The International Labour Organization (ILO) has warned that the Covid-19 pandemic and lockdown imposed by the government has put 3.7 million jobs at…
The International Labour Organization (ILO) has warned that the Covid-19 pandemic and lockdown imposed by the government has put 3.7 million jobs at…
The World Bank has forecasted that Nepal’s GDP will slump to 1.8 percent in 2020 amid the Covid-19…
The Federation of Nepalese Chambers of Commerce and Industry (FNCCI), the apex body of the Nepali private sector, has called executive committee meeting on June 22 to decide on convening its 53rd annual general meeting (AGM) which has become a subject of dispute between the rival factions within the organisation.…
Travel agents have requested the government to allow airliners to resume regular international air services for few days to repatriate Nepalis stranded abroad.…
The protracted lockdown has adversely impacted the government’s income.…
The British government has announced additional fund to help Nepal fight the growing coronavirus transmission in the country.…
Almost Rs 3 billion in investment has been received from foreign and Nepali investors in the industrial sector in the past one month.…
A day after directing insurance companies to discontinue issuing the Covid-19 Insurance Policy, the Insurance Board (IB), the insurance sector regulator, has decided to give continuity to the coronavirus insurance…
The government has started to repatriate Nepali nationals stranded in foreign lands due to Covid-19 crisis on priority basis. After facing harsh criticism from various quarters of the society for showing reluctance to bring stranded Nepalis back home, the government has stepped up to rescue 40,000 citizens from different countries starting…
Chinese smartphone brand Xiaomi has launched the 9th generation of its Redmi Note series handsets in the Nepal market. Redmi Note 9 Pro comes with for NavIC, a navigation system developed indigenously by the Indian Space Research Organization (ISRO), which will prioritise Indian satellites for…
In a show of growing frustration against the ‘no-end-in-sight’ lockdown, business owners and traders have opened stores across the country. With the ongoing lockdown in its 73rd day making it one of the longest running lockdowns in the world to stop coronavirus from spreading, traders have been forced to face mounting business losses.…
The Investment Board Nepal (IBN), the body established to facilitate large investments in the country, has been left without leadership since April 2 when its CEO Maha Prasad Adhikari was appointed Governor of Nepal Rastra Bank.…
Experts have suggested the government to ease the ongoing lockdown in a careful manner to restart socio-economic activities.…
After facing widespread criticism for issuing notice to clear tax dues and submit tax details to the Inland Revenue Department (IRD) by June 7, the government has extended the tax payment and tax filing deadline by 14.…
Nepal Rastra Bank (NRB) has introduced the Refinancing Work Procedure, 2077 to allow small and medium scale industries to avail up to Rs 100 million in refinancing.…
Notice (8): Undefined variable: file [APP/View/Elements/side_bar.ctp, line 60]Code Context// $file = 'http://aabhiyan:QUVLg8Wzs2F7G9N7@nepalstock.com.np/api/indexdata.xml';if(!$xml = simplexml_load_file($file)){$viewFile = '/var/www/html/newbusinessage.com/app/View/Elements/side_bar.ctp' $dataForView = array( 'articles' => array( (int) 0 => array( 'Article' => array( [maximum depth reached] ) ), (int) 1 => array( 'Article' => array( [maximum depth reached] ) ), (int) 2 => array( 'Article' => array( [maximum depth reached] ) ), (int) 3 => array( 'Article' => array( [maximum depth reached] ) ), (int) 4 => array( 'Article' => array( [maximum depth reached] ) ), (int) 5 => array( 'Article' => array( [maximum depth reached] ) ), (int) 6 => array( 'Article' => array( [maximum depth reached] ) ), (int) 7 => array( 'Article' => array( [maximum depth reached] ) ), (int) 8 => array( 'Article' => array( [maximum depth reached] ) ), (int) 9 => array( 'Article' => array( [maximum depth reached] ) ), (int) 10 => array( 'Article' => array( [maximum depth reached] ) ), (int) 11 => array( 'Article' => array( [maximum depth reached] ) ), (int) 12 => array( 'Article' => array( [maximum depth reached] ) ), (int) 13 => array( 'Article' => array( [maximum depth reached] ) ), (int) 14 => array( 'Article' => array( [maximum depth reached] ) ) ), 'current_user' => null, 'logged_in' => false ) $articles = array( (int) 0 => array( 'Article' => array( 'id' => '12126', 'article_category_id' => '1', 'title' => '3.7 Million Jobs in Nepal at Risk: ILO', 'sub_title' => '', 'summary' => 'The International Labour Organization (ILO) has warned that the Covid-19 pandemic and lockdown imposed by the government has put 3.7 million jobs at risk.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria","serif"">The International Labour Organization (ILO) has warned that the Covid-19 pandemic and lockdown imposed by the government has put 3.7 million jobs at risk. In its latest report titled ‘Covid-19 Labour Market Impact in Nepal’, the UN agency the abrupt halt in domestic and international economic activities continue to wreak havoc on livelihood of millions of Nepali workers. “</span></span><span style="font-size:16.0pt"><span style="font-family:"Cambria","serif"">There are nearly 3.7 million workers earning their livelihoods in the sectors deemed most at risk to experience a significant (medium to high) reduction in economic output as a result of the Covid-19 crisis,” the report reads. According to ILO, nearly four in every five workers most vulnerable to disruption are in the construction, manufacturing and trade sectors. ILO’s estimates that between 1.6 and 2.0 million jobs are likely to be disrupted in Nepal in the current crisis, either with complete job loss or reduced working hours and wages. </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:"Cambria","serif"">Based on the higher-impact scenario, the jobs disrupted includes nearly 780,000 workers in wholesale and retail trade, 446,000 in manufacturing, 404,000 in construction, 211,000 in transport and 62,000 in accommodation and food service activities and 83,000 in other services, real estate and administrative activities, according to the report. ILO said that in 2018, the tourism sector employed 573,000 workers (8 per cent of total employment) and accounted for 26 per cent of total exports. “Three-quarters of workers in the tourism sector are in informal jobs, leaving them with no protection and no income as the sector has ground to a halt,” the report reads. </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:"Cambria","serif"">According to ILO, workers in informal sectors are also susceptible to Covid-19 crisis. “Majority of workers in all sectors are in informal employment, including the sectors expected to face the highest degree of disruption: construction (97 per cent), trade (74 per cent) and manufacturing (84 per cent),” said ILO. The report mentioned that approximately 5.7 million or 80.8 per cent of workers in Nepal have informal jobs and they lack the basic benefits usually provided by a formal job, including social protection coverage. “If they stop working due to economic downturn, sickness, or quarantine, they have no state-funded safety net,” the report said. Similarly, another category of precarious workers are home-based workers, according to the report. “There are approximately 1.4 million home based workers in Nepal – nearly all women – producing goods for export. With global supply blocked due to the pandemic, also this source of livelihoods is at risk,” said ILO. </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:"Cambria","serif"">The ILO study has found that employment of men in Nepal is at more risk than women employment. “Within the at-risk sectors, the female share of employment is low in many of the higher-risk sectors like construction and manufacturing. As a result, the share of men’s employment at risk of disruption due to Covid-19 is higher than women’s,” the report said. </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:"Cambria","serif"">In total, 631,000 female jobs (24.3 per cent of the 2018 female workforce) are estimated as at risk in the higher impact scenario, compared to 1.3 million jobs for men (also 30.3 per cent of the 2018 male workforce), according to the report. </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:"Cambria","serif"">Business community members, however, disagree with the numbers presented by ILO. “It is true that the COvid-19 crisis has put employment in all sectors in Nepal at risk. Nevertheless, it is difficult to exact number at the moment,” said Pashupati Murarka, past president of Federation of Nepalese Chambers of Commerce and Industry (FNCCI). According to him, industrial enterprises are finding themselves in between a rock and a hard place as they have to adopt austerity measures and save employment of workers at the same time. “The government which has not yet taken any concrete decision to allow industrial enterprises to resume their activities is asking us to pay salaries of workers,” said Murarka. </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:"Cambria","serif"">Binod Shrestha, president of General Federation of Nepalese Trade Unions (GEFONT) also said that the actual data about job losses in Nepal due to Covid-19 crisis is yet to come. “The true picture of job market in Nepal will emerge after the lockdown is lifted,” he mentioned. </span></span></span></span></p> ', 'published' => true, 'created' => '2020-06-10', 'modified' => '2020-06-10', 'keywords' => '', 'description' => '', 'sortorder' => '11874', 'image' => '20200610035639_workers.jpg', 'article_date' => '2020-06-10 15:55:15', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 1 => array( 'Article' => array( 'id' => '12125', 'article_category_id' => '1', 'title' => 'Nepal’s GDP to Slump to 1.8% in 2020: World Bank', 'sub_title' => '', 'summary' => 'The World Bank has forecasted that Nepal’s GDP will slump to 1.8 percent in 2020 amid the Covid-19 pandemic.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Arial,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">The World Bank has forecasted that Nepal’s GDP will slump to 1.8 percent in 2020 amid the Covid-19 pandemic. In its 2020 Global Economic Prospects, the Washington DC-based international agency said that the Himalayan nation will move towards a gradual recovery in the next year. The report estimates that Nepal’s GDP growth will be 2.1 percent in 2021. According to the report, the macroeconomic climate for South Asian countries will remain adverse in 2020 as the recovery in industrial production is reversed by Covid-19 related disruptions such as mitigation measures, global exports plunge and fall in remittances. “In Nepal, growth is projected to decline to 1.8 percent due to largely the same factors, in addition to a drop in tourism,” reads the report. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Arial,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Similarly, Nepal will also be impacted by economic slump in India. “Economies like Nepal are also vulnerable to sharper-than expected deceleration in India, an important intraregional trade partner,” said the bank. Besides, Nepal’s economy also remains vulnerable to supply chain disruptions, domestic as well as international stemming from imports of intermediate goods, and travel-related disruptions to international contractors in sectors like construction, according to the report. However, the World Bank hopes that the situation for Nepal will improve in 2021 and the recovery from the Covid-19 pandemic will be aided by increased private sector investment due to continued reforms to improve business environments. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Arial,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">According to the report, the swift and massive shock of the coronavirus pandemic and shutdown measures to contain it have plunged the global economy into a severe contraction. The bank forecasts that the global economy will shrink by 5.2 percent this year. “That would represent the deepest recession since the Second World War, with the largest fraction of economies experiencing declines in per capita output since 1870,” said the bank. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Arial,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Economic activity among advanced economies is anticipated to shrink 7 percent in 2020 as domestic demand and supply, trade, and finance have been severely disrupted. “Emerging market and developing economies (EMDEs) are expected to shrink by 2.5 percent this year, their first contraction as a group in at least 60 years. Per capita incomes are expected to decline by 3.6 percent, which will tip millions of people into extreme poverty this year,” reads the report. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Arial,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">According to the bank, the blow is hitting hardest in countries where the pandemic has been the most severe and where there is heavy reliance on global trade, tourism, commodity exports, and external financing. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Arial,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">“This is a deeply sobering outlook, with the crisis likely to leave long-lasting scars and pose major global challenges,” </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">a statement quoted World Bank Group Vice President for Equitable Growth, Finance and Institutions, Ceyla Pazarbasioglu as saying. “Our first order of business is to address the global health and economic emergency. Beyond that, the global community must unite to find ways to rebuild as robust a recovery as possible to prevent more people from falling into poverty and unemployment.”</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Arial,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">The report forecasts contraction of 6.1 percent for US economy this year, reflecting the disruptions associated with pandemic-control measures. Euro Area output is expected to shrink 9.1 percent in 2020 as widespread outbreaks took a heavy toll on activity. Japan’s economy is anticipated to shrink 6.1 percent as preventive measures have slowed economic activity.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Arial,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">"The COVID-19 recession is singular in many respects and is likely to be the deepest one in advanced economies since the Second World War and the first output contraction in emerging and developing economies in at least the past six decades,"</span></span> <span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">the statement quoted World Bank Prospects Group Director Ayhan Kose as saying. “The current episode has already seen by far the fastest and steepest downgrades in global growth forecasts on record. If the past is any guide, there may be further growth downgrades in store, implying that policymakers may need to be ready to employ additional measures to support activity.”</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Arial,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">According to the report, </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">economic activity in the South Asia region is projected to contract by 2.7 percent in 2020 as pandemic mitigation measures hinder consumption and services activity and as uncertainty about the course of the pandemic slows down private investment. “Industrial and services activities have plummeted in South Asia as a result of pandemic mitigation measures and the collapse in global demand. Trade activity has sharply fallen. Consumption has been severely hindered as nationwide lockdowns were instituted in several economies, despite some recent relaxations. Tourism has become severely constrained by the pandemic, which has led to sharp declines in arrivals in economies such as Bhutan, Nepal, Sri Lanka, and especially Maldives, where tourism accounts for a large share of output,” said the bank. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-06-09', 'modified' => '2020-06-09', 'keywords' => '', 'description' => '', 'sortorder' => '11873', 'image' => '20200609045117_Nepal road.jpg', 'article_date' => '2020-06-09 16:44:45', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '31' ) ), (int) 2 => array( 'Article' => array( 'id' => '12124', 'article_category_id' => '1', 'title' => 'FNCCI Executive Committee to Meet on June 22', 'sub_title' => '', 'summary' => 'The Federation of Nepalese Chambers of Commerce and Industry (FNCCI), the apex body of the Nepali private sector, has called executive committee meeting on June 22 to decide on convening its 53rd annual general meeting (AGM) which has become a subject of dispute between the rival factions within the organisation. ', 'content' => '<h1><span style="font-size:24pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">The Federation of Nepalese Chambers of Commerce and Industry (FNCCI), the apex body of the Nepali private sector, has called executive committee meeting on June 22 to decide on convening its 53rd annual general meeting (AGM) which has become a subject of dispute between the rival factions within the organisation. A meeting of FNCCI’s office bearers held on Friday (June 5) ended without conclusion regarding the AGM. According to Umesh Lal Shrestha, vice president (commodity) of FNCCI, the executive committee meeting scheduled for June 22 will take necessary decision in this respect.</span></span></span></span></h1> <h1><span style="font-size:24pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">FNCCI’s leadership is facing a huge pressure from some executive committee members to hold the AGM by mid-July which has been postponed twice due to the lockdown and Covid-19 fears. However, another group within the committee has been opposing the idea saying that convening AGM at a time of crisis would relay negative message. A group comprising of FNCCI’s former president Chandi Raj Dhakal, Vice President (Commodity) Umesh Lal Shrestha, Vice President (Associate) Chandra Prasad Dhakal and Treasurer Nirak KC has been pressurizing the executive committee to convene the AGM within mid-July to elect a new leadership. Chandra Prasad Dhakal is one of the contenders for the post of Senior Vice President. </span></span></span></span></h1> <h1><span style="font-size:24pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">The AGM, which was originally scheduled for April 10-11 as per the statute of FNCCI, was postponed to May 20-21 due to the lockdown. But the meeting could not be organised despite the rescheduling because of extension of lockdown by the government. As per the organisation’s statute, the AGM needs to be held within three months after its postponement. The current dispute came after FNCCI’s President Bhawani Rana proposed to postpone the AGM for the next few months. Power politics in FNCCI has heated up in the recent months as rival factions have been strengthening their positions against each other for the forthcoming AGM. </span></span></span></span></h1> <h1><span style="font-size:24pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">Meanwhile, the meeting held on Friday passed a motion condemning a recent statement of former president and Distinguished Member Chandi Raj Dhakal in which he accused Bhawani Rana of ‘forgetting her past status’ and that its is because of his efforts that Rana enjoys her current position. </span></span></span></span></h1> ', 'published' => true, 'created' => '2020-06-09', 'modified' => '2020-06-09', 'keywords' => '', 'description' => '', 'sortorder' => '11872', 'image' => '20200609031924_FNCCI.jpg', 'article_date' => '2020-06-09 15:15:18', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '31' ) ), (int) 3 => array( 'Article' => array( 'id' => '12123', 'article_category_id' => '1', 'title' => 'Travel Agents Ask Govt to Resume Regular International Flights', 'sub_title' => '', 'summary' => 'Travel agents have requested the government to allow airliners to resume regular international air services for few days to repatriate Nepalis stranded abroad. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">Travel agents have requested the government to allow airliners to resume regular international air services for few days to repatriate Nepalis stranded abroad. Their request came after the </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">Civil Aviation Authority of Nepal (CAAN) directed international airliners not to start charter flights on their own to bring back Nepalis stranded in foreign lands. Issuing a directive Saturday, CAAN restricted airliners to start booking or issuing tickets for scheduled or charter flights to and from Nepal. CAAN has said that permission to operate repatriation flights requires processing through the diplomatic channels.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">“As the government has already decided to repatriate Nepalis stranded abroad, we have requested for the resumption of regular international flights to help those looking to travel to other countries from Nepal and those seeking to return at cheaper air fares,” said Achyut Guragain, president of Nepal Association of Tour and Travel Agents (NATTA). According to him, the association has demanded to allow NATTA members to start sales of air tickets on proportional basis. “This will also provide some relief to the crisis-stricken Nepali travel businesses as the existing arrangement allow travel agencies to take 5 percent in commission from air ticket sales,” mentioned Guragain. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">With increasing complains that airline operators have been charging high for chartered flights from Nepalis stranded abroad, CAAN announced ban on such flights, exempting those operated through diplomatic channels, starting from yesterday. According to sources, the Ministry of Culture, Tourism and Civil Aviation directed CAAN to issue the directive to ban chartered flights by international airlines after receiving complaints from Nepalis looking to return to the country. </span></span></span></span></p> ', 'published' => true, 'created' => '2020-06-08', 'modified' => '2020-06-08', 'keywords' => '', 'description' => '', 'sortorder' => '11871', 'image' => '20200608013121_nepal.jpg', 'article_date' => '2020-06-08 13:30:02', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 4 => array( 'Article' => array( 'id' => '12122', 'article_category_id' => '1', 'title' => 'Lockdown Puts Serious Dent on Government’s Income ', 'sub_title' => '', 'summary' => 'The protracted lockdown has adversely impacted the government’s income. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">The protracted lockdown has adversely impacted the government’s income. The data related to revenue collection of the last two and a half months shows drying of major source of income leading to difficulties to sustain expenditures for the government. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">According to the Financial Comptroller General Office (FGCO), the revenue collection from March 24 to June 5 has amounted to Rs 62.98 billion. Similarly, the spending from the government coffers during the period totaled Rs 1.95 billion. The government’s revenue account, which had surplus of Rs 100 billion before the start of the lockdown in March 24, now has surplus of Rs 5.27 billion. FGCO data shows that only about 60 percent of the revenue collection target set for the current fiscal year has been met till June 5.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">“Mandatory liabilities of the government such as payments related to employees’ salaries, pension and gratuity, social security allowances and principal and interest payment of foreign borrowings have continued till now. However, the situation will be different if lockdown continues to impact on revenue collection,” said Financial Comptroller Genaral Gopinath Mainali. He suggested the government to change the modality of the lockdown to restart the economic activities that have remained halted for the last two and a half months and make the revenue collection effective. “Though there is not much pressure currently regarding the revenue collection, the government may be finds itself surrounded by big difficulties over the next two months if the lockdown continues,” warned Mainali. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">All three levels of the government have spent Rs 10 billion for prevention and control of coronavirus. According to Narayan Prasad Bidari, secretary at the Office of the Prime Minister, the money was used to buy medical equipment and necessary items, quarantine management and distribution of relief materials to the poor people. However, the government has been criticized for lack of transparency regarding the expenses related to prevention and control of coronavirus. Economist Keshav Acharya said that the results have not been as claimed by the government.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Acharya said that the government now needs to lift the lockdown in a careful manner. “Industries should be allowed to open on the condition that the owners ensure high level of health safety at the workplaces. To keep the economic activities closed for a long time has repercussions to both the private sector and the government,” he opined. According to Acharya, the government needs to be frugal as the Covid-19 crisis has put a serious dent on its income sources. </span></span></span></span></p> ', 'published' => true, 'created' => '2020-06-07', 'modified' => '2020-06-07', 'keywords' => '', 'description' => '', 'sortorder' => '11870', 'image' => '20200607020358_govt tax.jpg', 'article_date' => '2020-06-07 14:02:30', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 5 => array( 'Article' => array( 'id' => '12121', 'article_category_id' => '1', 'title' => 'UK Announces Additional Support for Nepal’s Covid-19 Response ', 'sub_title' => '', 'summary' => 'The British government has announced additional fund to help Nepal fight the growing coronavirus transmission in the country. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:13.5pt"><span style="font-family:"Georgia",serif">The British government has announced additional fund to help Nepal fight the growing coronavirus transmission in the country. The Department for International Development (DFID), the British government’s department responsible for administering overseas aid, will provide the financial support to the Himalayan nation. According to the announcement, the amount of UKP 8.2 million provided by DFID earlier for Nepal’s Covid-19 response has been increased to UKP 10 million. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:13.5pt"><span style="font-family:"Georgia",serif">Though DFID has been providing financial assistance to Nepal annually, this is an additional support as during the 2015 earthquake, a statement issued by the Nepal’s Embassy in London reads. DFID has announced to provide UKP 100 million to developing countries to fight the pandemic. The department has so far donated a financial assistance of UKP 844 million across the world since the start of the coronavirus outbreak. <em>(RSS)</em></span></span></span></span></p> ', 'published' => true, 'created' => '2020-06-07', 'modified' => '2020-06-07', 'keywords' => '', 'description' => '', 'sortorder' => '11869', 'image' => '20200607020210_covid-19 response nepal.jpg', 'article_date' => '2020-06-07 14:00:54', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 6 => array( 'Article' => array( 'id' => '12120', 'article_category_id' => '1', 'title' => 'Rs 3 Billion Investment Realised During Lockdown', 'sub_title' => '', 'summary' => 'Almost Rs 3 billion in investment has been received from foreign and Nepali investors in the industrial sector in the past one month. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Almost Rs 3 billion in investment has been received from foreign and Nepali investors in the industrial sector in the past one month. According to Prakash Dahal, spokesperson of Ministry of Industry, Commerce and Supplies, four domestic and 11 foreign industries in the country received investment worth Rs 2.74 billion in the period. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">The Department of Industry approved foreign direct investment (FDI) worth Rs 927 million and Rs. 1.82 billion worth of domestic investment, respectively, in 11 industries. Dahal informed that the highest investment came from China worth Rs 727 million which was invested in seven different industries. Likewise, Rs 50 million in investment each came from India, South Korea, the Netherlands and Malaysia. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">According to Dahal, a high-level industrial and investment policy forum has been formed under the convenorship of the Industry Minister to support the work of the Industrial and Investment Promotion Board, as provided in the Industrial Business Act, 2076. <em>(RSS)</em></span></span></span></span></p> ', 'published' => true, 'created' => '2020-06-06', 'modified' => '2020-06-06', 'keywords' => '', 'description' => '', 'sortorder' => '11868', 'image' => '20200606014338_industry.jpg', 'article_date' => '2020-06-06 13:40:58', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 7 => array( 'Article' => array( 'id' => '12119', 'article_category_id' => '1', 'title' => 'IB Gives Continuity to Covid-19 Insurance Scheme', 'sub_title' => '', 'summary' => 'A day after directing insurance companies to discontinue issuing the Covid-19 Insurance Policy, the Insurance Board (IB), the insurance sector regulator, has decided to give continuity to the coronavirus insurance scheme.', 'content' => '<h1><span style="font-size:24pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">A day after directing insurance companies to discontinue issuing the Covid-19 insurance policies, the Insurance Board (IB), the insurance sector regulator, has decided to give continuity to the coronavirus insurance scheme. IB directed insurers yesterday to put off the programme until further notice. Nepal Insurers’ Association (NIA) had earlier asked the board to discontinue coronavirus insurance scheme saying that it has become too risky for the companies due to the fast rise in Covid-19 cases in the country. IB was criticized for introducing the insurance programme without conducting proper study of the situation and for lack of foresight.</span></span></span></span></h1> <h1><span style="font-size:24pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">The risk of Covid-19 insurance will be shared between the government, IB, Nepal Reinsurance Company and insurance companies. As per the IB directive, the news policies under the scheme will provide coverage to the insured until Chaitra 1. The policies issued earlier provide coverage of one year to the insured from the date of purchase of the policy. IB has decided to further expand the scope of the Covid-19 insurance scheme. In a meeting with CEOs of insurance companies today, IB directed insurers to work to issue at least 10 million Covid-19 policies. </span></span></span></span></h1> ', 'published' => true, 'created' => '2020-06-05', 'modified' => '2020-06-05', 'keywords' => '', 'description' => '', 'sortorder' => '11867', 'image' => '20200605091340_covid-19 scheme.jpg', 'article_date' => '2020-06-05 21:10:30', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 8 => array( 'Article' => array( 'id' => '12118', 'article_category_id' => '1', 'title' => 'Repatriation of 40,000 Nepalis Stranded in Foreign Lands Begins', 'sub_title' => '', 'summary' => 'The government has started to repatriate Nepali nationals stranded in foreign lands due to Covid-19 crisis on priority basis. After facing harsh criticism from various quarters of the society for showing reluctance to bring stranded Nepalis back home, the government has stepped up to rescue 40,000 citizens from different countries starting today.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">The government has started to repatriate Nepali nationals stranded in foreign lands due to Covid-19 crisis on priority basis. After facing harsh criticism from various quarters of the society for showing reluctance to bring stranded Nepalis back home, the government has stepped up to rescue 40,000 citizens from different countries starting today. According to officials, the government has prioritized those facing difficulties and looking to return from major labour destination countries of Nepal including Malaysia, United Arab Emirates (UAE), Kuwait, Saudi Arabia and Qatar. However, the flight of Air Arabia scheduled for today to bring Nepalis from UAE has been canceled due to some technical reasons. The government of UAE had proposed to airlift Nepalis living there in its own expenses. Officials say that the flights will commence in the next few days after the issues are settled. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">The government has targeted to bring over 18,000 Nepalis stranded in UAE and Myanmar. “10 chartered flights daily will bring Nepalis nationals from the countries. Some 18,000 are looking to return to Nepal from UAE while the number is 30 in Myanmar,” informed Suman Ghimire, joint secretary at Ministry of Labour. A plane belonging to Myanmar Air Force has brought 26 Nepalis to Kathmandu today afternoon; the flight will take back Burmese stranded in Nepal.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">Similarly, the government of Kuwait will also send 3,000 Nepalis, who have received general amnesty, back home at its own expenses. Labour ministry officials say that 5,000 Nepali migrant workers, who have become jobless due to Covid-19 crisis, are waiting to be airlifted immediately from Kuwait and Nepal’s embassy has been working to set timeline for their repatriation. </span></span></span></span></p> ', 'published' => true, 'created' => '2020-06-05', 'modified' => '2020-06-05', 'keywords' => '', 'description' => '', 'sortorder' => '11866', 'image' => '20200605065834_Myanmar_TIA-scaled.jpg', 'article_date' => '2020-06-05 12:53:02', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '31' ) ), (int) 9 => array( 'Article' => array( 'id' => '12117', 'article_category_id' => '1', 'title' => 'Xiaomi Introduces Redmi Note 9 Pro in Nepal', 'sub_title' => '', 'summary' => 'Chinese smartphone brand Xiaomi has launched the 9th generation of its Redmi Note series handsets in the Nepal market. Redmi Note 9 Pro comes with for NavIC, a navigation system developed indigenously by the Indian Space Research Organization (ISRO), which will prioritise Indian satellites for navigation.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Chinese smartphone brand</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif"> Xiaomi has launched the 9<sup>th</sup> generation of its Redmi Note series handsets in the Nepal market. Redmi Note 9 Pro comes with for NavIC, a navigation system developed indigenously by the Indian Space Research Organization (ISRO), which will </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">prioritise Indian satellites for navigation</span></span>.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Issuing a press statement, Xiaomi claimed that Redmi Note 9 is the most competitive smartphone in its price segment featuring the latest Qualcomm Snapdragon 720G processor.</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif"> “The 8nm Process Technology enables it to run 1 - 1.5° cooler for sustained peak performance than many other 12nm chipsets,” reads the statement. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Redmi Note 9 Pro sports a 48MP Samsung ISOCELL Bright GM2 sensor which hosts camera features like Smart ISO to enable better results in the toughest of lighting conditions. “The 48MP sensor is coupled with an 8MP ultra-wide angle lens, a 2MP depth sensor and a 5MP macro sensor that lets you go as close as 2cm to the subject and support for 1080p macro video. For selfie lovers, there’s a 16MP sensor in the front,” informed the company. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">According to the company, Redmi Note 9 Pro features the Aura Balance Design which brings immersive experience, impeccable craftsmanship and functional design to the handset. “With the side-mounted fingerprint scanner that sits flush on the matt-finish midframe, Redmi Note 9 Pro facilitates a natural approach to unlocking,” Xiaomi said. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Other features of Redmi Note 9 Pro include triple Corning Gorilla Glass 5, on the front, rear and on the rear camera lenses. It is protected by P2i, splash proof nano-coating technology which protects them from accidental spills, while the reinforced corners provide better resilience to accidental falls, according to the company. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">“Redmi Note series has been the torch bearer of innovation for everyone. Redmi Note 8 series set new benchmarks continuing the Redmi Note legacy and evolved as one of the most sought-after series. In 2019 Redmi Note 8 went on to become the no. 1 Android smartphone globally,” the statement quoted </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Sourabh Kothari, country general manager of Xiaomi Nepal, as saying. </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">“We are especially excited about Redmi Note 9 Pro, built for true Mi Fans and we hope they would appreciate this perfect amalgamation of Aura Balance design, massive battery and quad camera set up as we continue to bring the best specs with highest quality at honest pricing,” he added. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">According to Xiaomi, Redmi Note 9 Pro of 6GB + 128GB variant will be available in Interstellar Black for Rs 29,999 across offline stores, retail partners and online partners very soon.</span></span></span></span></p> ', 'published' => true, 'created' => '2020-06-04', 'modified' => '2020-06-04', 'keywords' => '', 'description' => '', 'sortorder' => '11865', 'image' => '20200604055440_Redmi Note 9 Pro[6998].jpg', 'article_date' => '2020-06-04 17:52:40', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 10 => array( 'Article' => array( 'id' => '12116', 'article_category_id' => '1', 'title' => 'Business Owners Intensify Defiance of Lockdown Orders ', 'sub_title' => '', 'summary' => 'In a show of growing frustration against the ‘no-end-in-sight’ lockdown, business owners and traders have opened stores across the country. With the ongoing lockdown in its 73rd day making it one of the longest running lockdowns in the world to stop coronavirus from spreading, traders have been forced to face mounting business losses. ', 'content' => '<h1><span style="font-size:24pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">In a show of growing frustration against the ‘no-end-in-sight’ lockdown, business owners and traders have opened stores across the country. With the ongoing lockdown in its 73<sup>rd</sup> day making it one of the longest running lockdowns in the world to stop coronavirus from spreading, traders have been forced to face mounting business losses. Running out of patience, they defied government order to keep their shops, stores and offices shut down saying they can no longer afford to pay house rents, staff salaries and clear tax dues without resumption of business activities. </span></span></span></span></h1> <h1><span style="font-size:24pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Markets in across the country have opened today with businesses operating for longer hours than earlier days. Stores selling make-up items, liquor, electric items, apparels, among others, categorised under non-essential businesses have also resume their operations. Stores in major market areas in Kathmandu valley including New Road, Ason, Baneshwor, Kumaripati, Lagankhel, Putalisadak, Chabahil and Koteshwor, among other places, are opened for business. Similarly, businesses are also opened in different districts including Biratnagar, Rajbiraj, Birgunj, Hetauda, Pokhara, Chitwan, Butwal, Bhairahawa, Dang, Dhangadhi and Nepalgunj. </span></span></span></span></h1> <h1><span style="font-size:24pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Shopkeepers and small store owners have been increasingly defying the lockdown orders the last few days. With the crippling impacts of the lockdown becoming more clearer, the calls to open shops and businesses have grown louder. Small traders have opened their businesses under the leadership of Nepal National Traders’ Federation. The association of small traders has asked businesses to defy the restrictions to resume their activities. </span></span></span></span></h1> <h1><span style="font-size:24pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Similarly, major private sector bodies – Federation of Nepalese Chambers of Commerce of Industry (FNCCI), Confederation of Nepalese Industries (CNI) and Nepal Chamber of Commerce (NCC) have also asked the administration to allow resumption of industrial and business activities. Durga Raj Shrestha, chairman of supply committee of Kathmandu Chamber of Commerce and Industry said that even the reduced hours of business operation have added to the enthusiasm of business owners. “Business reopening is expected to reach 60-70 percent today,” said Kishore Pradhan, vice president (district and municipal chapter) of FNCCI. According to him, business owners have restarted their activities by following health safety standards and physical distancing measures. </span></span></span></span></h1> <h1><strong><span style="font-size:24pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Kathmandu Valley Administrations Allow Reopening of Businesses </span></span></span></span></strong></h1> <h1><span style="font-size:24pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">All district administrations of the Kathmandu valley have decided not to obstruct reopening of businesses. Amid the intensifying defiance of traders, a meeting between chief district officers (CDOs) of Kathmandu, Lalitpur and Bhaktapur and private sector representatives held on today afternoon, the CDOs said that the local administrations are ready to facilitate resumption of business activities by implementing proper health safety standards. In the meeting NCC President Rajesh Kaji Shrestha presented suggestions to facilitate safe and secure reopening of businesses. </span></span></span></span></h1> ', 'published' => true, 'created' => '2020-06-04', 'modified' => '2020-06-04', 'keywords' => '', 'description' => '', 'sortorder' => '11864', 'image' => '20200604051542_Market.jpg', 'article_date' => '2020-06-04 17:10:28', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 11 => array( 'Article' => array( 'id' => '12115', 'article_category_id' => '1', 'title' => 'Proposals for Projects Worth Rs 80bn Go Undecided Due to Delay in IBN CEO Appointment ', 'sub_title' => '', 'summary' => 'The Investment Board Nepal (IBN), the body established to facilitate large investments in the country, has been left without leadership since April 2 when its CEO Maha Prasad Adhikari was appointed Governor of Nepal Rastra Bank. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">The Investment Board Nepal (IBN), the body established to facilitate large investments in the country, has been left without leadership since April 2 when its CEO Maha Prasad Adhikari was appointed Governor of Nepal Rastra Bank. However, process to appoint chief executive in the board has not started even after two 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:"Cambria",serif">Due to the delay in appointment of CEO, IBN has not decided on proposed projects worth about Rs 80 billion that have already gone through economic and technical inspections. Before the start of lockdown, proposals for seven investment projects were submitted to IBN. Among them, two proposals have been recommended by the Department of Industry while the other five proposals have been directly submitted by investors to IBN. The discussion over the proposals have not proceeded and board meeting of IBN has not been held till date because of the delay in appointment of CEO. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Before the commencement of lockdown, IBN was working to facilitate large investment projects including Nijgadh International Airport, Tamor Reservoir Hydropower Project, West Seti Hydropower Project. Similarly, the board had prepared to facilitate agriculture projects working with provincial governments. Works of all these investment projects have been halted at present. IBN officials say that the feasibility study of Tamor Reservoir Hydropower Project has not been started because of the lockdown. Similarly, other projects that are under the study phase have also been halted. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">The board meeting of IBN which is held under the chairmanship of the Prime Minister has not been held since mid-February. The confusions regarding the new proposed projects is because only the board meeting has the authority to decide on the proposals. IBN Spokesperson Bal Ram Rijal said that the absence of CEO has created problems for the board. According to him, prospective investors are enquiring about investment projects though no IBN has received no new proposals from investors. The board is yet to decide proposals related to development of hydropower, energy and cement projects. According to IBN officials, the projects have been proposed by Nepali as well as Chinese, Japanese and Singaporean investors. The board meeting of IBN is necessary not only to approve investment proposals but also to reject the unqualifying proposals. Meanwhile, the absence of CEO has created difficulty to coordinate with IBN’s chairman the Prime Minister, vice chairman Minister for Finance and ministers related to sector-wise investments. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Radhesh Pant, former CEO of IBN said that the delay in appointment of the chief executive will add to the board’s problems from day-to-day operation to approving investment proposals. “The government has failed to give continuity to the process of appointing CEO in an important institution like IBN. This will not only affect the day-to-day operation but also leave a long-term negative impact as foreign investors attracted to invest in Nepal can divert to elsewhere after facing procedural hassles,” Pant pointed out. According to him, there should be handover and takeover practices at IBN one month prior to the ending of tenure of CEO. He suggested the government to prioritise appointment of CEO to give continuity to decide on investment proposals and other works undertaken by the board. </span></span></span></span></p> ', 'published' => true, 'created' => '2020-06-04', 'modified' => '2020-06-04', 'keywords' => '', 'description' => '', 'sortorder' => '11863', 'image' => '20200604020901_IBN.jpg', 'article_date' => '2020-06-04 14:02:39', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 12 => array( 'Article' => array( 'id' => '12114', 'article_category_id' => '1', 'title' => 'Experts Suggest Relaxing Lockdown 'Carefully' to Resume Socio-Economic Activities', 'sub_title' => '', 'summary' => 'Experts have suggested the government to ease the ongoing lockdown in a careful manner to restart socio-economic activities. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">Experts have suggested the government to ease the ongoing lockdown in a careful manner to restart socio-economic activities. In a consultation meeting hosted by the Prime Minster KP Sharma Oli at his office in Baluwatar on Wednesday evening, the group 25 experts comprising of economists, public health experts, development planners and social activists asked the government to facilitate the resumption of activities to bring the lives of ordinary citizens back to normalcy. They suggested that measures should be adopted to provide treatment to COVID-19 infected making proper use of the limited resources, while also focusing on public awareness against the spread of coronavirus. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">Amid growing frustration among the citizens as the protracted lockdown continues to cripple daily lives of the people, PM Oli invited the experts to discuss on finding ways to safely open social and economic activities. Experts said that the lockdown has adversely impacted every walk of social life and the government, therefore, needs to tread with caution to normalize socio-economic activities. The meeting which went on for four hours was also participated by Deputy Prime Minister and high-level Covid-19 response team coordinator Ishwar Pokharel, Minister for Foreign Affairs Pradeep Kumar Gyawali, Minister for Health and Population Bhanu Bhakta Dhakal and other high-ranking government officials. Surya Thapa, press adviser of the Prime Minister said that the consultation meeting was ‘very fruitful and result-oriented’. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">The lockdown imposed by the government on March 24 has been extended to 14 June. Citizens have mostly followed the government’s stay -at-home order for the last 73 days However, the growing defiance of the crippling restrictions on transportation, travel and business activities by business owners and ordinary citizens in the recent days has created pressure on the government to rethink and revise its strategies to combat the spread of coronavirus. </span></span></span></span></p> ', 'published' => true, 'created' => '2020-06-04', 'modified' => '2020-06-04', 'keywords' => '', 'description' => '', 'sortorder' => '11862', 'image' => '20200604104218_lockdown meeting.jpg', 'article_date' => '2020-06-04 10:39:47', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '31' ) ), (int) 13 => array( 'Article' => array( 'id' => '12113', 'article_category_id' => '1', 'title' => 'Tax Clearance Deadline Extended by 14 days', 'sub_title' => '', 'summary' => 'After facing widespread criticism for issuing notice to clear tax dues and submit tax details to the Inland Revenue Department (IRD) by June 7, the government has extended the tax payment and tax filing deadline by 14. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">After facing widespread criticism for issuing notice to clear tax dues and submit tax details by June 7, the Inland Revenue Department (IRD) has extended the tax payment and tax filing deadline by 14. Issuing a new notice today, IRD has set two new deadlines for clearance of tax dues and filing of income tax details. As per the new arrangement, taxpayers will have to pay VAT, excise duties and income tax by June 21. Similarly, they are required to file income tax details estimate and pay the second installment of tax dues by June 29. Similarly, IRD has also extended the deadline for clearing education service tax and telecommunications tax to June 21.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">The department took a step back from its earlier position after major private sector bodies warned that businesses cannot clear their tax dues at a time when most of the economic activities in the country have come to a grinding halt because of lockdown which is in place since March 24. In a meeting with private sector representatives at the Ministry of Finance today afternoon, Revenue Secretary Sishir Kumar Dhungana informed that the government will extend the deadline. In the revised notice, IRD has also not mentioned anything about penalizing taxpayers if they fail to clear dues and file their tax details by the deadline. </span></span></span></span></p> ', 'published' => true, 'created' => '2020-06-03', 'modified' => '2020-06-03', 'keywords' => '', 'description' => '', 'sortorder' => '11861', 'image' => '20200603062512_tax.jpg', 'article_date' => '2020-06-03 18:20:32', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '31' ) ), (int) 14 => array( 'Article' => array( 'id' => '12112', 'article_category_id' => '1', 'title' => 'NRB Introduces Refinancing Work Procedure', 'sub_title' => '', 'summary' => 'Nepal Rastra Bank (NRB) has introduced the Refinancing Work Procedure, 2077 to allow small and medium scale industries to avail up to Rs 100 million in refinancing. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">Nepal Rastra Bank (NRB) has introduced the Refinancing Work Procedure, 2077 to allow small and medium scale industries to avail up to Rs 100 million in refinancing. The procedure has been introduced to prop up businesses that have been hard hit by the Covid-19 pandemic and lockdown. </span></span></span></span><br /> <span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">The loan will be provided in three categories of small and cottage industries, special and common industries. Business categorized as small and cottage industries can get loans for refinancing from banks and financial institutions (BFIs) at 5 percent interest rate.</span></span></span></span></p> <p><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">Similarly, businesses categorized under special industry can avail loan at 3 percent interest rate from BFIs. Likewise, common industries can get loan for refinancing at 5 percent interest rate. According to NRB, small and cottage industries will can avail up to Rs 1.5 million in refinancing which goes up to Rs 100 million for special industry. </span></span></p> ', 'published' => true, 'created' => '2020-06-03', 'modified' => '2020-06-03', 'keywords' => '', 'description' => '', 'sortorder' => '11860', 'image' => '20200603021952_refinancing.jpg', 'article_date' => '2020-06-03 14:11:54', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => null, 'user_id' => '31' ) ) ) $current_user = null $logged_in = falseinclude - APP/View/Elements/side_bar.ctp, line 60 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
Warning (2): simplexml_load_file() [<a href='http://php.net/function.simplexml-load-file'>function.simplexml-load-file</a>]: I/O warning : failed to load external entity "" [APP/View/Elements/side_bar.ctp, line 60]file not found!Code Context// $file = 'http://aabhiyan:QUVLg8Wzs2F7G9N7@nepalstock.com.np/api/indexdata.xml';if(!$xml = simplexml_load_file($file)){$viewFile = '/var/www/html/newbusinessage.com/app/View/Elements/side_bar.ctp' $dataForView = array( 'articles' => array( (int) 0 => array( 'Article' => array( [maximum depth reached] ) ), (int) 1 => array( 'Article' => array( [maximum depth reached] ) ), (int) 2 => array( 'Article' => array( [maximum depth reached] ) ), (int) 3 => array( 'Article' => array( [maximum depth reached] ) ), (int) 4 => array( 'Article' => array( [maximum depth reached] ) ), (int) 5 => array( 'Article' => array( [maximum depth reached] ) ), (int) 6 => array( 'Article' => array( [maximum depth reached] ) ), (int) 7 => array( 'Article' => array( [maximum depth reached] ) ), (int) 8 => array( 'Article' => array( [maximum depth reached] ) ), (int) 9 => array( 'Article' => array( [maximum depth reached] ) ), (int) 10 => array( 'Article' => array( [maximum depth reached] ) ), (int) 11 => array( 'Article' => array( [maximum depth reached] ) ), (int) 12 => array( 'Article' => array( [maximum depth reached] ) ), (int) 13 => array( 'Article' => array( [maximum depth reached] ) ), (int) 14 => array( 'Article' => array( [maximum depth reached] ) ) ), 'current_user' => null, 'logged_in' => false ) $articles = array( (int) 0 => array( 'Article' => array( 'id' => '12126', 'article_category_id' => '1', 'title' => '3.7 Million Jobs in Nepal at Risk: ILO', 'sub_title' => '', 'summary' => 'The International Labour Organization (ILO) has warned that the Covid-19 pandemic and lockdown imposed by the government has put 3.7 million jobs at risk.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria","serif"">The International Labour Organization (ILO) has warned that the Covid-19 pandemic and lockdown imposed by the government has put 3.7 million jobs at risk. In its latest report titled ‘Covid-19 Labour Market Impact in Nepal’, the UN agency the abrupt halt in domestic and international economic activities continue to wreak havoc on livelihood of millions of Nepali workers. “</span></span><span style="font-size:16.0pt"><span style="font-family:"Cambria","serif"">There are nearly 3.7 million workers earning their livelihoods in the sectors deemed most at risk to experience a significant (medium to high) reduction in economic output as a result of the Covid-19 crisis,” the report reads. According to ILO, nearly four in every five workers most vulnerable to disruption are in the construction, manufacturing and trade sectors. ILO’s estimates that between 1.6 and 2.0 million jobs are likely to be disrupted in Nepal in the current crisis, either with complete job loss or reduced working hours and wages. </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:"Cambria","serif"">Based on the higher-impact scenario, the jobs disrupted includes nearly 780,000 workers in wholesale and retail trade, 446,000 in manufacturing, 404,000 in construction, 211,000 in transport and 62,000 in accommodation and food service activities and 83,000 in other services, real estate and administrative activities, according to the report. ILO said that in 2018, the tourism sector employed 573,000 workers (8 per cent of total employment) and accounted for 26 per cent of total exports. “Three-quarters of workers in the tourism sector are in informal jobs, leaving them with no protection and no income as the sector has ground to a halt,” the report reads. </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:"Cambria","serif"">According to ILO, workers in informal sectors are also susceptible to Covid-19 crisis. “Majority of workers in all sectors are in informal employment, including the sectors expected to face the highest degree of disruption: construction (97 per cent), trade (74 per cent) and manufacturing (84 per cent),” said ILO. The report mentioned that approximately 5.7 million or 80.8 per cent of workers in Nepal have informal jobs and they lack the basic benefits usually provided by a formal job, including social protection coverage. “If they stop working due to economic downturn, sickness, or quarantine, they have no state-funded safety net,” the report said. Similarly, another category of precarious workers are home-based workers, according to the report. “There are approximately 1.4 million home based workers in Nepal – nearly all women – producing goods for export. With global supply blocked due to the pandemic, also this source of livelihoods is at risk,” said ILO. </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:"Cambria","serif"">The ILO study has found that employment of men in Nepal is at more risk than women employment. “Within the at-risk sectors, the female share of employment is low in many of the higher-risk sectors like construction and manufacturing. As a result, the share of men’s employment at risk of disruption due to Covid-19 is higher than women’s,” the report said. </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:"Cambria","serif"">In total, 631,000 female jobs (24.3 per cent of the 2018 female workforce) are estimated as at risk in the higher impact scenario, compared to 1.3 million jobs for men (also 30.3 per cent of the 2018 male workforce), according to the report. </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:"Cambria","serif"">Business community members, however, disagree with the numbers presented by ILO. “It is true that the COvid-19 crisis has put employment in all sectors in Nepal at risk. Nevertheless, it is difficult to exact number at the moment,” said Pashupati Murarka, past president of Federation of Nepalese Chambers of Commerce and Industry (FNCCI). According to him, industrial enterprises are finding themselves in between a rock and a hard place as they have to adopt austerity measures and save employment of workers at the same time. “The government which has not yet taken any concrete decision to allow industrial enterprises to resume their activities is asking us to pay salaries of workers,” said Murarka. </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:"Cambria","serif"">Binod Shrestha, president of General Federation of Nepalese Trade Unions (GEFONT) also said that the actual data about job losses in Nepal due to Covid-19 crisis is yet to come. “The true picture of job market in Nepal will emerge after the lockdown is lifted,” he mentioned. </span></span></span></span></p> ', 'published' => true, 'created' => '2020-06-10', 'modified' => '2020-06-10', 'keywords' => '', 'description' => '', 'sortorder' => '11874', 'image' => '20200610035639_workers.jpg', 'article_date' => '2020-06-10 15:55:15', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 1 => array( 'Article' => array( 'id' => '12125', 'article_category_id' => '1', 'title' => 'Nepal’s GDP to Slump to 1.8% in 2020: World Bank', 'sub_title' => '', 'summary' => 'The World Bank has forecasted that Nepal’s GDP will slump to 1.8 percent in 2020 amid the Covid-19 pandemic.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Arial,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">The World Bank has forecasted that Nepal’s GDP will slump to 1.8 percent in 2020 amid the Covid-19 pandemic. In its 2020 Global Economic Prospects, the Washington DC-based international agency said that the Himalayan nation will move towards a gradual recovery in the next year. The report estimates that Nepal’s GDP growth will be 2.1 percent in 2021. According to the report, the macroeconomic climate for South Asian countries will remain adverse in 2020 as the recovery in industrial production is reversed by Covid-19 related disruptions such as mitigation measures, global exports plunge and fall in remittances. “In Nepal, growth is projected to decline to 1.8 percent due to largely the same factors, in addition to a drop in tourism,” reads the report. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Arial,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Similarly, Nepal will also be impacted by economic slump in India. “Economies like Nepal are also vulnerable to sharper-than expected deceleration in India, an important intraregional trade partner,” said the bank. Besides, Nepal’s economy also remains vulnerable to supply chain disruptions, domestic as well as international stemming from imports of intermediate goods, and travel-related disruptions to international contractors in sectors like construction, according to the report. However, the World Bank hopes that the situation for Nepal will improve in 2021 and the recovery from the Covid-19 pandemic will be aided by increased private sector investment due to continued reforms to improve business environments. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Arial,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">According to the report, the swift and massive shock of the coronavirus pandemic and shutdown measures to contain it have plunged the global economy into a severe contraction. The bank forecasts that the global economy will shrink by 5.2 percent this year. “That would represent the deepest recession since the Second World War, with the largest fraction of economies experiencing declines in per capita output since 1870,” said the bank. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Arial,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Economic activity among advanced economies is anticipated to shrink 7 percent in 2020 as domestic demand and supply, trade, and finance have been severely disrupted. “Emerging market and developing economies (EMDEs) are expected to shrink by 2.5 percent this year, their first contraction as a group in at least 60 years. Per capita incomes are expected to decline by 3.6 percent, which will tip millions of people into extreme poverty this year,” reads the report. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Arial,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">According to the bank, the blow is hitting hardest in countries where the pandemic has been the most severe and where there is heavy reliance on global trade, tourism, commodity exports, and external financing. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Arial,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">“This is a deeply sobering outlook, with the crisis likely to leave long-lasting scars and pose major global challenges,” </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">a statement quoted World Bank Group Vice President for Equitable Growth, Finance and Institutions, Ceyla Pazarbasioglu as saying. “Our first order of business is to address the global health and economic emergency. Beyond that, the global community must unite to find ways to rebuild as robust a recovery as possible to prevent more people from falling into poverty and unemployment.”</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Arial,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">The report forecasts contraction of 6.1 percent for US economy this year, reflecting the disruptions associated with pandemic-control measures. Euro Area output is expected to shrink 9.1 percent in 2020 as widespread outbreaks took a heavy toll on activity. Japan’s economy is anticipated to shrink 6.1 percent as preventive measures have slowed economic activity.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Arial,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">"The COVID-19 recession is singular in many respects and is likely to be the deepest one in advanced economies since the Second World War and the first output contraction in emerging and developing economies in at least the past six decades,"</span></span> <span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">the statement quoted World Bank Prospects Group Director Ayhan Kose as saying. “The current episode has already seen by far the fastest and steepest downgrades in global growth forecasts on record. If the past is any guide, there may be further growth downgrades in store, implying that policymakers may need to be ready to employ additional measures to support activity.”</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Arial,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">According to the report, </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">economic activity in the South Asia region is projected to contract by 2.7 percent in 2020 as pandemic mitigation measures hinder consumption and services activity and as uncertainty about the course of the pandemic slows down private investment. “Industrial and services activities have plummeted in South Asia as a result of pandemic mitigation measures and the collapse in global demand. Trade activity has sharply fallen. Consumption has been severely hindered as nationwide lockdowns were instituted in several economies, despite some recent relaxations. Tourism has become severely constrained by the pandemic, which has led to sharp declines in arrivals in economies such as Bhutan, Nepal, Sri Lanka, and especially Maldives, where tourism accounts for a large share of output,” said the bank. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-06-09', 'modified' => '2020-06-09', 'keywords' => '', 'description' => '', 'sortorder' => '11873', 'image' => '20200609045117_Nepal road.jpg', 'article_date' => '2020-06-09 16:44:45', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '31' ) ), (int) 2 => array( 'Article' => array( 'id' => '12124', 'article_category_id' => '1', 'title' => 'FNCCI Executive Committee to Meet on June 22', 'sub_title' => '', 'summary' => 'The Federation of Nepalese Chambers of Commerce and Industry (FNCCI), the apex body of the Nepali private sector, has called executive committee meeting on June 22 to decide on convening its 53rd annual general meeting (AGM) which has become a subject of dispute between the rival factions within the organisation. ', 'content' => '<h1><span style="font-size:24pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">The Federation of Nepalese Chambers of Commerce and Industry (FNCCI), the apex body of the Nepali private sector, has called executive committee meeting on June 22 to decide on convening its 53rd annual general meeting (AGM) which has become a subject of dispute between the rival factions within the organisation. A meeting of FNCCI’s office bearers held on Friday (June 5) ended without conclusion regarding the AGM. According to Umesh Lal Shrestha, vice president (commodity) of FNCCI, the executive committee meeting scheduled for June 22 will take necessary decision in this respect.</span></span></span></span></h1> <h1><span style="font-size:24pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">FNCCI’s leadership is facing a huge pressure from some executive committee members to hold the AGM by mid-July which has been postponed twice due to the lockdown and Covid-19 fears. However, another group within the committee has been opposing the idea saying that convening AGM at a time of crisis would relay negative message. A group comprising of FNCCI’s former president Chandi Raj Dhakal, Vice President (Commodity) Umesh Lal Shrestha, Vice President (Associate) Chandra Prasad Dhakal and Treasurer Nirak KC has been pressurizing the executive committee to convene the AGM within mid-July to elect a new leadership. Chandra Prasad Dhakal is one of the contenders for the post of Senior Vice President. </span></span></span></span></h1> <h1><span style="font-size:24pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">The AGM, which was originally scheduled for April 10-11 as per the statute of FNCCI, was postponed to May 20-21 due to the lockdown. But the meeting could not be organised despite the rescheduling because of extension of lockdown by the government. As per the organisation’s statute, the AGM needs to be held within three months after its postponement. The current dispute came after FNCCI’s President Bhawani Rana proposed to postpone the AGM for the next few months. Power politics in FNCCI has heated up in the recent months as rival factions have been strengthening their positions against each other for the forthcoming AGM. </span></span></span></span></h1> <h1><span style="font-size:24pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">Meanwhile, the meeting held on Friday passed a motion condemning a recent statement of former president and Distinguished Member Chandi Raj Dhakal in which he accused Bhawani Rana of ‘forgetting her past status’ and that its is because of his efforts that Rana enjoys her current position. </span></span></span></span></h1> ', 'published' => true, 'created' => '2020-06-09', 'modified' => '2020-06-09', 'keywords' => '', 'description' => '', 'sortorder' => '11872', 'image' => '20200609031924_FNCCI.jpg', 'article_date' => '2020-06-09 15:15:18', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '31' ) ), (int) 3 => array( 'Article' => array( 'id' => '12123', 'article_category_id' => '1', 'title' => 'Travel Agents Ask Govt to Resume Regular International Flights', 'sub_title' => '', 'summary' => 'Travel agents have requested the government to allow airliners to resume regular international air services for few days to repatriate Nepalis stranded abroad. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">Travel agents have requested the government to allow airliners to resume regular international air services for few days to repatriate Nepalis stranded abroad. Their request came after the </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">Civil Aviation Authority of Nepal (CAAN) directed international airliners not to start charter flights on their own to bring back Nepalis stranded in foreign lands. Issuing a directive Saturday, CAAN restricted airliners to start booking or issuing tickets for scheduled or charter flights to and from Nepal. CAAN has said that permission to operate repatriation flights requires processing through the diplomatic channels.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">“As the government has already decided to repatriate Nepalis stranded abroad, we have requested for the resumption of regular international flights to help those looking to travel to other countries from Nepal and those seeking to return at cheaper air fares,” said Achyut Guragain, president of Nepal Association of Tour and Travel Agents (NATTA). According to him, the association has demanded to allow NATTA members to start sales of air tickets on proportional basis. “This will also provide some relief to the crisis-stricken Nepali travel businesses as the existing arrangement allow travel agencies to take 5 percent in commission from air ticket sales,” mentioned Guragain. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">With increasing complains that airline operators have been charging high for chartered flights from Nepalis stranded abroad, CAAN announced ban on such flights, exempting those operated through diplomatic channels, starting from yesterday. According to sources, the Ministry of Culture, Tourism and Civil Aviation directed CAAN to issue the directive to ban chartered flights by international airlines after receiving complaints from Nepalis looking to return to the country. </span></span></span></span></p> ', 'published' => true, 'created' => '2020-06-08', 'modified' => '2020-06-08', 'keywords' => '', 'description' => '', 'sortorder' => '11871', 'image' => '20200608013121_nepal.jpg', 'article_date' => '2020-06-08 13:30:02', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 4 => array( 'Article' => array( 'id' => '12122', 'article_category_id' => '1', 'title' => 'Lockdown Puts Serious Dent on Government’s Income ', 'sub_title' => '', 'summary' => 'The protracted lockdown has adversely impacted the government’s income. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">The protracted lockdown has adversely impacted the government’s income. The data related to revenue collection of the last two and a half months shows drying of major source of income leading to difficulties to sustain expenditures for the government. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">According to the Financial Comptroller General Office (FGCO), the revenue collection from March 24 to June 5 has amounted to Rs 62.98 billion. Similarly, the spending from the government coffers during the period totaled Rs 1.95 billion. The government’s revenue account, which had surplus of Rs 100 billion before the start of the lockdown in March 24, now has surplus of Rs 5.27 billion. FGCO data shows that only about 60 percent of the revenue collection target set for the current fiscal year has been met till June 5.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">“Mandatory liabilities of the government such as payments related to employees’ salaries, pension and gratuity, social security allowances and principal and interest payment of foreign borrowings have continued till now. However, the situation will be different if lockdown continues to impact on revenue collection,” said Financial Comptroller Genaral Gopinath Mainali. He suggested the government to change the modality of the lockdown to restart the economic activities that have remained halted for the last two and a half months and make the revenue collection effective. “Though there is not much pressure currently regarding the revenue collection, the government may be finds itself surrounded by big difficulties over the next two months if the lockdown continues,” warned Mainali. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">All three levels of the government have spent Rs 10 billion for prevention and control of coronavirus. According to Narayan Prasad Bidari, secretary at the Office of the Prime Minister, the money was used to buy medical equipment and necessary items, quarantine management and distribution of relief materials to the poor people. However, the government has been criticized for lack of transparency regarding the expenses related to prevention and control of coronavirus. Economist Keshav Acharya said that the results have not been as claimed by the government.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Acharya said that the government now needs to lift the lockdown in a careful manner. “Industries should be allowed to open on the condition that the owners ensure high level of health safety at the workplaces. To keep the economic activities closed for a long time has repercussions to both the private sector and the government,” he opined. According to Acharya, the government needs to be frugal as the Covid-19 crisis has put a serious dent on its income sources. </span></span></span></span></p> ', 'published' => true, 'created' => '2020-06-07', 'modified' => '2020-06-07', 'keywords' => '', 'description' => '', 'sortorder' => '11870', 'image' => '20200607020358_govt tax.jpg', 'article_date' => '2020-06-07 14:02:30', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 5 => array( 'Article' => array( 'id' => '12121', 'article_category_id' => '1', 'title' => 'UK Announces Additional Support for Nepal’s Covid-19 Response ', 'sub_title' => '', 'summary' => 'The British government has announced additional fund to help Nepal fight the growing coronavirus transmission in the country. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:13.5pt"><span style="font-family:"Georgia",serif">The British government has announced additional fund to help Nepal fight the growing coronavirus transmission in the country. The Department for International Development (DFID), the British government’s department responsible for administering overseas aid, will provide the financial support to the Himalayan nation. According to the announcement, the amount of UKP 8.2 million provided by DFID earlier for Nepal’s Covid-19 response has been increased to UKP 10 million. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:13.5pt"><span style="font-family:"Georgia",serif">Though DFID has been providing financial assistance to Nepal annually, this is an additional support as during the 2015 earthquake, a statement issued by the Nepal’s Embassy in London reads. DFID has announced to provide UKP 100 million to developing countries to fight the pandemic. The department has so far donated a financial assistance of UKP 844 million across the world since the start of the coronavirus outbreak. <em>(RSS)</em></span></span></span></span></p> ', 'published' => true, 'created' => '2020-06-07', 'modified' => '2020-06-07', 'keywords' => '', 'description' => '', 'sortorder' => '11869', 'image' => '20200607020210_covid-19 response nepal.jpg', 'article_date' => '2020-06-07 14:00:54', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 6 => array( 'Article' => array( 'id' => '12120', 'article_category_id' => '1', 'title' => 'Rs 3 Billion Investment Realised During Lockdown', 'sub_title' => '', 'summary' => 'Almost Rs 3 billion in investment has been received from foreign and Nepali investors in the industrial sector in the past one month. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Almost Rs 3 billion in investment has been received from foreign and Nepali investors in the industrial sector in the past one month. According to Prakash Dahal, spokesperson of Ministry of Industry, Commerce and Supplies, four domestic and 11 foreign industries in the country received investment worth Rs 2.74 billion in the period. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">The Department of Industry approved foreign direct investment (FDI) worth Rs 927 million and Rs. 1.82 billion worth of domestic investment, respectively, in 11 industries. Dahal informed that the highest investment came from China worth Rs 727 million which was invested in seven different industries. Likewise, Rs 50 million in investment each came from India, South Korea, the Netherlands and Malaysia. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">According to Dahal, a high-level industrial and investment policy forum has been formed under the convenorship of the Industry Minister to support the work of the Industrial and Investment Promotion Board, as provided in the Industrial Business Act, 2076. <em>(RSS)</em></span></span></span></span></p> ', 'published' => true, 'created' => '2020-06-06', 'modified' => '2020-06-06', 'keywords' => '', 'description' => '', 'sortorder' => '11868', 'image' => '20200606014338_industry.jpg', 'article_date' => '2020-06-06 13:40:58', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 7 => array( 'Article' => array( 'id' => '12119', 'article_category_id' => '1', 'title' => 'IB Gives Continuity to Covid-19 Insurance Scheme', 'sub_title' => '', 'summary' => 'A day after directing insurance companies to discontinue issuing the Covid-19 Insurance Policy, the Insurance Board (IB), the insurance sector regulator, has decided to give continuity to the coronavirus insurance scheme.', 'content' => '<h1><span style="font-size:24pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">A day after directing insurance companies to discontinue issuing the Covid-19 insurance policies, the Insurance Board (IB), the insurance sector regulator, has decided to give continuity to the coronavirus insurance scheme. IB directed insurers yesterday to put off the programme until further notice. Nepal Insurers’ Association (NIA) had earlier asked the board to discontinue coronavirus insurance scheme saying that it has become too risky for the companies due to the fast rise in Covid-19 cases in the country. IB was criticized for introducing the insurance programme without conducting proper study of the situation and for lack of foresight.</span></span></span></span></h1> <h1><span style="font-size:24pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">The risk of Covid-19 insurance will be shared between the government, IB, Nepal Reinsurance Company and insurance companies. As per the IB directive, the news policies under the scheme will provide coverage to the insured until Chaitra 1. The policies issued earlier provide coverage of one year to the insured from the date of purchase of the policy. IB has decided to further expand the scope of the Covid-19 insurance scheme. In a meeting with CEOs of insurance companies today, IB directed insurers to work to issue at least 10 million Covid-19 policies. </span></span></span></span></h1> ', 'published' => true, 'created' => '2020-06-05', 'modified' => '2020-06-05', 'keywords' => '', 'description' => '', 'sortorder' => '11867', 'image' => '20200605091340_covid-19 scheme.jpg', 'article_date' => '2020-06-05 21:10:30', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 8 => array( 'Article' => array( 'id' => '12118', 'article_category_id' => '1', 'title' => 'Repatriation of 40,000 Nepalis Stranded in Foreign Lands Begins', 'sub_title' => '', 'summary' => 'The government has started to repatriate Nepali nationals stranded in foreign lands due to Covid-19 crisis on priority basis. After facing harsh criticism from various quarters of the society for showing reluctance to bring stranded Nepalis back home, the government has stepped up to rescue 40,000 citizens from different countries starting today.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">The government has started to repatriate Nepali nationals stranded in foreign lands due to Covid-19 crisis on priority basis. After facing harsh criticism from various quarters of the society for showing reluctance to bring stranded Nepalis back home, the government has stepped up to rescue 40,000 citizens from different countries starting today. According to officials, the government has prioritized those facing difficulties and looking to return from major labour destination countries of Nepal including Malaysia, United Arab Emirates (UAE), Kuwait, Saudi Arabia and Qatar. However, the flight of Air Arabia scheduled for today to bring Nepalis from UAE has been canceled due to some technical reasons. The government of UAE had proposed to airlift Nepalis living there in its own expenses. Officials say that the flights will commence in the next few days after the issues are settled. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">The government has targeted to bring over 18,000 Nepalis stranded in UAE and Myanmar. “10 chartered flights daily will bring Nepalis nationals from the countries. Some 18,000 are looking to return to Nepal from UAE while the number is 30 in Myanmar,” informed Suman Ghimire, joint secretary at Ministry of Labour. A plane belonging to Myanmar Air Force has brought 26 Nepalis to Kathmandu today afternoon; the flight will take back Burmese stranded in Nepal.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">Similarly, the government of Kuwait will also send 3,000 Nepalis, who have received general amnesty, back home at its own expenses. Labour ministry officials say that 5,000 Nepali migrant workers, who have become jobless due to Covid-19 crisis, are waiting to be airlifted immediately from Kuwait and Nepal’s embassy has been working to set timeline for their repatriation. </span></span></span></span></p> ', 'published' => true, 'created' => '2020-06-05', 'modified' => '2020-06-05', 'keywords' => '', 'description' => '', 'sortorder' => '11866', 'image' => '20200605065834_Myanmar_TIA-scaled.jpg', 'article_date' => '2020-06-05 12:53:02', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '31' ) ), (int) 9 => array( 'Article' => array( 'id' => '12117', 'article_category_id' => '1', 'title' => 'Xiaomi Introduces Redmi Note 9 Pro in Nepal', 'sub_title' => '', 'summary' => 'Chinese smartphone brand Xiaomi has launched the 9th generation of its Redmi Note series handsets in the Nepal market. Redmi Note 9 Pro comes with for NavIC, a navigation system developed indigenously by the Indian Space Research Organization (ISRO), which will prioritise Indian satellites for navigation.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Chinese smartphone brand</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif"> Xiaomi has launched the 9<sup>th</sup> generation of its Redmi Note series handsets in the Nepal market. Redmi Note 9 Pro comes with for NavIC, a navigation system developed indigenously by the Indian Space Research Organization (ISRO), which will </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">prioritise Indian satellites for navigation</span></span>.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Issuing a press statement, Xiaomi claimed that Redmi Note 9 is the most competitive smartphone in its price segment featuring the latest Qualcomm Snapdragon 720G processor.</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif"> “The 8nm Process Technology enables it to run 1 - 1.5° cooler for sustained peak performance than many other 12nm chipsets,” reads the statement. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Redmi Note 9 Pro sports a 48MP Samsung ISOCELL Bright GM2 sensor which hosts camera features like Smart ISO to enable better results in the toughest of lighting conditions. “The 48MP sensor is coupled with an 8MP ultra-wide angle lens, a 2MP depth sensor and a 5MP macro sensor that lets you go as close as 2cm to the subject and support for 1080p macro video. For selfie lovers, there’s a 16MP sensor in the front,” informed the company. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">According to the company, Redmi Note 9 Pro features the Aura Balance Design which brings immersive experience, impeccable craftsmanship and functional design to the handset. “With the side-mounted fingerprint scanner that sits flush on the matt-finish midframe, Redmi Note 9 Pro facilitates a natural approach to unlocking,” Xiaomi said. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Other features of Redmi Note 9 Pro include triple Corning Gorilla Glass 5, on the front, rear and on the rear camera lenses. It is protected by P2i, splash proof nano-coating technology which protects them from accidental spills, while the reinforced corners provide better resilience to accidental falls, according to the company. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">“Redmi Note series has been the torch bearer of innovation for everyone. Redmi Note 8 series set new benchmarks continuing the Redmi Note legacy and evolved as one of the most sought-after series. In 2019 Redmi Note 8 went on to become the no. 1 Android smartphone globally,” the statement quoted </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Sourabh Kothari, country general manager of Xiaomi Nepal, as saying. </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">“We are especially excited about Redmi Note 9 Pro, built for true Mi Fans and we hope they would appreciate this perfect amalgamation of Aura Balance design, massive battery and quad camera set up as we continue to bring the best specs with highest quality at honest pricing,” he added. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">According to Xiaomi, Redmi Note 9 Pro of 6GB + 128GB variant will be available in Interstellar Black for Rs 29,999 across offline stores, retail partners and online partners very soon.</span></span></span></span></p> ', 'published' => true, 'created' => '2020-06-04', 'modified' => '2020-06-04', 'keywords' => '', 'description' => '', 'sortorder' => '11865', 'image' => '20200604055440_Redmi Note 9 Pro[6998].jpg', 'article_date' => '2020-06-04 17:52:40', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 10 => array( 'Article' => array( 'id' => '12116', 'article_category_id' => '1', 'title' => 'Business Owners Intensify Defiance of Lockdown Orders ', 'sub_title' => '', 'summary' => 'In a show of growing frustration against the ‘no-end-in-sight’ lockdown, business owners and traders have opened stores across the country. With the ongoing lockdown in its 73rd day making it one of the longest running lockdowns in the world to stop coronavirus from spreading, traders have been forced to face mounting business losses. ', 'content' => '<h1><span style="font-size:24pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">In a show of growing frustration against the ‘no-end-in-sight’ lockdown, business owners and traders have opened stores across the country. With the ongoing lockdown in its 73<sup>rd</sup> day making it one of the longest running lockdowns in the world to stop coronavirus from spreading, traders have been forced to face mounting business losses. Running out of patience, they defied government order to keep their shops, stores and offices shut down saying they can no longer afford to pay house rents, staff salaries and clear tax dues without resumption of business activities. </span></span></span></span></h1> <h1><span style="font-size:24pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Markets in across the country have opened today with businesses operating for longer hours than earlier days. Stores selling make-up items, liquor, electric items, apparels, among others, categorised under non-essential businesses have also resume their operations. Stores in major market areas in Kathmandu valley including New Road, Ason, Baneshwor, Kumaripati, Lagankhel, Putalisadak, Chabahil and Koteshwor, among other places, are opened for business. Similarly, businesses are also opened in different districts including Biratnagar, Rajbiraj, Birgunj, Hetauda, Pokhara, Chitwan, Butwal, Bhairahawa, Dang, Dhangadhi and Nepalgunj. </span></span></span></span></h1> <h1><span style="font-size:24pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Shopkeepers and small store owners have been increasingly defying the lockdown orders the last few days. With the crippling impacts of the lockdown becoming more clearer, the calls to open shops and businesses have grown louder. Small traders have opened their businesses under the leadership of Nepal National Traders’ Federation. The association of small traders has asked businesses to defy the restrictions to resume their activities. </span></span></span></span></h1> <h1><span style="font-size:24pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Similarly, major private sector bodies – Federation of Nepalese Chambers of Commerce of Industry (FNCCI), Confederation of Nepalese Industries (CNI) and Nepal Chamber of Commerce (NCC) have also asked the administration to allow resumption of industrial and business activities. Durga Raj Shrestha, chairman of supply committee of Kathmandu Chamber of Commerce and Industry said that even the reduced hours of business operation have added to the enthusiasm of business owners. “Business reopening is expected to reach 60-70 percent today,” said Kishore Pradhan, vice president (district and municipal chapter) of FNCCI. According to him, business owners have restarted their activities by following health safety standards and physical distancing measures. </span></span></span></span></h1> <h1><strong><span style="font-size:24pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Kathmandu Valley Administrations Allow Reopening of Businesses </span></span></span></span></strong></h1> <h1><span style="font-size:24pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">All district administrations of the Kathmandu valley have decided not to obstruct reopening of businesses. Amid the intensifying defiance of traders, a meeting between chief district officers (CDOs) of Kathmandu, Lalitpur and Bhaktapur and private sector representatives held on today afternoon, the CDOs said that the local administrations are ready to facilitate resumption of business activities by implementing proper health safety standards. In the meeting NCC President Rajesh Kaji Shrestha presented suggestions to facilitate safe and secure reopening of businesses. </span></span></span></span></h1> ', 'published' => true, 'created' => '2020-06-04', 'modified' => '2020-06-04', 'keywords' => '', 'description' => '', 'sortorder' => '11864', 'image' => '20200604051542_Market.jpg', 'article_date' => '2020-06-04 17:10:28', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 11 => array( 'Article' => array( 'id' => '12115', 'article_category_id' => '1', 'title' => 'Proposals for Projects Worth Rs 80bn Go Undecided Due to Delay in IBN CEO Appointment ', 'sub_title' => '', 'summary' => 'The Investment Board Nepal (IBN), the body established to facilitate large investments in the country, has been left without leadership since April 2 when its CEO Maha Prasad Adhikari was appointed Governor of Nepal Rastra Bank. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">The Investment Board Nepal (IBN), the body established to facilitate large investments in the country, has been left without leadership since April 2 when its CEO Maha Prasad Adhikari was appointed Governor of Nepal Rastra Bank. However, process to appoint chief executive in the board has not started even after two 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:"Cambria",serif">Due to the delay in appointment of CEO, IBN has not decided on proposed projects worth about Rs 80 billion that have already gone through economic and technical inspections. Before the start of lockdown, proposals for seven investment projects were submitted to IBN. Among them, two proposals have been recommended by the Department of Industry while the other five proposals have been directly submitted by investors to IBN. The discussion over the proposals have not proceeded and board meeting of IBN has not been held till date because of the delay in appointment of CEO. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Before the commencement of lockdown, IBN was working to facilitate large investment projects including Nijgadh International Airport, Tamor Reservoir Hydropower Project, West Seti Hydropower Project. Similarly, the board had prepared to facilitate agriculture projects working with provincial governments. Works of all these investment projects have been halted at present. IBN officials say that the feasibility study of Tamor Reservoir Hydropower Project has not been started because of the lockdown. Similarly, other projects that are under the study phase have also been halted. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">The board meeting of IBN which is held under the chairmanship of the Prime Minister has not been held since mid-February. The confusions regarding the new proposed projects is because only the board meeting has the authority to decide on the proposals. IBN Spokesperson Bal Ram Rijal said that the absence of CEO has created problems for the board. According to him, prospective investors are enquiring about investment projects though no IBN has received no new proposals from investors. The board is yet to decide proposals related to development of hydropower, energy and cement projects. According to IBN officials, the projects have been proposed by Nepali as well as Chinese, Japanese and Singaporean investors. The board meeting of IBN is necessary not only to approve investment proposals but also to reject the unqualifying proposals. Meanwhile, the absence of CEO has created difficulty to coordinate with IBN’s chairman the Prime Minister, vice chairman Minister for Finance and ministers related to sector-wise investments. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Radhesh Pant, former CEO of IBN said that the delay in appointment of the chief executive will add to the board’s problems from day-to-day operation to approving investment proposals. “The government has failed to give continuity to the process of appointing CEO in an important institution like IBN. This will not only affect the day-to-day operation but also leave a long-term negative impact as foreign investors attracted to invest in Nepal can divert to elsewhere after facing procedural hassles,” Pant pointed out. According to him, there should be handover and takeover practices at IBN one month prior to the ending of tenure of CEO. He suggested the government to prioritise appointment of CEO to give continuity to decide on investment proposals and other works undertaken by the board. </span></span></span></span></p> ', 'published' => true, 'created' => '2020-06-04', 'modified' => '2020-06-04', 'keywords' => '', 'description' => '', 'sortorder' => '11863', 'image' => '20200604020901_IBN.jpg', 'article_date' => '2020-06-04 14:02:39', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 12 => array( 'Article' => array( 'id' => '12114', 'article_category_id' => '1', 'title' => 'Experts Suggest Relaxing Lockdown 'Carefully' to Resume Socio-Economic Activities', 'sub_title' => '', 'summary' => 'Experts have suggested the government to ease the ongoing lockdown in a careful manner to restart socio-economic activities. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">Experts have suggested the government to ease the ongoing lockdown in a careful manner to restart socio-economic activities. In a consultation meeting hosted by the Prime Minster KP Sharma Oli at his office in Baluwatar on Wednesday evening, the group 25 experts comprising of economists, public health experts, development planners and social activists asked the government to facilitate the resumption of activities to bring the lives of ordinary citizens back to normalcy. They suggested that measures should be adopted to provide treatment to COVID-19 infected making proper use of the limited resources, while also focusing on public awareness against the spread of coronavirus. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">Amid growing frustration among the citizens as the protracted lockdown continues to cripple daily lives of the people, PM Oli invited the experts to discuss on finding ways to safely open social and economic activities. Experts said that the lockdown has adversely impacted every walk of social life and the government, therefore, needs to tread with caution to normalize socio-economic activities. The meeting which went on for four hours was also participated by Deputy Prime Minister and high-level Covid-19 response team coordinator Ishwar Pokharel, Minister for Foreign Affairs Pradeep Kumar Gyawali, Minister for Health and Population Bhanu Bhakta Dhakal and other high-ranking government officials. Surya Thapa, press adviser of the Prime Minister said that the consultation meeting was ‘very fruitful and result-oriented’. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">The lockdown imposed by the government on March 24 has been extended to 14 June. Citizens have mostly followed the government’s stay -at-home order for the last 73 days However, the growing defiance of the crippling restrictions on transportation, travel and business activities by business owners and ordinary citizens in the recent days has created pressure on the government to rethink and revise its strategies to combat the spread of coronavirus. </span></span></span></span></p> ', 'published' => true, 'created' => '2020-06-04', 'modified' => '2020-06-04', 'keywords' => '', 'description' => '', 'sortorder' => '11862', 'image' => '20200604104218_lockdown meeting.jpg', 'article_date' => '2020-06-04 10:39:47', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '31' ) ), (int) 13 => array( 'Article' => array( 'id' => '12113', 'article_category_id' => '1', 'title' => 'Tax Clearance Deadline Extended by 14 days', 'sub_title' => '', 'summary' => 'After facing widespread criticism for issuing notice to clear tax dues and submit tax details to the Inland Revenue Department (IRD) by June 7, the government has extended the tax payment and tax filing deadline by 14. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">After facing widespread criticism for issuing notice to clear tax dues and submit tax details by June 7, the Inland Revenue Department (IRD) has extended the tax payment and tax filing deadline by 14. Issuing a new notice today, IRD has set two new deadlines for clearance of tax dues and filing of income tax details. As per the new arrangement, taxpayers will have to pay VAT, excise duties and income tax by June 21. Similarly, they are required to file income tax details estimate and pay the second installment of tax dues by June 29. Similarly, IRD has also extended the deadline for clearing education service tax and telecommunications tax to June 21.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">The department took a step back from its earlier position after major private sector bodies warned that businesses cannot clear their tax dues at a time when most of the economic activities in the country have come to a grinding halt because of lockdown which is in place since March 24. In a meeting with private sector representatives at the Ministry of Finance today afternoon, Revenue Secretary Sishir Kumar Dhungana informed that the government will extend the deadline. In the revised notice, IRD has also not mentioned anything about penalizing taxpayers if they fail to clear dues and file their tax details by the deadline. </span></span></span></span></p> ', 'published' => true, 'created' => '2020-06-03', 'modified' => '2020-06-03', 'keywords' => '', 'description' => '', 'sortorder' => '11861', 'image' => '20200603062512_tax.jpg', 'article_date' => '2020-06-03 18:20:32', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '31' ) ), (int) 14 => array( 'Article' => array( 'id' => '12112', 'article_category_id' => '1', 'title' => 'NRB Introduces Refinancing Work Procedure', 'sub_title' => '', 'summary' => 'Nepal Rastra Bank (NRB) has introduced the Refinancing Work Procedure, 2077 to allow small and medium scale industries to avail up to Rs 100 million in refinancing. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">Nepal Rastra Bank (NRB) has introduced the Refinancing Work Procedure, 2077 to allow small and medium scale industries to avail up to Rs 100 million in refinancing. The procedure has been introduced to prop up businesses that have been hard hit by the Covid-19 pandemic and lockdown. </span></span></span></span><br /> <span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">The loan will be provided in three categories of small and cottage industries, special and common industries. Business categorized as small and cottage industries can get loans for refinancing from banks and financial institutions (BFIs) at 5 percent interest rate.</span></span></span></span></p> <p><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">Similarly, businesses categorized under special industry can avail loan at 3 percent interest rate from BFIs. Likewise, common industries can get loan for refinancing at 5 percent interest rate. According to NRB, small and cottage industries will can avail up to Rs 1.5 million in refinancing which goes up to Rs 100 million for special industry. </span></span></p> ', 'published' => true, 'created' => '2020-06-03', 'modified' => '2020-06-03', 'keywords' => '', 'description' => '', 'sortorder' => '11860', 'image' => '20200603021952_refinancing.jpg', 'article_date' => '2020-06-03 14:11:54', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => null, 'user_id' => '31' ) ) ) $current_user = null $logged_in = falsesimplexml_load_file - [internal], line ?? include - APP/View/Elements/side_bar.ctp, line 60 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
Notice (8): Undefined variable: file [APP/View/Elements/side_bar.ctp, line 133]Code Context// $file = 'http://aabhiyan:QUVLg8Wzs2F7G9N7@nepalstock.com.np/api/subindexdata.xml';if(!$xml = simplexml_load_file($file)){$viewFile = '/var/www/html/newbusinessage.com/app/View/Elements/side_bar.ctp' $dataForView = array( 'articles' => array( (int) 0 => array( 'Article' => array( [maximum depth reached] ) ), (int) 1 => array( 'Article' => array( [maximum depth reached] ) ), (int) 2 => array( 'Article' => array( [maximum depth reached] ) ), (int) 3 => array( 'Article' => array( [maximum depth reached] ) ), (int) 4 => array( 'Article' => array( [maximum depth reached] ) ), (int) 5 => array( 'Article' => array( [maximum depth reached] ) ), (int) 6 => array( 'Article' => array( [maximum depth reached] ) ), (int) 7 => array( 'Article' => array( [maximum depth reached] ) ), (int) 8 => array( 'Article' => array( [maximum depth reached] ) ), (int) 9 => array( 'Article' => array( [maximum depth reached] ) ), (int) 10 => array( 'Article' => array( [maximum depth reached] ) ), (int) 11 => array( 'Article' => array( [maximum depth reached] ) ), (int) 12 => array( 'Article' => array( [maximum depth reached] ) ), (int) 13 => array( 'Article' => array( [maximum depth reached] ) ), (int) 14 => array( 'Article' => array( [maximum depth reached] ) ) ), 'current_user' => null, 'logged_in' => false ) $articles = array( (int) 0 => array( 'Article' => array( 'id' => '12126', 'article_category_id' => '1', 'title' => '3.7 Million Jobs in Nepal at Risk: ILO', 'sub_title' => '', 'summary' => 'The International Labour Organization (ILO) has warned that the Covid-19 pandemic and lockdown imposed by the government has put 3.7 million jobs at risk.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria","serif"">The International Labour Organization (ILO) has warned that the Covid-19 pandemic and lockdown imposed by the government has put 3.7 million jobs at risk. In its latest report titled ‘Covid-19 Labour Market Impact in Nepal’, the UN agency the abrupt halt in domestic and international economic activities continue to wreak havoc on livelihood of millions of Nepali workers. “</span></span><span style="font-size:16.0pt"><span style="font-family:"Cambria","serif"">There are nearly 3.7 million workers earning their livelihoods in the sectors deemed most at risk to experience a significant (medium to high) reduction in economic output as a result of the Covid-19 crisis,” the report reads. According to ILO, nearly four in every five workers most vulnerable to disruption are in the construction, manufacturing and trade sectors. ILO’s estimates that between 1.6 and 2.0 million jobs are likely to be disrupted in Nepal in the current crisis, either with complete job loss or reduced working hours and wages. </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:"Cambria","serif"">Based on the higher-impact scenario, the jobs disrupted includes nearly 780,000 workers in wholesale and retail trade, 446,000 in manufacturing, 404,000 in construction, 211,000 in transport and 62,000 in accommodation and food service activities and 83,000 in other services, real estate and administrative activities, according to the report. ILO said that in 2018, the tourism sector employed 573,000 workers (8 per cent of total employment) and accounted for 26 per cent of total exports. “Three-quarters of workers in the tourism sector are in informal jobs, leaving them with no protection and no income as the sector has ground to a halt,” the report reads. </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:"Cambria","serif"">According to ILO, workers in informal sectors are also susceptible to Covid-19 crisis. “Majority of workers in all sectors are in informal employment, including the sectors expected to face the highest degree of disruption: construction (97 per cent), trade (74 per cent) and manufacturing (84 per cent),” said ILO. The report mentioned that approximately 5.7 million or 80.8 per cent of workers in Nepal have informal jobs and they lack the basic benefits usually provided by a formal job, including social protection coverage. “If they stop working due to economic downturn, sickness, or quarantine, they have no state-funded safety net,” the report said. Similarly, another category of precarious workers are home-based workers, according to the report. “There are approximately 1.4 million home based workers in Nepal – nearly all women – producing goods for export. With global supply blocked due to the pandemic, also this source of livelihoods is at risk,” said ILO. </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:"Cambria","serif"">The ILO study has found that employment of men in Nepal is at more risk than women employment. “Within the at-risk sectors, the female share of employment is low in many of the higher-risk sectors like construction and manufacturing. As a result, the share of men’s employment at risk of disruption due to Covid-19 is higher than women’s,” the report said. </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:"Cambria","serif"">In total, 631,000 female jobs (24.3 per cent of the 2018 female workforce) are estimated as at risk in the higher impact scenario, compared to 1.3 million jobs for men (also 30.3 per cent of the 2018 male workforce), according to the report. </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:"Cambria","serif"">Business community members, however, disagree with the numbers presented by ILO. “It is true that the COvid-19 crisis has put employment in all sectors in Nepal at risk. Nevertheless, it is difficult to exact number at the moment,” said Pashupati Murarka, past president of Federation of Nepalese Chambers of Commerce and Industry (FNCCI). According to him, industrial enterprises are finding themselves in between a rock and a hard place as they have to adopt austerity measures and save employment of workers at the same time. “The government which has not yet taken any concrete decision to allow industrial enterprises to resume their activities is asking us to pay salaries of workers,” said Murarka. </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:"Cambria","serif"">Binod Shrestha, president of General Federation of Nepalese Trade Unions (GEFONT) also said that the actual data about job losses in Nepal due to Covid-19 crisis is yet to come. “The true picture of job market in Nepal will emerge after the lockdown is lifted,” he mentioned. </span></span></span></span></p> ', 'published' => true, 'created' => '2020-06-10', 'modified' => '2020-06-10', 'keywords' => '', 'description' => '', 'sortorder' => '11874', 'image' => '20200610035639_workers.jpg', 'article_date' => '2020-06-10 15:55:15', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 1 => array( 'Article' => array( 'id' => '12125', 'article_category_id' => '1', 'title' => 'Nepal’s GDP to Slump to 1.8% in 2020: World Bank', 'sub_title' => '', 'summary' => 'The World Bank has forecasted that Nepal’s GDP will slump to 1.8 percent in 2020 amid the Covid-19 pandemic.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Arial,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">The World Bank has forecasted that Nepal’s GDP will slump to 1.8 percent in 2020 amid the Covid-19 pandemic. In its 2020 Global Economic Prospects, the Washington DC-based international agency said that the Himalayan nation will move towards a gradual recovery in the next year. The report estimates that Nepal’s GDP growth will be 2.1 percent in 2021. According to the report, the macroeconomic climate for South Asian countries will remain adverse in 2020 as the recovery in industrial production is reversed by Covid-19 related disruptions such as mitigation measures, global exports plunge and fall in remittances. “In Nepal, growth is projected to decline to 1.8 percent due to largely the same factors, in addition to a drop in tourism,” reads the report. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Arial,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Similarly, Nepal will also be impacted by economic slump in India. “Economies like Nepal are also vulnerable to sharper-than expected deceleration in India, an important intraregional trade partner,” said the bank. Besides, Nepal’s economy also remains vulnerable to supply chain disruptions, domestic as well as international stemming from imports of intermediate goods, and travel-related disruptions to international contractors in sectors like construction, according to the report. However, the World Bank hopes that the situation for Nepal will improve in 2021 and the recovery from the Covid-19 pandemic will be aided by increased private sector investment due to continued reforms to improve business environments. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Arial,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">According to the report, the swift and massive shock of the coronavirus pandemic and shutdown measures to contain it have plunged the global economy into a severe contraction. The bank forecasts that the global economy will shrink by 5.2 percent this year. “That would represent the deepest recession since the Second World War, with the largest fraction of economies experiencing declines in per capita output since 1870,” said the bank. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Arial,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Economic activity among advanced economies is anticipated to shrink 7 percent in 2020 as domestic demand and supply, trade, and finance have been severely disrupted. “Emerging market and developing economies (EMDEs) are expected to shrink by 2.5 percent this year, their first contraction as a group in at least 60 years. Per capita incomes are expected to decline by 3.6 percent, which will tip millions of people into extreme poverty this year,” reads the report. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Arial,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">According to the bank, the blow is hitting hardest in countries where the pandemic has been the most severe and where there is heavy reliance on global trade, tourism, commodity exports, and external financing. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Arial,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">“This is a deeply sobering outlook, with the crisis likely to leave long-lasting scars and pose major global challenges,” </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">a statement quoted World Bank Group Vice President for Equitable Growth, Finance and Institutions, Ceyla Pazarbasioglu as saying. “Our first order of business is to address the global health and economic emergency. Beyond that, the global community must unite to find ways to rebuild as robust a recovery as possible to prevent more people from falling into poverty and unemployment.”</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Arial,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">The report forecasts contraction of 6.1 percent for US economy this year, reflecting the disruptions associated with pandemic-control measures. Euro Area output is expected to shrink 9.1 percent in 2020 as widespread outbreaks took a heavy toll on activity. Japan’s economy is anticipated to shrink 6.1 percent as preventive measures have slowed economic activity.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Arial,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">"The COVID-19 recession is singular in many respects and is likely to be the deepest one in advanced economies since the Second World War and the first output contraction in emerging and developing economies in at least the past six decades,"</span></span> <span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">the statement quoted World Bank Prospects Group Director Ayhan Kose as saying. “The current episode has already seen by far the fastest and steepest downgrades in global growth forecasts on record. If the past is any guide, there may be further growth downgrades in store, implying that policymakers may need to be ready to employ additional measures to support activity.”</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Arial,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">According to the report, </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">economic activity in the South Asia region is projected to contract by 2.7 percent in 2020 as pandemic mitigation measures hinder consumption and services activity and as uncertainty about the course of the pandemic slows down private investment. “Industrial and services activities have plummeted in South Asia as a result of pandemic mitigation measures and the collapse in global demand. Trade activity has sharply fallen. Consumption has been severely hindered as nationwide lockdowns were instituted in several economies, despite some recent relaxations. Tourism has become severely constrained by the pandemic, which has led to sharp declines in arrivals in economies such as Bhutan, Nepal, Sri Lanka, and especially Maldives, where tourism accounts for a large share of output,” said the bank. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-06-09', 'modified' => '2020-06-09', 'keywords' => '', 'description' => '', 'sortorder' => '11873', 'image' => '20200609045117_Nepal road.jpg', 'article_date' => '2020-06-09 16:44:45', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '31' ) ), (int) 2 => array( 'Article' => array( 'id' => '12124', 'article_category_id' => '1', 'title' => 'FNCCI Executive Committee to Meet on June 22', 'sub_title' => '', 'summary' => 'The Federation of Nepalese Chambers of Commerce and Industry (FNCCI), the apex body of the Nepali private sector, has called executive committee meeting on June 22 to decide on convening its 53rd annual general meeting (AGM) which has become a subject of dispute between the rival factions within the organisation. ', 'content' => '<h1><span style="font-size:24pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">The Federation of Nepalese Chambers of Commerce and Industry (FNCCI), the apex body of the Nepali private sector, has called executive committee meeting on June 22 to decide on convening its 53rd annual general meeting (AGM) which has become a subject of dispute between the rival factions within the organisation. A meeting of FNCCI’s office bearers held on Friday (June 5) ended without conclusion regarding the AGM. According to Umesh Lal Shrestha, vice president (commodity) of FNCCI, the executive committee meeting scheduled for June 22 will take necessary decision in this respect.</span></span></span></span></h1> <h1><span style="font-size:24pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">FNCCI’s leadership is facing a huge pressure from some executive committee members to hold the AGM by mid-July which has been postponed twice due to the lockdown and Covid-19 fears. However, another group within the committee has been opposing the idea saying that convening AGM at a time of crisis would relay negative message. A group comprising of FNCCI’s former president Chandi Raj Dhakal, Vice President (Commodity) Umesh Lal Shrestha, Vice President (Associate) Chandra Prasad Dhakal and Treasurer Nirak KC has been pressurizing the executive committee to convene the AGM within mid-July to elect a new leadership. Chandra Prasad Dhakal is one of the contenders for the post of Senior Vice President. </span></span></span></span></h1> <h1><span style="font-size:24pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">The AGM, which was originally scheduled for April 10-11 as per the statute of FNCCI, was postponed to May 20-21 due to the lockdown. But the meeting could not be organised despite the rescheduling because of extension of lockdown by the government. As per the organisation’s statute, the AGM needs to be held within three months after its postponement. The current dispute came after FNCCI’s President Bhawani Rana proposed to postpone the AGM for the next few months. Power politics in FNCCI has heated up in the recent months as rival factions have been strengthening their positions against each other for the forthcoming AGM. </span></span></span></span></h1> <h1><span style="font-size:24pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">Meanwhile, the meeting held on Friday passed a motion condemning a recent statement of former president and Distinguished Member Chandi Raj Dhakal in which he accused Bhawani Rana of ‘forgetting her past status’ and that its is because of his efforts that Rana enjoys her current position. </span></span></span></span></h1> ', 'published' => true, 'created' => '2020-06-09', 'modified' => '2020-06-09', 'keywords' => '', 'description' => '', 'sortorder' => '11872', 'image' => '20200609031924_FNCCI.jpg', 'article_date' => '2020-06-09 15:15:18', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '31' ) ), (int) 3 => array( 'Article' => array( 'id' => '12123', 'article_category_id' => '1', 'title' => 'Travel Agents Ask Govt to Resume Regular International Flights', 'sub_title' => '', 'summary' => 'Travel agents have requested the government to allow airliners to resume regular international air services for few days to repatriate Nepalis stranded abroad. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">Travel agents have requested the government to allow airliners to resume regular international air services for few days to repatriate Nepalis stranded abroad. Their request came after the </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">Civil Aviation Authority of Nepal (CAAN) directed international airliners not to start charter flights on their own to bring back Nepalis stranded in foreign lands. Issuing a directive Saturday, CAAN restricted airliners to start booking or issuing tickets for scheduled or charter flights to and from Nepal. CAAN has said that permission to operate repatriation flights requires processing through the diplomatic channels.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">“As the government has already decided to repatriate Nepalis stranded abroad, we have requested for the resumption of regular international flights to help those looking to travel to other countries from Nepal and those seeking to return at cheaper air fares,” said Achyut Guragain, president of Nepal Association of Tour and Travel Agents (NATTA). According to him, the association has demanded to allow NATTA members to start sales of air tickets on proportional basis. “This will also provide some relief to the crisis-stricken Nepali travel businesses as the existing arrangement allow travel agencies to take 5 percent in commission from air ticket sales,” mentioned Guragain. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">With increasing complains that airline operators have been charging high for chartered flights from Nepalis stranded abroad, CAAN announced ban on such flights, exempting those operated through diplomatic channels, starting from yesterday. According to sources, the Ministry of Culture, Tourism and Civil Aviation directed CAAN to issue the directive to ban chartered flights by international airlines after receiving complaints from Nepalis looking to return to the country. </span></span></span></span></p> ', 'published' => true, 'created' => '2020-06-08', 'modified' => '2020-06-08', 'keywords' => '', 'description' => '', 'sortorder' => '11871', 'image' => '20200608013121_nepal.jpg', 'article_date' => '2020-06-08 13:30:02', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 4 => array( 'Article' => array( 'id' => '12122', 'article_category_id' => '1', 'title' => 'Lockdown Puts Serious Dent on Government’s Income ', 'sub_title' => '', 'summary' => 'The protracted lockdown has adversely impacted the government’s income. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">The protracted lockdown has adversely impacted the government’s income. The data related to revenue collection of the last two and a half months shows drying of major source of income leading to difficulties to sustain expenditures for the government. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">According to the Financial Comptroller General Office (FGCO), the revenue collection from March 24 to June 5 has amounted to Rs 62.98 billion. Similarly, the spending from the government coffers during the period totaled Rs 1.95 billion. The government’s revenue account, which had surplus of Rs 100 billion before the start of the lockdown in March 24, now has surplus of Rs 5.27 billion. FGCO data shows that only about 60 percent of the revenue collection target set for the current fiscal year has been met till June 5.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">“Mandatory liabilities of the government such as payments related to employees’ salaries, pension and gratuity, social security allowances and principal and interest payment of foreign borrowings have continued till now. However, the situation will be different if lockdown continues to impact on revenue collection,” said Financial Comptroller Genaral Gopinath Mainali. He suggested the government to change the modality of the lockdown to restart the economic activities that have remained halted for the last two and a half months and make the revenue collection effective. “Though there is not much pressure currently regarding the revenue collection, the government may be finds itself surrounded by big difficulties over the next two months if the lockdown continues,” warned Mainali. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">All three levels of the government have spent Rs 10 billion for prevention and control of coronavirus. According to Narayan Prasad Bidari, secretary at the Office of the Prime Minister, the money was used to buy medical equipment and necessary items, quarantine management and distribution of relief materials to the poor people. However, the government has been criticized for lack of transparency regarding the expenses related to prevention and control of coronavirus. Economist Keshav Acharya said that the results have not been as claimed by the government.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Acharya said that the government now needs to lift the lockdown in a careful manner. “Industries should be allowed to open on the condition that the owners ensure high level of health safety at the workplaces. To keep the economic activities closed for a long time has repercussions to both the private sector and the government,” he opined. According to Acharya, the government needs to be frugal as the Covid-19 crisis has put a serious dent on its income sources. </span></span></span></span></p> ', 'published' => true, 'created' => '2020-06-07', 'modified' => '2020-06-07', 'keywords' => '', 'description' => '', 'sortorder' => '11870', 'image' => '20200607020358_govt tax.jpg', 'article_date' => '2020-06-07 14:02:30', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 5 => array( 'Article' => array( 'id' => '12121', 'article_category_id' => '1', 'title' => 'UK Announces Additional Support for Nepal’s Covid-19 Response ', 'sub_title' => '', 'summary' => 'The British government has announced additional fund to help Nepal fight the growing coronavirus transmission in the country. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:13.5pt"><span style="font-family:"Georgia",serif">The British government has announced additional fund to help Nepal fight the growing coronavirus transmission in the country. The Department for International Development (DFID), the British government’s department responsible for administering overseas aid, will provide the financial support to the Himalayan nation. According to the announcement, the amount of UKP 8.2 million provided by DFID earlier for Nepal’s Covid-19 response has been increased to UKP 10 million. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:13.5pt"><span style="font-family:"Georgia",serif">Though DFID has been providing financial assistance to Nepal annually, this is an additional support as during the 2015 earthquake, a statement issued by the Nepal’s Embassy in London reads. DFID has announced to provide UKP 100 million to developing countries to fight the pandemic. The department has so far donated a financial assistance of UKP 844 million across the world since the start of the coronavirus outbreak. <em>(RSS)</em></span></span></span></span></p> ', 'published' => true, 'created' => '2020-06-07', 'modified' => '2020-06-07', 'keywords' => '', 'description' => '', 'sortorder' => '11869', 'image' => '20200607020210_covid-19 response nepal.jpg', 'article_date' => '2020-06-07 14:00:54', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 6 => array( 'Article' => array( 'id' => '12120', 'article_category_id' => '1', 'title' => 'Rs 3 Billion Investment Realised During Lockdown', 'sub_title' => '', 'summary' => 'Almost Rs 3 billion in investment has been received from foreign and Nepali investors in the industrial sector in the past one month. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Almost Rs 3 billion in investment has been received from foreign and Nepali investors in the industrial sector in the past one month. According to Prakash Dahal, spokesperson of Ministry of Industry, Commerce and Supplies, four domestic and 11 foreign industries in the country received investment worth Rs 2.74 billion in the period. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">The Department of Industry approved foreign direct investment (FDI) worth Rs 927 million and Rs. 1.82 billion worth of domestic investment, respectively, in 11 industries. Dahal informed that the highest investment came from China worth Rs 727 million which was invested in seven different industries. Likewise, Rs 50 million in investment each came from India, South Korea, the Netherlands and Malaysia. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">According to Dahal, a high-level industrial and investment policy forum has been formed under the convenorship of the Industry Minister to support the work of the Industrial and Investment Promotion Board, as provided in the Industrial Business Act, 2076. <em>(RSS)</em></span></span></span></span></p> ', 'published' => true, 'created' => '2020-06-06', 'modified' => '2020-06-06', 'keywords' => '', 'description' => '', 'sortorder' => '11868', 'image' => '20200606014338_industry.jpg', 'article_date' => '2020-06-06 13:40:58', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 7 => array( 'Article' => array( 'id' => '12119', 'article_category_id' => '1', 'title' => 'IB Gives Continuity to Covid-19 Insurance Scheme', 'sub_title' => '', 'summary' => 'A day after directing insurance companies to discontinue issuing the Covid-19 Insurance Policy, the Insurance Board (IB), the insurance sector regulator, has decided to give continuity to the coronavirus insurance scheme.', 'content' => '<h1><span style="font-size:24pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">A day after directing insurance companies to discontinue issuing the Covid-19 insurance policies, the Insurance Board (IB), the insurance sector regulator, has decided to give continuity to the coronavirus insurance scheme. IB directed insurers yesterday to put off the programme until further notice. Nepal Insurers’ Association (NIA) had earlier asked the board to discontinue coronavirus insurance scheme saying that it has become too risky for the companies due to the fast rise in Covid-19 cases in the country. IB was criticized for introducing the insurance programme without conducting proper study of the situation and for lack of foresight.</span></span></span></span></h1> <h1><span style="font-size:24pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">The risk of Covid-19 insurance will be shared between the government, IB, Nepal Reinsurance Company and insurance companies. As per the IB directive, the news policies under the scheme will provide coverage to the insured until Chaitra 1. The policies issued earlier provide coverage of one year to the insured from the date of purchase of the policy. IB has decided to further expand the scope of the Covid-19 insurance scheme. In a meeting with CEOs of insurance companies today, IB directed insurers to work to issue at least 10 million Covid-19 policies. </span></span></span></span></h1> ', 'published' => true, 'created' => '2020-06-05', 'modified' => '2020-06-05', 'keywords' => '', 'description' => '', 'sortorder' => '11867', 'image' => '20200605091340_covid-19 scheme.jpg', 'article_date' => '2020-06-05 21:10:30', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 8 => array( 'Article' => array( 'id' => '12118', 'article_category_id' => '1', 'title' => 'Repatriation of 40,000 Nepalis Stranded in Foreign Lands Begins', 'sub_title' => '', 'summary' => 'The government has started to repatriate Nepali nationals stranded in foreign lands due to Covid-19 crisis on priority basis. After facing harsh criticism from various quarters of the society for showing reluctance to bring stranded Nepalis back home, the government has stepped up to rescue 40,000 citizens from different countries starting today.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">The government has started to repatriate Nepali nationals stranded in foreign lands due to Covid-19 crisis on priority basis. After facing harsh criticism from various quarters of the society for showing reluctance to bring stranded Nepalis back home, the government has stepped up to rescue 40,000 citizens from different countries starting today. According to officials, the government has prioritized those facing difficulties and looking to return from major labour destination countries of Nepal including Malaysia, United Arab Emirates (UAE), Kuwait, Saudi Arabia and Qatar. However, the flight of Air Arabia scheduled for today to bring Nepalis from UAE has been canceled due to some technical reasons. The government of UAE had proposed to airlift Nepalis living there in its own expenses. Officials say that the flights will commence in the next few days after the issues are settled. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">The government has targeted to bring over 18,000 Nepalis stranded in UAE and Myanmar. “10 chartered flights daily will bring Nepalis nationals from the countries. Some 18,000 are looking to return to Nepal from UAE while the number is 30 in Myanmar,” informed Suman Ghimire, joint secretary at Ministry of Labour. A plane belonging to Myanmar Air Force has brought 26 Nepalis to Kathmandu today afternoon; the flight will take back Burmese stranded in Nepal.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">Similarly, the government of Kuwait will also send 3,000 Nepalis, who have received general amnesty, back home at its own expenses. Labour ministry officials say that 5,000 Nepali migrant workers, who have become jobless due to Covid-19 crisis, are waiting to be airlifted immediately from Kuwait and Nepal’s embassy has been working to set timeline for their repatriation. </span></span></span></span></p> ', 'published' => true, 'created' => '2020-06-05', 'modified' => '2020-06-05', 'keywords' => '', 'description' => '', 'sortorder' => '11866', 'image' => '20200605065834_Myanmar_TIA-scaled.jpg', 'article_date' => '2020-06-05 12:53:02', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '31' ) ), (int) 9 => array( 'Article' => array( 'id' => '12117', 'article_category_id' => '1', 'title' => 'Xiaomi Introduces Redmi Note 9 Pro in Nepal', 'sub_title' => '', 'summary' => 'Chinese smartphone brand Xiaomi has launched the 9th generation of its Redmi Note series handsets in the Nepal market. Redmi Note 9 Pro comes with for NavIC, a navigation system developed indigenously by the Indian Space Research Organization (ISRO), which will prioritise Indian satellites for navigation.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Chinese smartphone brand</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif"> Xiaomi has launched the 9<sup>th</sup> generation of its Redmi Note series handsets in the Nepal market. Redmi Note 9 Pro comes with for NavIC, a navigation system developed indigenously by the Indian Space Research Organization (ISRO), which will </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">prioritise Indian satellites for navigation</span></span>.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Issuing a press statement, Xiaomi claimed that Redmi Note 9 is the most competitive smartphone in its price segment featuring the latest Qualcomm Snapdragon 720G processor.</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif"> “The 8nm Process Technology enables it to run 1 - 1.5° cooler for sustained peak performance than many other 12nm chipsets,” reads the statement. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Redmi Note 9 Pro sports a 48MP Samsung ISOCELL Bright GM2 sensor which hosts camera features like Smart ISO to enable better results in the toughest of lighting conditions. “The 48MP sensor is coupled with an 8MP ultra-wide angle lens, a 2MP depth sensor and a 5MP macro sensor that lets you go as close as 2cm to the subject and support for 1080p macro video. For selfie lovers, there’s a 16MP sensor in the front,” informed the company. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">According to the company, Redmi Note 9 Pro features the Aura Balance Design which brings immersive experience, impeccable craftsmanship and functional design to the handset. “With the side-mounted fingerprint scanner that sits flush on the matt-finish midframe, Redmi Note 9 Pro facilitates a natural approach to unlocking,” Xiaomi said. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Other features of Redmi Note 9 Pro include triple Corning Gorilla Glass 5, on the front, rear and on the rear camera lenses. It is protected by P2i, splash proof nano-coating technology which protects them from accidental spills, while the reinforced corners provide better resilience to accidental falls, according to the company. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">“Redmi Note series has been the torch bearer of innovation for everyone. Redmi Note 8 series set new benchmarks continuing the Redmi Note legacy and evolved as one of the most sought-after series. In 2019 Redmi Note 8 went on to become the no. 1 Android smartphone globally,” the statement quoted </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Sourabh Kothari, country general manager of Xiaomi Nepal, as saying. </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">“We are especially excited about Redmi Note 9 Pro, built for true Mi Fans and we hope they would appreciate this perfect amalgamation of Aura Balance design, massive battery and quad camera set up as we continue to bring the best specs with highest quality at honest pricing,” he added. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">According to Xiaomi, Redmi Note 9 Pro of 6GB + 128GB variant will be available in Interstellar Black for Rs 29,999 across offline stores, retail partners and online partners very soon.</span></span></span></span></p> ', 'published' => true, 'created' => '2020-06-04', 'modified' => '2020-06-04', 'keywords' => '', 'description' => '', 'sortorder' => '11865', 'image' => '20200604055440_Redmi Note 9 Pro[6998].jpg', 'article_date' => '2020-06-04 17:52:40', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 10 => array( 'Article' => array( 'id' => '12116', 'article_category_id' => '1', 'title' => 'Business Owners Intensify Defiance of Lockdown Orders ', 'sub_title' => '', 'summary' => 'In a show of growing frustration against the ‘no-end-in-sight’ lockdown, business owners and traders have opened stores across the country. With the ongoing lockdown in its 73rd day making it one of the longest running lockdowns in the world to stop coronavirus from spreading, traders have been forced to face mounting business losses. ', 'content' => '<h1><span style="font-size:24pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">In a show of growing frustration against the ‘no-end-in-sight’ lockdown, business owners and traders have opened stores across the country. With the ongoing lockdown in its 73<sup>rd</sup> day making it one of the longest running lockdowns in the world to stop coronavirus from spreading, traders have been forced to face mounting business losses. Running out of patience, they defied government order to keep their shops, stores and offices shut down saying they can no longer afford to pay house rents, staff salaries and clear tax dues without resumption of business activities. </span></span></span></span></h1> <h1><span style="font-size:24pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Markets in across the country have opened today with businesses operating for longer hours than earlier days. Stores selling make-up items, liquor, electric items, apparels, among others, categorised under non-essential businesses have also resume their operations. Stores in major market areas in Kathmandu valley including New Road, Ason, Baneshwor, Kumaripati, Lagankhel, Putalisadak, Chabahil and Koteshwor, among other places, are opened for business. Similarly, businesses are also opened in different districts including Biratnagar, Rajbiraj, Birgunj, Hetauda, Pokhara, Chitwan, Butwal, Bhairahawa, Dang, Dhangadhi and Nepalgunj. </span></span></span></span></h1> <h1><span style="font-size:24pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Shopkeepers and small store owners have been increasingly defying the lockdown orders the last few days. With the crippling impacts of the lockdown becoming more clearer, the calls to open shops and businesses have grown louder. Small traders have opened their businesses under the leadership of Nepal National Traders’ Federation. The association of small traders has asked businesses to defy the restrictions to resume their activities. </span></span></span></span></h1> <h1><span style="font-size:24pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Similarly, major private sector bodies – Federation of Nepalese Chambers of Commerce of Industry (FNCCI), Confederation of Nepalese Industries (CNI) and Nepal Chamber of Commerce (NCC) have also asked the administration to allow resumption of industrial and business activities. Durga Raj Shrestha, chairman of supply committee of Kathmandu Chamber of Commerce and Industry said that even the reduced hours of business operation have added to the enthusiasm of business owners. “Business reopening is expected to reach 60-70 percent today,” said Kishore Pradhan, vice president (district and municipal chapter) of FNCCI. According to him, business owners have restarted their activities by following health safety standards and physical distancing measures. </span></span></span></span></h1> <h1><strong><span style="font-size:24pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Kathmandu Valley Administrations Allow Reopening of Businesses </span></span></span></span></strong></h1> <h1><span style="font-size:24pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">All district administrations of the Kathmandu valley have decided not to obstruct reopening of businesses. Amid the intensifying defiance of traders, a meeting between chief district officers (CDOs) of Kathmandu, Lalitpur and Bhaktapur and private sector representatives held on today afternoon, the CDOs said that the local administrations are ready to facilitate resumption of business activities by implementing proper health safety standards. In the meeting NCC President Rajesh Kaji Shrestha presented suggestions to facilitate safe and secure reopening of businesses. </span></span></span></span></h1> ', 'published' => true, 'created' => '2020-06-04', 'modified' => '2020-06-04', 'keywords' => '', 'description' => '', 'sortorder' => '11864', 'image' => '20200604051542_Market.jpg', 'article_date' => '2020-06-04 17:10:28', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 11 => array( 'Article' => array( 'id' => '12115', 'article_category_id' => '1', 'title' => 'Proposals for Projects Worth Rs 80bn Go Undecided Due to Delay in IBN CEO Appointment ', 'sub_title' => '', 'summary' => 'The Investment Board Nepal (IBN), the body established to facilitate large investments in the country, has been left without leadership since April 2 when its CEO Maha Prasad Adhikari was appointed Governor of Nepal Rastra Bank. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">The Investment Board Nepal (IBN), the body established to facilitate large investments in the country, has been left without leadership since April 2 when its CEO Maha Prasad Adhikari was appointed Governor of Nepal Rastra Bank. However, process to appoint chief executive in the board has not started even after two 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:"Cambria",serif">Due to the delay in appointment of CEO, IBN has not decided on proposed projects worth about Rs 80 billion that have already gone through economic and technical inspections. Before the start of lockdown, proposals for seven investment projects were submitted to IBN. Among them, two proposals have been recommended by the Department of Industry while the other five proposals have been directly submitted by investors to IBN. The discussion over the proposals have not proceeded and board meeting of IBN has not been held till date because of the delay in appointment of CEO. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Before the commencement of lockdown, IBN was working to facilitate large investment projects including Nijgadh International Airport, Tamor Reservoir Hydropower Project, West Seti Hydropower Project. Similarly, the board had prepared to facilitate agriculture projects working with provincial governments. Works of all these investment projects have been halted at present. IBN officials say that the feasibility study of Tamor Reservoir Hydropower Project has not been started because of the lockdown. Similarly, other projects that are under the study phase have also been halted. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">The board meeting of IBN which is held under the chairmanship of the Prime Minister has not been held since mid-February. The confusions regarding the new proposed projects is because only the board meeting has the authority to decide on the proposals. IBN Spokesperson Bal Ram Rijal said that the absence of CEO has created problems for the board. According to him, prospective investors are enquiring about investment projects though no IBN has received no new proposals from investors. The board is yet to decide proposals related to development of hydropower, energy and cement projects. According to IBN officials, the projects have been proposed by Nepali as well as Chinese, Japanese and Singaporean investors. The board meeting of IBN is necessary not only to approve investment proposals but also to reject the unqualifying proposals. Meanwhile, the absence of CEO has created difficulty to coordinate with IBN’s chairman the Prime Minister, vice chairman Minister for Finance and ministers related to sector-wise investments. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Radhesh Pant, former CEO of IBN said that the delay in appointment of the chief executive will add to the board’s problems from day-to-day operation to approving investment proposals. “The government has failed to give continuity to the process of appointing CEO in an important institution like IBN. This will not only affect the day-to-day operation but also leave a long-term negative impact as foreign investors attracted to invest in Nepal can divert to elsewhere after facing procedural hassles,” Pant pointed out. According to him, there should be handover and takeover practices at IBN one month prior to the ending of tenure of CEO. He suggested the government to prioritise appointment of CEO to give continuity to decide on investment proposals and other works undertaken by the board. </span></span></span></span></p> ', 'published' => true, 'created' => '2020-06-04', 'modified' => '2020-06-04', 'keywords' => '', 'description' => '', 'sortorder' => '11863', 'image' => '20200604020901_IBN.jpg', 'article_date' => '2020-06-04 14:02:39', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 12 => array( 'Article' => array( 'id' => '12114', 'article_category_id' => '1', 'title' => 'Experts Suggest Relaxing Lockdown 'Carefully' to Resume Socio-Economic Activities', 'sub_title' => '', 'summary' => 'Experts have suggested the government to ease the ongoing lockdown in a careful manner to restart socio-economic activities. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">Experts have suggested the government to ease the ongoing lockdown in a careful manner to restart socio-economic activities. In a consultation meeting hosted by the Prime Minster KP Sharma Oli at his office in Baluwatar on Wednesday evening, the group 25 experts comprising of economists, public health experts, development planners and social activists asked the government to facilitate the resumption of activities to bring the lives of ordinary citizens back to normalcy. They suggested that measures should be adopted to provide treatment to COVID-19 infected making proper use of the limited resources, while also focusing on public awareness against the spread of coronavirus. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">Amid growing frustration among the citizens as the protracted lockdown continues to cripple daily lives of the people, PM Oli invited the experts to discuss on finding ways to safely open social and economic activities. Experts said that the lockdown has adversely impacted every walk of social life and the government, therefore, needs to tread with caution to normalize socio-economic activities. The meeting which went on for four hours was also participated by Deputy Prime Minister and high-level Covid-19 response team coordinator Ishwar Pokharel, Minister for Foreign Affairs Pradeep Kumar Gyawali, Minister for Health and Population Bhanu Bhakta Dhakal and other high-ranking government officials. Surya Thapa, press adviser of the Prime Minister said that the consultation meeting was ‘very fruitful and result-oriented’. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">The lockdown imposed by the government on March 24 has been extended to 14 June. Citizens have mostly followed the government’s stay -at-home order for the last 73 days However, the growing defiance of the crippling restrictions on transportation, travel and business activities by business owners and ordinary citizens in the recent days has created pressure on the government to rethink and revise its strategies to combat the spread of coronavirus. </span></span></span></span></p> ', 'published' => true, 'created' => '2020-06-04', 'modified' => '2020-06-04', 'keywords' => '', 'description' => '', 'sortorder' => '11862', 'image' => '20200604104218_lockdown meeting.jpg', 'article_date' => '2020-06-04 10:39:47', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '31' ) ), (int) 13 => array( 'Article' => array( 'id' => '12113', 'article_category_id' => '1', 'title' => 'Tax Clearance Deadline Extended by 14 days', 'sub_title' => '', 'summary' => 'After facing widespread criticism for issuing notice to clear tax dues and submit tax details to the Inland Revenue Department (IRD) by June 7, the government has extended the tax payment and tax filing deadline by 14. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">After facing widespread criticism for issuing notice to clear tax dues and submit tax details by June 7, the Inland Revenue Department (IRD) has extended the tax payment and tax filing deadline by 14. Issuing a new notice today, IRD has set two new deadlines for clearance of tax dues and filing of income tax details. As per the new arrangement, taxpayers will have to pay VAT, excise duties and income tax by June 21. Similarly, they are required to file income tax details estimate and pay the second installment of tax dues by June 29. Similarly, IRD has also extended the deadline for clearing education service tax and telecommunications tax to June 21.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">The department took a step back from its earlier position after major private sector bodies warned that businesses cannot clear their tax dues at a time when most of the economic activities in the country have come to a grinding halt because of lockdown which is in place since March 24. In a meeting with private sector representatives at the Ministry of Finance today afternoon, Revenue Secretary Sishir Kumar Dhungana informed that the government will extend the deadline. In the revised notice, IRD has also not mentioned anything about penalizing taxpayers if they fail to clear dues and file their tax details by the deadline. </span></span></span></span></p> ', 'published' => true, 'created' => '2020-06-03', 'modified' => '2020-06-03', 'keywords' => '', 'description' => '', 'sortorder' => '11861', 'image' => '20200603062512_tax.jpg', 'article_date' => '2020-06-03 18:20:32', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '31' ) ), (int) 14 => array( 'Article' => array( 'id' => '12112', 'article_category_id' => '1', 'title' => 'NRB Introduces Refinancing Work Procedure', 'sub_title' => '', 'summary' => 'Nepal Rastra Bank (NRB) has introduced the Refinancing Work Procedure, 2077 to allow small and medium scale industries to avail up to Rs 100 million in refinancing. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">Nepal Rastra Bank (NRB) has introduced the Refinancing Work Procedure, 2077 to allow small and medium scale industries to avail up to Rs 100 million in refinancing. The procedure has been introduced to prop up businesses that have been hard hit by the Covid-19 pandemic and lockdown. </span></span></span></span><br /> <span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">The loan will be provided in three categories of small and cottage industries, special and common industries. Business categorized as small and cottage industries can get loans for refinancing from banks and financial institutions (BFIs) at 5 percent interest rate.</span></span></span></span></p> <p><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">Similarly, businesses categorized under special industry can avail loan at 3 percent interest rate from BFIs. Likewise, common industries can get loan for refinancing at 5 percent interest rate. According to NRB, small and cottage industries will can avail up to Rs 1.5 million in refinancing which goes up to Rs 100 million for special industry. </span></span></p> ', 'published' => true, 'created' => '2020-06-03', 'modified' => '2020-06-03', 'keywords' => '', 'description' => '', 'sortorder' => '11860', 'image' => '20200603021952_refinancing.jpg', 'article_date' => '2020-06-03 14:11:54', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => null, 'user_id' => '31' ) ) ) $current_user = null $logged_in = false $xml = falseinclude - APP/View/Elements/side_bar.ctp, line 133 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
Warning (2): simplexml_load_file() [<a href='http://php.net/function.simplexml-load-file'>function.simplexml-load-file</a>]: I/O warning : failed to load external entity "" [APP/View/Elements/side_bar.ctp, line 133]file not found!Code Context// $file = 'http://aabhiyan:QUVLg8Wzs2F7G9N7@nepalstock.com.np/api/subindexdata.xml';if(!$xml = simplexml_load_file($file)){$viewFile = '/var/www/html/newbusinessage.com/app/View/Elements/side_bar.ctp' $dataForView = array( 'articles' => array( (int) 0 => array( 'Article' => array( [maximum depth reached] ) ), (int) 1 => array( 'Article' => array( [maximum depth reached] ) ), (int) 2 => array( 'Article' => array( [maximum depth reached] ) ), (int) 3 => array( 'Article' => array( [maximum depth reached] ) ), (int) 4 => array( 'Article' => array( [maximum depth reached] ) ), (int) 5 => array( 'Article' => array( [maximum depth reached] ) ), (int) 6 => array( 'Article' => array( [maximum depth reached] ) ), (int) 7 => array( 'Article' => array( [maximum depth reached] ) ), (int) 8 => array( 'Article' => array( [maximum depth reached] ) ), (int) 9 => array( 'Article' => array( [maximum depth reached] ) ), (int) 10 => array( 'Article' => array( [maximum depth reached] ) ), (int) 11 => array( 'Article' => array( [maximum depth reached] ) ), (int) 12 => array( 'Article' => array( [maximum depth reached] ) ), (int) 13 => array( 'Article' => array( [maximum depth reached] ) ), (int) 14 => array( 'Article' => array( [maximum depth reached] ) ) ), 'current_user' => null, 'logged_in' => false ) $articles = array( (int) 0 => array( 'Article' => array( 'id' => '12126', 'article_category_id' => '1', 'title' => '3.7 Million Jobs in Nepal at Risk: ILO', 'sub_title' => '', 'summary' => 'The International Labour Organization (ILO) has warned that the Covid-19 pandemic and lockdown imposed by the government has put 3.7 million jobs at risk.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria","serif"">The International Labour Organization (ILO) has warned that the Covid-19 pandemic and lockdown imposed by the government has put 3.7 million jobs at risk. In its latest report titled ‘Covid-19 Labour Market Impact in Nepal’, the UN agency the abrupt halt in domestic and international economic activities continue to wreak havoc on livelihood of millions of Nepali workers. “</span></span><span style="font-size:16.0pt"><span style="font-family:"Cambria","serif"">There are nearly 3.7 million workers earning their livelihoods in the sectors deemed most at risk to experience a significant (medium to high) reduction in economic output as a result of the Covid-19 crisis,” the report reads. According to ILO, nearly four in every five workers most vulnerable to disruption are in the construction, manufacturing and trade sectors. ILO’s estimates that between 1.6 and 2.0 million jobs are likely to be disrupted in Nepal in the current crisis, either with complete job loss or reduced working hours and wages. </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:"Cambria","serif"">Based on the higher-impact scenario, the jobs disrupted includes nearly 780,000 workers in wholesale and retail trade, 446,000 in manufacturing, 404,000 in construction, 211,000 in transport and 62,000 in accommodation and food service activities and 83,000 in other services, real estate and administrative activities, according to the report. ILO said that in 2018, the tourism sector employed 573,000 workers (8 per cent of total employment) and accounted for 26 per cent of total exports. “Three-quarters of workers in the tourism sector are in informal jobs, leaving them with no protection and no income as the sector has ground to a halt,” the report reads. </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:"Cambria","serif"">According to ILO, workers in informal sectors are also susceptible to Covid-19 crisis. “Majority of workers in all sectors are in informal employment, including the sectors expected to face the highest degree of disruption: construction (97 per cent), trade (74 per cent) and manufacturing (84 per cent),” said ILO. The report mentioned that approximately 5.7 million or 80.8 per cent of workers in Nepal have informal jobs and they lack the basic benefits usually provided by a formal job, including social protection coverage. “If they stop working due to economic downturn, sickness, or quarantine, they have no state-funded safety net,” the report said. Similarly, another category of precarious workers are home-based workers, according to the report. “There are approximately 1.4 million home based workers in Nepal – nearly all women – producing goods for export. With global supply blocked due to the pandemic, also this source of livelihoods is at risk,” said ILO. </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:"Cambria","serif"">The ILO study has found that employment of men in Nepal is at more risk than women employment. “Within the at-risk sectors, the female share of employment is low in many of the higher-risk sectors like construction and manufacturing. As a result, the share of men’s employment at risk of disruption due to Covid-19 is higher than women’s,” the report said. </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:"Cambria","serif"">In total, 631,000 female jobs (24.3 per cent of the 2018 female workforce) are estimated as at risk in the higher impact scenario, compared to 1.3 million jobs for men (also 30.3 per cent of the 2018 male workforce), according to the report. </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:"Cambria","serif"">Business community members, however, disagree with the numbers presented by ILO. “It is true that the COvid-19 crisis has put employment in all sectors in Nepal at risk. Nevertheless, it is difficult to exact number at the moment,” said Pashupati Murarka, past president of Federation of Nepalese Chambers of Commerce and Industry (FNCCI). According to him, industrial enterprises are finding themselves in between a rock and a hard place as they have to adopt austerity measures and save employment of workers at the same time. “The government which has not yet taken any concrete decision to allow industrial enterprises to resume their activities is asking us to pay salaries of workers,” said Murarka. </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:"Cambria","serif"">Binod Shrestha, president of General Federation of Nepalese Trade Unions (GEFONT) also said that the actual data about job losses in Nepal due to Covid-19 crisis is yet to come. “The true picture of job market in Nepal will emerge after the lockdown is lifted,” he mentioned. </span></span></span></span></p> ', 'published' => true, 'created' => '2020-06-10', 'modified' => '2020-06-10', 'keywords' => '', 'description' => '', 'sortorder' => '11874', 'image' => '20200610035639_workers.jpg', 'article_date' => '2020-06-10 15:55:15', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 1 => array( 'Article' => array( 'id' => '12125', 'article_category_id' => '1', 'title' => 'Nepal’s GDP to Slump to 1.8% in 2020: World Bank', 'sub_title' => '', 'summary' => 'The World Bank has forecasted that Nepal’s GDP will slump to 1.8 percent in 2020 amid the Covid-19 pandemic.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Arial,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">The World Bank has forecasted that Nepal’s GDP will slump to 1.8 percent in 2020 amid the Covid-19 pandemic. In its 2020 Global Economic Prospects, the Washington DC-based international agency said that the Himalayan nation will move towards a gradual recovery in the next year. The report estimates that Nepal’s GDP growth will be 2.1 percent in 2021. According to the report, the macroeconomic climate for South Asian countries will remain adverse in 2020 as the recovery in industrial production is reversed by Covid-19 related disruptions such as mitigation measures, global exports plunge and fall in remittances. “In Nepal, growth is projected to decline to 1.8 percent due to largely the same factors, in addition to a drop in tourism,” reads the report. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Arial,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Similarly, Nepal will also be impacted by economic slump in India. “Economies like Nepal are also vulnerable to sharper-than expected deceleration in India, an important intraregional trade partner,” said the bank. Besides, Nepal’s economy also remains vulnerable to supply chain disruptions, domestic as well as international stemming from imports of intermediate goods, and travel-related disruptions to international contractors in sectors like construction, according to the report. However, the World Bank hopes that the situation for Nepal will improve in 2021 and the recovery from the Covid-19 pandemic will be aided by increased private sector investment due to continued reforms to improve business environments. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Arial,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">According to the report, the swift and massive shock of the coronavirus pandemic and shutdown measures to contain it have plunged the global economy into a severe contraction. The bank forecasts that the global economy will shrink by 5.2 percent this year. “That would represent the deepest recession since the Second World War, with the largest fraction of economies experiencing declines in per capita output since 1870,” said the bank. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Arial,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Economic activity among advanced economies is anticipated to shrink 7 percent in 2020 as domestic demand and supply, trade, and finance have been severely disrupted. “Emerging market and developing economies (EMDEs) are expected to shrink by 2.5 percent this year, their first contraction as a group in at least 60 years. Per capita incomes are expected to decline by 3.6 percent, which will tip millions of people into extreme poverty this year,” reads the report. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Arial,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">According to the bank, the blow is hitting hardest in countries where the pandemic has been the most severe and where there is heavy reliance on global trade, tourism, commodity exports, and external financing. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Arial,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">“This is a deeply sobering outlook, with the crisis likely to leave long-lasting scars and pose major global challenges,” </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">a statement quoted World Bank Group Vice President for Equitable Growth, Finance and Institutions, Ceyla Pazarbasioglu as saying. “Our first order of business is to address the global health and economic emergency. Beyond that, the global community must unite to find ways to rebuild as robust a recovery as possible to prevent more people from falling into poverty and unemployment.”</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Arial,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">The report forecasts contraction of 6.1 percent for US economy this year, reflecting the disruptions associated with pandemic-control measures. Euro Area output is expected to shrink 9.1 percent in 2020 as widespread outbreaks took a heavy toll on activity. Japan’s economy is anticipated to shrink 6.1 percent as preventive measures have slowed economic activity.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Arial,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">"The COVID-19 recession is singular in many respects and is likely to be the deepest one in advanced economies since the Second World War and the first output contraction in emerging and developing economies in at least the past six decades,"</span></span> <span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">the statement quoted World Bank Prospects Group Director Ayhan Kose as saying. “The current episode has already seen by far the fastest and steepest downgrades in global growth forecasts on record. If the past is any guide, there may be further growth downgrades in store, implying that policymakers may need to be ready to employ additional measures to support activity.”</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Arial,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">According to the report, </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">economic activity in the South Asia region is projected to contract by 2.7 percent in 2020 as pandemic mitigation measures hinder consumption and services activity and as uncertainty about the course of the pandemic slows down private investment. “Industrial and services activities have plummeted in South Asia as a result of pandemic mitigation measures and the collapse in global demand. Trade activity has sharply fallen. Consumption has been severely hindered as nationwide lockdowns were instituted in several economies, despite some recent relaxations. Tourism has become severely constrained by the pandemic, which has led to sharp declines in arrivals in economies such as Bhutan, Nepal, Sri Lanka, and especially Maldives, where tourism accounts for a large share of output,” said the bank. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-06-09', 'modified' => '2020-06-09', 'keywords' => '', 'description' => '', 'sortorder' => '11873', 'image' => '20200609045117_Nepal road.jpg', 'article_date' => '2020-06-09 16:44:45', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '31' ) ), (int) 2 => array( 'Article' => array( 'id' => '12124', 'article_category_id' => '1', 'title' => 'FNCCI Executive Committee to Meet on June 22', 'sub_title' => '', 'summary' => 'The Federation of Nepalese Chambers of Commerce and Industry (FNCCI), the apex body of the Nepali private sector, has called executive committee meeting on June 22 to decide on convening its 53rd annual general meeting (AGM) which has become a subject of dispute between the rival factions within the organisation. ', 'content' => '<h1><span style="font-size:24pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">The Federation of Nepalese Chambers of Commerce and Industry (FNCCI), the apex body of the Nepali private sector, has called executive committee meeting on June 22 to decide on convening its 53rd annual general meeting (AGM) which has become a subject of dispute between the rival factions within the organisation. A meeting of FNCCI’s office bearers held on Friday (June 5) ended without conclusion regarding the AGM. According to Umesh Lal Shrestha, vice president (commodity) of FNCCI, the executive committee meeting scheduled for June 22 will take necessary decision in this respect.</span></span></span></span></h1> <h1><span style="font-size:24pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">FNCCI’s leadership is facing a huge pressure from some executive committee members to hold the AGM by mid-July which has been postponed twice due to the lockdown and Covid-19 fears. However, another group within the committee has been opposing the idea saying that convening AGM at a time of crisis would relay negative message. A group comprising of FNCCI’s former president Chandi Raj Dhakal, Vice President (Commodity) Umesh Lal Shrestha, Vice President (Associate) Chandra Prasad Dhakal and Treasurer Nirak KC has been pressurizing the executive committee to convene the AGM within mid-July to elect a new leadership. Chandra Prasad Dhakal is one of the contenders for the post of Senior Vice President. </span></span></span></span></h1> <h1><span style="font-size:24pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">The AGM, which was originally scheduled for April 10-11 as per the statute of FNCCI, was postponed to May 20-21 due to the lockdown. But the meeting could not be organised despite the rescheduling because of extension of lockdown by the government. As per the organisation’s statute, the AGM needs to be held within three months after its postponement. The current dispute came after FNCCI’s President Bhawani Rana proposed to postpone the AGM for the next few months. Power politics in FNCCI has heated up in the recent months as rival factions have been strengthening their positions against each other for the forthcoming AGM. </span></span></span></span></h1> <h1><span style="font-size:24pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">Meanwhile, the meeting held on Friday passed a motion condemning a recent statement of former president and Distinguished Member Chandi Raj Dhakal in which he accused Bhawani Rana of ‘forgetting her past status’ and that its is because of his efforts that Rana enjoys her current position. </span></span></span></span></h1> ', 'published' => true, 'created' => '2020-06-09', 'modified' => '2020-06-09', 'keywords' => '', 'description' => '', 'sortorder' => '11872', 'image' => '20200609031924_FNCCI.jpg', 'article_date' => '2020-06-09 15:15:18', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '31' ) ), (int) 3 => array( 'Article' => array( 'id' => '12123', 'article_category_id' => '1', 'title' => 'Travel Agents Ask Govt to Resume Regular International Flights', 'sub_title' => '', 'summary' => 'Travel agents have requested the government to allow airliners to resume regular international air services for few days to repatriate Nepalis stranded abroad. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">Travel agents have requested the government to allow airliners to resume regular international air services for few days to repatriate Nepalis stranded abroad. Their request came after the </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">Civil Aviation Authority of Nepal (CAAN) directed international airliners not to start charter flights on their own to bring back Nepalis stranded in foreign lands. Issuing a directive Saturday, CAAN restricted airliners to start booking or issuing tickets for scheduled or charter flights to and from Nepal. CAAN has said that permission to operate repatriation flights requires processing through the diplomatic channels.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">“As the government has already decided to repatriate Nepalis stranded abroad, we have requested for the resumption of regular international flights to help those looking to travel to other countries from Nepal and those seeking to return at cheaper air fares,” said Achyut Guragain, president of Nepal Association of Tour and Travel Agents (NATTA). According to him, the association has demanded to allow NATTA members to start sales of air tickets on proportional basis. “This will also provide some relief to the crisis-stricken Nepali travel businesses as the existing arrangement allow travel agencies to take 5 percent in commission from air ticket sales,” mentioned Guragain. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">With increasing complains that airline operators have been charging high for chartered flights from Nepalis stranded abroad, CAAN announced ban on such flights, exempting those operated through diplomatic channels, starting from yesterday. According to sources, the Ministry of Culture, Tourism and Civil Aviation directed CAAN to issue the directive to ban chartered flights by international airlines after receiving complaints from Nepalis looking to return to the country. </span></span></span></span></p> ', 'published' => true, 'created' => '2020-06-08', 'modified' => '2020-06-08', 'keywords' => '', 'description' => '', 'sortorder' => '11871', 'image' => '20200608013121_nepal.jpg', 'article_date' => '2020-06-08 13:30:02', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 4 => array( 'Article' => array( 'id' => '12122', 'article_category_id' => '1', 'title' => 'Lockdown Puts Serious Dent on Government’s Income ', 'sub_title' => '', 'summary' => 'The protracted lockdown has adversely impacted the government’s income. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">The protracted lockdown has adversely impacted the government’s income. The data related to revenue collection of the last two and a half months shows drying of major source of income leading to difficulties to sustain expenditures for the government. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">According to the Financial Comptroller General Office (FGCO), the revenue collection from March 24 to June 5 has amounted to Rs 62.98 billion. Similarly, the spending from the government coffers during the period totaled Rs 1.95 billion. The government’s revenue account, which had surplus of Rs 100 billion before the start of the lockdown in March 24, now has surplus of Rs 5.27 billion. FGCO data shows that only about 60 percent of the revenue collection target set for the current fiscal year has been met till June 5.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">“Mandatory liabilities of the government such as payments related to employees’ salaries, pension and gratuity, social security allowances and principal and interest payment of foreign borrowings have continued till now. However, the situation will be different if lockdown continues to impact on revenue collection,” said Financial Comptroller Genaral Gopinath Mainali. He suggested the government to change the modality of the lockdown to restart the economic activities that have remained halted for the last two and a half months and make the revenue collection effective. “Though there is not much pressure currently regarding the revenue collection, the government may be finds itself surrounded by big difficulties over the next two months if the lockdown continues,” warned Mainali. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">All three levels of the government have spent Rs 10 billion for prevention and control of coronavirus. According to Narayan Prasad Bidari, secretary at the Office of the Prime Minister, the money was used to buy medical equipment and necessary items, quarantine management and distribution of relief materials to the poor people. However, the government has been criticized for lack of transparency regarding the expenses related to prevention and control of coronavirus. Economist Keshav Acharya said that the results have not been as claimed by the government.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Acharya said that the government now needs to lift the lockdown in a careful manner. “Industries should be allowed to open on the condition that the owners ensure high level of health safety at the workplaces. To keep the economic activities closed for a long time has repercussions to both the private sector and the government,” he opined. According to Acharya, the government needs to be frugal as the Covid-19 crisis has put a serious dent on its income sources. </span></span></span></span></p> ', 'published' => true, 'created' => '2020-06-07', 'modified' => '2020-06-07', 'keywords' => '', 'description' => '', 'sortorder' => '11870', 'image' => '20200607020358_govt tax.jpg', 'article_date' => '2020-06-07 14:02:30', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 5 => array( 'Article' => array( 'id' => '12121', 'article_category_id' => '1', 'title' => 'UK Announces Additional Support for Nepal’s Covid-19 Response ', 'sub_title' => '', 'summary' => 'The British government has announced additional fund to help Nepal fight the growing coronavirus transmission in the country. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:13.5pt"><span style="font-family:"Georgia",serif">The British government has announced additional fund to help Nepal fight the growing coronavirus transmission in the country. The Department for International Development (DFID), the British government’s department responsible for administering overseas aid, will provide the financial support to the Himalayan nation. According to the announcement, the amount of UKP 8.2 million provided by DFID earlier for Nepal’s Covid-19 response has been increased to UKP 10 million. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:13.5pt"><span style="font-family:"Georgia",serif">Though DFID has been providing financial assistance to Nepal annually, this is an additional support as during the 2015 earthquake, a statement issued by the Nepal’s Embassy in London reads. DFID has announced to provide UKP 100 million to developing countries to fight the pandemic. The department has so far donated a financial assistance of UKP 844 million across the world since the start of the coronavirus outbreak. <em>(RSS)</em></span></span></span></span></p> ', 'published' => true, 'created' => '2020-06-07', 'modified' => '2020-06-07', 'keywords' => '', 'description' => '', 'sortorder' => '11869', 'image' => '20200607020210_covid-19 response nepal.jpg', 'article_date' => '2020-06-07 14:00:54', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 6 => array( 'Article' => array( 'id' => '12120', 'article_category_id' => '1', 'title' => 'Rs 3 Billion Investment Realised During Lockdown', 'sub_title' => '', 'summary' => 'Almost Rs 3 billion in investment has been received from foreign and Nepali investors in the industrial sector in the past one month. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Almost Rs 3 billion in investment has been received from foreign and Nepali investors in the industrial sector in the past one month. According to Prakash Dahal, spokesperson of Ministry of Industry, Commerce and Supplies, four domestic and 11 foreign industries in the country received investment worth Rs 2.74 billion in the period. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">The Department of Industry approved foreign direct investment (FDI) worth Rs 927 million and Rs. 1.82 billion worth of domestic investment, respectively, in 11 industries. Dahal informed that the highest investment came from China worth Rs 727 million which was invested in seven different industries. Likewise, Rs 50 million in investment each came from India, South Korea, the Netherlands and Malaysia. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">According to Dahal, a high-level industrial and investment policy forum has been formed under the convenorship of the Industry Minister to support the work of the Industrial and Investment Promotion Board, as provided in the Industrial Business Act, 2076. <em>(RSS)</em></span></span></span></span></p> ', 'published' => true, 'created' => '2020-06-06', 'modified' => '2020-06-06', 'keywords' => '', 'description' => '', 'sortorder' => '11868', 'image' => '20200606014338_industry.jpg', 'article_date' => '2020-06-06 13:40:58', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 7 => array( 'Article' => array( 'id' => '12119', 'article_category_id' => '1', 'title' => 'IB Gives Continuity to Covid-19 Insurance Scheme', 'sub_title' => '', 'summary' => 'A day after directing insurance companies to discontinue issuing the Covid-19 Insurance Policy, the Insurance Board (IB), the insurance sector regulator, has decided to give continuity to the coronavirus insurance scheme.', 'content' => '<h1><span style="font-size:24pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">A day after directing insurance companies to discontinue issuing the Covid-19 insurance policies, the Insurance Board (IB), the insurance sector regulator, has decided to give continuity to the coronavirus insurance scheme. IB directed insurers yesterday to put off the programme until further notice. Nepal Insurers’ Association (NIA) had earlier asked the board to discontinue coronavirus insurance scheme saying that it has become too risky for the companies due to the fast rise in Covid-19 cases in the country. IB was criticized for introducing the insurance programme without conducting proper study of the situation and for lack of foresight.</span></span></span></span></h1> <h1><span style="font-size:24pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">The risk of Covid-19 insurance will be shared between the government, IB, Nepal Reinsurance Company and insurance companies. As per the IB directive, the news policies under the scheme will provide coverage to the insured until Chaitra 1. The policies issued earlier provide coverage of one year to the insured from the date of purchase of the policy. IB has decided to further expand the scope of the Covid-19 insurance scheme. In a meeting with CEOs of insurance companies today, IB directed insurers to work to issue at least 10 million Covid-19 policies. </span></span></span></span></h1> ', 'published' => true, 'created' => '2020-06-05', 'modified' => '2020-06-05', 'keywords' => '', 'description' => '', 'sortorder' => '11867', 'image' => '20200605091340_covid-19 scheme.jpg', 'article_date' => '2020-06-05 21:10:30', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 8 => array( 'Article' => array( 'id' => '12118', 'article_category_id' => '1', 'title' => 'Repatriation of 40,000 Nepalis Stranded in Foreign Lands Begins', 'sub_title' => '', 'summary' => 'The government has started to repatriate Nepali nationals stranded in foreign lands due to Covid-19 crisis on priority basis. After facing harsh criticism from various quarters of the society for showing reluctance to bring stranded Nepalis back home, the government has stepped up to rescue 40,000 citizens from different countries starting today.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">The government has started to repatriate Nepali nationals stranded in foreign lands due to Covid-19 crisis on priority basis. After facing harsh criticism from various quarters of the society for showing reluctance to bring stranded Nepalis back home, the government has stepped up to rescue 40,000 citizens from different countries starting today. According to officials, the government has prioritized those facing difficulties and looking to return from major labour destination countries of Nepal including Malaysia, United Arab Emirates (UAE), Kuwait, Saudi Arabia and Qatar. However, the flight of Air Arabia scheduled for today to bring Nepalis from UAE has been canceled due to some technical reasons. The government of UAE had proposed to airlift Nepalis living there in its own expenses. Officials say that the flights will commence in the next few days after the issues are settled. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">The government has targeted to bring over 18,000 Nepalis stranded in UAE and Myanmar. “10 chartered flights daily will bring Nepalis nationals from the countries. Some 18,000 are looking to return to Nepal from UAE while the number is 30 in Myanmar,” informed Suman Ghimire, joint secretary at Ministry of Labour. A plane belonging to Myanmar Air Force has brought 26 Nepalis to Kathmandu today afternoon; the flight will take back Burmese stranded in Nepal.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">Similarly, the government of Kuwait will also send 3,000 Nepalis, who have received general amnesty, back home at its own expenses. Labour ministry officials say that 5,000 Nepali migrant workers, who have become jobless due to Covid-19 crisis, are waiting to be airlifted immediately from Kuwait and Nepal’s embassy has been working to set timeline for their repatriation. </span></span></span></span></p> ', 'published' => true, 'created' => '2020-06-05', 'modified' => '2020-06-05', 'keywords' => '', 'description' => '', 'sortorder' => '11866', 'image' => '20200605065834_Myanmar_TIA-scaled.jpg', 'article_date' => '2020-06-05 12:53:02', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '31' ) ), (int) 9 => array( 'Article' => array( 'id' => '12117', 'article_category_id' => '1', 'title' => 'Xiaomi Introduces Redmi Note 9 Pro in Nepal', 'sub_title' => '', 'summary' => 'Chinese smartphone brand Xiaomi has launched the 9th generation of its Redmi Note series handsets in the Nepal market. Redmi Note 9 Pro comes with for NavIC, a navigation system developed indigenously by the Indian Space Research Organization (ISRO), which will prioritise Indian satellites for navigation.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Chinese smartphone brand</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif"> Xiaomi has launched the 9<sup>th</sup> generation of its Redmi Note series handsets in the Nepal market. Redmi Note 9 Pro comes with for NavIC, a navigation system developed indigenously by the Indian Space Research Organization (ISRO), which will </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">prioritise Indian satellites for navigation</span></span>.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Issuing a press statement, Xiaomi claimed that Redmi Note 9 is the most competitive smartphone in its price segment featuring the latest Qualcomm Snapdragon 720G processor.</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif"> “The 8nm Process Technology enables it to run 1 - 1.5° cooler for sustained peak performance than many other 12nm chipsets,” reads the statement. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Redmi Note 9 Pro sports a 48MP Samsung ISOCELL Bright GM2 sensor which hosts camera features like Smart ISO to enable better results in the toughest of lighting conditions. “The 48MP sensor is coupled with an 8MP ultra-wide angle lens, a 2MP depth sensor and a 5MP macro sensor that lets you go as close as 2cm to the subject and support for 1080p macro video. For selfie lovers, there’s a 16MP sensor in the front,” informed the company. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">According to the company, Redmi Note 9 Pro features the Aura Balance Design which brings immersive experience, impeccable craftsmanship and functional design to the handset. “With the side-mounted fingerprint scanner that sits flush on the matt-finish midframe, Redmi Note 9 Pro facilitates a natural approach to unlocking,” Xiaomi said. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Other features of Redmi Note 9 Pro include triple Corning Gorilla Glass 5, on the front, rear and on the rear camera lenses. It is protected by P2i, splash proof nano-coating technology which protects them from accidental spills, while the reinforced corners provide better resilience to accidental falls, according to the company. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">“Redmi Note series has been the torch bearer of innovation for everyone. Redmi Note 8 series set new benchmarks continuing the Redmi Note legacy and evolved as one of the most sought-after series. In 2019 Redmi Note 8 went on to become the no. 1 Android smartphone globally,” the statement quoted </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Sourabh Kothari, country general manager of Xiaomi Nepal, as saying. </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">“We are especially excited about Redmi Note 9 Pro, built for true Mi Fans and we hope they would appreciate this perfect amalgamation of Aura Balance design, massive battery and quad camera set up as we continue to bring the best specs with highest quality at honest pricing,” he added. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">According to Xiaomi, Redmi Note 9 Pro of 6GB + 128GB variant will be available in Interstellar Black for Rs 29,999 across offline stores, retail partners and online partners very soon.</span></span></span></span></p> ', 'published' => true, 'created' => '2020-06-04', 'modified' => '2020-06-04', 'keywords' => '', 'description' => '', 'sortorder' => '11865', 'image' => '20200604055440_Redmi Note 9 Pro[6998].jpg', 'article_date' => '2020-06-04 17:52:40', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 10 => array( 'Article' => array( 'id' => '12116', 'article_category_id' => '1', 'title' => 'Business Owners Intensify Defiance of Lockdown Orders ', 'sub_title' => '', 'summary' => 'In a show of growing frustration against the ‘no-end-in-sight’ lockdown, business owners and traders have opened stores across the country. With the ongoing lockdown in its 73rd day making it one of the longest running lockdowns in the world to stop coronavirus from spreading, traders have been forced to face mounting business losses. ', 'content' => '<h1><span style="font-size:24pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">In a show of growing frustration against the ‘no-end-in-sight’ lockdown, business owners and traders have opened stores across the country. With the ongoing lockdown in its 73<sup>rd</sup> day making it one of the longest running lockdowns in the world to stop coronavirus from spreading, traders have been forced to face mounting business losses. Running out of patience, they defied government order to keep their shops, stores and offices shut down saying they can no longer afford to pay house rents, staff salaries and clear tax dues without resumption of business activities. </span></span></span></span></h1> <h1><span style="font-size:24pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Markets in across the country have opened today with businesses operating for longer hours than earlier days. Stores selling make-up items, liquor, electric items, apparels, among others, categorised under non-essential businesses have also resume their operations. Stores in major market areas in Kathmandu valley including New Road, Ason, Baneshwor, Kumaripati, Lagankhel, Putalisadak, Chabahil and Koteshwor, among other places, are opened for business. Similarly, businesses are also opened in different districts including Biratnagar, Rajbiraj, Birgunj, Hetauda, Pokhara, Chitwan, Butwal, Bhairahawa, Dang, Dhangadhi and Nepalgunj. </span></span></span></span></h1> <h1><span style="font-size:24pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Shopkeepers and small store owners have been increasingly defying the lockdown orders the last few days. With the crippling impacts of the lockdown becoming more clearer, the calls to open shops and businesses have grown louder. Small traders have opened their businesses under the leadership of Nepal National Traders’ Federation. The association of small traders has asked businesses to defy the restrictions to resume their activities. </span></span></span></span></h1> <h1><span style="font-size:24pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Similarly, major private sector bodies – Federation of Nepalese Chambers of Commerce of Industry (FNCCI), Confederation of Nepalese Industries (CNI) and Nepal Chamber of Commerce (NCC) have also asked the administration to allow resumption of industrial and business activities. Durga Raj Shrestha, chairman of supply committee of Kathmandu Chamber of Commerce and Industry said that even the reduced hours of business operation have added to the enthusiasm of business owners. “Business reopening is expected to reach 60-70 percent today,” said Kishore Pradhan, vice president (district and municipal chapter) of FNCCI. According to him, business owners have restarted their activities by following health safety standards and physical distancing measures. </span></span></span></span></h1> <h1><strong><span style="font-size:24pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Kathmandu Valley Administrations Allow Reopening of Businesses </span></span></span></span></strong></h1> <h1><span style="font-size:24pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">All district administrations of the Kathmandu valley have decided not to obstruct reopening of businesses. Amid the intensifying defiance of traders, a meeting between chief district officers (CDOs) of Kathmandu, Lalitpur and Bhaktapur and private sector representatives held on today afternoon, the CDOs said that the local administrations are ready to facilitate resumption of business activities by implementing proper health safety standards. In the meeting NCC President Rajesh Kaji Shrestha presented suggestions to facilitate safe and secure reopening of businesses. </span></span></span></span></h1> ', 'published' => true, 'created' => '2020-06-04', 'modified' => '2020-06-04', 'keywords' => '', 'description' => '', 'sortorder' => '11864', 'image' => '20200604051542_Market.jpg', 'article_date' => '2020-06-04 17:10:28', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 11 => array( 'Article' => array( 'id' => '12115', 'article_category_id' => '1', 'title' => 'Proposals for Projects Worth Rs 80bn Go Undecided Due to Delay in IBN CEO Appointment ', 'sub_title' => '', 'summary' => 'The Investment Board Nepal (IBN), the body established to facilitate large investments in the country, has been left without leadership since April 2 when its CEO Maha Prasad Adhikari was appointed Governor of Nepal Rastra Bank. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">The Investment Board Nepal (IBN), the body established to facilitate large investments in the country, has been left without leadership since April 2 when its CEO Maha Prasad Adhikari was appointed Governor of Nepal Rastra Bank. However, process to appoint chief executive in the board has not started even after two 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:"Cambria",serif">Due to the delay in appointment of CEO, IBN has not decided on proposed projects worth about Rs 80 billion that have already gone through economic and technical inspections. Before the start of lockdown, proposals for seven investment projects were submitted to IBN. Among them, two proposals have been recommended by the Department of Industry while the other five proposals have been directly submitted by investors to IBN. The discussion over the proposals have not proceeded and board meeting of IBN has not been held till date because of the delay in appointment of CEO. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Before the commencement of lockdown, IBN was working to facilitate large investment projects including Nijgadh International Airport, Tamor Reservoir Hydropower Project, West Seti Hydropower Project. Similarly, the board had prepared to facilitate agriculture projects working with provincial governments. Works of all these investment projects have been halted at present. IBN officials say that the feasibility study of Tamor Reservoir Hydropower Project has not been started because of the lockdown. Similarly, other projects that are under the study phase have also been halted. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">The board meeting of IBN which is held under the chairmanship of the Prime Minister has not been held since mid-February. The confusions regarding the new proposed projects is because only the board meeting has the authority to decide on the proposals. IBN Spokesperson Bal Ram Rijal said that the absence of CEO has created problems for the board. According to him, prospective investors are enquiring about investment projects though no IBN has received no new proposals from investors. The board is yet to decide proposals related to development of hydropower, energy and cement projects. According to IBN officials, the projects have been proposed by Nepali as well as Chinese, Japanese and Singaporean investors. The board meeting of IBN is necessary not only to approve investment proposals but also to reject the unqualifying proposals. Meanwhile, the absence of CEO has created difficulty to coordinate with IBN’s chairman the Prime Minister, vice chairman Minister for Finance and ministers related to sector-wise investments. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Radhesh Pant, former CEO of IBN said that the delay in appointment of the chief executive will add to the board’s problems from day-to-day operation to approving investment proposals. “The government has failed to give continuity to the process of appointing CEO in an important institution like IBN. This will not only affect the day-to-day operation but also leave a long-term negative impact as foreign investors attracted to invest in Nepal can divert to elsewhere after facing procedural hassles,” Pant pointed out. According to him, there should be handover and takeover practices at IBN one month prior to the ending of tenure of CEO. He suggested the government to prioritise appointment of CEO to give continuity to decide on investment proposals and other works undertaken by the board. </span></span></span></span></p> ', 'published' => true, 'created' => '2020-06-04', 'modified' => '2020-06-04', 'keywords' => '', 'description' => '', 'sortorder' => '11863', 'image' => '20200604020901_IBN.jpg', 'article_date' => '2020-06-04 14:02:39', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 12 => array( 'Article' => array( 'id' => '12114', 'article_category_id' => '1', 'title' => 'Experts Suggest Relaxing Lockdown 'Carefully' to Resume Socio-Economic Activities', 'sub_title' => '', 'summary' => 'Experts have suggested the government to ease the ongoing lockdown in a careful manner to restart socio-economic activities. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">Experts have suggested the government to ease the ongoing lockdown in a careful manner to restart socio-economic activities. In a consultation meeting hosted by the Prime Minster KP Sharma Oli at his office in Baluwatar on Wednesday evening, the group 25 experts comprising of economists, public health experts, development planners and social activists asked the government to facilitate the resumption of activities to bring the lives of ordinary citizens back to normalcy. They suggested that measures should be adopted to provide treatment to COVID-19 infected making proper use of the limited resources, while also focusing on public awareness against the spread of coronavirus. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">Amid growing frustration among the citizens as the protracted lockdown continues to cripple daily lives of the people, PM Oli invited the experts to discuss on finding ways to safely open social and economic activities. Experts said that the lockdown has adversely impacted every walk of social life and the government, therefore, needs to tread with caution to normalize socio-economic activities. The meeting which went on for four hours was also participated by Deputy Prime Minister and high-level Covid-19 response team coordinator Ishwar Pokharel, Minister for Foreign Affairs Pradeep Kumar Gyawali, Minister for Health and Population Bhanu Bhakta Dhakal and other high-ranking government officials. Surya Thapa, press adviser of the Prime Minister said that the consultation meeting was ‘very fruitful and result-oriented’. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">The lockdown imposed by the government on March 24 has been extended to 14 June. Citizens have mostly followed the government’s stay -at-home order for the last 73 days However, the growing defiance of the crippling restrictions on transportation, travel and business activities by business owners and ordinary citizens in the recent days has created pressure on the government to rethink and revise its strategies to combat the spread of coronavirus. </span></span></span></span></p> ', 'published' => true, 'created' => '2020-06-04', 'modified' => '2020-06-04', 'keywords' => '', 'description' => '', 'sortorder' => '11862', 'image' => '20200604104218_lockdown meeting.jpg', 'article_date' => '2020-06-04 10:39:47', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '31' ) ), (int) 13 => array( 'Article' => array( 'id' => '12113', 'article_category_id' => '1', 'title' => 'Tax Clearance Deadline Extended by 14 days', 'sub_title' => '', 'summary' => 'After facing widespread criticism for issuing notice to clear tax dues and submit tax details to the Inland Revenue Department (IRD) by June 7, the government has extended the tax payment and tax filing deadline by 14. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">After facing widespread criticism for issuing notice to clear tax dues and submit tax details by June 7, the Inland Revenue Department (IRD) has extended the tax payment and tax filing deadline by 14. Issuing a new notice today, IRD has set two new deadlines for clearance of tax dues and filing of income tax details. As per the new arrangement, taxpayers will have to pay VAT, excise duties and income tax by June 21. Similarly, they are required to file income tax details estimate and pay the second installment of tax dues by June 29. Similarly, IRD has also extended the deadline for clearing education service tax and telecommunications tax to June 21.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">The department took a step back from its earlier position after major private sector bodies warned that businesses cannot clear their tax dues at a time when most of the economic activities in the country have come to a grinding halt because of lockdown which is in place since March 24. In a meeting with private sector representatives at the Ministry of Finance today afternoon, Revenue Secretary Sishir Kumar Dhungana informed that the government will extend the deadline. In the revised notice, IRD has also not mentioned anything about penalizing taxpayers if they fail to clear dues and file their tax details by the deadline. </span></span></span></span></p> ', 'published' => true, 'created' => '2020-06-03', 'modified' => '2020-06-03', 'keywords' => '', 'description' => '', 'sortorder' => '11861', 'image' => '20200603062512_tax.jpg', 'article_date' => '2020-06-03 18:20:32', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '31' ) ), (int) 14 => array( 'Article' => array( 'id' => '12112', 'article_category_id' => '1', 'title' => 'NRB Introduces Refinancing Work Procedure', 'sub_title' => '', 'summary' => 'Nepal Rastra Bank (NRB) has introduced the Refinancing Work Procedure, 2077 to allow small and medium scale industries to avail up to Rs 100 million in refinancing. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">Nepal Rastra Bank (NRB) has introduced the Refinancing Work Procedure, 2077 to allow small and medium scale industries to avail up to Rs 100 million in refinancing. The procedure has been introduced to prop up businesses that have been hard hit by the Covid-19 pandemic and lockdown. </span></span></span></span><br /> <span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">The loan will be provided in three categories of small and cottage industries, special and common industries. Business categorized as small and cottage industries can get loans for refinancing from banks and financial institutions (BFIs) at 5 percent interest rate.</span></span></span></span></p> <p><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">Similarly, businesses categorized under special industry can avail loan at 3 percent interest rate from BFIs. Likewise, common industries can get loan for refinancing at 5 percent interest rate. According to NRB, small and cottage industries will can avail up to Rs 1.5 million in refinancing which goes up to Rs 100 million for special industry. </span></span></p> ', 'published' => true, 'created' => '2020-06-03', 'modified' => '2020-06-03', 'keywords' => '', 'description' => '', 'sortorder' => '11860', 'image' => '20200603021952_refinancing.jpg', 'article_date' => '2020-06-03 14:11:54', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => null, 'user_id' => '31' ) ) ) $current_user = null $logged_in = false $xml = falsesimplexml_load_file - [internal], line ?? include - APP/View/Elements/side_bar.ctp, line 133 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
| Currency | Unit |
Buy | Sell |
| U.S. Dollar | 1 | 121.23 | 121.83 |
| European Euro | 1 | 131.65 | 132.31 |
| UK Pound Sterling | 1 | 142.47 | 143.18 |
| Swiss Franc | 1 | 124.29 | 124.90 |
| Australian Dollar | 1 | 71.69 | 72.05 |
| Canadian Dollar | 1 | 83.90 | 84.32 |
| Japanese Yen | 10 | 10.94 | 11.00 |
| Chinese Yuan | 1 | 17.17 | 17.26 |
| Saudi Arabian Riyal | 1 | 32.27 | 32.43 |
| UAE Dirham | 1 | 33.01 | 33.17 |
| Malaysian Ringgit | 1 | 27.36 | 27.50 |
| South Korean Won | 100 | 9.77 | 9.82 |
Update: 2020-03-25 | Source: Nepal Rastra Bank (NRB)
| Fine Gold | 1 tola | 77000.00 |
| Tejabi Gold | 1 tola | 76700.00 |
| Silver | 1 tola | 720.00 |
Update : 2020-03-25
Source: Federation of Nepal Gold and Silver Dealers' Association
| Petrol | 1 Liter | 106.00 |
| Diesel | 1 Liter | 95.00 |
| Kerosene | 1 Liter | 95.00 |
| LP Gas | 1 Cylinder | 1375.00 |
Update : 2020-03-25
