, and representatives of associations relate to securities brokers and stock investors, to study the possibility of opening the stock market. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">Stakeholders say that it is not necessary for the regulatory body to form a committee and consult other agencies at a time when most of the business activities have resumed. &ldquo;It is a weakness of SEBON,&rdquo; said investor and stock market analyst Dilip Munankarmi. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">However, SEBON seems to open the market only by improving many aspects of the capital market including bank integration and T-plus-One transaction clearance. According to Bhisma Raj Dhungana, chairperson of SEBON, the board is working in a way to ensure that the market would not be closed again. He says that the board plans to move ahead only after identifying the current market situation and improvements that are necessary. According to him, the committee will submit the report by June 26. &ldquo;The market has been closed for a long time. We are taking initiative to reopen it smoothly as soon as possible for this will also affect our future plans,&rdquo; says Dhungana, &ldquo;Based on the committee&rsquo;s report, the market will reopen properly.&rdquo; </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">Investors, on the other hand, think that it is illogical to say that the market will only open after making improvements, as nothing was done during the three months of the lockdown. They claimed that the board has not paid attention to their suggestions. </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:&quot;Cambria&quot;,serif">According to investor and stock analyst Prakash Tiwari, closing the market indefinitely will not create capital and liquidity. He believes that this will send a negative message internationally while preparing to open investment to non-resident Nepalis. </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:&quot;Cambria&quot;,serif">Chief Executive Officer of NEPSE Chandra Singh Saud said that no problems exist in the online trading system. He mentioned that they are ready to open the market once SEBON gives instruction. According to him, NEPSE is requesting for the username and password to be added to the system as the investors have to get it themselves. He has requested all the investors to integrate their bank accounts as many people are doing business online through connect IPS from abroad. </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:&quot;Cambria&quot;,serif">Stockbrokers also stressed on the need to open the market immediately. &ldquo;The market should have never been closed. But now that many businesses have come into operation, the stock market should also be opened,&rdquo; said Ishwor Rimal, chairperson of the Nepal Stock House. &ldquo;Closing the stock market that has been running for 27 years gives negative messages,&rdquo; he said adding that the government has been losing millions in revenue every day while the market is closed. </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:&quot;Cambria&quot;,serif">Meanwhile, investors are expressing divided opinions regarding the opening of the market. President of Nepal Stock Investors Association Uttam Aryal stressed on the need to operate the market based on policies and rules rather than the wishes of individuals. Furthermore, he also said that the concerned bodies need to take initiative to help at least 51 percent of nearly 300,000 investors to participate in the online trading system. </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:&quot;Cambria&quot;,serif">&nbsp;He suggested that the authorities to implement necessary arrangements to safeguard the investors, who have already lost more than Rs 63 billion in stock investments during the lockdown, from hit by margin call when the market resumes. </span></span></span></span></p>
',
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			'description' => '',
			'sortorder' => '11886',
			'image' => '20200623041330_NEPSE.jpg',
			'article_date' => '2020-06-23 16:09:32',
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	(int) 4 => array(
		'Article' => array(
			'id' => '12137',
			'article_category_id' => '1',
			'title' => 'Date Set for FNCCI AGM ',
			'sub_title' => '',
			'summary' => 'Ending months of uncertainty, the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) has decided to hold its annual general meeting (AGM) on August 11-12. ',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Nirmala UI&quot;,sans-serif">June 23: Ending months of uncertainty, the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) has decided to hold its annual general meeting (AGM) on August 11-12. A virtual meeting of executive committee of FNCCI held on Monday finalised the new date of AGM. The meeting which went onto six hours took the decision to this effect unanimously. According to Shekhar Golchha, senior vice president of FNCCI, a meeting of the organisation&rsquo;s office bearers on Sunday proposed the AGM for August 10-11 which was deferred by a day to August 11-12 due to a technical reason. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Nirmala UI&quot;,sans-serif">The AGM, which was originally scheduled for April 10-11, was postponed to May 20-21 due to the lockdown. The second schedule was also not met because of extension of lockdown and Covid-19 fears. This situation led to increase in dispute between the various factions within FNCCI. As per the statute of the organisation, the AGM was to be organised within mid-April which can be extended for three months in case difficulties are encountered to hold the general meeting. The new date has been set using the special authority for resolving complications clause of the statute. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Nirmala UI&quot;,sans-serif">However, there are still doubts that the AGM will be organised on the given date. &ldquo;We hope that the situation will start to normalize by mid-August. If not, there will be postponement of AGM,&rdquo; said Umesh Lal Shrestha, vice president (commodity) of FNCCI, adding, &ldquo;Currently, protecting people from coronavirus contagion is more important than holding an event.&rdquo; &nbsp;</span></span></span></span></p>

<p>&nbsp;</p>
',
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			'created' => '2020-06-23',
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			'keywords' => '',
			'description' => '',
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			'image' => '20200623020501_FNCCI building teku.jpg',
			'article_date' => '2020-06-23 14:03:57',
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	(int) 5 => array(
		'Article' => array(
			'id' => '12136',
			'article_category_id' => '1',
			'title' => 'FNCCI AGM Proposed for August 2nd Week',
			'sub_title' => '',
			'summary' => 'The 54th Annual general Meeting of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI), which was postponed twice due to disturbances created by Covid-19 pandemic, has been proposed for the second week of August. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;">June 22: The 54<sup>th</sup> Annual general Meeting of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI), which was postponed twice due to disturbances created by Covid-19 pandemic, has been proposed for the second week of August. The new date was proposed during a meeting of FNCCI office bearers held on Sunday. If the proposal is approved by the executive committee meeting of the apex body of Nepali private sector scheduled for today, the AGM will be held on August 9 and 10 in Kathmandu. </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:&quot;Arial&quot;,&quot;sans-serif&quot;">&nbsp;&ldquo;Today&rsquo;s meeting has proposed the date of AGM which will be decided by the executive committee meeting,&rdquo; said Chandra Prasad Dhakal, vice president (associate) of FNCCI. &nbsp;</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:&quot;Arial&quot;,&quot;sans-serif&quot;">Holding the AGM has become a matter of contention between the different factions within the largest private sector body. Some of its senior members are against organising AGM at the moment citing the risks due to the spread of coronavirus while some have been piling pressure on the organisation&rsquo;s leadership to hold the event by June. FNCCI President Bhawani Rana had proposed not to hold the AGM for the next couple of months. </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:&quot;Arial&quot;,&quot;sans-serif&quot;">As per the statute of FNCCI, the AGM should have been organised within mid-April. The AGM was scheduled for April 10-11, which was postponed to May 20-21 due to the lockdown. There is a provision in the federation&rsquo;s statute that the event can be held after three months in exceptional circumstances. However, FNCCI leaders say that AGM can be held in August by finding necessary legal alternatives. </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:&quot;Arial&quot;,&quot;sans-serif&quot;">A faction within FNCCI led by past president and Distinguished Member Chandi Raj Dhakal, Vice President (Associate) Chandra Prasad Dhakal, Vice President (Commodity) Umesh Lal Shrestha and Treasurer Nirak Kc has been pressuring to hold AGM immediately. </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:&quot;Arial&quot;,&quot;sans-serif&quot;">The upcoming AGM will elect a new executive committee for three-year tenure. As per the organisation&rsquo;s statute, the senior vice president will automatically become the president, according to which, the current Senior Vice President Shekhar Golchha will be the President from the upcoming AGM. Vice presidents Chandra Dhakal and Kishor Pradhan have already announced their candidacies for the post of senior vice president. </span></span></span></span></p>

<p>&nbsp;</p>
',
			'published' => true,
			'created' => '2020-06-22',
			'modified' => '2020-06-22',
			'keywords' => '',
			'description' => '',
			'sortorder' => '11884',
			'image' => '20200622053259_FNCCI building.jpg',
			'article_date' => '2020-06-22 17:31:26',
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	(int) 6 => array(
		'Article' => array(
			'id' => '12135',
			'article_category_id' => '1',
			'title' => 'CDC Group Establishes Presence in Nepal',
			'sub_title' => '',
			'summary' => 'CDC Group Plc, a UK-based impact investor focusing on investments in Africa and South Asia, has appointed Rabi Rayamajhi as its Country Representative for Nepal',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;">June 22: CDC Group Plc, a UK-based impact investor focusing on investments in Africa and South Asia, has appointed Rabi Rayamajhi as its Country Representative for 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:&quot;Arial&quot;,&quot;sans-serif&quot;">Issuing a press statement, the company said that Rayamajhi has joined CDC from the Department for International Development (DFID), Nepal, where he was a private sector development advisor for four years and led projects in the financial and SME sectors. Prior to his role at DFID, Rayamajhi provided advisory support to the Investment Board of Nepal in promoting foreign investment and executing large-scale infrastructure projects in waste management, hydropower and cement sectors. He started his career at Standard Chartered Bank and has an MBA qualification from Singapore Management University.</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:&quot;Arial&quot;,&quot;sans-serif&quot;">According to the statement, Rayamajhi will be based at CDC&rsquo;s representative office in Kathmandu, where he will work closely with CDC teams across Asia.&nbsp; According to teh statement, with a mandate that includes providing counter-cyclical financing during financial crises, CDC is playing a role in protecting jobs and businesses. The firm&rsquo;s</span></span><span style="font-size:15.0pt"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;">&nbsp;response to the COVID-19 pandemic has three areas of focus: &lsquo;preserve&rsquo;, &lsquo;strengthen&rsquo; and &lsquo;rebuild&rsquo;, CDC said. </span></span>&nbsp;</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">&nbsp;<span style="font-size:15.0pt"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;">&ldquo;We welcome Rabi to CDC as our Country Representative in Nepal. His expertise in private sector development and extensive knowledge of the investment environment in Nepal will boost CDC&rsquo;s priority of providing increased long-term capital support to businesses and bolstering sector growth in the country. Rabi will be instrumental in strengthening our partnership with businesses and broadening our presence in Nepal, as we work to enhance corporate governance, develop environmental and social strategies, promoting skills and job creation that power Nepal&rsquo;s economy,&rdquo; the statement quoted </span></span><span style="font-size:15.0pt"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;">Srini Nagarajan, head of Asia at CDC as saying. </span></span>&nbsp;</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:&quot;Arial&quot;,&quot;sans-serif&quot;">Commenting on his appointment, Rayamajhi said that he is keen to get to work on developing local partnerships that will continue to boost business growth and improve the lives of millions of people.</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:&quot;Arial&quot;,&quot;sans-serif&quot;">&nbsp;&ldquo;I welcome a stronger presence for CDC in Nepal &ndash; this is great news for the country. The UK continues is committed to playing a strong role in working with the Government of Nepal and all development stakeholders to ensure Nepal is &lsquo;open for business&rsquo;. While the current COVID crisis has adversely affected Nepal&rsquo;s economy, there are also opportunities for investments to help ensure Nepal&rsquo;s recovery is resilient to future shocks and promotes green growth.&nbsp; I hope CDC and others like them will seize these opportunities,&rdquo;<strong> </strong>the statement quoted Lisa Honan, acting UK Ambassador and country director for DFID, Nepal as saying. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">&nbsp;</span></span></p>
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			'created' => '2020-06-22',
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			'description' => '',
			'sortorder' => '11883',
			'image' => '20200622035412_CDC.jpg',
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	(int) 7 => array(
		'Article' => array(
			'id' => '12134',
			'article_category_id' => '1',
			'title' => '500 Containers with Unauthorised Goods Held at Birgunj Dry Port ',
			'sub_title' => '',
			'summary' => '500 containers with goods including garden peas, dates, pepper and beetle nuts, which were imported unauthorised, are stuck at the Birgunj Dry port',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Mangal&quot;,&quot;serif&quot;">June 22: 500 containers with goods including garden peas, dates, pepper and beetle nuts, which were imported unauthorised, are stuck at the Birgunj Dry port. The importers of the goods have not taken permission from Food Technology and Quality Control Department (FTQCD) and the containers having the items have been held at the port for last one month. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Mangal&quot;,&quot;serif&quot;">On March 29, the government announced ban on import of dry fruits and other expensive edible items to avoid possible depletion of the country&rsquo;s foreign currency reserve with the Covid-19. However, the imports of such items under DAP, CAD, draft and TT systems, that had already moved ahead prior to March 29, have been allowed. It is also mandatory for importers to obtain FTQCD approval to import goods under such arrangements. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Mangal&quot;,&quot;serif&quot;">According to Umesh Shrestha, chief customs administrator of Dry Port Customs Office, the clearance of the containers was stopped though the importers started the process to import the goods started before March 29. &ldquo;It was found that they had not obtained permission from FTQCD,&rdquo; Shrestha told New Business Age.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Mangal&quot;,&quot;serif&quot;">Almost all goods imported from third countries enter Nepal via the Birgunj Dry Port. According to the Customs Office, the clearance of consignments under DAP have been halted. After importers receive the goods, payments of consignment from Kolkata and Visakhapatnam ports are carried out at the Birgunj Dry Port. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Mangal&quot;,&quot;serif&quot;">As the containers have been lying at the yard for many days, Himalayan Terminal is preparing to move the containers to the warehouse. According to the port authority, most of the containers held at the port are carrying dry peas. &nbsp;&nbsp;&nbsp;</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Mangal&quot;,&quot;serif&quot;">As per existing arrangements, the customs office can seize goods if found imported illegally. A few days ago, the office had seized a container of carrying beetle nuts. According to a Birjung-based importer, exporters of the goods have increased inquiry about payment of the goods after the dry port authority denied clearance of the containers. </span></span><span style="font-size:15.0pt"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;">&ldquo;Additional 500-700 containers are stuck at the Indian ports. As the clearance processes are not taking place, we are confused about bringing more containers here,&rdquo; he said. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;">The government banned the import of dry fruits and some other food items citing the pressure on the country&rsquo;s forex reserve created by the Covid-19 pandemic. According to customs officials, import of dry peas has remained highest followed by dates, pepper and beetle nuts. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;">These items are mostly imported unauthorised from third countries to export to India. Dry peas are imported from Canada and Indonesia whereas dates come from Pakistan and pepper from Vietnam. Similarly, beetle nuts are imported from Indonesia and Thailand. </span></span></span></span></p>

<p>&nbsp;</p>
',
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	(int) 8 => array(
		'Article' => array(
			'id' => '12133',
			'article_category_id' => '1',
			'title' => 'IBN Approves Investment Proposals worth Rs 185.43 Billion ',
			'sub_title' => '',
			'summary' => 'The 44th meeting of Investment Board Nepal (IBN) has approved proposals of seven investment projects worth Rs 185.43 billion. ',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">June 21: The 44<sup>th</sup> meeting of Investment Board Nepal (IBN) has approved proposals of seven investment projects worth Rs 185.43 billion. The meeting held on June 20 under the chairmanship of the Prime Minister KP Sharma Oli, who is also chairs the IBN, gave its approval to investment proposals of five hydropower and two cement industry related projects. Similarly, the meeting also decided to extend the deadline for submission of detailed project report (DPR) for different four projects. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">IBN, which has remained without CEO for around two months after Maha Prasad Adhikari was appointed governor of the Nepal Rastra Bank, received criticism for its inability to approve investment proposals. According to IBN officials, the combined capacity of the five hydropower projects that received the board&rsquo;s nod is 688.4 megawatts. Among them, Upper Marshyangdi-2 &nbsp;has capacity of 327MW whereas Kaligandaki Gorge 164MW, Isuwa Khola HEP 87.2MW, Myagdi Khola Hydropower Project 57.3MW and Aankhu Khola Hydropower Project 43.9MW. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">The meeting also approved investment proposal of Dang Cement and Samrat Cement. The total investment in these two cement industries is Rs 47.55 billion. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">The meeting has also decided to conduct feasibility study of solar project in Kohalpur, Banke and Banganga, Kapilvastu with combined capacity of 125MW. Resen Energy Singapore Joint Venture PTE has been selected for study of the projects that will be developed under public-private partnership (PPP) modality.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">&ldquo;The meeting decided to extend the deadline of projects including China-Nepal Friendship Industrial Park, Muktinath Cablecar, Multimodel Logistic Park and Terminal and block facility project,&rdquo; informed Balaram Rijal, spokesperson of IBN. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">According to him, the deadline for submitting DPR has been extended due to the difficulties created by the transmission of coronavirus. The meeting was participated by finance, energy, industry, commerce and supplies, forest, physical infrastructure and transport ministers. Similarly, Vice-chairman of National Planning Commission, Governor of Nepal Rastra Bank and leaders from all three umbrella association of the country&rsquo;s private sector were also present in the meeting. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><strong><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">CEO appointment process begins after 2 months </span></span></strong></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">IBN has started the process of appointing CEO two months after Maha Prasad Adhikari was appointed as NRB Governor. A recommendation committee under the Office of the Prime Minister and Council of Ministers has published a notice on Friday to asking for applications for IBN&rsquo;s CEO within the next 15 days. </span></span></span></span></p>

<p>&nbsp;</p>
',
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			'created' => '2020-06-21',
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			'image' => '20200621092348_meeting.jpg',
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	(int) 9 => array(
		'Article' => array(
			'id' => '12132',
			'article_category_id' => '1',
			'title' => 'Rs 5.50 Billion Revenue collected in 6 days',
			'sub_title' => '',
			'summary' => 'While the government is struggling to meet current expenditure due to the difficulties created by the Covid-19 pandemic, the collection of revenue has started to improve as soon as the banks and financial institutions (BFIs) and business houses have started clearing their tax dues. ',
			'content' => '<h2><span style="font-size:22px"><span style="font-family:Calibri,sans-serif"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">June 21: While the government is struggling to meet current expenditure due to the difficulties created by the Covid-19 pandemic, the collection of revenue has started to improve as soon as the banks and financial institutions (BFIs) and business houses have started clearing their tax dues. </span></span></span></h2>

<h2><span style="font-size:22px"><span style="font-family:Calibri,sans-serif"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">According to Jhalak Ram Adhikari, chief tax administrator at Large Taxpayers Office (LTO), a total of Rs 5.50 billion has been collected in the last six days from 234 taxpayers. </span></span></span></h2>

<h2><span style="font-size:22px"><span style="font-family:Calibri,sans-serif"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">&ldquo;We have observed that taxpayers are coming spontaneously to pay taxes with the intention of helping the state at a time of crisis,&rdquo; he said. According to him, the number of BFIs, private and public sector institutions coming to submit their revenue has increased over the last few days. </span></span></span></h2>

<h2><span style="font-size:22px"><span style="font-family:Calibri,sans-serif"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Officials at the Inland Revenue Department (IRD) have also said that the enthusiasm of the taxpayers is increasing. Deputy Director General of the department Mukti Prasad Pandey said the number of payments in VAT, second installment of estimated income tax and advance tax is on the rise. According to him, Rs 9.21 billion revenue has been collected till June 19.&rdquo;About Rs 50 billion has been collected during the period from March 24 to June 20,&rdquo; he informed. &nbsp;</span></span></span></h2>

<h2><span style="font-size:22px"><span style="font-family:Calibri,sans-serif"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Nepal Bankers&rsquo; Association (NBA), the organization of chief executive officers of commercial banks, had recently urged banks to clear their tax dues. Bhuvan Dahal, president of NBA said that the meeting held last Wednesday had agreed to pay taxes. He informed that that commercial banks will clear all kinds of their tax dues by today.&nbsp; </span></span></span></h2>

<h2><span style="font-size:22px"><span style="font-family:Calibri,sans-serif"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">&ldquo;It was not possible to pay taxes due to the lockdown and it seems the government is in trouble in terms of revenue collection. Therefore, we are paying taxes on time,&rdquo; he said. The government has been distressed after the Supreme Court ordered to collect taxes only after 30 days of lifting the lockdown. </span></span></span></h2>

<h2><span style="font-size:22px"><span style="font-family:Calibri,sans-serif"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Even though the lockdown has eased, there still is not favorable environment for the private sector companies to pay taxes. According to the industrialists, the three-month long lockdown has crippled the business sector and it will take some time for companies to pay taxes smoothly. Shekhar Golchha, senior vice-president of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) said that the order of the court has given relief to the people. </span></span></span></h2>

<h2><span style="font-size:22px"><span style="font-family:Calibri,sans-serif"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">&ldquo;It is the responsibility of citizens to pay the revenue. The order of the Supreme Court has made us somewhat comfortable in difficult situations. But, I request businesspersons who can pay taxes to help the government in this difficult time,&rdquo; he mentioned. He believes that the government should listen to the problems of the industrialists who are unable to pay taxes immediately and resolve the crisis through cooperation. </span></span></span></h2>

<h2>&nbsp;</h2>
',
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	(int) 10 => array(
		'Article' => array(
			'id' => '12131',
			'article_category_id' => '1',
			'title' => 'Sastodeal Raises USD 1 Million in Additional Investment',
			'sub_title' => '',
			'summary' => 'E-commerce portal Sastodeal has raised USD 1 million from the Dolma Impact Fund and other existing shareholders as part of an ongoing fundraising round.',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">E-commerce portal Sastodeal has raised USD 1 million from the Dolma Impact Fund and other existing shareholders as part of an ongoing fundraising round. Issuing a press statement, the company said that the investment will be used towards reaching Sastodeal&rsquo;s milestone target of achieving Rs 1 Billion in annual revenue within the next 18 months. &nbsp;&ldquo;This will include an expansion of product categories, talent acquisition, core operations, vendor empowerment, and an expansion to other regions in Nepal,&rdquo; 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:&quot;Cambria&quot;,&quot;serif&quot;">With the spread of coronavirus, Sastodeal claims that online shopping has been rising as new customers are getting familiar with online shopping. We worked as part of a government taskforce, along with other e-commerce providers, to deliver essentials during lockdown,&rdquo; the statement quoted Amun Thapa, CEO of Sastodeal as saying. &ldquo;Now that the lockdown has eased, the demand has increased more than ever as new customers are now familiar with online shopping.&rdquo;</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:&quot;Cambria&quot;,&quot;serif&quot;">Dolma Impact Fund, the first international private equity fund investing in Nepal, is already has investment in Sastodeal. </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:&quot;Cambria&quot;,&quot;serif&quot;">&ldquo;This is a high growth industry which performed a vital task during lockdown. This new investment reflects our belief in the Sastodeal team and our continued investment in Nepal&rsquo;s technology sector, alongside our healthcare and renewable energy investments. We are delighted to lead this round of financing alongside local partners,&rdquo; says Tim Gocher, CEO, Dolma Impact Fund. </span></span></span></span></p>
',
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			'created' => '2020-06-19',
			'modified' => '2020-06-19',
			'keywords' => '',
			'description' => '',
			'sortorder' => '11879',
			'image' => '20200619031010_sastodeal USD 1M deal.jpg',
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	(int) 11 => array(
		'Article' => array(
			'id' => '12130',
			'article_category_id' => '1',
			'title' => 'Collect Taxes 1 Month After Lockdown is Fully Lifted: SC',
			'sub_title' => '',
			'summary' => 'The Supreme Court has directed the government not to collect taxes during the lockdown. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">The Supreme Court has directed the government not to collect taxes during the lockdown. A division bench of justices Anil Kumar Sinha and Manoj Kumar Sharma issued an interim order yesterday directing the authorities to make necessary arrangements for taxpayers so that they can pay taxes and submit details within a month from the date of full lifting of the lockdown. Last week, the Inland Revenue Department (IRD) published a notice asking taxpayers to clear their tax dues and file tax details by June 21 and 29 respectively. Supreme Court&rsquo;s order came as a response to two separate writ petitions file by advocates Thaneshwar Kaphle and Srijana Adhikari against the Ministry of Finance and IRD. &nbsp;</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:&quot;Cambria&quot;,serif">The court has directed the government to simplify tax payment procedures keeping in mind that social distancing and other health safety measures are to be maintained for some time after the restrictions are lifted. Similarly, the court has also ordered to make reviews and arrangements in justifiable ways to set new tax paying deadlines should difficulties arise in particular areas or across the country for taxpayers to operate their businesses and continue jobs. </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:&quot;Cambria&quot;,serif">The private sector has welcomed the Supreme Court&rsquo;s order. Shekhar Golchha, senior vice president of Federation of Nepalese Chambers of Commerce and Industry (FNCCI) said that easing of the lockdown by the government and the ruling of the Supreme Court have been encouraging for the private sector. &ldquo;We hope that the situation will return to normalcy and business community members will again reach to a position to contribute to the government&rsquo;s revenue,&rdquo; he expressed. &nbsp;Rajesh Kaji Shrestha, president of Nepal Chamber of Commerce (NCC) also said that the court&rsquo;s order has provided relief to the crisis mired private sector. </span></span></span></span></p>

<p>&nbsp;</p>
',
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			'created' => '2020-06-12',
			'modified' => '2020-06-12',
			'keywords' => '',
			'description' => '',
			'sortorder' => '11878',
			'image' => '20200612024128_SC.jpg',
			'article_date' => '2020-06-12 14:37:06',
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	(int) 12 => array(
		'Article' => array(
			'id' => '12129',
			'article_category_id' => '1',
			'title' => 'Salary Payment Dispute Between Employers and Workers Intensifies',
			'sub_title' => '',
			'summary' => 'As the lockdown continues to hammer industrial and business activities, payment of salary has become a contentious issue. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:&quot;Cambria&quot;,serif">As the lockdown continues to hammer industrial and business activities, payment of salary has become a contentious issue. Though a tri-part taskforce, comprising of representative from government, private sector and labour unions mandated to find a resolve to the issue is currently working, no progress in salary management has been made till date. Despite holding five meetings since its inception some two months ago, the taskforce has not been able to find a common ground between the disagreeing sides and associations of private sector and labour unions are competing against each other to submit memorandum to the government lately. Both sides have refused to budge from their positions; employers are saying that they cannot pay more than 50 percent of usual wages of employees while labour union leaders are demanding employers to pay 50 percent for now and the remaining after businesses resume their operations as directed by the government. &nbsp;&nbsp;</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:&quot;Cambria&quot;,serif">According to Bharat Raj Acharya, vice chairman of Employers&rsquo; Council which is under the Federation of Nepalese Chambers of Commerce and Industry (FNCCI), the council on June 8 submitted a memorandum at the Office of the Prime Minister and Council of Ministers Office requesting for proactive role of government to resolve the issue as taskforce could not reach to a conclusion. Acharya informed that it submitted a joint letter of FNCCI, Federation of Nepali Small and Cottage Industries (FNSCI) and other private sector bodies incorporating their concepts for resolving the issues related to salary payment. &ldquo;We have reiterated that workers can be paid a maximum of 50 percent of their salaries at present,&rdquo; he said. According to him, industrial enterprises cannot pay salaries to those workers who are absent at work during the lockdown. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:&quot;Cambria&quot;,serif">Meanwhile, labour unions are also preparing to counter the move of employers demanding that the government&rsquo;s directive to clear the salary dues of Chaitra and Baisakh is implemented. Major labour unions including General Federation of Nepalese Trade Unions (GEFONT) and Nepal Trade Union Congress (NTUC) are said to be submitting memorandum to Office of the Prime Minister, Ministry of Labour, Employment and Social Security and the Federal Parliament&rsquo;s labour committee. &ldquo;We want to attract attention of the government that employers have ignored its direction to clear the salary dues,&rdquo; said Pushkar Acharya, president of NTUC. According to him, 75 percent employers in the country haven&rsquo;t yet registered their businesses at the Social Security Fund. &ldquo;Salary payment for Jestha can be negotiated and agreed separately. But it is wrong to hold the salaries when there is a possibility that the wages of Baisakh can pe paid partially after businesses resume their operations,&rdquo; he said. </span></span></span></span></p>
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	(int) 13 => array(
		'Article' => array(
			'id' => '12128',
			'article_category_id' => '1',
			'title' => 'World Bank’s USD 450 Million Grant for Road Project in Nepal ',
			'sub_title' => '',
			'summary' => 'The World Bank on June 10 approved a USD 450 million project to help Nepal improve its roads and set the course for post-COVID-19 economic recovery through greater cross-border trade, more jobs, especially for women, and better road safety. ',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">The World Bank on June 10 approved a USD 450 million project to help Nepal improve its roads and set the course for post-COVID-19 economic recovery through greater cross-border trade, more jobs, especially for women, and better road safety. The Washington DC-based multilateral agency in a press statement informed that the grant money will be used in the Nepal Strategic Road Connectivity and Trade Improvement Project to enhance regional road connectivity by improving the Nagdhunga-Naubise-Mugling road and upgrading the Kamala-Dhalkebar-Pathlaiya road. &ldquo;Both are crucial to Nepal&rsquo;s connectivity and trade with India and other countries. The project will also enhance infrastructure, facilities, and sanitation at border crossing points to ease trade constraints and spur agricultural exports,&rdquo; reads the statement. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">The bank said that amid the COVID-19 pandemic, the project will also support better screening of goods and people at border facilities, and develop guidance for special working arrangements, such as safe distancing and remote working.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">The project will strengthen the National Road Safety Council and the Department of Roads and support periodic maintenance of high-traffic roads within the Strategic Road Network. It also includes a contingency emergency response component to reallocate project funds to support emergency response and recovery.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">&ldquo;The project will reduce the time and cost of moving goods and boost Nepal&rsquo;s trade, which accounts for about 40 percent of the country&rsquo;s economic output,&rdquo; the statement quoted&nbsp;Sri Kumar Tadimalla, project task team leader and senior transport specialist of the World Bank as saying. &ldquo;Equally importantly, the project includes best practices in safety, climate resilience, road asset management, gender equality, social inclusion and citizen engagement, which the federal, provincial and local governments can take on,&rdquo; he added. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">According to the World Bank, the project is well-aligned with the past and ongoing efforts of Nepal and its regional partners to achieve the full potential for trade in the eastern sub-region of South Asia. It is a part of the World Bank&rsquo;s Eastern Corridor Connectivity Program, which since 2013, has financed a continually evolving regional program to improve connectivity and trade in Bangladesh, Bhutan, India, and Nepal. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">&ldquo;In the context of COVID-19, protecting people&rsquo;s lives is the priority, and giving a fillip to economic recovery is equally urgent,&rdquo; the statement quoted&nbsp;Faris Hadad-Zervos, World Bank Country Manager for Nepal as saying. &ldquo;Our support will pave the way for Nepal&rsquo;s COVID-19 recovery by making roads safer and more efficient while helping move people and goods, creating jobs, and generating demand for local products and services,&rdquo; he said. </span></span></span></span></p>
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	(int) 14 => array(
		'Article' => array(
			'id' => '12127',
			'article_category_id' => '1',
			'title' => 'KCM Concludes KuberWiz program 2019/20',
			'sub_title' => '',
			'summary' => 'Kathmandu College of Management (KCM) has wrapped off the final KuberWiz session for the year 2019/20 on June 7. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">Kathmandu College of Management (KCM) has wrapped off the final KuberWiz session for the year 2019/20 on June 7. KuberWiz is a flagship stock investment programme of KCM where students of the 3<sup>rd</sup> year Finance &amp; Banking students of the KCM-Siam International BBA programme learn how real-life stock investments are done by investing a small amount of their own money combined with an equal part of loan from college in the Nepal Stock Exchange (NEPSE). </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:&quot;Cambria&quot;,&quot;serif&quot;">Issuing a press statement, KCM said that this year&rsquo;s final session of KuberWiz programme was organised virtually due to the Covid-19 disruption. &ldquo;Unlike earlier years, this year&rsquo;s participants saw a roller-coaster ride as Nepse index rallied to surpass 1,600 points in late February while it was just hovering around 1,100 points in early December of 2019,&rdquo; reads the statement. &ldquo;The current COVID-19 crisis only added to their panic as NEPSE had been closed indefinitely following the nation-wide lockdown since late March. Nevertheless, students drove through these challenges with perseverance. They are still holding on to a large chunk of their portfolio and are hopeful that the market will bounce back once the lockdown is over and the economy is back and running,&rdquo; said the college. </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:&quot;Cambria&quot;,&quot;serif&quot;">According to the statement, the virtual session was accompanied by the guest judges Ajay Shrestha, chairman and managing director at iCapital and Niranjan Phuyal, &nbsp;deputy manager of NEPSE and board member of CDS and Clearing Limited. </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:&quot;Cambria&quot;,&quot;serif&quot;">Among the seven groups competing in the KuberWiz programme, Group 7 won the competition. &ldquo;Their portfolio was highly diversified with their asset-allocation being in commercial banks (50.1 percent), micro-finance (8 percent), life insurance (2.9 percent), manufacturing (26.8 percent), hotels (3.7 percent) and fixed deposits (8.5 percent). They had expected a 25 percent return on their overall portfolio with their investment strategy to choose stocks based on fundamental analysis and trade based on technical analysis. They used the dividend discount model (DDM) to find the intrinsic value of nine companies to check whether the stocks were overvalued or undervalued,&rdquo; informed KCM, adding, &ldquo;Overall, their total gain was Rs 43,081and during their conclusion they stated that KuberWiz taught them valuable lessons of controlling emotions, being rational, and having patience during the process of investment.&rdquo;</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:&quot;Cambria&quot;,&quot;serif&quot;">Similarly, Group 4, securing the second position, had a high-risk profile, and had a return objective to earn 20 percent on their investments. &ldquo;Their strategy for asset allocation was to incline more towards equity investments and chose finance (8 percent), hydropower (9 percent), non-life insurance (19 percent), and development banks (43 percent) for their allocation. Their investment objective was to engage in value investing and to focus more on capital gain than dividends. The seven companies they invested in gave them realized gain of Rs 12,792.1 and unrealized loss of Rs 7494,&rdquo; 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:&quot;Cambria&quot;,&quot;serif&quot;">Likewise, Group 1, securing the third position, had an expected return of 15 percent on their investments and they allocated their assets in commercial banks, life insurance, non-life insurance, and telecommunication sectors. &ldquo;To Group 1, diversification was an important factor and they had invested in eight companies that gave them net realized gain of Rs 50,67.76 with their return on investment (ROI) being 2.41 percent,&rdquo; informed KCM. </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:&quot;Cambria&quot;,&quot;serif&quot;">According to the statement, the guest judges also shared their insightful observations and some learning from their professional lives. Shrestha mainly stressed the fact that mistakes while investing are bound to happen, and the market, if it goes down, will come back up eventually but what matters the most is the lessons learned from the mistakes and applying the learning to future investments. Phuyal pointed out the importance of following one&rsquo;s return objectives and sacrificing greed in the investment process. He suggested the students make and follow their pre-set investment objective and focus not only on technical and fundamental analysis but also on a relatively newer approach known as behavioral analysis. </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:&quot;Cambria&quot;,&quot;serif&quot;">According to KCM, The session concluded with the announcement of winners and vote of thanks addressed by the vice-principal of the college Maria Shrestha. &ldquo;Group 1 bagged the third place and was awarded books on business and personality development. Group 4 became the runner-up with a cash prize of Rs 20,000 while Group 7 stood out in first place and won the title of &ldquo;KuberWizards&rdquo; with a cash prize of Rs 30,000,&rdquo; the statement said. </span></span></span></span></p>
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			'id' => '12142',
			'article_category_id' => '1',
			'title' => 'Siddhartha Bank and F1Soft Ink ‘Quickbhuktani’ Deal',
			'sub_title' => '',
			'summary' => 'Siddhartha Bank Limited has signed an agreement with the fintech company F1Soft International for the execution of invoice discounting service through ‘QuikBhuktani’ platform.',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">June 24: Siddhartha Bank Limited has signed an agreement with the fintech company F1Soft International for the execution of invoice discounting service through &lsquo;QuikBhuktani&rsquo; platform.</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:&quot;Cambria&quot;,serif">&lsquo;QuikBhuktani&rsquo; is Nepal&rsquo;s first online invoice discounting platform, developed by F1Soft with support from UKaid Sakchyam Access to Finance Programme.&nbsp; &ldquo;Through this platform, Siddhartha Bank shall provide the facility of invoice discounting to its business clients by using the reverse factoring model.&nbsp; F1Soft shall take the responsibility of platform management and technical support,&rdquo; F1Soft said in a 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:&quot;Cambria&quot;,serif">According to the statement, QuikBhuktani brings together buyers, suppliers and the bank in a secured web-based platform. Using this platform, a supplier digitally issues invoice to buyer and the buyer approves it for payment with a fixed timeline. &ldquo;If the supplier needs that payment before the due date, the supplier can forward that bill to the buyer&rsquo;s bank through the same platform and request for instant payment from the bank,&rdquo; reads the statement. The bank makes discounted payment to supplier and later collects the full invoice amount from buyer at the end of the payment timeline.</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:&quot;Cambria&quot;,serif">&ldquo;Siddhartha Bank and F1Soft believe QuikBhuktani can be very relevant and beneficial, especially in context of Nepal where majority of business transactions are done in credit,&rdquo; the statement said. According to the fintech company, it helps to improve the cash flow between businesses, which is particularly important in present situation when the whole economy is slowing down due to COVID 19 pandemic. </span></span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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			'id' => '12140',
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			'title' => 'Confusion Grows Over 500 Containers Held at Dry Port',
			'sub_title' => '',
			'summary' => 'The fate of 500 containers being held at the Birjung Dry Port for the last 30 days is increasingly becoming uncertain as the customs authority has become confused over the clearance of the goods. ',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">June 24: The fate of 500 containers being held at the Birjung Dry Port for the last 30 days is increasingly becoming uncertain as the customs authority has become confused over the clearance of the goods. The containers are said to have items including </span></span><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">garden peas, dates, pepper and beetle nuts, which were imported after the government announced ban on import of dry fruits and some food items on fears that the Covid-19 pandemic will hit the country&rsquo;s foreign currency reserve. The clearance of the consignments was denied after it was found that the importers have not taken approval from Food Technology and Quality Control Department (FTQCD). </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">According to Shishir Ghimire, director of Department of Customs (DoC), no decision has been taken yet regarding the consignments. &ldquo;We are not able to decide as this issue is related to FTQCD and Ministry of Industry, Commerce and Supplies (MoICS). We are not sure either to confiscate or destroy the goods,&rdquo; said Ghimire. &nbsp;</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:&quot;Cambria&quot;,serif">Meanwhile, FTQCD officials say that their duty is limited to providing permits to the importers after determining quality of the goods. &ldquo;It is responsibility of the DoC and MoICS to decide on the goods if the importers have not taken permission,&rdquo; mentioned Mohan Krishna Maharjan, spokesperson of FTQCD. According to him, the department has not issued permit after March 29 to import any goods that has been banned by the government. &nbsp;</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:&quot;Cambria&quot;,serif">According to the FCQTD, the validity period of a permit is six months. The goods stuck at the dry port were imported based on the permission obtained before six months, said Umesh Shrestha, chief customs administrator. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">A few days ago, the office had seized a container of carrying beetle nuts. According to a Birgunj-based importer, exporters of the goods have increased inquiry about payment of the goods after the dry port authority denied clearance of the containers.&nbsp;</span></span><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">&ldquo;Additional 500-700 containers are stuck at the Indian ports. As the clearance processes are not taking place, we are confused about bringing more containers here,&rdquo; he said.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">According to DoC officials, the role of banks also looks doubtful ragarding the transactions of the consignment imported under Documents Against Payment (DAP) system. A DoC official said that though import permit is mandatory under DAP, the bank went ahead with the process without official papers. </span></span></span></span></p>
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			'id' => '12139',
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			'title' => 'PAC Begins Probe into Medical Supply Procurement Irregularities ',
			'sub_title' => '',
			'summary' => 'The Public Accounts Committee (PAC) under the House of Representatives has labled the procurement of the essential medical supplies for treatment of Covid-19 carried out by Omni Business Pvt Ltd as against the Public Procurement Act',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Mangal&quot;,serif">June 23: The Public Accounts Committee (PAC) under the House of Representatives has labled the procurement of the essential medical supplies for treatment of Covid-19 carried out by Omni Business Pvt Ltd as against the Public Procurement Act. PAC made such comments after announcing to probe deeply into the allegation. </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:&quot;Mangal&quot;,serif">According to the committee, there has been widespread misuse of authority while awarding the contract. &ldquo;In spite of including the department chief in procuring the supplies, involvement of unrelated individuals in the procurement process has been found,&rdquo; said Bharat Kumar Shah, chairman of PAC, at the begining of the committee&rsquo;s meeting on Monday. </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:&quot;Mangal&quot;,serif">PAC summoned Narayan Prasad Bidari, secretary of Prime Minister&rsquo;s Office (PMO), Laxman Aryal, secretary of health and Dipendra Man Singh, director general of Health Services Department on Monday to testify regarding the controversies surrounding the procurement of medical supplies from Omni. </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:&quot;Mangal&quot;,serif">On March 25, Ministry of Health formed a committee under the leadership of health ministry advisor Dr Khem Karki to procure medical supplies for coronavirus control and treatment. After Minister for Health Bhanubhakta Dhakal granted a go-ahead for the procurement, the Health Services Department signed formal agreement with Omni Group. PAC has found out that the evaluation committee provisioned as per the Public Procurement Act was given no role in the procurement 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:&quot;Mangal&quot;,serif">According to PAC members, the role of minister Dhakal and Dr Karki in this respect are doubtful. &ldquo;Hurried behavior of high officials including the health minister to give the responsibility of procurement to Omni Group is pointing towards irregularities,&rdquo; they 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:&quot;Mangal&quot;,serif">The alleged involvement of advisor of the ministry has provide a space for irregularity,&rdquo; said Minendra Rijal, PAC member and parliamentarian from the opposition Nepali Congress party. According to him, the contract was given to someone who was not even in the preliminary discussion. Payment of the supplies was carried out in US dollars even though the agreement was signed for payment in Nepali rupees. &ldquo;They haven&rsquo;t answered this question yet,&rdquo; said Rijal. </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:&quot;Mangal&quot;,serif">However, PMO secretary Bidari claimed that there are no irregularities in the Coronavirus Control and Treatment programme. </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:&quot;Mangal&quot;,serif">Health secretary Laxman Aryal said that he is unaware of the issue as he has just joined the ministry but hoped that truth will soon be discovered regarding the topic matter. &nbsp;&nbsp;</span></span></span></span></p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '12138',
			'article_category_id' => '1',
			'title' => 'Indifference of MoF and SEBON Towards Resuming Stock Transactions',
			'sub_title' => '',
			'summary' => 'Nepal Stock Exchange (Nepse), which has about 1.7 million investors and capitalization of more than Rs 1.5 trillion, has been closed for three months after the government impose lockdown on March 24. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">June 23: Nepal Stock Exchange (Nepse), which has about 1.7 million investors and capitalization of more than Rs 1.5 trillion, has been closed for three months after the government impose lockdown on March 24. However, neither the regulator Securities Board of Nepal (SEBON) nor the Ministry of Finance (MoF) are showing any concern to opening it.&nbsp; </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:&quot;Cambria&quot;,serif">For many investors it is mysterious that MoF, which is putting its focus currently to collect taxes due to decline in revenue, has also become unconcerned when a market, which is itself a source of tax, is closed for such a long time. Even though the government has eased the lockdown, investors have become outraged due to the continuous closure of the stock market. </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:&quot;Cambria&quot;,serif">On Monday, SEBON formed a committee, comprising of representatives of NEPSE, CDS and Clearing Limited, and representatives of associations relate to securities brokers and stock investors, to study the possibility of opening the stock market. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">Stakeholders say that it is not necessary for the regulatory body to form a committee and consult other agencies at a time when most of the business activities have resumed. &ldquo;It is a weakness of SEBON,&rdquo; said investor and stock market analyst Dilip Munankarmi. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">However, SEBON seems to open the market only by improving many aspects of the capital market including bank integration and T-plus-One transaction clearance. According to Bhisma Raj Dhungana, chairperson of SEBON, the board is working in a way to ensure that the market would not be closed again. He says that the board plans to move ahead only after identifying the current market situation and improvements that are necessary. According to him, the committee will submit the report by June 26. &ldquo;The market has been closed for a long time. We are taking initiative to reopen it smoothly as soon as possible for this will also affect our future plans,&rdquo; says Dhungana, &ldquo;Based on the committee&rsquo;s report, the market will reopen properly.&rdquo; </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">Investors, on the other hand, think that it is illogical to say that the market will only open after making improvements, as nothing was done during the three months of the lockdown. They claimed that the board has not paid attention to their suggestions. </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:&quot;Cambria&quot;,serif">According to investor and stock analyst Prakash Tiwari, closing the market indefinitely will not create capital and liquidity. He believes that this will send a negative message internationally while preparing to open investment to non-resident Nepalis. </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:&quot;Cambria&quot;,serif">Chief Executive Officer of NEPSE Chandra Singh Saud said that no problems exist in the online trading system. He mentioned that they are ready to open the market once SEBON gives instruction. According to him, NEPSE is requesting for the username and password to be added to the system as the investors have to get it themselves. He has requested all the investors to integrate their bank accounts as many people are doing business online through connect IPS from abroad. </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:&quot;Cambria&quot;,serif">Stockbrokers also stressed on the need to open the market immediately. &ldquo;The market should have never been closed. But now that many businesses have come into operation, the stock market should also be opened,&rdquo; said Ishwor Rimal, chairperson of the Nepal Stock House. &ldquo;Closing the stock market that has been running for 27 years gives negative messages,&rdquo; he said adding that the government has been losing millions in revenue every day while the market is closed. </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:&quot;Cambria&quot;,serif">Meanwhile, investors are expressing divided opinions regarding the opening of the market. President of Nepal Stock Investors Association Uttam Aryal stressed on the need to operate the market based on policies and rules rather than the wishes of individuals. Furthermore, he also said that the concerned bodies need to take initiative to help at least 51 percent of nearly 300,000 investors to participate in the online trading system. </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:&quot;Cambria&quot;,serif">&nbsp;He suggested that the authorities to implement necessary arrangements to safeguard the investors, who have already lost more than Rs 63 billion in stock investments during the lockdown, from hit by margin call when the market resumes. </span></span></span></span></p>
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	(int) 4 => array(
		'Article' => array(
			'id' => '12137',
			'article_category_id' => '1',
			'title' => 'Date Set for FNCCI AGM ',
			'sub_title' => '',
			'summary' => 'Ending months of uncertainty, the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) has decided to hold its annual general meeting (AGM) on August 11-12. ',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Nirmala UI&quot;,sans-serif">June 23: Ending months of uncertainty, the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) has decided to hold its annual general meeting (AGM) on August 11-12. A virtual meeting of executive committee of FNCCI held on Monday finalised the new date of AGM. The meeting which went onto six hours took the decision to this effect unanimously. According to Shekhar Golchha, senior vice president of FNCCI, a meeting of the organisation&rsquo;s office bearers on Sunday proposed the AGM for August 10-11 which was deferred by a day to August 11-12 due to a technical reason. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Nirmala UI&quot;,sans-serif">The AGM, which was originally scheduled for April 10-11, was postponed to May 20-21 due to the lockdown. The second schedule was also not met because of extension of lockdown and Covid-19 fears. This situation led to increase in dispute between the various factions within FNCCI. As per the statute of the organisation, the AGM was to be organised within mid-April which can be extended for three months in case difficulties are encountered to hold the general meeting. The new date has been set using the special authority for resolving complications clause of the statute. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Nirmala UI&quot;,sans-serif">However, there are still doubts that the AGM will be organised on the given date. &ldquo;We hope that the situation will start to normalize by mid-August. If not, there will be postponement of AGM,&rdquo; said Umesh Lal Shrestha, vice president (commodity) of FNCCI, adding, &ldquo;Currently, protecting people from coronavirus contagion is more important than holding an event.&rdquo; &nbsp;</span></span></span></span></p>

<p>&nbsp;</p>
',
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	(int) 5 => array(
		'Article' => array(
			'id' => '12136',
			'article_category_id' => '1',
			'title' => 'FNCCI AGM Proposed for August 2nd Week',
			'sub_title' => '',
			'summary' => 'The 54th Annual general Meeting of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI), which was postponed twice due to disturbances created by Covid-19 pandemic, has been proposed for the second week of August. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;">June 22: The 54<sup>th</sup> Annual general Meeting of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI), which was postponed twice due to disturbances created by Covid-19 pandemic, has been proposed for the second week of August. The new date was proposed during a meeting of FNCCI office bearers held on Sunday. If the proposal is approved by the executive committee meeting of the apex body of Nepali private sector scheduled for today, the AGM will be held on August 9 and 10 in Kathmandu. </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:&quot;Arial&quot;,&quot;sans-serif&quot;">&nbsp;&ldquo;Today&rsquo;s meeting has proposed the date of AGM which will be decided by the executive committee meeting,&rdquo; said Chandra Prasad Dhakal, vice president (associate) of FNCCI. &nbsp;</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:&quot;Arial&quot;,&quot;sans-serif&quot;">Holding the AGM has become a matter of contention between the different factions within the largest private sector body. Some of its senior members are against organising AGM at the moment citing the risks due to the spread of coronavirus while some have been piling pressure on the organisation&rsquo;s leadership to hold the event by June. FNCCI President Bhawani Rana had proposed not to hold the AGM for the next couple of months. </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:&quot;Arial&quot;,&quot;sans-serif&quot;">As per the statute of FNCCI, the AGM should have been organised within mid-April. The AGM was scheduled for April 10-11, which was postponed to May 20-21 due to the lockdown. There is a provision in the federation&rsquo;s statute that the event can be held after three months in exceptional circumstances. However, FNCCI leaders say that AGM can be held in August by finding necessary legal alternatives. </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:&quot;Arial&quot;,&quot;sans-serif&quot;">A faction within FNCCI led by past president and Distinguished Member Chandi Raj Dhakal, Vice President (Associate) Chandra Prasad Dhakal, Vice President (Commodity) Umesh Lal Shrestha and Treasurer Nirak Kc has been pressuring to hold AGM immediately. </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:&quot;Arial&quot;,&quot;sans-serif&quot;">The upcoming AGM will elect a new executive committee for three-year tenure. As per the organisation&rsquo;s statute, the senior vice president will automatically become the president, according to which, the current Senior Vice President Shekhar Golchha will be the President from the upcoming AGM. Vice presidents Chandra Dhakal and Kishor Pradhan have already announced their candidacies for the post of senior vice president. </span></span></span></span></p>

<p>&nbsp;</p>
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	(int) 6 => array(
		'Article' => array(
			'id' => '12135',
			'article_category_id' => '1',
			'title' => 'CDC Group Establishes Presence in Nepal',
			'sub_title' => '',
			'summary' => 'CDC Group Plc, a UK-based impact investor focusing on investments in Africa and South Asia, has appointed Rabi Rayamajhi as its Country Representative for Nepal',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;">June 22: CDC Group Plc, a UK-based impact investor focusing on investments in Africa and South Asia, has appointed Rabi Rayamajhi as its Country Representative for 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:&quot;Arial&quot;,&quot;sans-serif&quot;">Issuing a press statement, the company said that Rayamajhi has joined CDC from the Department for International Development (DFID), Nepal, where he was a private sector development advisor for four years and led projects in the financial and SME sectors. Prior to his role at DFID, Rayamajhi provided advisory support to the Investment Board of Nepal in promoting foreign investment and executing large-scale infrastructure projects in waste management, hydropower and cement sectors. He started his career at Standard Chartered Bank and has an MBA qualification from Singapore Management University.</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:&quot;Arial&quot;,&quot;sans-serif&quot;">According to the statement, Rayamajhi will be based at CDC&rsquo;s representative office in Kathmandu, where he will work closely with CDC teams across Asia.&nbsp; According to teh statement, with a mandate that includes providing counter-cyclical financing during financial crises, CDC is playing a role in protecting jobs and businesses. The firm&rsquo;s</span></span><span style="font-size:15.0pt"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;">&nbsp;response to the COVID-19 pandemic has three areas of focus: &lsquo;preserve&rsquo;, &lsquo;strengthen&rsquo; and &lsquo;rebuild&rsquo;, CDC said. </span></span>&nbsp;</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">&nbsp;<span style="font-size:15.0pt"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;">&ldquo;We welcome Rabi to CDC as our Country Representative in Nepal. His expertise in private sector development and extensive knowledge of the investment environment in Nepal will boost CDC&rsquo;s priority of providing increased long-term capital support to businesses and bolstering sector growth in the country. Rabi will be instrumental in strengthening our partnership with businesses and broadening our presence in Nepal, as we work to enhance corporate governance, develop environmental and social strategies, promoting skills and job creation that power Nepal&rsquo;s economy,&rdquo; the statement quoted </span></span><span style="font-size:15.0pt"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;">Srini Nagarajan, head of Asia at CDC as saying. </span></span>&nbsp;</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:&quot;Arial&quot;,&quot;sans-serif&quot;">Commenting on his appointment, Rayamajhi said that he is keen to get to work on developing local partnerships that will continue to boost business growth and improve the lives of millions of people.</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:&quot;Arial&quot;,&quot;sans-serif&quot;">&nbsp;&ldquo;I welcome a stronger presence for CDC in Nepal &ndash; this is great news for the country. The UK continues is committed to playing a strong role in working with the Government of Nepal and all development stakeholders to ensure Nepal is &lsquo;open for business&rsquo;. While the current COVID crisis has adversely affected Nepal&rsquo;s economy, there are also opportunities for investments to help ensure Nepal&rsquo;s recovery is resilient to future shocks and promotes green growth.&nbsp; I hope CDC and others like them will seize these opportunities,&rdquo;<strong> </strong>the statement quoted Lisa Honan, acting UK Ambassador and country director for DFID, Nepal as saying. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">&nbsp;</span></span></p>
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	(int) 7 => array(
		'Article' => array(
			'id' => '12134',
			'article_category_id' => '1',
			'title' => '500 Containers with Unauthorised Goods Held at Birgunj Dry Port ',
			'sub_title' => '',
			'summary' => '500 containers with goods including garden peas, dates, pepper and beetle nuts, which were imported unauthorised, are stuck at the Birgunj Dry port',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Mangal&quot;,&quot;serif&quot;">June 22: 500 containers with goods including garden peas, dates, pepper and beetle nuts, which were imported unauthorised, are stuck at the Birgunj Dry port. The importers of the goods have not taken permission from Food Technology and Quality Control Department (FTQCD) and the containers having the items have been held at the port for last one month. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Mangal&quot;,&quot;serif&quot;">On March 29, the government announced ban on import of dry fruits and other expensive edible items to avoid possible depletion of the country&rsquo;s foreign currency reserve with the Covid-19. However, the imports of such items under DAP, CAD, draft and TT systems, that had already moved ahead prior to March 29, have been allowed. It is also mandatory for importers to obtain FTQCD approval to import goods under such arrangements. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Mangal&quot;,&quot;serif&quot;">According to Umesh Shrestha, chief customs administrator of Dry Port Customs Office, the clearance of the containers was stopped though the importers started the process to import the goods started before March 29. &ldquo;It was found that they had not obtained permission from FTQCD,&rdquo; Shrestha told New Business Age.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Mangal&quot;,&quot;serif&quot;">Almost all goods imported from third countries enter Nepal via the Birgunj Dry Port. According to the Customs Office, the clearance of consignments under DAP have been halted. After importers receive the goods, payments of consignment from Kolkata and Visakhapatnam ports are carried out at the Birgunj Dry Port. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Mangal&quot;,&quot;serif&quot;">As the containers have been lying at the yard for many days, Himalayan Terminal is preparing to move the containers to the warehouse. According to the port authority, most of the containers held at the port are carrying dry peas. &nbsp;&nbsp;&nbsp;</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Mangal&quot;,&quot;serif&quot;">As per existing arrangements, the customs office can seize goods if found imported illegally. A few days ago, the office had seized a container of carrying beetle nuts. According to a Birjung-based importer, exporters of the goods have increased inquiry about payment of the goods after the dry port authority denied clearance of the containers. </span></span><span style="font-size:15.0pt"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;">&ldquo;Additional 500-700 containers are stuck at the Indian ports. As the clearance processes are not taking place, we are confused about bringing more containers here,&rdquo; he said. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;">The government banned the import of dry fruits and some other food items citing the pressure on the country&rsquo;s forex reserve created by the Covid-19 pandemic. According to customs officials, import of dry peas has remained highest followed by dates, pepper and beetle nuts. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;">These items are mostly imported unauthorised from third countries to export to India. Dry peas are imported from Canada and Indonesia whereas dates come from Pakistan and pepper from Vietnam. Similarly, beetle nuts are imported from Indonesia and Thailand. </span></span></span></span></p>

<p>&nbsp;</p>
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	(int) 8 => array(
		'Article' => array(
			'id' => '12133',
			'article_category_id' => '1',
			'title' => 'IBN Approves Investment Proposals worth Rs 185.43 Billion ',
			'sub_title' => '',
			'summary' => 'The 44th meeting of Investment Board Nepal (IBN) has approved proposals of seven investment projects worth Rs 185.43 billion. ',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">June 21: The 44<sup>th</sup> meeting of Investment Board Nepal (IBN) has approved proposals of seven investment projects worth Rs 185.43 billion. The meeting held on June 20 under the chairmanship of the Prime Minister KP Sharma Oli, who is also chairs the IBN, gave its approval to investment proposals of five hydropower and two cement industry related projects. Similarly, the meeting also decided to extend the deadline for submission of detailed project report (DPR) for different four projects. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">IBN, which has remained without CEO for around two months after Maha Prasad Adhikari was appointed governor of the Nepal Rastra Bank, received criticism for its inability to approve investment proposals. According to IBN officials, the combined capacity of the five hydropower projects that received the board&rsquo;s nod is 688.4 megawatts. Among them, Upper Marshyangdi-2 &nbsp;has capacity of 327MW whereas Kaligandaki Gorge 164MW, Isuwa Khola HEP 87.2MW, Myagdi Khola Hydropower Project 57.3MW and Aankhu Khola Hydropower Project 43.9MW. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">The meeting also approved investment proposal of Dang Cement and Samrat Cement. The total investment in these two cement industries is Rs 47.55 billion. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">The meeting has also decided to conduct feasibility study of solar project in Kohalpur, Banke and Banganga, Kapilvastu with combined capacity of 125MW. Resen Energy Singapore Joint Venture PTE has been selected for study of the projects that will be developed under public-private partnership (PPP) modality.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">&ldquo;The meeting decided to extend the deadline of projects including China-Nepal Friendship Industrial Park, Muktinath Cablecar, Multimodel Logistic Park and Terminal and block facility project,&rdquo; informed Balaram Rijal, spokesperson of IBN. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">According to him, the deadline for submitting DPR has been extended due to the difficulties created by the transmission of coronavirus. The meeting was participated by finance, energy, industry, commerce and supplies, forest, physical infrastructure and transport ministers. Similarly, Vice-chairman of National Planning Commission, Governor of Nepal Rastra Bank and leaders from all three umbrella association of the country&rsquo;s private sector were also present in the meeting. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><strong><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">CEO appointment process begins after 2 months </span></span></strong></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">IBN has started the process of appointing CEO two months after Maha Prasad Adhikari was appointed as NRB Governor. A recommendation committee under the Office of the Prime Minister and Council of Ministers has published a notice on Friday to asking for applications for IBN&rsquo;s CEO within the next 15 days. </span></span></span></span></p>

<p>&nbsp;</p>
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	(int) 9 => array(
		'Article' => array(
			'id' => '12132',
			'article_category_id' => '1',
			'title' => 'Rs 5.50 Billion Revenue collected in 6 days',
			'sub_title' => '',
			'summary' => 'While the government is struggling to meet current expenditure due to the difficulties created by the Covid-19 pandemic, the collection of revenue has started to improve as soon as the banks and financial institutions (BFIs) and business houses have started clearing their tax dues. ',
			'content' => '<h2><span style="font-size:22px"><span style="font-family:Calibri,sans-serif"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">June 21: While the government is struggling to meet current expenditure due to the difficulties created by the Covid-19 pandemic, the collection of revenue has started to improve as soon as the banks and financial institutions (BFIs) and business houses have started clearing their tax dues. </span></span></span></h2>

<h2><span style="font-size:22px"><span style="font-family:Calibri,sans-serif"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">According to Jhalak Ram Adhikari, chief tax administrator at Large Taxpayers Office (LTO), a total of Rs 5.50 billion has been collected in the last six days from 234 taxpayers. </span></span></span></h2>

<h2><span style="font-size:22px"><span style="font-family:Calibri,sans-serif"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">&ldquo;We have observed that taxpayers are coming spontaneously to pay taxes with the intention of helping the state at a time of crisis,&rdquo; he said. According to him, the number of BFIs, private and public sector institutions coming to submit their revenue has increased over the last few days. </span></span></span></h2>

<h2><span style="font-size:22px"><span style="font-family:Calibri,sans-serif"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Officials at the Inland Revenue Department (IRD) have also said that the enthusiasm of the taxpayers is increasing. Deputy Director General of the department Mukti Prasad Pandey said the number of payments in VAT, second installment of estimated income tax and advance tax is on the rise. According to him, Rs 9.21 billion revenue has been collected till June 19.&rdquo;About Rs 50 billion has been collected during the period from March 24 to June 20,&rdquo; he informed. &nbsp;</span></span></span></h2>

<h2><span style="font-size:22px"><span style="font-family:Calibri,sans-serif"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Nepal Bankers&rsquo; Association (NBA), the organization of chief executive officers of commercial banks, had recently urged banks to clear their tax dues. Bhuvan Dahal, president of NBA said that the meeting held last Wednesday had agreed to pay taxes. He informed that that commercial banks will clear all kinds of their tax dues by today.&nbsp; </span></span></span></h2>

<h2><span style="font-size:22px"><span style="font-family:Calibri,sans-serif"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">&ldquo;It was not possible to pay taxes due to the lockdown and it seems the government is in trouble in terms of revenue collection. Therefore, we are paying taxes on time,&rdquo; he said. The government has been distressed after the Supreme Court ordered to collect taxes only after 30 days of lifting the lockdown. </span></span></span></h2>

<h2><span style="font-size:22px"><span style="font-family:Calibri,sans-serif"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Even though the lockdown has eased, there still is not favorable environment for the private sector companies to pay taxes. According to the industrialists, the three-month long lockdown has crippled the business sector and it will take some time for companies to pay taxes smoothly. Shekhar Golchha, senior vice-president of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) said that the order of the court has given relief to the people. </span></span></span></h2>

<h2><span style="font-size:22px"><span style="font-family:Calibri,sans-serif"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">&ldquo;It is the responsibility of citizens to pay the revenue. The order of the Supreme Court has made us somewhat comfortable in difficult situations. But, I request businesspersons who can pay taxes to help the government in this difficult time,&rdquo; he mentioned. He believes that the government should listen to the problems of the industrialists who are unable to pay taxes immediately and resolve the crisis through cooperation. </span></span></span></h2>

<h2>&nbsp;</h2>
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		'Article' => array(
			'id' => '12131',
			'article_category_id' => '1',
			'title' => 'Sastodeal Raises USD 1 Million in Additional Investment',
			'sub_title' => '',
			'summary' => 'E-commerce portal Sastodeal has raised USD 1 million from the Dolma Impact Fund and other existing shareholders as part of an ongoing fundraising round.',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">E-commerce portal Sastodeal has raised USD 1 million from the Dolma Impact Fund and other existing shareholders as part of an ongoing fundraising round. Issuing a press statement, the company said that the investment will be used towards reaching Sastodeal&rsquo;s milestone target of achieving Rs 1 Billion in annual revenue within the next 18 months. &nbsp;&ldquo;This will include an expansion of product categories, talent acquisition, core operations, vendor empowerment, and an expansion to other regions in Nepal,&rdquo; 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:&quot;Cambria&quot;,&quot;serif&quot;">With the spread of coronavirus, Sastodeal claims that online shopping has been rising as new customers are getting familiar with online shopping. We worked as part of a government taskforce, along with other e-commerce providers, to deliver essentials during lockdown,&rdquo; the statement quoted Amun Thapa, CEO of Sastodeal as saying. &ldquo;Now that the lockdown has eased, the demand has increased more than ever as new customers are now familiar with online shopping.&rdquo;</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:&quot;Cambria&quot;,&quot;serif&quot;">Dolma Impact Fund, the first international private equity fund investing in Nepal, is already has investment in Sastodeal. </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:&quot;Cambria&quot;,&quot;serif&quot;">&ldquo;This is a high growth industry which performed a vital task during lockdown. This new investment reflects our belief in the Sastodeal team and our continued investment in Nepal&rsquo;s technology sector, alongside our healthcare and renewable energy investments. We are delighted to lead this round of financing alongside local partners,&rdquo; says Tim Gocher, CEO, Dolma Impact Fund. </span></span></span></span></p>
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	(int) 11 => array(
		'Article' => array(
			'id' => '12130',
			'article_category_id' => '1',
			'title' => 'Collect Taxes 1 Month After Lockdown is Fully Lifted: SC',
			'sub_title' => '',
			'summary' => 'The Supreme Court has directed the government not to collect taxes during the lockdown. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">The Supreme Court has directed the government not to collect taxes during the lockdown. A division bench of justices Anil Kumar Sinha and Manoj Kumar Sharma issued an interim order yesterday directing the authorities to make necessary arrangements for taxpayers so that they can pay taxes and submit details within a month from the date of full lifting of the lockdown. Last week, the Inland Revenue Department (IRD) published a notice asking taxpayers to clear their tax dues and file tax details by June 21 and 29 respectively. Supreme Court&rsquo;s order came as a response to two separate writ petitions file by advocates Thaneshwar Kaphle and Srijana Adhikari against the Ministry of Finance and IRD. &nbsp;</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:&quot;Cambria&quot;,serif">The court has directed the government to simplify tax payment procedures keeping in mind that social distancing and other health safety measures are to be maintained for some time after the restrictions are lifted. Similarly, the court has also ordered to make reviews and arrangements in justifiable ways to set new tax paying deadlines should difficulties arise in particular areas or across the country for taxpayers to operate their businesses and continue jobs. </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:&quot;Cambria&quot;,serif">The private sector has welcomed the Supreme Court&rsquo;s order. Shekhar Golchha, senior vice president of Federation of Nepalese Chambers of Commerce and Industry (FNCCI) said that easing of the lockdown by the government and the ruling of the Supreme Court have been encouraging for the private sector. &ldquo;We hope that the situation will return to normalcy and business community members will again reach to a position to contribute to the government&rsquo;s revenue,&rdquo; he expressed. &nbsp;Rajesh Kaji Shrestha, president of Nepal Chamber of Commerce (NCC) also said that the court&rsquo;s order has provided relief to the crisis mired private sector. </span></span></span></span></p>

<p>&nbsp;</p>
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	(int) 12 => array(
		'Article' => array(
			'id' => '12129',
			'article_category_id' => '1',
			'title' => 'Salary Payment Dispute Between Employers and Workers Intensifies',
			'sub_title' => '',
			'summary' => 'As the lockdown continues to hammer industrial and business activities, payment of salary has become a contentious issue. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:&quot;Cambria&quot;,serif">As the lockdown continues to hammer industrial and business activities, payment of salary has become a contentious issue. Though a tri-part taskforce, comprising of representative from government, private sector and labour unions mandated to find a resolve to the issue is currently working, no progress in salary management has been made till date. Despite holding five meetings since its inception some two months ago, the taskforce has not been able to find a common ground between the disagreeing sides and associations of private sector and labour unions are competing against each other to submit memorandum to the government lately. Both sides have refused to budge from their positions; employers are saying that they cannot pay more than 50 percent of usual wages of employees while labour union leaders are demanding employers to pay 50 percent for now and the remaining after businesses resume their operations as directed by the government. &nbsp;&nbsp;</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:&quot;Cambria&quot;,serif">According to Bharat Raj Acharya, vice chairman of Employers&rsquo; Council which is under the Federation of Nepalese Chambers of Commerce and Industry (FNCCI), the council on June 8 submitted a memorandum at the Office of the Prime Minister and Council of Ministers Office requesting for proactive role of government to resolve the issue as taskforce could not reach to a conclusion. Acharya informed that it submitted a joint letter of FNCCI, Federation of Nepali Small and Cottage Industries (FNSCI) and other private sector bodies incorporating their concepts for resolving the issues related to salary payment. &ldquo;We have reiterated that workers can be paid a maximum of 50 percent of their salaries at present,&rdquo; he said. According to him, industrial enterprises cannot pay salaries to those workers who are absent at work during the lockdown. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:&quot;Cambria&quot;,serif">Meanwhile, labour unions are also preparing to counter the move of employers demanding that the government&rsquo;s directive to clear the salary dues of Chaitra and Baisakh is implemented. Major labour unions including General Federation of Nepalese Trade Unions (GEFONT) and Nepal Trade Union Congress (NTUC) are said to be submitting memorandum to Office of the Prime Minister, Ministry of Labour, Employment and Social Security and the Federal Parliament&rsquo;s labour committee. &ldquo;We want to attract attention of the government that employers have ignored its direction to clear the salary dues,&rdquo; said Pushkar Acharya, president of NTUC. According to him, 75 percent employers in the country haven&rsquo;t yet registered their businesses at the Social Security Fund. &ldquo;Salary payment for Jestha can be negotiated and agreed separately. But it is wrong to hold the salaries when there is a possibility that the wages of Baisakh can pe paid partially after businesses resume their operations,&rdquo; he said. </span></span></span></span></p>
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	(int) 13 => array(
		'Article' => array(
			'id' => '12128',
			'article_category_id' => '1',
			'title' => 'World Bank’s USD 450 Million Grant for Road Project in Nepal ',
			'sub_title' => '',
			'summary' => 'The World Bank on June 10 approved a USD 450 million project to help Nepal improve its roads and set the course for post-COVID-19 economic recovery through greater cross-border trade, more jobs, especially for women, and better road safety. ',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">The World Bank on June 10 approved a USD 450 million project to help Nepal improve its roads and set the course for post-COVID-19 economic recovery through greater cross-border trade, more jobs, especially for women, and better road safety. The Washington DC-based multilateral agency in a press statement informed that the grant money will be used in the Nepal Strategic Road Connectivity and Trade Improvement Project to enhance regional road connectivity by improving the Nagdhunga-Naubise-Mugling road and upgrading the Kamala-Dhalkebar-Pathlaiya road. &ldquo;Both are crucial to Nepal&rsquo;s connectivity and trade with India and other countries. The project will also enhance infrastructure, facilities, and sanitation at border crossing points to ease trade constraints and spur agricultural exports,&rdquo; reads the statement. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">The bank said that amid the COVID-19 pandemic, the project will also support better screening of goods and people at border facilities, and develop guidance for special working arrangements, such as safe distancing and remote working.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">The project will strengthen the National Road Safety Council and the Department of Roads and support periodic maintenance of high-traffic roads within the Strategic Road Network. It also includes a contingency emergency response component to reallocate project funds to support emergency response and recovery.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">&ldquo;The project will reduce the time and cost of moving goods and boost Nepal&rsquo;s trade, which accounts for about 40 percent of the country&rsquo;s economic output,&rdquo; the statement quoted&nbsp;Sri Kumar Tadimalla, project task team leader and senior transport specialist of the World Bank as saying. &ldquo;Equally importantly, the project includes best practices in safety, climate resilience, road asset management, gender equality, social inclusion and citizen engagement, which the federal, provincial and local governments can take on,&rdquo; he added. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">According to the World Bank, the project is well-aligned with the past and ongoing efforts of Nepal and its regional partners to achieve the full potential for trade in the eastern sub-region of South Asia. It is a part of the World Bank&rsquo;s Eastern Corridor Connectivity Program, which since 2013, has financed a continually evolving regional program to improve connectivity and trade in Bangladesh, Bhutan, India, and Nepal. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">&ldquo;In the context of COVID-19, protecting people&rsquo;s lives is the priority, and giving a fillip to economic recovery is equally urgent,&rdquo; the statement quoted&nbsp;Faris Hadad-Zervos, World Bank Country Manager for Nepal as saying. &ldquo;Our support will pave the way for Nepal&rsquo;s COVID-19 recovery by making roads safer and more efficient while helping move people and goods, creating jobs, and generating demand for local products and services,&rdquo; he said. </span></span></span></span></p>
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	(int) 14 => array(
		'Article' => array(
			'id' => '12127',
			'article_category_id' => '1',
			'title' => 'KCM Concludes KuberWiz program 2019/20',
			'sub_title' => '',
			'summary' => 'Kathmandu College of Management (KCM) has wrapped off the final KuberWiz session for the year 2019/20 on June 7. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">Kathmandu College of Management (KCM) has wrapped off the final KuberWiz session for the year 2019/20 on June 7. KuberWiz is a flagship stock investment programme of KCM where students of the 3<sup>rd</sup> year Finance &amp; Banking students of the KCM-Siam International BBA programme learn how real-life stock investments are done by investing a small amount of their own money combined with an equal part of loan from college in the Nepal Stock Exchange (NEPSE). </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:&quot;Cambria&quot;,&quot;serif&quot;">Issuing a press statement, KCM said that this year&rsquo;s final session of KuberWiz programme was organised virtually due to the Covid-19 disruption. &ldquo;Unlike earlier years, this year&rsquo;s participants saw a roller-coaster ride as Nepse index rallied to surpass 1,600 points in late February while it was just hovering around 1,100 points in early December of 2019,&rdquo; reads the statement. &ldquo;The current COVID-19 crisis only added to their panic as NEPSE had been closed indefinitely following the nation-wide lockdown since late March. Nevertheless, students drove through these challenges with perseverance. They are still holding on to a large chunk of their portfolio and are hopeful that the market will bounce back once the lockdown is over and the economy is back and running,&rdquo; said the college. </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:&quot;Cambria&quot;,&quot;serif&quot;">According to the statement, the virtual session was accompanied by the guest judges Ajay Shrestha, chairman and managing director at iCapital and Niranjan Phuyal, &nbsp;deputy manager of NEPSE and board member of CDS and Clearing Limited. </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:&quot;Cambria&quot;,&quot;serif&quot;">Among the seven groups competing in the KuberWiz programme, Group 7 won the competition. &ldquo;Their portfolio was highly diversified with their asset-allocation being in commercial banks (50.1 percent), micro-finance (8 percent), life insurance (2.9 percent), manufacturing (26.8 percent), hotels (3.7 percent) and fixed deposits (8.5 percent). They had expected a 25 percent return on their overall portfolio with their investment strategy to choose stocks based on fundamental analysis and trade based on technical analysis. They used the dividend discount model (DDM) to find the intrinsic value of nine companies to check whether the stocks were overvalued or undervalued,&rdquo; informed KCM, adding, &ldquo;Overall, their total gain was Rs 43,081and during their conclusion they stated that KuberWiz taught them valuable lessons of controlling emotions, being rational, and having patience during the process of investment.&rdquo;</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:&quot;Cambria&quot;,&quot;serif&quot;">Similarly, Group 4, securing the second position, had a high-risk profile, and had a return objective to earn 20 percent on their investments. &ldquo;Their strategy for asset allocation was to incline more towards equity investments and chose finance (8 percent), hydropower (9 percent), non-life insurance (19 percent), and development banks (43 percent) for their allocation. Their investment objective was to engage in value investing and to focus more on capital gain than dividends. The seven companies they invested in gave them realized gain of Rs 12,792.1 and unrealized loss of Rs 7494,&rdquo; 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:&quot;Cambria&quot;,&quot;serif&quot;">Likewise, Group 1, securing the third position, had an expected return of 15 percent on their investments and they allocated their assets in commercial banks, life insurance, non-life insurance, and telecommunication sectors. &ldquo;To Group 1, diversification was an important factor and they had invested in eight companies that gave them net realized gain of Rs 50,67.76 with their return on investment (ROI) being 2.41 percent,&rdquo; informed KCM. </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:&quot;Cambria&quot;,&quot;serif&quot;">According to the statement, the guest judges also shared their insightful observations and some learning from their professional lives. Shrestha mainly stressed the fact that mistakes while investing are bound to happen, and the market, if it goes down, will come back up eventually but what matters the most is the lessons learned from the mistakes and applying the learning to future investments. Phuyal pointed out the importance of following one&rsquo;s return objectives and sacrificing greed in the investment process. He suggested the students make and follow their pre-set investment objective and focus not only on technical and fundamental analysis but also on a relatively newer approach known as behavioral analysis. </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:&quot;Cambria&quot;,&quot;serif&quot;">According to KCM, The session concluded with the announcement of winners and vote of thanks addressed by the vice-principal of the college Maria Shrestha. &ldquo;Group 1 bagged the third place and was awarded books on business and personality development. Group 4 became the runner-up with a cash prize of Rs 20,000 while Group 7 stood out in first place and won the title of &ldquo;KuberWizards&rdquo; with a cash prize of Rs 30,000,&rdquo; the statement said. </span></span></span></span></p>
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file not found!

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FOREX

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

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

Bullion

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

Update : 2020-03-25

Source: Federation of Nepal Gold and Silver Dealers' Association

Petroleum

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