NEWS

Bankers Willing to Join Social Security Fund if Govt Amends Ambiguous Provisions

Nov 08, 2019 0 2 minutes 16 seconds to read

November 8: Bankers have said they are willing to get enlisted in the Social Security Fund of the government if it removes practical hurdles.…

UNICEF Underlines the Need for Immediate Action in South Asia for Clean Air

Nov 08, 2019 0 2 minutes 18 seconds to read

November 8: UNICEF has called for urgent action to address the air quality crisis of South…

Government Approves Rs 13.62 billion Loan from World Bank for Youth Employment

Nov 08, 2019 0 1 minutes 37 seconds to read

November 8: The government has approved concessional loan of Rs 13.62 billion from the World Bank for the Prime Minister Employment Programme…

High Court Remands Chinese Hackers in Custody

Nov 08, 2019 0 2 minutes 2 seconds to read

November 8: Patan High Court has remanded six Chinese nationals in judicial custody for their alleged involvement in ATM hackings in the capital three months ago.…

Police Arrest Industrialist Roop Jyoti

Nov 08, 2019 0 47 seconds to read

November 8: Police have arrested former assistant minister Roop Jyoti, who is the vice president of Jyoti…

North Korean Investors do not Show up Despite Repeated Calls

Nov 07, 2019 0 3 minutes 35 seconds to read

November 7: North Korean investors have not come into contact with the Department of Industries even after missing the deadline given by the department to take back their investment from…

Probe Committee Seeks Files Signed by Suspended Dy Governor

Nov 07, 2019 0 2 minutes 37 seconds to read

November 7: A probe committee formed to investigate the allegations of irregularities against suspended deputy governor of Nepal Rastra Bank, Shiva Raj Shrestha, has decided to seek files signed by Shrestha from all the concerned departments of the central…

Law Ministry at Loggerheads with Finance Ministry regarding formation of Revenue Board

Nov 07, 2019 0 1 minutes 42 seconds to read

November 7: The formation of the proposed Revenue Board is likely to get delayed due to differences between the Ministry of Finance and the Ministry of Law.…

NAC Announces 3 New International Destinations

Nov 07, 2019 0 2 minutes 22 seconds to read

November 7: Cash-strapped Nepal Airlines Corporation has announced to operate flights to three new international destinations within the next four…

Government Forms Committee to Select New Chairman of SEBON

Nov 07, 2019 0 1 minutes 28 seconds to read

November 7: The government has formed a three-member committee to select the chairman of the Securities Board of Nepal (SEBON), which has been lying vacant since October…

Nepal-Bharat Maitri Polytechnic in Hetauda to Complete in 2 Years

Nov 06, 2019 0 1 minutes 11 seconds to read

November 6: Chief Minister of Province-3 Dormani Paudel initiated the “ground breaking ceremony” for establishment of a flagship Nepal-Bharat Maitri Polytechnic at Hetauda in Makwanpur district on Tuesday, November…

NRB Directs Microfinance Companies to form Anti-Money Laundering Committees

Nov 06, 2019 0 1 minutes 1 seconds to read

November 6: Nepal Rastra Bank has directed microfinance companies to form anti-money laundering committees.…

Transshipment Cost Rising due to Lack of Regulation

Nov 06, 2019 0 2 minutes 41 seconds to read

November 6: Nepali businessmen have been forced to pay heavy price for transportation of goods for overseas business as the foreign shipping companies fall outside the ambit of the country’s…

Government to Reopen Duty-Free Shop at TIA

Nov 06, 2019 0 1 minutes 18 seconds to read

November 6: Tribhuvan International Airport (TIA) has prepared a work plan for reopening duty-free shop at the airport.…

An extra 15-Minute Daily Walk Could Boost Global Economy: Study

Nov 06, 2019 0 2 minutes 13 seconds to read

November 6: The world economy could be boosted by as much as $100 billion a year if employers successfully encouraged their staff to meet the World Health Organization guidelines on exercise, according to an analysis of the economic impact of…

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No Laughing Matter

The Sweet Rewards of Power

By Madan Lamsal

. . .
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NEPSE

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			'id' => '11633',
			'article_category_id' => '1',
			'title' => 'Bankers Willing to Join Social Security Fund if Govt Amends Ambiguous Provisions',
			'sub_title' => '',
			'summary' => 'November 8: Bankers have said they are willing to get enlisted in the Social Security Fund of the government if it removes practical hurdles.  ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">November 8: Bankers have said they are willing to get enlisted in the Social Security Fund of the government if it removes practical hurdles. &nbsp;</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">CEOs of various banks informed the government that their staffers are unwilling to get listed in the government scheme because of some ambiguous provisions.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Speaking at an interaction with Labour Minister Gokarna Bista in the capital on Thursday, they also urged the government to amend the laws in the scheme to make it more practical.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The bankers told Minister Bista that their long-time employees are reluctant to join the scheme fearing that the move would jeopardize all their hard-earned facilities they are entitled to enjoy.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Chairman of Nepal Bankers Assiociation Gyanendra Dhungana said that the staffers want facilities like pension, insurance and loan facilities just like that the ones provided by the Employee Provident Fund and Citizens Investment Trust .</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Dhungana further said that although new employees are excited to join the scheme, long-serving staffers are not willing to do so.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">&ldquo;The old staff members are ready to quit their jobs but are not willing to give up the facilities which they have been enjoying so far,&rdquo; said Dhungana.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">&ldquo;This is a practical problem which the government needs to understand and act accordingly,&rdquo; he added.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The Social Security Fund has provision of providing pension after the staffers reach 60 years. But currently, the bank staffers have been enjoying that facility at the age of 58. They are not interested to wait for two more years, the CEOs argued.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">They also complained that the same insurance facility for all the staffers was not acceptable. They argued that if the scheme was based on contribution, the insurance amount must also vary in accordance to the contribution.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Only seven out of the total 28 commercial banks have been enlisted in the Social Security Fund of the government so far.</span></span></p>
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			'id' => '11632',
			'article_category_id' => '1',
			'title' => 'UNICEF Underlines the Need for Immediate Action in South Asia for Clean Air',
			'sub_title' => '',
			'summary' => 'November 8: UNICEF has called for urgent action to address the air quality crisis of South Asia.',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif">November 8: UNICEF has called for urgent action to address the air quality crisis of South Asia.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif">After a recent visit to South Asia, UNICEF Executive Director Henrietta Fore issued a statement urging governments in the region and around the world to take urgent steps to reduce air pollution by investing in cleaner, renewable sources of energy to replace fossil fuel combustion.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif">According to Fore, the air quality in South Asia is at crisis level. She added that the ripple effects of air pollution extend far and wide.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif">She said that children are the most vulnerable group and health expenses may increase if children need care and treatment. Parents may need to stay home too, in order to take care of their children. Potential income is lost and quality of life is reduced, she added.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif">&ldquo;I was just in South Asia where I saw first-hand how children continue to suffer from the dire consequences of air pollution,&rdquo; she said in the statement</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif">&nbsp;&ldquo;The toxicity to children&#39;s brain development and health is also toxic to society, which no government can afford to ignore,&rdquo; Fore added.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif">She further said that around 620 million children in the region breathe polluted, toxic air. Because they have smaller lungs, breathe twice as fast as adults, and lack the immunities that come with age, children endure its damaging health and neurological effects the most, the statement added.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif">According to Fore, air pollution is associated with one of the biggest killers of children &ndash; pneumonia, and linked to asthma, bronchitis, and other respiratory infections.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif">Air pollution also damages brain tissue and undermines cognitive development in babies and young children, leading to lifelong consequences that can affect their learning outcomes and future potential, she added.</span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '11631',
			'article_category_id' => '1',
			'title' => 'Government Approves Rs 13.62 billion Loan from World Bank for Youth Employment',
			'sub_title' => '',
			'summary' => 'November 8: The government has approved concessional loan of Rs 13.62 billion from the World Bank for the Prime Minister Employment Programme (PMEP).',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">November 8: The government has approved concessional loan of Rs 13.62 billion from the World Bank for the Prime Minister Employment Programme (PMEP).</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">A cabinet meeting held earlier this week approved the loan assistance, informed Minister for Communication and Information Technology Gokul Baskota.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Joint secretary and coordinator of the PMEP Prakash Dahal said that the loan given by the World Bank under its Youth Employment Transformation Initiative will be utilized for the Prime Minister Employment Programme.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The World Bank has approved the loan to Nepal on September 18.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Under Secretary Dr Loknath Bhusal at the PMEP said that the programme will be implemented within a month.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The government had announced the programme to provide employment to unemployed youths for 100 days in a year. In case the government cannot provide job, it will hand out Rs 25,850 to them in a year.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The government had released more than Rs 2 billion for the local levels under this project. However, there were widespread criticism that the programme was not effective.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">This time, the government has changed the modality of the programme and has decided to increase employment opportunity by providing skill-development programmes and concessional loans.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The government has allocated Rs 5.1 billion rupees for the youth employment programme in the current fiscal year.</span></span></p>
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			'id' => '11630',
			'article_category_id' => '1',
			'title' => 'High Court Remands Chinese Hackers in Custody',
			'sub_title' => '',
			'summary' => 'November 8: Patan High Court has remanded six Chinese nationals in judicial custody for their alleged involvement in ATM hackings in the capital three months ago. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">November 8: Patan High Court has remanded six Chinese nationals in judicial custody for their alleged involvement in ATM hackings in the capital three months ago. One of the Chinese was arrested red handed on August 31 while hacking an ATM at Durbar Marg. Following the arrest, police arrested his five Chinese accomplices and a few Nepalis involved in the fraud case in which millions were stolen from various ATMs before their arrest.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The financial bench of Patan High Court issued the order on Thursday, November 7. The bench also decided to release three Nepalis arrested in connection to the hacking on bail.&nbsp; The court has asked Devnath Lamichhane to post a bail amount of Rs 3 million while Rewati Dawadi and Roshan Pradhan were ordered to submit Rs 2.6 million each. However, Metropolitan Police Range, Teku informed New Business Age that the trio remain in jail after failing to post the bail amount.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">DSP Hobindra Bogati said that the police have completed their investigation. The police range has already submitted its investigation report to the government attorney&rsquo;s office. The high court issued the order on Thursday after receiving the report from the government attorney.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">According to Bogati, the accused are now awaiting the final verdict in the case in which the Chinese nationals have been accused of stealing millions of rupees by hacking the Nepal Electronic Payment System.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The Chinese nationals had withdrawn a total of Rs 17.6 million from ATMs of various banks. Police later found that the group had taken out Rs 11.4 million from the ATM of Nabil Bank alone. Police have recovered Rs 12.6 million and US$ 9,800 from the hackers.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Meanwhile, CEO of Nepal Electronic Payment System, Pravin Chhetri said that a Singaporean company has been carrying out forensic investigation into the case. NePS has been providing its service to a network of 17 banks. Although the report was initially said to be out by December this year, NePS said that it will take some more time to complete the investigation.</span></span></p>
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			'id' => '11634',
			'article_category_id' => '1',
			'title' => 'Police Arrest Industrialist Roop Jyoti',
			'sub_title' => '',
			'summary' => 'November 8: Police have arrested former assistant minister Roop Jyoti, who is the vice president of Jyoti Group.',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">November 8: Police have arrested former assistant minister Roop Jyoti, who is the vice president of Jyoti Group.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The Metropolitan Police on Thursday arrested Jyoti on fraud charge. Police nabbed him from Tribhuvan International Airport while he was returning home from Singapore.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">He has been accused of fraudulent act in land transaction.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">About a year ago, the Kathmandu District Court had issued an arrest warrant against Jyoti in a fraud case in housing project . The Supreme Court had issued a interim order not to arrest Jyoti. However, the apex court on Tuesday issued a verdict against his favour after which the police arrested Jyoti.</span></span></p>
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		'Article' => array(
			'id' => '11625',
			'article_category_id' => '1',
			'title' => 'North Korean Investors do not Show up Despite Repeated Calls',
			'sub_title' => '',
			'summary' => 'November 7: North Korean investors have not come into contact with the Department of Industries even after missing the deadline given by the department to take back their investment from Nepal.',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:18.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">November 7: North Korean investors have not come into contact with the Department of Industries even after missing the deadline given by the department to take back their investment from Nepal.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:18.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">The department had written its third letter to the North Korean Embassy in Kathmandu on October 20 to take back investments made by Korean nationals within two weeks. Likewise, on September 16, the department had asked the North Korean investors to take back their investment within 45 days. But the requests have fallen in deaf ears.</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:18.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">As the North Korean investors did not show up, the department has already written a letter to the Ministry of Industries informing it about the latest development.</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:18.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">The ministry has sought details regarding this issue from the department. The department replied on November 2 that not a single North Korean company has come into contact with it.</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:18.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">&ldquo;They have not come into contact despite our repeated calls,&rdquo; said Jeevan Prasad Luitel, director general of the department.</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:18.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">Luitel said they will now initiate the process to shut down the companies having investment of North Koreans. &nbsp;The department has also decided to recommend not to extend the visa of the North Korean investors, which might then force them to return back. But this requires further discussions with the Ministry of Home Affairs and the Ministry of Industries, he further said.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:18.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">Data at the department show that North Korean investors have been investing in Nepal since the last 23 years. Currently, there are nine businesses operating with North Korean investment. Among them, six are hotels and restaurants, two are IT companies and one hospital. </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:18.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">The government&rsquo;s decision to ask North Korean to take back their investment comes after renewed calls of the United Nations Security Council, which had decided to impose sanctions on North Korea on May 11, 1993 for its active involvement in pursuing nuclear ambitions and missile tests.</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:18.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">The UN Security Council decided to impose more sanctions including economic sanctions on December 22, 2018 after it stepped up its activities to enrich nuclear energy.</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:18.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">The UN had written a letter to the Ministry of Foreign Affairs to shut down industries operating with North Korean investment. Based on the letter, the government decided to clamp down the businesses backed by North Korean investment.</span></span></span></span></p>

<p>&nbsp;</p>
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			'title' => 'Probe Committee Seeks Files Signed by Suspended Dy Governor',
			'sub_title' => '',
			'summary' => 'November 7: A probe committee formed to investigate the allegations of irregularities against suspended deputy governor of Nepal Rastra Bank, Shiva Raj Shrestha, has decided to seek files signed by Shrestha from all the concerned  departments of the central bank.',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">November 7: A probe committee formed to investigate the allegations of irregularities against suspended deputy governor of Nepal Rastra Bank, Shiva Raj Shrestha, has decided to seek files signed by Shrestha from all the concerned &nbsp;departments of the central bank.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The three-member probe committee will start its investigation by collecting all the files signed by Shrestha. Of late, Shrestha had been looking after eight department of the central bank. In order to see what kinds of decision he took, the probe committee headed by Shreeram Poudel has sought the files from all eight departments. A member of the committee told New Business Age that they will hand over the letters to all the departments by Thursday.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Deputy Governor Shrestha was handed the vital Department of Regulation and Supervision.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">&ldquo;So far, the Department of Banks and Financial Institutions has presented the files. Now we will seek files from other departments,&rdquo; said the member requesting not to be named.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">&ldquo;It seems that it will take some time to receive all the files signed by Shrestha in the last three years,&rdquo; said the source.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Shrestha has been accused of favouring Ncell in a sub judice case at the Supreme Court and also of helping banks and financial institutions to conceal bad loans.&nbsp; He reportedly helped Ncell take away its dividends by signing a file in the absence of another deputy governor, Chintamani Shivakoti.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">&ldquo;So far, we have found that Shivakoti was absent on 24 occasions due to his field trips and foreign visits. We are seeking files signed by Shrestha in his absence,&rdquo; said the committee member.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">He is also accused of presenting forged bills during his official visits abroad.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">A source at the department said that Shrestha was against anti-money laundering.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">A cabinet meeting on October 17 had decided to take action against Shestha as per the recommendation of the Anti Money Laundering Department of NRB. The government then instructed the central bank to investigate Shrestha&rsquo;s involvement in irregularities by abusing his power as the deputy governor of NRB. A board meeting of the central bank subsequently formed the probe committee on November 4 after which Shrestha was automatically suspended from his post as per Article 22 of the Nepal Rastra Bank Act 2058. Other members of the committee are Dr Subodh Kumar Karna and Ramji Regmi.</span></span></p>

<p>&nbsp;</p>
',
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			'sortorder' => '11375',
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	(int) 7 => array(
		'Article' => array(
			'id' => '11623',
			'article_category_id' => '1',
			'title' => 'Law Ministry at Loggerheads with Finance Ministry regarding formation of Revenue Board',
			'sub_title' => '',
			'summary' => 'November 7: The formation of the proposed Revenue Board is likely to get delayed due to differences between the Ministry of Finance and the Ministry of Law. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">November 7: The formation of the proposed Revenue Board is likely to get delayed due to differences between the Ministry of Finance and the Ministry of Law. The law ministry has objected to the draft sent by the finance ministry in accordance to the Development Committee Act.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The law ministry has sought explanation from the finance ministry for preparing the draft under the Development Committee Act. The Ministry of Law is of the view that preparing the draft using this particular Act would make the Revenue Board temporary in nature. Therefore, the draft of the Revenue Board which was forwarded to the law ministry before Dashain has been gathering dust.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Meanwhile, the finance ministry has said that the law ministry cannot block the implementation of the programme mentioned in the annual budget.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">&ldquo;The draft proposed by the finance ministry has long-term objectives. However, if the process of forming the board is temporary, the board itself can be scrapped by a government decision. We believe that it would be better to form the board of permanent nature,&rdquo; said an official at the law ministry requesting anonymity.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Officials at the law ministry informed New Business Age that they held discussions with the finance ministry officials but were not able to reach to a conclusion.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">&ldquo;We held discussions with the officials of finance ministry. We demanded explanation for preparing the draft of the formation of the Revenue Board in accordance to the Development Committee Act. The draft is in hold as we could not get a satisfactory answer,&rdquo; said the highly-placed source.</span></span></p>
',
			'published' => true,
			'created' => '2019-11-07',
			'modified' => '2019-11-07',
			'keywords' => '',
			'description' => '',
			'sortorder' => '11374',
			'image' => '20191107095500_aaaadfg.jpg',
			'article_date' => '2019-11-07 00:00:00',
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	(int) 8 => array(
		'Article' => array(
			'id' => '11622',
			'article_category_id' => '1',
			'title' => 'NAC Announces 3 New International Destinations',
			'sub_title' => '',
			'summary' => 'November 7: Cash-strapped Nepal Airlines Corporation has announced to operate flights to three new international destinations within the next four months.',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">November 7: Cash-strapped Nepal Airlines Corporation has announced to operate flights to three new international destinations within the next four months.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The state-owned airline company, which has come under fire for under-utilization of two newly procured wide-body aircraft, said it will operate flights to Japan&rsquo;s Narita, Saudi Arabia&rsquo;s Riyad and China&rsquo;s Guangzhou by February this year.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Speaking at a press conference organized by NAC on Wednesday, Chairman Madan Kharel said that the flag carrier of Nepal will start operating flights to the new destinations as soon as the concerned bodies given them the permission.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">However, NAC is not likely to start flights to these destinations so soon, as claimed by the airline company. The airline company had earlier announced that it would operate flights to Narita and Guangzhou by December this year.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">China&rsquo;s Safety Audit team must first monitor Nepal&rsquo;s aviation sector and then approve the flights. The team is arriving in Kathmandu in December.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Meanwhile, the process of appointing General Sales Agent (GSA) for Riyad flights has reached the final stage. The process to initiate flight operation will begin only after finalizing the GSA.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">NAC has also announced it has started process to begin flights to seven other destinations including Beijing, Shanghai, Dhaka, Yangon, Hanoi, Phnom Penh and Colombo.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">During the press conference, NAC Chairman Kharel said that the airline company has adopted a strategy to reduce operation cost and will be saving Rs 2 billion in unnecessary spending within the current fiscal year.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Areas of austerity measures include air turbine fuel (ATF), overflight, hotel, engineering, corporate, safety among others, Kharel said.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">&ldquo;Lots of works of the engineering department are now being carried by the local manpower. This will help us reduce our operational cost,&rdquo; said Kharel.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">He further said that arrangement has been made so that the aircraft will not have to carry extra fuel. He also said they are planning to change the current route to save fuel.</span></span></p>
',
			'published' => true,
			'created' => '2019-11-07',
			'modified' => '2019-11-07',
			'keywords' => '',
			'description' => '',
			'sortorder' => '11373',
			'image' => '20191107091630_20180727021334_2.jpg',
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	(int) 9 => array(
		'Article' => array(
			'id' => '11626',
			'article_category_id' => '1',
			'title' => 'Government Forms Committee to Select New Chairman of SEBON',
			'sub_title' => '',
			'summary' => 'November 7: The government has formed a three-member committee to select the chairman of the Securities Board of Nepal (SEBON), which has been lying vacant since October 17.',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">November 7: The government has formed a three-member committee to select the chairman of the Securities Board of Nepal (SEBON), which has been lying vacant since October 17.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The committee under the coordination of National Planning Commission Member DrRam Kumar Phuyal was formed on Wednesday (November 6) after the Council of Ministers on Tuesday instructed the NPC to select SEBON&rsquo;s chair in coordination with the finance minstry.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Revenue secretary at the Ministry of Finance, Sishir Dhungana, and an independent expert &ndash; Krishna Acharya &ndash; are the other members of the committee.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The post is lying vacant after the term of the then chairman Rewat Bahadur Karki expired on October 17.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">A member of the committee told New Business Age that they will select a capable, experienced and dynamic person who can handle the responsibilities of SEBON.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">However, the committee is yet to decide whether to call a public notice or adopt other process to select the new chairman.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">SEBON&rsquo;s officials, former executive directors of Nepal Rastra Bank and former chairpersons of ICAN are lobbying for the post. SEBON&rsquo;s Executive Director Niraj Giri, who has been working with SEBON since the last 23 years is likely to vie for the post.</span></span></p>
',
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			'created' => '2019-11-07',
			'modified' => '2019-11-07',
			'keywords' => '',
			'description' => '',
			'sortorder' => '11372',
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	(int) 10 => array(
		'Article' => array(
			'id' => '11621',
			'article_category_id' => '1',
			'title' => 'Nepal-Bharat Maitri Polytechnic in Hetauda to Complete in 2 Years',
			'sub_title' => '',
			'summary' => 'November 6: Chief Minister of Province-3 Dormani Paudel initiated the “ground breaking ceremony” for establishment of a flagship Nepal-Bharat Maitri Polytechnic at Hetauda in Makwanpur district on Tuesday, November 5.',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">November 6: Chief Minister of Province-3 Dormani Paudel initiated the &ldquo;ground breaking ceremony&rdquo; for establishment of a flagship Nepal-Bharat Maitri Polytechnic at Hetauda in Makwanpur district on Tuesday, November 5.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The polytechnic institute in Hetauda is a state-of-the-art infrastructure project in the area of vocational training and is being built under the India-Nepal Development Partnership with Indian grant of IRs 385.3 million, the Indian Embassy said in a statement.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The statement added that the total built up area of the polytechnic project would be 19,200 square meters. The facility will include an administrative block, academic block, auditorium, library, workshop, multipurpose hall, separate hostels for boys and girls, principal and staff residences and amenities for sports and communities. The project is expected to be completed in two years.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">&ldquo;Today&#39;s ground breaking ceremony for construction of the Nepal-Bharat Maitiri Polytechnic at Hetauda is another testimony of friendly relations between India and Nepal and also India&#39;s commitment to work with Nepal to complement efforts of Government of Nepal to strengthen infrastructure in the vocational and skill development sector in Nepal,&rdquo; the statement added.</span></span></p>

<p>&nbsp;</p>
',
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			'created' => '2019-11-06',
			'modified' => '2019-11-06',
			'keywords' => '',
			'description' => '',
			'sortorder' => '11371',
			'image' => '20191106021016_aaaa.jpg',
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	(int) 11 => array(
		'Article' => array(
			'id' => '11620',
			'article_category_id' => '1',
			'title' => 'NRB Directs Microfinance Companies to form Anti-Money Laundering Committees',
			'sub_title' => '',
			'summary' => 'November 6: Nepal Rastra Bank has directed microfinance companies to form anti-money laundering committees. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">November 6: Nepal Rastra Bank has directed microfinance companies to form anti-money laundering committees. The central bank took such decision as it intensifies its anti-money laundering drive, which until now did not cover the microfinance companies.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Dr Prakash Kumar Shrestha, executive director of the Microfinance Supervision Department of NRB, said that it is mandatory for the microfinance companies to form such committees.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">&ldquo;The central bank has issued clear directives related to its anti-money laundering &nbsp;drive,&rdquo; said Shrestha.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">He clarified that this measure was taken to ensure that the money earned through illegal means would not enter the banking channel.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The central bank has also made provision for microfinance companies to issue notice to blacklist bad debtors. Microfinance companies can now recommend blacklisting debtors who do not pay loan. Microfinances could not enjoy this facility before.</span></span></p>
',
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			'created' => '2019-11-06',
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			'description' => '',
			'sortorder' => '11370',
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	(int) 12 => array(
		'Article' => array(
			'id' => '11617',
			'article_category_id' => '1',
			'title' => 'Transshipment Cost Rising due to Lack of Regulation',
			'sub_title' => '',
			'summary' => 'November 6: Nepali businessmen have been forced to pay heavy price for transportation of goods for overseas business as the foreign shipping companies fall outside the ambit of the country’s law.',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">November 6: Nepali businessmen have been forced to pay heavy price for transportation of goods for overseas business as the foreign shipping companies fall outside the ambit of the country&rsquo;s law.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The importers blame the government&rsquo;s inefficiency and lack of effective measures for the random charges shipping companies have been imposing on Nepali businessmen. </span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The transportation cost via Kolkata Port, which is extensively used by Nepali importers for overseas trade, has surprisingly increased after the two countries initiated a number of measures to facilitate the flow of goods including the electronic cargo tracking system, says Ashok Kumar Temani, chairperson of the Transportation and Transshipment Committee 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;The transportation cost increased after implementation of direct transshipment of goods between the two countries via Kolkata,&rdquo; said Temani.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">&ldquo;We were expecting to reduce both time and cost after implementing this mode of transportation but the result was exactly the opposite,&rdquo; he added.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The government has said it will formulate laws to bring the shipping companies under its regulation. However, there are doubts that the laws can regulate the companies which have a worldwide network.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Not just Nepal, but India itself is a victim of monopoly of the shipping companies, complain officials at Kolkata Port.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Importers on the other hand say that the shipping companies have been charging freight charge, railway charge, terminal holding charge, ECTS charge among others at their whims.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The Container Corporation of India Ltd (CONCOR) has set a uniform price for all shipping companies but such companies have been charging different rates to Nepali importers, says Amrit Shrestha, a Kolkata-based customs house agent.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Kolkata Port had initiated Direct Transshipment for Nepali goods on February 15 earlier this year. To facilitate this system, the customs office of the port had made it mandatory to implement the ECTS. However, the High Court of Kolkata made this process non-binding.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Nepal&rsquo;s consul general to Kolkata Eknarayan Aryal says that the foreign shipping companies will also be brought under regulation once the government formulates laws.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">&ldquo;The government has expedited the process to formulate laws,&rdquo; said Aryal, adding, &ldquo;We have adopted a strategy to increase competition among the shipping companies to reduce the cost.&rdquo; &nbsp;</span></span></p>
',
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			'created' => '2019-11-06',
			'modified' => '2019-11-06',
			'keywords' => '',
			'description' => '',
			'sortorder' => '11367',
			'image' => '20191106012745_Kolkata.jpg',
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	(int) 13 => array(
		'Article' => array(
			'id' => '11616',
			'article_category_id' => '1',
			'title' => 'Government to Reopen Duty-Free Shop at TIA',
			'sub_title' => '',
			'summary' => 'November 6: Tribhuvan International Airport (TIA) has prepared a work plan for reopening duty-free shop at the airport. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">November 6: Tribhuvan International Airport (TIA) has prepared a work plan for reopening duty-free shop at the airport. TIA has already submitted the work plan after conducting a detailed study in this regard.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Two months ago, Minister for Culture, Tourism and Civil Aviation Yogesh Bhattarai had asked the airport authorities to prepare a list of items required for reopening the duty-free shop at TIA.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The Ministry of Culture, Tourism and Civil Aviation has decided to reopen the duty-free shop at TIA after 11 years. Sources at the ministry informed New Business Age that the ministry decided to reopen the duty-free shop at the international terminal of TIA as per the demands of foreign visitors as well as Nepali travelers.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Following the minister&rsquo;s instructions, the airport management had formed a committee to study the prospect of duty-free shop at TIA. Spokesperson for the TIA Pratap Babu Tiwari said that they submitted the work plan prepared by the same committee to the ministry.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">He said that further action will be taken after holding discussion on the work plan submitted by the airport. The duty free shop was closed by the government led by Baburam Bhattarai in 2008. &nbsp;</span></span></p>
',
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			'created' => '2019-11-06',
			'modified' => '2019-11-06',
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			'description' => '',
			'sortorder' => '11366',
			'image' => '20191106122050_aadsffg.jpg',
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	(int) 14 => array(
		'Article' => array(
			'id' => '11615',
			'article_category_id' => '1',
			'title' => 'An extra 15-Minute Daily Walk Could Boost Global Economy: Study',
			'sub_title' => '',
			'summary' => 'November 6: The world economy could be boosted by as much as $100 billion a year if employers successfully encouraged their staff to meet the World Health Organization guidelines on exercise, according to an analysis of the economic impact of activity.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,serif">November 6: The world economy could be boosted by as much as $100 billion a year if employers successfully encouraged their staff to meet the World Health Organization guidelines on exercise, according to an analysis of the economic impact of activity.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,serif">Reuters reported that adding an extra 15 minutes of daily walking, or jogging a steady one kilometer each day, would improve productivity and extend life expectancy - leading to more economic growth. According to Reuters, the study was conducted by the health insurance group Vitality and the think tank RAND Europe.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,serif">The economic boost would come from lower mortality rates - in other words keeping more people alive, working and contributing to the economy for longer, the study&rsquo;s authors said, and from employees taking fewer days off sick.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,serif">Hans Pung, RAND Europe&rsquo;s president, said the study highlighted &ldquo;a significant relationship between inactivity and productivity loss&rdquo; and should give policymakers and employers &ldquo;new perspectives on how to enhance the productivity of their populations&rdquo;.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,serif">The WHO recommends that all adults should take at least 150 minutes of moderate exercise, or 75 minutes of vigorous exercise, a week. In a study last year it found that around 40 percent of adults in the United States, 36 percent in Britain and 14 percent in China did too little exercise to stay healthy.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,serif">The recent study was based on data from about 120,000 people across seven countries. It then modeled and projected the potential economic benefits of increased physical activity globally and for 23 individual countries.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,serif">According to Reuters, the study found that if all adults aged between 18 and 64 walked 15 more minutes a day, it could increase world economic output by some $100 billion year on year.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,serif">It also found that physically inactive 40-year-olds could increase their life expectancy, on average, by 3.2 years, by introducing 20 minutes of jogging a day.</span></span></p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '11633',
			'article_category_id' => '1',
			'title' => 'Bankers Willing to Join Social Security Fund if Govt Amends Ambiguous Provisions',
			'sub_title' => '',
			'summary' => 'November 8: Bankers have said they are willing to get enlisted in the Social Security Fund of the government if it removes practical hurdles.  ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">November 8: Bankers have said they are willing to get enlisted in the Social Security Fund of the government if it removes practical hurdles. &nbsp;</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">CEOs of various banks informed the government that their staffers are unwilling to get listed in the government scheme because of some ambiguous provisions.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Speaking at an interaction with Labour Minister Gokarna Bista in the capital on Thursday, they also urged the government to amend the laws in the scheme to make it more practical.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The bankers told Minister Bista that their long-time employees are reluctant to join the scheme fearing that the move would jeopardize all their hard-earned facilities they are entitled to enjoy.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Chairman of Nepal Bankers Assiociation Gyanendra Dhungana said that the staffers want facilities like pension, insurance and loan facilities just like that the ones provided by the Employee Provident Fund and Citizens Investment Trust .</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Dhungana further said that although new employees are excited to join the scheme, long-serving staffers are not willing to do so.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">&ldquo;The old staff members are ready to quit their jobs but are not willing to give up the facilities which they have been enjoying so far,&rdquo; said Dhungana.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">&ldquo;This is a practical problem which the government needs to understand and act accordingly,&rdquo; he added.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The Social Security Fund has provision of providing pension after the staffers reach 60 years. But currently, the bank staffers have been enjoying that facility at the age of 58. They are not interested to wait for two more years, the CEOs argued.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">They also complained that the same insurance facility for all the staffers was not acceptable. They argued that if the scheme was based on contribution, the insurance amount must also vary in accordance to the contribution.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Only seven out of the total 28 commercial banks have been enlisted in the Social Security Fund of the government so far.</span></span></p>
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			'article_category_id' => '1',
			'title' => 'UNICEF Underlines the Need for Immediate Action in South Asia for Clean Air',
			'sub_title' => '',
			'summary' => 'November 8: UNICEF has called for urgent action to address the air quality crisis of South Asia.',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif">November 8: UNICEF has called for urgent action to address the air quality crisis of South Asia.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif">After a recent visit to South Asia, UNICEF Executive Director Henrietta Fore issued a statement urging governments in the region and around the world to take urgent steps to reduce air pollution by investing in cleaner, renewable sources of energy to replace fossil fuel combustion.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif">According to Fore, the air quality in South Asia is at crisis level. She added that the ripple effects of air pollution extend far and wide.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif">She said that children are the most vulnerable group and health expenses may increase if children need care and treatment. Parents may need to stay home too, in order to take care of their children. Potential income is lost and quality of life is reduced, she added.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif">&ldquo;I was just in South Asia where I saw first-hand how children continue to suffer from the dire consequences of air pollution,&rdquo; she said in the statement</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif">&nbsp;&ldquo;The toxicity to children&#39;s brain development and health is also toxic to society, which no government can afford to ignore,&rdquo; Fore added.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif">She further said that around 620 million children in the region breathe polluted, toxic air. Because they have smaller lungs, breathe twice as fast as adults, and lack the immunities that come with age, children endure its damaging health and neurological effects the most, the statement added.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif">According to Fore, air pollution is associated with one of the biggest killers of children &ndash; pneumonia, and linked to asthma, bronchitis, and other respiratory infections.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif">Air pollution also damages brain tissue and undermines cognitive development in babies and young children, leading to lifelong consequences that can affect their learning outcomes and future potential, she added.</span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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			'id' => '11631',
			'article_category_id' => '1',
			'title' => 'Government Approves Rs 13.62 billion Loan from World Bank for Youth Employment',
			'sub_title' => '',
			'summary' => 'November 8: The government has approved concessional loan of Rs 13.62 billion from the World Bank for the Prime Minister Employment Programme (PMEP).',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">November 8: The government has approved concessional loan of Rs 13.62 billion from the World Bank for the Prime Minister Employment Programme (PMEP).</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">A cabinet meeting held earlier this week approved the loan assistance, informed Minister for Communication and Information Technology Gokul Baskota.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Joint secretary and coordinator of the PMEP Prakash Dahal said that the loan given by the World Bank under its Youth Employment Transformation Initiative will be utilized for the Prime Minister Employment Programme.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The World Bank has approved the loan to Nepal on September 18.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Under Secretary Dr Loknath Bhusal at the PMEP said that the programme will be implemented within a month.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The government had announced the programme to provide employment to unemployed youths for 100 days in a year. In case the government cannot provide job, it will hand out Rs 25,850 to them in a year.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The government had released more than Rs 2 billion for the local levels under this project. However, there were widespread criticism that the programme was not effective.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">This time, the government has changed the modality of the programme and has decided to increase employment opportunity by providing skill-development programmes and concessional loans.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The government has allocated Rs 5.1 billion rupees for the youth employment programme in the current fiscal year.</span></span></p>
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			'id' => '11630',
			'article_category_id' => '1',
			'title' => 'High Court Remands Chinese Hackers in Custody',
			'sub_title' => '',
			'summary' => 'November 8: Patan High Court has remanded six Chinese nationals in judicial custody for their alleged involvement in ATM hackings in the capital three months ago. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">November 8: Patan High Court has remanded six Chinese nationals in judicial custody for their alleged involvement in ATM hackings in the capital three months ago. One of the Chinese was arrested red handed on August 31 while hacking an ATM at Durbar Marg. Following the arrest, police arrested his five Chinese accomplices and a few Nepalis involved in the fraud case in which millions were stolen from various ATMs before their arrest.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The financial bench of Patan High Court issued the order on Thursday, November 7. The bench also decided to release three Nepalis arrested in connection to the hacking on bail.&nbsp; The court has asked Devnath Lamichhane to post a bail amount of Rs 3 million while Rewati Dawadi and Roshan Pradhan were ordered to submit Rs 2.6 million each. However, Metropolitan Police Range, Teku informed New Business Age that the trio remain in jail after failing to post the bail amount.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">DSP Hobindra Bogati said that the police have completed their investigation. The police range has already submitted its investigation report to the government attorney&rsquo;s office. The high court issued the order on Thursday after receiving the report from the government attorney.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">According to Bogati, the accused are now awaiting the final verdict in the case in which the Chinese nationals have been accused of stealing millions of rupees by hacking the Nepal Electronic Payment System.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The Chinese nationals had withdrawn a total of Rs 17.6 million from ATMs of various banks. Police later found that the group had taken out Rs 11.4 million from the ATM of Nabil Bank alone. Police have recovered Rs 12.6 million and US$ 9,800 from the hackers.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Meanwhile, CEO of Nepal Electronic Payment System, Pravin Chhetri said that a Singaporean company has been carrying out forensic investigation into the case. NePS has been providing its service to a network of 17 banks. Although the report was initially said to be out by December this year, NePS said that it will take some more time to complete the investigation.</span></span></p>
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			'id' => '11634',
			'article_category_id' => '1',
			'title' => 'Police Arrest Industrialist Roop Jyoti',
			'sub_title' => '',
			'summary' => 'November 8: Police have arrested former assistant minister Roop Jyoti, who is the vice president of Jyoti Group.',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">November 8: Police have arrested former assistant minister Roop Jyoti, who is the vice president of Jyoti Group.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The Metropolitan Police on Thursday arrested Jyoti on fraud charge. Police nabbed him from Tribhuvan International Airport while he was returning home from Singapore.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">He has been accused of fraudulent act in land transaction.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">About a year ago, the Kathmandu District Court had issued an arrest warrant against Jyoti in a fraud case in housing project . The Supreme Court had issued a interim order not to arrest Jyoti. However, the apex court on Tuesday issued a verdict against his favour after which the police arrested Jyoti.</span></span></p>
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			'id' => '11625',
			'article_category_id' => '1',
			'title' => 'North Korean Investors do not Show up Despite Repeated Calls',
			'sub_title' => '',
			'summary' => 'November 7: North Korean investors have not come into contact with the Department of Industries even after missing the deadline given by the department to take back their investment from Nepal.',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:18.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">November 7: North Korean investors have not come into contact with the Department of Industries even after missing the deadline given by the department to take back their investment from Nepal.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:18.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">The department had written its third letter to the North Korean Embassy in Kathmandu on October 20 to take back investments made by Korean nationals within two weeks. Likewise, on September 16, the department had asked the North Korean investors to take back their investment within 45 days. But the requests have fallen in deaf ears.</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:18.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">As the North Korean investors did not show up, the department has already written a letter to the Ministry of Industries informing it about the latest development.</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:18.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">The ministry has sought details regarding this issue from the department. The department replied on November 2 that not a single North Korean company has come into contact with it.</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:18.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">&ldquo;They have not come into contact despite our repeated calls,&rdquo; said Jeevan Prasad Luitel, director general of the department.</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:18.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">Luitel said they will now initiate the process to shut down the companies having investment of North Koreans. &nbsp;The department has also decided to recommend not to extend the visa of the North Korean investors, which might then force them to return back. But this requires further discussions with the Ministry of Home Affairs and the Ministry of Industries, he further said.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:18.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">Data at the department show that North Korean investors have been investing in Nepal since the last 23 years. Currently, there are nine businesses operating with North Korean investment. Among them, six are hotels and restaurants, two are IT companies and one hospital. </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:18.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">The government&rsquo;s decision to ask North Korean to take back their investment comes after renewed calls of the United Nations Security Council, which had decided to impose sanctions on North Korea on May 11, 1993 for its active involvement in pursuing nuclear ambitions and missile tests.</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:18.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">The UN Security Council decided to impose more sanctions including economic sanctions on December 22, 2018 after it stepped up its activities to enrich nuclear energy.</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:18.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">The UN had written a letter to the Ministry of Foreign Affairs to shut down industries operating with North Korean investment. Based on the letter, the government decided to clamp down the businesses backed by North Korean investment.</span></span></span></span></p>

<p>&nbsp;</p>
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			'article_category_id' => '1',
			'title' => 'Probe Committee Seeks Files Signed by Suspended Dy Governor',
			'sub_title' => '',
			'summary' => 'November 7: A probe committee formed to investigate the allegations of irregularities against suspended deputy governor of Nepal Rastra Bank, Shiva Raj Shrestha, has decided to seek files signed by Shrestha from all the concerned  departments of the central bank.',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">November 7: A probe committee formed to investigate the allegations of irregularities against suspended deputy governor of Nepal Rastra Bank, Shiva Raj Shrestha, has decided to seek files signed by Shrestha from all the concerned &nbsp;departments of the central bank.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The three-member probe committee will start its investigation by collecting all the files signed by Shrestha. Of late, Shrestha had been looking after eight department of the central bank. In order to see what kinds of decision he took, the probe committee headed by Shreeram Poudel has sought the files from all eight departments. A member of the committee told New Business Age that they will hand over the letters to all the departments by Thursday.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Deputy Governor Shrestha was handed the vital Department of Regulation and Supervision.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">&ldquo;So far, the Department of Banks and Financial Institutions has presented the files. Now we will seek files from other departments,&rdquo; said the member requesting not to be named.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">&ldquo;It seems that it will take some time to receive all the files signed by Shrestha in the last three years,&rdquo; said the source.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Shrestha has been accused of favouring Ncell in a sub judice case at the Supreme Court and also of helping banks and financial institutions to conceal bad loans.&nbsp; He reportedly helped Ncell take away its dividends by signing a file in the absence of another deputy governor, Chintamani Shivakoti.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">&ldquo;So far, we have found that Shivakoti was absent on 24 occasions due to his field trips and foreign visits. We are seeking files signed by Shrestha in his absence,&rdquo; said the committee member.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">He is also accused of presenting forged bills during his official visits abroad.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">A source at the department said that Shrestha was against anti-money laundering.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">A cabinet meeting on October 17 had decided to take action against Shestha as per the recommendation of the Anti Money Laundering Department of NRB. The government then instructed the central bank to investigate Shrestha&rsquo;s involvement in irregularities by abusing his power as the deputy governor of NRB. A board meeting of the central bank subsequently formed the probe committee on November 4 after which Shrestha was automatically suspended from his post as per Article 22 of the Nepal Rastra Bank Act 2058. Other members of the committee are Dr Subodh Kumar Karna and Ramji Regmi.</span></span></p>

<p>&nbsp;</p>
',
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			'sortorder' => '11375',
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	(int) 7 => array(
		'Article' => array(
			'id' => '11623',
			'article_category_id' => '1',
			'title' => 'Law Ministry at Loggerheads with Finance Ministry regarding formation of Revenue Board',
			'sub_title' => '',
			'summary' => 'November 7: The formation of the proposed Revenue Board is likely to get delayed due to differences between the Ministry of Finance and the Ministry of Law. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">November 7: The formation of the proposed Revenue Board is likely to get delayed due to differences between the Ministry of Finance and the Ministry of Law. The law ministry has objected to the draft sent by the finance ministry in accordance to the Development Committee Act.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The law ministry has sought explanation from the finance ministry for preparing the draft under the Development Committee Act. The Ministry of Law is of the view that preparing the draft using this particular Act would make the Revenue Board temporary in nature. Therefore, the draft of the Revenue Board which was forwarded to the law ministry before Dashain has been gathering dust.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Meanwhile, the finance ministry has said that the law ministry cannot block the implementation of the programme mentioned in the annual budget.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">&ldquo;The draft proposed by the finance ministry has long-term objectives. However, if the process of forming the board is temporary, the board itself can be scrapped by a government decision. We believe that it would be better to form the board of permanent nature,&rdquo; said an official at the law ministry requesting anonymity.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Officials at the law ministry informed New Business Age that they held discussions with the finance ministry officials but were not able to reach to a conclusion.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">&ldquo;We held discussions with the officials of finance ministry. We demanded explanation for preparing the draft of the formation of the Revenue Board in accordance to the Development Committee Act. The draft is in hold as we could not get a satisfactory answer,&rdquo; said the highly-placed source.</span></span></p>
',
			'published' => true,
			'created' => '2019-11-07',
			'modified' => '2019-11-07',
			'keywords' => '',
			'description' => '',
			'sortorder' => '11374',
			'image' => '20191107095500_aaaadfg.jpg',
			'article_date' => '2019-11-07 00:00:00',
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	(int) 8 => array(
		'Article' => array(
			'id' => '11622',
			'article_category_id' => '1',
			'title' => 'NAC Announces 3 New International Destinations',
			'sub_title' => '',
			'summary' => 'November 7: Cash-strapped Nepal Airlines Corporation has announced to operate flights to three new international destinations within the next four months.',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">November 7: Cash-strapped Nepal Airlines Corporation has announced to operate flights to three new international destinations within the next four months.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The state-owned airline company, which has come under fire for under-utilization of two newly procured wide-body aircraft, said it will operate flights to Japan&rsquo;s Narita, Saudi Arabia&rsquo;s Riyad and China&rsquo;s Guangzhou by February this year.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Speaking at a press conference organized by NAC on Wednesday, Chairman Madan Kharel said that the flag carrier of Nepal will start operating flights to the new destinations as soon as the concerned bodies given them the permission.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">However, NAC is not likely to start flights to these destinations so soon, as claimed by the airline company. The airline company had earlier announced that it would operate flights to Narita and Guangzhou by December this year.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">China&rsquo;s Safety Audit team must first monitor Nepal&rsquo;s aviation sector and then approve the flights. The team is arriving in Kathmandu in December.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Meanwhile, the process of appointing General Sales Agent (GSA) for Riyad flights has reached the final stage. The process to initiate flight operation will begin only after finalizing the GSA.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">NAC has also announced it has started process to begin flights to seven other destinations including Beijing, Shanghai, Dhaka, Yangon, Hanoi, Phnom Penh and Colombo.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">During the press conference, NAC Chairman Kharel said that the airline company has adopted a strategy to reduce operation cost and will be saving Rs 2 billion in unnecessary spending within the current fiscal year.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Areas of austerity measures include air turbine fuel (ATF), overflight, hotel, engineering, corporate, safety among others, Kharel said.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">&ldquo;Lots of works of the engineering department are now being carried by the local manpower. This will help us reduce our operational cost,&rdquo; said Kharel.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">He further said that arrangement has been made so that the aircraft will not have to carry extra fuel. He also said they are planning to change the current route to save fuel.</span></span></p>
',
			'published' => true,
			'created' => '2019-11-07',
			'modified' => '2019-11-07',
			'keywords' => '',
			'description' => '',
			'sortorder' => '11373',
			'image' => '20191107091630_20180727021334_2.jpg',
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	(int) 9 => array(
		'Article' => array(
			'id' => '11626',
			'article_category_id' => '1',
			'title' => 'Government Forms Committee to Select New Chairman of SEBON',
			'sub_title' => '',
			'summary' => 'November 7: The government has formed a three-member committee to select the chairman of the Securities Board of Nepal (SEBON), which has been lying vacant since October 17.',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">November 7: The government has formed a three-member committee to select the chairman of the Securities Board of Nepal (SEBON), which has been lying vacant since October 17.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The committee under the coordination of National Planning Commission Member DrRam Kumar Phuyal was formed on Wednesday (November 6) after the Council of Ministers on Tuesday instructed the NPC to select SEBON&rsquo;s chair in coordination with the finance minstry.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Revenue secretary at the Ministry of Finance, Sishir Dhungana, and an independent expert &ndash; Krishna Acharya &ndash; are the other members of the committee.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The post is lying vacant after the term of the then chairman Rewat Bahadur Karki expired on October 17.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">A member of the committee told New Business Age that they will select a capable, experienced and dynamic person who can handle the responsibilities of SEBON.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">However, the committee is yet to decide whether to call a public notice or adopt other process to select the new chairman.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">SEBON&rsquo;s officials, former executive directors of Nepal Rastra Bank and former chairpersons of ICAN are lobbying for the post. SEBON&rsquo;s Executive Director Niraj Giri, who has been working with SEBON since the last 23 years is likely to vie for the post.</span></span></p>
',
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			'created' => '2019-11-07',
			'modified' => '2019-11-07',
			'keywords' => '',
			'description' => '',
			'sortorder' => '11372',
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	(int) 10 => array(
		'Article' => array(
			'id' => '11621',
			'article_category_id' => '1',
			'title' => 'Nepal-Bharat Maitri Polytechnic in Hetauda to Complete in 2 Years',
			'sub_title' => '',
			'summary' => 'November 6: Chief Minister of Province-3 Dormani Paudel initiated the “ground breaking ceremony” for establishment of a flagship Nepal-Bharat Maitri Polytechnic at Hetauda in Makwanpur district on Tuesday, November 5.',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">November 6: Chief Minister of Province-3 Dormani Paudel initiated the &ldquo;ground breaking ceremony&rdquo; for establishment of a flagship Nepal-Bharat Maitri Polytechnic at Hetauda in Makwanpur district on Tuesday, November 5.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The polytechnic institute in Hetauda is a state-of-the-art infrastructure project in the area of vocational training and is being built under the India-Nepal Development Partnership with Indian grant of IRs 385.3 million, the Indian Embassy said in a statement.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The statement added that the total built up area of the polytechnic project would be 19,200 square meters. The facility will include an administrative block, academic block, auditorium, library, workshop, multipurpose hall, separate hostels for boys and girls, principal and staff residences and amenities for sports and communities. The project is expected to be completed in two years.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">&ldquo;Today&#39;s ground breaking ceremony for construction of the Nepal-Bharat Maitiri Polytechnic at Hetauda is another testimony of friendly relations between India and Nepal and also India&#39;s commitment to work with Nepal to complement efforts of Government of Nepal to strengthen infrastructure in the vocational and skill development sector in Nepal,&rdquo; the statement added.</span></span></p>

<p>&nbsp;</p>
',
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			'created' => '2019-11-06',
			'modified' => '2019-11-06',
			'keywords' => '',
			'description' => '',
			'sortorder' => '11371',
			'image' => '20191106021016_aaaa.jpg',
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	(int) 11 => array(
		'Article' => array(
			'id' => '11620',
			'article_category_id' => '1',
			'title' => 'NRB Directs Microfinance Companies to form Anti-Money Laundering Committees',
			'sub_title' => '',
			'summary' => 'November 6: Nepal Rastra Bank has directed microfinance companies to form anti-money laundering committees. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">November 6: Nepal Rastra Bank has directed microfinance companies to form anti-money laundering committees. The central bank took such decision as it intensifies its anti-money laundering drive, which until now did not cover the microfinance companies.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Dr Prakash Kumar Shrestha, executive director of the Microfinance Supervision Department of NRB, said that it is mandatory for the microfinance companies to form such committees.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">&ldquo;The central bank has issued clear directives related to its anti-money laundering &nbsp;drive,&rdquo; said Shrestha.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">He clarified that this measure was taken to ensure that the money earned through illegal means would not enter the banking channel.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The central bank has also made provision for microfinance companies to issue notice to blacklist bad debtors. Microfinance companies can now recommend blacklisting debtors who do not pay loan. Microfinances could not enjoy this facility before.</span></span></p>
',
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			'created' => '2019-11-06',
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			'description' => '',
			'sortorder' => '11370',
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	(int) 12 => array(
		'Article' => array(
			'id' => '11617',
			'article_category_id' => '1',
			'title' => 'Transshipment Cost Rising due to Lack of Regulation',
			'sub_title' => '',
			'summary' => 'November 6: Nepali businessmen have been forced to pay heavy price for transportation of goods for overseas business as the foreign shipping companies fall outside the ambit of the country’s law.',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">November 6: Nepali businessmen have been forced to pay heavy price for transportation of goods for overseas business as the foreign shipping companies fall outside the ambit of the country&rsquo;s law.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The importers blame the government&rsquo;s inefficiency and lack of effective measures for the random charges shipping companies have been imposing on Nepali businessmen. </span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The transportation cost via Kolkata Port, which is extensively used by Nepali importers for overseas trade, has surprisingly increased after the two countries initiated a number of measures to facilitate the flow of goods including the electronic cargo tracking system, says Ashok Kumar Temani, chairperson of the Transportation and Transshipment Committee 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;The transportation cost increased after implementation of direct transshipment of goods between the two countries via Kolkata,&rdquo; said Temani.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">&ldquo;We were expecting to reduce both time and cost after implementing this mode of transportation but the result was exactly the opposite,&rdquo; he added.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The government has said it will formulate laws to bring the shipping companies under its regulation. However, there are doubts that the laws can regulate the companies which have a worldwide network.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Not just Nepal, but India itself is a victim of monopoly of the shipping companies, complain officials at Kolkata Port.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Importers on the other hand say that the shipping companies have been charging freight charge, railway charge, terminal holding charge, ECTS charge among others at their whims.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The Container Corporation of India Ltd (CONCOR) has set a uniform price for all shipping companies but such companies have been charging different rates to Nepali importers, says Amrit Shrestha, a Kolkata-based customs house agent.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Kolkata Port had initiated Direct Transshipment for Nepali goods on February 15 earlier this year. To facilitate this system, the customs office of the port had made it mandatory to implement the ECTS. However, the High Court of Kolkata made this process non-binding.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Nepal&rsquo;s consul general to Kolkata Eknarayan Aryal says that the foreign shipping companies will also be brought under regulation once the government formulates laws.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">&ldquo;The government has expedited the process to formulate laws,&rdquo; said Aryal, adding, &ldquo;We have adopted a strategy to increase competition among the shipping companies to reduce the cost.&rdquo; &nbsp;</span></span></p>
',
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			'created' => '2019-11-06',
			'modified' => '2019-11-06',
			'keywords' => '',
			'description' => '',
			'sortorder' => '11367',
			'image' => '20191106012745_Kolkata.jpg',
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	(int) 13 => array(
		'Article' => array(
			'id' => '11616',
			'article_category_id' => '1',
			'title' => 'Government to Reopen Duty-Free Shop at TIA',
			'sub_title' => '',
			'summary' => 'November 6: Tribhuvan International Airport (TIA) has prepared a work plan for reopening duty-free shop at the airport. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">November 6: Tribhuvan International Airport (TIA) has prepared a work plan for reopening duty-free shop at the airport. TIA has already submitted the work plan after conducting a detailed study in this regard.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Two months ago, Minister for Culture, Tourism and Civil Aviation Yogesh Bhattarai had asked the airport authorities to prepare a list of items required for reopening the duty-free shop at TIA.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The Ministry of Culture, Tourism and Civil Aviation has decided to reopen the duty-free shop at TIA after 11 years. Sources at the ministry informed New Business Age that the ministry decided to reopen the duty-free shop at the international terminal of TIA as per the demands of foreign visitors as well as Nepali travelers.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Following the minister&rsquo;s instructions, the airport management had formed a committee to study the prospect of duty-free shop at TIA. Spokesperson for the TIA Pratap Babu Tiwari said that they submitted the work plan prepared by the same committee to the ministry.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">He said that further action will be taken after holding discussion on the work plan submitted by the airport. The duty free shop was closed by the government led by Baburam Bhattarai in 2008. &nbsp;</span></span></p>
',
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			'created' => '2019-11-06',
			'modified' => '2019-11-06',
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			'description' => '',
			'sortorder' => '11366',
			'image' => '20191106122050_aadsffg.jpg',
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	(int) 14 => array(
		'Article' => array(
			'id' => '11615',
			'article_category_id' => '1',
			'title' => 'An extra 15-Minute Daily Walk Could Boost Global Economy: Study',
			'sub_title' => '',
			'summary' => 'November 6: The world economy could be boosted by as much as $100 billion a year if employers successfully encouraged their staff to meet the World Health Organization guidelines on exercise, according to an analysis of the economic impact of activity.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,serif">November 6: The world economy could be boosted by as much as $100 billion a year if employers successfully encouraged their staff to meet the World Health Organization guidelines on exercise, according to an analysis of the economic impact of activity.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,serif">Reuters reported that adding an extra 15 minutes of daily walking, or jogging a steady one kilometer each day, would improve productivity and extend life expectancy - leading to more economic growth. According to Reuters, the study was conducted by the health insurance group Vitality and the think tank RAND Europe.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,serif">The economic boost would come from lower mortality rates - in other words keeping more people alive, working and contributing to the economy for longer, the study&rsquo;s authors said, and from employees taking fewer days off sick.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,serif">Hans Pung, RAND Europe&rsquo;s president, said the study highlighted &ldquo;a significant relationship between inactivity and productivity loss&rdquo; and should give policymakers and employers &ldquo;new perspectives on how to enhance the productivity of their populations&rdquo;.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,serif">The WHO recommends that all adults should take at least 150 minutes of moderate exercise, or 75 minutes of vigorous exercise, a week. In a study last year it found that around 40 percent of adults in the United States, 36 percent in Britain and 14 percent in China did too little exercise to stay healthy.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,serif">The recent study was based on data from about 120,000 people across seven countries. It then modeled and projected the potential economic benefits of increased physical activity globally and for 23 individual countries.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,serif">According to Reuters, the study found that if all adults aged between 18 and 64 walked 15 more minutes a day, it could increase world economic output by some $100 billion year on year.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,serif">It also found that physically inactive 40-year-olds could increase their life expectancy, on average, by 3.2 years, by introducing 20 minutes of jogging a day.</span></span></p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '11633',
			'article_category_id' => '1',
			'title' => 'Bankers Willing to Join Social Security Fund if Govt Amends Ambiguous Provisions',
			'sub_title' => '',
			'summary' => 'November 8: Bankers have said they are willing to get enlisted in the Social Security Fund of the government if it removes practical hurdles.  ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">November 8: Bankers have said they are willing to get enlisted in the Social Security Fund of the government if it removes practical hurdles. &nbsp;</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">CEOs of various banks informed the government that their staffers are unwilling to get listed in the government scheme because of some ambiguous provisions.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Speaking at an interaction with Labour Minister Gokarna Bista in the capital on Thursday, they also urged the government to amend the laws in the scheme to make it more practical.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The bankers told Minister Bista that their long-time employees are reluctant to join the scheme fearing that the move would jeopardize all their hard-earned facilities they are entitled to enjoy.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Chairman of Nepal Bankers Assiociation Gyanendra Dhungana said that the staffers want facilities like pension, insurance and loan facilities just like that the ones provided by the Employee Provident Fund and Citizens Investment Trust .</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Dhungana further said that although new employees are excited to join the scheme, long-serving staffers are not willing to do so.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">&ldquo;The old staff members are ready to quit their jobs but are not willing to give up the facilities which they have been enjoying so far,&rdquo; said Dhungana.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">&ldquo;This is a practical problem which the government needs to understand and act accordingly,&rdquo; he added.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The Social Security Fund has provision of providing pension after the staffers reach 60 years. But currently, the bank staffers have been enjoying that facility at the age of 58. They are not interested to wait for two more years, the CEOs argued.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">They also complained that the same insurance facility for all the staffers was not acceptable. They argued that if the scheme was based on contribution, the insurance amount must also vary in accordance to the contribution.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Only seven out of the total 28 commercial banks have been enlisted in the Social Security Fund of the government so far.</span></span></p>
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		'Article' => array(
			'id' => '11632',
			'article_category_id' => '1',
			'title' => 'UNICEF Underlines the Need for Immediate Action in South Asia for Clean Air',
			'sub_title' => '',
			'summary' => 'November 8: UNICEF has called for urgent action to address the air quality crisis of South Asia.',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif">November 8: UNICEF has called for urgent action to address the air quality crisis of South Asia.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif">After a recent visit to South Asia, UNICEF Executive Director Henrietta Fore issued a statement urging governments in the region and around the world to take urgent steps to reduce air pollution by investing in cleaner, renewable sources of energy to replace fossil fuel combustion.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif">According to Fore, the air quality in South Asia is at crisis level. She added that the ripple effects of air pollution extend far and wide.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif">She said that children are the most vulnerable group and health expenses may increase if children need care and treatment. Parents may need to stay home too, in order to take care of their children. Potential income is lost and quality of life is reduced, she added.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif">&ldquo;I was just in South Asia where I saw first-hand how children continue to suffer from the dire consequences of air pollution,&rdquo; she said in the statement</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif">&nbsp;&ldquo;The toxicity to children&#39;s brain development and health is also toxic to society, which no government can afford to ignore,&rdquo; Fore added.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif">She further said that around 620 million children in the region breathe polluted, toxic air. Because they have smaller lungs, breathe twice as fast as adults, and lack the immunities that come with age, children endure its damaging health and neurological effects the most, the statement added.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif">According to Fore, air pollution is associated with one of the biggest killers of children &ndash; pneumonia, and linked to asthma, bronchitis, and other respiratory infections.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif">Air pollution also damages brain tissue and undermines cognitive development in babies and young children, leading to lifelong consequences that can affect their learning outcomes and future potential, she added.</span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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			'id' => '11631',
			'article_category_id' => '1',
			'title' => 'Government Approves Rs 13.62 billion Loan from World Bank for Youth Employment',
			'sub_title' => '',
			'summary' => 'November 8: The government has approved concessional loan of Rs 13.62 billion from the World Bank for the Prime Minister Employment Programme (PMEP).',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">November 8: The government has approved concessional loan of Rs 13.62 billion from the World Bank for the Prime Minister Employment Programme (PMEP).</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">A cabinet meeting held earlier this week approved the loan assistance, informed Minister for Communication and Information Technology Gokul Baskota.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Joint secretary and coordinator of the PMEP Prakash Dahal said that the loan given by the World Bank under its Youth Employment Transformation Initiative will be utilized for the Prime Minister Employment Programme.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The World Bank has approved the loan to Nepal on September 18.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Under Secretary Dr Loknath Bhusal at the PMEP said that the programme will be implemented within a month.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The government had announced the programme to provide employment to unemployed youths for 100 days in a year. In case the government cannot provide job, it will hand out Rs 25,850 to them in a year.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The government had released more than Rs 2 billion for the local levels under this project. However, there were widespread criticism that the programme was not effective.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">This time, the government has changed the modality of the programme and has decided to increase employment opportunity by providing skill-development programmes and concessional loans.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The government has allocated Rs 5.1 billion rupees for the youth employment programme in the current fiscal year.</span></span></p>
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		'Article' => array(
			'id' => '11630',
			'article_category_id' => '1',
			'title' => 'High Court Remands Chinese Hackers in Custody',
			'sub_title' => '',
			'summary' => 'November 8: Patan High Court has remanded six Chinese nationals in judicial custody for their alleged involvement in ATM hackings in the capital three months ago. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">November 8: Patan High Court has remanded six Chinese nationals in judicial custody for their alleged involvement in ATM hackings in the capital three months ago. One of the Chinese was arrested red handed on August 31 while hacking an ATM at Durbar Marg. Following the arrest, police arrested his five Chinese accomplices and a few Nepalis involved in the fraud case in which millions were stolen from various ATMs before their arrest.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The financial bench of Patan High Court issued the order on Thursday, November 7. The bench also decided to release three Nepalis arrested in connection to the hacking on bail.&nbsp; The court has asked Devnath Lamichhane to post a bail amount of Rs 3 million while Rewati Dawadi and Roshan Pradhan were ordered to submit Rs 2.6 million each. However, Metropolitan Police Range, Teku informed New Business Age that the trio remain in jail after failing to post the bail amount.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">DSP Hobindra Bogati said that the police have completed their investigation. The police range has already submitted its investigation report to the government attorney&rsquo;s office. The high court issued the order on Thursday after receiving the report from the government attorney.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">According to Bogati, the accused are now awaiting the final verdict in the case in which the Chinese nationals have been accused of stealing millions of rupees by hacking the Nepal Electronic Payment System.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The Chinese nationals had withdrawn a total of Rs 17.6 million from ATMs of various banks. Police later found that the group had taken out Rs 11.4 million from the ATM of Nabil Bank alone. Police have recovered Rs 12.6 million and US$ 9,800 from the hackers.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Meanwhile, CEO of Nepal Electronic Payment System, Pravin Chhetri said that a Singaporean company has been carrying out forensic investigation into the case. NePS has been providing its service to a network of 17 banks. Although the report was initially said to be out by December this year, NePS said that it will take some more time to complete the investigation.</span></span></p>
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			'id' => '11634',
			'article_category_id' => '1',
			'title' => 'Police Arrest Industrialist Roop Jyoti',
			'sub_title' => '',
			'summary' => 'November 8: Police have arrested former assistant minister Roop Jyoti, who is the vice president of Jyoti Group.',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">November 8: Police have arrested former assistant minister Roop Jyoti, who is the vice president of Jyoti Group.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The Metropolitan Police on Thursday arrested Jyoti on fraud charge. Police nabbed him from Tribhuvan International Airport while he was returning home from Singapore.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">He has been accused of fraudulent act in land transaction.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">About a year ago, the Kathmandu District Court had issued an arrest warrant against Jyoti in a fraud case in housing project . The Supreme Court had issued a interim order not to arrest Jyoti. However, the apex court on Tuesday issued a verdict against his favour after which the police arrested Jyoti.</span></span></p>
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		'Article' => array(
			'id' => '11625',
			'article_category_id' => '1',
			'title' => 'North Korean Investors do not Show up Despite Repeated Calls',
			'sub_title' => '',
			'summary' => 'November 7: North Korean investors have not come into contact with the Department of Industries even after missing the deadline given by the department to take back their investment from Nepal.',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:18.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">November 7: North Korean investors have not come into contact with the Department of Industries even after missing the deadline given by the department to take back their investment from Nepal.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:18.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">The department had written its third letter to the North Korean Embassy in Kathmandu on October 20 to take back investments made by Korean nationals within two weeks. Likewise, on September 16, the department had asked the North Korean investors to take back their investment within 45 days. But the requests have fallen in deaf ears.</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:18.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">As the North Korean investors did not show up, the department has already written a letter to the Ministry of Industries informing it about the latest development.</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:18.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">The ministry has sought details regarding this issue from the department. The department replied on November 2 that not a single North Korean company has come into contact with it.</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:18.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">&ldquo;They have not come into contact despite our repeated calls,&rdquo; said Jeevan Prasad Luitel, director general of the department.</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:18.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">Luitel said they will now initiate the process to shut down the companies having investment of North Koreans. &nbsp;The department has also decided to recommend not to extend the visa of the North Korean investors, which might then force them to return back. But this requires further discussions with the Ministry of Home Affairs and the Ministry of Industries, he further said.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:18.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">Data at the department show that North Korean investors have been investing in Nepal since the last 23 years. Currently, there are nine businesses operating with North Korean investment. Among them, six are hotels and restaurants, two are IT companies and one hospital. </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:18.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">The government&rsquo;s decision to ask North Korean to take back their investment comes after renewed calls of the United Nations Security Council, which had decided to impose sanctions on North Korea on May 11, 1993 for its active involvement in pursuing nuclear ambitions and missile tests.</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:18.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">The UN Security Council decided to impose more sanctions including economic sanctions on December 22, 2018 after it stepped up its activities to enrich nuclear energy.</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:18.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">The UN had written a letter to the Ministry of Foreign Affairs to shut down industries operating with North Korean investment. Based on the letter, the government decided to clamp down the businesses backed by North Korean investment.</span></span></span></span></p>

<p>&nbsp;</p>
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			'article_category_id' => '1',
			'title' => 'Probe Committee Seeks Files Signed by Suspended Dy Governor',
			'sub_title' => '',
			'summary' => 'November 7: A probe committee formed to investigate the allegations of irregularities against suspended deputy governor of Nepal Rastra Bank, Shiva Raj Shrestha, has decided to seek files signed by Shrestha from all the concerned  departments of the central bank.',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">November 7: A probe committee formed to investigate the allegations of irregularities against suspended deputy governor of Nepal Rastra Bank, Shiva Raj Shrestha, has decided to seek files signed by Shrestha from all the concerned &nbsp;departments of the central bank.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The three-member probe committee will start its investigation by collecting all the files signed by Shrestha. Of late, Shrestha had been looking after eight department of the central bank. In order to see what kinds of decision he took, the probe committee headed by Shreeram Poudel has sought the files from all eight departments. A member of the committee told New Business Age that they will hand over the letters to all the departments by Thursday.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Deputy Governor Shrestha was handed the vital Department of Regulation and Supervision.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">&ldquo;So far, the Department of Banks and Financial Institutions has presented the files. Now we will seek files from other departments,&rdquo; said the member requesting not to be named.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">&ldquo;It seems that it will take some time to receive all the files signed by Shrestha in the last three years,&rdquo; said the source.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Shrestha has been accused of favouring Ncell in a sub judice case at the Supreme Court and also of helping banks and financial institutions to conceal bad loans.&nbsp; He reportedly helped Ncell take away its dividends by signing a file in the absence of another deputy governor, Chintamani Shivakoti.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">&ldquo;So far, we have found that Shivakoti was absent on 24 occasions due to his field trips and foreign visits. We are seeking files signed by Shrestha in his absence,&rdquo; said the committee member.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">He is also accused of presenting forged bills during his official visits abroad.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">A source at the department said that Shrestha was against anti-money laundering.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">A cabinet meeting on October 17 had decided to take action against Shestha as per the recommendation of the Anti Money Laundering Department of NRB. The government then instructed the central bank to investigate Shrestha&rsquo;s involvement in irregularities by abusing his power as the deputy governor of NRB. A board meeting of the central bank subsequently formed the probe committee on November 4 after which Shrestha was automatically suspended from his post as per Article 22 of the Nepal Rastra Bank Act 2058. Other members of the committee are Dr Subodh Kumar Karna and Ramji Regmi.</span></span></p>

<p>&nbsp;</p>
',
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			'sortorder' => '11375',
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	(int) 7 => array(
		'Article' => array(
			'id' => '11623',
			'article_category_id' => '1',
			'title' => 'Law Ministry at Loggerheads with Finance Ministry regarding formation of Revenue Board',
			'sub_title' => '',
			'summary' => 'November 7: The formation of the proposed Revenue Board is likely to get delayed due to differences between the Ministry of Finance and the Ministry of Law. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">November 7: The formation of the proposed Revenue Board is likely to get delayed due to differences between the Ministry of Finance and the Ministry of Law. The law ministry has objected to the draft sent by the finance ministry in accordance to the Development Committee Act.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The law ministry has sought explanation from the finance ministry for preparing the draft under the Development Committee Act. The Ministry of Law is of the view that preparing the draft using this particular Act would make the Revenue Board temporary in nature. Therefore, the draft of the Revenue Board which was forwarded to the law ministry before Dashain has been gathering dust.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Meanwhile, the finance ministry has said that the law ministry cannot block the implementation of the programme mentioned in the annual budget.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">&ldquo;The draft proposed by the finance ministry has long-term objectives. However, if the process of forming the board is temporary, the board itself can be scrapped by a government decision. We believe that it would be better to form the board of permanent nature,&rdquo; said an official at the law ministry requesting anonymity.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Officials at the law ministry informed New Business Age that they held discussions with the finance ministry officials but were not able to reach to a conclusion.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">&ldquo;We held discussions with the officials of finance ministry. We demanded explanation for preparing the draft of the formation of the Revenue Board in accordance to the Development Committee Act. The draft is in hold as we could not get a satisfactory answer,&rdquo; said the highly-placed source.</span></span></p>
',
			'published' => true,
			'created' => '2019-11-07',
			'modified' => '2019-11-07',
			'keywords' => '',
			'description' => '',
			'sortorder' => '11374',
			'image' => '20191107095500_aaaadfg.jpg',
			'article_date' => '2019-11-07 00:00:00',
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	(int) 8 => array(
		'Article' => array(
			'id' => '11622',
			'article_category_id' => '1',
			'title' => 'NAC Announces 3 New International Destinations',
			'sub_title' => '',
			'summary' => 'November 7: Cash-strapped Nepal Airlines Corporation has announced to operate flights to three new international destinations within the next four months.',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">November 7: Cash-strapped Nepal Airlines Corporation has announced to operate flights to three new international destinations within the next four months.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The state-owned airline company, which has come under fire for under-utilization of two newly procured wide-body aircraft, said it will operate flights to Japan&rsquo;s Narita, Saudi Arabia&rsquo;s Riyad and China&rsquo;s Guangzhou by February this year.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Speaking at a press conference organized by NAC on Wednesday, Chairman Madan Kharel said that the flag carrier of Nepal will start operating flights to the new destinations as soon as the concerned bodies given them the permission.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">However, NAC is not likely to start flights to these destinations so soon, as claimed by the airline company. The airline company had earlier announced that it would operate flights to Narita and Guangzhou by December this year.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">China&rsquo;s Safety Audit team must first monitor Nepal&rsquo;s aviation sector and then approve the flights. The team is arriving in Kathmandu in December.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Meanwhile, the process of appointing General Sales Agent (GSA) for Riyad flights has reached the final stage. The process to initiate flight operation will begin only after finalizing the GSA.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">NAC has also announced it has started process to begin flights to seven other destinations including Beijing, Shanghai, Dhaka, Yangon, Hanoi, Phnom Penh and Colombo.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">During the press conference, NAC Chairman Kharel said that the airline company has adopted a strategy to reduce operation cost and will be saving Rs 2 billion in unnecessary spending within the current fiscal year.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Areas of austerity measures include air turbine fuel (ATF), overflight, hotel, engineering, corporate, safety among others, Kharel said.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">&ldquo;Lots of works of the engineering department are now being carried by the local manpower. This will help us reduce our operational cost,&rdquo; said Kharel.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">He further said that arrangement has been made so that the aircraft will not have to carry extra fuel. He also said they are planning to change the current route to save fuel.</span></span></p>
',
			'published' => true,
			'created' => '2019-11-07',
			'modified' => '2019-11-07',
			'keywords' => '',
			'description' => '',
			'sortorder' => '11373',
			'image' => '20191107091630_20180727021334_2.jpg',
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	(int) 9 => array(
		'Article' => array(
			'id' => '11626',
			'article_category_id' => '1',
			'title' => 'Government Forms Committee to Select New Chairman of SEBON',
			'sub_title' => '',
			'summary' => 'November 7: The government has formed a three-member committee to select the chairman of the Securities Board of Nepal (SEBON), which has been lying vacant since October 17.',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">November 7: The government has formed a three-member committee to select the chairman of the Securities Board of Nepal (SEBON), which has been lying vacant since October 17.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The committee under the coordination of National Planning Commission Member DrRam Kumar Phuyal was formed on Wednesday (November 6) after the Council of Ministers on Tuesday instructed the NPC to select SEBON&rsquo;s chair in coordination with the finance minstry.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Revenue secretary at the Ministry of Finance, Sishir Dhungana, and an independent expert &ndash; Krishna Acharya &ndash; are the other members of the committee.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The post is lying vacant after the term of the then chairman Rewat Bahadur Karki expired on October 17.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">A member of the committee told New Business Age that they will select a capable, experienced and dynamic person who can handle the responsibilities of SEBON.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">However, the committee is yet to decide whether to call a public notice or adopt other process to select the new chairman.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">SEBON&rsquo;s officials, former executive directors of Nepal Rastra Bank and former chairpersons of ICAN are lobbying for the post. SEBON&rsquo;s Executive Director Niraj Giri, who has been working with SEBON since the last 23 years is likely to vie for the post.</span></span></p>
',
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			'created' => '2019-11-07',
			'modified' => '2019-11-07',
			'keywords' => '',
			'description' => '',
			'sortorder' => '11372',
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	(int) 10 => array(
		'Article' => array(
			'id' => '11621',
			'article_category_id' => '1',
			'title' => 'Nepal-Bharat Maitri Polytechnic in Hetauda to Complete in 2 Years',
			'sub_title' => '',
			'summary' => 'November 6: Chief Minister of Province-3 Dormani Paudel initiated the “ground breaking ceremony” for establishment of a flagship Nepal-Bharat Maitri Polytechnic at Hetauda in Makwanpur district on Tuesday, November 5.',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">November 6: Chief Minister of Province-3 Dormani Paudel initiated the &ldquo;ground breaking ceremony&rdquo; for establishment of a flagship Nepal-Bharat Maitri Polytechnic at Hetauda in Makwanpur district on Tuesday, November 5.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The polytechnic institute in Hetauda is a state-of-the-art infrastructure project in the area of vocational training and is being built under the India-Nepal Development Partnership with Indian grant of IRs 385.3 million, the Indian Embassy said in a statement.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The statement added that the total built up area of the polytechnic project would be 19,200 square meters. The facility will include an administrative block, academic block, auditorium, library, workshop, multipurpose hall, separate hostels for boys and girls, principal and staff residences and amenities for sports and communities. The project is expected to be completed in two years.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">&ldquo;Today&#39;s ground breaking ceremony for construction of the Nepal-Bharat Maitiri Polytechnic at Hetauda is another testimony of friendly relations between India and Nepal and also India&#39;s commitment to work with Nepal to complement efforts of Government of Nepal to strengthen infrastructure in the vocational and skill development sector in Nepal,&rdquo; the statement added.</span></span></p>

<p>&nbsp;</p>
',
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			'created' => '2019-11-06',
			'modified' => '2019-11-06',
			'keywords' => '',
			'description' => '',
			'sortorder' => '11371',
			'image' => '20191106021016_aaaa.jpg',
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	(int) 11 => array(
		'Article' => array(
			'id' => '11620',
			'article_category_id' => '1',
			'title' => 'NRB Directs Microfinance Companies to form Anti-Money Laundering Committees',
			'sub_title' => '',
			'summary' => 'November 6: Nepal Rastra Bank has directed microfinance companies to form anti-money laundering committees. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">November 6: Nepal Rastra Bank has directed microfinance companies to form anti-money laundering committees. The central bank took such decision as it intensifies its anti-money laundering drive, which until now did not cover the microfinance companies.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Dr Prakash Kumar Shrestha, executive director of the Microfinance Supervision Department of NRB, said that it is mandatory for the microfinance companies to form such committees.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">&ldquo;The central bank has issued clear directives related to its anti-money laundering &nbsp;drive,&rdquo; said Shrestha.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">He clarified that this measure was taken to ensure that the money earned through illegal means would not enter the banking channel.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The central bank has also made provision for microfinance companies to issue notice to blacklist bad debtors. Microfinance companies can now recommend blacklisting debtors who do not pay loan. Microfinances could not enjoy this facility before.</span></span></p>
',
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			'created' => '2019-11-06',
			'modified' => '2019-11-06',
			'keywords' => '',
			'description' => '',
			'sortorder' => '11370',
			'image' => '20191106015703_20190719115911_NRB-_-image.jpg',
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	(int) 12 => array(
		'Article' => array(
			'id' => '11617',
			'article_category_id' => '1',
			'title' => 'Transshipment Cost Rising due to Lack of Regulation',
			'sub_title' => '',
			'summary' => 'November 6: Nepali businessmen have been forced to pay heavy price for transportation of goods for overseas business as the foreign shipping companies fall outside the ambit of the country’s law.',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">November 6: Nepali businessmen have been forced to pay heavy price for transportation of goods for overseas business as the foreign shipping companies fall outside the ambit of the country&rsquo;s law.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The importers blame the government&rsquo;s inefficiency and lack of effective measures for the random charges shipping companies have been imposing on Nepali businessmen. </span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The transportation cost via Kolkata Port, which is extensively used by Nepali importers for overseas trade, has surprisingly increased after the two countries initiated a number of measures to facilitate the flow of goods including the electronic cargo tracking system, says Ashok Kumar Temani, chairperson of the Transportation and Transshipment Committee 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;The transportation cost increased after implementation of direct transshipment of goods between the two countries via Kolkata,&rdquo; said Temani.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">&ldquo;We were expecting to reduce both time and cost after implementing this mode of transportation but the result was exactly the opposite,&rdquo; he added.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The government has said it will formulate laws to bring the shipping companies under its regulation. However, there are doubts that the laws can regulate the companies which have a worldwide network.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Not just Nepal, but India itself is a victim of monopoly of the shipping companies, complain officials at Kolkata Port.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Importers on the other hand say that the shipping companies have been charging freight charge, railway charge, terminal holding charge, ECTS charge among others at their whims.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The Container Corporation of India Ltd (CONCOR) has set a uniform price for all shipping companies but such companies have been charging different rates to Nepali importers, says Amrit Shrestha, a Kolkata-based customs house agent.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Kolkata Port had initiated Direct Transshipment for Nepali goods on February 15 earlier this year. To facilitate this system, the customs office of the port had made it mandatory to implement the ECTS. However, the High Court of Kolkata made this process non-binding.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Nepal&rsquo;s consul general to Kolkata Eknarayan Aryal says that the foreign shipping companies will also be brought under regulation once the government formulates laws.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">&ldquo;The government has expedited the process to formulate laws,&rdquo; said Aryal, adding, &ldquo;We have adopted a strategy to increase competition among the shipping companies to reduce the cost.&rdquo; &nbsp;</span></span></p>
',
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			'created' => '2019-11-06',
			'modified' => '2019-11-06',
			'keywords' => '',
			'description' => '',
			'sortorder' => '11367',
			'image' => '20191106012745_Kolkata.jpg',
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	(int) 13 => array(
		'Article' => array(
			'id' => '11616',
			'article_category_id' => '1',
			'title' => 'Government to Reopen Duty-Free Shop at TIA',
			'sub_title' => '',
			'summary' => 'November 6: Tribhuvan International Airport (TIA) has prepared a work plan for reopening duty-free shop at the airport. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">November 6: Tribhuvan International Airport (TIA) has prepared a work plan for reopening duty-free shop at the airport. TIA has already submitted the work plan after conducting a detailed study in this regard.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Two months ago, Minister for Culture, Tourism and Civil Aviation Yogesh Bhattarai had asked the airport authorities to prepare a list of items required for reopening the duty-free shop at TIA.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The Ministry of Culture, Tourism and Civil Aviation has decided to reopen the duty-free shop at TIA after 11 years. Sources at the ministry informed New Business Age that the ministry decided to reopen the duty-free shop at the international terminal of TIA as per the demands of foreign visitors as well as Nepali travelers.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Following the minister&rsquo;s instructions, the airport management had formed a committee to study the prospect of duty-free shop at TIA. Spokesperson for the TIA Pratap Babu Tiwari said that they submitted the work plan prepared by the same committee to the ministry.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">He said that further action will be taken after holding discussion on the work plan submitted by the airport. The duty free shop was closed by the government led by Baburam Bhattarai in 2008. &nbsp;</span></span></p>
',
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			'created' => '2019-11-06',
			'modified' => '2019-11-06',
			'keywords' => '',
			'description' => '',
			'sortorder' => '11366',
			'image' => '20191106122050_aadsffg.jpg',
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	(int) 14 => array(
		'Article' => array(
			'id' => '11615',
			'article_category_id' => '1',
			'title' => 'An extra 15-Minute Daily Walk Could Boost Global Economy: Study',
			'sub_title' => '',
			'summary' => 'November 6: The world economy could be boosted by as much as $100 billion a year if employers successfully encouraged their staff to meet the World Health Organization guidelines on exercise, according to an analysis of the economic impact of activity.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,serif">November 6: The world economy could be boosted by as much as $100 billion a year if employers successfully encouraged their staff to meet the World Health Organization guidelines on exercise, according to an analysis of the economic impact of activity.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,serif">Reuters reported that adding an extra 15 minutes of daily walking, or jogging a steady one kilometer each day, would improve productivity and extend life expectancy - leading to more economic growth. According to Reuters, the study was conducted by the health insurance group Vitality and the think tank RAND Europe.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,serif">The economic boost would come from lower mortality rates - in other words keeping more people alive, working and contributing to the economy for longer, the study&rsquo;s authors said, and from employees taking fewer days off sick.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,serif">Hans Pung, RAND Europe&rsquo;s president, said the study highlighted &ldquo;a significant relationship between inactivity and productivity loss&rdquo; and should give policymakers and employers &ldquo;new perspectives on how to enhance the productivity of their populations&rdquo;.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,serif">The WHO recommends that all adults should take at least 150 minutes of moderate exercise, or 75 minutes of vigorous exercise, a week. In a study last year it found that around 40 percent of adults in the United States, 36 percent in Britain and 14 percent in China did too little exercise to stay healthy.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,serif">The recent study was based on data from about 120,000 people across seven countries. It then modeled and projected the potential economic benefits of increased physical activity globally and for 23 individual countries.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,serif">According to Reuters, the study found that if all adults aged between 18 and 64 walked 15 more minutes a day, it could increase world economic output by some $100 billion year on year.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,serif">It also found that physically inactive 40-year-olds could increase their life expectancy, on average, by 3.2 years, by introducing 20 minutes of jogging a day.</span></span></p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '11633',
			'article_category_id' => '1',
			'title' => 'Bankers Willing to Join Social Security Fund if Govt Amends Ambiguous Provisions',
			'sub_title' => '',
			'summary' => 'November 8: Bankers have said they are willing to get enlisted in the Social Security Fund of the government if it removes practical hurdles.  ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">November 8: Bankers have said they are willing to get enlisted in the Social Security Fund of the government if it removes practical hurdles. &nbsp;</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">CEOs of various banks informed the government that their staffers are unwilling to get listed in the government scheme because of some ambiguous provisions.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Speaking at an interaction with Labour Minister Gokarna Bista in the capital on Thursday, they also urged the government to amend the laws in the scheme to make it more practical.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The bankers told Minister Bista that their long-time employees are reluctant to join the scheme fearing that the move would jeopardize all their hard-earned facilities they are entitled to enjoy.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Chairman of Nepal Bankers Assiociation Gyanendra Dhungana said that the staffers want facilities like pension, insurance and loan facilities just like that the ones provided by the Employee Provident Fund and Citizens Investment Trust .</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Dhungana further said that although new employees are excited to join the scheme, long-serving staffers are not willing to do so.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">&ldquo;The old staff members are ready to quit their jobs but are not willing to give up the facilities which they have been enjoying so far,&rdquo; said Dhungana.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">&ldquo;This is a practical problem which the government needs to understand and act accordingly,&rdquo; he added.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The Social Security Fund has provision of providing pension after the staffers reach 60 years. But currently, the bank staffers have been enjoying that facility at the age of 58. They are not interested to wait for two more years, the CEOs argued.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">They also complained that the same insurance facility for all the staffers was not acceptable. They argued that if the scheme was based on contribution, the insurance amount must also vary in accordance to the contribution.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Only seven out of the total 28 commercial banks have been enlisted in the Social Security Fund of the government so far.</span></span></p>
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		'Article' => array(
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			'article_category_id' => '1',
			'title' => 'UNICEF Underlines the Need for Immediate Action in South Asia for Clean Air',
			'sub_title' => '',
			'summary' => 'November 8: UNICEF has called for urgent action to address the air quality crisis of South Asia.',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif">November 8: UNICEF has called for urgent action to address the air quality crisis of South Asia.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif">After a recent visit to South Asia, UNICEF Executive Director Henrietta Fore issued a statement urging governments in the region and around the world to take urgent steps to reduce air pollution by investing in cleaner, renewable sources of energy to replace fossil fuel combustion.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif">According to Fore, the air quality in South Asia is at crisis level. She added that the ripple effects of air pollution extend far and wide.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif">She said that children are the most vulnerable group and health expenses may increase if children need care and treatment. Parents may need to stay home too, in order to take care of their children. Potential income is lost and quality of life is reduced, she added.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif">&ldquo;I was just in South Asia where I saw first-hand how children continue to suffer from the dire consequences of air pollution,&rdquo; she said in the statement</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif">&nbsp;&ldquo;The toxicity to children&#39;s brain development and health is also toxic to society, which no government can afford to ignore,&rdquo; Fore added.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif">She further said that around 620 million children in the region breathe polluted, toxic air. Because they have smaller lungs, breathe twice as fast as adults, and lack the immunities that come with age, children endure its damaging health and neurological effects the most, the statement added.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif">According to Fore, air pollution is associated with one of the biggest killers of children &ndash; pneumonia, and linked to asthma, bronchitis, and other respiratory infections.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif">Air pollution also damages brain tissue and undermines cognitive development in babies and young children, leading to lifelong consequences that can affect their learning outcomes and future potential, she added.</span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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			'id' => '11631',
			'article_category_id' => '1',
			'title' => 'Government Approves Rs 13.62 billion Loan from World Bank for Youth Employment',
			'sub_title' => '',
			'summary' => 'November 8: The government has approved concessional loan of Rs 13.62 billion from the World Bank for the Prime Minister Employment Programme (PMEP).',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">November 8: The government has approved concessional loan of Rs 13.62 billion from the World Bank for the Prime Minister Employment Programme (PMEP).</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">A cabinet meeting held earlier this week approved the loan assistance, informed Minister for Communication and Information Technology Gokul Baskota.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Joint secretary and coordinator of the PMEP Prakash Dahal said that the loan given by the World Bank under its Youth Employment Transformation Initiative will be utilized for the Prime Minister Employment Programme.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The World Bank has approved the loan to Nepal on September 18.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Under Secretary Dr Loknath Bhusal at the PMEP said that the programme will be implemented within a month.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The government had announced the programme to provide employment to unemployed youths for 100 days in a year. In case the government cannot provide job, it will hand out Rs 25,850 to them in a year.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The government had released more than Rs 2 billion for the local levels under this project. However, there were widespread criticism that the programme was not effective.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">This time, the government has changed the modality of the programme and has decided to increase employment opportunity by providing skill-development programmes and concessional loans.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The government has allocated Rs 5.1 billion rupees for the youth employment programme in the current fiscal year.</span></span></p>
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		'Article' => array(
			'id' => '11630',
			'article_category_id' => '1',
			'title' => 'High Court Remands Chinese Hackers in Custody',
			'sub_title' => '',
			'summary' => 'November 8: Patan High Court has remanded six Chinese nationals in judicial custody for their alleged involvement in ATM hackings in the capital three months ago. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">November 8: Patan High Court has remanded six Chinese nationals in judicial custody for their alleged involvement in ATM hackings in the capital three months ago. One of the Chinese was arrested red handed on August 31 while hacking an ATM at Durbar Marg. Following the arrest, police arrested his five Chinese accomplices and a few Nepalis involved in the fraud case in which millions were stolen from various ATMs before their arrest.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The financial bench of Patan High Court issued the order on Thursday, November 7. The bench also decided to release three Nepalis arrested in connection to the hacking on bail.&nbsp; The court has asked Devnath Lamichhane to post a bail amount of Rs 3 million while Rewati Dawadi and Roshan Pradhan were ordered to submit Rs 2.6 million each. However, Metropolitan Police Range, Teku informed New Business Age that the trio remain in jail after failing to post the bail amount.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">DSP Hobindra Bogati said that the police have completed their investigation. The police range has already submitted its investigation report to the government attorney&rsquo;s office. The high court issued the order on Thursday after receiving the report from the government attorney.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">According to Bogati, the accused are now awaiting the final verdict in the case in which the Chinese nationals have been accused of stealing millions of rupees by hacking the Nepal Electronic Payment System.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The Chinese nationals had withdrawn a total of Rs 17.6 million from ATMs of various banks. Police later found that the group had taken out Rs 11.4 million from the ATM of Nabil Bank alone. Police have recovered Rs 12.6 million and US$ 9,800 from the hackers.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Meanwhile, CEO of Nepal Electronic Payment System, Pravin Chhetri said that a Singaporean company has been carrying out forensic investigation into the case. NePS has been providing its service to a network of 17 banks. Although the report was initially said to be out by December this year, NePS said that it will take some more time to complete the investigation.</span></span></p>
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			'id' => '11634',
			'article_category_id' => '1',
			'title' => 'Police Arrest Industrialist Roop Jyoti',
			'sub_title' => '',
			'summary' => 'November 8: Police have arrested former assistant minister Roop Jyoti, who is the vice president of Jyoti Group.',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">November 8: Police have arrested former assistant minister Roop Jyoti, who is the vice president of Jyoti Group.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The Metropolitan Police on Thursday arrested Jyoti on fraud charge. Police nabbed him from Tribhuvan International Airport while he was returning home from Singapore.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">He has been accused of fraudulent act in land transaction.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">About a year ago, the Kathmandu District Court had issued an arrest warrant against Jyoti in a fraud case in housing project . The Supreme Court had issued a interim order not to arrest Jyoti. However, the apex court on Tuesday issued a verdict against his favour after which the police arrested Jyoti.</span></span></p>
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			'id' => '11625',
			'article_category_id' => '1',
			'title' => 'North Korean Investors do not Show up Despite Repeated Calls',
			'sub_title' => '',
			'summary' => 'November 7: North Korean investors have not come into contact with the Department of Industries even after missing the deadline given by the department to take back their investment from Nepal.',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:18.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">November 7: North Korean investors have not come into contact with the Department of Industries even after missing the deadline given by the department to take back their investment from Nepal.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:18.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">The department had written its third letter to the North Korean Embassy in Kathmandu on October 20 to take back investments made by Korean nationals within two weeks. Likewise, on September 16, the department had asked the North Korean investors to take back their investment within 45 days. But the requests have fallen in deaf ears.</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:18.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">As the North Korean investors did not show up, the department has already written a letter to the Ministry of Industries informing it about the latest development.</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:18.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">The ministry has sought details regarding this issue from the department. The department replied on November 2 that not a single North Korean company has come into contact with it.</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:18.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">&ldquo;They have not come into contact despite our repeated calls,&rdquo; said Jeevan Prasad Luitel, director general of the department.</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:18.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">Luitel said they will now initiate the process to shut down the companies having investment of North Koreans. &nbsp;The department has also decided to recommend not to extend the visa of the North Korean investors, which might then force them to return back. But this requires further discussions with the Ministry of Home Affairs and the Ministry of Industries, he further said.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:18.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">Data at the department show that North Korean investors have been investing in Nepal since the last 23 years. Currently, there are nine businesses operating with North Korean investment. Among them, six are hotels and restaurants, two are IT companies and one hospital. </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:18.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">The government&rsquo;s decision to ask North Korean to take back their investment comes after renewed calls of the United Nations Security Council, which had decided to impose sanctions on North Korea on May 11, 1993 for its active involvement in pursuing nuclear ambitions and missile tests.</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:18.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">The UN Security Council decided to impose more sanctions including economic sanctions on December 22, 2018 after it stepped up its activities to enrich nuclear energy.</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:18.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">The UN had written a letter to the Ministry of Foreign Affairs to shut down industries operating with North Korean investment. Based on the letter, the government decided to clamp down the businesses backed by North Korean investment.</span></span></span></span></p>

<p>&nbsp;</p>
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			'article_category_id' => '1',
			'title' => 'Probe Committee Seeks Files Signed by Suspended Dy Governor',
			'sub_title' => '',
			'summary' => 'November 7: A probe committee formed to investigate the allegations of irregularities against suspended deputy governor of Nepal Rastra Bank, Shiva Raj Shrestha, has decided to seek files signed by Shrestha from all the concerned  departments of the central bank.',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">November 7: A probe committee formed to investigate the allegations of irregularities against suspended deputy governor of Nepal Rastra Bank, Shiva Raj Shrestha, has decided to seek files signed by Shrestha from all the concerned &nbsp;departments of the central bank.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The three-member probe committee will start its investigation by collecting all the files signed by Shrestha. Of late, Shrestha had been looking after eight department of the central bank. In order to see what kinds of decision he took, the probe committee headed by Shreeram Poudel has sought the files from all eight departments. A member of the committee told New Business Age that they will hand over the letters to all the departments by Thursday.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Deputy Governor Shrestha was handed the vital Department of Regulation and Supervision.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">&ldquo;So far, the Department of Banks and Financial Institutions has presented the files. Now we will seek files from other departments,&rdquo; said the member requesting not to be named.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">&ldquo;It seems that it will take some time to receive all the files signed by Shrestha in the last three years,&rdquo; said the source.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Shrestha has been accused of favouring Ncell in a sub judice case at the Supreme Court and also of helping banks and financial institutions to conceal bad loans.&nbsp; He reportedly helped Ncell take away its dividends by signing a file in the absence of another deputy governor, Chintamani Shivakoti.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">&ldquo;So far, we have found that Shivakoti was absent on 24 occasions due to his field trips and foreign visits. We are seeking files signed by Shrestha in his absence,&rdquo; said the committee member.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">He is also accused of presenting forged bills during his official visits abroad.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">A source at the department said that Shrestha was against anti-money laundering.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">A cabinet meeting on October 17 had decided to take action against Shestha as per the recommendation of the Anti Money Laundering Department of NRB. The government then instructed the central bank to investigate Shrestha&rsquo;s involvement in irregularities by abusing his power as the deputy governor of NRB. A board meeting of the central bank subsequently formed the probe committee on November 4 after which Shrestha was automatically suspended from his post as per Article 22 of the Nepal Rastra Bank Act 2058. Other members of the committee are Dr Subodh Kumar Karna and Ramji Regmi.</span></span></p>

<p>&nbsp;</p>
',
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			'sortorder' => '11375',
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	(int) 7 => array(
		'Article' => array(
			'id' => '11623',
			'article_category_id' => '1',
			'title' => 'Law Ministry at Loggerheads with Finance Ministry regarding formation of Revenue Board',
			'sub_title' => '',
			'summary' => 'November 7: The formation of the proposed Revenue Board is likely to get delayed due to differences between the Ministry of Finance and the Ministry of Law. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">November 7: The formation of the proposed Revenue Board is likely to get delayed due to differences between the Ministry of Finance and the Ministry of Law. The law ministry has objected to the draft sent by the finance ministry in accordance to the Development Committee Act.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The law ministry has sought explanation from the finance ministry for preparing the draft under the Development Committee Act. The Ministry of Law is of the view that preparing the draft using this particular Act would make the Revenue Board temporary in nature. Therefore, the draft of the Revenue Board which was forwarded to the law ministry before Dashain has been gathering dust.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Meanwhile, the finance ministry has said that the law ministry cannot block the implementation of the programme mentioned in the annual budget.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">&ldquo;The draft proposed by the finance ministry has long-term objectives. However, if the process of forming the board is temporary, the board itself can be scrapped by a government decision. We believe that it would be better to form the board of permanent nature,&rdquo; said an official at the law ministry requesting anonymity.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Officials at the law ministry informed New Business Age that they held discussions with the finance ministry officials but were not able to reach to a conclusion.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">&ldquo;We held discussions with the officials of finance ministry. We demanded explanation for preparing the draft of the formation of the Revenue Board in accordance to the Development Committee Act. The draft is in hold as we could not get a satisfactory answer,&rdquo; said the highly-placed source.</span></span></p>
',
			'published' => true,
			'created' => '2019-11-07',
			'modified' => '2019-11-07',
			'keywords' => '',
			'description' => '',
			'sortorder' => '11374',
			'image' => '20191107095500_aaaadfg.jpg',
			'article_date' => '2019-11-07 00:00:00',
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	(int) 8 => array(
		'Article' => array(
			'id' => '11622',
			'article_category_id' => '1',
			'title' => 'NAC Announces 3 New International Destinations',
			'sub_title' => '',
			'summary' => 'November 7: Cash-strapped Nepal Airlines Corporation has announced to operate flights to three new international destinations within the next four months.',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">November 7: Cash-strapped Nepal Airlines Corporation has announced to operate flights to three new international destinations within the next four months.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The state-owned airline company, which has come under fire for under-utilization of two newly procured wide-body aircraft, said it will operate flights to Japan&rsquo;s Narita, Saudi Arabia&rsquo;s Riyad and China&rsquo;s Guangzhou by February this year.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Speaking at a press conference organized by NAC on Wednesday, Chairman Madan Kharel said that the flag carrier of Nepal will start operating flights to the new destinations as soon as the concerned bodies given them the permission.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">However, NAC is not likely to start flights to these destinations so soon, as claimed by the airline company. The airline company had earlier announced that it would operate flights to Narita and Guangzhou by December this year.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">China&rsquo;s Safety Audit team must first monitor Nepal&rsquo;s aviation sector and then approve the flights. The team is arriving in Kathmandu in December.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Meanwhile, the process of appointing General Sales Agent (GSA) for Riyad flights has reached the final stage. The process to initiate flight operation will begin only after finalizing the GSA.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">NAC has also announced it has started process to begin flights to seven other destinations including Beijing, Shanghai, Dhaka, Yangon, Hanoi, Phnom Penh and Colombo.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">During the press conference, NAC Chairman Kharel said that the airline company has adopted a strategy to reduce operation cost and will be saving Rs 2 billion in unnecessary spending within the current fiscal year.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Areas of austerity measures include air turbine fuel (ATF), overflight, hotel, engineering, corporate, safety among others, Kharel said.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">&ldquo;Lots of works of the engineering department are now being carried by the local manpower. This will help us reduce our operational cost,&rdquo; said Kharel.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">He further said that arrangement has been made so that the aircraft will not have to carry extra fuel. He also said they are planning to change the current route to save fuel.</span></span></p>
',
			'published' => true,
			'created' => '2019-11-07',
			'modified' => '2019-11-07',
			'keywords' => '',
			'description' => '',
			'sortorder' => '11373',
			'image' => '20191107091630_20180727021334_2.jpg',
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	(int) 9 => array(
		'Article' => array(
			'id' => '11626',
			'article_category_id' => '1',
			'title' => 'Government Forms Committee to Select New Chairman of SEBON',
			'sub_title' => '',
			'summary' => 'November 7: The government has formed a three-member committee to select the chairman of the Securities Board of Nepal (SEBON), which has been lying vacant since October 17.',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">November 7: The government has formed a three-member committee to select the chairman of the Securities Board of Nepal (SEBON), which has been lying vacant since October 17.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The committee under the coordination of National Planning Commission Member DrRam Kumar Phuyal was formed on Wednesday (November 6) after the Council of Ministers on Tuesday instructed the NPC to select SEBON&rsquo;s chair in coordination with the finance minstry.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Revenue secretary at the Ministry of Finance, Sishir Dhungana, and an independent expert &ndash; Krishna Acharya &ndash; are the other members of the committee.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The post is lying vacant after the term of the then chairman Rewat Bahadur Karki expired on October 17.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">A member of the committee told New Business Age that they will select a capable, experienced and dynamic person who can handle the responsibilities of SEBON.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">However, the committee is yet to decide whether to call a public notice or adopt other process to select the new chairman.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">SEBON&rsquo;s officials, former executive directors of Nepal Rastra Bank and former chairpersons of ICAN are lobbying for the post. SEBON&rsquo;s Executive Director Niraj Giri, who has been working with SEBON since the last 23 years is likely to vie for the post.</span></span></p>
',
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			'created' => '2019-11-07',
			'modified' => '2019-11-07',
			'keywords' => '',
			'description' => '',
			'sortorder' => '11372',
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	(int) 10 => array(
		'Article' => array(
			'id' => '11621',
			'article_category_id' => '1',
			'title' => 'Nepal-Bharat Maitri Polytechnic in Hetauda to Complete in 2 Years',
			'sub_title' => '',
			'summary' => 'November 6: Chief Minister of Province-3 Dormani Paudel initiated the “ground breaking ceremony” for establishment of a flagship Nepal-Bharat Maitri Polytechnic at Hetauda in Makwanpur district on Tuesday, November 5.',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">November 6: Chief Minister of Province-3 Dormani Paudel initiated the &ldquo;ground breaking ceremony&rdquo; for establishment of a flagship Nepal-Bharat Maitri Polytechnic at Hetauda in Makwanpur district on Tuesday, November 5.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The polytechnic institute in Hetauda is a state-of-the-art infrastructure project in the area of vocational training and is being built under the India-Nepal Development Partnership with Indian grant of IRs 385.3 million, the Indian Embassy said in a statement.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The statement added that the total built up area of the polytechnic project would be 19,200 square meters. The facility will include an administrative block, academic block, auditorium, library, workshop, multipurpose hall, separate hostels for boys and girls, principal and staff residences and amenities for sports and communities. The project is expected to be completed in two years.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">&ldquo;Today&#39;s ground breaking ceremony for construction of the Nepal-Bharat Maitiri Polytechnic at Hetauda is another testimony of friendly relations between India and Nepal and also India&#39;s commitment to work with Nepal to complement efforts of Government of Nepal to strengthen infrastructure in the vocational and skill development sector in Nepal,&rdquo; the statement added.</span></span></p>

<p>&nbsp;</p>
',
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			'created' => '2019-11-06',
			'modified' => '2019-11-06',
			'keywords' => '',
			'description' => '',
			'sortorder' => '11371',
			'image' => '20191106021016_aaaa.jpg',
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	(int) 11 => array(
		'Article' => array(
			'id' => '11620',
			'article_category_id' => '1',
			'title' => 'NRB Directs Microfinance Companies to form Anti-Money Laundering Committees',
			'sub_title' => '',
			'summary' => 'November 6: Nepal Rastra Bank has directed microfinance companies to form anti-money laundering committees. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">November 6: Nepal Rastra Bank has directed microfinance companies to form anti-money laundering committees. The central bank took such decision as it intensifies its anti-money laundering drive, which until now did not cover the microfinance companies.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Dr Prakash Kumar Shrestha, executive director of the Microfinance Supervision Department of NRB, said that it is mandatory for the microfinance companies to form such committees.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">&ldquo;The central bank has issued clear directives related to its anti-money laundering &nbsp;drive,&rdquo; said Shrestha.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">He clarified that this measure was taken to ensure that the money earned through illegal means would not enter the banking channel.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The central bank has also made provision for microfinance companies to issue notice to blacklist bad debtors. Microfinance companies can now recommend blacklisting debtors who do not pay loan. Microfinances could not enjoy this facility before.</span></span></p>
',
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			'created' => '2019-11-06',
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			'description' => '',
			'sortorder' => '11370',
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	(int) 12 => array(
		'Article' => array(
			'id' => '11617',
			'article_category_id' => '1',
			'title' => 'Transshipment Cost Rising due to Lack of Regulation',
			'sub_title' => '',
			'summary' => 'November 6: Nepali businessmen have been forced to pay heavy price for transportation of goods for overseas business as the foreign shipping companies fall outside the ambit of the country’s law.',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">November 6: Nepali businessmen have been forced to pay heavy price for transportation of goods for overseas business as the foreign shipping companies fall outside the ambit of the country&rsquo;s law.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The importers blame the government&rsquo;s inefficiency and lack of effective measures for the random charges shipping companies have been imposing on Nepali businessmen. </span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The transportation cost via Kolkata Port, which is extensively used by Nepali importers for overseas trade, has surprisingly increased after the two countries initiated a number of measures to facilitate the flow of goods including the electronic cargo tracking system, says Ashok Kumar Temani, chairperson of the Transportation and Transshipment Committee 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;The transportation cost increased after implementation of direct transshipment of goods between the two countries via Kolkata,&rdquo; said Temani.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">&ldquo;We were expecting to reduce both time and cost after implementing this mode of transportation but the result was exactly the opposite,&rdquo; he added.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The government has said it will formulate laws to bring the shipping companies under its regulation. However, there are doubts that the laws can regulate the companies which have a worldwide network.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Not just Nepal, but India itself is a victim of monopoly of the shipping companies, complain officials at Kolkata Port.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Importers on the other hand say that the shipping companies have been charging freight charge, railway charge, terminal holding charge, ECTS charge among others at their whims.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The Container Corporation of India Ltd (CONCOR) has set a uniform price for all shipping companies but such companies have been charging different rates to Nepali importers, says Amrit Shrestha, a Kolkata-based customs house agent.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Kolkata Port had initiated Direct Transshipment for Nepali goods on February 15 earlier this year. To facilitate this system, the customs office of the port had made it mandatory to implement the ECTS. However, the High Court of Kolkata made this process non-binding.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Nepal&rsquo;s consul general to Kolkata Eknarayan Aryal says that the foreign shipping companies will also be brought under regulation once the government formulates laws.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">&ldquo;The government has expedited the process to formulate laws,&rdquo; said Aryal, adding, &ldquo;We have adopted a strategy to increase competition among the shipping companies to reduce the cost.&rdquo; &nbsp;</span></span></p>
',
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			'created' => '2019-11-06',
			'modified' => '2019-11-06',
			'keywords' => '',
			'description' => '',
			'sortorder' => '11367',
			'image' => '20191106012745_Kolkata.jpg',
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	(int) 13 => array(
		'Article' => array(
			'id' => '11616',
			'article_category_id' => '1',
			'title' => 'Government to Reopen Duty-Free Shop at TIA',
			'sub_title' => '',
			'summary' => 'November 6: Tribhuvan International Airport (TIA) has prepared a work plan for reopening duty-free shop at the airport. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">November 6: Tribhuvan International Airport (TIA) has prepared a work plan for reopening duty-free shop at the airport. TIA has already submitted the work plan after conducting a detailed study in this regard.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Two months ago, Minister for Culture, Tourism and Civil Aviation Yogesh Bhattarai had asked the airport authorities to prepare a list of items required for reopening the duty-free shop at TIA.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The Ministry of Culture, Tourism and Civil Aviation has decided to reopen the duty-free shop at TIA after 11 years. Sources at the ministry informed New Business Age that the ministry decided to reopen the duty-free shop at the international terminal of TIA as per the demands of foreign visitors as well as Nepali travelers.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Following the minister&rsquo;s instructions, the airport management had formed a committee to study the prospect of duty-free shop at TIA. Spokesperson for the TIA Pratap Babu Tiwari said that they submitted the work plan prepared by the same committee to the ministry.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">He said that further action will be taken after holding discussion on the work plan submitted by the airport. The duty free shop was closed by the government led by Baburam Bhattarai in 2008. &nbsp;</span></span></p>
',
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			'created' => '2019-11-06',
			'modified' => '2019-11-06',
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			'description' => '',
			'sortorder' => '11366',
			'image' => '20191106122050_aadsffg.jpg',
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	(int) 14 => array(
		'Article' => array(
			'id' => '11615',
			'article_category_id' => '1',
			'title' => 'An extra 15-Minute Daily Walk Could Boost Global Economy: Study',
			'sub_title' => '',
			'summary' => 'November 6: The world economy could be boosted by as much as $100 billion a year if employers successfully encouraged their staff to meet the World Health Organization guidelines on exercise, according to an analysis of the economic impact of activity.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,serif">November 6: The world economy could be boosted by as much as $100 billion a year if employers successfully encouraged their staff to meet the World Health Organization guidelines on exercise, according to an analysis of the economic impact of activity.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,serif">Reuters reported that adding an extra 15 minutes of daily walking, or jogging a steady one kilometer each day, would improve productivity and extend life expectancy - leading to more economic growth. According to Reuters, the study was conducted by the health insurance group Vitality and the think tank RAND Europe.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,serif">The economic boost would come from lower mortality rates - in other words keeping more people alive, working and contributing to the economy for longer, the study&rsquo;s authors said, and from employees taking fewer days off sick.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,serif">Hans Pung, RAND Europe&rsquo;s president, said the study highlighted &ldquo;a significant relationship between inactivity and productivity loss&rdquo; and should give policymakers and employers &ldquo;new perspectives on how to enhance the productivity of their populations&rdquo;.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,serif">The WHO recommends that all adults should take at least 150 minutes of moderate exercise, or 75 minutes of vigorous exercise, a week. In a study last year it found that around 40 percent of adults in the United States, 36 percent in Britain and 14 percent in China did too little exercise to stay healthy.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,serif">The recent study was based on data from about 120,000 people across seven countries. It then modeled and projected the potential economic benefits of increased physical activity globally and for 23 individual countries.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,serif">According to Reuters, the study found that if all adults aged between 18 and 64 walked 15 more minutes a day, it could increase world economic output by some $100 billion year on year.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,serif">It also found that physically inactive 40-year-olds could increase their life expectancy, on average, by 3.2 years, by introducing 20 minutes of jogging a day.</span></span></p>

<p>&nbsp;</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