The Tourism and Industry Office Kaski recorded the registration of 649 new business firms in the last fiscal year of 2080/2081. These included 13 cottage industries and 636 small…
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The Tourism and Industry Office Kaski recorded the registration of 649 new business firms in the last fiscal year of 2080/2081. These included 13 cottage industries and 636 small…
DHAKA, Aug 5: Sheikh Hasina once helped rescue Bangladesh from military rule but her long rule came to a sudden end on Monday as protesters stormed her palace in…
Eleven Nepali containers loaded with molasses for exports to Bangladesh have been stuck along the eastern transit point in Kakarvitta of Jhapa district, following a political unrest in…
The Nepal Stock Exchange (NEPSE) Index saw a significant gain of 40.76 points, or 1.47%, closing at 2796.38 on the first trading day of the week on…
National level development banks in Nepal have reported a 9.39% increase in their net profit for the fiscal year…
The government is poised to raise a significant amount of internal debt in the first quarter of the current fiscal year.…
The price of gold has reached an all-time high in the domestic market of Nepal on…
SINGAPORE, August 5: Oil prices fell further in global markets on Monday, driven by fears of an impending recession in the United States, a key consumer of oil, Reuters…
MUGU, August 5: Flights to and from the Talcha Airport in Mugu district have been disrupted for three days due to adverse weather…
Devendra Karki and Mahendra Bahadur Gurung have been appointed to the board of directors of the Nepal Electricity…
Amid an ongoing tussle between the Nepal Electricity Authority (NEA) and the industrialists around outstanding payments for electricity consumed through the dedicated feeder and trunkline, a parliamentary committee has prepared a report recommending that Kulman Ghising, Managing Director of NEA, be investigated by several…
The government has sacked two members of the board of the Nepal Electricity Authority(NEA), Bhakta Bahadur Pun and Kapil Acharya, from their…
The government has failed to include informal sector workers, who occupy a significant part of the economy, in the Social Security Fund (SSF).…
PARSA, August 4: Imports of cooking gas (liquefied petroleum gas) and aviation turbine fuel (ATF) via the Birgunj customs point decreased last fiscal year compared to the previous year.…
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), (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' => '21751', 'article_category_id' => '1', 'title' => 'Nepal, World Bank Sign Financing Agreement For $100 Million Loan To Project For Improving Roads', 'sub_title' => 'The project aims for building and maintenance of 3,000 km resilient roads in three provinces in the first phase.', 'summary' => '', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">NewBiz Report<br /> KATHMANDU, August 5</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The government and the World Bank on Monday signed a financing agreement for a $100 million concessional loan to be provided by the International Development Association (IDA) for the improvement of provincial and local roads, the global lender said in a press statement.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">IDA is a part of the World Bank that provides grants and low-interest loans to low income countries.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Finance Secretary Ram Prasad Ghimire, on behalf of the Government of Nepal, and David Sislen, World Bank Country Director for Nepal, Maldives and Sri Lanka, inked the agreement.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The loan is aimed at improving the connectivity, efficiency, resilience, and safety of Nepal’s provincial and local road network and strengthen the government’s capacity to manage the road network.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The first of the three-phase programme will target three of Nepal’s seven provinces and four local areas which will be scaled up in future phases.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“The Provincial and Local Roads Improvement Program (PLRIP)-Phase 1 will build and maintain about 3,000 kilometers of all-weather, resilient, and safe provincial and local roads and bridges, benefiting about one million people in Sudurpaschim, Karnali, and Madhesh provinces,” reads the statement. “It will also strengthen the institutional, management and technical capacity of provincial and local governments to plan, design, construct, and maintain road and bridge infrastructure and improve service delivery.”</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">A separate project agreement was also signed by the Ministry of Urban Development, the participating provinces, and the World Bank, the statement said.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Sislen said that the programme supports Nepal’s federalism agenda by empowering provincial and local governments and promoting inter-governmental coordination in the transport connectivity sector to help improve the lives of Nepalis through better infrastructure and services.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-06', 'modified' => '2024-08-06', 'keywords' => '', 'description' => '', 'sortorder' => '21477', 'image' => '20240806110230_20240215010906_World.jpg', 'article_date' => '2024-08-06 11:01:36', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '21750', 'article_category_id' => '1', 'title' => '649 New Business Industries Registered in Kaski', 'sub_title' => '', 'summary' => 'The Tourism and Industry Office Kaski recorded the registration of 649 new business firms in the last fiscal year of 2080/2081. These included 13 cottage industries and 636 small industries.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">August 6: The Tourism and Industry Office Kaski recorded the registration of 649 new business firms in the last fiscal year of 2080/2081. These included 13 cottage industries and 636 small industries.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Maharaj Dhakal, Chief Industry Officer of the Cottage and Small Industries Office in Kaski, stated that these new registrations brought in a total investment of Rs 1.91 billion. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The newly registered industries span various sectors: 241 in the service sector, 83 in production, 162 in agriculture and forestry, and three in information technology. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">However, no new industries were registered in the energy and mining sector. </span></span><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The new industries have also contributed to job creation, providing employment to 2,057 people. (RSS) </span></span></p> ', 'published' => true, 'created' => '2024-08-06', 'modified' => '2024-08-06', 'keywords' => '', 'description' => '', 'sortorder' => '21476', 'image' => '20240806060627_collage (90).jpg', 'article_date' => '2024-08-06 06:05:08', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 2 => array( 'Article' => array( 'id' => '21749', 'article_category_id' => '1', 'title' => 'Bangladesh's Iron Lady Sheikh Hasina Falls after 15 Years in Power', 'sub_title' => '', 'summary' => 'DHAKA, Aug 5: Sheikh Hasina once helped rescue Bangladesh from military rule but her long rule came to a sudden end on Monday as protesters stormed her palace in Dhaka.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">DHAKA, Aug 5: Sheikh Hasina once helped rescue Bangladesh from military rule but her long rule came to a sudden end on Monday as protesters stormed her palace in Dhaka.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Her 15 consecutive years in power were marked by an economic rebirth but also by the mass arrest of political opponents and human rights sanctions against her security forces.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Protests began in July with rallies led by university students against civil service job quotas but soon escalated into deadly unrest and demands that she step down.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Attacks on demonstrators by police and pro-government student groups last month also sparked international condemnation.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The autocratic Hasina, 76, won a fifth term as prime minister in January but the opposition boycotted a vote it said was neither free nor fair.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Critics accused her government of a litany of rights abuses, including the murder of opposition activists.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The daughter of a revolutionary who led Bangladesh to independence, Hasina presided over breakneck economic growth in a country once written off by US statesman Henry Kissinger as an irredeemable "basket case".</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">She promised last year to turn all of Bangladesh into a "prosperous and developed country" but around 18 million young Bangladeshis are out of work, according to government figures.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><strong>Economic rise </strong></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Hasina was 27 and travelling abroad when renegade military officers murdered her father, prime minister Sheikh Mujibur Rahman, and her mother and three brothers in a 1975 coup.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">She returned six years later to take the reins of her father's Awami League party, beginning a decade-long struggle that included lengthy stretches of house arrest.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Hasina joined forces with Khaleda Zia's Bangladesh Nationalist Party (BNP) to help oust military dictator Hussain Muhammad Ershad in 1990.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">But they soon fell out and their ensuing rivalry dominated modern Bangladeshi politics.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Hasina first served as prime minister in 1996 but lost to Zia five years later.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The pair were imprisoned on corruption charges in 2007 after a coup by a military-backed government.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The charges were dropped and they contested an election the following year that Hasina won in a landslide. She had been in power ever since.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Zia, 78, is in poor health and confined to hospital after she was sentenced to 17 years in prison for graft in 2018, with top BNP leaders also behind bars.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Supporters have praised Hasina for leading Bangladesh through an economic boom, largely on the back of the mostly female factory workforce powering its garment export industry.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Bangladesh, one of the world's poorest countries when it gained independence from Pakistan in 1971, has grown an average of more than six percent each year since 2009.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Poverty has plummeted and more than 95 percent of its 170 million people now have access to electricity, with per capita income overtaking India in 2021.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Hasina was also hailed for a decisive crackdown on Islamist militants in the Muslim-majority nation after five Bangladeshi extremists stormed a Dhaka cafe popular with Western expatriates and killed 22 people in 2016.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><strong>Silencing dissent </strong></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">However, her government's intolerance of dissent gave rise to resentment at home and concern from Washington and elsewhere.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Five top Islamist leaders and a senior opposition figure were executed over the past decade after convictions for crimes against humanity committed during the brutal 1971 liberation war.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The trials triggered mass protests and deadly clashes.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Her opponents branded them a farce and a politically motivated exercise to silence dissent.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The United States imposed sanctions in 2021 on an elite branch of Bangladesh's security forces and seven of its top officers over charges of widespread human rights abuses.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Hasina insisted in the face of the mounting protests that she had worked for her nation and toured areas of Dhaka damaged during days of deadly unrest last month.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"Over 15 years, I've built this country," she told reporters. "What didn't I do for the people?" – AFP/RSS</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-05', 'modified' => '2024-08-05', 'keywords' => '', 'description' => '', 'sortorder' => '21475', 'image' => '20240805060349_130510-01-02.jpg', 'article_date' => '2024-08-05 18:03:24', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '21748', 'article_category_id' => '1', 'title' => 'Containers Stuck in Transit Points following Political Unrest in Bangladesh', 'sub_title' => 'PM Hasina has resigned and fled the country as protests over the quota system for government jobs escalate, international media report', 'summary' => 'Eleven Nepali containers loaded with molasses for exports to Bangladesh have been stuck along the eastern transit point in Kakarvitta of Jhapa district, following a political unrest in Bangladesh.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">BHADRAPUR, August 5</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Eleven Nepali containers loaded with molasses for exports to Bangladesh have been stuck along the eastern transit point in Kakarvitta of Jhapa district, following a political unrest in Bangladesh.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Protests that began in Bangladesh last month over a 'controversial' quota system for governmental jobs have escalated into nationwide unrest, causing the Prime Minister Sheikh Hasina to resign and flee the country, reported international media.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">According to Al Jazeera, the Qatar-based media network, the longtime leader of Bangladesh boarded a military helicopter after crowds ignored a national curfew to storm the prime minister’s palace in Dhaka.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The direct impact was seen on Nepal-Bangladesh trade Monday. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The trade, which had come to a total halt in mid-July, had resumed a few days ago. But, the border has been closed again for the next three days.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">According to the Kakarvitta Branch Office of the Nepal Transit and Warehousing Management Company Limited, some containers have remained stuck in the Phulbari-Banglabandha transitional transit point of Nepal, India, and Bhutan. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Similarly, containers en route to Nepal from Bangladesh have remained stranded at the transit point.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Subash Pandey, chief at the office, said the supplies were disrupted with the unrest becoming intense. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">"We have no idea how long it will take to return to normalcy,” said Pandey.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Nepal exported goods worth over Rs 13.5 million to Bangladesh while the value of imports exceeded Rs 206.5 million in the first 11 days of the current fiscal year, 2024/25, which began on July 16, the office data show.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">According to the Mechi Customs Office, Kakarvitta, Nepal exports pulse, herbal products, molasses, foodstuff, animal feed, Khayar (Black Catechu), and coloring agents to Bangladesh, while importing jute, soybean husk, allopathic medicines, lead-acid batteries, garments, fruit juice, glass sheets, biscuits, and chocolates from the country. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Most of the Nepali students pursuing higher educational degrees at several universities in Bangladesh have returned home last month following the unrest. (With inputs from RSS)</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-05', 'modified' => '2024-08-05', 'keywords' => '', 'description' => '', 'sortorder' => '21474', 'image' => '20240805060150_AP24218390076912.jpg', 'article_date' => '2024-08-05 18:00:36', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '21746', 'article_category_id' => '1', 'title' => 'NEPSE Closes Near 2800; Turnover Reaches Rs 21.86 Billion', 'sub_title' => '', 'summary' => 'The Nepal Stock Exchange (NEPSE) Index saw a significant gain of 40.76 points, or 1.47%, closing at 2796.38 on the first trading day of the week on Monday.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">August 5: The Nepal Stock Exchange (NEPSE) Index saw a significant gain of 40.76 points, or 1.47%, closing at 2796.38 on the first trading day of the week on Monday.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">During the trading session, a total of 326 scrips were traded through 238,078 transactions. The exchange witnessed 49,773,730 units of shares being traded, resulting in a total turnover of Rs 21.86 billion.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The Himalayan Re-insurance Company (HRL) led the market in terms of turnover, with a total transaction value of Rs 1.26 billion.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif""> Eight companies, including Ru Ru Jalbidhyut Pariyojana Limited (RURU), CEDB Hydropower Development Company (CHDC), and Sagarmatha Jalbidhyut Company Limited (SMJC), each saw gains of 10%, hitting the upper circuit limit for the day.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Conversely, Nepal Finance Limited (NFS) experienced the largest loss, dropping 10% and hitting the lower circuit.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The market's broader indicators showed mixed results. The Sensitive Index incurred a loss of 0.19%, while the Float Index and Sensitive Float Index fell by 0.93% and 1%, respectively.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Sector-wise, seven sectors, including Hotels and Tourism and the Investment Index, closed in positive territory. </span></span><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">On the other hand, six sectors, such as the Finance Index and Microfinance Index, ended the day in the red. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The Finance Index recorded the largest decline, falling by 4.61%, whereas the Hotels and Tourism sector saw the most significant gain, increasing by 6.69%.</span></span></p> ', 'published' => true, 'created' => '2024-08-05', 'modified' => '2024-08-05', 'keywords' => '', 'description' => '', 'sortorder' => '21472', 'image' => '20240805034720_collage (89).jpg', 'article_date' => '2024-08-05 15:45:53', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 5 => array( 'Article' => array( 'id' => '21745', 'article_category_id' => '1', 'title' => 'National Level Development Banks Report 9.39% Surge in Net Profit ', 'sub_title' => 'The eight banks collectively earned approximately Rs 5.55 billion in net profit during the period, up from Rs 5.07 billion in FY 2022/23.', 'summary' => 'National level development banks in Nepal have reported a 9.39% increase in their net profit for the fiscal year 2023/24.', 'content' => '<p><span style="font-size:18px">NewBiz Report</span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><strong><span style="font-family:"Georgia","serif"">KATHMANDU, August 5</span></strong></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Georgia","serif"">National level development banks in Nepal have reported a 9.39% increase in their net profit for the fiscal year 2023/24.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Georgia","serif"">The eight banks collectively earned around Rs 5.55 billion in net profit in the review period, compared to Rs 5.07 billion in the previous fiscal year, 2022/23.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Georgia","serif"">Among the eight development banks, five—Shangri-la Development Bank, Kamana Sewa Development Bank, Mahalaxmi Development Bank, Lumbini Development Bank, and Muktinath Development Bank—saw an increase in net profit, while three such banks including Shine Resunga Development Bank, Garima Development Bank, and Jyoti Development Bank reported a decline inprofits, according to the unaudited financial reports released on Monday.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Georgia","serif"">Muktinath Development Bank recorded the highest net profit of approximately Rs 1.27 billion, while Jyoti Development Bank reported the lowest at around Rs 246.5 million.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Georgia","serif"">The Shangri-la Development Bank and Jyoti Development Bank reported the highest increase and decrease in net profit, respectively.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Georgia","serif"">The table below shows the net profit of the national level development banks for fiscal years 2023/24 and 2022/23.</span></span></span></p> <p> </p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><strong><span style="font-family:"Georgia","serif"">Net profit of the national level development banks</span></strong></span></span></p> <p> </p> <table cellspacing="0" style="border-collapse:collapse"> <tbody> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:1px solid black; height:77px; vertical-align:top"> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><strong><span style="font-family:"Georgia","serif"">Banks</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:1px solid black; height:77px; vertical-align:top"> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><strong><span style="font-family:"Georgia","serif"">Net profit in FY 2023/24 </span></strong></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><strong><span style="font-family:"Georgia","serif"">(in Rs million)</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:1px solid black; height:77px; vertical-align:top"> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><strong><span style="font-family:"Georgia","serif"">Net profit in FY 2022/23 </span></strong></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><strong><span style="font-family:"Georgia","serif"">(in Rs million)</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:1px solid black; height:77px; vertical-align:top"> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><strong><span style="font-family:"Georgia","serif"">Changes (%)</span></strong></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Georgia","serif"">Shangri-la</span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Georgia","serif"">520.47</span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Georgia","serif"">270.41</span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Georgia","serif"">92.47</span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Georgia","serif"">Kamana Sewa</span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Georgia","serif"">603.21</span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Georgia","serif"">361.36</span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Georgia","serif"">66.93</span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Georgia","serif"">Mahalaxmi</span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Georgia","serif"">470.14</span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Georgia","serif"">377.55</span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Georgia","serif"">24.52</span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Georgia","serif"">Lumbini </span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Georgia","serif"">603.78</span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Georgia","serif"">497.67</span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Georgia","serif"">21.32</span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Georgia","serif"">Muktinath </span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Georgia","serif"">1,279.13</span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Georgia","serif"">1,248.22</span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Georgia","serif"">2.48</span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Georgia","serif"">Shine Resunga</span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Georgia","serif"">697.44</span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Georgia","serif"">758.02</span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Georgia","serif"">-7.99</span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Georgia","serif"">Garima</span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Georgia","serif"">1,136.18</span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Georgia","serif"">1,264.67</span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Georgia","serif"">-10.16</span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Georgia","serif"">Jyoti </span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Georgia","serif"">246.5</span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Georgia","serif"">301.81</span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Georgia","serif"">-18.33</span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><strong><span style="font-family:"Georgia","serif"">Total</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><strong><span style="font-family:"Georgia","serif"">5,556.87</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><strong><span style="font-family:"Georgia","serif"">5,079.75</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><strong><span style="font-family:"Georgia","serif"">9.39</span></strong></span></span></p> </td> </tr> </tbody> </table> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Georgia","serif""> Sources: Respective development banks</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-05', 'modified' => '2024-08-05', 'keywords' => '', 'description' => '', 'sortorder' => '21471', 'image' => '20240805025756_20240527022740_20210429043853_profit-02.jpg', 'article_date' => '2024-08-05 14:57:08', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '21744', 'article_category_id' => '1', 'title' => 'Government Preparing to Raise Internal Debt of Rs 100 Billion in First Quarter', 'sub_title' => '', 'summary' => 'The government is poised to raise a significant amount of internal debt in the first quarter of the current fiscal year. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:11.0pt"><span style="font-family:"Arial","sans-serif"">BIJAYA DAMASE<br /> KATHMANDU, August 5</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:11.0pt"><span style="font-family:"Arial","sans-serif"">The government is poised to raise a significant amount of internal debt in the first quarter of the current fiscal year. According to the Public Debt Management Office (PDMO), the government plans to achieve this by adhering to a debt collection target announced in the budget.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:11.0pt"><span style="font-family:"Arial","sans-serif"">While details about the timing and amount of external loans remain unclear, PDMO has already established a schedule for internal borrowings. The government’s budget for the year outlines a plan to raise Rs 330 billion in domestic debt. Accordingly, PDMO aims to collect Rs 115 billion in the first quarter, which represents 40 percent of the total debt.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:11.0pt"><span style="font-family:"Arial","sans-serif"">In the first quarter of the previous fiscal year, the government raised approximately Rs 80 billion in internal debt. Within two weeks of the start of the current fiscal year (FY 2024/25), PDMO has already published notices for issuing treasury bills totaling Rs 31.61 billion. On July 29, a notice was published for issuing treasury bills of Rs 21.10 billion. Prior to that, on July 22, the office issued treasury bills of Rs 10.49 billion.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:11.0pt"><span style="font-family:"Arial","sans-serif"">Government officials explain that raising a substantial amount of debt early in the fiscal year is necessary due to the pressure for payment of interests of public debt. The reserves to meet these obligations are currently insufficient, and delaying internal borrowing could result in higher interest rates.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:11.0pt"><span style="font-family:"Arial","sans-serif"">Dilaram Giri, information officer at PDMO, told New Business Age, “Due to the obligation to repay a large amount of debt, the loan has to be taken early. Interest rates may become more expensive later, increasing the cost of borrowing.” Currently, ample liquidity in banks and financial institutions has resulted in lower interest rates. These institutions primarily purchase government-issued treasury bills and development bonds.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:11.0pt"><span style="font-family:"Arial","sans-serif"">Of late, public debt in Nepal has been rising rapidly. Government figures show significant increases in expenses. PDMO data indicates that the country will need to pay over Rs 1714 billion in the next nine years, with more than Rs 559 billion due in the current year alone. In FY 2023/24, public debt increased by Rs 115 billion, rising from Rs 2299 billion in July of the previous year to Rs 2434 billion by mid-July 2024. This public debt now represents 42.65 percent of the GDP, reflecting a Rs 135 billion increase over the past year.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:11.0pt"><span style="font-family:"Arial","sans-serif"">PDMO records show that internal debt owed by the government has reached Rs 1180 billion, while external debt stands at Rs 1253 billion. The government paid Rs 353.7 billion in public debt interest last year.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:11.0pt"><span style="font-family:"Arial","sans-serif"">Experts caution that accumulating a large amount of debt early in the fiscal year could have adverse effects. Gopinath Mainali, former secretary of the Government of Nepal, argues that while raising and mobilizing internal debt can be beneficial, excessive accumulation could be detrimental. He noted, “If the raised debt is capitalized and injected into the market, it may not pose a problem. However, if liquidity is withdrawn from the market by reducing capital expenditure and relying heavily on internal loans, it could strain the liquidity of banks and financial institutions, making it difficult for the private sector to obtain loans.”</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-05', 'modified' => '2024-08-05', 'keywords' => '', 'description' => '', 'sortorder' => '21470', 'image' => '20240805025623_20240606095240_20240605101057_20230910023832_20220712082812_20210901020646_Richest-Nepalese-–-List-of-Top-Richest-People-scaled.jpg', 'article_date' => '2024-08-05 14:55:43', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '21742', 'article_category_id' => '1', 'title' => 'Price of Gold Reaches All Time High in Nepali Market', 'sub_title' => '', 'summary' => 'The price of gold has reached an all-time high in the domestic market of Nepal on Monday.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">NewBiz Report</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">KATHMANDU, August 5</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The price of gold has reached an all-time high in the domestic market of Nepal on Monday.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The Federation of Nepal Gold and Silver Dealers' Association reported that fine gold, which was priced at Rs 149,700 per tola (11.66 grams) on Sunday, surged to Rs 150,900 per tola.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">In addition, the price of worked gold rose from Rs 149,200 per tola on Sunday to Rs 149,500 per tola.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">In contrast, silver price remained unchanged at Rs 1,785 per tola on Monday.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The price of gold has been rising steadily of late. The federation fixes the price of gold and silver based on the price in the international market.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The ongoing geopolitical tension due to Israel's offensive in Gaza as well as Lebanon and the Russia-Ukraine war have led to investors to invest in gold considering it as a safe haven in times of turmoil.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-05', 'modified' => '2024-08-05', 'keywords' => '', 'description' => '', 'sortorder' => '21468', 'image' => '20240805015630_20240801032633_cd5483b7.jpeg', 'article_date' => '2024-08-05 13:54:37', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '21741', 'article_category_id' => '1', 'title' => 'Global Oil Prices Decline amid US Recession Concerns and Mideast Tensions', 'sub_title' => '', 'summary' => 'SINGAPORE, August 5: Oil prices fell further in global markets on Monday, driven by fears of an impending recession in the United States, a key consumer of oil, Reuters reported.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">SINGAPORE, August 5: Oil prices fell further in global markets on Monday, driven by fears of an impending recession in the United States, a key consumer of oil, Reuters reported.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the news agency, these concerns outweighed worries about potential supply disruptions due to increasing tensions in the Middle East, the world’s most significant oil-producing region.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Asian stock markets also saw declines as investors moved away from riskier assets, anticipating that a series of interest rate cuts might be needed to support economic growth.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">By 0605 GMT, Brent crude oil had dropped by $1.04, or 1.4%, to $75.77 per barrel, while U.S. West Texas Intermediate (WTI) crude fell by $1.09, or 1.5%, to $72.43 per barrel. This decline followed a more than 3% drop in both Brent and WTI prices on Friday, marking the fourth consecutive week of losses—the longest such streak since November.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Analysts from ING, led by Warren Patterson, noted that weak U.S. job data from July has heightened concerns about reduced oil demand from China, the leading contributor to global oil demand growth. Additionally, China’s declining diesel consumption is adding to the downward pressure on oil prices, Reuters added.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the news agency, further pressure on oil prices came after OPEC+ confirmed its plan to gradually phase out voluntary production cuts starting in October, which is expected to lead to an increase in oil supply later in the year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Despite the pressure on prices, some support came from geopolitical risks in the Middle East. Ongoing conflicts in Gaza, following unsuccessful talks in Cairo, have led to heightened tensions. Israel and the United States are preparing for possible further escalation in the region after Iran and its allies, Hamas and Hezbollah, vowed to retaliate for recent actions.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Tony Sycamore, a market analyst at IG in Sydney, commented on the situation, suggesting that while the likelihood of a wider regional conflict remains low, it cannot be entirely dismissed due to the significant risks involved.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-05', 'modified' => '2024-08-05', 'keywords' => '', 'description' => '', 'sortorder' => '21467', 'image' => '20240805011108_global_oil_market.jpg', 'article_date' => '2024-08-05 13:10:24', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '21740', 'article_category_id' => '1', 'title' => 'Flight Disruption at Talcha Airport for Three Days', 'sub_title' => '', 'summary' => 'MUGU, August 5: Flights to and from the Talcha Airport in Mugu district have been disrupted for three days due to adverse weather conditions.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">MUGU, August 5: Flights to and from the Talcha Airport in Mugu district have been disrupted for three days due to adverse weather conditions.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to the Rara-based Civil Aviation Office, flights have been unable to operate due to unpredictable weather. Last Friday, Summit Air's flight from Nepalgunj was forced to turn back after reaching Narakot in Jumla district, just 10 minutes away from Talcha Airport, due to worsening weather conditions.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The weather remained unfavorable on Saturday as well. Although there were some improvements on Sunday, Summit Air canceled its flight to the Talcha Airport, according to Basanta Malla, Summit Air's station manager in Nepalgunj.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">As a result, passengers traveling between Nepalgunj and Mugu have faced significant difficulties. Many have reported running low on funds while waiting in hotels for their flights. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Namrata Malla, a teacher, expressed frustration over the flight disruption, noting that those on annual leave have been particularly affected. "The condition of roads is poor, and air travel is uncertain. We haven't been able to return to our duty stations," she lamented.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Currently, three airlines operate flights to Talcha Airport which is also informally called Rara Airport due to its proximity to the renowned Rara Lake. Tara Air has suspended flights for maintenance, while Sita Air has halted operations due to administrative reasons. Amidst this, Summit Air had been the only airline conducting regular flights to and from the Talcha Airport.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Sita Air's Mugu station manager, Dhirendra Bham, assured that Sita Air would resume regular flights from Monday, provided the weather improves. -- RSS</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-05', 'modified' => '2024-08-05', 'keywords' => '', 'description' => '', 'sortorder' => '21466', 'image' => '20240805120422_rara-airports-1024x576.jpg', 'article_date' => '2024-08-05 12:02:56', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '21738', 'article_category_id' => '1', 'title' => 'Karki, Gurung Appointed to NEA Board Members ', 'sub_title' => '', 'summary' => 'Devendra Karki and Mahendra Bahadur Gurung have been appointed to the board of directors of the Nepal Electricity Authority.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">August 5: Devendra Karki and Mahendra Bahadur Gurung have been appointed to the board of directors of the Nepal Electricity Authority.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Karki, from Tamakoshi Rural Municipality-2 in Dolakha, and Gurung, from Rumjatar Rural Municipality-7 in Okhaldhunga, were appointed as members of the board of directors by a ministerial-level decision of the Ministry of Energy, Water Resources, and Irrigation.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Earlier, the government had sacked Bhakta Bahadur Pun and Kapil Acharya from the board of the authority. </span></span><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">According to the ministry, Karki and Gurung were appointed as board members in accordance with Nepal Electricity Authority Act, 2041. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Karki was appointed as an expert in the electricity sector from the non-governmental sector, while Gurung was selected from among the electricity consumers.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">In line with the decision of the Energy Minister, Karki and Gurung have been appointed as board members for a term of four years on August 2. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The newly appointed Karki is a former secretary of the Ministry of Energy, and Gurung is a former Director General of the Department of Electricity Development.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-05', 'modified' => '2024-08-05', 'keywords' => '', 'description' => '', 'sortorder' => '21464', 'image' => '20240805055249_collage (88).jpg', 'article_date' => '2024-08-05 05:50:44', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 11 => array( 'Article' => array( 'id' => '21737', 'article_category_id' => '1', 'title' => 'Public Accounts Committee Prepares Report Recommending Investigations against Kulman Ghising', 'sub_title' => 'The Nepal Electricity Authority leadership failed to secure the Times of Day (TOD) Metre records and to collect the amount that should be deposited in the state fund, according to the committee.', 'summary' => 'Amid an ongoing tussle between the Nepal Electricity Authority (NEA) and the industrialists around outstanding payments for electricity consumed through the dedicated feeder and trunkline, a parliamentary committee has prepared a report recommending that Kulman Ghising, Managing Director of NEA, be investigated by several agencies.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">NewBiz Report</span></span><br /> KATHMANDU, August 4</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Amid an ongoing tussle between the Nepal Electricity Authority (NEA) and the industrialists around outstanding payments for electricity consumed through the dedicated feeder and trunkline, a parliamentary committee has prepared a report recommending that Kulman Ghising, Managing Director of NEA, be investigated by several agencies.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The Public Accounts Committee is preparing to ask, in writing, the Department of Revenue Investigation, Commission for the Investigation of Abuse of Authority (CIAA), and the Central Investigation Bureau (CIB) of Nepal Police to investigate Ghising.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">According to the committee, the NEA leadership failed to secure the Times of Day (TOD) Metre records and to collect the amount that should be deposited in the state fund.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Last Friday, after a meeting of the Public Accounts Committee, it was decided to formally request TOD Metre data from the NEA. Committee Chairman Rishikesh Pokharel mentioned that the committee was looking for clarity on the details of the TOD metre.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Ghising, speaking at the same meeting, had alleged industrialists to be the main cause for the dedicated feeder and trunk line dispute. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-04', 'modified' => '2024-08-05', 'keywords' => '', 'description' => '', 'sortorder' => '21463', 'image' => '20240804055610_20230713052749_parliament building.jpg', 'article_date' => '2024-08-04 17:55:01', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => true, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '21736', 'article_category_id' => '1', 'title' => 'Two NEA Board Members Sacked', 'sub_title' => '', 'summary' => 'The government has sacked two members of the board of the Nepal Electricity Authority(NEA), Bhakta Bahadur Pun and Kapil Acharya, from their positions.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">August 4: The government has sacked two members of the board of the Nepal Electricity Authority(NEA), Bhakta Bahadur Pun and Kapil Acharya, from their positions. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">They were appointed under the quotas of the CPN (Maoist Centre) and CPN (Unified Socialist), respectively, and were sacked by Minister for Energy, Water Resources, and Irrigation Dipak Khadka.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The two NEA board members were sought clarification by the Minister Khadka accusing them of not cooperating with the implementation of directives issued by the Nepal government and the Electricity Regulatory Commission regarding the dedicated and trunk line dispute on July 31. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Minister Khadka relived Pun and Acharya of their responsibilities after finding their explanations unsatisfactory. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Earlier, the board meeting of the NEA had decided to reconnect electricity to six industries that had been disconnected due to the dispute on July 23. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif"> However, Pun and Acharya had expressed dissatisfaction on the decision by writing a note of dissent. </span></span></p> ', 'published' => true, 'created' => '2024-08-04', 'modified' => '2024-08-04', 'keywords' => '', 'description' => '', 'sortorder' => '21462', 'image' => '20240804044029_collage (5).jpg', 'article_date' => '2024-08-04 16:39:10', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 13 => array( 'Article' => array( 'id' => '21735', 'article_category_id' => '1', 'title' => 'Government Fails to Include Informal Sector Workers in Social Security Fund', 'sub_title' => 'Only 451 informal sector workers and self-employed individuals have been enrolled in the scheme so far. ', 'summary' => 'The government has failed to include informal sector workers, who occupy a significant part of the economy, in the Social Security Fund (SSF). ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">BIJAY DAMASE</span></span><br /> KATHMANDU, August 4</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The government has failed to include informal sector workers, who occupy a significant part of the economy, in the Social Security Fund (SSF).</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Nearly a year after the then Prime Minister Pushpa Kamal Dahal announced to include a large number of informal sector workers and self-employed individuals in the SSF, the number of such workers in the fund has been negligible so far.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">While around 516,000 formal sector workers have joined the SSF so far, only 451 informal sector workers and self-employed individuals have been enrolled in the scheme yet.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Dahal had announced that more than 5 million workers from the informal sector would be brought under the social safety net.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">According to the SSF, only 296 workers from the informal sector and 155 other self-employed people have been registered in the SSF by August 2.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">According to a recent study by the Central Department of Economics at the Tribhuvan University (TU), with support from the Nepal Rastra Bank, the average size of Nepal’s informal economy was 40 to 42% of the country’s gross domestic product.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">In terms of monetary value, Nepal’s informal economy is worth around Rs 2,200 billion while the country’s economy is worth around Rs 5,381 billion, according to the study.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">In December last year, the Social Security Schemes Operational Directive was introduced to include informal sector workers and self-employed individuals. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">According to the approved procedure, informal sector workers are required to contribute 20.37 percent of the basic salary set by the government, which is Rs 1,912, to the fund every month. Of the total, workers have to bear 11% and the rest is covered 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:14.0pt"><span style="font-family:"Georgia","serif"">However, if the federal, state, and local governments do not make the necessary deposits, a worker has to make all contribution by himself.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Similarly, Self-employed individuals are required to contribute at least 31 percent of their minimum basic salary to the fund every month.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Though SSF provides various benefits for the contributing workers, informal sector workers have not been that keen on joining the scheme. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Trade union representatives blame the government’s incompetence for the low enrollment of such workers in the fund.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Yogendra Kumar Kunwar, President of the Nepal Trade Union Congress, said that despite having laws and policies intended to include workers from these sectors into the social security scheme, the entire sector remains neglected due to inadequate government arrangements.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“Informal sector workers should be brought into social security with the support of all three levels of government, but their participation on a large scale has become difficult because the government doesn't want to do it,” Kunwar told the New Business Age.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Officials from the SSF also agreed that integrating workers from these sectors has been more challenging than anticipated.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Difficulties in explaining pension provisions and other benefits of the scheme to the workers and lack of co-contribution have been the reasons hindering the enrollment of such workers in the SSF, according to Uttam Raj Nepal, information officer at the SSF.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“We have not been able to reach people as effectively as we should have,” said Nepal. “Problems have arisen due to the lack of contribution from the local governments, so we plan to hold discussion with local representatives. We are working on increasing public awareness by visiting the settlements.”</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Bishnu Lamsal, President of the General Federation of Nepalese Trade Unions (GEFONT), criticised the failure of state machinery to enforce the scheme effectively.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“Workers in the formal sector received various benefits, but those in the informal sector had not seen similar support,” said Lamsal. “Although the sector has been included in the scheme, the implementation part remains poor.”</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Lamsal argued many workers in the informal sector were still unaware of the scheme.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“There are workers who want to participate but do not know about its process,” Lamsal added. “The government should have launched a public awareness campaign about the scheme more broadly and collaborate with local governments to keep accurate data on such workers.”</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-04', 'modified' => '2024-08-04', 'keywords' => '', 'description' => '', 'sortorder' => '21461', 'image' => '20240804030805_SSF (1).jpg', 'article_date' => '2024-08-04 15:05:38', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '21734', 'article_category_id' => '1', 'title' => 'Imports of ATF, LPG via Birgunj Plummet Last Fiscal Year', 'sub_title' => '', 'summary' => 'PARSA, August 4: Imports of cooking gas (liquefied petroleum gas) and aviation turbine fuel (ATF) via the Birgunj customs point decreased last fiscal year compared to the previous year. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">PARSA, August 4: Imports of cooking gas (liquefied petroleum gas) and aviation turbine fuel (ATF) via the Birgunj customs point decreased last fiscal year compared to the previous year. Data shows a four percent decline in cooking gas imports, while jet fuel imports saw a significant 71 percent drop.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to Raghulal Karna, the information officer at Birgunj Customs Office, a total of 290,287 metric tons of cooking gas, valued at Rs 33.13 billion, was imported during the fiscal year 2022-23. The figure is a drop of 11,238 metric tons compared to 267,048 metric tons imported in the previous fiscal year</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Similarly, the data indicates that 597,144 kiloliters (KL) of jet fuel, worth Rs 17.31 billion, were imported during the fiscal year 2021-22 via the Birgunj check point, compared to just 173,484 KL last fiscal year. However, despite the reduction in quantity, the value of jet fuel imported last fiscal year increased by Rs 18.21 billion due to an increase in ATF prices.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Despite the reduction in cooking gas and ATF imports, the import of diesel and petrol increased. Diesel imports rose by four percent, while petrol imports saw a two percent increase compared to the previous year.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">For the fiscal year 2022-23, diesel imports amounted to 1,040,506 KL worth Rs 113.58 billion, and petrol imports totaled 389,711 KL worth Rs 38.24 billion. In the previous fiscal year, 1,083,520 KL of diesel imports were valued at Rs 109.29 billion, and 394,723 KL of petrol imports at Rs 39.02 billion.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">It is noted that 70 percent of Nepal's fuel requirements are met through supplies via Birgunj. -- RSS</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-04', 'modified' => '2024-08-04', 'keywords' => 'Birgunj, ATF, LPG, import, petrol, diesel', 'description' => '', 'sortorder' => '21459', 'image' => '20240804024855_20201012023113_1602458957.Clipboard15.jpg', 'article_date' => '2024-08-04 14:47:49', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ) ) $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' => '21751', 'article_category_id' => '1', 'title' => 'Nepal, World Bank Sign Financing Agreement For $100 Million Loan To Project For Improving Roads', 'sub_title' => 'The project aims for building and maintenance of 3,000 km resilient roads in three provinces in the first phase.', 'summary' => '', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">NewBiz Report<br /> KATHMANDU, August 5</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The government and the World Bank on Monday signed a financing agreement for a $100 million concessional loan to be provided by the International Development Association (IDA) for the improvement of provincial and local roads, the global lender said in a press statement.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">IDA is a part of the World Bank that provides grants and low-interest loans to low income countries.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Finance Secretary Ram Prasad Ghimire, on behalf of the Government of Nepal, and David Sislen, World Bank Country Director for Nepal, Maldives and Sri Lanka, inked the agreement.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The loan is aimed at improving the connectivity, efficiency, resilience, and safety of Nepal’s provincial and local road network and strengthen the government’s capacity to manage the road network.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The first of the three-phase programme will target three of Nepal’s seven provinces and four local areas which will be scaled up in future phases.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“The Provincial and Local Roads Improvement Program (PLRIP)-Phase 1 will build and maintain about 3,000 kilometers of all-weather, resilient, and safe provincial and local roads and bridges, benefiting about one million people in Sudurpaschim, Karnali, and Madhesh provinces,” reads the statement. “It will also strengthen the institutional, management and technical capacity of provincial and local governments to plan, design, construct, and maintain road and bridge infrastructure and improve service delivery.”</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">A separate project agreement was also signed by the Ministry of Urban Development, the participating provinces, and the World Bank, the statement said.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Sislen said that the programme supports Nepal’s federalism agenda by empowering provincial and local governments and promoting inter-governmental coordination in the transport connectivity sector to help improve the lives of Nepalis through better infrastructure and services.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-06', 'modified' => '2024-08-06', 'keywords' => '', 'description' => '', 'sortorder' => '21477', 'image' => '20240806110230_20240215010906_World.jpg', 'article_date' => '2024-08-06 11:01:36', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '21750', 'article_category_id' => '1', 'title' => '649 New Business Industries Registered in Kaski', 'sub_title' => '', 'summary' => 'The Tourism and Industry Office Kaski recorded the registration of 649 new business firms in the last fiscal year of 2080/2081. These included 13 cottage industries and 636 small industries.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">August 6: The Tourism and Industry Office Kaski recorded the registration of 649 new business firms in the last fiscal year of 2080/2081. These included 13 cottage industries and 636 small industries.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Maharaj Dhakal, Chief Industry Officer of the Cottage and Small Industries Office in Kaski, stated that these new registrations brought in a total investment of Rs 1.91 billion. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The newly registered industries span various sectors: 241 in the service sector, 83 in production, 162 in agriculture and forestry, and three in information technology. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">However, no new industries were registered in the energy and mining sector. </span></span><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The new industries have also contributed to job creation, providing employment to 2,057 people. (RSS) </span></span></p> ', 'published' => true, 'created' => '2024-08-06', 'modified' => '2024-08-06', 'keywords' => '', 'description' => '', 'sortorder' => '21476', 'image' => '20240806060627_collage (90).jpg', 'article_date' => '2024-08-06 06:05:08', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 2 => array( 'Article' => array( 'id' => '21749', 'article_category_id' => '1', 'title' => 'Bangladesh's Iron Lady Sheikh Hasina Falls after 15 Years in Power', 'sub_title' => '', 'summary' => 'DHAKA, Aug 5: Sheikh Hasina once helped rescue Bangladesh from military rule but her long rule came to a sudden end on Monday as protesters stormed her palace in Dhaka.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">DHAKA, Aug 5: Sheikh Hasina once helped rescue Bangladesh from military rule but her long rule came to a sudden end on Monday as protesters stormed her palace in Dhaka.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Her 15 consecutive years in power were marked by an economic rebirth but also by the mass arrest of political opponents and human rights sanctions against her security forces.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Protests began in July with rallies led by university students against civil service job quotas but soon escalated into deadly unrest and demands that she step down.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Attacks on demonstrators by police and pro-government student groups last month also sparked international condemnation.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The autocratic Hasina, 76, won a fifth term as prime minister in January but the opposition boycotted a vote it said was neither free nor fair.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Critics accused her government of a litany of rights abuses, including the murder of opposition activists.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The daughter of a revolutionary who led Bangladesh to independence, Hasina presided over breakneck economic growth in a country once written off by US statesman Henry Kissinger as an irredeemable "basket case".</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">She promised last year to turn all of Bangladesh into a "prosperous and developed country" but around 18 million young Bangladeshis are out of work, according to government figures.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><strong>Economic rise </strong></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Hasina was 27 and travelling abroad when renegade military officers murdered her father, prime minister Sheikh Mujibur Rahman, and her mother and three brothers in a 1975 coup.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">She returned six years later to take the reins of her father's Awami League party, beginning a decade-long struggle that included lengthy stretches of house arrest.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Hasina joined forces with Khaleda Zia's Bangladesh Nationalist Party (BNP) to help oust military dictator Hussain Muhammad Ershad in 1990.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">But they soon fell out and their ensuing rivalry dominated modern Bangladeshi politics.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Hasina first served as prime minister in 1996 but lost to Zia five years later.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The pair were imprisoned on corruption charges in 2007 after a coup by a military-backed government.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The charges were dropped and they contested an election the following year that Hasina won in a landslide. She had been in power ever since.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Zia, 78, is in poor health and confined to hospital after she was sentenced to 17 years in prison for graft in 2018, with top BNP leaders also behind bars.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Supporters have praised Hasina for leading Bangladesh through an economic boom, largely on the back of the mostly female factory workforce powering its garment export industry.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Bangladesh, one of the world's poorest countries when it gained independence from Pakistan in 1971, has grown an average of more than six percent each year since 2009.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Poverty has plummeted and more than 95 percent of its 170 million people now have access to electricity, with per capita income overtaking India in 2021.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Hasina was also hailed for a decisive crackdown on Islamist militants in the Muslim-majority nation after five Bangladeshi extremists stormed a Dhaka cafe popular with Western expatriates and killed 22 people in 2016.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><strong>Silencing dissent </strong></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">However, her government's intolerance of dissent gave rise to resentment at home and concern from Washington and elsewhere.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Five top Islamist leaders and a senior opposition figure were executed over the past decade after convictions for crimes against humanity committed during the brutal 1971 liberation war.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The trials triggered mass protests and deadly clashes.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Her opponents branded them a farce and a politically motivated exercise to silence dissent.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The United States imposed sanctions in 2021 on an elite branch of Bangladesh's security forces and seven of its top officers over charges of widespread human rights abuses.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Hasina insisted in the face of the mounting protests that she had worked for her nation and toured areas of Dhaka damaged during days of deadly unrest last month.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"Over 15 years, I've built this country," she told reporters. "What didn't I do for the people?" – AFP/RSS</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-05', 'modified' => '2024-08-05', 'keywords' => '', 'description' => '', 'sortorder' => '21475', 'image' => '20240805060349_130510-01-02.jpg', 'article_date' => '2024-08-05 18:03:24', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '21748', 'article_category_id' => '1', 'title' => 'Containers Stuck in Transit Points following Political Unrest in Bangladesh', 'sub_title' => 'PM Hasina has resigned and fled the country as protests over the quota system for government jobs escalate, international media report', 'summary' => 'Eleven Nepali containers loaded with molasses for exports to Bangladesh have been stuck along the eastern transit point in Kakarvitta of Jhapa district, following a political unrest in Bangladesh.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">BHADRAPUR, August 5</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Eleven Nepali containers loaded with molasses for exports to Bangladesh have been stuck along the eastern transit point in Kakarvitta of Jhapa district, following a political unrest in Bangladesh.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Protests that began in Bangladesh last month over a 'controversial' quota system for governmental jobs have escalated into nationwide unrest, causing the Prime Minister Sheikh Hasina to resign and flee the country, reported international media.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">According to Al Jazeera, the Qatar-based media network, the longtime leader of Bangladesh boarded a military helicopter after crowds ignored a national curfew to storm the prime minister’s palace in Dhaka.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The direct impact was seen on Nepal-Bangladesh trade Monday. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The trade, which had come to a total halt in mid-July, had resumed a few days ago. But, the border has been closed again for the next three days.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">According to the Kakarvitta Branch Office of the Nepal Transit and Warehousing Management Company Limited, some containers have remained stuck in the Phulbari-Banglabandha transitional transit point of Nepal, India, and Bhutan. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Similarly, containers en route to Nepal from Bangladesh have remained stranded at the transit point.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Subash Pandey, chief at the office, said the supplies were disrupted with the unrest becoming intense. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">"We have no idea how long it will take to return to normalcy,” said Pandey.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Nepal exported goods worth over Rs 13.5 million to Bangladesh while the value of imports exceeded Rs 206.5 million in the first 11 days of the current fiscal year, 2024/25, which began on July 16, the office data show.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">According to the Mechi Customs Office, Kakarvitta, Nepal exports pulse, herbal products, molasses, foodstuff, animal feed, Khayar (Black Catechu), and coloring agents to Bangladesh, while importing jute, soybean husk, allopathic medicines, lead-acid batteries, garments, fruit juice, glass sheets, biscuits, and chocolates from the country. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Most of the Nepali students pursuing higher educational degrees at several universities in Bangladesh have returned home last month following the unrest. (With inputs from RSS)</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-05', 'modified' => '2024-08-05', 'keywords' => '', 'description' => '', 'sortorder' => '21474', 'image' => '20240805060150_AP24218390076912.jpg', 'article_date' => '2024-08-05 18:00:36', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '21746', 'article_category_id' => '1', 'title' => 'NEPSE Closes Near 2800; Turnover Reaches Rs 21.86 Billion', 'sub_title' => '', 'summary' => 'The Nepal Stock Exchange (NEPSE) Index saw a significant gain of 40.76 points, or 1.47%, closing at 2796.38 on the first trading day of the week on Monday.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">August 5: The Nepal Stock Exchange (NEPSE) Index saw a significant gain of 40.76 points, or 1.47%, closing at 2796.38 on the first trading day of the week on Monday.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">During the trading session, a total of 326 scrips were traded through 238,078 transactions. The exchange witnessed 49,773,730 units of shares being traded, resulting in a total turnover of Rs 21.86 billion.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The Himalayan Re-insurance Company (HRL) led the market in terms of turnover, with a total transaction value of Rs 1.26 billion.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif""> Eight companies, including Ru Ru Jalbidhyut Pariyojana Limited (RURU), CEDB Hydropower Development Company (CHDC), and Sagarmatha Jalbidhyut Company Limited (SMJC), each saw gains of 10%, hitting the upper circuit limit for the day.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Conversely, Nepal Finance Limited (NFS) experienced the largest loss, dropping 10% and hitting the lower circuit.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The market's broader indicators showed mixed results. The Sensitive Index incurred a loss of 0.19%, while the Float Index and Sensitive Float Index fell by 0.93% and 1%, respectively.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Sector-wise, seven sectors, including Hotels and Tourism and the Investment Index, closed in positive territory. </span></span><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">On the other hand, six sectors, such as the Finance Index and Microfinance Index, ended the day in the red. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The Finance Index recorded the largest decline, falling by 4.61%, whereas the Hotels and Tourism sector saw the most significant gain, increasing by 6.69%.</span></span></p> ', 'published' => true, 'created' => '2024-08-05', 'modified' => '2024-08-05', 'keywords' => '', 'description' => '', 'sortorder' => '21472', 'image' => '20240805034720_collage (89).jpg', 'article_date' => '2024-08-05 15:45:53', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 5 => array( 'Article' => array( 'id' => '21745', 'article_category_id' => '1', 'title' => 'National Level Development Banks Report 9.39% Surge in Net Profit ', 'sub_title' => 'The eight banks collectively earned approximately Rs 5.55 billion in net profit during the period, up from Rs 5.07 billion in FY 2022/23.', 'summary' => 'National level development banks in Nepal have reported a 9.39% increase in their net profit for the fiscal year 2023/24.', 'content' => '<p><span style="font-size:18px">NewBiz Report</span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><strong><span style="font-family:"Georgia","serif"">KATHMANDU, August 5</span></strong></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Georgia","serif"">National level development banks in Nepal have reported a 9.39% increase in their net profit for the fiscal year 2023/24.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Georgia","serif"">The eight banks collectively earned around Rs 5.55 billion in net profit in the review period, compared to Rs 5.07 billion in the previous fiscal year, 2022/23.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Georgia","serif"">Among the eight development banks, five—Shangri-la Development Bank, Kamana Sewa Development Bank, Mahalaxmi Development Bank, Lumbini Development Bank, and Muktinath Development Bank—saw an increase in net profit, while three such banks including Shine Resunga Development Bank, Garima Development Bank, and Jyoti Development Bank reported a decline inprofits, according to the unaudited financial reports released on Monday.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Georgia","serif"">Muktinath Development Bank recorded the highest net profit of approximately Rs 1.27 billion, while Jyoti Development Bank reported the lowest at around Rs 246.5 million.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Georgia","serif"">The Shangri-la Development Bank and Jyoti Development Bank reported the highest increase and decrease in net profit, respectively.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Georgia","serif"">The table below shows the net profit of the national level development banks for fiscal years 2023/24 and 2022/23.</span></span></span></p> <p> </p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><strong><span style="font-family:"Georgia","serif"">Net profit of the national level development banks</span></strong></span></span></p> <p> </p> <table cellspacing="0" style="border-collapse:collapse"> <tbody> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:1px solid black; height:77px; vertical-align:top"> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><strong><span style="font-family:"Georgia","serif"">Banks</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:1px solid black; height:77px; vertical-align:top"> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><strong><span style="font-family:"Georgia","serif"">Net profit in FY 2023/24 </span></strong></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><strong><span style="font-family:"Georgia","serif"">(in Rs million)</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:1px solid black; height:77px; vertical-align:top"> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><strong><span style="font-family:"Georgia","serif"">Net profit in FY 2022/23 </span></strong></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><strong><span style="font-family:"Georgia","serif"">(in Rs million)</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:1px solid black; height:77px; vertical-align:top"> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><strong><span style="font-family:"Georgia","serif"">Changes (%)</span></strong></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Georgia","serif"">Shangri-la</span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Georgia","serif"">520.47</span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Georgia","serif"">270.41</span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Georgia","serif"">92.47</span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Georgia","serif"">Kamana Sewa</span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Georgia","serif"">603.21</span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Georgia","serif"">361.36</span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Georgia","serif"">66.93</span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Georgia","serif"">Mahalaxmi</span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Georgia","serif"">470.14</span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Georgia","serif"">377.55</span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Georgia","serif"">24.52</span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Georgia","serif"">Lumbini </span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Georgia","serif"">603.78</span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Georgia","serif"">497.67</span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Georgia","serif"">21.32</span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Georgia","serif"">Muktinath </span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Georgia","serif"">1,279.13</span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Georgia","serif"">1,248.22</span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Georgia","serif"">2.48</span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Georgia","serif"">Shine Resunga</span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Georgia","serif"">697.44</span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Georgia","serif"">758.02</span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Georgia","serif"">-7.99</span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Georgia","serif"">Garima</span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Georgia","serif"">1,136.18</span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Georgia","serif"">1,264.67</span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Georgia","serif"">-10.16</span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Georgia","serif"">Jyoti </span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Georgia","serif"">246.5</span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Georgia","serif"">301.81</span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Georgia","serif"">-18.33</span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><strong><span style="font-family:"Georgia","serif"">Total</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><strong><span style="font-family:"Georgia","serif"">5,556.87</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><strong><span style="font-family:"Georgia","serif"">5,079.75</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><strong><span style="font-family:"Georgia","serif"">9.39</span></strong></span></span></p> </td> </tr> </tbody> </table> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Georgia","serif""> Sources: Respective development banks</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-05', 'modified' => '2024-08-05', 'keywords' => '', 'description' => '', 'sortorder' => '21471', 'image' => '20240805025756_20240527022740_20210429043853_profit-02.jpg', 'article_date' => '2024-08-05 14:57:08', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '21744', 'article_category_id' => '1', 'title' => 'Government Preparing to Raise Internal Debt of Rs 100 Billion in First Quarter', 'sub_title' => '', 'summary' => 'The government is poised to raise a significant amount of internal debt in the first quarter of the current fiscal year. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:11.0pt"><span style="font-family:"Arial","sans-serif"">BIJAYA DAMASE<br /> KATHMANDU, August 5</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:11.0pt"><span style="font-family:"Arial","sans-serif"">The government is poised to raise a significant amount of internal debt in the first quarter of the current fiscal year. According to the Public Debt Management Office (PDMO), the government plans to achieve this by adhering to a debt collection target announced in the budget.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:11.0pt"><span style="font-family:"Arial","sans-serif"">While details about the timing and amount of external loans remain unclear, PDMO has already established a schedule for internal borrowings. The government’s budget for the year outlines a plan to raise Rs 330 billion in domestic debt. Accordingly, PDMO aims to collect Rs 115 billion in the first quarter, which represents 40 percent of the total debt.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:11.0pt"><span style="font-family:"Arial","sans-serif"">In the first quarter of the previous fiscal year, the government raised approximately Rs 80 billion in internal debt. Within two weeks of the start of the current fiscal year (FY 2024/25), PDMO has already published notices for issuing treasury bills totaling Rs 31.61 billion. On July 29, a notice was published for issuing treasury bills of Rs 21.10 billion. Prior to that, on July 22, the office issued treasury bills of Rs 10.49 billion.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:11.0pt"><span style="font-family:"Arial","sans-serif"">Government officials explain that raising a substantial amount of debt early in the fiscal year is necessary due to the pressure for payment of interests of public debt. The reserves to meet these obligations are currently insufficient, and delaying internal borrowing could result in higher interest rates.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:11.0pt"><span style="font-family:"Arial","sans-serif"">Dilaram Giri, information officer at PDMO, told New Business Age, “Due to the obligation to repay a large amount of debt, the loan has to be taken early. Interest rates may become more expensive later, increasing the cost of borrowing.” Currently, ample liquidity in banks and financial institutions has resulted in lower interest rates. These institutions primarily purchase government-issued treasury bills and development bonds.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:11.0pt"><span style="font-family:"Arial","sans-serif"">Of late, public debt in Nepal has been rising rapidly. Government figures show significant increases in expenses. PDMO data indicates that the country will need to pay over Rs 1714 billion in the next nine years, with more than Rs 559 billion due in the current year alone. In FY 2023/24, public debt increased by Rs 115 billion, rising from Rs 2299 billion in July of the previous year to Rs 2434 billion by mid-July 2024. This public debt now represents 42.65 percent of the GDP, reflecting a Rs 135 billion increase over the past year.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:11.0pt"><span style="font-family:"Arial","sans-serif"">PDMO records show that internal debt owed by the government has reached Rs 1180 billion, while external debt stands at Rs 1253 billion. The government paid Rs 353.7 billion in public debt interest last year.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:11.0pt"><span style="font-family:"Arial","sans-serif"">Experts caution that accumulating a large amount of debt early in the fiscal year could have adverse effects. Gopinath Mainali, former secretary of the Government of Nepal, argues that while raising and mobilizing internal debt can be beneficial, excessive accumulation could be detrimental. He noted, “If the raised debt is capitalized and injected into the market, it may not pose a problem. However, if liquidity is withdrawn from the market by reducing capital expenditure and relying heavily on internal loans, it could strain the liquidity of banks and financial institutions, making it difficult for the private sector to obtain loans.”</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-05', 'modified' => '2024-08-05', 'keywords' => '', 'description' => '', 'sortorder' => '21470', 'image' => '20240805025623_20240606095240_20240605101057_20230910023832_20220712082812_20210901020646_Richest-Nepalese-–-List-of-Top-Richest-People-scaled.jpg', 'article_date' => '2024-08-05 14:55:43', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '21742', 'article_category_id' => '1', 'title' => 'Price of Gold Reaches All Time High in Nepali Market', 'sub_title' => '', 'summary' => 'The price of gold has reached an all-time high in the domestic market of Nepal on Monday.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">NewBiz Report</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">KATHMANDU, August 5</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The price of gold has reached an all-time high in the domestic market of Nepal on Monday.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The Federation of Nepal Gold and Silver Dealers' Association reported that fine gold, which was priced at Rs 149,700 per tola (11.66 grams) on Sunday, surged to Rs 150,900 per tola.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">In addition, the price of worked gold rose from Rs 149,200 per tola on Sunday to Rs 149,500 per tola.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">In contrast, silver price remained unchanged at Rs 1,785 per tola on Monday.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The price of gold has been rising steadily of late. The federation fixes the price of gold and silver based on the price in the international market.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The ongoing geopolitical tension due to Israel's offensive in Gaza as well as Lebanon and the Russia-Ukraine war have led to investors to invest in gold considering it as a safe haven in times of turmoil.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-05', 'modified' => '2024-08-05', 'keywords' => '', 'description' => '', 'sortorder' => '21468', 'image' => '20240805015630_20240801032633_cd5483b7.jpeg', 'article_date' => '2024-08-05 13:54:37', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '21741', 'article_category_id' => '1', 'title' => 'Global Oil Prices Decline amid US Recession Concerns and Mideast Tensions', 'sub_title' => '', 'summary' => 'SINGAPORE, August 5: Oil prices fell further in global markets on Monday, driven by fears of an impending recession in the United States, a key consumer of oil, Reuters reported.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">SINGAPORE, August 5: Oil prices fell further in global markets on Monday, driven by fears of an impending recession in the United States, a key consumer of oil, Reuters reported.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the news agency, these concerns outweighed worries about potential supply disruptions due to increasing tensions in the Middle East, the world’s most significant oil-producing region.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Asian stock markets also saw declines as investors moved away from riskier assets, anticipating that a series of interest rate cuts might be needed to support economic growth.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">By 0605 GMT, Brent crude oil had dropped by $1.04, or 1.4%, to $75.77 per barrel, while U.S. West Texas Intermediate (WTI) crude fell by $1.09, or 1.5%, to $72.43 per barrel. This decline followed a more than 3% drop in both Brent and WTI prices on Friday, marking the fourth consecutive week of losses—the longest such streak since November.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Analysts from ING, led by Warren Patterson, noted that weak U.S. job data from July has heightened concerns about reduced oil demand from China, the leading contributor to global oil demand growth. Additionally, China’s declining diesel consumption is adding to the downward pressure on oil prices, Reuters added.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the news agency, further pressure on oil prices came after OPEC+ confirmed its plan to gradually phase out voluntary production cuts starting in October, which is expected to lead to an increase in oil supply later in the year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Despite the pressure on prices, some support came from geopolitical risks in the Middle East. Ongoing conflicts in Gaza, following unsuccessful talks in Cairo, have led to heightened tensions. Israel and the United States are preparing for possible further escalation in the region after Iran and its allies, Hamas and Hezbollah, vowed to retaliate for recent actions.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Tony Sycamore, a market analyst at IG in Sydney, commented on the situation, suggesting that while the likelihood of a wider regional conflict remains low, it cannot be entirely dismissed due to the significant risks involved.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-05', 'modified' => '2024-08-05', 'keywords' => '', 'description' => '', 'sortorder' => '21467', 'image' => '20240805011108_global_oil_market.jpg', 'article_date' => '2024-08-05 13:10:24', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '21740', 'article_category_id' => '1', 'title' => 'Flight Disruption at Talcha Airport for Three Days', 'sub_title' => '', 'summary' => 'MUGU, August 5: Flights to and from the Talcha Airport in Mugu district have been disrupted for three days due to adverse weather conditions.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">MUGU, August 5: Flights to and from the Talcha Airport in Mugu district have been disrupted for three days due to adverse weather conditions.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to the Rara-based Civil Aviation Office, flights have been unable to operate due to unpredictable weather. Last Friday, Summit Air's flight from Nepalgunj was forced to turn back after reaching Narakot in Jumla district, just 10 minutes away from Talcha Airport, due to worsening weather conditions.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The weather remained unfavorable on Saturday as well. Although there were some improvements on Sunday, Summit Air canceled its flight to the Talcha Airport, according to Basanta Malla, Summit Air's station manager in Nepalgunj.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">As a result, passengers traveling between Nepalgunj and Mugu have faced significant difficulties. Many have reported running low on funds while waiting in hotels for their flights. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Namrata Malla, a teacher, expressed frustration over the flight disruption, noting that those on annual leave have been particularly affected. "The condition of roads is poor, and air travel is uncertain. We haven't been able to return to our duty stations," she lamented.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Currently, three airlines operate flights to Talcha Airport which is also informally called Rara Airport due to its proximity to the renowned Rara Lake. Tara Air has suspended flights for maintenance, while Sita Air has halted operations due to administrative reasons. Amidst this, Summit Air had been the only airline conducting regular flights to and from the Talcha Airport.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Sita Air's Mugu station manager, Dhirendra Bham, assured that Sita Air would resume regular flights from Monday, provided the weather improves. -- RSS</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-05', 'modified' => '2024-08-05', 'keywords' => '', 'description' => '', 'sortorder' => '21466', 'image' => '20240805120422_rara-airports-1024x576.jpg', 'article_date' => '2024-08-05 12:02:56', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '21738', 'article_category_id' => '1', 'title' => 'Karki, Gurung Appointed to NEA Board Members ', 'sub_title' => '', 'summary' => 'Devendra Karki and Mahendra Bahadur Gurung have been appointed to the board of directors of the Nepal Electricity Authority.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">August 5: Devendra Karki and Mahendra Bahadur Gurung have been appointed to the board of directors of the Nepal Electricity Authority.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Karki, from Tamakoshi Rural Municipality-2 in Dolakha, and Gurung, from Rumjatar Rural Municipality-7 in Okhaldhunga, were appointed as members of the board of directors by a ministerial-level decision of the Ministry of Energy, Water Resources, and Irrigation.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Earlier, the government had sacked Bhakta Bahadur Pun and Kapil Acharya from the board of the authority. </span></span><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">According to the ministry, Karki and Gurung were appointed as board members in accordance with Nepal Electricity Authority Act, 2041. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Karki was appointed as an expert in the electricity sector from the non-governmental sector, while Gurung was selected from among the electricity consumers.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">In line with the decision of the Energy Minister, Karki and Gurung have been appointed as board members for a term of four years on August 2. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The newly appointed Karki is a former secretary of the Ministry of Energy, and Gurung is a former Director General of the Department of Electricity Development.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-05', 'modified' => '2024-08-05', 'keywords' => '', 'description' => '', 'sortorder' => '21464', 'image' => '20240805055249_collage (88).jpg', 'article_date' => '2024-08-05 05:50:44', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 11 => array( 'Article' => array( 'id' => '21737', 'article_category_id' => '1', 'title' => 'Public Accounts Committee Prepares Report Recommending Investigations against Kulman Ghising', 'sub_title' => 'The Nepal Electricity Authority leadership failed to secure the Times of Day (TOD) Metre records and to collect the amount that should be deposited in the state fund, according to the committee.', 'summary' => 'Amid an ongoing tussle between the Nepal Electricity Authority (NEA) and the industrialists around outstanding payments for electricity consumed through the dedicated feeder and trunkline, a parliamentary committee has prepared a report recommending that Kulman Ghising, Managing Director of NEA, be investigated by several agencies.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">NewBiz Report</span></span><br /> KATHMANDU, August 4</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Amid an ongoing tussle between the Nepal Electricity Authority (NEA) and the industrialists around outstanding payments for electricity consumed through the dedicated feeder and trunkline, a parliamentary committee has prepared a report recommending that Kulman Ghising, Managing Director of NEA, be investigated by several agencies.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The Public Accounts Committee is preparing to ask, in writing, the Department of Revenue Investigation, Commission for the Investigation of Abuse of Authority (CIAA), and the Central Investigation Bureau (CIB) of Nepal Police to investigate Ghising.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">According to the committee, the NEA leadership failed to secure the Times of Day (TOD) Metre records and to collect the amount that should be deposited in the state fund.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Last Friday, after a meeting of the Public Accounts Committee, it was decided to formally request TOD Metre data from the NEA. Committee Chairman Rishikesh Pokharel mentioned that the committee was looking for clarity on the details of the TOD metre.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Ghising, speaking at the same meeting, had alleged industrialists to be the main cause for the dedicated feeder and trunk line dispute. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-04', 'modified' => '2024-08-05', 'keywords' => '', 'description' => '', 'sortorder' => '21463', 'image' => '20240804055610_20230713052749_parliament building.jpg', 'article_date' => '2024-08-04 17:55:01', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => true, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '21736', 'article_category_id' => '1', 'title' => 'Two NEA Board Members Sacked', 'sub_title' => '', 'summary' => 'The government has sacked two members of the board of the Nepal Electricity Authority(NEA), Bhakta Bahadur Pun and Kapil Acharya, from their positions.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">August 4: The government has sacked two members of the board of the Nepal Electricity Authority(NEA), Bhakta Bahadur Pun and Kapil Acharya, from their positions. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">They were appointed under the quotas of the CPN (Maoist Centre) and CPN (Unified Socialist), respectively, and were sacked by Minister for Energy, Water Resources, and Irrigation Dipak Khadka.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The two NEA board members were sought clarification by the Minister Khadka accusing them of not cooperating with the implementation of directives issued by the Nepal government and the Electricity Regulatory Commission regarding the dedicated and trunk line dispute on July 31. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Minister Khadka relived Pun and Acharya of their responsibilities after finding their explanations unsatisfactory. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Earlier, the board meeting of the NEA had decided to reconnect electricity to six industries that had been disconnected due to the dispute on July 23. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif"> However, Pun and Acharya had expressed dissatisfaction on the decision by writing a note of dissent. </span></span></p> ', 'published' => true, 'created' => '2024-08-04', 'modified' => '2024-08-04', 'keywords' => '', 'description' => '', 'sortorder' => '21462', 'image' => '20240804044029_collage (5).jpg', 'article_date' => '2024-08-04 16:39:10', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 13 => array( 'Article' => array( 'id' => '21735', 'article_category_id' => '1', 'title' => 'Government Fails to Include Informal Sector Workers in Social Security Fund', 'sub_title' => 'Only 451 informal sector workers and self-employed individuals have been enrolled in the scheme so far. ', 'summary' => 'The government has failed to include informal sector workers, who occupy a significant part of the economy, in the Social Security Fund (SSF). ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">BIJAY DAMASE</span></span><br /> KATHMANDU, August 4</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The government has failed to include informal sector workers, who occupy a significant part of the economy, in the Social Security Fund (SSF).</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Nearly a year after the then Prime Minister Pushpa Kamal Dahal announced to include a large number of informal sector workers and self-employed individuals in the SSF, the number of such workers in the fund has been negligible so far.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">While around 516,000 formal sector workers have joined the SSF so far, only 451 informal sector workers and self-employed individuals have been enrolled in the scheme yet.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Dahal had announced that more than 5 million workers from the informal sector would be brought under the social safety net.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">According to the SSF, only 296 workers from the informal sector and 155 other self-employed people have been registered in the SSF by August 2.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">According to a recent study by the Central Department of Economics at the Tribhuvan University (TU), with support from the Nepal Rastra Bank, the average size of Nepal’s informal economy was 40 to 42% of the country’s gross domestic product.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">In terms of monetary value, Nepal’s informal economy is worth around Rs 2,200 billion while the country’s economy is worth around Rs 5,381 billion, according to the study.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">In December last year, the Social Security Schemes Operational Directive was introduced to include informal sector workers and self-employed individuals. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">According to the approved procedure, informal sector workers are required to contribute 20.37 percent of the basic salary set by the government, which is Rs 1,912, to the fund every month. Of the total, workers have to bear 11% and the rest is covered 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:14.0pt"><span style="font-family:"Georgia","serif"">However, if the federal, state, and local governments do not make the necessary deposits, a worker has to make all contribution by himself.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Similarly, Self-employed individuals are required to contribute at least 31 percent of their minimum basic salary to the fund every month.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Though SSF provides various benefits for the contributing workers, informal sector workers have not been that keen on joining the scheme. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Trade union representatives blame the government’s incompetence for the low enrollment of such workers in the fund.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Yogendra Kumar Kunwar, President of the Nepal Trade Union Congress, said that despite having laws and policies intended to include workers from these sectors into the social security scheme, the entire sector remains neglected due to inadequate government arrangements.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“Informal sector workers should be brought into social security with the support of all three levels of government, but their participation on a large scale has become difficult because the government doesn't want to do it,” Kunwar told the New Business Age.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Officials from the SSF also agreed that integrating workers from these sectors has been more challenging than anticipated.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Difficulties in explaining pension provisions and other benefits of the scheme to the workers and lack of co-contribution have been the reasons hindering the enrollment of such workers in the SSF, according to Uttam Raj Nepal, information officer at the SSF.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“We have not been able to reach people as effectively as we should have,” said Nepal. “Problems have arisen due to the lack of contribution from the local governments, so we plan to hold discussion with local representatives. We are working on increasing public awareness by visiting the settlements.”</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Bishnu Lamsal, President of the General Federation of Nepalese Trade Unions (GEFONT), criticised the failure of state machinery to enforce the scheme effectively.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“Workers in the formal sector received various benefits, but those in the informal sector had not seen similar support,” said Lamsal. “Although the sector has been included in the scheme, the implementation part remains poor.”</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Lamsal argued many workers in the informal sector were still unaware of the scheme.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“There are workers who want to participate but do not know about its process,” Lamsal added. “The government should have launched a public awareness campaign about the scheme more broadly and collaborate with local governments to keep accurate data on such workers.”</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-04', 'modified' => '2024-08-04', 'keywords' => '', 'description' => '', 'sortorder' => '21461', 'image' => '20240804030805_SSF (1).jpg', 'article_date' => '2024-08-04 15:05:38', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '21734', 'article_category_id' => '1', 'title' => 'Imports of ATF, LPG via Birgunj Plummet Last Fiscal Year', 'sub_title' => '', 'summary' => 'PARSA, August 4: Imports of cooking gas (liquefied petroleum gas) and aviation turbine fuel (ATF) via the Birgunj customs point decreased last fiscal year compared to the previous year. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">PARSA, August 4: Imports of cooking gas (liquefied petroleum gas) and aviation turbine fuel (ATF) via the Birgunj customs point decreased last fiscal year compared to the previous year. Data shows a four percent decline in cooking gas imports, while jet fuel imports saw a significant 71 percent drop.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to Raghulal Karna, the information officer at Birgunj Customs Office, a total of 290,287 metric tons of cooking gas, valued at Rs 33.13 billion, was imported during the fiscal year 2022-23. The figure is a drop of 11,238 metric tons compared to 267,048 metric tons imported in the previous fiscal year</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Similarly, the data indicates that 597,144 kiloliters (KL) of jet fuel, worth Rs 17.31 billion, were imported during the fiscal year 2021-22 via the Birgunj check point, compared to just 173,484 KL last fiscal year. However, despite the reduction in quantity, the value of jet fuel imported last fiscal year increased by Rs 18.21 billion due to an increase in ATF prices.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Despite the reduction in cooking gas and ATF imports, the import of diesel and petrol increased. Diesel imports rose by four percent, while petrol imports saw a two percent increase compared to the previous year.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">For the fiscal year 2022-23, diesel imports amounted to 1,040,506 KL worth Rs 113.58 billion, and petrol imports totaled 389,711 KL worth Rs 38.24 billion. In the previous fiscal year, 1,083,520 KL of diesel imports were valued at Rs 109.29 billion, and 394,723 KL of petrol imports at Rs 39.02 billion.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">It is noted that 70 percent of Nepal's fuel requirements are met through supplies via Birgunj. -- RSS</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-04', 'modified' => '2024-08-04', 'keywords' => 'Birgunj, ATF, LPG, import, petrol, diesel', 'description' => '', 'sortorder' => '21459', 'image' => '20240804024855_20201012023113_1602458957.Clipboard15.jpg', 'article_date' => '2024-08-04 14:47:49', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ) ) $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
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) ), (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' => '21751', 'article_category_id' => '1', 'title' => 'Nepal, World Bank Sign Financing Agreement For $100 Million Loan To Project For Improving Roads', 'sub_title' => 'The project aims for building and maintenance of 3,000 km resilient roads in three provinces in the first phase.', 'summary' => '', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">NewBiz Report<br /> KATHMANDU, August 5</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The government and the World Bank on Monday signed a financing agreement for a $100 million concessional loan to be provided by the International Development Association (IDA) for the improvement of provincial and local roads, the global lender said in a press statement.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">IDA is a part of the World Bank that provides grants and low-interest loans to low income countries.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Finance Secretary Ram Prasad Ghimire, on behalf of the Government of Nepal, and David Sislen, World Bank Country Director for Nepal, Maldives and Sri Lanka, inked the agreement.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The loan is aimed at improving the connectivity, efficiency, resilience, and safety of Nepal’s provincial and local road network and strengthen the government’s capacity to manage the road network.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The first of the three-phase programme will target three of Nepal’s seven provinces and four local areas which will be scaled up in future phases.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“The Provincial and Local Roads Improvement Program (PLRIP)-Phase 1 will build and maintain about 3,000 kilometers of all-weather, resilient, and safe provincial and local roads and bridges, benefiting about one million people in Sudurpaschim, Karnali, and Madhesh provinces,” reads the statement. “It will also strengthen the institutional, management and technical capacity of provincial and local governments to plan, design, construct, and maintain road and bridge infrastructure and improve service delivery.”</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">A separate project agreement was also signed by the Ministry of Urban Development, the participating provinces, and the World Bank, the statement said.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Sislen said that the programme supports Nepal’s federalism agenda by empowering provincial and local governments and promoting inter-governmental coordination in the transport connectivity sector to help improve the lives of Nepalis through better infrastructure and services.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-06', 'modified' => '2024-08-06', 'keywords' => '', 'description' => '', 'sortorder' => '21477', 'image' => '20240806110230_20240215010906_World.jpg', 'article_date' => '2024-08-06 11:01:36', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '21750', 'article_category_id' => '1', 'title' => '649 New Business Industries Registered in Kaski', 'sub_title' => '', 'summary' => 'The Tourism and Industry Office Kaski recorded the registration of 649 new business firms in the last fiscal year of 2080/2081. These included 13 cottage industries and 636 small industries.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">August 6: The Tourism and Industry Office Kaski recorded the registration of 649 new business firms in the last fiscal year of 2080/2081. These included 13 cottage industries and 636 small industries.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Maharaj Dhakal, Chief Industry Officer of the Cottage and Small Industries Office in Kaski, stated that these new registrations brought in a total investment of Rs 1.91 billion. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The newly registered industries span various sectors: 241 in the service sector, 83 in production, 162 in agriculture and forestry, and three in information technology. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">However, no new industries were registered in the energy and mining sector. </span></span><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The new industries have also contributed to job creation, providing employment to 2,057 people. (RSS) </span></span></p> ', 'published' => true, 'created' => '2024-08-06', 'modified' => '2024-08-06', 'keywords' => '', 'description' => '', 'sortorder' => '21476', 'image' => '20240806060627_collage (90).jpg', 'article_date' => '2024-08-06 06:05:08', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 2 => array( 'Article' => array( 'id' => '21749', 'article_category_id' => '1', 'title' => 'Bangladesh's Iron Lady Sheikh Hasina Falls after 15 Years in Power', 'sub_title' => '', 'summary' => 'DHAKA, Aug 5: Sheikh Hasina once helped rescue Bangladesh from military rule but her long rule came to a sudden end on Monday as protesters stormed her palace in Dhaka.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">DHAKA, Aug 5: Sheikh Hasina once helped rescue Bangladesh from military rule but her long rule came to a sudden end on Monday as protesters stormed her palace in Dhaka.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Her 15 consecutive years in power were marked by an economic rebirth but also by the mass arrest of political opponents and human rights sanctions against her security forces.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Protests began in July with rallies led by university students against civil service job quotas but soon escalated into deadly unrest and demands that she step down.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Attacks on demonstrators by police and pro-government student groups last month also sparked international condemnation.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The autocratic Hasina, 76, won a fifth term as prime minister in January but the opposition boycotted a vote it said was neither free nor fair.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Critics accused her government of a litany of rights abuses, including the murder of opposition activists.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The daughter of a revolutionary who led Bangladesh to independence, Hasina presided over breakneck economic growth in a country once written off by US statesman Henry Kissinger as an irredeemable "basket case".</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">She promised last year to turn all of Bangladesh into a "prosperous and developed country" but around 18 million young Bangladeshis are out of work, according to government figures.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><strong>Economic rise </strong></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Hasina was 27 and travelling abroad when renegade military officers murdered her father, prime minister Sheikh Mujibur Rahman, and her mother and three brothers in a 1975 coup.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">She returned six years later to take the reins of her father's Awami League party, beginning a decade-long struggle that included lengthy stretches of house arrest.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Hasina joined forces with Khaleda Zia's Bangladesh Nationalist Party (BNP) to help oust military dictator Hussain Muhammad Ershad in 1990.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">But they soon fell out and their ensuing rivalry dominated modern Bangladeshi politics.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Hasina first served as prime minister in 1996 but lost to Zia five years later.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The pair were imprisoned on corruption charges in 2007 after a coup by a military-backed government.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The charges were dropped and they contested an election the following year that Hasina won in a landslide. She had been in power ever since.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Zia, 78, is in poor health and confined to hospital after she was sentenced to 17 years in prison for graft in 2018, with top BNP leaders also behind bars.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Supporters have praised Hasina for leading Bangladesh through an economic boom, largely on the back of the mostly female factory workforce powering its garment export industry.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Bangladesh, one of the world's poorest countries when it gained independence from Pakistan in 1971, has grown an average of more than six percent each year since 2009.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Poverty has plummeted and more than 95 percent of its 170 million people now have access to electricity, with per capita income overtaking India in 2021.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Hasina was also hailed for a decisive crackdown on Islamist militants in the Muslim-majority nation after five Bangladeshi extremists stormed a Dhaka cafe popular with Western expatriates and killed 22 people in 2016.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><strong>Silencing dissent </strong></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">However, her government's intolerance of dissent gave rise to resentment at home and concern from Washington and elsewhere.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Five top Islamist leaders and a senior opposition figure were executed over the past decade after convictions for crimes against humanity committed during the brutal 1971 liberation war.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The trials triggered mass protests and deadly clashes.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Her opponents branded them a farce and a politically motivated exercise to silence dissent.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The United States imposed sanctions in 2021 on an elite branch of Bangladesh's security forces and seven of its top officers over charges of widespread human rights abuses.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Hasina insisted in the face of the mounting protests that she had worked for her nation and toured areas of Dhaka damaged during days of deadly unrest last month.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"Over 15 years, I've built this country," she told reporters. "What didn't I do for the people?" – AFP/RSS</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-05', 'modified' => '2024-08-05', 'keywords' => '', 'description' => '', 'sortorder' => '21475', 'image' => '20240805060349_130510-01-02.jpg', 'article_date' => '2024-08-05 18:03:24', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '21748', 'article_category_id' => '1', 'title' => 'Containers Stuck in Transit Points following Political Unrest in Bangladesh', 'sub_title' => 'PM Hasina has resigned and fled the country as protests over the quota system for government jobs escalate, international media report', 'summary' => 'Eleven Nepali containers loaded with molasses for exports to Bangladesh have been stuck along the eastern transit point in Kakarvitta of Jhapa district, following a political unrest in Bangladesh.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">BHADRAPUR, August 5</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Eleven Nepali containers loaded with molasses for exports to Bangladesh have been stuck along the eastern transit point in Kakarvitta of Jhapa district, following a political unrest in Bangladesh.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Protests that began in Bangladesh last month over a 'controversial' quota system for governmental jobs have escalated into nationwide unrest, causing the Prime Minister Sheikh Hasina to resign and flee the country, reported international media.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">According to Al Jazeera, the Qatar-based media network, the longtime leader of Bangladesh boarded a military helicopter after crowds ignored a national curfew to storm the prime minister’s palace in Dhaka.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The direct impact was seen on Nepal-Bangladesh trade Monday. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The trade, which had come to a total halt in mid-July, had resumed a few days ago. But, the border has been closed again for the next three days.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">According to the Kakarvitta Branch Office of the Nepal Transit and Warehousing Management Company Limited, some containers have remained stuck in the Phulbari-Banglabandha transitional transit point of Nepal, India, and Bhutan. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Similarly, containers en route to Nepal from Bangladesh have remained stranded at the transit point.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Subash Pandey, chief at the office, said the supplies were disrupted with the unrest becoming intense. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">"We have no idea how long it will take to return to normalcy,” said Pandey.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Nepal exported goods worth over Rs 13.5 million to Bangladesh while the value of imports exceeded Rs 206.5 million in the first 11 days of the current fiscal year, 2024/25, which began on July 16, the office data show.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">According to the Mechi Customs Office, Kakarvitta, Nepal exports pulse, herbal products, molasses, foodstuff, animal feed, Khayar (Black Catechu), and coloring agents to Bangladesh, while importing jute, soybean husk, allopathic medicines, lead-acid batteries, garments, fruit juice, glass sheets, biscuits, and chocolates from the country. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Most of the Nepali students pursuing higher educational degrees at several universities in Bangladesh have returned home last month following the unrest. (With inputs from RSS)</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-05', 'modified' => '2024-08-05', 'keywords' => '', 'description' => '', 'sortorder' => '21474', 'image' => '20240805060150_AP24218390076912.jpg', 'article_date' => '2024-08-05 18:00:36', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '21746', 'article_category_id' => '1', 'title' => 'NEPSE Closes Near 2800; Turnover Reaches Rs 21.86 Billion', 'sub_title' => '', 'summary' => 'The Nepal Stock Exchange (NEPSE) Index saw a significant gain of 40.76 points, or 1.47%, closing at 2796.38 on the first trading day of the week on Monday.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">August 5: The Nepal Stock Exchange (NEPSE) Index saw a significant gain of 40.76 points, or 1.47%, closing at 2796.38 on the first trading day of the week on Monday.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">During the trading session, a total of 326 scrips were traded through 238,078 transactions. The exchange witnessed 49,773,730 units of shares being traded, resulting in a total turnover of Rs 21.86 billion.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The Himalayan Re-insurance Company (HRL) led the market in terms of turnover, with a total transaction value of Rs 1.26 billion.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif""> Eight companies, including Ru Ru Jalbidhyut Pariyojana Limited (RURU), CEDB Hydropower Development Company (CHDC), and Sagarmatha Jalbidhyut Company Limited (SMJC), each saw gains of 10%, hitting the upper circuit limit for the day.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Conversely, Nepal Finance Limited (NFS) experienced the largest loss, dropping 10% and hitting the lower circuit.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The market's broader indicators showed mixed results. The Sensitive Index incurred a loss of 0.19%, while the Float Index and Sensitive Float Index fell by 0.93% and 1%, respectively.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Sector-wise, seven sectors, including Hotels and Tourism and the Investment Index, closed in positive territory. </span></span><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">On the other hand, six sectors, such as the Finance Index and Microfinance Index, ended the day in the red. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The Finance Index recorded the largest decline, falling by 4.61%, whereas the Hotels and Tourism sector saw the most significant gain, increasing by 6.69%.</span></span></p> ', 'published' => true, 'created' => '2024-08-05', 'modified' => '2024-08-05', 'keywords' => '', 'description' => '', 'sortorder' => '21472', 'image' => '20240805034720_collage (89).jpg', 'article_date' => '2024-08-05 15:45:53', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 5 => array( 'Article' => array( 'id' => '21745', 'article_category_id' => '1', 'title' => 'National Level Development Banks Report 9.39% Surge in Net Profit ', 'sub_title' => 'The eight banks collectively earned approximately Rs 5.55 billion in net profit during the period, up from Rs 5.07 billion in FY 2022/23.', 'summary' => 'National level development banks in Nepal have reported a 9.39% increase in their net profit for the fiscal year 2023/24.', 'content' => '<p><span style="font-size:18px">NewBiz Report</span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><strong><span style="font-family:"Georgia","serif"">KATHMANDU, August 5</span></strong></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Georgia","serif"">National level development banks in Nepal have reported a 9.39% increase in their net profit for the fiscal year 2023/24.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Georgia","serif"">The eight banks collectively earned around Rs 5.55 billion in net profit in the review period, compared to Rs 5.07 billion in the previous fiscal year, 2022/23.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Georgia","serif"">Among the eight development banks, five—Shangri-la Development Bank, Kamana Sewa Development Bank, Mahalaxmi Development Bank, Lumbini Development Bank, and Muktinath Development Bank—saw an increase in net profit, while three such banks including Shine Resunga Development Bank, Garima Development Bank, and Jyoti Development Bank reported a decline inprofits, according to the unaudited financial reports released on Monday.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Georgia","serif"">Muktinath Development Bank recorded the highest net profit of approximately Rs 1.27 billion, while Jyoti Development Bank reported the lowest at around Rs 246.5 million.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Georgia","serif"">The Shangri-la Development Bank and Jyoti Development Bank reported the highest increase and decrease in net profit, respectively.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Georgia","serif"">The table below shows the net profit of the national level development banks for fiscal years 2023/24 and 2022/23.</span></span></span></p> <p> </p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><strong><span style="font-family:"Georgia","serif"">Net profit of the national level development banks</span></strong></span></span></p> <p> </p> <table cellspacing="0" style="border-collapse:collapse"> <tbody> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:1px solid black; height:77px; vertical-align:top"> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><strong><span style="font-family:"Georgia","serif"">Banks</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:1px solid black; height:77px; vertical-align:top"> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><strong><span style="font-family:"Georgia","serif"">Net profit in FY 2023/24 </span></strong></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><strong><span style="font-family:"Georgia","serif"">(in Rs million)</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:1px solid black; height:77px; vertical-align:top"> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><strong><span style="font-family:"Georgia","serif"">Net profit in FY 2022/23 </span></strong></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><strong><span style="font-family:"Georgia","serif"">(in Rs million)</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:1px solid black; height:77px; vertical-align:top"> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><strong><span style="font-family:"Georgia","serif"">Changes (%)</span></strong></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Georgia","serif"">Shangri-la</span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Georgia","serif"">520.47</span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Georgia","serif"">270.41</span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Georgia","serif"">92.47</span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Georgia","serif"">Kamana Sewa</span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Georgia","serif"">603.21</span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Georgia","serif"">361.36</span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Georgia","serif"">66.93</span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Georgia","serif"">Mahalaxmi</span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Georgia","serif"">470.14</span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Georgia","serif"">377.55</span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Georgia","serif"">24.52</span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Georgia","serif"">Lumbini </span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Georgia","serif"">603.78</span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Georgia","serif"">497.67</span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Georgia","serif"">21.32</span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Georgia","serif"">Muktinath </span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Georgia","serif"">1,279.13</span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Georgia","serif"">1,248.22</span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Georgia","serif"">2.48</span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Georgia","serif"">Shine Resunga</span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Georgia","serif"">697.44</span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Georgia","serif"">758.02</span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Georgia","serif"">-7.99</span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Georgia","serif"">Garima</span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Georgia","serif"">1,136.18</span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Georgia","serif"">1,264.67</span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Georgia","serif"">-10.16</span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Georgia","serif"">Jyoti </span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Georgia","serif"">246.5</span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Georgia","serif"">301.81</span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Georgia","serif"">-18.33</span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><strong><span style="font-family:"Georgia","serif"">Total</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><strong><span style="font-family:"Georgia","serif"">5,556.87</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><strong><span style="font-family:"Georgia","serif"">5,079.75</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><strong><span style="font-family:"Georgia","serif"">9.39</span></strong></span></span></p> </td> </tr> </tbody> </table> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Georgia","serif""> Sources: Respective development banks</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-05', 'modified' => '2024-08-05', 'keywords' => '', 'description' => '', 'sortorder' => '21471', 'image' => '20240805025756_20240527022740_20210429043853_profit-02.jpg', 'article_date' => '2024-08-05 14:57:08', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '21744', 'article_category_id' => '1', 'title' => 'Government Preparing to Raise Internal Debt of Rs 100 Billion in First Quarter', 'sub_title' => '', 'summary' => 'The government is poised to raise a significant amount of internal debt in the first quarter of the current fiscal year. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:11.0pt"><span style="font-family:"Arial","sans-serif"">BIJAYA DAMASE<br /> KATHMANDU, August 5</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:11.0pt"><span style="font-family:"Arial","sans-serif"">The government is poised to raise a significant amount of internal debt in the first quarter of the current fiscal year. According to the Public Debt Management Office (PDMO), the government plans to achieve this by adhering to a debt collection target announced in the budget.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:11.0pt"><span style="font-family:"Arial","sans-serif"">While details about the timing and amount of external loans remain unclear, PDMO has already established a schedule for internal borrowings. The government’s budget for the year outlines a plan to raise Rs 330 billion in domestic debt. Accordingly, PDMO aims to collect Rs 115 billion in the first quarter, which represents 40 percent of the total debt.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:11.0pt"><span style="font-family:"Arial","sans-serif"">In the first quarter of the previous fiscal year, the government raised approximately Rs 80 billion in internal debt. Within two weeks of the start of the current fiscal year (FY 2024/25), PDMO has already published notices for issuing treasury bills totaling Rs 31.61 billion. On July 29, a notice was published for issuing treasury bills of Rs 21.10 billion. Prior to that, on July 22, the office issued treasury bills of Rs 10.49 billion.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:11.0pt"><span style="font-family:"Arial","sans-serif"">Government officials explain that raising a substantial amount of debt early in the fiscal year is necessary due to the pressure for payment of interests of public debt. The reserves to meet these obligations are currently insufficient, and delaying internal borrowing could result in higher interest rates.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:11.0pt"><span style="font-family:"Arial","sans-serif"">Dilaram Giri, information officer at PDMO, told New Business Age, “Due to the obligation to repay a large amount of debt, the loan has to be taken early. Interest rates may become more expensive later, increasing the cost of borrowing.” Currently, ample liquidity in banks and financial institutions has resulted in lower interest rates. These institutions primarily purchase government-issued treasury bills and development bonds.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:11.0pt"><span style="font-family:"Arial","sans-serif"">Of late, public debt in Nepal has been rising rapidly. Government figures show significant increases in expenses. PDMO data indicates that the country will need to pay over Rs 1714 billion in the next nine years, with more than Rs 559 billion due in the current year alone. In FY 2023/24, public debt increased by Rs 115 billion, rising from Rs 2299 billion in July of the previous year to Rs 2434 billion by mid-July 2024. This public debt now represents 42.65 percent of the GDP, reflecting a Rs 135 billion increase over the past year.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:11.0pt"><span style="font-family:"Arial","sans-serif"">PDMO records show that internal debt owed by the government has reached Rs 1180 billion, while external debt stands at Rs 1253 billion. The government paid Rs 353.7 billion in public debt interest last year.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:11.0pt"><span style="font-family:"Arial","sans-serif"">Experts caution that accumulating a large amount of debt early in the fiscal year could have adverse effects. Gopinath Mainali, former secretary of the Government of Nepal, argues that while raising and mobilizing internal debt can be beneficial, excessive accumulation could be detrimental. He noted, “If the raised debt is capitalized and injected into the market, it may not pose a problem. However, if liquidity is withdrawn from the market by reducing capital expenditure and relying heavily on internal loans, it could strain the liquidity of banks and financial institutions, making it difficult for the private sector to obtain loans.”</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-05', 'modified' => '2024-08-05', 'keywords' => '', 'description' => '', 'sortorder' => '21470', 'image' => '20240805025623_20240606095240_20240605101057_20230910023832_20220712082812_20210901020646_Richest-Nepalese-–-List-of-Top-Richest-People-scaled.jpg', 'article_date' => '2024-08-05 14:55:43', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '21742', 'article_category_id' => '1', 'title' => 'Price of Gold Reaches All Time High in Nepali Market', 'sub_title' => '', 'summary' => 'The price of gold has reached an all-time high in the domestic market of Nepal on Monday.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">NewBiz Report</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">KATHMANDU, August 5</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The price of gold has reached an all-time high in the domestic market of Nepal on Monday.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The Federation of Nepal Gold and Silver Dealers' Association reported that fine gold, which was priced at Rs 149,700 per tola (11.66 grams) on Sunday, surged to Rs 150,900 per tola.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">In addition, the price of worked gold rose from Rs 149,200 per tola on Sunday to Rs 149,500 per tola.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">In contrast, silver price remained unchanged at Rs 1,785 per tola on Monday.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The price of gold has been rising steadily of late. The federation fixes the price of gold and silver based on the price in the international market.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The ongoing geopolitical tension due to Israel's offensive in Gaza as well as Lebanon and the Russia-Ukraine war have led to investors to invest in gold considering it as a safe haven in times of turmoil.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-05', 'modified' => '2024-08-05', 'keywords' => '', 'description' => '', 'sortorder' => '21468', 'image' => '20240805015630_20240801032633_cd5483b7.jpeg', 'article_date' => '2024-08-05 13:54:37', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '21741', 'article_category_id' => '1', 'title' => 'Global Oil Prices Decline amid US Recession Concerns and Mideast Tensions', 'sub_title' => '', 'summary' => 'SINGAPORE, August 5: Oil prices fell further in global markets on Monday, driven by fears of an impending recession in the United States, a key consumer of oil, Reuters reported.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">SINGAPORE, August 5: Oil prices fell further in global markets on Monday, driven by fears of an impending recession in the United States, a key consumer of oil, Reuters reported.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the news agency, these concerns outweighed worries about potential supply disruptions due to increasing tensions in the Middle East, the world’s most significant oil-producing region.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Asian stock markets also saw declines as investors moved away from riskier assets, anticipating that a series of interest rate cuts might be needed to support economic growth.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">By 0605 GMT, Brent crude oil had dropped by $1.04, or 1.4%, to $75.77 per barrel, while U.S. West Texas Intermediate (WTI) crude fell by $1.09, or 1.5%, to $72.43 per barrel. This decline followed a more than 3% drop in both Brent and WTI prices on Friday, marking the fourth consecutive week of losses—the longest such streak since November.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Analysts from ING, led by Warren Patterson, noted that weak U.S. job data from July has heightened concerns about reduced oil demand from China, the leading contributor to global oil demand growth. Additionally, China’s declining diesel consumption is adding to the downward pressure on oil prices, Reuters added.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the news agency, further pressure on oil prices came after OPEC+ confirmed its plan to gradually phase out voluntary production cuts starting in October, which is expected to lead to an increase in oil supply later in the year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Despite the pressure on prices, some support came from geopolitical risks in the Middle East. Ongoing conflicts in Gaza, following unsuccessful talks in Cairo, have led to heightened tensions. Israel and the United States are preparing for possible further escalation in the region after Iran and its allies, Hamas and Hezbollah, vowed to retaliate for recent actions.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Tony Sycamore, a market analyst at IG in Sydney, commented on the situation, suggesting that while the likelihood of a wider regional conflict remains low, it cannot be entirely dismissed due to the significant risks involved.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-05', 'modified' => '2024-08-05', 'keywords' => '', 'description' => '', 'sortorder' => '21467', 'image' => '20240805011108_global_oil_market.jpg', 'article_date' => '2024-08-05 13:10:24', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '21740', 'article_category_id' => '1', 'title' => 'Flight Disruption at Talcha Airport for Three Days', 'sub_title' => '', 'summary' => 'MUGU, August 5: Flights to and from the Talcha Airport in Mugu district have been disrupted for three days due to adverse weather conditions.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">MUGU, August 5: Flights to and from the Talcha Airport in Mugu district have been disrupted for three days due to adverse weather conditions.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to the Rara-based Civil Aviation Office, flights have been unable to operate due to unpredictable weather. Last Friday, Summit Air's flight from Nepalgunj was forced to turn back after reaching Narakot in Jumla district, just 10 minutes away from Talcha Airport, due to worsening weather conditions.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The weather remained unfavorable on Saturday as well. Although there were some improvements on Sunday, Summit Air canceled its flight to the Talcha Airport, according to Basanta Malla, Summit Air's station manager in Nepalgunj.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">As a result, passengers traveling between Nepalgunj and Mugu have faced significant difficulties. Many have reported running low on funds while waiting in hotels for their flights. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Namrata Malla, a teacher, expressed frustration over the flight disruption, noting that those on annual leave have been particularly affected. "The condition of roads is poor, and air travel is uncertain. We haven't been able to return to our duty stations," she lamented.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Currently, three airlines operate flights to Talcha Airport which is also informally called Rara Airport due to its proximity to the renowned Rara Lake. Tara Air has suspended flights for maintenance, while Sita Air has halted operations due to administrative reasons. Amidst this, Summit Air had been the only airline conducting regular flights to and from the Talcha Airport.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Sita Air's Mugu station manager, Dhirendra Bham, assured that Sita Air would resume regular flights from Monday, provided the weather improves. -- RSS</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-05', 'modified' => '2024-08-05', 'keywords' => '', 'description' => '', 'sortorder' => '21466', 'image' => '20240805120422_rara-airports-1024x576.jpg', 'article_date' => '2024-08-05 12:02:56', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '21738', 'article_category_id' => '1', 'title' => 'Karki, Gurung Appointed to NEA Board Members ', 'sub_title' => '', 'summary' => 'Devendra Karki and Mahendra Bahadur Gurung have been appointed to the board of directors of the Nepal Electricity Authority.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">August 5: Devendra Karki and Mahendra Bahadur Gurung have been appointed to the board of directors of the Nepal Electricity Authority.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Karki, from Tamakoshi Rural Municipality-2 in Dolakha, and Gurung, from Rumjatar Rural Municipality-7 in Okhaldhunga, were appointed as members of the board of directors by a ministerial-level decision of the Ministry of Energy, Water Resources, and Irrigation.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Earlier, the government had sacked Bhakta Bahadur Pun and Kapil Acharya from the board of the authority. </span></span><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">According to the ministry, Karki and Gurung were appointed as board members in accordance with Nepal Electricity Authority Act, 2041. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Karki was appointed as an expert in the electricity sector from the non-governmental sector, while Gurung was selected from among the electricity consumers.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">In line with the decision of the Energy Minister, Karki and Gurung have been appointed as board members for a term of four years on August 2. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The newly appointed Karki is a former secretary of the Ministry of Energy, and Gurung is a former Director General of the Department of Electricity Development.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-05', 'modified' => '2024-08-05', 'keywords' => '', 'description' => '', 'sortorder' => '21464', 'image' => '20240805055249_collage (88).jpg', 'article_date' => '2024-08-05 05:50:44', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 11 => array( 'Article' => array( 'id' => '21737', 'article_category_id' => '1', 'title' => 'Public Accounts Committee Prepares Report Recommending Investigations against Kulman Ghising', 'sub_title' => 'The Nepal Electricity Authority leadership failed to secure the Times of Day (TOD) Metre records and to collect the amount that should be deposited in the state fund, according to the committee.', 'summary' => 'Amid an ongoing tussle between the Nepal Electricity Authority (NEA) and the industrialists around outstanding payments for electricity consumed through the dedicated feeder and trunkline, a parliamentary committee has prepared a report recommending that Kulman Ghising, Managing Director of NEA, be investigated by several agencies.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">NewBiz Report</span></span><br /> KATHMANDU, August 4</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Amid an ongoing tussle between the Nepal Electricity Authority (NEA) and the industrialists around outstanding payments for electricity consumed through the dedicated feeder and trunkline, a parliamentary committee has prepared a report recommending that Kulman Ghising, Managing Director of NEA, be investigated by several agencies.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The Public Accounts Committee is preparing to ask, in writing, the Department of Revenue Investigation, Commission for the Investigation of Abuse of Authority (CIAA), and the Central Investigation Bureau (CIB) of Nepal Police to investigate Ghising.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">According to the committee, the NEA leadership failed to secure the Times of Day (TOD) Metre records and to collect the amount that should be deposited in the state fund.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Last Friday, after a meeting of the Public Accounts Committee, it was decided to formally request TOD Metre data from the NEA. Committee Chairman Rishikesh Pokharel mentioned that the committee was looking for clarity on the details of the TOD metre.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Ghising, speaking at the same meeting, had alleged industrialists to be the main cause for the dedicated feeder and trunk line dispute. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-04', 'modified' => '2024-08-05', 'keywords' => '', 'description' => '', 'sortorder' => '21463', 'image' => '20240804055610_20230713052749_parliament building.jpg', 'article_date' => '2024-08-04 17:55:01', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => true, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '21736', 'article_category_id' => '1', 'title' => 'Two NEA Board Members Sacked', 'sub_title' => '', 'summary' => 'The government has sacked two members of the board of the Nepal Electricity Authority(NEA), Bhakta Bahadur Pun and Kapil Acharya, from their positions.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">August 4: The government has sacked two members of the board of the Nepal Electricity Authority(NEA), Bhakta Bahadur Pun and Kapil Acharya, from their positions. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">They were appointed under the quotas of the CPN (Maoist Centre) and CPN (Unified Socialist), respectively, and were sacked by Minister for Energy, Water Resources, and Irrigation Dipak Khadka.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The two NEA board members were sought clarification by the Minister Khadka accusing them of not cooperating with the implementation of directives issued by the Nepal government and the Electricity Regulatory Commission regarding the dedicated and trunk line dispute on July 31. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Minister Khadka relived Pun and Acharya of their responsibilities after finding their explanations unsatisfactory. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Earlier, the board meeting of the NEA had decided to reconnect electricity to six industries that had been disconnected due to the dispute on July 23. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif"> However, Pun and Acharya had expressed dissatisfaction on the decision by writing a note of dissent. </span></span></p> ', 'published' => true, 'created' => '2024-08-04', 'modified' => '2024-08-04', 'keywords' => '', 'description' => '', 'sortorder' => '21462', 'image' => '20240804044029_collage (5).jpg', 'article_date' => '2024-08-04 16:39:10', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 13 => array( 'Article' => array( 'id' => '21735', 'article_category_id' => '1', 'title' => 'Government Fails to Include Informal Sector Workers in Social Security Fund', 'sub_title' => 'Only 451 informal sector workers and self-employed individuals have been enrolled in the scheme so far. ', 'summary' => 'The government has failed to include informal sector workers, who occupy a significant part of the economy, in the Social Security Fund (SSF). ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">BIJAY DAMASE</span></span><br /> KATHMANDU, August 4</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The government has failed to include informal sector workers, who occupy a significant part of the economy, in the Social Security Fund (SSF).</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Nearly a year after the then Prime Minister Pushpa Kamal Dahal announced to include a large number of informal sector workers and self-employed individuals in the SSF, the number of such workers in the fund has been negligible so far.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">While around 516,000 formal sector workers have joined the SSF so far, only 451 informal sector workers and self-employed individuals have been enrolled in the scheme yet.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Dahal had announced that more than 5 million workers from the informal sector would be brought under the social safety net.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">According to the SSF, only 296 workers from the informal sector and 155 other self-employed people have been registered in the SSF by August 2.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">According to a recent study by the Central Department of Economics at the Tribhuvan University (TU), with support from the Nepal Rastra Bank, the average size of Nepal’s informal economy was 40 to 42% of the country’s gross domestic product.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">In terms of monetary value, Nepal’s informal economy is worth around Rs 2,200 billion while the country’s economy is worth around Rs 5,381 billion, according to the study.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">In December last year, the Social Security Schemes Operational Directive was introduced to include informal sector workers and self-employed individuals. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">According to the approved procedure, informal sector workers are required to contribute 20.37 percent of the basic salary set by the government, which is Rs 1,912, to the fund every month. Of the total, workers have to bear 11% and the rest is covered 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:14.0pt"><span style="font-family:"Georgia","serif"">However, if the federal, state, and local governments do not make the necessary deposits, a worker has to make all contribution by himself.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Similarly, Self-employed individuals are required to contribute at least 31 percent of their minimum basic salary to the fund every month.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Though SSF provides various benefits for the contributing workers, informal sector workers have not been that keen on joining the scheme. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Trade union representatives blame the government’s incompetence for the low enrollment of such workers in the fund.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Yogendra Kumar Kunwar, President of the Nepal Trade Union Congress, said that despite having laws and policies intended to include workers from these sectors into the social security scheme, the entire sector remains neglected due to inadequate government arrangements.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“Informal sector workers should be brought into social security with the support of all three levels of government, but their participation on a large scale has become difficult because the government doesn't want to do it,” Kunwar told the New Business Age.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Officials from the SSF also agreed that integrating workers from these sectors has been more challenging than anticipated.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Difficulties in explaining pension provisions and other benefits of the scheme to the workers and lack of co-contribution have been the reasons hindering the enrollment of such workers in the SSF, according to Uttam Raj Nepal, information officer at the SSF.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“We have not been able to reach people as effectively as we should have,” said Nepal. “Problems have arisen due to the lack of contribution from the local governments, so we plan to hold discussion with local representatives. We are working on increasing public awareness by visiting the settlements.”</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Bishnu Lamsal, President of the General Federation of Nepalese Trade Unions (GEFONT), criticised the failure of state machinery to enforce the scheme effectively.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“Workers in the formal sector received various benefits, but those in the informal sector had not seen similar support,” said Lamsal. “Although the sector has been included in the scheme, the implementation part remains poor.”</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Lamsal argued many workers in the informal sector were still unaware of the scheme.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“There are workers who want to participate but do not know about its process,” Lamsal added. “The government should have launched a public awareness campaign about the scheme more broadly and collaborate with local governments to keep accurate data on such workers.”</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-04', 'modified' => '2024-08-04', 'keywords' => '', 'description' => '', 'sortorder' => '21461', 'image' => '20240804030805_SSF (1).jpg', 'article_date' => '2024-08-04 15:05:38', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '21734', 'article_category_id' => '1', 'title' => 'Imports of ATF, LPG via Birgunj Plummet Last Fiscal Year', 'sub_title' => '', 'summary' => 'PARSA, August 4: Imports of cooking gas (liquefied petroleum gas) and aviation turbine fuel (ATF) via the Birgunj customs point decreased last fiscal year compared to the previous year. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">PARSA, August 4: Imports of cooking gas (liquefied petroleum gas) and aviation turbine fuel (ATF) via the Birgunj customs point decreased last fiscal year compared to the previous year. Data shows a four percent decline in cooking gas imports, while jet fuel imports saw a significant 71 percent drop.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to Raghulal Karna, the information officer at Birgunj Customs Office, a total of 290,287 metric tons of cooking gas, valued at Rs 33.13 billion, was imported during the fiscal year 2022-23. The figure is a drop of 11,238 metric tons compared to 267,048 metric tons imported in the previous fiscal year</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Similarly, the data indicates that 597,144 kiloliters (KL) of jet fuel, worth Rs 17.31 billion, were imported during the fiscal year 2021-22 via the Birgunj check point, compared to just 173,484 KL last fiscal year. However, despite the reduction in quantity, the value of jet fuel imported last fiscal year increased by Rs 18.21 billion due to an increase in ATF prices.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Despite the reduction in cooking gas and ATF imports, the import of diesel and petrol increased. Diesel imports rose by four percent, while petrol imports saw a two percent increase compared to the previous year.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">For the fiscal year 2022-23, diesel imports amounted to 1,040,506 KL worth Rs 113.58 billion, and petrol imports totaled 389,711 KL worth Rs 38.24 billion. In the previous fiscal year, 1,083,520 KL of diesel imports were valued at Rs 109.29 billion, and 394,723 KL of petrol imports at Rs 39.02 billion.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">It is noted that 70 percent of Nepal's fuel requirements are met through supplies via Birgunj. -- RSS</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-04', 'modified' => '2024-08-04', 'keywords' => 'Birgunj, ATF, LPG, import, petrol, diesel', 'description' => '', 'sortorder' => '21459', 'image' => '20240804024855_20201012023113_1602458957.Clipboard15.jpg', 'article_date' => '2024-08-04 14:47:49', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ) ) $current_user = null $logged_in = false $xml = falseinclude - APP/View/Elements/side_bar.ctp, line 133 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
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style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">NewBiz Report<br /> KATHMANDU, August 5</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The government and the World Bank on Monday signed a financing agreement for a $100 million concessional loan to be provided by the International Development Association (IDA) for the improvement of provincial and local roads, the global lender said in a press statement.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">IDA is a part of the World Bank that provides grants and low-interest loans to low income countries.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Finance Secretary Ram Prasad Ghimire, on behalf of the Government of Nepal, and David Sislen, World Bank Country Director for Nepal, Maldives and Sri Lanka, inked the agreement.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The loan is aimed at improving the connectivity, efficiency, resilience, and safety of Nepal’s provincial and local road network and strengthen the government’s capacity to manage the road network.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The first of the three-phase programme will target three of Nepal’s seven provinces and four local areas which will be scaled up in future phases.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“The Provincial and Local Roads Improvement Program (PLRIP)-Phase 1 will build and maintain about 3,000 kilometers of all-weather, resilient, and safe provincial and local roads and bridges, benefiting about one million people in Sudurpaschim, Karnali, and Madhesh provinces,” reads the statement. “It will also strengthen the institutional, management and technical capacity of provincial and local governments to plan, design, construct, and maintain road and bridge infrastructure and improve service delivery.”</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">A separate project agreement was also signed by the Ministry of Urban Development, the participating provinces, and the World Bank, the statement said.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Sislen said that the programme supports Nepal’s federalism agenda by empowering provincial and local governments and promoting inter-governmental coordination in the transport connectivity sector to help improve the lives of Nepalis through better infrastructure and services.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-06', 'modified' => '2024-08-06', 'keywords' => '', 'description' => '', 'sortorder' => '21477', 'image' => '20240806110230_20240215010906_World.jpg', 'article_date' => '2024-08-06 11:01:36', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '21750', 'article_category_id' => '1', 'title' => '649 New Business Industries Registered in Kaski', 'sub_title' => '', 'summary' => 'The Tourism and Industry Office Kaski recorded the registration of 649 new business firms in the last fiscal year of 2080/2081. These included 13 cottage industries and 636 small industries.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">August 6: The Tourism and Industry Office Kaski recorded the registration of 649 new business firms in the last fiscal year of 2080/2081. These included 13 cottage industries and 636 small industries.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Maharaj Dhakal, Chief Industry Officer of the Cottage and Small Industries Office in Kaski, stated that these new registrations brought in a total investment of Rs 1.91 billion. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The newly registered industries span various sectors: 241 in the service sector, 83 in production, 162 in agriculture and forestry, and three in information technology. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">However, no new industries were registered in the energy and mining sector. </span></span><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The new industries have also contributed to job creation, providing employment to 2,057 people. (RSS) </span></span></p> ', 'published' => true, 'created' => '2024-08-06', 'modified' => '2024-08-06', 'keywords' => '', 'description' => '', 'sortorder' => '21476', 'image' => '20240806060627_collage (90).jpg', 'article_date' => '2024-08-06 06:05:08', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 2 => array( 'Article' => array( 'id' => '21749', 'article_category_id' => '1', 'title' => 'Bangladesh's Iron Lady Sheikh Hasina Falls after 15 Years in Power', 'sub_title' => '', 'summary' => 'DHAKA, Aug 5: Sheikh Hasina once helped rescue Bangladesh from military rule but her long rule came to a sudden end on Monday as protesters stormed her palace in Dhaka.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">DHAKA, Aug 5: Sheikh Hasina once helped rescue Bangladesh from military rule but her long rule came to a sudden end on Monday as protesters stormed her palace in Dhaka.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Her 15 consecutive years in power were marked by an economic rebirth but also by the mass arrest of political opponents and human rights sanctions against her security forces.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Protests began in July with rallies led by university students against civil service job quotas but soon escalated into deadly unrest and demands that she step down.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Attacks on demonstrators by police and pro-government student groups last month also sparked international condemnation.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The autocratic Hasina, 76, won a fifth term as prime minister in January but the opposition boycotted a vote it said was neither free nor fair.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Critics accused her government of a litany of rights abuses, including the murder of opposition activists.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The daughter of a revolutionary who led Bangladesh to independence, Hasina presided over breakneck economic growth in a country once written off by US statesman Henry Kissinger as an irredeemable "basket case".</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">She promised last year to turn all of Bangladesh into a "prosperous and developed country" but around 18 million young Bangladeshis are out of work, according to government figures.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><strong>Economic rise </strong></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Hasina was 27 and travelling abroad when renegade military officers murdered her father, prime minister Sheikh Mujibur Rahman, and her mother and three brothers in a 1975 coup.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">She returned six years later to take the reins of her father's Awami League party, beginning a decade-long struggle that included lengthy stretches of house arrest.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Hasina joined forces with Khaleda Zia's Bangladesh Nationalist Party (BNP) to help oust military dictator Hussain Muhammad Ershad in 1990.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">But they soon fell out and their ensuing rivalry dominated modern Bangladeshi politics.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Hasina first served as prime minister in 1996 but lost to Zia five years later.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The pair were imprisoned on corruption charges in 2007 after a coup by a military-backed government.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The charges were dropped and they contested an election the following year that Hasina won in a landslide. She had been in power ever since.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Zia, 78, is in poor health and confined to hospital after she was sentenced to 17 years in prison for graft in 2018, with top BNP leaders also behind bars.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Supporters have praised Hasina for leading Bangladesh through an economic boom, largely on the back of the mostly female factory workforce powering its garment export industry.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Bangladesh, one of the world's poorest countries when it gained independence from Pakistan in 1971, has grown an average of more than six percent each year since 2009.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Poverty has plummeted and more than 95 percent of its 170 million people now have access to electricity, with per capita income overtaking India in 2021.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Hasina was also hailed for a decisive crackdown on Islamist militants in the Muslim-majority nation after five Bangladeshi extremists stormed a Dhaka cafe popular with Western expatriates and killed 22 people in 2016.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><strong>Silencing dissent </strong></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">However, her government's intolerance of dissent gave rise to resentment at home and concern from Washington and elsewhere.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Five top Islamist leaders and a senior opposition figure were executed over the past decade after convictions for crimes against humanity committed during the brutal 1971 liberation war.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The trials triggered mass protests and deadly clashes.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Her opponents branded them a farce and a politically motivated exercise to silence dissent.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The United States imposed sanctions in 2021 on an elite branch of Bangladesh's security forces and seven of its top officers over charges of widespread human rights abuses.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Hasina insisted in the face of the mounting protests that she had worked for her nation and toured areas of Dhaka damaged during days of deadly unrest last month.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"Over 15 years, I've built this country," she told reporters. "What didn't I do for the people?" – AFP/RSS</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-05', 'modified' => '2024-08-05', 'keywords' => '', 'description' => '', 'sortorder' => '21475', 'image' => '20240805060349_130510-01-02.jpg', 'article_date' => '2024-08-05 18:03:24', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '21748', 'article_category_id' => '1', 'title' => 'Containers Stuck in Transit Points following Political Unrest in Bangladesh', 'sub_title' => 'PM Hasina has resigned and fled the country as protests over the quota system for government jobs escalate, international media report', 'summary' => 'Eleven Nepali containers loaded with molasses for exports to Bangladesh have been stuck along the eastern transit point in Kakarvitta of Jhapa district, following a political unrest in Bangladesh.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">BHADRAPUR, August 5</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Eleven Nepali containers loaded with molasses for exports to Bangladesh have been stuck along the eastern transit point in Kakarvitta of Jhapa district, following a political unrest in Bangladesh.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Protests that began in Bangladesh last month over a 'controversial' quota system for governmental jobs have escalated into nationwide unrest, causing the Prime Minister Sheikh Hasina to resign and flee the country, reported international media.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">According to Al Jazeera, the Qatar-based media network, the longtime leader of Bangladesh boarded a military helicopter after crowds ignored a national curfew to storm the prime minister’s palace in Dhaka.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The direct impact was seen on Nepal-Bangladesh trade Monday. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The trade, which had come to a total halt in mid-July, had resumed a few days ago. But, the border has been closed again for the next three days.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">According to the Kakarvitta Branch Office of the Nepal Transit and Warehousing Management Company Limited, some containers have remained stuck in the Phulbari-Banglabandha transitional transit point of Nepal, India, and Bhutan. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Similarly, containers en route to Nepal from Bangladesh have remained stranded at the transit point.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Subash Pandey, chief at the office, said the supplies were disrupted with the unrest becoming intense. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">"We have no idea how long it will take to return to normalcy,” said Pandey.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Nepal exported goods worth over Rs 13.5 million to Bangladesh while the value of imports exceeded Rs 206.5 million in the first 11 days of the current fiscal year, 2024/25, which began on July 16, the office data show.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">According to the Mechi Customs Office, Kakarvitta, Nepal exports pulse, herbal products, molasses, foodstuff, animal feed, Khayar (Black Catechu), and coloring agents to Bangladesh, while importing jute, soybean husk, allopathic medicines, lead-acid batteries, garments, fruit juice, glass sheets, biscuits, and chocolates from the country. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Most of the Nepali students pursuing higher educational degrees at several universities in Bangladesh have returned home last month following the unrest. (With inputs from RSS)</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-05', 'modified' => '2024-08-05', 'keywords' => '', 'description' => '', 'sortorder' => '21474', 'image' => '20240805060150_AP24218390076912.jpg', 'article_date' => '2024-08-05 18:00:36', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '21746', 'article_category_id' => '1', 'title' => 'NEPSE Closes Near 2800; Turnover Reaches Rs 21.86 Billion', 'sub_title' => '', 'summary' => 'The Nepal Stock Exchange (NEPSE) Index saw a significant gain of 40.76 points, or 1.47%, closing at 2796.38 on the first trading day of the week on Monday.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">August 5: The Nepal Stock Exchange (NEPSE) Index saw a significant gain of 40.76 points, or 1.47%, closing at 2796.38 on the first trading day of the week on Monday.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">During the trading session, a total of 326 scrips were traded through 238,078 transactions. The exchange witnessed 49,773,730 units of shares being traded, resulting in a total turnover of Rs 21.86 billion.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The Himalayan Re-insurance Company (HRL) led the market in terms of turnover, with a total transaction value of Rs 1.26 billion.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif""> Eight companies, including Ru Ru Jalbidhyut Pariyojana Limited (RURU), CEDB Hydropower Development Company (CHDC), and Sagarmatha Jalbidhyut Company Limited (SMJC), each saw gains of 10%, hitting the upper circuit limit for the day.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Conversely, Nepal Finance Limited (NFS) experienced the largest loss, dropping 10% and hitting the lower circuit.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The market's broader indicators showed mixed results. The Sensitive Index incurred a loss of 0.19%, while the Float Index and Sensitive Float Index fell by 0.93% and 1%, respectively.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Sector-wise, seven sectors, including Hotels and Tourism and the Investment Index, closed in positive territory. </span></span><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">On the other hand, six sectors, such as the Finance Index and Microfinance Index, ended the day in the red. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The Finance Index recorded the largest decline, falling by 4.61%, whereas the Hotels and Tourism sector saw the most significant gain, increasing by 6.69%.</span></span></p> ', 'published' => true, 'created' => '2024-08-05', 'modified' => '2024-08-05', 'keywords' => '', 'description' => '', 'sortorder' => '21472', 'image' => '20240805034720_collage (89).jpg', 'article_date' => '2024-08-05 15:45:53', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 5 => array( 'Article' => array( 'id' => '21745', 'article_category_id' => '1', 'title' => 'National Level Development Banks Report 9.39% Surge in Net Profit ', 'sub_title' => 'The eight banks collectively earned approximately Rs 5.55 billion in net profit during the period, up from Rs 5.07 billion in FY 2022/23.', 'summary' => 'National level development banks in Nepal have reported a 9.39% increase in their net profit for the fiscal year 2023/24.', 'content' => '<p><span style="font-size:18px">NewBiz Report</span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><strong><span style="font-family:"Georgia","serif"">KATHMANDU, August 5</span></strong></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Georgia","serif"">National level development banks in Nepal have reported a 9.39% increase in their net profit for the fiscal year 2023/24.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Georgia","serif"">The eight banks collectively earned around Rs 5.55 billion in net profit in the review period, compared to Rs 5.07 billion in the previous fiscal year, 2022/23.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Georgia","serif"">Among the eight development banks, five—Shangri-la Development Bank, Kamana Sewa Development Bank, Mahalaxmi Development Bank, Lumbini Development Bank, and Muktinath Development Bank—saw an increase in net profit, while three such banks including Shine Resunga Development Bank, Garima Development Bank, and Jyoti Development Bank reported a decline inprofits, according to the unaudited financial reports released on Monday.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Georgia","serif"">Muktinath Development Bank recorded the highest net profit of approximately Rs 1.27 billion, while Jyoti Development Bank reported the lowest at around Rs 246.5 million.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Georgia","serif"">The Shangri-la Development Bank and Jyoti Development Bank reported the highest increase and decrease in net profit, respectively.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Georgia","serif"">The table below shows the net profit of the national level development banks for fiscal years 2023/24 and 2022/23.</span></span></span></p> <p> </p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><strong><span style="font-family:"Georgia","serif"">Net profit of the national level development banks</span></strong></span></span></p> <p> </p> <table cellspacing="0" style="border-collapse:collapse"> <tbody> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:1px solid black; height:77px; vertical-align:top"> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><strong><span style="font-family:"Georgia","serif"">Banks</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:1px solid black; height:77px; vertical-align:top"> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><strong><span style="font-family:"Georgia","serif"">Net profit in FY 2023/24 </span></strong></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><strong><span style="font-family:"Georgia","serif"">(in Rs million)</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:1px solid black; height:77px; vertical-align:top"> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><strong><span style="font-family:"Georgia","serif"">Net profit in FY 2022/23 </span></strong></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><strong><span style="font-family:"Georgia","serif"">(in Rs million)</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:1px solid black; height:77px; vertical-align:top"> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><strong><span style="font-family:"Georgia","serif"">Changes (%)</span></strong></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Georgia","serif"">Shangri-la</span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Georgia","serif"">520.47</span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Georgia","serif"">270.41</span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Georgia","serif"">92.47</span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Georgia","serif"">Kamana Sewa</span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Georgia","serif"">603.21</span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Georgia","serif"">361.36</span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Georgia","serif"">66.93</span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Georgia","serif"">Mahalaxmi</span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Georgia","serif"">470.14</span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Georgia","serif"">377.55</span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Georgia","serif"">24.52</span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Georgia","serif"">Lumbini </span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Georgia","serif"">603.78</span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Georgia","serif"">497.67</span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Georgia","serif"">21.32</span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Georgia","serif"">Muktinath </span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Georgia","serif"">1,279.13</span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Georgia","serif"">1,248.22</span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Georgia","serif"">2.48</span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Georgia","serif"">Shine Resunga</span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Georgia","serif"">697.44</span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Georgia","serif"">758.02</span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Georgia","serif"">-7.99</span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Georgia","serif"">Garima</span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Georgia","serif"">1,136.18</span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Georgia","serif"">1,264.67</span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Georgia","serif"">-10.16</span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Georgia","serif"">Jyoti </span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Georgia","serif"">246.5</span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Georgia","serif"">301.81</span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Georgia","serif"">-18.33</span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><strong><span style="font-family:"Georgia","serif"">Total</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><strong><span style="font-family:"Georgia","serif"">5,556.87</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><strong><span style="font-family:"Georgia","serif"">5,079.75</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><strong><span style="font-family:"Georgia","serif"">9.39</span></strong></span></span></p> </td> </tr> </tbody> </table> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Georgia","serif""> Sources: Respective development banks</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-05', 'modified' => '2024-08-05', 'keywords' => '', 'description' => '', 'sortorder' => '21471', 'image' => '20240805025756_20240527022740_20210429043853_profit-02.jpg', 'article_date' => '2024-08-05 14:57:08', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '21744', 'article_category_id' => '1', 'title' => 'Government Preparing to Raise Internal Debt of Rs 100 Billion in First Quarter', 'sub_title' => '', 'summary' => 'The government is poised to raise a significant amount of internal debt in the first quarter of the current fiscal year. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:11.0pt"><span style="font-family:"Arial","sans-serif"">BIJAYA DAMASE<br /> KATHMANDU, August 5</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:11.0pt"><span style="font-family:"Arial","sans-serif"">The government is poised to raise a significant amount of internal debt in the first quarter of the current fiscal year. According to the Public Debt Management Office (PDMO), the government plans to achieve this by adhering to a debt collection target announced in the budget.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:11.0pt"><span style="font-family:"Arial","sans-serif"">While details about the timing and amount of external loans remain unclear, PDMO has already established a schedule for internal borrowings. The government’s budget for the year outlines a plan to raise Rs 330 billion in domestic debt. Accordingly, PDMO aims to collect Rs 115 billion in the first quarter, which represents 40 percent of the total debt.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:11.0pt"><span style="font-family:"Arial","sans-serif"">In the first quarter of the previous fiscal year, the government raised approximately Rs 80 billion in internal debt. Within two weeks of the start of the current fiscal year (FY 2024/25), PDMO has already published notices for issuing treasury bills totaling Rs 31.61 billion. On July 29, a notice was published for issuing treasury bills of Rs 21.10 billion. Prior to that, on July 22, the office issued treasury bills of Rs 10.49 billion.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:11.0pt"><span style="font-family:"Arial","sans-serif"">Government officials explain that raising a substantial amount of debt early in the fiscal year is necessary due to the pressure for payment of interests of public debt. The reserves to meet these obligations are currently insufficient, and delaying internal borrowing could result in higher interest rates.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:11.0pt"><span style="font-family:"Arial","sans-serif"">Dilaram Giri, information officer at PDMO, told New Business Age, “Due to the obligation to repay a large amount of debt, the loan has to be taken early. Interest rates may become more expensive later, increasing the cost of borrowing.” Currently, ample liquidity in banks and financial institutions has resulted in lower interest rates. These institutions primarily purchase government-issued treasury bills and development bonds.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:11.0pt"><span style="font-family:"Arial","sans-serif"">Of late, public debt in Nepal has been rising rapidly. Government figures show significant increases in expenses. PDMO data indicates that the country will need to pay over Rs 1714 billion in the next nine years, with more than Rs 559 billion due in the current year alone. In FY 2023/24, public debt increased by Rs 115 billion, rising from Rs 2299 billion in July of the previous year to Rs 2434 billion by mid-July 2024. This public debt now represents 42.65 percent of the GDP, reflecting a Rs 135 billion increase over the past year.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:11.0pt"><span style="font-family:"Arial","sans-serif"">PDMO records show that internal debt owed by the government has reached Rs 1180 billion, while external debt stands at Rs 1253 billion. The government paid Rs 353.7 billion in public debt interest last year.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:11.0pt"><span style="font-family:"Arial","sans-serif"">Experts caution that accumulating a large amount of debt early in the fiscal year could have adverse effects. Gopinath Mainali, former secretary of the Government of Nepal, argues that while raising and mobilizing internal debt can be beneficial, excessive accumulation could be detrimental. He noted, “If the raised debt is capitalized and injected into the market, it may not pose a problem. However, if liquidity is withdrawn from the market by reducing capital expenditure and relying heavily on internal loans, it could strain the liquidity of banks and financial institutions, making it difficult for the private sector to obtain loans.”</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-05', 'modified' => '2024-08-05', 'keywords' => '', 'description' => '', 'sortorder' => '21470', 'image' => '20240805025623_20240606095240_20240605101057_20230910023832_20220712082812_20210901020646_Richest-Nepalese-–-List-of-Top-Richest-People-scaled.jpg', 'article_date' => '2024-08-05 14:55:43', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '21742', 'article_category_id' => '1', 'title' => 'Price of Gold Reaches All Time High in Nepali Market', 'sub_title' => '', 'summary' => 'The price of gold has reached an all-time high in the domestic market of Nepal on Monday.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">NewBiz Report</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">KATHMANDU, August 5</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The price of gold has reached an all-time high in the domestic market of Nepal on Monday.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The Federation of Nepal Gold and Silver Dealers' Association reported that fine gold, which was priced at Rs 149,700 per tola (11.66 grams) on Sunday, surged to Rs 150,900 per tola.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">In addition, the price of worked gold rose from Rs 149,200 per tola on Sunday to Rs 149,500 per tola.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">In contrast, silver price remained unchanged at Rs 1,785 per tola on Monday.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The price of gold has been rising steadily of late. The federation fixes the price of gold and silver based on the price in the international market.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The ongoing geopolitical tension due to Israel's offensive in Gaza as well as Lebanon and the Russia-Ukraine war have led to investors to invest in gold considering it as a safe haven in times of turmoil.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-05', 'modified' => '2024-08-05', 'keywords' => '', 'description' => '', 'sortorder' => '21468', 'image' => '20240805015630_20240801032633_cd5483b7.jpeg', 'article_date' => '2024-08-05 13:54:37', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '21741', 'article_category_id' => '1', 'title' => 'Global Oil Prices Decline amid US Recession Concerns and Mideast Tensions', 'sub_title' => '', 'summary' => 'SINGAPORE, August 5: Oil prices fell further in global markets on Monday, driven by fears of an impending recession in the United States, a key consumer of oil, Reuters reported.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">SINGAPORE, August 5: Oil prices fell further in global markets on Monday, driven by fears of an impending recession in the United States, a key consumer of oil, Reuters reported.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the news agency, these concerns outweighed worries about potential supply disruptions due to increasing tensions in the Middle East, the world’s most significant oil-producing region.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Asian stock markets also saw declines as investors moved away from riskier assets, anticipating that a series of interest rate cuts might be needed to support economic growth.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">By 0605 GMT, Brent crude oil had dropped by $1.04, or 1.4%, to $75.77 per barrel, while U.S. West Texas Intermediate (WTI) crude fell by $1.09, or 1.5%, to $72.43 per barrel. This decline followed a more than 3% drop in both Brent and WTI prices on Friday, marking the fourth consecutive week of losses—the longest such streak since November.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Analysts from ING, led by Warren Patterson, noted that weak U.S. job data from July has heightened concerns about reduced oil demand from China, the leading contributor to global oil demand growth. Additionally, China’s declining diesel consumption is adding to the downward pressure on oil prices, Reuters added.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the news agency, further pressure on oil prices came after OPEC+ confirmed its plan to gradually phase out voluntary production cuts starting in October, which is expected to lead to an increase in oil supply later in the year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Despite the pressure on prices, some support came from geopolitical risks in the Middle East. Ongoing conflicts in Gaza, following unsuccessful talks in Cairo, have led to heightened tensions. Israel and the United States are preparing for possible further escalation in the region after Iran and its allies, Hamas and Hezbollah, vowed to retaliate for recent actions.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Tony Sycamore, a market analyst at IG in Sydney, commented on the situation, suggesting that while the likelihood of a wider regional conflict remains low, it cannot be entirely dismissed due to the significant risks involved.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-05', 'modified' => '2024-08-05', 'keywords' => '', 'description' => '', 'sortorder' => '21467', 'image' => '20240805011108_global_oil_market.jpg', 'article_date' => '2024-08-05 13:10:24', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '21740', 'article_category_id' => '1', 'title' => 'Flight Disruption at Talcha Airport for Three Days', 'sub_title' => '', 'summary' => 'MUGU, August 5: Flights to and from the Talcha Airport in Mugu district have been disrupted for three days due to adverse weather conditions.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">MUGU, August 5: Flights to and from the Talcha Airport in Mugu district have been disrupted for three days due to adverse weather conditions.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to the Rara-based Civil Aviation Office, flights have been unable to operate due to unpredictable weather. Last Friday, Summit Air's flight from Nepalgunj was forced to turn back after reaching Narakot in Jumla district, just 10 minutes away from Talcha Airport, due to worsening weather conditions.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The weather remained unfavorable on Saturday as well. Although there were some improvements on Sunday, Summit Air canceled its flight to the Talcha Airport, according to Basanta Malla, Summit Air's station manager in Nepalgunj.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">As a result, passengers traveling between Nepalgunj and Mugu have faced significant difficulties. Many have reported running low on funds while waiting in hotels for their flights. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Namrata Malla, a teacher, expressed frustration over the flight disruption, noting that those on annual leave have been particularly affected. "The condition of roads is poor, and air travel is uncertain. We haven't been able to return to our duty stations," she lamented.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Currently, three airlines operate flights to Talcha Airport which is also informally called Rara Airport due to its proximity to the renowned Rara Lake. Tara Air has suspended flights for maintenance, while Sita Air has halted operations due to administrative reasons. Amidst this, Summit Air had been the only airline conducting regular flights to and from the Talcha Airport.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Sita Air's Mugu station manager, Dhirendra Bham, assured that Sita Air would resume regular flights from Monday, provided the weather improves. -- RSS</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-05', 'modified' => '2024-08-05', 'keywords' => '', 'description' => '', 'sortorder' => '21466', 'image' => '20240805120422_rara-airports-1024x576.jpg', 'article_date' => '2024-08-05 12:02:56', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '21738', 'article_category_id' => '1', 'title' => 'Karki, Gurung Appointed to NEA Board Members ', 'sub_title' => '', 'summary' => 'Devendra Karki and Mahendra Bahadur Gurung have been appointed to the board of directors of the Nepal Electricity Authority.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">August 5: Devendra Karki and Mahendra Bahadur Gurung have been appointed to the board of directors of the Nepal Electricity Authority.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Karki, from Tamakoshi Rural Municipality-2 in Dolakha, and Gurung, from Rumjatar Rural Municipality-7 in Okhaldhunga, were appointed as members of the board of directors by a ministerial-level decision of the Ministry of Energy, Water Resources, and Irrigation.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Earlier, the government had sacked Bhakta Bahadur Pun and Kapil Acharya from the board of the authority. </span></span><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">According to the ministry, Karki and Gurung were appointed as board members in accordance with Nepal Electricity Authority Act, 2041. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Karki was appointed as an expert in the electricity sector from the non-governmental sector, while Gurung was selected from among the electricity consumers.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">In line with the decision of the Energy Minister, Karki and Gurung have been appointed as board members for a term of four years on August 2. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The newly appointed Karki is a former secretary of the Ministry of Energy, and Gurung is a former Director General of the Department of Electricity Development.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-05', 'modified' => '2024-08-05', 'keywords' => '', 'description' => '', 'sortorder' => '21464', 'image' => '20240805055249_collage (88).jpg', 'article_date' => '2024-08-05 05:50:44', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 11 => array( 'Article' => array( 'id' => '21737', 'article_category_id' => '1', 'title' => 'Public Accounts Committee Prepares Report Recommending Investigations against Kulman Ghising', 'sub_title' => 'The Nepal Electricity Authority leadership failed to secure the Times of Day (TOD) Metre records and to collect the amount that should be deposited in the state fund, according to the committee.', 'summary' => 'Amid an ongoing tussle between the Nepal Electricity Authority (NEA) and the industrialists around outstanding payments for electricity consumed through the dedicated feeder and trunkline, a parliamentary committee has prepared a report recommending that Kulman Ghising, Managing Director of NEA, be investigated by several agencies.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">NewBiz Report</span></span><br /> KATHMANDU, August 4</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Amid an ongoing tussle between the Nepal Electricity Authority (NEA) and the industrialists around outstanding payments for electricity consumed through the dedicated feeder and trunkline, a parliamentary committee has prepared a report recommending that Kulman Ghising, Managing Director of NEA, be investigated by several agencies.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The Public Accounts Committee is preparing to ask, in writing, the Department of Revenue Investigation, Commission for the Investigation of Abuse of Authority (CIAA), and the Central Investigation Bureau (CIB) of Nepal Police to investigate Ghising.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">According to the committee, the NEA leadership failed to secure the Times of Day (TOD) Metre records and to collect the amount that should be deposited in the state fund.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Last Friday, after a meeting of the Public Accounts Committee, it was decided to formally request TOD Metre data from the NEA. Committee Chairman Rishikesh Pokharel mentioned that the committee was looking for clarity on the details of the TOD metre.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Ghising, speaking at the same meeting, had alleged industrialists to be the main cause for the dedicated feeder and trunk line dispute. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-04', 'modified' => '2024-08-05', 'keywords' => '', 'description' => '', 'sortorder' => '21463', 'image' => '20240804055610_20230713052749_parliament building.jpg', 'article_date' => '2024-08-04 17:55:01', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => true, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '21736', 'article_category_id' => '1', 'title' => 'Two NEA Board Members Sacked', 'sub_title' => '', 'summary' => 'The government has sacked two members of the board of the Nepal Electricity Authority(NEA), Bhakta Bahadur Pun and Kapil Acharya, from their positions.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">August 4: The government has sacked two members of the board of the Nepal Electricity Authority(NEA), Bhakta Bahadur Pun and Kapil Acharya, from their positions. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">They were appointed under the quotas of the CPN (Maoist Centre) and CPN (Unified Socialist), respectively, and were sacked by Minister for Energy, Water Resources, and Irrigation Dipak Khadka.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The two NEA board members were sought clarification by the Minister Khadka accusing them of not cooperating with the implementation of directives issued by the Nepal government and the Electricity Regulatory Commission regarding the dedicated and trunk line dispute on July 31. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Minister Khadka relived Pun and Acharya of their responsibilities after finding their explanations unsatisfactory. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Earlier, the board meeting of the NEA had decided to reconnect electricity to six industries that had been disconnected due to the dispute on July 23. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif"> However, Pun and Acharya had expressed dissatisfaction on the decision by writing a note of dissent. </span></span></p> ', 'published' => true, 'created' => '2024-08-04', 'modified' => '2024-08-04', 'keywords' => '', 'description' => '', 'sortorder' => '21462', 'image' => '20240804044029_collage (5).jpg', 'article_date' => '2024-08-04 16:39:10', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 13 => array( 'Article' => array( 'id' => '21735', 'article_category_id' => '1', 'title' => 'Government Fails to Include Informal Sector Workers in Social Security Fund', 'sub_title' => 'Only 451 informal sector workers and self-employed individuals have been enrolled in the scheme so far. ', 'summary' => 'The government has failed to include informal sector workers, who occupy a significant part of the economy, in the Social Security Fund (SSF). ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">BIJAY DAMASE</span></span><br /> KATHMANDU, August 4</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The government has failed to include informal sector workers, who occupy a significant part of the economy, in the Social Security Fund (SSF).</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Nearly a year after the then Prime Minister Pushpa Kamal Dahal announced to include a large number of informal sector workers and self-employed individuals in the SSF, the number of such workers in the fund has been negligible so far.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">While around 516,000 formal sector workers have joined the SSF so far, only 451 informal sector workers and self-employed individuals have been enrolled in the scheme yet.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Dahal had announced that more than 5 million workers from the informal sector would be brought under the social safety net.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">According to the SSF, only 296 workers from the informal sector and 155 other self-employed people have been registered in the SSF by August 2.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">According to a recent study by the Central Department of Economics at the Tribhuvan University (TU), with support from the Nepal Rastra Bank, the average size of Nepal’s informal economy was 40 to 42% of the country’s gross domestic product.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">In terms of monetary value, Nepal’s informal economy is worth around Rs 2,200 billion while the country’s economy is worth around Rs 5,381 billion, according to the study.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">In December last year, the Social Security Schemes Operational Directive was introduced to include informal sector workers and self-employed individuals. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">According to the approved procedure, informal sector workers are required to contribute 20.37 percent of the basic salary set by the government, which is Rs 1,912, to the fund every month. Of the total, workers have to bear 11% and the rest is covered 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:14.0pt"><span style="font-family:"Georgia","serif"">However, if the federal, state, and local governments do not make the necessary deposits, a worker has to make all contribution by himself.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Similarly, Self-employed individuals are required to contribute at least 31 percent of their minimum basic salary to the fund every month.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Though SSF provides various benefits for the contributing workers, informal sector workers have not been that keen on joining the scheme. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Trade union representatives blame the government’s incompetence for the low enrollment of such workers in the fund.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Yogendra Kumar Kunwar, President of the Nepal Trade Union Congress, said that despite having laws and policies intended to include workers from these sectors into the social security scheme, the entire sector remains neglected due to inadequate government arrangements.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“Informal sector workers should be brought into social security with the support of all three levels of government, but their participation on a large scale has become difficult because the government doesn't want to do it,” Kunwar told the New Business Age.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Officials from the SSF also agreed that integrating workers from these sectors has been more challenging than anticipated.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Difficulties in explaining pension provisions and other benefits of the scheme to the workers and lack of co-contribution have been the reasons hindering the enrollment of such workers in the SSF, according to Uttam Raj Nepal, information officer at the SSF.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“We have not been able to reach people as effectively as we should have,” said Nepal. “Problems have arisen due to the lack of contribution from the local governments, so we plan to hold discussion with local representatives. We are working on increasing public awareness by visiting the settlements.”</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Bishnu Lamsal, President of the General Federation of Nepalese Trade Unions (GEFONT), criticised the failure of state machinery to enforce the scheme effectively.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“Workers in the formal sector received various benefits, but those in the informal sector had not seen similar support,” said Lamsal. “Although the sector has been included in the scheme, the implementation part remains poor.”</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Lamsal argued many workers in the informal sector were still unaware of the scheme.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“There are workers who want to participate but do not know about its process,” Lamsal added. “The government should have launched a public awareness campaign about the scheme more broadly and collaborate with local governments to keep accurate data on such workers.”</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-04', 'modified' => '2024-08-04', 'keywords' => '', 'description' => '', 'sortorder' => '21461', 'image' => '20240804030805_SSF (1).jpg', 'article_date' => '2024-08-04 15:05:38', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '21734', 'article_category_id' => '1', 'title' => 'Imports of ATF, LPG via Birgunj Plummet Last Fiscal Year', 'sub_title' => '', 'summary' => 'PARSA, August 4: Imports of cooking gas (liquefied petroleum gas) and aviation turbine fuel (ATF) via the Birgunj customs point decreased last fiscal year compared to the previous year. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">PARSA, August 4: Imports of cooking gas (liquefied petroleum gas) and aviation turbine fuel (ATF) via the Birgunj customs point decreased last fiscal year compared to the previous year. Data shows a four percent decline in cooking gas imports, while jet fuel imports saw a significant 71 percent drop.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to Raghulal Karna, the information officer at Birgunj Customs Office, a total of 290,287 metric tons of cooking gas, valued at Rs 33.13 billion, was imported during the fiscal year 2022-23. The figure is a drop of 11,238 metric tons compared to 267,048 metric tons imported in the previous fiscal year</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Similarly, the data indicates that 597,144 kiloliters (KL) of jet fuel, worth Rs 17.31 billion, were imported during the fiscal year 2021-22 via the Birgunj check point, compared to just 173,484 KL last fiscal year. However, despite the reduction in quantity, the value of jet fuel imported last fiscal year increased by Rs 18.21 billion due to an increase in ATF prices.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Despite the reduction in cooking gas and ATF imports, the import of diesel and petrol increased. Diesel imports rose by four percent, while petrol imports saw a two percent increase compared to the previous year.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">For the fiscal year 2022-23, diesel imports amounted to 1,040,506 KL worth Rs 113.58 billion, and petrol imports totaled 389,711 KL worth Rs 38.24 billion. In the previous fiscal year, 1,083,520 KL of diesel imports were valued at Rs 109.29 billion, and 394,723 KL of petrol imports at Rs 39.02 billion.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">It is noted that 70 percent of Nepal's fuel requirements are met through supplies via Birgunj. -- RSS</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-04', 'modified' => '2024-08-04', 'keywords' => 'Birgunj, ATF, LPG, import, petrol, diesel', 'description' => '', 'sortorder' => '21459', 'image' => '20240804024855_20201012023113_1602458957.Clipboard15.jpg', 'article_date' => '2024-08-04 14:47:49', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ) ) $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
