NEWS

Government Faces Uphill Battle to Meet the Revised Target of Revenue Collection

Feb 23, 2020 0 2 minutes 35 seconds to read

February 23: The government has revised its target of revenue collection during the mid-term review of current fiscal year’s budget.…

NAC to Halt its Flights to Osaka

Feb 23, 2020 0 2 minutes 16 seconds to read

February 23: Nepal Airlines Corporation (NAC) is preparing to halt its flights to Osaka starting from February…

Number of Tourists Increases by 8 percent so far this Year

Nov 12, 2019 0 2 minutes 8 seconds to read

…

Court Grants Permission to Arrest Padma Jyoti

Nov 12, 2019 0 2 minutes 7 seconds to read

November 12: Following the arrest of industrialist Roop Jyoti in a fraud case, Kathmandu District Court has also ordered the arrest of Padma Jyoti, chairman of Jyoti Group, in connection to the same…

Nepal’s Dependence on Imported Fruits and Vegetables Growing

Nov 11, 2019 0 2 minutes 28 seconds to read

November 11: Nepal’s dependence on imported fruits and vegetables has been increasing in the recent…

Government Increases Customs Duty on Import of Gold

Nov 11, 2019 0 1 minutes 55 seconds to read

November 11: The government has increased customs duty on gold to discourage “smuggling” of the precious yellow metal.…

‘Industries forced to pay Premium Charge for Electricity Despite End to Power Cuts’

Nov 11, 2019 0 2 minutes 6 seconds to read

November 11: Newly set up industries have been forced to subscribe to the Dedicated and Trunk Line for electricity supply even when there is no power cuts in the country, complained industrialists.…

Industrialist Jyoti Remanded in Custody for 5 more Days

Nov 11, 2019 0 1 minutes 13 seconds to read

November 11: The Kathmandu District Court has remanded industrialist Roop Jyoti in custody for five more days.…

Billionaires' Wealth Falls for First Time since 2015: Report

Nov 10, 2019 0 2 minutes 19 seconds to read

November 10: The world’s richest people became a little less well off last year as geopolitical turmoil and volatile equity markets reduced the wealth of billionaires for the first time since 2015, a report…

Laxmi Bank Supports Tilganga Institute for Diagnosis and Treatment of Eye Cancer Among Children

Nov 10, 2019 0 1 minutes 52 seconds to read

November 10: Laxmi Bank has signed a Memorandum of Understanding (MOU) with Nepal Eye program of Tilganga Institute of Ophthalmology to support diagnosis and treatment of Childhood Eye Cancer, technically known as…

Import of Mobile Sets Increases

Nov 10, 2019 0 1 minutes 11 seconds to read

November 10: The import of mobile phone sets has increased in the first three months of the current fiscal year by 15 percent as compared to the corresponding period of last…

FDI in Hospitality Business Increases Significantly

Nov 10, 2019 0 1 minutes 45 seconds to read

November 10: With the Visit Nepal Year 2020 fast approaching, foreign investment in the hotel sector of Nepal has increased significantly, Rastriya Samachar Samiti (RSS)…

Private Sector Alarmed by Industrialist Jyoti’s Arrest

Nov 10, 2019 0 2 minutes 44 seconds to read

November 10: The private sector has raised serious objection to the arrest of industrialist Roop Jyoti, who is also vice president of Jyoti Group.…

‘800 New Tourist Vehicles Arriving in Nepal for VNY 2020’

Nov 10, 2019 0 1 minutes 16 seconds to read

November 10: Travel agencies and bus operators have become active as the Visit Nepal Year 2020 comes closer every passing day.…

FNCCI Special General Assembly Postponed

Nov 10, 2019 0 2 minutes 28 seconds to read

November 10: The Federation of Nepalese Chambers of Commerce and Industries (FNCCI) has postponed its special general assembly scheduled for November 15.…

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No Laughing Matter

The Sweet Rewards of Power

By Madan Lamsal

. . .
read more »

NEPSE

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			'id' => '11658',
			'article_category_id' => '1',
			'title' => 'Government Faces Uphill Battle to Meet the Revised Target of Revenue Collection',
			'sub_title' => '',
			'summary' => 'February 23: The government has revised its target of revenue collection during the mid-term review of current fiscal year’s budget.  ',
			'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">February 23: The government has revised its target of revenue collection during the mid-term review of current fiscal year&rsquo;s budget. &nbsp;The government has adopted strict measures to curb revenue leakage after realizing that it is unlikely to meet the revised target as well.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The government has a daunting task of collecting Rs 600 billion in the next five months as per the revised target.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Finance Minister Yuba Raj Khatiwada has instructed all departments under his ministry to adopt strict measures to meet the revised target. &nbsp;He also called a meeting of high-ranking officials from ministries of finance, home affairs and Prime Minister&rsquo;s Office during Democracy Day last week and gave strict orders to meet the target.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The finance minister presented himself in an aggressive manner, according to officials who attended the first meeting after the mid-term review. During the meeting, Khatiwada reportedly issued stern instructions to the government authorities to collect all the dues and control tax evasion.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The finance minister also instructed the authorities to increase patrolling to curb smuggling and make proper arrangement of logistics and manpower for such patrol teams. He also directed them to keep vigilance at sensitive border entry points in order to intercept illegal entry of goods.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The government had set a target to collect revenue of Rs 1112 billion for the current fiscal year 2019/20. However, in the mid-term review, the government revised the target and set a new goal of collecting Rs 1056 billion. In the first six months of the current fiscal year, the government was able to collect only Rs 456 billion revenue. Now it faces an uphill battle to collect Rs 600 billion in the remaining five months.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The government has claimed that the decline in revenue collection is a result of a drop in import in the current fiscal year. If the government is to meet its revised target, it has to collect Rs 1004 billion from customs offices alone.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">&ldquo;The obstruction in export of palm oil has been removed. This has opened way for import of unprocessed palm oil. So, we are hopeful of meeting the revised target,&rdquo; said a highly-placed customs official requesting anonymity.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The government intends to collect Rs 169 billion from Value Added Tax (VAT) in the next five months. &nbsp;The government has already collected Rs 126 billion so far this year from VAT.</span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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			'id' => '11657',
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			'title' => 'NAC to Halt its Flights to Osaka',
			'sub_title' => '',
			'summary' => 'February 23: Nepal Airlines Corporation (NAC) is preparing to halt its flights to Osaka starting from February 27.',
			'content' => '<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-family:&quot;Georgia&quot;,&quot;serif&quot;">February 23: Nepal Airlines Corporation (NAC) is preparing to halt its flights to Osaka starting from February 27.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-family:&quot;Georgia&quot;,&quot;serif&quot;">Officials at the state-run airline company said that they decided to stop the flights to Osaka after getting permission to operate direct flights to Narita, which has better prospects for the company than Osaka.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-family:&quot;Georgia&quot;,&quot;serif&quot;">The cash-strapped airline, which had re-launched its flights to Osaka since August 29, was struggling to find passengers along the route. Authorities believe there would be no such problems for flights to Narita as large number of Nepalis live in this area making the flights economically more viable.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">NAC recently announced that it is ready to operate direct flights to Narita of Japan from March 2. The flag carrier of Nepal confirmed in a statement on February 10 that it will operate three flights a week to Narita.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The state-run airlines will operate flights on Mondays, Wednesdays and Fridays using the newly-purchased wide-body Airbus, the statement added.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The one-way fare to Narita has been set at Rs 37,000 for the time being to promote the new route. Likewise, the round-trip fare is Rs 73,000. </span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">NAC believes that the flights to Narita will facilitate people travelling to Tokyo and nearby areas while the passengers will not have to go through transit anymore with the launch of direct flights.&nbsp; </span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">NAC believes Narita has better prospects for Nepal than Osaka from commercial point of view. </span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">NAC had been operating flights to Osaka from 1994 till 2007, after which it stopped the flights citing lack of aircraft. NAC re-launched its flights to Osaka last year after purchasing two wide-body aircraft of Airbus.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Back in the 90s and 2000s, NAC used to operate flights to Osaka via Shanghai. </span></span></p>

<p>&nbsp;</p>
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			'id' => '11652',
			'article_category_id' => '1',
			'title' => 'Number of Tourists Increases by 8 percent so far this Year',
			'sub_title' => '',
			'summary' => '',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">November 12: The number of tourists visiting Nepal increased nominally by 8 percent in the first 10 months of the current fiscal year 2019/20.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">Altogether 975,557 tourists visited Nepal between January and October this year, according to data provided by Nepal Tourism Board.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">During the corresponding period of last fiscal year, 903,539 tourists had visited Nepal.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">According to Nepal Tourism Board, the 10 major countries from where tourists arrive in Nepal include India, China, USA, Sri Lanka, UK, Thailand, Germany, Australia, South Korea and France.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">Around 169,000 Indian tourists visited Nepal during the review period this year. Likewise, the number of visitors from China was 134,000.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">The government has set an ambitious target of welcoming 2 million tourists for the Visit Nepal 2020 campaign. &nbsp;Stakeholders are keenly watching the number of tourists in the current FY. During last year, around 1,172,000 tourists had arrived in Nepal.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">Nepal Tourism Board said that the arrival of tourists from the SAARC region has increased by 4.2 percent. Likewise, the number of tourists from other Asian countries increased by 11.1 percent while the number of visitors from Europe was up by 0.3 percent. Tourists from USA and Oceania increased by 5.4 percent each while those from rest of the world increased by 24 percent.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">However, the arrival of tourists from Bangladesh and Pakistan under the SAARC region dropped by 9.6 and 8.7 percent respectively.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">Although the number of visitors this year has been lower than expected, officials of the Visit Nepal 2020 secretariat believe that the promotional campaigns this year will have positive impact in the coming year.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">Member Secretary of the VNY 2020 Secretariat Rajan Poudel said that although they are running out of time, they are hopeful that the promotional activities undertaken so far will help them meet the target of bringing in 2 million tourists in 2020.</span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '11653',
			'article_category_id' => '1',
			'title' => 'Court Grants Permission to Arrest Padma Jyoti',
			'sub_title' => '',
			'summary' => 'November 12: Following the arrest of industrialist Roop Jyoti in a fraud case, Kathmandu District Court has also ordered the arrest of Padma Jyoti, chairman of Jyoti Group, in connection to the same case.',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">November 12: Following the arrest of industrialist Roop Jyoti in a fraud case, Kathmandu District Court has also ordered the arrest of Padma Jyoti, chairman of Jyoti Group, in connection to the same case.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The district court on Monday granted permission to the Metropolitan Police Range, Teku to arrest the chairman of Jyoti Group.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Registrar at the district court Anand Shrestha said that the court issued the arrest warrant as per the request of the police.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Police said that they sought permission from the court to arrest Chairman Jyoti for further investigation into the case.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Padma Jyoti is the former president of the Federation of Nepalese Chambers of Commerce and Industries (FNCCI).</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">&ldquo;Police had demanded Padma Jyoti&rsquo;s arrest for further investigation,&rdquo; said Registrar Shrestha. &ldquo;The court granted permission to the police to arrest him,&rdquo; confirmed Shrestha.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">However, DSP Hobindra Bogati at the police range declined to comment.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">&ldquo;We are currently investigation charges against Roop Jyoti,&rdquo; said DSP Bogati.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:11.0pt"><span style="font-family:&quot;Calibri&quot;,&quot;sans-serif&quot;">Police had arrested former state minister Jyoti and his daughter from Tribhuvan International Airport on Thursday while they were returning home from Singapore.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:11.0pt"><span style="font-family:&quot;Calibri&quot;,&quot;sans-serif&quot;">Jyoti has been accused of cheating Rs 13.6 million rupees in a land transaction case filed by Bigendra Krishna Malla. The district court had ordered his arrest about one year ago but Jyoti moved the Supreme Court. The apex court had issued an interim order not to arrest Jyoti. But the police finally arrested him after the Supreme Court last week vacated the interim order.</span></span></span></span></p>

<p>&nbsp;</p>
',
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	(int) 4 => array(
		'Article' => array(
			'id' => '11651',
			'article_category_id' => '1',
			'title' => 'Nepal’s Dependence on Imported Fruits and Vegetables Growing',
			'sub_title' => '',
			'summary' => 'November 11: Nepal’s dependence on imported fruits and vegetables has been increasing in the recent days.',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">November 11: Nepal&rsquo;s dependence on imported fruits and vegetables has been increasing in the recent days. This is evident from the fact that the country imported fruits and vegetables worth Rs 14 billion in the first three months of the current fiscal year 2019/20.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">According to the data provided by the Department of Customs, this figure is 20 percent more than the import during last fiscal year.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The country had imported fruits and vegetables worth Rs 11.80 billion during the first three months of last fiscal year2018/19. The import figures stood &nbsp;at Rs 8.96 billion in FY 2017/18, according to the department.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">During the review period, Nepal imported potatoes worth Rs 1.92 billion, onion worth Rs 1.72 billion, ginger worth Rs 900 million and tomatoes of Rs 120 million. Likewise, other major imports included apples (Rs 1.88 billion), grapes (Rs 690 million), mangoes (Rs 310 million), bananas (Rs 290 million) and coconut (Rs 160 million).</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">On the other hand, the export of fruits and vegetables from Nepal has decreased instead. Nepal exported fruits and vegetables worth Rs 490 million only during the review period.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The department informed that Nepal imports fruits and vegetables mainly from China, India and Bangladesh. Besides, Nepal also brings in such products from Thailand, Namibia, the Netherlands, Indonesia, South Korea among others.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Meanwhile, experts said that the grants and subsidies provided by the government to the farmers have proved to be ineffective. Former Secretary Puroshattam Ojha said that the pesticide residue tests have also not been able to stop the massive import of fruits and vegetables from abroad.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Dr Posh Raj Pandey, chairman of South Asia Watch on Trade, Economics and Environment (SAWTEE), said that the rise in import of fruits and vegetables at a time when more and more youths have shown interest in farming clearly indicates that Nepal has become heavily dependent on these edible products.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">He suggested the government to increase productivity of fruits and vegetables that suit the soil of Nepal to reduce dependence on foreign countries for such products.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The Economic Survey of 2018/19 mentions that the total production of fruits and vegetables in Nepal is 53,28,000 metric tons. The production of fruits had increased by 14.16 percent last year compared to the previous year while the vegetable production increased by 1.86 percent.</span></span></p>
',
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			'sortorder' => '11401',
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		'Article' => array(
			'id' => '11650',
			'article_category_id' => '1',
			'title' => 'Government Increases Customs Duty on Import of Gold',
			'sub_title' => '',
			'summary' => 'November 11: The government has increased customs duty on gold to discourage “smuggling” of the precious yellow metal. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">November 11: The government has increased customs duty on gold to discourage &ldquo;smuggling&rdquo; of the precious yellow metal. The government has increased the customs duty for gold imported for trade from Rs 5000 per 10 gram to Rs 6500.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Likewise, gold imported for personal use will be charged Rs 7500 per 10 grams, Rs 800 up from the earlier rate of Rs 6200. The same new rate will be applied for import of gold up to 50 grams.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Joint Secretary Dhani Ram Sharma, chief of the Revenue Management Department under the Ministry of Finance, said that the customs duty has been increased to discourage smuggling of gold.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Sharma said that Nepal is used as a transit point to smuggle gold to India when there is fluctuation in price of gold in India.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">He further said that the government decided to raise the tariff on gold to make it on par with the customs duty imposed by India.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Dealers of gold and silver had also been demanding increase of customs duty stating that gold and silver were being smuggled to India taking advantage of the tariff difference.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The difference in price of gold in Nepal and India appeared after the Indian government increased tax on import of gold by two percent some time ago.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Former president of the Federation of Nepal Gold Silver Dealers Association, Tej Ratna Shakya, said that the latest decision of the government will discourage smuggling of gold to India.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The increase in customs duty has also impacted the price of gold in the local market. The price has been increased by Rs 1100 per tola (11 grams approx).</span></span></p>

<p>&nbsp;</p>
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	(int) 6 => array(
		'Article' => array(
			'id' => '11644',
			'article_category_id' => '1',
			'title' => '‘Industries forced to pay Premium Charge for Electricity Despite End to Power Cuts’',
			'sub_title' => '',
			'summary' => 'November 11: Newly set up industries have been forced to subscribe to the Dedicated and Trunk Line for electricity supply even when there is no power cuts in the country, complained industrialists. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">November 11: Newly set up industries have been forced to subscribe to the Dedicated and Trunk Line for electricity supply even when there is no power cuts in the country, complained industrialists. They say they have no option than to pay &ldquo;premium charge&rdquo; for the service because the normal 11 KVA feeder line of the Nepal Electricity Authority does not have the capacity to supply electricity more than 5 MVA. Service from the Dedicated and Trunk Line costs 59 to 67 percent more than the normal charge.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Anyone requiring more than 5 MVA electricity has to subscribe to the 66 KVA Dedicated and Trunk Line of NEA, says industrialist Rajesh Kyal.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">According to Kyal, the state-owned utility service provider charges exorbitant amount for providing uninterrupted power supply at a time when the country has got rid of power cuts problem.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">He argued that the government must slash the &ldquo;premium charge&rdquo; because currently there is no power cuts in the country. &nbsp;</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The NEA has been charging premium rate even to the industries which were set up after the end of power cuts, &nbsp;says industrialist Gopal Kedia, chairman of Birgunj Chamber of Commerce (BCC).</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">&ldquo;The government should charge the industries normal rate for electricity keeping in mind that the home-grown industries are facing immense competition in the market.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Vice president of BCC, Anil Agrawal, claimed that the electricity charge alone make up 25 percent of their production cost.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">&ldquo;Our home-based industries are facing hard times. On top of that, the production has been hampered by the exorbitant electricity charge. How can industries operate in such condition?&rdquo; questioned Agrawal.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Although power cuts officially came to an end on May 15 last year, the industries have been forced to pay the same old charge because the regulation regarding collection of electricity charge is yet to be amended.</span></span></p>
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	(int) 7 => array(
		'Article' => array(
			'id' => '11645',
			'article_category_id' => '1',
			'title' => 'Industrialist Jyoti Remanded in Custody for 5 more Days',
			'sub_title' => '',
			'summary' => 'November 11: The Kathmandu District Court has remanded industrialist Roop Jyoti in custody for five more days. ',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:11.0pt"><span style="font-family:&quot;Calibri&quot;,&quot;sans-serif&quot;">November 11: The Kathmandu District Court has remanded industrialist Roop Jyoti in custody for five more days. The court has also granted the police to investigate his daughter Suruchi in custody for five days. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:11.0pt"><span style="font-family:&quot;Calibri&quot;,&quot;sans-serif&quot;">District Court Judge Om Prakash Aryal issued the order on Sunday after the arrest of the duo in connection to a fraud case in land transaction. Police had arrested former state minister Jyoti and his daughter from Tribhuvan International Airport on Thursday while they were returning home from Singapore.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:11.0pt"><span style="font-family:&quot;Calibri&quot;,&quot;sans-serif&quot;">Jyoti has been accused of cheating Rs 13.6 million rupees in a land transaction case filed by Bigendra Krishna Malla. The district court had ordered his arrest about one year ago but Jyoti moved the Supreme Court. The apex court had issued an interim order not to arrest Jyoti. But the police finally arrested him after the Supreme Court last week vacated the interim order.</span></span></span></span></p>
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	(int) 8 => array(
		'Article' => array(
			'id' => '11638',
			'article_category_id' => '1',
			'title' => 'Billionaires' Wealth Falls for First Time since 2015: Report',
			'sub_title' => '',
			'summary' => 'November 10: The world’s richest people became a little less well off last year as geopolitical turmoil and volatile equity markets reduced the wealth of billionaires for the first time since 2015, a report shows.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,serif">November 10: The world&rsquo;s richest people became a little less well off last year as geopolitical turmoil and volatile equity markets reduced the wealth of billionaires for the first time since 2015, a report shows.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,serif">Billionaires&rsquo; wealth fell by $388 billion globally to $8.539 trillion, the UBS/PwC Billionaires Report found. Reuters reported that there was a particularly sharp decline in Greater China, the second biggest home for billionaires after the United States, and the Asia-Pacific region more broadly.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,serif">According to Reuters, private banks including the world&rsquo;s largest wealth manager UBS have felt the effects of US-China trade tensions and global political uncertainties, as clients last year shied away from trading and taking on debt in favour of hoarding more cash.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,serif">The net worth of China&rsquo;s richest dropped 12.8 percent in dollar terms on the back of tumbling stock markets and a weaker local currency and as growth in the world&rsquo;s second-largest economy slowed to its lowest level in nearly three decades in 2018, the report found, knocking dozens off the billionaires list.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,serif">Despite the drop, China continues to produce a new billionaire every 2-2.5 days, UBS&rsquo;s head of ultra-high net worth clients, Josef Stadler, said in the report released on Friday.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,serif">Worldwide, the number of billionaires fell everywhere except in the Americas, where tech entrepreneurs continued to buoy the ranks of the United States&rsquo; wealthiest, Reuters further reported.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,serif">&ldquo;This report shows the resilience of the U.S. economy,&rdquo; where there were 749 billionaires at the end of 2018, said John Matthews, head of private wealth management and ultra-high net worth business for UBS in the United States.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,serif">While a stock market recovery from a steep drop in late 2018 has helped wealth managers increase their assets, the world&rsquo;s richest families remain concerned about global affairs from trade tensions and Brexit to populism and climate change and are continuing to keep more of their money in cash.</span></span></p>

<p>&nbsp;</p>
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	(int) 9 => array(
		'Article' => array(
			'id' => '11642',
			'article_category_id' => '1',
			'title' => 'Laxmi Bank Supports Tilganga Institute for Diagnosis and Treatment of Eye Cancer Among Children',
			'sub_title' => '',
			'summary' => 'November 10: Laxmi Bank has signed a Memorandum of Understanding (MOU) with Nepal Eye program of Tilganga Institute of Ophthalmology to support diagnosis and treatment of Childhood Eye Cancer, technically known as Retinoblastoma.',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">November 10: Laxmi Bank has signed a Memorandum of Understanding (MOU) with Nepal Eye program of Tilganga Institute of Ophthalmology to support diagnosis and treatment of Childhood Eye Cancer, technically known as Retinoblastoma. </span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">Ajaya Bikram Shah, CEO of the bank, and Reeta Gurung, CEO of Tilganga Institute of Ophthalmology, signed the MOU amid a recent function. </span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">The bank said in a statement that it shall provide a fund of Rs 500,000 as an initiative under its Corporate Social Responsibility (CSR) for the diagnosis and treatment of Retinoblastoma patients from deprived financial background.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">According to the statement, Retinoblastoma is a rare eye cancer of childhood that arises in the retina. </span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">&ldquo;It is the most common intraocular malignancy of infancy and childhood; with an incidence of 1 in 15,000 to 1 in 18,000 live births worldwide, mostly occurring to children from birth till 5 years. If the disease is diagnosed and treated on time, chances of saving life, eye and vision is very high,&rdquo; the statement added. </span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">In Nepal, Tilganga Institute of Ophthalmology has started its treatment, which include chemotherapy, laser therapy, plaque brachy therapy and surgery whenever needed. </span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">The bank said it aims to support the sustainable development goals for good health and well-being by providing financial support to the hospital for diagnosis and treatment of Childhood Eye Cancer. </span></span></span></p>
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	(int) 10 => array(
		'Article' => array(
			'id' => '11643',
			'article_category_id' => '1',
			'title' => 'Import of Mobile Sets Increases',
			'sub_title' => '',
			'summary' => 'November 10: The import of mobile phone sets has increased in the first three months of the current fiscal year by 15 percent as compared to the corresponding period of last FY.',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">November 10: The import of mobile phone sets has increased in the first three months of the current fiscal year by 15 percent as compared to the corresponding period of last FY.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">According to the Department of Customs, Nepal imported a total of 16,23,795 sets of mobile phones worth Rs 7.19 billion during the review period. During the corresponding of last fiscal year 2018/19, the country imported 13,62,300 sets of phones worth Rs 6.29 billion.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Nepali importers have attributed the increase in import of mobile sets to the government&rsquo;s decision to provide VAT rebate and also their commitment to bring in genuine products to discourage &lsquo;grey market products&rsquo;.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Meanwhile, chairman of Mobile Importers&rsquo; Association&nbsp; of Nepal, Deepak Malhotra, says that the enthusiastic increase in import of mobile sets is a result of the companies&rsquo; sales strategy for the festive season and also the market expansion of products of Samsung and Xiaomi.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The government&rsquo;s earlier decision to revoke VAT rebate had encouraged import of products from illegal channels, claimed the importers.</span></span></p>
',
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	(int) 11 => array(
		'Article' => array(
			'id' => '11640',
			'article_category_id' => '1',
			'title' => 'FDI in Hospitality Business Increases Significantly',
			'sub_title' => '',
			'summary' => 'November 10: With the Visit Nepal Year 2020 fast approaching, foreign investment in the hotel sector of Nepal has increased significantly, Rastriya Samachar Samiti (RSS) reported.',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">November 10: </span></span><span style="font-size:16.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">With the Visit Nepal Year 2020 fast approaching, foreign investment in the hotel sector of Nepal has increased significantly, Rastriya Samachar Samiti (RSS) reported. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">According to a report published by the Department of Industries (DOI), a total of 39 new tourism industries related to hospitality have been registered at the DOI in the first three months of the fiscal year 2019/2020. &nbsp;The newly registered hotels and restaurants are reported to have been registered with foreign direct investment of Rs 5.77 billion.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">According to the department, the investment in the hospitality sector this year has increased by 100 percent compared to the corresponding period of last year.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt">The state-run news agency reported that a total of 77 industries have been approved for FDI during the first three months of FY 2019/2020 out of which 39 belong to the tourism sector, 25 are service providers, seven are manufacturing industries, and six belong to information technology.&nbsp; &nbsp;</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt">According to DOI, the registered industries have received commitment for FDI of Rs 11.36 billion.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt">&nbsp;The industries after coming into operation will create 4,292 employment opportunities. </span></span></span></p>

<p>&nbsp;</p>
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	(int) 12 => array(
		'Article' => array(
			'id' => '11639',
			'article_category_id' => '1',
			'title' => 'Private Sector Alarmed by Industrialist Jyoti’s Arrest',
			'sub_title' => '',
			'summary' => 'November 10: The private sector has raised serious objection to the arrest of industrialist Roop Jyoti, who is also vice president of Jyoti Group. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">November 10: The private sector has raised serious objection to the arrest of industrialist Roop Jyoti, who is also vice president of Jyoti Group. Nepal Chamber of Commerce (NCC) has issued an official statement saying that Jyoti was arrested without being proven guilty in the case. NCC maintained its stance that anyone cannot be arrested on the basis of complaint alone.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">NCC further said that the private sector has been set aback by the unceremonious arrest of &nbsp;an industrialist who has been contributing to the economy by investing a huge fortune and paying taxes regularly.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Although the Federation of Nepalese Chambers of Commerce and Industries (FNCCI) and the Confederation of Nepalese Industries (CNI) have not issued any formal statements, members of the two umbrella bodies of Nepalese entrepreneurs are said to be disappointed by the arrest.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">FNCCI has called a meeting on Sunday to discuss about the issue. FNCCI Senior Vice President Shekhar Golchha said that they will make public their official view later on Sunday.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">&ldquo;As far as my personal views are concerned, it is not fair to arrest every one for the crime committed by a single person,&rdquo; said Golchha.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">&ldquo;This incident clearly shows that the government doesn&rsquo;t respect the private sector,&rdquo; he added.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">CNI President Satish Kumar More also expressed his displeasure toward the arrest.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">&ldquo;It is a legal process. But I personally feel that it is an injustice to Roop Jyoti,&rdquo; he said. &nbsp;More further said that there is a need to improve the legal system itself.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The Metropolitan Police Range, Kathmandu had arrested the former state minister along with his daughter Suruchi from Tribhuvan International Airport on Thursday evening while they were returning home from Singapore.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Police informed New Business Age that both of them were arrested as per the court&rsquo;s order. The Kathmandu District Court on Friday ordered the police to remand them in custody for three days to investigate into fraud case, according to DSP Hobindra Bogati.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Jyoti has been accused of cheating Rs 13.6 million rupees by one Bigendra Krishna Malla in a land transaction case. The district court had ordered his arrest about one year ago but Jyoti moved the Supreme Court. The apex court had issued an interim order not to arrest Jyoti. But the police finally arrested him after the Supreme Court last week vacated the interim order.</span></span></p>

<p>&nbsp;</p>
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	(int) 13 => array(
		'Article' => array(
			'id' => '11641',
			'article_category_id' => '1',
			'title' => '‘800 New Tourist Vehicles Arriving in Nepal for VNY 2020’',
			'sub_title' => '',
			'summary' => 'November 10: Travel agencies and bus operators have become active as the Visit Nepal Year 2020 comes closer every passing day. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">November 10: Travel agencies and bus operators have become active as the Visit Nepal Year 2020 comes closer every passing day. Travel and Tour companies as well as hotels have increased their investment in tourist vehicles for the comfort of the visitors.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Altogether 150 tour and travel companies are preparing to import a total of 800 new vehicles for the campaign promoted by the government. </span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The tour operators have to invest around Rs 4 million for the purchase of a small vehicle while they have to pay around Rs 10 million for a large vehicle. President of the Nepalese National Entrepreneurs Tourism Association Ram Hari Sharma said that it would cost around Rs 8 billion to purchase the 800 vehicles. </span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">According to Sharma, the members of the association are preparing to import five to seven vehicles each.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">So far, there are 5200 vehicles in the tourism sector of Nepal.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Meanwhile, Sharma said that although the government announced the ambitious campaign to bring in more than 2 million tourists, he said that the government has failed to upgrade the roads to ensure safety of the foreigners. &nbsp;</span></span></p>
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		'Article' => array(
			'id' => '11637',
			'article_category_id' => '1',
			'title' => 'FNCCI Special General Assembly Postponed',
			'sub_title' => 'The Deferral has Paved way for Shekhar Golchha to Become the Next President',
			'summary' => 'November 10: The Federation of Nepalese Chambers of Commerce and Industries (FNCCI) has postponed its special general assembly scheduled for November 15. ',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">November 10: The Federation of Nepalese Chambers of Commerce and Industries (FNCCI) has postponed its special general assembly scheduled for November 15. The special general assembly was called to discuss the issue of statute amendment to elect a new president.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">As per the current provision, the senior vice president of FNCCI automatically becomes the next president after the term of the incumbent president expires. But a section of the FNCCI was lobbying for directly elected president.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">The deferral of the special general assembly has paved way for Senior Vice President Shekhar Golchha to lead the FNCCI in the next term. This has also effectively ended the power struggle that had surfaced due to a sharp division among two groups within FNCCI since a year.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">A meeting of the statute amendment committee of the FNCCI headed by FNCCI Vice President Chandra Prasad Dhakal on Friday (November 8) decided to postpone the special general assembly.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">Dhakal along with a few other vice presidents had been lobbying against Golchha leading the federation as the three-year term of the incumbent president Bhavani Rana comes to an end soon.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">The committee headed by Dhakal was supposed to submit a 35-point proposal at the special general assembly to amend the statute, that would prevent Golchha from becoming the next president. However, Dhakal backed out after other members of FNCCI during Friday&rsquo;s meeting objected to the statute amendment saying that the committee had not fulfilled the due process for amendment.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">Dhakal said that the meeting agreed to continue with the current provision for selecting the president as a new process would invite unnecessary competition among the FNCCI members. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-family:&quot;Calibri&quot;,&quot;sans-serif&quot;">The FNCCI had been sharply divided into two poles for the upcoming election. Former president Dhakal and his camp was hell bent on not allowing Senior Vice President Shekhar Golchha from leading the federation while other former presidents of FNCCI had been backing Golchha.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-family:&quot;Calibri&quot;,&quot;sans-serif&quot;">Dhakal, who was until now demanding a directly elected president, was the one who took the initiative earlier to amend the statute to allow the senior vice president to automatically take charge of the federation.</span></span></span></p>
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		'Article' => array(
			'id' => '11658',
			'article_category_id' => '1',
			'title' => 'Government Faces Uphill Battle to Meet the Revised Target of Revenue Collection',
			'sub_title' => '',
			'summary' => 'February 23: The government has revised its target of revenue collection during the mid-term review of current fiscal year’s budget.  ',
			'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">February 23: The government has revised its target of revenue collection during the mid-term review of current fiscal year&rsquo;s budget. &nbsp;The government has adopted strict measures to curb revenue leakage after realizing that it is unlikely to meet the revised target as well.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The government has a daunting task of collecting Rs 600 billion in the next five months as per the revised target.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Finance Minister Yuba Raj Khatiwada has instructed all departments under his ministry to adopt strict measures to meet the revised target. &nbsp;He also called a meeting of high-ranking officials from ministries of finance, home affairs and Prime Minister&rsquo;s Office during Democracy Day last week and gave strict orders to meet the target.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The finance minister presented himself in an aggressive manner, according to officials who attended the first meeting after the mid-term review. During the meeting, Khatiwada reportedly issued stern instructions to the government authorities to collect all the dues and control tax evasion.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The finance minister also instructed the authorities to increase patrolling to curb smuggling and make proper arrangement of logistics and manpower for such patrol teams. He also directed them to keep vigilance at sensitive border entry points in order to intercept illegal entry of goods.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The government had set a target to collect revenue of Rs 1112 billion for the current fiscal year 2019/20. However, in the mid-term review, the government revised the target and set a new goal of collecting Rs 1056 billion. In the first six months of the current fiscal year, the government was able to collect only Rs 456 billion revenue. Now it faces an uphill battle to collect Rs 600 billion in the remaining five months.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The government has claimed that the decline in revenue collection is a result of a drop in import in the current fiscal year. If the government is to meet its revised target, it has to collect Rs 1004 billion from customs offices alone.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">&ldquo;The obstruction in export of palm oil has been removed. This has opened way for import of unprocessed palm oil. So, we are hopeful of meeting the revised target,&rdquo; said a highly-placed customs official requesting anonymity.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The government intends to collect Rs 169 billion from Value Added Tax (VAT) in the next five months. &nbsp;The government has already collected Rs 126 billion so far this year from VAT.</span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p>&nbsp;</p>
',
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			'created' => '2020-02-23',
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			'sortorder' => '11408',
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			'id' => '11657',
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			'title' => 'NAC to Halt its Flights to Osaka',
			'sub_title' => '',
			'summary' => 'February 23: Nepal Airlines Corporation (NAC) is preparing to halt its flights to Osaka starting from February 27.',
			'content' => '<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-family:&quot;Georgia&quot;,&quot;serif&quot;">February 23: Nepal Airlines Corporation (NAC) is preparing to halt its flights to Osaka starting from February 27.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-family:&quot;Georgia&quot;,&quot;serif&quot;">Officials at the state-run airline company said that they decided to stop the flights to Osaka after getting permission to operate direct flights to Narita, which has better prospects for the company than Osaka.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-family:&quot;Georgia&quot;,&quot;serif&quot;">The cash-strapped airline, which had re-launched its flights to Osaka since August 29, was struggling to find passengers along the route. Authorities believe there would be no such problems for flights to Narita as large number of Nepalis live in this area making the flights economically more viable.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">NAC recently announced that it is ready to operate direct flights to Narita of Japan from March 2. The flag carrier of Nepal confirmed in a statement on February 10 that it will operate three flights a week to Narita.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The state-run airlines will operate flights on Mondays, Wednesdays and Fridays using the newly-purchased wide-body Airbus, the statement added.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The one-way fare to Narita has been set at Rs 37,000 for the time being to promote the new route. Likewise, the round-trip fare is Rs 73,000. </span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">NAC believes that the flights to Narita will facilitate people travelling to Tokyo and nearby areas while the passengers will not have to go through transit anymore with the launch of direct flights.&nbsp; </span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">NAC believes Narita has better prospects for Nepal than Osaka from commercial point of view. </span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">NAC had been operating flights to Osaka from 1994 till 2007, after which it stopped the flights citing lack of aircraft. NAC re-launched its flights to Osaka last year after purchasing two wide-body aircraft of Airbus.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Back in the 90s and 2000s, NAC used to operate flights to Osaka via Shanghai. </span></span></p>

<p>&nbsp;</p>
',
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			'created' => '2020-02-23',
			'modified' => '2020-02-23',
			'keywords' => '',
			'description' => '',
			'sortorder' => '11407',
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			'article_date' => '2020-02-23 11:54:44',
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		'Article' => array(
			'id' => '11652',
			'article_category_id' => '1',
			'title' => 'Number of Tourists Increases by 8 percent so far this Year',
			'sub_title' => '',
			'summary' => '',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">November 12: The number of tourists visiting Nepal increased nominally by 8 percent in the first 10 months of the current fiscal year 2019/20.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">Altogether 975,557 tourists visited Nepal between January and October this year, according to data provided by Nepal Tourism Board.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">During the corresponding period of last fiscal year, 903,539 tourists had visited Nepal.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">According to Nepal Tourism Board, the 10 major countries from where tourists arrive in Nepal include India, China, USA, Sri Lanka, UK, Thailand, Germany, Australia, South Korea and France.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">Around 169,000 Indian tourists visited Nepal during the review period this year. Likewise, the number of visitors from China was 134,000.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">The government has set an ambitious target of welcoming 2 million tourists for the Visit Nepal 2020 campaign. &nbsp;Stakeholders are keenly watching the number of tourists in the current FY. During last year, around 1,172,000 tourists had arrived in Nepal.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">Nepal Tourism Board said that the arrival of tourists from the SAARC region has increased by 4.2 percent. Likewise, the number of tourists from other Asian countries increased by 11.1 percent while the number of visitors from Europe was up by 0.3 percent. Tourists from USA and Oceania increased by 5.4 percent each while those from rest of the world increased by 24 percent.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">However, the arrival of tourists from Bangladesh and Pakistan under the SAARC region dropped by 9.6 and 8.7 percent respectively.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">Although the number of visitors this year has been lower than expected, officials of the Visit Nepal 2020 secretariat believe that the promotional campaigns this year will have positive impact in the coming year.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">Member Secretary of the VNY 2020 Secretariat Rajan Poudel said that although they are running out of time, they are hopeful that the promotional activities undertaken so far will help them meet the target of bringing in 2 million tourists in 2020.</span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p>&nbsp;</p>
',
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			'created' => '2019-11-12',
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			'description' => '',
			'sortorder' => '11403',
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		'Article' => array(
			'id' => '11653',
			'article_category_id' => '1',
			'title' => 'Court Grants Permission to Arrest Padma Jyoti',
			'sub_title' => '',
			'summary' => 'November 12: Following the arrest of industrialist Roop Jyoti in a fraud case, Kathmandu District Court has also ordered the arrest of Padma Jyoti, chairman of Jyoti Group, in connection to the same case.',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">November 12: Following the arrest of industrialist Roop Jyoti in a fraud case, Kathmandu District Court has also ordered the arrest of Padma Jyoti, chairman of Jyoti Group, in connection to the same case.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The district court on Monday granted permission to the Metropolitan Police Range, Teku to arrest the chairman of Jyoti Group.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Registrar at the district court Anand Shrestha said that the court issued the arrest warrant as per the request of the police.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Police said that they sought permission from the court to arrest Chairman Jyoti for further investigation into the case.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Padma Jyoti is the former president of the Federation of Nepalese Chambers of Commerce and Industries (FNCCI).</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">&ldquo;Police had demanded Padma Jyoti&rsquo;s arrest for further investigation,&rdquo; said Registrar Shrestha. &ldquo;The court granted permission to the police to arrest him,&rdquo; confirmed Shrestha.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">However, DSP Hobindra Bogati at the police range declined to comment.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">&ldquo;We are currently investigation charges against Roop Jyoti,&rdquo; said DSP Bogati.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:11.0pt"><span style="font-family:&quot;Calibri&quot;,&quot;sans-serif&quot;">Police had arrested former state minister Jyoti and his daughter from Tribhuvan International Airport on Thursday while they were returning home from Singapore.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:11.0pt"><span style="font-family:&quot;Calibri&quot;,&quot;sans-serif&quot;">Jyoti has been accused of cheating Rs 13.6 million rupees in a land transaction case filed by Bigendra Krishna Malla. The district court had ordered his arrest about one year ago but Jyoti moved the Supreme Court. The apex court had issued an interim order not to arrest Jyoti. But the police finally arrested him after the Supreme Court last week vacated the interim order.</span></span></span></span></p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '11651',
			'article_category_id' => '1',
			'title' => 'Nepal’s Dependence on Imported Fruits and Vegetables Growing',
			'sub_title' => '',
			'summary' => 'November 11: Nepal’s dependence on imported fruits and vegetables has been increasing in the recent days.',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">November 11: Nepal&rsquo;s dependence on imported fruits and vegetables has been increasing in the recent days. This is evident from the fact that the country imported fruits and vegetables worth Rs 14 billion in the first three months of the current fiscal year 2019/20.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">According to the data provided by the Department of Customs, this figure is 20 percent more than the import during last fiscal year.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The country had imported fruits and vegetables worth Rs 11.80 billion during the first three months of last fiscal year2018/19. The import figures stood &nbsp;at Rs 8.96 billion in FY 2017/18, according to the department.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">During the review period, Nepal imported potatoes worth Rs 1.92 billion, onion worth Rs 1.72 billion, ginger worth Rs 900 million and tomatoes of Rs 120 million. Likewise, other major imports included apples (Rs 1.88 billion), grapes (Rs 690 million), mangoes (Rs 310 million), bananas (Rs 290 million) and coconut (Rs 160 million).</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">On the other hand, the export of fruits and vegetables from Nepal has decreased instead. Nepal exported fruits and vegetables worth Rs 490 million only during the review period.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The department informed that Nepal imports fruits and vegetables mainly from China, India and Bangladesh. Besides, Nepal also brings in such products from Thailand, Namibia, the Netherlands, Indonesia, South Korea among others.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Meanwhile, experts said that the grants and subsidies provided by the government to the farmers have proved to be ineffective. Former Secretary Puroshattam Ojha said that the pesticide residue tests have also not been able to stop the massive import of fruits and vegetables from abroad.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Dr Posh Raj Pandey, chairman of South Asia Watch on Trade, Economics and Environment (SAWTEE), said that the rise in import of fruits and vegetables at a time when more and more youths have shown interest in farming clearly indicates that Nepal has become heavily dependent on these edible products.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">He suggested the government to increase productivity of fruits and vegetables that suit the soil of Nepal to reduce dependence on foreign countries for such products.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The Economic Survey of 2018/19 mentions that the total production of fruits and vegetables in Nepal is 53,28,000 metric tons. The production of fruits had increased by 14.16 percent last year compared to the previous year while the vegetable production increased by 1.86 percent.</span></span></p>
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			'id' => '11650',
			'article_category_id' => '1',
			'title' => 'Government Increases Customs Duty on Import of Gold',
			'sub_title' => '',
			'summary' => 'November 11: The government has increased customs duty on gold to discourage “smuggling” of the precious yellow metal. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">November 11: The government has increased customs duty on gold to discourage &ldquo;smuggling&rdquo; of the precious yellow metal. The government has increased the customs duty for gold imported for trade from Rs 5000 per 10 gram to Rs 6500.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Likewise, gold imported for personal use will be charged Rs 7500 per 10 grams, Rs 800 up from the earlier rate of Rs 6200. The same new rate will be applied for import of gold up to 50 grams.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Joint Secretary Dhani Ram Sharma, chief of the Revenue Management Department under the Ministry of Finance, said that the customs duty has been increased to discourage smuggling of gold.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Sharma said that Nepal is used as a transit point to smuggle gold to India when there is fluctuation in price of gold in India.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">He further said that the government decided to raise the tariff on gold to make it on par with the customs duty imposed by India.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Dealers of gold and silver had also been demanding increase of customs duty stating that gold and silver were being smuggled to India taking advantage of the tariff difference.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The difference in price of gold in Nepal and India appeared after the Indian government increased tax on import of gold by two percent some time ago.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Former president of the Federation of Nepal Gold Silver Dealers Association, Tej Ratna Shakya, said that the latest decision of the government will discourage smuggling of gold to India.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The increase in customs duty has also impacted the price of gold in the local market. The price has been increased by Rs 1100 per tola (11 grams approx).</span></span></p>

<p>&nbsp;</p>
',
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	(int) 6 => array(
		'Article' => array(
			'id' => '11644',
			'article_category_id' => '1',
			'title' => '‘Industries forced to pay Premium Charge for Electricity Despite End to Power Cuts’',
			'sub_title' => '',
			'summary' => 'November 11: Newly set up industries have been forced to subscribe to the Dedicated and Trunk Line for electricity supply even when there is no power cuts in the country, complained industrialists. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">November 11: Newly set up industries have been forced to subscribe to the Dedicated and Trunk Line for electricity supply even when there is no power cuts in the country, complained industrialists. They say they have no option than to pay &ldquo;premium charge&rdquo; for the service because the normal 11 KVA feeder line of the Nepal Electricity Authority does not have the capacity to supply electricity more than 5 MVA. Service from the Dedicated and Trunk Line costs 59 to 67 percent more than the normal charge.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Anyone requiring more than 5 MVA electricity has to subscribe to the 66 KVA Dedicated and Trunk Line of NEA, says industrialist Rajesh Kyal.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">According to Kyal, the state-owned utility service provider charges exorbitant amount for providing uninterrupted power supply at a time when the country has got rid of power cuts problem.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">He argued that the government must slash the &ldquo;premium charge&rdquo; because currently there is no power cuts in the country. &nbsp;</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The NEA has been charging premium rate even to the industries which were set up after the end of power cuts, &nbsp;says industrialist Gopal Kedia, chairman of Birgunj Chamber of Commerce (BCC).</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">&ldquo;The government should charge the industries normal rate for electricity keeping in mind that the home-grown industries are facing immense competition in the market.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Vice president of BCC, Anil Agrawal, claimed that the electricity charge alone make up 25 percent of their production cost.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">&ldquo;Our home-based industries are facing hard times. On top of that, the production has been hampered by the exorbitant electricity charge. How can industries operate in such condition?&rdquo; questioned Agrawal.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Although power cuts officially came to an end on May 15 last year, the industries have been forced to pay the same old charge because the regulation regarding collection of electricity charge is yet to be amended.</span></span></p>
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	(int) 7 => array(
		'Article' => array(
			'id' => '11645',
			'article_category_id' => '1',
			'title' => 'Industrialist Jyoti Remanded in Custody for 5 more Days',
			'sub_title' => '',
			'summary' => 'November 11: The Kathmandu District Court has remanded industrialist Roop Jyoti in custody for five more days. ',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:11.0pt"><span style="font-family:&quot;Calibri&quot;,&quot;sans-serif&quot;">November 11: The Kathmandu District Court has remanded industrialist Roop Jyoti in custody for five more days. The court has also granted the police to investigate his daughter Suruchi in custody for five days. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:11.0pt"><span style="font-family:&quot;Calibri&quot;,&quot;sans-serif&quot;">District Court Judge Om Prakash Aryal issued the order on Sunday after the arrest of the duo in connection to a fraud case in land transaction. Police had arrested former state minister Jyoti and his daughter from Tribhuvan International Airport on Thursday while they were returning home from Singapore.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:11.0pt"><span style="font-family:&quot;Calibri&quot;,&quot;sans-serif&quot;">Jyoti has been accused of cheating Rs 13.6 million rupees in a land transaction case filed by Bigendra Krishna Malla. The district court had ordered his arrest about one year ago but Jyoti moved the Supreme Court. The apex court had issued an interim order not to arrest Jyoti. But the police finally arrested him after the Supreme Court last week vacated the interim order.</span></span></span></span></p>
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	(int) 8 => array(
		'Article' => array(
			'id' => '11638',
			'article_category_id' => '1',
			'title' => 'Billionaires' Wealth Falls for First Time since 2015: Report',
			'sub_title' => '',
			'summary' => 'November 10: The world’s richest people became a little less well off last year as geopolitical turmoil and volatile equity markets reduced the wealth of billionaires for the first time since 2015, a report shows.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,serif">November 10: The world&rsquo;s richest people became a little less well off last year as geopolitical turmoil and volatile equity markets reduced the wealth of billionaires for the first time since 2015, a report shows.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,serif">Billionaires&rsquo; wealth fell by $388 billion globally to $8.539 trillion, the UBS/PwC Billionaires Report found. Reuters reported that there was a particularly sharp decline in Greater China, the second biggest home for billionaires after the United States, and the Asia-Pacific region more broadly.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,serif">According to Reuters, private banks including the world&rsquo;s largest wealth manager UBS have felt the effects of US-China trade tensions and global political uncertainties, as clients last year shied away from trading and taking on debt in favour of hoarding more cash.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,serif">The net worth of China&rsquo;s richest dropped 12.8 percent in dollar terms on the back of tumbling stock markets and a weaker local currency and as growth in the world&rsquo;s second-largest economy slowed to its lowest level in nearly three decades in 2018, the report found, knocking dozens off the billionaires list.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,serif">Despite the drop, China continues to produce a new billionaire every 2-2.5 days, UBS&rsquo;s head of ultra-high net worth clients, Josef Stadler, said in the report released on Friday.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,serif">Worldwide, the number of billionaires fell everywhere except in the Americas, where tech entrepreneurs continued to buoy the ranks of the United States&rsquo; wealthiest, Reuters further reported.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,serif">&ldquo;This report shows the resilience of the U.S. economy,&rdquo; where there were 749 billionaires at the end of 2018, said John Matthews, head of private wealth management and ultra-high net worth business for UBS in the United States.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,serif">While a stock market recovery from a steep drop in late 2018 has helped wealth managers increase their assets, the world&rsquo;s richest families remain concerned about global affairs from trade tensions and Brexit to populism and climate change and are continuing to keep more of their money in cash.</span></span></p>

<p>&nbsp;</p>
',
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	(int) 9 => array(
		'Article' => array(
			'id' => '11642',
			'article_category_id' => '1',
			'title' => 'Laxmi Bank Supports Tilganga Institute for Diagnosis and Treatment of Eye Cancer Among Children',
			'sub_title' => '',
			'summary' => 'November 10: Laxmi Bank has signed a Memorandum of Understanding (MOU) with Nepal Eye program of Tilganga Institute of Ophthalmology to support diagnosis and treatment of Childhood Eye Cancer, technically known as Retinoblastoma.',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">November 10: Laxmi Bank has signed a Memorandum of Understanding (MOU) with Nepal Eye program of Tilganga Institute of Ophthalmology to support diagnosis and treatment of Childhood Eye Cancer, technically known as Retinoblastoma. </span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">Ajaya Bikram Shah, CEO of the bank, and Reeta Gurung, CEO of Tilganga Institute of Ophthalmology, signed the MOU amid a recent function. </span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">The bank said in a statement that it shall provide a fund of Rs 500,000 as an initiative under its Corporate Social Responsibility (CSR) for the diagnosis and treatment of Retinoblastoma patients from deprived financial background.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">According to the statement, Retinoblastoma is a rare eye cancer of childhood that arises in the retina. </span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">&ldquo;It is the most common intraocular malignancy of infancy and childhood; with an incidence of 1 in 15,000 to 1 in 18,000 live births worldwide, mostly occurring to children from birth till 5 years. If the disease is diagnosed and treated on time, chances of saving life, eye and vision is very high,&rdquo; the statement added. </span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">In Nepal, Tilganga Institute of Ophthalmology has started its treatment, which include chemotherapy, laser therapy, plaque brachy therapy and surgery whenever needed. </span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">The bank said it aims to support the sustainable development goals for good health and well-being by providing financial support to the hospital for diagnosis and treatment of Childhood Eye Cancer. </span></span></span></p>
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	(int) 10 => array(
		'Article' => array(
			'id' => '11643',
			'article_category_id' => '1',
			'title' => 'Import of Mobile Sets Increases',
			'sub_title' => '',
			'summary' => 'November 10: The import of mobile phone sets has increased in the first three months of the current fiscal year by 15 percent as compared to the corresponding period of last FY.',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">November 10: The import of mobile phone sets has increased in the first three months of the current fiscal year by 15 percent as compared to the corresponding period of last FY.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">According to the Department of Customs, Nepal imported a total of 16,23,795 sets of mobile phones worth Rs 7.19 billion during the review period. During the corresponding of last fiscal year 2018/19, the country imported 13,62,300 sets of phones worth Rs 6.29 billion.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Nepali importers have attributed the increase in import of mobile sets to the government&rsquo;s decision to provide VAT rebate and also their commitment to bring in genuine products to discourage &lsquo;grey market products&rsquo;.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Meanwhile, chairman of Mobile Importers&rsquo; Association&nbsp; of Nepal, Deepak Malhotra, says that the enthusiastic increase in import of mobile sets is a result of the companies&rsquo; sales strategy for the festive season and also the market expansion of products of Samsung and Xiaomi.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The government&rsquo;s earlier decision to revoke VAT rebate had encouraged import of products from illegal channels, claimed the importers.</span></span></p>
',
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	(int) 11 => array(
		'Article' => array(
			'id' => '11640',
			'article_category_id' => '1',
			'title' => 'FDI in Hospitality Business Increases Significantly',
			'sub_title' => '',
			'summary' => 'November 10: With the Visit Nepal Year 2020 fast approaching, foreign investment in the hotel sector of Nepal has increased significantly, Rastriya Samachar Samiti (RSS) reported.',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">November 10: </span></span><span style="font-size:16.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">With the Visit Nepal Year 2020 fast approaching, foreign investment in the hotel sector of Nepal has increased significantly, Rastriya Samachar Samiti (RSS) reported. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">According to a report published by the Department of Industries (DOI), a total of 39 new tourism industries related to hospitality have been registered at the DOI in the first three months of the fiscal year 2019/2020. &nbsp;The newly registered hotels and restaurants are reported to have been registered with foreign direct investment of Rs 5.77 billion.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">According to the department, the investment in the hospitality sector this year has increased by 100 percent compared to the corresponding period of last year.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt">The state-run news agency reported that a total of 77 industries have been approved for FDI during the first three months of FY 2019/2020 out of which 39 belong to the tourism sector, 25 are service providers, seven are manufacturing industries, and six belong to information technology.&nbsp; &nbsp;</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt">According to DOI, the registered industries have received commitment for FDI of Rs 11.36 billion.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt">&nbsp;The industries after coming into operation will create 4,292 employment opportunities. </span></span></span></p>

<p>&nbsp;</p>
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	(int) 12 => array(
		'Article' => array(
			'id' => '11639',
			'article_category_id' => '1',
			'title' => 'Private Sector Alarmed by Industrialist Jyoti’s Arrest',
			'sub_title' => '',
			'summary' => 'November 10: The private sector has raised serious objection to the arrest of industrialist Roop Jyoti, who is also vice president of Jyoti Group. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">November 10: The private sector has raised serious objection to the arrest of industrialist Roop Jyoti, who is also vice president of Jyoti Group. Nepal Chamber of Commerce (NCC) has issued an official statement saying that Jyoti was arrested without being proven guilty in the case. NCC maintained its stance that anyone cannot be arrested on the basis of complaint alone.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">NCC further said that the private sector has been set aback by the unceremonious arrest of &nbsp;an industrialist who has been contributing to the economy by investing a huge fortune and paying taxes regularly.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Although the Federation of Nepalese Chambers of Commerce and Industries (FNCCI) and the Confederation of Nepalese Industries (CNI) have not issued any formal statements, members of the two umbrella bodies of Nepalese entrepreneurs are said to be disappointed by the arrest.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">FNCCI has called a meeting on Sunday to discuss about the issue. FNCCI Senior Vice President Shekhar Golchha said that they will make public their official view later on Sunday.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">&ldquo;As far as my personal views are concerned, it is not fair to arrest every one for the crime committed by a single person,&rdquo; said Golchha.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">&ldquo;This incident clearly shows that the government doesn&rsquo;t respect the private sector,&rdquo; he added.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">CNI President Satish Kumar More also expressed his displeasure toward the arrest.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">&ldquo;It is a legal process. But I personally feel that it is an injustice to Roop Jyoti,&rdquo; he said. &nbsp;More further said that there is a need to improve the legal system itself.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The Metropolitan Police Range, Kathmandu had arrested the former state minister along with his daughter Suruchi from Tribhuvan International Airport on Thursday evening while they were returning home from Singapore.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Police informed New Business Age that both of them were arrested as per the court&rsquo;s order. The Kathmandu District Court on Friday ordered the police to remand them in custody for three days to investigate into fraud case, according to DSP Hobindra Bogati.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Jyoti has been accused of cheating Rs 13.6 million rupees by one Bigendra Krishna Malla in a land transaction case. The district court had ordered his arrest about one year ago but Jyoti moved the Supreme Court. The apex court had issued an interim order not to arrest Jyoti. But the police finally arrested him after the Supreme Court last week vacated the interim order.</span></span></p>

<p>&nbsp;</p>
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	(int) 13 => array(
		'Article' => array(
			'id' => '11641',
			'article_category_id' => '1',
			'title' => '‘800 New Tourist Vehicles Arriving in Nepal for VNY 2020’',
			'sub_title' => '',
			'summary' => 'November 10: Travel agencies and bus operators have become active as the Visit Nepal Year 2020 comes closer every passing day. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">November 10: Travel agencies and bus operators have become active as the Visit Nepal Year 2020 comes closer every passing day. Travel and Tour companies as well as hotels have increased their investment in tourist vehicles for the comfort of the visitors.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Altogether 150 tour and travel companies are preparing to import a total of 800 new vehicles for the campaign promoted by the government. </span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The tour operators have to invest around Rs 4 million for the purchase of a small vehicle while they have to pay around Rs 10 million for a large vehicle. President of the Nepalese National Entrepreneurs Tourism Association Ram Hari Sharma said that it would cost around Rs 8 billion to purchase the 800 vehicles. </span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">According to Sharma, the members of the association are preparing to import five to seven vehicles each.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">So far, there are 5200 vehicles in the tourism sector of Nepal.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Meanwhile, Sharma said that although the government announced the ambitious campaign to bring in more than 2 million tourists, he said that the government has failed to upgrade the roads to ensure safety of the foreigners. &nbsp;</span></span></p>
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			'created' => '2019-11-10',
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		'Article' => array(
			'id' => '11637',
			'article_category_id' => '1',
			'title' => 'FNCCI Special General Assembly Postponed',
			'sub_title' => 'The Deferral has Paved way for Shekhar Golchha to Become the Next President',
			'summary' => 'November 10: The Federation of Nepalese Chambers of Commerce and Industries (FNCCI) has postponed its special general assembly scheduled for November 15. ',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">November 10: The Federation of Nepalese Chambers of Commerce and Industries (FNCCI) has postponed its special general assembly scheduled for November 15. The special general assembly was called to discuss the issue of statute amendment to elect a new president.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">As per the current provision, the senior vice president of FNCCI automatically becomes the next president after the term of the incumbent president expires. But a section of the FNCCI was lobbying for directly elected president.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">The deferral of the special general assembly has paved way for Senior Vice President Shekhar Golchha to lead the FNCCI in the next term. This has also effectively ended the power struggle that had surfaced due to a sharp division among two groups within FNCCI since a year.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">A meeting of the statute amendment committee of the FNCCI headed by FNCCI Vice President Chandra Prasad Dhakal on Friday (November 8) decided to postpone the special general assembly.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">Dhakal along with a few other vice presidents had been lobbying against Golchha leading the federation as the three-year term of the incumbent president Bhavani Rana comes to an end soon.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">The committee headed by Dhakal was supposed to submit a 35-point proposal at the special general assembly to amend the statute, that would prevent Golchha from becoming the next president. However, Dhakal backed out after other members of FNCCI during Friday&rsquo;s meeting objected to the statute amendment saying that the committee had not fulfilled the due process for amendment.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">Dhakal said that the meeting agreed to continue with the current provision for selecting the president as a new process would invite unnecessary competition among the FNCCI members. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-family:&quot;Calibri&quot;,&quot;sans-serif&quot;">The FNCCI had been sharply divided into two poles for the upcoming election. Former president Dhakal and his camp was hell bent on not allowing Senior Vice President Shekhar Golchha from leading the federation while other former presidents of FNCCI had been backing Golchha.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-family:&quot;Calibri&quot;,&quot;sans-serif&quot;">Dhakal, who was until now demanding a directly elected president, was the one who took the initiative earlier to amend the statute to allow the senior vice president to automatically take charge of the federation.</span></span></span></p>
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		'Article' => array(
			'id' => '11658',
			'article_category_id' => '1',
			'title' => 'Government Faces Uphill Battle to Meet the Revised Target of Revenue Collection',
			'sub_title' => '',
			'summary' => 'February 23: The government has revised its target of revenue collection during the mid-term review of current fiscal year’s budget.  ',
			'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">February 23: The government has revised its target of revenue collection during the mid-term review of current fiscal year&rsquo;s budget. &nbsp;The government has adopted strict measures to curb revenue leakage after realizing that it is unlikely to meet the revised target as well.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The government has a daunting task of collecting Rs 600 billion in the next five months as per the revised target.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Finance Minister Yuba Raj Khatiwada has instructed all departments under his ministry to adopt strict measures to meet the revised target. &nbsp;He also called a meeting of high-ranking officials from ministries of finance, home affairs and Prime Minister&rsquo;s Office during Democracy Day last week and gave strict orders to meet the target.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The finance minister presented himself in an aggressive manner, according to officials who attended the first meeting after the mid-term review. During the meeting, Khatiwada reportedly issued stern instructions to the government authorities to collect all the dues and control tax evasion.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The finance minister also instructed the authorities to increase patrolling to curb smuggling and make proper arrangement of logistics and manpower for such patrol teams. He also directed them to keep vigilance at sensitive border entry points in order to intercept illegal entry of goods.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The government had set a target to collect revenue of Rs 1112 billion for the current fiscal year 2019/20. However, in the mid-term review, the government revised the target and set a new goal of collecting Rs 1056 billion. In the first six months of the current fiscal year, the government was able to collect only Rs 456 billion revenue. Now it faces an uphill battle to collect Rs 600 billion in the remaining five months.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The government has claimed that the decline in revenue collection is a result of a drop in import in the current fiscal year. If the government is to meet its revised target, it has to collect Rs 1004 billion from customs offices alone.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">&ldquo;The obstruction in export of palm oil has been removed. This has opened way for import of unprocessed palm oil. So, we are hopeful of meeting the revised target,&rdquo; said a highly-placed customs official requesting anonymity.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The government intends to collect Rs 169 billion from Value Added Tax (VAT) in the next five months. &nbsp;The government has already collected Rs 126 billion so far this year from VAT.</span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p>&nbsp;</p>
',
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			'created' => '2020-02-23',
			'modified' => '2020-02-23',
			'keywords' => '',
			'description' => '',
			'sortorder' => '11408',
			'image' => '20200223115755_0160717125003_finance-ministy.jpg',
			'article_date' => '2020-02-23 11:57:25',
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		'Article' => array(
			'id' => '11657',
			'article_category_id' => '1',
			'title' => 'NAC to Halt its Flights to Osaka',
			'sub_title' => '',
			'summary' => 'February 23: Nepal Airlines Corporation (NAC) is preparing to halt its flights to Osaka starting from February 27.',
			'content' => '<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-family:&quot;Georgia&quot;,&quot;serif&quot;">February 23: Nepal Airlines Corporation (NAC) is preparing to halt its flights to Osaka starting from February 27.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-family:&quot;Georgia&quot;,&quot;serif&quot;">Officials at the state-run airline company said that they decided to stop the flights to Osaka after getting permission to operate direct flights to Narita, which has better prospects for the company than Osaka.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-family:&quot;Georgia&quot;,&quot;serif&quot;">The cash-strapped airline, which had re-launched its flights to Osaka since August 29, was struggling to find passengers along the route. Authorities believe there would be no such problems for flights to Narita as large number of Nepalis live in this area making the flights economically more viable.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">NAC recently announced that it is ready to operate direct flights to Narita of Japan from March 2. The flag carrier of Nepal confirmed in a statement on February 10 that it will operate three flights a week to Narita.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The state-run airlines will operate flights on Mondays, Wednesdays and Fridays using the newly-purchased wide-body Airbus, the statement added.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The one-way fare to Narita has been set at Rs 37,000 for the time being to promote the new route. Likewise, the round-trip fare is Rs 73,000. </span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">NAC believes that the flights to Narita will facilitate people travelling to Tokyo and nearby areas while the passengers will not have to go through transit anymore with the launch of direct flights.&nbsp; </span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">NAC believes Narita has better prospects for Nepal than Osaka from commercial point of view. </span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">NAC had been operating flights to Osaka from 1994 till 2007, after which it stopped the flights citing lack of aircraft. NAC re-launched its flights to Osaka last year after purchasing two wide-body aircraft of Airbus.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Back in the 90s and 2000s, NAC used to operate flights to Osaka via Shanghai. </span></span></p>

<p>&nbsp;</p>
',
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			'created' => '2020-02-23',
			'modified' => '2020-02-23',
			'keywords' => '',
			'description' => '',
			'sortorder' => '11407',
			'image' => '20200223115527_20191216094733_20180727021334_2.jpg',
			'article_date' => '2020-02-23 11:54:44',
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	(int) 2 => array(
		'Article' => array(
			'id' => '11652',
			'article_category_id' => '1',
			'title' => 'Number of Tourists Increases by 8 percent so far this Year',
			'sub_title' => '',
			'summary' => '',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">November 12: The number of tourists visiting Nepal increased nominally by 8 percent in the first 10 months of the current fiscal year 2019/20.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">Altogether 975,557 tourists visited Nepal between January and October this year, according to data provided by Nepal Tourism Board.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">During the corresponding period of last fiscal year, 903,539 tourists had visited Nepal.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">According to Nepal Tourism Board, the 10 major countries from where tourists arrive in Nepal include India, China, USA, Sri Lanka, UK, Thailand, Germany, Australia, South Korea and France.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">Around 169,000 Indian tourists visited Nepal during the review period this year. Likewise, the number of visitors from China was 134,000.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">The government has set an ambitious target of welcoming 2 million tourists for the Visit Nepal 2020 campaign. &nbsp;Stakeholders are keenly watching the number of tourists in the current FY. During last year, around 1,172,000 tourists had arrived in Nepal.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">Nepal Tourism Board said that the arrival of tourists from the SAARC region has increased by 4.2 percent. Likewise, the number of tourists from other Asian countries increased by 11.1 percent while the number of visitors from Europe was up by 0.3 percent. Tourists from USA and Oceania increased by 5.4 percent each while those from rest of the world increased by 24 percent.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">However, the arrival of tourists from Bangladesh and Pakistan under the SAARC region dropped by 9.6 and 8.7 percent respectively.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">Although the number of visitors this year has been lower than expected, officials of the Visit Nepal 2020 secretariat believe that the promotional campaigns this year will have positive impact in the coming year.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">Member Secretary of the VNY 2020 Secretariat Rajan Poudel said that although they are running out of time, they are hopeful that the promotional activities undertaken so far will help them meet the target of bringing in 2 million tourists in 2020.</span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p>&nbsp;</p>
',
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		'Article' => array(
			'id' => '11653',
			'article_category_id' => '1',
			'title' => 'Court Grants Permission to Arrest Padma Jyoti',
			'sub_title' => '',
			'summary' => 'November 12: Following the arrest of industrialist Roop Jyoti in a fraud case, Kathmandu District Court has also ordered the arrest of Padma Jyoti, chairman of Jyoti Group, in connection to the same case.',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">November 12: Following the arrest of industrialist Roop Jyoti in a fraud case, Kathmandu District Court has also ordered the arrest of Padma Jyoti, chairman of Jyoti Group, in connection to the same case.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The district court on Monday granted permission to the Metropolitan Police Range, Teku to arrest the chairman of Jyoti Group.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Registrar at the district court Anand Shrestha said that the court issued the arrest warrant as per the request of the police.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Police said that they sought permission from the court to arrest Chairman Jyoti for further investigation into the case.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Padma Jyoti is the former president of the Federation of Nepalese Chambers of Commerce and Industries (FNCCI).</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">&ldquo;Police had demanded Padma Jyoti&rsquo;s arrest for further investigation,&rdquo; said Registrar Shrestha. &ldquo;The court granted permission to the police to arrest him,&rdquo; confirmed Shrestha.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">However, DSP Hobindra Bogati at the police range declined to comment.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">&ldquo;We are currently investigation charges against Roop Jyoti,&rdquo; said DSP Bogati.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:11.0pt"><span style="font-family:&quot;Calibri&quot;,&quot;sans-serif&quot;">Police had arrested former state minister Jyoti and his daughter from Tribhuvan International Airport on Thursday while they were returning home from Singapore.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:11.0pt"><span style="font-family:&quot;Calibri&quot;,&quot;sans-serif&quot;">Jyoti has been accused of cheating Rs 13.6 million rupees in a land transaction case filed by Bigendra Krishna Malla. The district court had ordered his arrest about one year ago but Jyoti moved the Supreme Court. The apex court had issued an interim order not to arrest Jyoti. But the police finally arrested him after the Supreme Court last week vacated the interim order.</span></span></span></span></p>

<p>&nbsp;</p>
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	(int) 4 => array(
		'Article' => array(
			'id' => '11651',
			'article_category_id' => '1',
			'title' => 'Nepal’s Dependence on Imported Fruits and Vegetables Growing',
			'sub_title' => '',
			'summary' => 'November 11: Nepal’s dependence on imported fruits and vegetables has been increasing in the recent days.',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">November 11: Nepal&rsquo;s dependence on imported fruits and vegetables has been increasing in the recent days. This is evident from the fact that the country imported fruits and vegetables worth Rs 14 billion in the first three months of the current fiscal year 2019/20.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">According to the data provided by the Department of Customs, this figure is 20 percent more than the import during last fiscal year.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The country had imported fruits and vegetables worth Rs 11.80 billion during the first three months of last fiscal year2018/19. The import figures stood &nbsp;at Rs 8.96 billion in FY 2017/18, according to the department.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">During the review period, Nepal imported potatoes worth Rs 1.92 billion, onion worth Rs 1.72 billion, ginger worth Rs 900 million and tomatoes of Rs 120 million. Likewise, other major imports included apples (Rs 1.88 billion), grapes (Rs 690 million), mangoes (Rs 310 million), bananas (Rs 290 million) and coconut (Rs 160 million).</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">On the other hand, the export of fruits and vegetables from Nepal has decreased instead. Nepal exported fruits and vegetables worth Rs 490 million only during the review period.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The department informed that Nepal imports fruits and vegetables mainly from China, India and Bangladesh. Besides, Nepal also brings in such products from Thailand, Namibia, the Netherlands, Indonesia, South Korea among others.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Meanwhile, experts said that the grants and subsidies provided by the government to the farmers have proved to be ineffective. Former Secretary Puroshattam Ojha said that the pesticide residue tests have also not been able to stop the massive import of fruits and vegetables from abroad.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Dr Posh Raj Pandey, chairman of South Asia Watch on Trade, Economics and Environment (SAWTEE), said that the rise in import of fruits and vegetables at a time when more and more youths have shown interest in farming clearly indicates that Nepal has become heavily dependent on these edible products.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">He suggested the government to increase productivity of fruits and vegetables that suit the soil of Nepal to reduce dependence on foreign countries for such products.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The Economic Survey of 2018/19 mentions that the total production of fruits and vegetables in Nepal is 53,28,000 metric tons. The production of fruits had increased by 14.16 percent last year compared to the previous year while the vegetable production increased by 1.86 percent.</span></span></p>
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	(int) 5 => array(
		'Article' => array(
			'id' => '11650',
			'article_category_id' => '1',
			'title' => 'Government Increases Customs Duty on Import of Gold',
			'sub_title' => '',
			'summary' => 'November 11: The government has increased customs duty on gold to discourage “smuggling” of the precious yellow metal. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">November 11: The government has increased customs duty on gold to discourage &ldquo;smuggling&rdquo; of the precious yellow metal. The government has increased the customs duty for gold imported for trade from Rs 5000 per 10 gram to Rs 6500.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Likewise, gold imported for personal use will be charged Rs 7500 per 10 grams, Rs 800 up from the earlier rate of Rs 6200. The same new rate will be applied for import of gold up to 50 grams.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Joint Secretary Dhani Ram Sharma, chief of the Revenue Management Department under the Ministry of Finance, said that the customs duty has been increased to discourage smuggling of gold.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Sharma said that Nepal is used as a transit point to smuggle gold to India when there is fluctuation in price of gold in India.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">He further said that the government decided to raise the tariff on gold to make it on par with the customs duty imposed by India.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Dealers of gold and silver had also been demanding increase of customs duty stating that gold and silver were being smuggled to India taking advantage of the tariff difference.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The difference in price of gold in Nepal and India appeared after the Indian government increased tax on import of gold by two percent some time ago.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Former president of the Federation of Nepal Gold Silver Dealers Association, Tej Ratna Shakya, said that the latest decision of the government will discourage smuggling of gold to India.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The increase in customs duty has also impacted the price of gold in the local market. The price has been increased by Rs 1100 per tola (11 grams approx).</span></span></p>

<p>&nbsp;</p>
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	(int) 6 => array(
		'Article' => array(
			'id' => '11644',
			'article_category_id' => '1',
			'title' => '‘Industries forced to pay Premium Charge for Electricity Despite End to Power Cuts’',
			'sub_title' => '',
			'summary' => 'November 11: Newly set up industries have been forced to subscribe to the Dedicated and Trunk Line for electricity supply even when there is no power cuts in the country, complained industrialists. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">November 11: Newly set up industries have been forced to subscribe to the Dedicated and Trunk Line for electricity supply even when there is no power cuts in the country, complained industrialists. They say they have no option than to pay &ldquo;premium charge&rdquo; for the service because the normal 11 KVA feeder line of the Nepal Electricity Authority does not have the capacity to supply electricity more than 5 MVA. Service from the Dedicated and Trunk Line costs 59 to 67 percent more than the normal charge.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Anyone requiring more than 5 MVA electricity has to subscribe to the 66 KVA Dedicated and Trunk Line of NEA, says industrialist Rajesh Kyal.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">According to Kyal, the state-owned utility service provider charges exorbitant amount for providing uninterrupted power supply at a time when the country has got rid of power cuts problem.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">He argued that the government must slash the &ldquo;premium charge&rdquo; because currently there is no power cuts in the country. &nbsp;</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The NEA has been charging premium rate even to the industries which were set up after the end of power cuts, &nbsp;says industrialist Gopal Kedia, chairman of Birgunj Chamber of Commerce (BCC).</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">&ldquo;The government should charge the industries normal rate for electricity keeping in mind that the home-grown industries are facing immense competition in the market.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Vice president of BCC, Anil Agrawal, claimed that the electricity charge alone make up 25 percent of their production cost.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">&ldquo;Our home-based industries are facing hard times. On top of that, the production has been hampered by the exorbitant electricity charge. How can industries operate in such condition?&rdquo; questioned Agrawal.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Although power cuts officially came to an end on May 15 last year, the industries have been forced to pay the same old charge because the regulation regarding collection of electricity charge is yet to be amended.</span></span></p>
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	(int) 7 => array(
		'Article' => array(
			'id' => '11645',
			'article_category_id' => '1',
			'title' => 'Industrialist Jyoti Remanded in Custody for 5 more Days',
			'sub_title' => '',
			'summary' => 'November 11: The Kathmandu District Court has remanded industrialist Roop Jyoti in custody for five more days. ',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:11.0pt"><span style="font-family:&quot;Calibri&quot;,&quot;sans-serif&quot;">November 11: The Kathmandu District Court has remanded industrialist Roop Jyoti in custody for five more days. The court has also granted the police to investigate his daughter Suruchi in custody for five days. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:11.0pt"><span style="font-family:&quot;Calibri&quot;,&quot;sans-serif&quot;">District Court Judge Om Prakash Aryal issued the order on Sunday after the arrest of the duo in connection to a fraud case in land transaction. Police had arrested former state minister Jyoti and his daughter from Tribhuvan International Airport on Thursday while they were returning home from Singapore.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:11.0pt"><span style="font-family:&quot;Calibri&quot;,&quot;sans-serif&quot;">Jyoti has been accused of cheating Rs 13.6 million rupees in a land transaction case filed by Bigendra Krishna Malla. The district court had ordered his arrest about one year ago but Jyoti moved the Supreme Court. The apex court had issued an interim order not to arrest Jyoti. But the police finally arrested him after the Supreme Court last week vacated the interim order.</span></span></span></span></p>
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	(int) 8 => array(
		'Article' => array(
			'id' => '11638',
			'article_category_id' => '1',
			'title' => 'Billionaires' Wealth Falls for First Time since 2015: Report',
			'sub_title' => '',
			'summary' => 'November 10: The world’s richest people became a little less well off last year as geopolitical turmoil and volatile equity markets reduced the wealth of billionaires for the first time since 2015, a report shows.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,serif">November 10: The world&rsquo;s richest people became a little less well off last year as geopolitical turmoil and volatile equity markets reduced the wealth of billionaires for the first time since 2015, a report shows.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,serif">Billionaires&rsquo; wealth fell by $388 billion globally to $8.539 trillion, the UBS/PwC Billionaires Report found. Reuters reported that there was a particularly sharp decline in Greater China, the second biggest home for billionaires after the United States, and the Asia-Pacific region more broadly.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,serif">According to Reuters, private banks including the world&rsquo;s largest wealth manager UBS have felt the effects of US-China trade tensions and global political uncertainties, as clients last year shied away from trading and taking on debt in favour of hoarding more cash.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,serif">The net worth of China&rsquo;s richest dropped 12.8 percent in dollar terms on the back of tumbling stock markets and a weaker local currency and as growth in the world&rsquo;s second-largest economy slowed to its lowest level in nearly three decades in 2018, the report found, knocking dozens off the billionaires list.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,serif">Despite the drop, China continues to produce a new billionaire every 2-2.5 days, UBS&rsquo;s head of ultra-high net worth clients, Josef Stadler, said in the report released on Friday.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,serif">Worldwide, the number of billionaires fell everywhere except in the Americas, where tech entrepreneurs continued to buoy the ranks of the United States&rsquo; wealthiest, Reuters further reported.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,serif">&ldquo;This report shows the resilience of the U.S. economy,&rdquo; where there were 749 billionaires at the end of 2018, said John Matthews, head of private wealth management and ultra-high net worth business for UBS in the United States.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,serif">While a stock market recovery from a steep drop in late 2018 has helped wealth managers increase their assets, the world&rsquo;s richest families remain concerned about global affairs from trade tensions and Brexit to populism and climate change and are continuing to keep more of their money in cash.</span></span></p>

<p>&nbsp;</p>
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	(int) 9 => array(
		'Article' => array(
			'id' => '11642',
			'article_category_id' => '1',
			'title' => 'Laxmi Bank Supports Tilganga Institute for Diagnosis and Treatment of Eye Cancer Among Children',
			'sub_title' => '',
			'summary' => 'November 10: Laxmi Bank has signed a Memorandum of Understanding (MOU) with Nepal Eye program of Tilganga Institute of Ophthalmology to support diagnosis and treatment of Childhood Eye Cancer, technically known as Retinoblastoma.',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">November 10: Laxmi Bank has signed a Memorandum of Understanding (MOU) with Nepal Eye program of Tilganga Institute of Ophthalmology to support diagnosis and treatment of Childhood Eye Cancer, technically known as Retinoblastoma. </span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">Ajaya Bikram Shah, CEO of the bank, and Reeta Gurung, CEO of Tilganga Institute of Ophthalmology, signed the MOU amid a recent function. </span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">The bank said in a statement that it shall provide a fund of Rs 500,000 as an initiative under its Corporate Social Responsibility (CSR) for the diagnosis and treatment of Retinoblastoma patients from deprived financial background.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">According to the statement, Retinoblastoma is a rare eye cancer of childhood that arises in the retina. </span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">&ldquo;It is the most common intraocular malignancy of infancy and childhood; with an incidence of 1 in 15,000 to 1 in 18,000 live births worldwide, mostly occurring to children from birth till 5 years. If the disease is diagnosed and treated on time, chances of saving life, eye and vision is very high,&rdquo; the statement added. </span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">In Nepal, Tilganga Institute of Ophthalmology has started its treatment, which include chemotherapy, laser therapy, plaque brachy therapy and surgery whenever needed. </span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">The bank said it aims to support the sustainable development goals for good health and well-being by providing financial support to the hospital for diagnosis and treatment of Childhood Eye Cancer. </span></span></span></p>
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	(int) 10 => array(
		'Article' => array(
			'id' => '11643',
			'article_category_id' => '1',
			'title' => 'Import of Mobile Sets Increases',
			'sub_title' => '',
			'summary' => 'November 10: The import of mobile phone sets has increased in the first three months of the current fiscal year by 15 percent as compared to the corresponding period of last FY.',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">November 10: The import of mobile phone sets has increased in the first three months of the current fiscal year by 15 percent as compared to the corresponding period of last FY.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">According to the Department of Customs, Nepal imported a total of 16,23,795 sets of mobile phones worth Rs 7.19 billion during the review period. During the corresponding of last fiscal year 2018/19, the country imported 13,62,300 sets of phones worth Rs 6.29 billion.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Nepali importers have attributed the increase in import of mobile sets to the government&rsquo;s decision to provide VAT rebate and also their commitment to bring in genuine products to discourage &lsquo;grey market products&rsquo;.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Meanwhile, chairman of Mobile Importers&rsquo; Association&nbsp; of Nepal, Deepak Malhotra, says that the enthusiastic increase in import of mobile sets is a result of the companies&rsquo; sales strategy for the festive season and also the market expansion of products of Samsung and Xiaomi.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The government&rsquo;s earlier decision to revoke VAT rebate had encouraged import of products from illegal channels, claimed the importers.</span></span></p>
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	(int) 11 => array(
		'Article' => array(
			'id' => '11640',
			'article_category_id' => '1',
			'title' => 'FDI in Hospitality Business Increases Significantly',
			'sub_title' => '',
			'summary' => 'November 10: With the Visit Nepal Year 2020 fast approaching, foreign investment in the hotel sector of Nepal has increased significantly, Rastriya Samachar Samiti (RSS) reported.',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">November 10: </span></span><span style="font-size:16.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">With the Visit Nepal Year 2020 fast approaching, foreign investment in the hotel sector of Nepal has increased significantly, Rastriya Samachar Samiti (RSS) reported. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">According to a report published by the Department of Industries (DOI), a total of 39 new tourism industries related to hospitality have been registered at the DOI in the first three months of the fiscal year 2019/2020. &nbsp;The newly registered hotels and restaurants are reported to have been registered with foreign direct investment of Rs 5.77 billion.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">According to the department, the investment in the hospitality sector this year has increased by 100 percent compared to the corresponding period of last year.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt">The state-run news agency reported that a total of 77 industries have been approved for FDI during the first three months of FY 2019/2020 out of which 39 belong to the tourism sector, 25 are service providers, seven are manufacturing industries, and six belong to information technology.&nbsp; &nbsp;</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt">According to DOI, the registered industries have received commitment for FDI of Rs 11.36 billion.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt">&nbsp;The industries after coming into operation will create 4,292 employment opportunities. </span></span></span></p>

<p>&nbsp;</p>
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	(int) 12 => array(
		'Article' => array(
			'id' => '11639',
			'article_category_id' => '1',
			'title' => 'Private Sector Alarmed by Industrialist Jyoti’s Arrest',
			'sub_title' => '',
			'summary' => 'November 10: The private sector has raised serious objection to the arrest of industrialist Roop Jyoti, who is also vice president of Jyoti Group. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">November 10: The private sector has raised serious objection to the arrest of industrialist Roop Jyoti, who is also vice president of Jyoti Group. Nepal Chamber of Commerce (NCC) has issued an official statement saying that Jyoti was arrested without being proven guilty in the case. NCC maintained its stance that anyone cannot be arrested on the basis of complaint alone.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">NCC further said that the private sector has been set aback by the unceremonious arrest of &nbsp;an industrialist who has been contributing to the economy by investing a huge fortune and paying taxes regularly.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Although the Federation of Nepalese Chambers of Commerce and Industries (FNCCI) and the Confederation of Nepalese Industries (CNI) have not issued any formal statements, members of the two umbrella bodies of Nepalese entrepreneurs are said to be disappointed by the arrest.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">FNCCI has called a meeting on Sunday to discuss about the issue. FNCCI Senior Vice President Shekhar Golchha said that they will make public their official view later on Sunday.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">&ldquo;As far as my personal views are concerned, it is not fair to arrest every one for the crime committed by a single person,&rdquo; said Golchha.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">&ldquo;This incident clearly shows that the government doesn&rsquo;t respect the private sector,&rdquo; he added.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">CNI President Satish Kumar More also expressed his displeasure toward the arrest.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">&ldquo;It is a legal process. But I personally feel that it is an injustice to Roop Jyoti,&rdquo; he said. &nbsp;More further said that there is a need to improve the legal system itself.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The Metropolitan Police Range, Kathmandu had arrested the former state minister along with his daughter Suruchi from Tribhuvan International Airport on Thursday evening while they were returning home from Singapore.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Police informed New Business Age that both of them were arrested as per the court&rsquo;s order. The Kathmandu District Court on Friday ordered the police to remand them in custody for three days to investigate into fraud case, according to DSP Hobindra Bogati.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Jyoti has been accused of cheating Rs 13.6 million rupees by one Bigendra Krishna Malla in a land transaction case. The district court had ordered his arrest about one year ago but Jyoti moved the Supreme Court. The apex court had issued an interim order not to arrest Jyoti. But the police finally arrested him after the Supreme Court last week vacated the interim order.</span></span></p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '11641',
			'article_category_id' => '1',
			'title' => '‘800 New Tourist Vehicles Arriving in Nepal for VNY 2020’',
			'sub_title' => '',
			'summary' => 'November 10: Travel agencies and bus operators have become active as the Visit Nepal Year 2020 comes closer every passing day. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">November 10: Travel agencies and bus operators have become active as the Visit Nepal Year 2020 comes closer every passing day. Travel and Tour companies as well as hotels have increased their investment in tourist vehicles for the comfort of the visitors.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Altogether 150 tour and travel companies are preparing to import a total of 800 new vehicles for the campaign promoted by the government. </span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The tour operators have to invest around Rs 4 million for the purchase of a small vehicle while they have to pay around Rs 10 million for a large vehicle. President of the Nepalese National Entrepreneurs Tourism Association Ram Hari Sharma said that it would cost around Rs 8 billion to purchase the 800 vehicles. </span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">According to Sharma, the members of the association are preparing to import five to seven vehicles each.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">So far, there are 5200 vehicles in the tourism sector of Nepal.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Meanwhile, Sharma said that although the government announced the ambitious campaign to bring in more than 2 million tourists, he said that the government has failed to upgrade the roads to ensure safety of the foreigners. &nbsp;</span></span></p>
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		'Article' => array(
			'id' => '11637',
			'article_category_id' => '1',
			'title' => 'FNCCI Special General Assembly Postponed',
			'sub_title' => 'The Deferral has Paved way for Shekhar Golchha to Become the Next President',
			'summary' => 'November 10: The Federation of Nepalese Chambers of Commerce and Industries (FNCCI) has postponed its special general assembly scheduled for November 15. ',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">November 10: The Federation of Nepalese Chambers of Commerce and Industries (FNCCI) has postponed its special general assembly scheduled for November 15. The special general assembly was called to discuss the issue of statute amendment to elect a new president.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">As per the current provision, the senior vice president of FNCCI automatically becomes the next president after the term of the incumbent president expires. But a section of the FNCCI was lobbying for directly elected president.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">The deferral of the special general assembly has paved way for Senior Vice President Shekhar Golchha to lead the FNCCI in the next term. This has also effectively ended the power struggle that had surfaced due to a sharp division among two groups within FNCCI since a year.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">A meeting of the statute amendment committee of the FNCCI headed by FNCCI Vice President Chandra Prasad Dhakal on Friday (November 8) decided to postpone the special general assembly.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">Dhakal along with a few other vice presidents had been lobbying against Golchha leading the federation as the three-year term of the incumbent president Bhavani Rana comes to an end soon.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">The committee headed by Dhakal was supposed to submit a 35-point proposal at the special general assembly to amend the statute, that would prevent Golchha from becoming the next president. However, Dhakal backed out after other members of FNCCI during Friday&rsquo;s meeting objected to the statute amendment saying that the committee had not fulfilled the due process for amendment.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">Dhakal said that the meeting agreed to continue with the current provision for selecting the president as a new process would invite unnecessary competition among the FNCCI members. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-family:&quot;Calibri&quot;,&quot;sans-serif&quot;">The FNCCI had been sharply divided into two poles for the upcoming election. Former president Dhakal and his camp was hell bent on not allowing Senior Vice President Shekhar Golchha from leading the federation while other former presidents of FNCCI had been backing Golchha.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-family:&quot;Calibri&quot;,&quot;sans-serif&quot;">Dhakal, who was until now demanding a directly elected president, was the one who took the initiative earlier to amend the statute to allow the senior vice president to automatically take charge of the federation.</span></span></span></p>
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		'Article' => array(
			'id' => '11658',
			'article_category_id' => '1',
			'title' => 'Government Faces Uphill Battle to Meet the Revised Target of Revenue Collection',
			'sub_title' => '',
			'summary' => 'February 23: The government has revised its target of revenue collection during the mid-term review of current fiscal year’s budget.  ',
			'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">February 23: The government has revised its target of revenue collection during the mid-term review of current fiscal year&rsquo;s budget. &nbsp;The government has adopted strict measures to curb revenue leakage after realizing that it is unlikely to meet the revised target as well.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The government has a daunting task of collecting Rs 600 billion in the next five months as per the revised target.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Finance Minister Yuba Raj Khatiwada has instructed all departments under his ministry to adopt strict measures to meet the revised target. &nbsp;He also called a meeting of high-ranking officials from ministries of finance, home affairs and Prime Minister&rsquo;s Office during Democracy Day last week and gave strict orders to meet the target.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The finance minister presented himself in an aggressive manner, according to officials who attended the first meeting after the mid-term review. During the meeting, Khatiwada reportedly issued stern instructions to the government authorities to collect all the dues and control tax evasion.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The finance minister also instructed the authorities to increase patrolling to curb smuggling and make proper arrangement of logistics and manpower for such patrol teams. He also directed them to keep vigilance at sensitive border entry points in order to intercept illegal entry of goods.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The government had set a target to collect revenue of Rs 1112 billion for the current fiscal year 2019/20. However, in the mid-term review, the government revised the target and set a new goal of collecting Rs 1056 billion. In the first six months of the current fiscal year, the government was able to collect only Rs 456 billion revenue. Now it faces an uphill battle to collect Rs 600 billion in the remaining five months.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The government has claimed that the decline in revenue collection is a result of a drop in import in the current fiscal year. If the government is to meet its revised target, it has to collect Rs 1004 billion from customs offices alone.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">&ldquo;The obstruction in export of palm oil has been removed. This has opened way for import of unprocessed palm oil. So, we are hopeful of meeting the revised target,&rdquo; said a highly-placed customs official requesting anonymity.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The government intends to collect Rs 169 billion from Value Added Tax (VAT) in the next five months. &nbsp;The government has already collected Rs 126 billion so far this year from VAT.</span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p>&nbsp;</p>
',
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			'created' => '2020-02-23',
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			'sortorder' => '11408',
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			'article_date' => '2020-02-23 11:57:25',
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		'Article' => array(
			'id' => '11657',
			'article_category_id' => '1',
			'title' => 'NAC to Halt its Flights to Osaka',
			'sub_title' => '',
			'summary' => 'February 23: Nepal Airlines Corporation (NAC) is preparing to halt its flights to Osaka starting from February 27.',
			'content' => '<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-family:&quot;Georgia&quot;,&quot;serif&quot;">February 23: Nepal Airlines Corporation (NAC) is preparing to halt its flights to Osaka starting from February 27.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-family:&quot;Georgia&quot;,&quot;serif&quot;">Officials at the state-run airline company said that they decided to stop the flights to Osaka after getting permission to operate direct flights to Narita, which has better prospects for the company than Osaka.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-family:&quot;Georgia&quot;,&quot;serif&quot;">The cash-strapped airline, which had re-launched its flights to Osaka since August 29, was struggling to find passengers along the route. Authorities believe there would be no such problems for flights to Narita as large number of Nepalis live in this area making the flights economically more viable.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">NAC recently announced that it is ready to operate direct flights to Narita of Japan from March 2. The flag carrier of Nepal confirmed in a statement on February 10 that it will operate three flights a week to Narita.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The state-run airlines will operate flights on Mondays, Wednesdays and Fridays using the newly-purchased wide-body Airbus, the statement added.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The one-way fare to Narita has been set at Rs 37,000 for the time being to promote the new route. Likewise, the round-trip fare is Rs 73,000. </span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">NAC believes that the flights to Narita will facilitate people travelling to Tokyo and nearby areas while the passengers will not have to go through transit anymore with the launch of direct flights.&nbsp; </span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">NAC believes Narita has better prospects for Nepal than Osaka from commercial point of view. </span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">NAC had been operating flights to Osaka from 1994 till 2007, after which it stopped the flights citing lack of aircraft. NAC re-launched its flights to Osaka last year after purchasing two wide-body aircraft of Airbus.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Back in the 90s and 2000s, NAC used to operate flights to Osaka via Shanghai. </span></span></p>

<p>&nbsp;</p>
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			'modified' => '2020-02-23',
			'keywords' => '',
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			'sortorder' => '11407',
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		'Article' => array(
			'id' => '11652',
			'article_category_id' => '1',
			'title' => 'Number of Tourists Increases by 8 percent so far this Year',
			'sub_title' => '',
			'summary' => '',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">November 12: The number of tourists visiting Nepal increased nominally by 8 percent in the first 10 months of the current fiscal year 2019/20.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">Altogether 975,557 tourists visited Nepal between January and October this year, according to data provided by Nepal Tourism Board.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">During the corresponding period of last fiscal year, 903,539 tourists had visited Nepal.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">According to Nepal Tourism Board, the 10 major countries from where tourists arrive in Nepal include India, China, USA, Sri Lanka, UK, Thailand, Germany, Australia, South Korea and France.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">Around 169,000 Indian tourists visited Nepal during the review period this year. Likewise, the number of visitors from China was 134,000.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">The government has set an ambitious target of welcoming 2 million tourists for the Visit Nepal 2020 campaign. &nbsp;Stakeholders are keenly watching the number of tourists in the current FY. During last year, around 1,172,000 tourists had arrived in Nepal.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">Nepal Tourism Board said that the arrival of tourists from the SAARC region has increased by 4.2 percent. Likewise, the number of tourists from other Asian countries increased by 11.1 percent while the number of visitors from Europe was up by 0.3 percent. Tourists from USA and Oceania increased by 5.4 percent each while those from rest of the world increased by 24 percent.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">However, the arrival of tourists from Bangladesh and Pakistan under the SAARC region dropped by 9.6 and 8.7 percent respectively.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">Although the number of visitors this year has been lower than expected, officials of the Visit Nepal 2020 secretariat believe that the promotional campaigns this year will have positive impact in the coming year.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">Member Secretary of the VNY 2020 Secretariat Rajan Poudel said that although they are running out of time, they are hopeful that the promotional activities undertaken so far will help them meet the target of bringing in 2 million tourists in 2020.</span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '11653',
			'article_category_id' => '1',
			'title' => 'Court Grants Permission to Arrest Padma Jyoti',
			'sub_title' => '',
			'summary' => 'November 12: Following the arrest of industrialist Roop Jyoti in a fraud case, Kathmandu District Court has also ordered the arrest of Padma Jyoti, chairman of Jyoti Group, in connection to the same case.',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">November 12: Following the arrest of industrialist Roop Jyoti in a fraud case, Kathmandu District Court has also ordered the arrest of Padma Jyoti, chairman of Jyoti Group, in connection to the same case.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The district court on Monday granted permission to the Metropolitan Police Range, Teku to arrest the chairman of Jyoti Group.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Registrar at the district court Anand Shrestha said that the court issued the arrest warrant as per the request of the police.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Police said that they sought permission from the court to arrest Chairman Jyoti for further investigation into the case.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Padma Jyoti is the former president of the Federation of Nepalese Chambers of Commerce and Industries (FNCCI).</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">&ldquo;Police had demanded Padma Jyoti&rsquo;s arrest for further investigation,&rdquo; said Registrar Shrestha. &ldquo;The court granted permission to the police to arrest him,&rdquo; confirmed Shrestha.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">However, DSP Hobindra Bogati at the police range declined to comment.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">&ldquo;We are currently investigation charges against Roop Jyoti,&rdquo; said DSP Bogati.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:11.0pt"><span style="font-family:&quot;Calibri&quot;,&quot;sans-serif&quot;">Police had arrested former state minister Jyoti and his daughter from Tribhuvan International Airport on Thursday while they were returning home from Singapore.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:11.0pt"><span style="font-family:&quot;Calibri&quot;,&quot;sans-serif&quot;">Jyoti has been accused of cheating Rs 13.6 million rupees in a land transaction case filed by Bigendra Krishna Malla. The district court had ordered his arrest about one year ago but Jyoti moved the Supreme Court. The apex court had issued an interim order not to arrest Jyoti. But the police finally arrested him after the Supreme Court last week vacated the interim order.</span></span></span></span></p>

<p>&nbsp;</p>
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	(int) 4 => array(
		'Article' => array(
			'id' => '11651',
			'article_category_id' => '1',
			'title' => 'Nepal’s Dependence on Imported Fruits and Vegetables Growing',
			'sub_title' => '',
			'summary' => 'November 11: Nepal’s dependence on imported fruits and vegetables has been increasing in the recent days.',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">November 11: Nepal&rsquo;s dependence on imported fruits and vegetables has been increasing in the recent days. This is evident from the fact that the country imported fruits and vegetables worth Rs 14 billion in the first three months of the current fiscal year 2019/20.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">According to the data provided by the Department of Customs, this figure is 20 percent more than the import during last fiscal year.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The country had imported fruits and vegetables worth Rs 11.80 billion during the first three months of last fiscal year2018/19. The import figures stood &nbsp;at Rs 8.96 billion in FY 2017/18, according to the department.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">During the review period, Nepal imported potatoes worth Rs 1.92 billion, onion worth Rs 1.72 billion, ginger worth Rs 900 million and tomatoes of Rs 120 million. Likewise, other major imports included apples (Rs 1.88 billion), grapes (Rs 690 million), mangoes (Rs 310 million), bananas (Rs 290 million) and coconut (Rs 160 million).</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">On the other hand, the export of fruits and vegetables from Nepal has decreased instead. Nepal exported fruits and vegetables worth Rs 490 million only during the review period.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The department informed that Nepal imports fruits and vegetables mainly from China, India and Bangladesh. Besides, Nepal also brings in such products from Thailand, Namibia, the Netherlands, Indonesia, South Korea among others.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Meanwhile, experts said that the grants and subsidies provided by the government to the farmers have proved to be ineffective. Former Secretary Puroshattam Ojha said that the pesticide residue tests have also not been able to stop the massive import of fruits and vegetables from abroad.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Dr Posh Raj Pandey, chairman of South Asia Watch on Trade, Economics and Environment (SAWTEE), said that the rise in import of fruits and vegetables at a time when more and more youths have shown interest in farming clearly indicates that Nepal has become heavily dependent on these edible products.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">He suggested the government to increase productivity of fruits and vegetables that suit the soil of Nepal to reduce dependence on foreign countries for such products.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The Economic Survey of 2018/19 mentions that the total production of fruits and vegetables in Nepal is 53,28,000 metric tons. The production of fruits had increased by 14.16 percent last year compared to the previous year while the vegetable production increased by 1.86 percent.</span></span></p>
',
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	(int) 5 => array(
		'Article' => array(
			'id' => '11650',
			'article_category_id' => '1',
			'title' => 'Government Increases Customs Duty on Import of Gold',
			'sub_title' => '',
			'summary' => 'November 11: The government has increased customs duty on gold to discourage “smuggling” of the precious yellow metal. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">November 11: The government has increased customs duty on gold to discourage &ldquo;smuggling&rdquo; of the precious yellow metal. The government has increased the customs duty for gold imported for trade from Rs 5000 per 10 gram to Rs 6500.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Likewise, gold imported for personal use will be charged Rs 7500 per 10 grams, Rs 800 up from the earlier rate of Rs 6200. The same new rate will be applied for import of gold up to 50 grams.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Joint Secretary Dhani Ram Sharma, chief of the Revenue Management Department under the Ministry of Finance, said that the customs duty has been increased to discourage smuggling of gold.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Sharma said that Nepal is used as a transit point to smuggle gold to India when there is fluctuation in price of gold in India.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">He further said that the government decided to raise the tariff on gold to make it on par with the customs duty imposed by India.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Dealers of gold and silver had also been demanding increase of customs duty stating that gold and silver were being smuggled to India taking advantage of the tariff difference.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The difference in price of gold in Nepal and India appeared after the Indian government increased tax on import of gold by two percent some time ago.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Former president of the Federation of Nepal Gold Silver Dealers Association, Tej Ratna Shakya, said that the latest decision of the government will discourage smuggling of gold to India.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The increase in customs duty has also impacted the price of gold in the local market. The price has been increased by Rs 1100 per tola (11 grams approx).</span></span></p>

<p>&nbsp;</p>
',
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		'Article' => array(
			'id' => '11644',
			'article_category_id' => '1',
			'title' => '‘Industries forced to pay Premium Charge for Electricity Despite End to Power Cuts’',
			'sub_title' => '',
			'summary' => 'November 11: Newly set up industries have been forced to subscribe to the Dedicated and Trunk Line for electricity supply even when there is no power cuts in the country, complained industrialists. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">November 11: Newly set up industries have been forced to subscribe to the Dedicated and Trunk Line for electricity supply even when there is no power cuts in the country, complained industrialists. They say they have no option than to pay &ldquo;premium charge&rdquo; for the service because the normal 11 KVA feeder line of the Nepal Electricity Authority does not have the capacity to supply electricity more than 5 MVA. Service from the Dedicated and Trunk Line costs 59 to 67 percent more than the normal charge.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Anyone requiring more than 5 MVA electricity has to subscribe to the 66 KVA Dedicated and Trunk Line of NEA, says industrialist Rajesh Kyal.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">According to Kyal, the state-owned utility service provider charges exorbitant amount for providing uninterrupted power supply at a time when the country has got rid of power cuts problem.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">He argued that the government must slash the &ldquo;premium charge&rdquo; because currently there is no power cuts in the country. &nbsp;</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The NEA has been charging premium rate even to the industries which were set up after the end of power cuts, &nbsp;says industrialist Gopal Kedia, chairman of Birgunj Chamber of Commerce (BCC).</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">&ldquo;The government should charge the industries normal rate for electricity keeping in mind that the home-grown industries are facing immense competition in the market.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Vice president of BCC, Anil Agrawal, claimed that the electricity charge alone make up 25 percent of their production cost.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">&ldquo;Our home-based industries are facing hard times. On top of that, the production has been hampered by the exorbitant electricity charge. How can industries operate in such condition?&rdquo; questioned Agrawal.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Although power cuts officially came to an end on May 15 last year, the industries have been forced to pay the same old charge because the regulation regarding collection of electricity charge is yet to be amended.</span></span></p>
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	(int) 7 => array(
		'Article' => array(
			'id' => '11645',
			'article_category_id' => '1',
			'title' => 'Industrialist Jyoti Remanded in Custody for 5 more Days',
			'sub_title' => '',
			'summary' => 'November 11: The Kathmandu District Court has remanded industrialist Roop Jyoti in custody for five more days. ',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:11.0pt"><span style="font-family:&quot;Calibri&quot;,&quot;sans-serif&quot;">November 11: The Kathmandu District Court has remanded industrialist Roop Jyoti in custody for five more days. The court has also granted the police to investigate his daughter Suruchi in custody for five days. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:11.0pt"><span style="font-family:&quot;Calibri&quot;,&quot;sans-serif&quot;">District Court Judge Om Prakash Aryal issued the order on Sunday after the arrest of the duo in connection to a fraud case in land transaction. Police had arrested former state minister Jyoti and his daughter from Tribhuvan International Airport on Thursday while they were returning home from Singapore.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:11.0pt"><span style="font-family:&quot;Calibri&quot;,&quot;sans-serif&quot;">Jyoti has been accused of cheating Rs 13.6 million rupees in a land transaction case filed by Bigendra Krishna Malla. The district court had ordered his arrest about one year ago but Jyoti moved the Supreme Court. The apex court had issued an interim order not to arrest Jyoti. But the police finally arrested him after the Supreme Court last week vacated the interim order.</span></span></span></span></p>
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	(int) 8 => array(
		'Article' => array(
			'id' => '11638',
			'article_category_id' => '1',
			'title' => 'Billionaires' Wealth Falls for First Time since 2015: Report',
			'sub_title' => '',
			'summary' => 'November 10: The world’s richest people became a little less well off last year as geopolitical turmoil and volatile equity markets reduced the wealth of billionaires for the first time since 2015, a report shows.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,serif">November 10: The world&rsquo;s richest people became a little less well off last year as geopolitical turmoil and volatile equity markets reduced the wealth of billionaires for the first time since 2015, a report shows.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,serif">Billionaires&rsquo; wealth fell by $388 billion globally to $8.539 trillion, the UBS/PwC Billionaires Report found. Reuters reported that there was a particularly sharp decline in Greater China, the second biggest home for billionaires after the United States, and the Asia-Pacific region more broadly.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,serif">According to Reuters, private banks including the world&rsquo;s largest wealth manager UBS have felt the effects of US-China trade tensions and global political uncertainties, as clients last year shied away from trading and taking on debt in favour of hoarding more cash.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,serif">The net worth of China&rsquo;s richest dropped 12.8 percent in dollar terms on the back of tumbling stock markets and a weaker local currency and as growth in the world&rsquo;s second-largest economy slowed to its lowest level in nearly three decades in 2018, the report found, knocking dozens off the billionaires list.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,serif">Despite the drop, China continues to produce a new billionaire every 2-2.5 days, UBS&rsquo;s head of ultra-high net worth clients, Josef Stadler, said in the report released on Friday.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,serif">Worldwide, the number of billionaires fell everywhere except in the Americas, where tech entrepreneurs continued to buoy the ranks of the United States&rsquo; wealthiest, Reuters further reported.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,serif">&ldquo;This report shows the resilience of the U.S. economy,&rdquo; where there were 749 billionaires at the end of 2018, said John Matthews, head of private wealth management and ultra-high net worth business for UBS in the United States.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,serif">While a stock market recovery from a steep drop in late 2018 has helped wealth managers increase their assets, the world&rsquo;s richest families remain concerned about global affairs from trade tensions and Brexit to populism and climate change and are continuing to keep more of their money in cash.</span></span></p>

<p>&nbsp;</p>
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	(int) 9 => array(
		'Article' => array(
			'id' => '11642',
			'article_category_id' => '1',
			'title' => 'Laxmi Bank Supports Tilganga Institute for Diagnosis and Treatment of Eye Cancer Among Children',
			'sub_title' => '',
			'summary' => 'November 10: Laxmi Bank has signed a Memorandum of Understanding (MOU) with Nepal Eye program of Tilganga Institute of Ophthalmology to support diagnosis and treatment of Childhood Eye Cancer, technically known as Retinoblastoma.',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">November 10: Laxmi Bank has signed a Memorandum of Understanding (MOU) with Nepal Eye program of Tilganga Institute of Ophthalmology to support diagnosis and treatment of Childhood Eye Cancer, technically known as Retinoblastoma. </span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">Ajaya Bikram Shah, CEO of the bank, and Reeta Gurung, CEO of Tilganga Institute of Ophthalmology, signed the MOU amid a recent function. </span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">The bank said in a statement that it shall provide a fund of Rs 500,000 as an initiative under its Corporate Social Responsibility (CSR) for the diagnosis and treatment of Retinoblastoma patients from deprived financial background.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">According to the statement, Retinoblastoma is a rare eye cancer of childhood that arises in the retina. </span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">&ldquo;It is the most common intraocular malignancy of infancy and childhood; with an incidence of 1 in 15,000 to 1 in 18,000 live births worldwide, mostly occurring to children from birth till 5 years. If the disease is diagnosed and treated on time, chances of saving life, eye and vision is very high,&rdquo; the statement added. </span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">In Nepal, Tilganga Institute of Ophthalmology has started its treatment, which include chemotherapy, laser therapy, plaque brachy therapy and surgery whenever needed. </span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">The bank said it aims to support the sustainable development goals for good health and well-being by providing financial support to the hospital for diagnosis and treatment of Childhood Eye Cancer. </span></span></span></p>
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	(int) 10 => array(
		'Article' => array(
			'id' => '11643',
			'article_category_id' => '1',
			'title' => 'Import of Mobile Sets Increases',
			'sub_title' => '',
			'summary' => 'November 10: The import of mobile phone sets has increased in the first three months of the current fiscal year by 15 percent as compared to the corresponding period of last FY.',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">November 10: The import of mobile phone sets has increased in the first three months of the current fiscal year by 15 percent as compared to the corresponding period of last FY.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">According to the Department of Customs, Nepal imported a total of 16,23,795 sets of mobile phones worth Rs 7.19 billion during the review period. During the corresponding of last fiscal year 2018/19, the country imported 13,62,300 sets of phones worth Rs 6.29 billion.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Nepali importers have attributed the increase in import of mobile sets to the government&rsquo;s decision to provide VAT rebate and also their commitment to bring in genuine products to discourage &lsquo;grey market products&rsquo;.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Meanwhile, chairman of Mobile Importers&rsquo; Association&nbsp; of Nepal, Deepak Malhotra, says that the enthusiastic increase in import of mobile sets is a result of the companies&rsquo; sales strategy for the festive season and also the market expansion of products of Samsung and Xiaomi.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The government&rsquo;s earlier decision to revoke VAT rebate had encouraged import of products from illegal channels, claimed the importers.</span></span></p>
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	(int) 11 => array(
		'Article' => array(
			'id' => '11640',
			'article_category_id' => '1',
			'title' => 'FDI in Hospitality Business Increases Significantly',
			'sub_title' => '',
			'summary' => 'November 10: With the Visit Nepal Year 2020 fast approaching, foreign investment in the hotel sector of Nepal has increased significantly, Rastriya Samachar Samiti (RSS) reported.',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">November 10: </span></span><span style="font-size:16.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">With the Visit Nepal Year 2020 fast approaching, foreign investment in the hotel sector of Nepal has increased significantly, Rastriya Samachar Samiti (RSS) reported. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">According to a report published by the Department of Industries (DOI), a total of 39 new tourism industries related to hospitality have been registered at the DOI in the first three months of the fiscal year 2019/2020. &nbsp;The newly registered hotels and restaurants are reported to have been registered with foreign direct investment of Rs 5.77 billion.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">According to the department, the investment in the hospitality sector this year has increased by 100 percent compared to the corresponding period of last year.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt">The state-run news agency reported that a total of 77 industries have been approved for FDI during the first three months of FY 2019/2020 out of which 39 belong to the tourism sector, 25 are service providers, seven are manufacturing industries, and six belong to information technology.&nbsp; &nbsp;</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt">According to DOI, the registered industries have received commitment for FDI of Rs 11.36 billion.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt">&nbsp;The industries after coming into operation will create 4,292 employment opportunities. </span></span></span></p>

<p>&nbsp;</p>
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	(int) 12 => array(
		'Article' => array(
			'id' => '11639',
			'article_category_id' => '1',
			'title' => 'Private Sector Alarmed by Industrialist Jyoti’s Arrest',
			'sub_title' => '',
			'summary' => 'November 10: The private sector has raised serious objection to the arrest of industrialist Roop Jyoti, who is also vice president of Jyoti Group. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">November 10: The private sector has raised serious objection to the arrest of industrialist Roop Jyoti, who is also vice president of Jyoti Group. Nepal Chamber of Commerce (NCC) has issued an official statement saying that Jyoti was arrested without being proven guilty in the case. NCC maintained its stance that anyone cannot be arrested on the basis of complaint alone.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">NCC further said that the private sector has been set aback by the unceremonious arrest of &nbsp;an industrialist who has been contributing to the economy by investing a huge fortune and paying taxes regularly.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Although the Federation of Nepalese Chambers of Commerce and Industries (FNCCI) and the Confederation of Nepalese Industries (CNI) have not issued any formal statements, members of the two umbrella bodies of Nepalese entrepreneurs are said to be disappointed by the arrest.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">FNCCI has called a meeting on Sunday to discuss about the issue. FNCCI Senior Vice President Shekhar Golchha said that they will make public their official view later on Sunday.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">&ldquo;As far as my personal views are concerned, it is not fair to arrest every one for the crime committed by a single person,&rdquo; said Golchha.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">&ldquo;This incident clearly shows that the government doesn&rsquo;t respect the private sector,&rdquo; he added.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">CNI President Satish Kumar More also expressed his displeasure toward the arrest.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">&ldquo;It is a legal process. But I personally feel that it is an injustice to Roop Jyoti,&rdquo; he said. &nbsp;More further said that there is a need to improve the legal system itself.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The Metropolitan Police Range, Kathmandu had arrested the former state minister along with his daughter Suruchi from Tribhuvan International Airport on Thursday evening while they were returning home from Singapore.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Police informed New Business Age that both of them were arrested as per the court&rsquo;s order. The Kathmandu District Court on Friday ordered the police to remand them in custody for three days to investigate into fraud case, according to DSP Hobindra Bogati.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Jyoti has been accused of cheating Rs 13.6 million rupees by one Bigendra Krishna Malla in a land transaction case. The district court had ordered his arrest about one year ago but Jyoti moved the Supreme Court. The apex court had issued an interim order not to arrest Jyoti. But the police finally arrested him after the Supreme Court last week vacated the interim order.</span></span></p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '11641',
			'article_category_id' => '1',
			'title' => '‘800 New Tourist Vehicles Arriving in Nepal for VNY 2020’',
			'sub_title' => '',
			'summary' => 'November 10: Travel agencies and bus operators have become active as the Visit Nepal Year 2020 comes closer every passing day. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">November 10: Travel agencies and bus operators have become active as the Visit Nepal Year 2020 comes closer every passing day. Travel and Tour companies as well as hotels have increased their investment in tourist vehicles for the comfort of the visitors.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Altogether 150 tour and travel companies are preparing to import a total of 800 new vehicles for the campaign promoted by the government. </span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The tour operators have to invest around Rs 4 million for the purchase of a small vehicle while they have to pay around Rs 10 million for a large vehicle. President of the Nepalese National Entrepreneurs Tourism Association Ram Hari Sharma said that it would cost around Rs 8 billion to purchase the 800 vehicles. </span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">According to Sharma, the members of the association are preparing to import five to seven vehicles each.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">So far, there are 5200 vehicles in the tourism sector of Nepal.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Meanwhile, Sharma said that although the government announced the ambitious campaign to bring in more than 2 million tourists, he said that the government has failed to upgrade the roads to ensure safety of the foreigners. &nbsp;</span></span></p>
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		'Article' => array(
			'id' => '11637',
			'article_category_id' => '1',
			'title' => 'FNCCI Special General Assembly Postponed',
			'sub_title' => 'The Deferral has Paved way for Shekhar Golchha to Become the Next President',
			'summary' => 'November 10: The Federation of Nepalese Chambers of Commerce and Industries (FNCCI) has postponed its special general assembly scheduled for November 15. ',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">November 10: The Federation of Nepalese Chambers of Commerce and Industries (FNCCI) has postponed its special general assembly scheduled for November 15. The special general assembly was called to discuss the issue of statute amendment to elect a new president.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">As per the current provision, the senior vice president of FNCCI automatically becomes the next president after the term of the incumbent president expires. But a section of the FNCCI was lobbying for directly elected president.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">The deferral of the special general assembly has paved way for Senior Vice President Shekhar Golchha to lead the FNCCI in the next term. This has also effectively ended the power struggle that had surfaced due to a sharp division among two groups within FNCCI since a year.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">A meeting of the statute amendment committee of the FNCCI headed by FNCCI Vice President Chandra Prasad Dhakal on Friday (November 8) decided to postpone the special general assembly.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">Dhakal along with a few other vice presidents had been lobbying against Golchha leading the federation as the three-year term of the incumbent president Bhavani Rana comes to an end soon.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">The committee headed by Dhakal was supposed to submit a 35-point proposal at the special general assembly to amend the statute, that would prevent Golchha from becoming the next president. However, Dhakal backed out after other members of FNCCI during Friday&rsquo;s meeting objected to the statute amendment saying that the committee had not fulfilled the due process for amendment.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">Dhakal said that the meeting agreed to continue with the current provision for selecting the president as a new process would invite unnecessary competition among the FNCCI members. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-family:&quot;Calibri&quot;,&quot;sans-serif&quot;">The FNCCI had been sharply divided into two poles for the upcoming election. Former president Dhakal and his camp was hell bent on not allowing Senior Vice President Shekhar Golchha from leading the federation while other former presidents of FNCCI had been backing Golchha.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-family:&quot;Calibri&quot;,&quot;sans-serif&quot;">Dhakal, who was until now demanding a directly elected president, was the one who took the initiative earlier to amend the statute to allow the senior vice president to automatically take charge of the federation.</span></span></span></p>
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FOREX

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

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

Bullion

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

Update : 2020-03-25

Source: Federation of Nepal Gold and Silver Dealers' Association

Petroleum

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