April 12: The Meteorological Forecasting Division under the Department of Hydrology and Meteorology has predicted that the weather will be partly cloudy in the hill areas if Koshi province and fair in rest of the country.…
April 12: The Meteorological Forecasting Division under the Department of Hydrology and Meteorology has predicted that the weather will be partly cloudy in the hill areas if Koshi province and fair in rest of the country.…
April 12: The Hetauda industrial estate is currently grappling with operational challenges, primarily stemming from a decline in the sale of manufactured goods, the state-owned RSS reported …
April 11: Asian Development Bank (ADB) on Thursday said that Nepal's economy will grow at 3.6 percent in…
April 11: The government is aiming for a substantial boost in Gross Domestic Product (GDP) by Rs 3 trillion over the next five…
April 11: The process of appointing the chairman of the Securities Board of Nepal (SEBON) has been halted…
April 11: The Federation of Nepalese Chamber of Commerce and Industry (FNCCI) has urged the government to encourage the private sector arguing that the government's control-oriented policy and the lack of working environment for the private sector has resulted in low economic growth of the…
April 11: The World Trade Organization has said that global trade should rebound this year from an unexpected slump in 2023, but warned that regional conflicts, geopolitical tensions and economic policy uncertainty risked darkening the picture, AFP…
April 11: Hokkaido Nepal Business Group, which started its plan to introduce Japanese food culture among Nepalis, has expanded its business with the launch of two more outlets in the Kathmandu…
April 11: Prime Minister Pushpa Kamal Dahal has said that investment-friendly laws will be passed through ordinances ahead of the upcoming Nepal Investment Summit scheduled for April 28 and…
April 11: Israel's foreign minister threatened Wednesday that his country's forces would strike Iran directly if the Islamic Republic launched an attack from its territory against Israel, as tensions between the rival powers flare following the killings of Iranian generals in a blast at the Iranian consulate in…
April 11: Thamel, a major hub of tourism in Kathmandu, will remain operational 24 hours a day from April 13…
April 10: The Nepal Insurance Authority, tasked with regulating the insurance sector, is facing challenges in enforcing its own directives, raising concerns about its regulatory…
The Nepal Stock Exchange(NEPSE) Index witnessed a fall of 10.71 points or 0.52%, closing at 2025.30 on the last trading day of the year 2080 on…
April 10: The Federation of Nepalese Chamber of Commerce and Industry (FNCCI) has sought commitment from all political parties in favor of economic…
April 10: Stakeholders on Tuesday inaugurated 23 electric vehicle charging stations established with the support from the US government.…
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', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">April 12: The Meteorological Forecasting Division under the Department of Hydrology and Meteorology has predicted that the weather will be partly cloudy in the hill areas if Koshi province and fair in rest of the country. It is due to the partial influence of westerly wind and local wind in the country, the division claimed. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the division, the weather will be partly cloudy in the hill areas and fair in the rest of the country this afternoon. Light rain with lightning is likely to occur at a few places of the hill regions of Koshi, Bagmati and Gandaki provinces and at one or two places of the rest of the hill areas. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Light snowfall is also likely to occur at some places of the high hills and mountainous regions. Tonight, the weather will be partly cloudy in hill regions of Koshi Province and fair in rest of the country. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The weatherly change is likely to partially affect daily life as well as agriculture, health, tourism, mountaineering, road and air transport in the region, the division said, calling for adopting necessary alert measures. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2024-04-12', 'modified' => '2024-04-12', 'keywords' => '', 'description' => '', 'sortorder' => '20433', 'image' => '20240412114945_sno.jpg', 'article_date' => '2024-04-12 11:49:02', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '20705', 'article_category_id' => '1', 'title' => 'Industries in Hetauda Fail to Operate in Full Capacity ', 'sub_title' => '', 'summary' => 'April 12: The Hetauda industrial estate is currently grappling with operational challenges, primarily stemming from a decline in the sale of manufactured goods, the state-owned RSS reported ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">April 12: The Hetauda industrial estate is currently grappling with operational challenges, primarily stemming from a decline in the sale of manufactured goods, the state-owned RSS reported <br /> According to RSS, factors such as a scarcity of raw materials, increased costs, and high interest rates imposed by banks have constrained production levels, with many industries operating at only 40 percent capacity. Currently, out of 147 established industries, 115 are operational, but their productivity is significantly reduced.<br /> The Industrial Area Management Office told RSS that these industries, which once operated round-the-clock in three shifts, are now restricted to just one shift. Consequently, there has been a wave of layoffs as the industries grapple with diminished capacity.<br /> Bhojraj Biradi, the head of the office, attributes this downturn to the economic slowdown following the COVID-19 pandemic. As a result, steps are being taken to terminate contracts with approximately two dozen dormant industries. However, legal challenges have emerged, with some industries contesting the contract cancellations in the District Court.<br /> Meanwhile, industrialists lament the dire state of affairs, citing difficulties in meeting rental obligations amid dismal industry conditions, RSS added. The Chamber of Commerce and Industry officials echo these concerns, underscoring the fragility of the industrial sector due to high production costs, unsold inventory, and the economic slowdown.</span></span></span></p> ', 'published' => true, 'created' => '2024-04-12', 'modified' => '2024-04-12', 'keywords' => '', 'description' => '', 'sortorder' => '20432', 'image' => '20240412111834_indus.jpg', 'article_date' => '2024-04-12 11:17:42', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '20704', 'article_category_id' => '1', 'title' => 'Nepal's GDP to Grow at 3.6% in FY 2024: ADB', 'sub_title' => '', 'summary' => 'April 11: Asian Development Bank (ADB) on Thursday said that Nepal's economy will grow at 3.6 percent in FY2024.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">NewBiz Report</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">April 11: Asian Development Bank (ADB) on Thursday said that Nepal's economy will grow at 3.6 percent in FY2024. Making public its latest Asian Development Outlook (ADO) for April 2024, the Manila-based lender said that Nepal's economy is projected to expand by 3.6 percent in FY2024, a significant increase from the estimated growth of 1.9 percent in FY2023.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">ADB forecasts that GDP growth is expected to accelerate to 4.8 percent in FY2025, primarily driven by increased capital expenditure. Continued progress in tourism and related services is also anticipated to contribute to higher growth, assuming a favorable harvest.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">The ADB in its report has said that the lingering weakness in domestic demand that continued in the first quarter of FY2024 will gradually dissipate in the remainder of the fiscal year as government investment outlays accelerate. "Private consumption expenditure will rise as remittance inflow strengthens and prices moderate, while private investment expenditure will expand on monetary easing and financial sector reforms encouraging term loans," states the ADB report. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">The public investment which contracted by 20.2 percent in FY2023 is expected to expand by 1.5 percent under the FY2024 budget as development projects are implemented.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">According to ADB, the gradual relaxation of monetary policy in FY2024 and improving consumer and investor confidence will stimulate economic activity. "Key areas of the economy that contracted in FY2023, notably manufacturing and construction, have begun to expand, and all production sectors are expected to grow in FY2024," said ADB. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">The industry is poised for more rapid growth compared to FY2023, with the government ramping up capital spending in the latter half of the fiscal year. Additionally, the ADB reports that an additional 900 MW of electricity will come online by the end of FY2024. The service sector is also expected to experience accelerated growth as credit controls ease, interest rates continue to decrease, and tourism revenues expand. Agriculture growth may see a marginal increase from 2.7 percent in FY2023 to 2.8 percent, driven by a record rice harvest, although this growth could be tempered by a shortfall in winter crops and other agricultural production due to anticipated deficient rainfall this season.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-04-11', 'modified' => '2024-04-11', 'keywords' => '', 'description' => '', 'sortorder' => '20431', 'image' => '20240411043540_ADB.jpeg', 'article_date' => '2024-04-11 16:34:48', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '20703', 'article_category_id' => '1', 'title' => 'NPC Aims to Expand the Country's GDP by Rs 3 Trillion', 'sub_title' => '', 'summary' => 'April 11: The government is aiming for a substantial boost in Gross Domestic Product (GDP) by Rs 3 trillion over the next five years.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">BIJAYA DAMASE </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">KATHMANDU</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">April 11: The government is aiming for a substantial boost in Gross Domestic Product (GDP) by Rs 3 trillion over the next five years. As the National Planning Commission (NPC) finalizes the 16th five-year plan (2024-25 to 2028-29), a crucial blueprint for the nation's socio-economic advancement, the government envisions GDP growth to Rs 8-8.6 trillion, up from the current Rs 5.38 trillion.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">With the implementation of the 16th five-year plan scheduled to begin in the upcoming fiscal year 2024/25, the planning body is currently immersed in fine-tuning its details. However, due to a recent change in the government, the initial plans to unveil it by mid-February 2024 could not be realized, as stated by NPC officials.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">"We're setting realistic targets based on a thorough assessment of the country's current circumstances to ensure effective implementation of the plan," said NPC member Ram Kumar Phuyal. "It's estimated that by the conclusion of the 16th plan, the economy will reach Rs 8.9 trillion, assuming an average growth rate of 7 percent in consumer prices." However, if there's a growth rate of 7.5 percent at basic prices, it's likely to reach Rs 10 trillion by the end of fiscal year 2028-29.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">NPC officials anticipate a significant surge in the country's GDP by the conclusion of the 16th plan. They project the GDP to reach between Rs 8-8.6 trillion by the end of 16th plan. According to NPC sources, sustaining an average economic growth rate of 7 to 8.5 percent throughout the plan's duration is imperative to achieve this objective.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">In the recent years, economic growth has remained sluggish due to COVID-19 pandemic and less impressive recovery of economy post-COVID era. In the last fiscal year 2022-23, Nepal's economy is estimated to have grown by 1.9 percent. The Asian Development Bank Thursday projected that the country's economy would grow by 3.6 percent in the current fiscal year 2023-24 followed by a growth of 4.8 percent in the next fiscal 2024-25.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">In the process of formulating periodic plans, there's a persistent pattern of setting ambitious goals that often remain unattainable. In the current 15th Plan, exceedingly ambitious targets were established, aiming to elevate the economy from 8.5 to 10.3 percent at basic prices. However, due to the onset of Covid-19 in the first year of the plan, economic growth stagnated, leading to the failure to meet any of the targeted growth milestones throughout the plan's duration.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">The NPC has already acknowledged during the plan review that the target will not be met. Five years ago, the country's poverty rate stood at 18.7 percent. One of the targets of the 15th plan was to reduce poverty and maintain it at 9.5 percent. However, according to the latest Living Standard Survey published by the National Statistics Office (NSO), 20.27 percent of the population still lives below the poverty line. The office attributed this increase in poverty to the adjustment of the minimum income necessary to live above the poverty line.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Similarly, the 15th plan aimed to achieve a revenue collection equivalent to 30 percent of the gross domestic product within the next five years, amounting to Rs 18.6 trillion. However, it also proved difficult to attain as the government in the last fiscal year budget initially set revenue collection target of Rs 14.7 trillion but ended up collecting only Rs 10 billion. Moreover, while the 15th plan anticipated a per capita income of around US$1600, it only reached US$1400.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">In the 15th Plan, a total of 18 projects, including the Kathmandu-Terai Fast Track and Sunkoshi Marine Diversion, deemed as pivotal for the country's economic prosperity, were announced. However, apart from a few exceptions, the construction progress of these projects has been notably sluggish, prompting concerns about whether the government's ambitious target could be met.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">While there hasn't been any discourse on setting a target for double-digit economic growth in the 16th plan, the NPC is gearing up to establish a growth rate that surpasses the current achievements.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">According to the initial draft of the 16th plan, the focus will be on boosting domestic production by putting 17 industrial zones into operation and declaring 140 industrial villages. Additionally, the number of special economic zones (SEZs) will increase from two to three, and the installed capacity of electricity generation, currently at around 2,800 MW, will be ramped up to approximately 11,800 MW. Another target is to increase per capita electricity consumption from 380 kilowatt-hours to 700 kilowatt-hours.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">The draft sets a target to export electricity amounting to Rs41 billion annually by the end of the 16th plan and aims to reduce the overall trade deficit by increasing the energy sector's contribution to about 4 percent. Currently, irrigation facilities cover 1,555,000 hectares, with the goal of expanding it to 1,722,000 hectares.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Similarly, the draft of the 16th plan says around 1.2 million jobs will be created annually, minimum wage of workers will be increased to Rs 25,000, the number of beneficiaries joining the social security fund will be increased to 2 million and the number of destination countries with labor agreements will be increased to 15.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">There is a plan to hold the meeting of National Development Council meeting in May and get 'approach paper' of the plan endorsed by the council. Then, the document goes to the Council of Ministers whose approval will pave the way for the implementation of the plan.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Economist Keshav Acharya pointed out that the absence of coordination between the country's needs and the governmental planning agencies has hindered tangible progress towards economic development goals.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Acharya emphasized the importance of cultivating a culture of aligning actions with long-term goals, citing past governmental shortcomings in adhering to such plans. He stressed, "There is also a critical need for commitment among political parties to prevent this from recurring in the future."</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">The NPC on Tuesday sat with leaders of the ruling coalition and briefed them about the proposed 16th plan. As the country is being upgraded from the Least Developed Countries (LDC) list to a developing country by 2026, the political leaders suggested that the 16th Plan should be taken into consideration as Nepal is likely to lose many facilities available for the LDC including export concessions.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">The NPC Vice Chairman Dr. Min Bahadur Shrestha said that the suggestions from the political parties and leaders will be incorporated in the 16th plan.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-04-11', 'modified' => '2024-04-11', 'keywords' => '', 'description' => '', 'sortorder' => '20430', 'image' => '20240411043334_40c5da49.jpeg', 'article_date' => '2024-04-11 16:31:31', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '20702', 'article_category_id' => '1', 'title' => 'Process of Appointing SEBON Chair Comes to a Grinding Halt', 'sub_title' => '', 'summary' => 'April 11: The process of appointing the chairman of the Securities Board of Nepal (SEBON) has been halted temporarily.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">April 11: The process of appointing the chairman of the Securities Board of Nepal (SEBON) has been halted temporarily. Sources informed New Business Age that the recommendation committee suspended the process after Finance Minister Barsha Man Pun expressed dissatisfaction with the initial phase of the application for the appointment of the board’s chairman.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The government had formed a three-member recommendation committee headed by the Vice Chairman of the National Planning Commission, Dr Min Bahadur Shrestha, on January 17 to fill the post of SEBON chairman, which has remained vacant since January 5. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The committee includes Finance Secretary Dr Krishna Hari Pushkar and Professor Udaya Niraula.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The committee has already prepared the appointment procedure and carried out the initial works. It collected applications from February 28 to March 13 and shortlisted five candidates out of 19 applicants on April 7. The shortlisted candidates were asked to submit their action plans by April 11. However, the recommendation committee has now decided to postpone the process.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Among the five shortlisted candidates are Dr Nabaraj Adhikari and Muktinath Shrestha, the executive director of the board, Krishna Bahadur Karki, Chief Executive Officer of Nepal Stock Exchange Limited, Chiranjivi Chapagain, former chairman of the then Insurance Board, and Santosh Shrestha.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Sources indicate that the Finance Minister expressed displeasure with the shortlisted candidates. In addition to these five, there were other applicants, including Krishnaraj Pokharel, Dr. Gopal Prasad Bhatt, Niraj Giri, Dr. Keshav Prasad Shrestha, Krishna Bahadur Adhikari, Dr. Raghuraj Kafle, Praveen Pandak, Surya Prasad Adhikari, Ramdev Yadav, Sitaram Thapaliya, Dr. Bimalkumar Tiwari, Ramakrishna Khatiwada, Khagendra Katuwal, and Mukti Aryal.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The recommendation committee decided to halt the process due to the Finance Minister's dissatisfaction. The tenure of SEBON chairman is of four years, and the assessment of candidates by the recommendation committee is based on criteria outlined in section 5 of the Securities Act, 2063. The assessment criteria include professional action plan (100 marks), educational qualification (12 marks), professional action plan presentation (18 marks), and interview (30 marks).</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">SEBON is the main regulatory body for the securities market in Nepal, which has a capital of over Rs 32 billion. The absence of a chairman for over three months has stalled the approval of public issuance of shares. The executive director of the board, currently Nabaraj Adhikari, is responsible for daily administrative work, but major policy decisions require a chairman. Currently, there are over 91.33 million applications for securities issuance pending.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Ministry of Finance has a keen interest in the development of the securities market, as it reflects the economy. The government collects significant revenue from this market. From mid-February to mid-March alone, the government collected over Rs 440 million in tax from investors in the secondary securities market. The government benefits when the stock market performs well.</span></span></p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-04-11', 'modified' => '2024-04-11', 'keywords' => '', 'description' => '', 'sortorder' => '20429', 'image' => '20240411023236_Sebon-update.jpg', 'article_date' => '2024-04-11 14:31:36', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '20701', 'article_category_id' => '1', 'title' => 'Government Policy Resulted in Economic Slowdown: Private Sector', 'sub_title' => '', 'summary' => 'April 11: The Federation of Nepalese Chamber of Commerce and Industry (FNCCI) has urged the government to encourage the private sector arguing that the government's control-oriented policy and the lack of working environment for the private sector has resulted in low economic growth of the country.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">April 11: The Federation of Nepalese Chamber of Commerce and Industry (FNCCI) has urged the government to encourage the private sector arguing that the government's control-oriented policy and the lack of working environment for the private sector has resulted in low economic growth of the country.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">During a program held in Kathmandu on Wednesday on the occasion of the FNCCI’s 58th Annual General Meeting and Industry and Commerce Day 2080, FNCCI President Chandra Prasad Dhakal said that Nepal's economy has slumped compared to other countries in South Asia after the government adopted a control-oriented policy.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">"The government adopted a control-oriented policy arrangement here fearing Nepal might face a similar predicament to that of Sri Lanka. Due to this policy, our economic growth has dropped from 6 percent to 2 percent," Dhakal said. "During this period, Sri Lanka's economic growth has gone from minus 7.8 percent to nearly 2 percent." </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">The World Bank recently predicted that Nepal's economy will grow by only 3.3 percent in the current year while Bangladesh’s economy is projected to grow by 5.6 percent and that of India by 7.5 percent. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">"While all the neighbors are developing rapidly, the reason for the low economic growth of Nepal in the last two years is because the private sector is not able to work," said Dhakal.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">About two years ago, the government had banned the import of 10 items, including vehicles for private use, alcohol, and children's toys, on the pretext of a rapid decline in the country’s foreign currency reserves. Due to this, the economic activities slowed down and the market witnessed an unexpected trend.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">The International Monetary Fund had been pressuring the government to withdraw the import control measures immediately. Some of the restrictions imposed on the import of 10 items from in the summer of 2022 were lifted four months later and the rest after seven months.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">As the private sector was not able to work due to the restrictions, the economic activities have been slow. Dhakal requested the government to create a conducive environment for doing business. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">Although the National Statistics Office estimated economic growth of 4 percent in the second quarter of the current fiscal year, the growth rate of the manufacturing sector was negative at 0.4 percent and the business sector was also very slow.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">In this context, the federation sought the commitment of political parties regarding economic reforms and increasing the role of the private sector. Dhakal also called upon various political parties to sign a five-point commitment to ensure policy stability, participation of the private sector in policy making and prioritization of the private sector as an engine of economic growth and development.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">Although the private sector portrayed a negative state of the economy, Prime Minister Pushpa Kamal Dahal appealed to the private sector to move forward with high morale.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">He said that the government has made continuous efforts to create an investment-friendly environment and the economic indicators are improving. He added that the government is positive towards fulfilling the commitments sought by the private sector.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">PM Dahal said that the government is committed to accelerating the economic transformation of the country by keeping the morale of industrialists and investors high.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">Stating that the government has made solid preparations to make the investment summit on April 28 and 29 as effective and efficient as possible, PM Dahal said, "There are many challenges and limitations to our policy, thinking, structure and working style in creating an investment-friendly environment in the country. If it is necessary, we are ready to bring an ordinance for creating an investment-friendly laws.”</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">Former Prime Minister Dr. Baburam Bhattarai said that the economy will not pick up pace until there is political stability in the country.</span></span></span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-04-11', 'modified' => '2024-04-11', 'keywords' => '', 'description' => '', 'sortorder' => '20428', 'image' => '20240411020911_5a0cf649.jpg', 'article_date' => '2024-04-11 14:07:32', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '20700', 'article_category_id' => '1', 'title' => 'WTO Eyes Global Trade Rebound but Warns of Risks due to Geopolitical Tensions', 'sub_title' => '', 'summary' => 'April 11: The World Trade Organization has said that global trade should rebound this year from an unexpected slump in 2023, but warned that regional conflicts, geopolitical tensions and economic policy uncertainty risked darkening the picture, AFP reported.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">April 11: The World Trade Organization has said that global trade should rebound this year from an unexpected slump in 2023, but warned that regional conflicts, geopolitical tensions and economic policy uncertainty risked darkening the picture, AFP reported.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the French news agency, the WTO in its annual trade forecast, disclosed that world trade volumes unexpectedly declined by 1.2 percent in 2023.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">That downgrade was "mainly due to the worse-than-expected performance of Europe," WTO chief economist Ralph Ossa told AFP, with lingering high energy prices and inflation drove down demand for manufactured goods.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The eurozone economy stagnated in the final quarter of last year, with Germany's economy contracting by 0.3 percent. But a recovery in the global trade of goods is already under way, thanks in part to inflation slowing, AFP added.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The WTO forecast that the global economy will continue to grow modestly over the next two years, by 2.6 percent this year, and 2.7 percent in 2025. It expects merchandise trade volumes to increase by 2.6 percent in 2024, and to expand by 3.3 percent next year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The 2024 forecast was lower than the 3.3-percent hike the WTO predicted for the year last October.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"We are making progress towards global trade recovery," WTO chief Ngozi Okonjo-Iweala said in a statement, stressing though that it was "imperative that we mitigate risks like geopolitical strife and trade fragmentation".</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to AFP, the organisation said trade developments on the services side were far more upbeat last year, growing by nine percent.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The organisation does not provide specific forecasts for the development in services, but said it expected further growth this year, in particular linked to swelling tourism and passenger transport around the upcoming the Olympic Games in Paris and the European football championships.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">And WTO said that the inflationary pressures that weighed on trade last year were expected to abate in 2024.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">This, it said, would allow real incomes to grow again, especially in advanced economies, and thereby provide a boost to the consumption of manufactured goods.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"A recovery of demand for tradable goods in 2024 is already evident," WTO said.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">But it cautioned that "geopolitical tensions and policy uncertainty could limit the extent of the trade rebound".</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to AFP, the report pointed for instance to the Red Sea crisis and Suez Canal disruptions linked to the war raging in Gaza, which it said to now had been relatively limited.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">But "some sectors, such as automotive products, fertilisers and retail, have already been affected by delays and freight costs hikes", it pointed out.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The WTO has warned that there seems to be a growing "fragmentation" of global trade.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">WTO has also warned of worrying signs of growing protectionist behaviour by some countries, although it refuses to name them.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The WTO chief economist pointed to the dozens of elections being held around the world this year, including some very high-stakes ones like in the United States, that could dramatically impact trade policies. – AFP/RSS</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-04-11', 'modified' => '2024-04-11', 'keywords' => '', 'description' => '', 'sortorder' => '20427', 'image' => '20240411014230_placeholder_md.jpg', 'article_date' => '2024-04-11 13:41:47', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '20699', 'article_category_id' => '1', 'title' => 'Hokkaido Opens Two More Japanese Restaurants at Labim Mall and Le Sherpa Restaurant', 'sub_title' => '', 'summary' => 'April 11: Hokkaido Nepal Business Group, which started its plan to introduce Japanese food culture among Nepalis, has expanded its business with the launch of two more outlets in the Kathmandu Valley.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">April 11: Hokkaido Nepal Business Group, which started its plan to introduce Japanese food culture among Nepalis, has expanded its business with the launch of two more outlets in the Kathmandu Valley.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to a press statement issued by the group, new outlets have been launched at Labim Mall in Lalitpur and Le Sherpa Restaurant in Kathmandu.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The group’s President Arjun Adhikari, who has 17 years of business experience in Japanese food culture, started his venture with the establishment of a restaurant in Park Village Hotel, Budhanilkanth, Kathmandu in 2019. The group then established five more outlets, reads the statement.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The statement issued by the group mentions that these restaurants employ 170 people.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The previously launched outlets of Hokkaido include Dekkaido Farm House in Budhanilkantha, Omakase in Naxal, Izakaya Hokkaida in Radisson Hotel, Lazimpat, Hokkaido House in Sanepa and Hokkaido Bento House in Bauddha.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the company, it has been operating Dekkaido Agro Farm in Bhairahawa, Rupandehi to supply the required food items to these restaurants.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The statement claimed that Izakaya Hokkaido operating at the Radisson Hotel represents the group's dedication to promoting Japanese food culture. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">This restaurant has been cooking more than 50 non-vegetarian and vegetarian dishes. Izakaya stated that the restaurant provides clean and fresh food while keeping the health of consumers in top priority. The restaurant also added that it has adopted a policy of encouraging the use of local products as much as possible.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Izakaya Hokkaido has also been organizing special events and promotions during Nepali and Japanese festivals. The group said that this restaurant will be open on week days from Sunday to Friday from 11 am to 10 pm and on Saturdays from 12 pm to 10 pm. According to the restaurant, it is currently providing 15 percent discount on all its services.</span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-04-11', 'modified' => '2024-04-11', 'keywords' => '', 'description' => '', 'sortorder' => '20426', 'image' => '20240411120316_d1165f3c.jpeg', 'article_date' => '2024-04-11 12:02:38', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '20698', 'article_category_id' => '1', 'title' => 'PM Hints at Passing Laws Related to Investment through Ordinance', 'sub_title' => '', 'summary' => 'April 11: Prime Minister Pushpa Kamal Dahal has said that investment-friendly laws will be passed through ordinances ahead of the upcoming Nepal Investment Summit scheduled for April 28 and 29.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Nirmala UI","sans-serif"">April 11: Prime Minister Pushpa Kamal Dahal has said that investment-friendly laws will be passed through ordinances ahead of the upcoming Nepal Investment Summit scheduled for April 28 and 29.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Nirmala UI","sans-serif"">Inaugurating the 58th Annual General Meeting of the Federation of Nepalese Chambers of Commerce and Industry, PM Dahal said that the investment-related laws will be passed through ordinance as the government is unlikely to amend the laws due to parliamentary obstruction.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Nirmala UI","sans-serif"">The main opposition party, Nepali Congress, has been obstructing the house proceedings demanding probe into the alleged irregularities committed by Deputy Prime Minister and Home Minister Rabi Lamichhane in the cooperative sector.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Nirmala UI","sans-serif"">With less than three weeks left for the investment summit, the government is unlikely to amend the necessary laws required for attracting foreign investment through the parliamentary process, which requires deliberations on the amendment bills.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Nirmala UI","sans-serif"">Various committees formed by the government had recommending over a dozen laws to attract foreign investment.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Nirmala UI","sans-serif"">The government was also planning to conduct the country’s sovereign credit rating before the investment summit but that too is not likely to happen due to time constraint.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Nirmala UI","sans-serif"">The government has selected Fitch Ratings to undertake the country’s credit rating. The US-based rating company has said it will take at least three months to complete the country rating. However, the work is yet to begin and the investment summit is less than three weeks away.</span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-04-11', 'modified' => '2024-04-11', 'keywords' => '', 'description' => '', 'sortorder' => '20425', 'image' => '20240411114035_d3f893fe.jpeg', 'article_date' => '2024-04-11 11:39:50', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '20697', 'article_category_id' => '1', 'title' => 'Israel Threatens to Strike Iran Directly if Iran Launches Attack from its Territory ', 'sub_title' => 'Middle East on alert for Iranian attack as Lufthansa suspends Tehran flights', 'summary' => 'April 11: Israel's foreign minister threatened Wednesday that his country's forces would strike Iran directly if the Islamic Republic launched an attack from its territory against Israel, as tensions between the rival powers flare following the killings of Iranian generals in a blast at the Iranian consulate in Syria. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">April 11: Israel's foreign minister threatened Wednesday that his country's forces would strike Iran directly if the Islamic Republic launched an attack from its territory against Israel, as tensions between the rival powers flare following the killings of Iranian generals in a blast at the Iranian consulate in Syria. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">“If Iran attacks from its territory, Israel will respond and attack in Iran,” Israel Katz said in a post on X in both Farsi and Hebrew. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The remarks came after Iran’s Supreme Leader Ayatollah Ali Khamenei reiterated early Wednesday a promise to retaliate against Israel over the attack on its consulate in Damascus earlier this month. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Tehran holds Israel responsible for the strike that leveled the building, killing 12 people. Israel has not acknowledged its involvement, though it has been bracing for an Iranian response to the attack, a significant escalation in their long-running shadow war. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Khamenei spoke at a prayer ceremony celebrating the end of the Muslim holy month of Ramadan, saying the airstrike was “wrongdoing" and akin to an attack on Iranian territory. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">“When they attacked our consulate area, it was like they attacked our territory,” Khamenei said, in remarks broadcast by Iranian state TV. “The evil regime must be punished, and it will be punished.” </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Neither Katz nor the Ayatollah elaborated on the way they would retaliate. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Among 12 killed in the blast on April 1 were seven Iranian Revolutionary Guard members, four Syrians and a Hezbollah militia member. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Khamenei also criticized the West, particularly the U.S. and Britain, for supporting Israel in its war against Hamas in Gaza. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">“It was expected they (would) prevent (Israel) in this disaster. They did not. They did not fulfil their duties, the Western governments,” he said. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Iran supports anti-Israeli militant groups like Palestinian Hamas and Lebanese Hezbollah. It does not recognize Israel. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Meanwhile, Reuters reported that the German airline Lufthansa on Thursday extended the suspension of its flights to Tehran due to the situation in the Middle East, which is on alert for Iranian retaliation for a suspected Israeli air strike on Iran's embassy in Syria.<br /> According to Reuters, an Iranian news agency had published an Arabic report on the social media platform X saying all airspace over Tehran had been closed for military drills, but then removed the report and denied issuing such news. -- Agencies</span></span></span><br /> </p> ', 'published' => true, 'created' => '2024-04-11', 'modified' => '2024-04-11', 'keywords' => '', 'description' => '', 'sortorder' => '20424', 'image' => '20240411112157_000_1CY52Smissiles-e1549311028231.jpg', 'article_date' => '2024-04-11 11:21:16', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '20696', 'article_category_id' => '1', 'title' => 'Thamel to Remain Operational 24 Hours from Upcoming New Year ', 'sub_title' => '', 'summary' => 'April 11: Thamel, a major hub of tourism in Kathmandu, will remain operational 24 hours a day from April 13 onward. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">April 11: Thamel, a major hub of tourism in Kathmandu, will remain operational 24 hours a day from April 13 onward. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to Thamel Tourism Development Council, preparation has been made for the announcement of full-time (24 hours) business operations in Thamel and Durbar Marga areas from the Nepali New Year i.e. April 13. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Council Chairperson Bhabiswor Sharma said all necessary preparation has been made to keep Thamel and Durbar Marga areas open round the clock. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The District Administration Office, Kathmandu will take the responsibility for maintaining security and other management in the area. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Assistant Chief District Officer of Kathmandu, Hari Prasad Sharma said security related preparation has been made to enforce the announcement allowing night-time business operations in Thamel and Durbar Marga areas. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Sharma further said safety and security protocols for 24-hour business operations have been made on the basis of recommendations of all stakeholders. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">All the market outlets related to tourism, including club, dance, folk songs and disco will remain open </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Council Chair Sharma shared night-time business will be operational in all areas of Thamel apart from Bhagawanbahal in consultation and coordination with all stakeholders. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The businesses that fail to meet the criteria/standards according to the code of conduct will be closed from April 14. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2024-04-11', 'modified' => '2024-04-11', 'keywords' => '', 'description' => '', 'sortorder' => '20423', 'image' => '20240411104619_free-street-in-thamel.jpg', 'article_date' => '2024-04-11 10:45:31', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '20695', 'article_category_id' => '1', 'title' => 'Insurance Authority Faltering in its Duties', 'sub_title' => '', 'summary' => 'April 10: The Nepal Insurance Authority, tasked with regulating the insurance sector, is facing challenges in enforcing its own directives, raising concerns about its regulatory effectiveness.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">April 10: <span style="font-family:"Arial","sans-serif"">The Nepal Insurance Authority, tasked with regulating the insurance sector, is facing challenges in enforcing its own directives, raising concerns about its regulatory effectiveness.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Despite issuing directives aimed at improving insurance accessibility for lower-income individuals, such as mandating micro-insurance, the Authority has faced challenges in implementation. In 2014, the former insurance committee issued small insurance guidelines to enhance insurance access for the lower class. Following that, in 2018, insurance companies were directed to allocate 10 percent of their total business to micro-insurance.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">However, despite the five-year period since the directive's issuance, companies have allocated only 2 percent of their total business to micro-insurance. Following non-compliance by major insurance companies, the Authority granted permission to three companies to offer small life insurance and four companies to offer small non-life insurance in November. Consequently, established companies began to withdraw from the micro-insurance sector. Despite the mandatory provision of 10% micro-insurance remaining intact, the Authority has displayed apathy towards its enforcement.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">The Authority also fell short in raising the paid-up capital of insurance companies. In March 2022, the insurance committee mandated a minimum capital requirement of 5 billion rupees for life insurance companies and 2.5 billion rupees for non-life insurance companies. Despite extending the deadline to June 2023, 10 life insurance and 8 non-life insurance companies failed to meet this requirement. However, the Authority has refrained from taking any action against companies that have failed to fulfill the necessary capital requirements.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">The Authority holds the authority to levy fines on insurance companies that do not adhere to the law and policy guidelines, with fines ranging from a minimum of 50,000 rupees to a maximum of 150,000 rupees per day.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Surya Prasad Silwal, chairman of the Authority, asserts that a flexible approach is adopted in implementing policy decisions. He mentioned, "We have issued written warnings to companies found violating the law and have imposed fines on them."</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Moreover, the Authority faces challenges in encouraging insurance companies to diversify their investments. Despite revising investment guidelines in 2018 to permit investments in sectors like agriculture, hydropower, and infrastructure, companies have largely maintained their focus on fixed deposits and the stock market.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">In response to their reluctance towards diversification, the Authority issued a circular in February 2020, mandating investments in agriculture and infrastructure. However, companies have failed to align their investment strategies accordingly. Despite the investment guidelines permitting companies to allocate up to a maximum of 10 percent in sectors such as agriculture, water resources, tourism, and energy, as of the second quarter of the current financial year, only 1.25 percent of total investments by life insurance companies are in infrastructure. Moreover, eight companies have made zero investment in infrastructure, while among non-life insurance companies, nine have no investments in the infrastructure sector, with other companies investing only 0.94 percent.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">The Authority's management of corona insurance and claim disbursements has come under scrutiny. Despite pandemic insurance not being commonly offered, the insurance committee introduced corona insurance provisions and directed companies to market them for public appeal. However, common people have yet to receive over Rs 9.5 billion in claims filed by non-life insurance companies for corona insurance.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Upon the government's release of the Insurance Act 2079 in October 2022, the insurance committee transitioned into an authority. The Act bestowed enhanced powers upon the Authority and enforced stricter provisions for regulatory action. However, despite these measures, the Authority has faltered in adhering to its directives.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Silwal maintains that while the Authority has facilitated the implementation of policy arrangements, there remains unresolved issues concerning the governance of companies.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Rabindra Ghimire, an insurance expert, argues that the Authority's effectiveness in the insurance sector has diminished due to policies and directives being issued without thorough study and preparation. He stated, "Issuing directives without adequate study and preparation burdens the insurance authority beyond its capacity, hindering effective implementation." Ghimire further contends that some of the Authority's instructions lack effectiveness.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-04-10', 'modified' => '2024-04-10', 'keywords' => '', 'description' => '', 'sortorder' => '20422', 'image' => '20240410051139_INSURANCE-COVERAGE.jpg', 'article_date' => '2024-04-10 17:09:54', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '20694', 'article_category_id' => '1', 'title' => 'Last Trading Day of 2080 Closes with Loss of 10.71 at 2025.30', 'sub_title' => '', 'summary' => 'The Nepal Stock Exchange(NEPSE) Index witnessed a fall of 10.71 points or 0.52%, closing at 2025.30 on the last trading day of the year 2080 on Wednesday.', 'content' => '<p> </p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">April 10: The Nepal Stock Exchange(NEPSE) Index witnessed a fall of 10.71 points or 0.52%, closing at 2025.30 on the last trading day of the year 2080 on Wednesday.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">During today’s trading session, 308 scrips were traded on the NEPSE through 61,420 transactions. As many as 8,696,918 shares changed their hands, resulting in the total turnover of Rs 3.48 billion.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Himalayan Reinsurance Company Limited (HRL) led the transaction amount with total turnover of Rs 12 crores. Mandu Hydropower Limited(MANDU) saw the highest gain at 9.69%, closing at Rs 770 per share. Similarly, Singati Hydro Energy Limited(SHEL) experienced the most loss at 10%, closing at Rs 171 per share. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">In terms of sector indices, all sectors landed in red zone except Trading Index and Manufacturing and Processing. Finance Index experienced the highest loss of 2.50%, while Trading Index witnessed the most gain at 1.46%. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-04-10', 'modified' => '2024-04-10', 'keywords' => '', 'description' => '', 'sortorder' => '20421', 'image' => '20240410044031_collage (4).jpg', 'article_date' => '2024-04-10 16:39:25', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 13 => array( 'Article' => array( 'id' => '20693', 'article_category_id' => '1', 'title' => '58th AGM of FNCCI Seeks Commitment from Political Parties for Economic Reforms', 'sub_title' => '', 'summary' => 'April 10: The Federation of Nepalese Chamber of Commerce and Industry (FNCCI) has sought commitment from all political parties in favor of economic reforms.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">April 10: The Federation of Nepalese Chamber of Commerce and Industry (FNCCI) has sought commitment from all political parties in favor of economic reforms. Officials of FNCCI stated that no party holds a majority in parliament, and the past one year witnessed the formation of three governments.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">FNCCI demanded such commitment from political parties during the opening session of the Federation's 58th Annual General Assembly on Wednesday.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"The federation has invited about a dozen top leaders from both the ruling and the opposition parties," said Surkrishna Vaidya, FNCCI's vice-president, in an interview with New Business Age. He added, "Despite differing political beliefs, the parties have been urged to commit to contributing to the rapid expansion of the economy. This includes agreeing on issues related to the economic prosperity of the country, maintaining stability in basic economic policies, avoiding changes that discourage investors when government changes, and consulting the private sector when policy adjustments are needed."</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Similarly, the parties were asked to pledge their commitment to promoting the private sector, which contributes 81 percent to the economy and 87 percent to employment. The private sector is considered the main driver of employment and economic growth and development.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">FNCCI also sought commitment from the political parties to include the private sector in decision-making processes.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Officials of FNCCI highlight that frequent political changes have led to inconsistencies in government policies. They noted that policy rules are often tailored to benefit specific businessmen while harming others. Additionally, there's a growing trend of politicians seeking popularity by appealing to businessmen.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Shekhar Golchha, former president of FNCCI, expressed concerns over political instability impacting investor confidence. He emphasized that despite priorities set by the National Planning Commission, policy instability persists, hindering businessmen from investing with confidence.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Businessmen fear that changes in government could result in shifts in tax policies, creating uncertainty for investors. They also expressed doubt regarding the proposed amendment of about a dozen laws before the investment summit on April 28 and 29. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Former Finance Minister Dr. Prakash Sharan Mahat expressed doubt about the current government's commitment to economic reform. He highlighted delays in legal reform and country rating, essential steps for attracting foreign investors.</span></span></p> ', 'published' => true, 'created' => '2024-04-10', 'modified' => '2024-04-10', 'keywords' => '', 'description' => '', 'sortorder' => '20420', 'image' => '20240410035830_20201126120607_1606367319.fncci (1).jpg', 'article_date' => '2024-04-10 15:57:45', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '20692', 'article_category_id' => '1', 'title' => 'Expansion of Charging Stations is the Key Challenge to Promote EVs', 'sub_title' => '', 'summary' => 'April 10: Stakeholders on Tuesday inaugurated 23 electric vehicle charging stations established with the support from the US government. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">April 10: Stakeholders on Tuesday inaugurated 23 electric vehicle charging stations established with the support from the US government. This has added the list of charging stations, which are considered important to increase the consumption of electric vehicles in the country to reduce reliance on fossil fuel.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Urja Nepal stated that Yatri Design Studio and E-Stop Pvt Ltd have installed these charging stations in different parts of Bagmati Province with the support of Urja Nepal Project run under USAID.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">One of the 23 charging stations is a mobile charging station. This is the first time a mobile charging station has been launched in Nepal. It will provide charging service if needed in places where there is no charging station. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Sagar Gyawali of Nepal Electricity Authority said that the number of charging stations in the country has exceeded 400. With the increase in the demand for electric vehicles, the private sector has stepped forward to build charging stations. According to Gyawali, 350 charging stations have been commissioned from the private sector. The authority has set up 51 charging stations.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Stakeholders say that even though the number of charging stations is increasing, the current speed is not enough to achieve the target set by the country. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Navinraj Singh, spokesperson for the Ministry of Energy, Water Resources and Irrigation, said that the main challenge in the expansion of electric vehicles in Nepal is the lack of adequate charging stations.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Although charging stations are necessary everywhere, they are not available at all the places. The number of charging stations is still not enough as one charging station has the capacity to charge only 10 to 12 electric vehicles per day, he said. According to Singh, electric microbuses are now running on the Sunkoshi Bardibas road section. However, they are facing problems due to lack of charging stations.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“Electric vehicles currently being imported into Nepal have the ability to travel only 200 to 300 kilometers with a single charge of full capacity. In the days to come, it is necessary to import vehicles with the ability to run up to 500 kilometers,” he said. According to stakeholders, as clean energy production is increasing in Nepal, there is ample opportunity to make the country self-reliant on green energy and expand the use of electric vehicles.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the Ministry of Energy, an action plan is being prepared with the goal of producing 28,500 megawatts of electricity by 2035. They are of the opinion that since the current electricity consumption in the country is less than 2000 megawatts, the electricity produced in the country can be widely used through the widespread use of electric vehicles. Nepal has set a goal of increasing the sale of electric vehicles to 90 percent within the year 2030. With the increase in the availability of electricity, the use of electric vehicles seems to be increasing in Nepal. According to the Department of Customs, the country imported 6,435 four-wheeler EVs in the first eight months of the current fiscal year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Last year, 4050 electric vehicles were imported into the country. In the year 2078/79, a total of 1,807 electric four-wheeler EVs were imported.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Yamuna Shrestha, a member of the electric vehicle committee of NADA Automobiles Dealers Association of Nepal, said that because the operating costs of electric vehicles are cheaper compared to petrol and diesel vehicles, the attraction of common people is increasing towards this segment recently.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"However, there is a lack of detailed study on the development and expansion of electric vehicles and how many charging stations are needed," Shrestha said.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Currently, Nepal spends the most foreign currency on importing petroleum products.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"Widespread use of electric vehicles will not only reduce Nepal's trade deficit, but also increase domestic consumption of electricity, which is in line with the government's goals," said Karen Welch, Acting Mission Chief of USAID, during the inauguration of the charging stations.</span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-04-10', 'modified' => '2024-04-10', 'keywords' => '', 'description' => '', 'sortorder' => '20419', 'image' => '20240410113946_20231015032757_NEA Launches 51 Rapid Charging Stations.jpg', 'article_date' => '2024-04-10 11:39:09', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ) ) $current_user = null $logged_in = falseinclude - APP/View/Elements/side_bar.ctp, line 60 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
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', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">April 12: The Meteorological Forecasting Division under the Department of Hydrology and Meteorology has predicted that the weather will be partly cloudy in the hill areas if Koshi province and fair in rest of the country. It is due to the partial influence of westerly wind and local wind in the country, the division claimed. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the division, the weather will be partly cloudy in the hill areas and fair in the rest of the country this afternoon. Light rain with lightning is likely to occur at a few places of the hill regions of Koshi, Bagmati and Gandaki provinces and at one or two places of the rest of the hill areas. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Light snowfall is also likely to occur at some places of the high hills and mountainous regions. Tonight, the weather will be partly cloudy in hill regions of Koshi Province and fair in rest of the country. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The weatherly change is likely to partially affect daily life as well as agriculture, health, tourism, mountaineering, road and air transport in the region, the division said, calling for adopting necessary alert measures. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2024-04-12', 'modified' => '2024-04-12', 'keywords' => '', 'description' => '', 'sortorder' => '20433', 'image' => '20240412114945_sno.jpg', 'article_date' => '2024-04-12 11:49:02', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '20705', 'article_category_id' => '1', 'title' => 'Industries in Hetauda Fail to Operate in Full Capacity ', 'sub_title' => '', 'summary' => 'April 12: The Hetauda industrial estate is currently grappling with operational challenges, primarily stemming from a decline in the sale of manufactured goods, the state-owned RSS reported ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">April 12: The Hetauda industrial estate is currently grappling with operational challenges, primarily stemming from a decline in the sale of manufactured goods, the state-owned RSS reported <br /> According to RSS, factors such as a scarcity of raw materials, increased costs, and high interest rates imposed by banks have constrained production levels, with many industries operating at only 40 percent capacity. Currently, out of 147 established industries, 115 are operational, but their productivity is significantly reduced.<br /> The Industrial Area Management Office told RSS that these industries, which once operated round-the-clock in three shifts, are now restricted to just one shift. Consequently, there has been a wave of layoffs as the industries grapple with diminished capacity.<br /> Bhojraj Biradi, the head of the office, attributes this downturn to the economic slowdown following the COVID-19 pandemic. As a result, steps are being taken to terminate contracts with approximately two dozen dormant industries. However, legal challenges have emerged, with some industries contesting the contract cancellations in the District Court.<br /> Meanwhile, industrialists lament the dire state of affairs, citing difficulties in meeting rental obligations amid dismal industry conditions, RSS added. The Chamber of Commerce and Industry officials echo these concerns, underscoring the fragility of the industrial sector due to high production costs, unsold inventory, and the economic slowdown.</span></span></span></p> ', 'published' => true, 'created' => '2024-04-12', 'modified' => '2024-04-12', 'keywords' => '', 'description' => '', 'sortorder' => '20432', 'image' => '20240412111834_indus.jpg', 'article_date' => '2024-04-12 11:17:42', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '20704', 'article_category_id' => '1', 'title' => 'Nepal's GDP to Grow at 3.6% in FY 2024: ADB', 'sub_title' => '', 'summary' => 'April 11: Asian Development Bank (ADB) on Thursday said that Nepal's economy will grow at 3.6 percent in FY2024.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">NewBiz Report</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">April 11: Asian Development Bank (ADB) on Thursday said that Nepal's economy will grow at 3.6 percent in FY2024. Making public its latest Asian Development Outlook (ADO) for April 2024, the Manila-based lender said that Nepal's economy is projected to expand by 3.6 percent in FY2024, a significant increase from the estimated growth of 1.9 percent in FY2023.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">ADB forecasts that GDP growth is expected to accelerate to 4.8 percent in FY2025, primarily driven by increased capital expenditure. Continued progress in tourism and related services is also anticipated to contribute to higher growth, assuming a favorable harvest.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">The ADB in its report has said that the lingering weakness in domestic demand that continued in the first quarter of FY2024 will gradually dissipate in the remainder of the fiscal year as government investment outlays accelerate. "Private consumption expenditure will rise as remittance inflow strengthens and prices moderate, while private investment expenditure will expand on monetary easing and financial sector reforms encouraging term loans," states the ADB report. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">The public investment which contracted by 20.2 percent in FY2023 is expected to expand by 1.5 percent under the FY2024 budget as development projects are implemented.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">According to ADB, the gradual relaxation of monetary policy in FY2024 and improving consumer and investor confidence will stimulate economic activity. "Key areas of the economy that contracted in FY2023, notably manufacturing and construction, have begun to expand, and all production sectors are expected to grow in FY2024," said ADB. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">The industry is poised for more rapid growth compared to FY2023, with the government ramping up capital spending in the latter half of the fiscal year. Additionally, the ADB reports that an additional 900 MW of electricity will come online by the end of FY2024. The service sector is also expected to experience accelerated growth as credit controls ease, interest rates continue to decrease, and tourism revenues expand. Agriculture growth may see a marginal increase from 2.7 percent in FY2023 to 2.8 percent, driven by a record rice harvest, although this growth could be tempered by a shortfall in winter crops and other agricultural production due to anticipated deficient rainfall this season.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-04-11', 'modified' => '2024-04-11', 'keywords' => '', 'description' => '', 'sortorder' => '20431', 'image' => '20240411043540_ADB.jpeg', 'article_date' => '2024-04-11 16:34:48', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '20703', 'article_category_id' => '1', 'title' => 'NPC Aims to Expand the Country's GDP by Rs 3 Trillion', 'sub_title' => '', 'summary' => 'April 11: The government is aiming for a substantial boost in Gross Domestic Product (GDP) by Rs 3 trillion over the next five years.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">BIJAYA DAMASE </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">KATHMANDU</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">April 11: The government is aiming for a substantial boost in Gross Domestic Product (GDP) by Rs 3 trillion over the next five years. As the National Planning Commission (NPC) finalizes the 16th five-year plan (2024-25 to 2028-29), a crucial blueprint for the nation's socio-economic advancement, the government envisions GDP growth to Rs 8-8.6 trillion, up from the current Rs 5.38 trillion.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">With the implementation of the 16th five-year plan scheduled to begin in the upcoming fiscal year 2024/25, the planning body is currently immersed in fine-tuning its details. However, due to a recent change in the government, the initial plans to unveil it by mid-February 2024 could not be realized, as stated by NPC officials.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">"We're setting realistic targets based on a thorough assessment of the country's current circumstances to ensure effective implementation of the plan," said NPC member Ram Kumar Phuyal. "It's estimated that by the conclusion of the 16th plan, the economy will reach Rs 8.9 trillion, assuming an average growth rate of 7 percent in consumer prices." However, if there's a growth rate of 7.5 percent at basic prices, it's likely to reach Rs 10 trillion by the end of fiscal year 2028-29.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">NPC officials anticipate a significant surge in the country's GDP by the conclusion of the 16th plan. They project the GDP to reach between Rs 8-8.6 trillion by the end of 16th plan. According to NPC sources, sustaining an average economic growth rate of 7 to 8.5 percent throughout the plan's duration is imperative to achieve this objective.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">In the recent years, economic growth has remained sluggish due to COVID-19 pandemic and less impressive recovery of economy post-COVID era. In the last fiscal year 2022-23, Nepal's economy is estimated to have grown by 1.9 percent. The Asian Development Bank Thursday projected that the country's economy would grow by 3.6 percent in the current fiscal year 2023-24 followed by a growth of 4.8 percent in the next fiscal 2024-25.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">In the process of formulating periodic plans, there's a persistent pattern of setting ambitious goals that often remain unattainable. In the current 15th Plan, exceedingly ambitious targets were established, aiming to elevate the economy from 8.5 to 10.3 percent at basic prices. However, due to the onset of Covid-19 in the first year of the plan, economic growth stagnated, leading to the failure to meet any of the targeted growth milestones throughout the plan's duration.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">The NPC has already acknowledged during the plan review that the target will not be met. Five years ago, the country's poverty rate stood at 18.7 percent. One of the targets of the 15th plan was to reduce poverty and maintain it at 9.5 percent. However, according to the latest Living Standard Survey published by the National Statistics Office (NSO), 20.27 percent of the population still lives below the poverty line. The office attributed this increase in poverty to the adjustment of the minimum income necessary to live above the poverty line.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Similarly, the 15th plan aimed to achieve a revenue collection equivalent to 30 percent of the gross domestic product within the next five years, amounting to Rs 18.6 trillion. However, it also proved difficult to attain as the government in the last fiscal year budget initially set revenue collection target of Rs 14.7 trillion but ended up collecting only Rs 10 billion. Moreover, while the 15th plan anticipated a per capita income of around US$1600, it only reached US$1400.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">In the 15th Plan, a total of 18 projects, including the Kathmandu-Terai Fast Track and Sunkoshi Marine Diversion, deemed as pivotal for the country's economic prosperity, were announced. However, apart from a few exceptions, the construction progress of these projects has been notably sluggish, prompting concerns about whether the government's ambitious target could be met.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">While there hasn't been any discourse on setting a target for double-digit economic growth in the 16th plan, the NPC is gearing up to establish a growth rate that surpasses the current achievements.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">According to the initial draft of the 16th plan, the focus will be on boosting domestic production by putting 17 industrial zones into operation and declaring 140 industrial villages. Additionally, the number of special economic zones (SEZs) will increase from two to three, and the installed capacity of electricity generation, currently at around 2,800 MW, will be ramped up to approximately 11,800 MW. Another target is to increase per capita electricity consumption from 380 kilowatt-hours to 700 kilowatt-hours.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">The draft sets a target to export electricity amounting to Rs41 billion annually by the end of the 16th plan and aims to reduce the overall trade deficit by increasing the energy sector's contribution to about 4 percent. Currently, irrigation facilities cover 1,555,000 hectares, with the goal of expanding it to 1,722,000 hectares.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Similarly, the draft of the 16th plan says around 1.2 million jobs will be created annually, minimum wage of workers will be increased to Rs 25,000, the number of beneficiaries joining the social security fund will be increased to 2 million and the number of destination countries with labor agreements will be increased to 15.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">There is a plan to hold the meeting of National Development Council meeting in May and get 'approach paper' of the plan endorsed by the council. Then, the document goes to the Council of Ministers whose approval will pave the way for the implementation of the plan.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Economist Keshav Acharya pointed out that the absence of coordination between the country's needs and the governmental planning agencies has hindered tangible progress towards economic development goals.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Acharya emphasized the importance of cultivating a culture of aligning actions with long-term goals, citing past governmental shortcomings in adhering to such plans. He stressed, "There is also a critical need for commitment among political parties to prevent this from recurring in the future."</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">The NPC on Tuesday sat with leaders of the ruling coalition and briefed them about the proposed 16th plan. As the country is being upgraded from the Least Developed Countries (LDC) list to a developing country by 2026, the political leaders suggested that the 16th Plan should be taken into consideration as Nepal is likely to lose many facilities available for the LDC including export concessions.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">The NPC Vice Chairman Dr. Min Bahadur Shrestha said that the suggestions from the political parties and leaders will be incorporated in the 16th plan.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-04-11', 'modified' => '2024-04-11', 'keywords' => '', 'description' => '', 'sortorder' => '20430', 'image' => '20240411043334_40c5da49.jpeg', 'article_date' => '2024-04-11 16:31:31', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '20702', 'article_category_id' => '1', 'title' => 'Process of Appointing SEBON Chair Comes to a Grinding Halt', 'sub_title' => '', 'summary' => 'April 11: The process of appointing the chairman of the Securities Board of Nepal (SEBON) has been halted temporarily.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">April 11: The process of appointing the chairman of the Securities Board of Nepal (SEBON) has been halted temporarily. Sources informed New Business Age that the recommendation committee suspended the process after Finance Minister Barsha Man Pun expressed dissatisfaction with the initial phase of the application for the appointment of the board’s chairman.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The government had formed a three-member recommendation committee headed by the Vice Chairman of the National Planning Commission, Dr Min Bahadur Shrestha, on January 17 to fill the post of SEBON chairman, which has remained vacant since January 5. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The committee includes Finance Secretary Dr Krishna Hari Pushkar and Professor Udaya Niraula.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The committee has already prepared the appointment procedure and carried out the initial works. It collected applications from February 28 to March 13 and shortlisted five candidates out of 19 applicants on April 7. The shortlisted candidates were asked to submit their action plans by April 11. However, the recommendation committee has now decided to postpone the process.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Among the five shortlisted candidates are Dr Nabaraj Adhikari and Muktinath Shrestha, the executive director of the board, Krishna Bahadur Karki, Chief Executive Officer of Nepal Stock Exchange Limited, Chiranjivi Chapagain, former chairman of the then Insurance Board, and Santosh Shrestha.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Sources indicate that the Finance Minister expressed displeasure with the shortlisted candidates. In addition to these five, there were other applicants, including Krishnaraj Pokharel, Dr. Gopal Prasad Bhatt, Niraj Giri, Dr. Keshav Prasad Shrestha, Krishna Bahadur Adhikari, Dr. Raghuraj Kafle, Praveen Pandak, Surya Prasad Adhikari, Ramdev Yadav, Sitaram Thapaliya, Dr. Bimalkumar Tiwari, Ramakrishna Khatiwada, Khagendra Katuwal, and Mukti Aryal.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The recommendation committee decided to halt the process due to the Finance Minister's dissatisfaction. The tenure of SEBON chairman is of four years, and the assessment of candidates by the recommendation committee is based on criteria outlined in section 5 of the Securities Act, 2063. The assessment criteria include professional action plan (100 marks), educational qualification (12 marks), professional action plan presentation (18 marks), and interview (30 marks).</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">SEBON is the main regulatory body for the securities market in Nepal, which has a capital of over Rs 32 billion. The absence of a chairman for over three months has stalled the approval of public issuance of shares. The executive director of the board, currently Nabaraj Adhikari, is responsible for daily administrative work, but major policy decisions require a chairman. Currently, there are over 91.33 million applications for securities issuance pending.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Ministry of Finance has a keen interest in the development of the securities market, as it reflects the economy. The government collects significant revenue from this market. From mid-February to mid-March alone, the government collected over Rs 440 million in tax from investors in the secondary securities market. The government benefits when the stock market performs well.</span></span></p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-04-11', 'modified' => '2024-04-11', 'keywords' => '', 'description' => '', 'sortorder' => '20429', 'image' => '20240411023236_Sebon-update.jpg', 'article_date' => '2024-04-11 14:31:36', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '20701', 'article_category_id' => '1', 'title' => 'Government Policy Resulted in Economic Slowdown: Private Sector', 'sub_title' => '', 'summary' => 'April 11: The Federation of Nepalese Chamber of Commerce and Industry (FNCCI) has urged the government to encourage the private sector arguing that the government's control-oriented policy and the lack of working environment for the private sector has resulted in low economic growth of the country.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">April 11: The Federation of Nepalese Chamber of Commerce and Industry (FNCCI) has urged the government to encourage the private sector arguing that the government's control-oriented policy and the lack of working environment for the private sector has resulted in low economic growth of the country.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">During a program held in Kathmandu on Wednesday on the occasion of the FNCCI’s 58th Annual General Meeting and Industry and Commerce Day 2080, FNCCI President Chandra Prasad Dhakal said that Nepal's economy has slumped compared to other countries in South Asia after the government adopted a control-oriented policy.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">"The government adopted a control-oriented policy arrangement here fearing Nepal might face a similar predicament to that of Sri Lanka. Due to this policy, our economic growth has dropped from 6 percent to 2 percent," Dhakal said. "During this period, Sri Lanka's economic growth has gone from minus 7.8 percent to nearly 2 percent." </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">The World Bank recently predicted that Nepal's economy will grow by only 3.3 percent in the current year while Bangladesh’s economy is projected to grow by 5.6 percent and that of India by 7.5 percent. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">"While all the neighbors are developing rapidly, the reason for the low economic growth of Nepal in the last two years is because the private sector is not able to work," said Dhakal.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">About two years ago, the government had banned the import of 10 items, including vehicles for private use, alcohol, and children's toys, on the pretext of a rapid decline in the country’s foreign currency reserves. Due to this, the economic activities slowed down and the market witnessed an unexpected trend.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">The International Monetary Fund had been pressuring the government to withdraw the import control measures immediately. Some of the restrictions imposed on the import of 10 items from in the summer of 2022 were lifted four months later and the rest after seven months.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">As the private sector was not able to work due to the restrictions, the economic activities have been slow. Dhakal requested the government to create a conducive environment for doing business. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">Although the National Statistics Office estimated economic growth of 4 percent in the second quarter of the current fiscal year, the growth rate of the manufacturing sector was negative at 0.4 percent and the business sector was also very slow.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">In this context, the federation sought the commitment of political parties regarding economic reforms and increasing the role of the private sector. Dhakal also called upon various political parties to sign a five-point commitment to ensure policy stability, participation of the private sector in policy making and prioritization of the private sector as an engine of economic growth and development.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">Although the private sector portrayed a negative state of the economy, Prime Minister Pushpa Kamal Dahal appealed to the private sector to move forward with high morale.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">He said that the government has made continuous efforts to create an investment-friendly environment and the economic indicators are improving. He added that the government is positive towards fulfilling the commitments sought by the private sector.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">PM Dahal said that the government is committed to accelerating the economic transformation of the country by keeping the morale of industrialists and investors high.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">Stating that the government has made solid preparations to make the investment summit on April 28 and 29 as effective and efficient as possible, PM Dahal said, "There are many challenges and limitations to our policy, thinking, structure and working style in creating an investment-friendly environment in the country. If it is necessary, we are ready to bring an ordinance for creating an investment-friendly laws.”</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">Former Prime Minister Dr. Baburam Bhattarai said that the economy will not pick up pace until there is political stability in the country.</span></span></span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-04-11', 'modified' => '2024-04-11', 'keywords' => '', 'description' => '', 'sortorder' => '20428', 'image' => '20240411020911_5a0cf649.jpg', 'article_date' => '2024-04-11 14:07:32', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '20700', 'article_category_id' => '1', 'title' => 'WTO Eyes Global Trade Rebound but Warns of Risks due to Geopolitical Tensions', 'sub_title' => '', 'summary' => 'April 11: The World Trade Organization has said that global trade should rebound this year from an unexpected slump in 2023, but warned that regional conflicts, geopolitical tensions and economic policy uncertainty risked darkening the picture, AFP reported.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">April 11: The World Trade Organization has said that global trade should rebound this year from an unexpected slump in 2023, but warned that regional conflicts, geopolitical tensions and economic policy uncertainty risked darkening the picture, AFP reported.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the French news agency, the WTO in its annual trade forecast, disclosed that world trade volumes unexpectedly declined by 1.2 percent in 2023.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">That downgrade was "mainly due to the worse-than-expected performance of Europe," WTO chief economist Ralph Ossa told AFP, with lingering high energy prices and inflation drove down demand for manufactured goods.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The eurozone economy stagnated in the final quarter of last year, with Germany's economy contracting by 0.3 percent. But a recovery in the global trade of goods is already under way, thanks in part to inflation slowing, AFP added.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The WTO forecast that the global economy will continue to grow modestly over the next two years, by 2.6 percent this year, and 2.7 percent in 2025. It expects merchandise trade volumes to increase by 2.6 percent in 2024, and to expand by 3.3 percent next year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The 2024 forecast was lower than the 3.3-percent hike the WTO predicted for the year last October.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"We are making progress towards global trade recovery," WTO chief Ngozi Okonjo-Iweala said in a statement, stressing though that it was "imperative that we mitigate risks like geopolitical strife and trade fragmentation".</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to AFP, the organisation said trade developments on the services side were far more upbeat last year, growing by nine percent.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The organisation does not provide specific forecasts for the development in services, but said it expected further growth this year, in particular linked to swelling tourism and passenger transport around the upcoming the Olympic Games in Paris and the European football championships.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">And WTO said that the inflationary pressures that weighed on trade last year were expected to abate in 2024.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">This, it said, would allow real incomes to grow again, especially in advanced economies, and thereby provide a boost to the consumption of manufactured goods.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"A recovery of demand for tradable goods in 2024 is already evident," WTO said.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">But it cautioned that "geopolitical tensions and policy uncertainty could limit the extent of the trade rebound".</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to AFP, the report pointed for instance to the Red Sea crisis and Suez Canal disruptions linked to the war raging in Gaza, which it said to now had been relatively limited.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">But "some sectors, such as automotive products, fertilisers and retail, have already been affected by delays and freight costs hikes", it pointed out.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The WTO has warned that there seems to be a growing "fragmentation" of global trade.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">WTO has also warned of worrying signs of growing protectionist behaviour by some countries, although it refuses to name them.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The WTO chief economist pointed to the dozens of elections being held around the world this year, including some very high-stakes ones like in the United States, that could dramatically impact trade policies. – AFP/RSS</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-04-11', 'modified' => '2024-04-11', 'keywords' => '', 'description' => '', 'sortorder' => '20427', 'image' => '20240411014230_placeholder_md.jpg', 'article_date' => '2024-04-11 13:41:47', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '20699', 'article_category_id' => '1', 'title' => 'Hokkaido Opens Two More Japanese Restaurants at Labim Mall and Le Sherpa Restaurant', 'sub_title' => '', 'summary' => 'April 11: Hokkaido Nepal Business Group, which started its plan to introduce Japanese food culture among Nepalis, has expanded its business with the launch of two more outlets in the Kathmandu Valley.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">April 11: Hokkaido Nepal Business Group, which started its plan to introduce Japanese food culture among Nepalis, has expanded its business with the launch of two more outlets in the Kathmandu Valley.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to a press statement issued by the group, new outlets have been launched at Labim Mall in Lalitpur and Le Sherpa Restaurant in Kathmandu.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The group’s President Arjun Adhikari, who has 17 years of business experience in Japanese food culture, started his venture with the establishment of a restaurant in Park Village Hotel, Budhanilkanth, Kathmandu in 2019. The group then established five more outlets, reads the statement.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The statement issued by the group mentions that these restaurants employ 170 people.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The previously launched outlets of Hokkaido include Dekkaido Farm House in Budhanilkantha, Omakase in Naxal, Izakaya Hokkaida in Radisson Hotel, Lazimpat, Hokkaido House in Sanepa and Hokkaido Bento House in Bauddha.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the company, it has been operating Dekkaido Agro Farm in Bhairahawa, Rupandehi to supply the required food items to these restaurants.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The statement claimed that Izakaya Hokkaido operating at the Radisson Hotel represents the group's dedication to promoting Japanese food culture. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">This restaurant has been cooking more than 50 non-vegetarian and vegetarian dishes. Izakaya stated that the restaurant provides clean and fresh food while keeping the health of consumers in top priority. The restaurant also added that it has adopted a policy of encouraging the use of local products as much as possible.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Izakaya Hokkaido has also been organizing special events and promotions during Nepali and Japanese festivals. The group said that this restaurant will be open on week days from Sunday to Friday from 11 am to 10 pm and on Saturdays from 12 pm to 10 pm. According to the restaurant, it is currently providing 15 percent discount on all its services.</span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-04-11', 'modified' => '2024-04-11', 'keywords' => '', 'description' => '', 'sortorder' => '20426', 'image' => '20240411120316_d1165f3c.jpeg', 'article_date' => '2024-04-11 12:02:38', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '20698', 'article_category_id' => '1', 'title' => 'PM Hints at Passing Laws Related to Investment through Ordinance', 'sub_title' => '', 'summary' => 'April 11: Prime Minister Pushpa Kamal Dahal has said that investment-friendly laws will be passed through ordinances ahead of the upcoming Nepal Investment Summit scheduled for April 28 and 29.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Nirmala UI","sans-serif"">April 11: Prime Minister Pushpa Kamal Dahal has said that investment-friendly laws will be passed through ordinances ahead of the upcoming Nepal Investment Summit scheduled for April 28 and 29.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Nirmala UI","sans-serif"">Inaugurating the 58th Annual General Meeting of the Federation of Nepalese Chambers of Commerce and Industry, PM Dahal said that the investment-related laws will be passed through ordinance as the government is unlikely to amend the laws due to parliamentary obstruction.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Nirmala UI","sans-serif"">The main opposition party, Nepali Congress, has been obstructing the house proceedings demanding probe into the alleged irregularities committed by Deputy Prime Minister and Home Minister Rabi Lamichhane in the cooperative sector.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Nirmala UI","sans-serif"">With less than three weeks left for the investment summit, the government is unlikely to amend the necessary laws required for attracting foreign investment through the parliamentary process, which requires deliberations on the amendment bills.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Nirmala UI","sans-serif"">Various committees formed by the government had recommending over a dozen laws to attract foreign investment.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Nirmala UI","sans-serif"">The government was also planning to conduct the country’s sovereign credit rating before the investment summit but that too is not likely to happen due to time constraint.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Nirmala UI","sans-serif"">The government has selected Fitch Ratings to undertake the country’s credit rating. The US-based rating company has said it will take at least three months to complete the country rating. However, the work is yet to begin and the investment summit is less than three weeks away.</span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-04-11', 'modified' => '2024-04-11', 'keywords' => '', 'description' => '', 'sortorder' => '20425', 'image' => '20240411114035_d3f893fe.jpeg', 'article_date' => '2024-04-11 11:39:50', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '20697', 'article_category_id' => '1', 'title' => 'Israel Threatens to Strike Iran Directly if Iran Launches Attack from its Territory ', 'sub_title' => 'Middle East on alert for Iranian attack as Lufthansa suspends Tehran flights', 'summary' => 'April 11: Israel's foreign minister threatened Wednesday that his country's forces would strike Iran directly if the Islamic Republic launched an attack from its territory against Israel, as tensions between the rival powers flare following the killings of Iranian generals in a blast at the Iranian consulate in Syria. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">April 11: Israel's foreign minister threatened Wednesday that his country's forces would strike Iran directly if the Islamic Republic launched an attack from its territory against Israel, as tensions between the rival powers flare following the killings of Iranian generals in a blast at the Iranian consulate in Syria. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">“If Iran attacks from its territory, Israel will respond and attack in Iran,” Israel Katz said in a post on X in both Farsi and Hebrew. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The remarks came after Iran’s Supreme Leader Ayatollah Ali Khamenei reiterated early Wednesday a promise to retaliate against Israel over the attack on its consulate in Damascus earlier this month. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Tehran holds Israel responsible for the strike that leveled the building, killing 12 people. Israel has not acknowledged its involvement, though it has been bracing for an Iranian response to the attack, a significant escalation in their long-running shadow war. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Khamenei spoke at a prayer ceremony celebrating the end of the Muslim holy month of Ramadan, saying the airstrike was “wrongdoing" and akin to an attack on Iranian territory. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">“When they attacked our consulate area, it was like they attacked our territory,” Khamenei said, in remarks broadcast by Iranian state TV. “The evil regime must be punished, and it will be punished.” </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Neither Katz nor the Ayatollah elaborated on the way they would retaliate. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Among 12 killed in the blast on April 1 were seven Iranian Revolutionary Guard members, four Syrians and a Hezbollah militia member. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Khamenei also criticized the West, particularly the U.S. and Britain, for supporting Israel in its war against Hamas in Gaza. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">“It was expected they (would) prevent (Israel) in this disaster. They did not. They did not fulfil their duties, the Western governments,” he said. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Iran supports anti-Israeli militant groups like Palestinian Hamas and Lebanese Hezbollah. It does not recognize Israel. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Meanwhile, Reuters reported that the German airline Lufthansa on Thursday extended the suspension of its flights to Tehran due to the situation in the Middle East, which is on alert for Iranian retaliation for a suspected Israeli air strike on Iran's embassy in Syria.<br /> According to Reuters, an Iranian news agency had published an Arabic report on the social media platform X saying all airspace over Tehran had been closed for military drills, but then removed the report and denied issuing such news. -- Agencies</span></span></span><br /> </p> ', 'published' => true, 'created' => '2024-04-11', 'modified' => '2024-04-11', 'keywords' => '', 'description' => '', 'sortorder' => '20424', 'image' => '20240411112157_000_1CY52Smissiles-e1549311028231.jpg', 'article_date' => '2024-04-11 11:21:16', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '20696', 'article_category_id' => '1', 'title' => 'Thamel to Remain Operational 24 Hours from Upcoming New Year ', 'sub_title' => '', 'summary' => 'April 11: Thamel, a major hub of tourism in Kathmandu, will remain operational 24 hours a day from April 13 onward. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">April 11: Thamel, a major hub of tourism in Kathmandu, will remain operational 24 hours a day from April 13 onward. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to Thamel Tourism Development Council, preparation has been made for the announcement of full-time (24 hours) business operations in Thamel and Durbar Marga areas from the Nepali New Year i.e. April 13. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Council Chairperson Bhabiswor Sharma said all necessary preparation has been made to keep Thamel and Durbar Marga areas open round the clock. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The District Administration Office, Kathmandu will take the responsibility for maintaining security and other management in the area. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Assistant Chief District Officer of Kathmandu, Hari Prasad Sharma said security related preparation has been made to enforce the announcement allowing night-time business operations in Thamel and Durbar Marga areas. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Sharma further said safety and security protocols for 24-hour business operations have been made on the basis of recommendations of all stakeholders. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">All the market outlets related to tourism, including club, dance, folk songs and disco will remain open </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Council Chair Sharma shared night-time business will be operational in all areas of Thamel apart from Bhagawanbahal in consultation and coordination with all stakeholders. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The businesses that fail to meet the criteria/standards according to the code of conduct will be closed from April 14. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2024-04-11', 'modified' => '2024-04-11', 'keywords' => '', 'description' => '', 'sortorder' => '20423', 'image' => '20240411104619_free-street-in-thamel.jpg', 'article_date' => '2024-04-11 10:45:31', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '20695', 'article_category_id' => '1', 'title' => 'Insurance Authority Faltering in its Duties', 'sub_title' => '', 'summary' => 'April 10: The Nepal Insurance Authority, tasked with regulating the insurance sector, is facing challenges in enforcing its own directives, raising concerns about its regulatory effectiveness.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">April 10: <span style="font-family:"Arial","sans-serif"">The Nepal Insurance Authority, tasked with regulating the insurance sector, is facing challenges in enforcing its own directives, raising concerns about its regulatory effectiveness.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Despite issuing directives aimed at improving insurance accessibility for lower-income individuals, such as mandating micro-insurance, the Authority has faced challenges in implementation. In 2014, the former insurance committee issued small insurance guidelines to enhance insurance access for the lower class. Following that, in 2018, insurance companies were directed to allocate 10 percent of their total business to micro-insurance.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">However, despite the five-year period since the directive's issuance, companies have allocated only 2 percent of their total business to micro-insurance. Following non-compliance by major insurance companies, the Authority granted permission to three companies to offer small life insurance and four companies to offer small non-life insurance in November. Consequently, established companies began to withdraw from the micro-insurance sector. Despite the mandatory provision of 10% micro-insurance remaining intact, the Authority has displayed apathy towards its enforcement.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">The Authority also fell short in raising the paid-up capital of insurance companies. In March 2022, the insurance committee mandated a minimum capital requirement of 5 billion rupees for life insurance companies and 2.5 billion rupees for non-life insurance companies. Despite extending the deadline to June 2023, 10 life insurance and 8 non-life insurance companies failed to meet this requirement. However, the Authority has refrained from taking any action against companies that have failed to fulfill the necessary capital requirements.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">The Authority holds the authority to levy fines on insurance companies that do not adhere to the law and policy guidelines, with fines ranging from a minimum of 50,000 rupees to a maximum of 150,000 rupees per day.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Surya Prasad Silwal, chairman of the Authority, asserts that a flexible approach is adopted in implementing policy decisions. He mentioned, "We have issued written warnings to companies found violating the law and have imposed fines on them."</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Moreover, the Authority faces challenges in encouraging insurance companies to diversify their investments. Despite revising investment guidelines in 2018 to permit investments in sectors like agriculture, hydropower, and infrastructure, companies have largely maintained their focus on fixed deposits and the stock market.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">In response to their reluctance towards diversification, the Authority issued a circular in February 2020, mandating investments in agriculture and infrastructure. However, companies have failed to align their investment strategies accordingly. Despite the investment guidelines permitting companies to allocate up to a maximum of 10 percent in sectors such as agriculture, water resources, tourism, and energy, as of the second quarter of the current financial year, only 1.25 percent of total investments by life insurance companies are in infrastructure. Moreover, eight companies have made zero investment in infrastructure, while among non-life insurance companies, nine have no investments in the infrastructure sector, with other companies investing only 0.94 percent.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">The Authority's management of corona insurance and claim disbursements has come under scrutiny. Despite pandemic insurance not being commonly offered, the insurance committee introduced corona insurance provisions and directed companies to market them for public appeal. However, common people have yet to receive over Rs 9.5 billion in claims filed by non-life insurance companies for corona insurance.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Upon the government's release of the Insurance Act 2079 in October 2022, the insurance committee transitioned into an authority. The Act bestowed enhanced powers upon the Authority and enforced stricter provisions for regulatory action. However, despite these measures, the Authority has faltered in adhering to its directives.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Silwal maintains that while the Authority has facilitated the implementation of policy arrangements, there remains unresolved issues concerning the governance of companies.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Rabindra Ghimire, an insurance expert, argues that the Authority's effectiveness in the insurance sector has diminished due to policies and directives being issued without thorough study and preparation. He stated, "Issuing directives without adequate study and preparation burdens the insurance authority beyond its capacity, hindering effective implementation." Ghimire further contends that some of the Authority's instructions lack effectiveness.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-04-10', 'modified' => '2024-04-10', 'keywords' => '', 'description' => '', 'sortorder' => '20422', 'image' => '20240410051139_INSURANCE-COVERAGE.jpg', 'article_date' => '2024-04-10 17:09:54', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '20694', 'article_category_id' => '1', 'title' => 'Last Trading Day of 2080 Closes with Loss of 10.71 at 2025.30', 'sub_title' => '', 'summary' => 'The Nepal Stock Exchange(NEPSE) Index witnessed a fall of 10.71 points or 0.52%, closing at 2025.30 on the last trading day of the year 2080 on Wednesday.', 'content' => '<p> </p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">April 10: The Nepal Stock Exchange(NEPSE) Index witnessed a fall of 10.71 points or 0.52%, closing at 2025.30 on the last trading day of the year 2080 on Wednesday.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">During today’s trading session, 308 scrips were traded on the NEPSE through 61,420 transactions. As many as 8,696,918 shares changed their hands, resulting in the total turnover of Rs 3.48 billion.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Himalayan Reinsurance Company Limited (HRL) led the transaction amount with total turnover of Rs 12 crores. Mandu Hydropower Limited(MANDU) saw the highest gain at 9.69%, closing at Rs 770 per share. Similarly, Singati Hydro Energy Limited(SHEL) experienced the most loss at 10%, closing at Rs 171 per share. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">In terms of sector indices, all sectors landed in red zone except Trading Index and Manufacturing and Processing. Finance Index experienced the highest loss of 2.50%, while Trading Index witnessed the most gain at 1.46%. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-04-10', 'modified' => '2024-04-10', 'keywords' => '', 'description' => '', 'sortorder' => '20421', 'image' => '20240410044031_collage (4).jpg', 'article_date' => '2024-04-10 16:39:25', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 13 => array( 'Article' => array( 'id' => '20693', 'article_category_id' => '1', 'title' => '58th AGM of FNCCI Seeks Commitment from Political Parties for Economic Reforms', 'sub_title' => '', 'summary' => 'April 10: The Federation of Nepalese Chamber of Commerce and Industry (FNCCI) has sought commitment from all political parties in favor of economic reforms.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">April 10: The Federation of Nepalese Chamber of Commerce and Industry (FNCCI) has sought commitment from all political parties in favor of economic reforms. Officials of FNCCI stated that no party holds a majority in parliament, and the past one year witnessed the formation of three governments.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">FNCCI demanded such commitment from political parties during the opening session of the Federation's 58th Annual General Assembly on Wednesday.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"The federation has invited about a dozen top leaders from both the ruling and the opposition parties," said Surkrishna Vaidya, FNCCI's vice-president, in an interview with New Business Age. He added, "Despite differing political beliefs, the parties have been urged to commit to contributing to the rapid expansion of the economy. This includes agreeing on issues related to the economic prosperity of the country, maintaining stability in basic economic policies, avoiding changes that discourage investors when government changes, and consulting the private sector when policy adjustments are needed."</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Similarly, the parties were asked to pledge their commitment to promoting the private sector, which contributes 81 percent to the economy and 87 percent to employment. The private sector is considered the main driver of employment and economic growth and development.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">FNCCI also sought commitment from the political parties to include the private sector in decision-making processes.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Officials of FNCCI highlight that frequent political changes have led to inconsistencies in government policies. They noted that policy rules are often tailored to benefit specific businessmen while harming others. Additionally, there's a growing trend of politicians seeking popularity by appealing to businessmen.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Shekhar Golchha, former president of FNCCI, expressed concerns over political instability impacting investor confidence. He emphasized that despite priorities set by the National Planning Commission, policy instability persists, hindering businessmen from investing with confidence.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Businessmen fear that changes in government could result in shifts in tax policies, creating uncertainty for investors. They also expressed doubt regarding the proposed amendment of about a dozen laws before the investment summit on April 28 and 29. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Former Finance Minister Dr. Prakash Sharan Mahat expressed doubt about the current government's commitment to economic reform. He highlighted delays in legal reform and country rating, essential steps for attracting foreign investors.</span></span></p> ', 'published' => true, 'created' => '2024-04-10', 'modified' => '2024-04-10', 'keywords' => '', 'description' => '', 'sortorder' => '20420', 'image' => '20240410035830_20201126120607_1606367319.fncci (1).jpg', 'article_date' => '2024-04-10 15:57:45', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '20692', 'article_category_id' => '1', 'title' => 'Expansion of Charging Stations is the Key Challenge to Promote EVs', 'sub_title' => '', 'summary' => 'April 10: Stakeholders on Tuesday inaugurated 23 electric vehicle charging stations established with the support from the US government. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">April 10: Stakeholders on Tuesday inaugurated 23 electric vehicle charging stations established with the support from the US government. This has added the list of charging stations, which are considered important to increase the consumption of electric vehicles in the country to reduce reliance on fossil fuel.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Urja Nepal stated that Yatri Design Studio and E-Stop Pvt Ltd have installed these charging stations in different parts of Bagmati Province with the support of Urja Nepal Project run under USAID.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">One of the 23 charging stations is a mobile charging station. This is the first time a mobile charging station has been launched in Nepal. It will provide charging service if needed in places where there is no charging station. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Sagar Gyawali of Nepal Electricity Authority said that the number of charging stations in the country has exceeded 400. With the increase in the demand for electric vehicles, the private sector has stepped forward to build charging stations. According to Gyawali, 350 charging stations have been commissioned from the private sector. The authority has set up 51 charging stations.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Stakeholders say that even though the number of charging stations is increasing, the current speed is not enough to achieve the target set by the country. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Navinraj Singh, spokesperson for the Ministry of Energy, Water Resources and Irrigation, said that the main challenge in the expansion of electric vehicles in Nepal is the lack of adequate charging stations.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Although charging stations are necessary everywhere, they are not available at all the places. The number of charging stations is still not enough as one charging station has the capacity to charge only 10 to 12 electric vehicles per day, he said. According to Singh, electric microbuses are now running on the Sunkoshi Bardibas road section. However, they are facing problems due to lack of charging stations.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“Electric vehicles currently being imported into Nepal have the ability to travel only 200 to 300 kilometers with a single charge of full capacity. In the days to come, it is necessary to import vehicles with the ability to run up to 500 kilometers,” he said. According to stakeholders, as clean energy production is increasing in Nepal, there is ample opportunity to make the country self-reliant on green energy and expand the use of electric vehicles.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the Ministry of Energy, an action plan is being prepared with the goal of producing 28,500 megawatts of electricity by 2035. They are of the opinion that since the current electricity consumption in the country is less than 2000 megawatts, the electricity produced in the country can be widely used through the widespread use of electric vehicles. Nepal has set a goal of increasing the sale of electric vehicles to 90 percent within the year 2030. With the increase in the availability of electricity, the use of electric vehicles seems to be increasing in Nepal. According to the Department of Customs, the country imported 6,435 four-wheeler EVs in the first eight months of the current fiscal year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Last year, 4050 electric vehicles were imported into the country. In the year 2078/79, a total of 1,807 electric four-wheeler EVs were imported.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Yamuna Shrestha, a member of the electric vehicle committee of NADA Automobiles Dealers Association of Nepal, said that because the operating costs of electric vehicles are cheaper compared to petrol and diesel vehicles, the attraction of common people is increasing towards this segment recently.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"However, there is a lack of detailed study on the development and expansion of electric vehicles and how many charging stations are needed," Shrestha said.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Currently, Nepal spends the most foreign currency on importing petroleum products.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"Widespread use of electric vehicles will not only reduce Nepal's trade deficit, but also increase domestic consumption of electricity, which is in line with the government's goals," said Karen Welch, Acting Mission Chief of USAID, during the inauguration of the charging stations.</span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-04-10', 'modified' => '2024-04-10', 'keywords' => '', 'description' => '', 'sortorder' => '20419', 'image' => '20240410113946_20231015032757_NEA Launches 51 Rapid Charging Stations.jpg', 'article_date' => '2024-04-10 11:39:09', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ) ) $current_user = null $logged_in = falsesimplexml_load_file - [internal], line ?? include - APP/View/Elements/side_bar.ctp, line 60 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
Notice (8): Undefined variable: file [APP/View/Elements/side_bar.ctp, line 133]Code Context// $file = 'http://aabhiyan:QUVLg8Wzs2F7G9N7@nepalstock.com.np/api/subindexdata.xml';if(!$xml = simplexml_load_file($file)){$viewFile = '/var/www/html/newbusinessage.com/app/View/Elements/side_bar.ctp' $dataForView = array( 'articles' => array( (int) 0 => array( 'Article' => array( [maximum depth reached] ) ), (int) 1 => array( 'Article' => array( [maximum depth reached] ) ), (int) 2 => array( 'Article' => array( [maximum depth reached] ) ), (int) 3 => array( 'Article' => array( [maximum depth reached] ) ), (int) 4 => array( 'Article' => array( [maximum depth reached] ) ), (int) 5 => array( 'Article' => array( [maximum depth reached] ) ), (int) 6 => array( 'Article' => array( [maximum depth reached] ) ), (int) 7 => array( 'Article' => array( [maximum depth reached] ) ), (int) 8 => array( 'Article' => array( [maximum depth reached] ) ), (int) 9 => array( 'Article' => array( [maximum depth reached] ) ), (int) 10 => array( 'Article' => array( [maximum depth reached] ) ), (int) 11 => array( 'Article' => array( [maximum depth reached] ) ), (int) 12 => array( 'Article' => array( [maximum depth reached] ) ), (int) 13 => array( 'Article' => array( [maximum depth reached] ) ), (int) 14 => array( 'Article' => array( [maximum depth reached] ) ) ), 'current_user' => null, 'logged_in' => false ) $articles = array( (int) 0 => array( 'Article' => array( 'id' => '20706', 'article_category_id' => '1', 'title' => 'Rainfall Likely to Occur in Koshi, Bagmati and Gandaki Provinces Today ', 'sub_title' => '', 'summary' => 'April 12: The Meteorological Forecasting Division under the Department of Hydrology and Meteorology has predicted that the weather will be partly cloudy in the hill areas if Koshi province and fair in rest of the country. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">April 12: The Meteorological Forecasting Division under the Department of Hydrology and Meteorology has predicted that the weather will be partly cloudy in the hill areas if Koshi province and fair in rest of the country. It is due to the partial influence of westerly wind and local wind in the country, the division claimed. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the division, the weather will be partly cloudy in the hill areas and fair in the rest of the country this afternoon. Light rain with lightning is likely to occur at a few places of the hill regions of Koshi, Bagmati and Gandaki provinces and at one or two places of the rest of the hill areas. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Light snowfall is also likely to occur at some places of the high hills and mountainous regions. Tonight, the weather will be partly cloudy in hill regions of Koshi Province and fair in rest of the country. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The weatherly change is likely to partially affect daily life as well as agriculture, health, tourism, mountaineering, road and air transport in the region, the division said, calling for adopting necessary alert measures. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2024-04-12', 'modified' => '2024-04-12', 'keywords' => '', 'description' => '', 'sortorder' => '20433', 'image' => '20240412114945_sno.jpg', 'article_date' => '2024-04-12 11:49:02', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '20705', 'article_category_id' => '1', 'title' => 'Industries in Hetauda Fail to Operate in Full Capacity ', 'sub_title' => '', 'summary' => 'April 12: The Hetauda industrial estate is currently grappling with operational challenges, primarily stemming from a decline in the sale of manufactured goods, the state-owned RSS reported ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">April 12: The Hetauda industrial estate is currently grappling with operational challenges, primarily stemming from a decline in the sale of manufactured goods, the state-owned RSS reported <br /> According to RSS, factors such as a scarcity of raw materials, increased costs, and high interest rates imposed by banks have constrained production levels, with many industries operating at only 40 percent capacity. Currently, out of 147 established industries, 115 are operational, but their productivity is significantly reduced.<br /> The Industrial Area Management Office told RSS that these industries, which once operated round-the-clock in three shifts, are now restricted to just one shift. Consequently, there has been a wave of layoffs as the industries grapple with diminished capacity.<br /> Bhojraj Biradi, the head of the office, attributes this downturn to the economic slowdown following the COVID-19 pandemic. As a result, steps are being taken to terminate contracts with approximately two dozen dormant industries. However, legal challenges have emerged, with some industries contesting the contract cancellations in the District Court.<br /> Meanwhile, industrialists lament the dire state of affairs, citing difficulties in meeting rental obligations amid dismal industry conditions, RSS added. The Chamber of Commerce and Industry officials echo these concerns, underscoring the fragility of the industrial sector due to high production costs, unsold inventory, and the economic slowdown.</span></span></span></p> ', 'published' => true, 'created' => '2024-04-12', 'modified' => '2024-04-12', 'keywords' => '', 'description' => '', 'sortorder' => '20432', 'image' => '20240412111834_indus.jpg', 'article_date' => '2024-04-12 11:17:42', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '20704', 'article_category_id' => '1', 'title' => 'Nepal's GDP to Grow at 3.6% in FY 2024: ADB', 'sub_title' => '', 'summary' => 'April 11: Asian Development Bank (ADB) on Thursday said that Nepal's economy will grow at 3.6 percent in FY2024.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">NewBiz Report</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">April 11: Asian Development Bank (ADB) on Thursday said that Nepal's economy will grow at 3.6 percent in FY2024. Making public its latest Asian Development Outlook (ADO) for April 2024, the Manila-based lender said that Nepal's economy is projected to expand by 3.6 percent in FY2024, a significant increase from the estimated growth of 1.9 percent in FY2023.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">ADB forecasts that GDP growth is expected to accelerate to 4.8 percent in FY2025, primarily driven by increased capital expenditure. Continued progress in tourism and related services is also anticipated to contribute to higher growth, assuming a favorable harvest.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">The ADB in its report has said that the lingering weakness in domestic demand that continued in the first quarter of FY2024 will gradually dissipate in the remainder of the fiscal year as government investment outlays accelerate. "Private consumption expenditure will rise as remittance inflow strengthens and prices moderate, while private investment expenditure will expand on monetary easing and financial sector reforms encouraging term loans," states the ADB report. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">The public investment which contracted by 20.2 percent in FY2023 is expected to expand by 1.5 percent under the FY2024 budget as development projects are implemented.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">According to ADB, the gradual relaxation of monetary policy in FY2024 and improving consumer and investor confidence will stimulate economic activity. "Key areas of the economy that contracted in FY2023, notably manufacturing and construction, have begun to expand, and all production sectors are expected to grow in FY2024," said ADB. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">The industry is poised for more rapid growth compared to FY2023, with the government ramping up capital spending in the latter half of the fiscal year. Additionally, the ADB reports that an additional 900 MW of electricity will come online by the end of FY2024. The service sector is also expected to experience accelerated growth as credit controls ease, interest rates continue to decrease, and tourism revenues expand. Agriculture growth may see a marginal increase from 2.7 percent in FY2023 to 2.8 percent, driven by a record rice harvest, although this growth could be tempered by a shortfall in winter crops and other agricultural production due to anticipated deficient rainfall this season.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-04-11', 'modified' => '2024-04-11', 'keywords' => '', 'description' => '', 'sortorder' => '20431', 'image' => '20240411043540_ADB.jpeg', 'article_date' => '2024-04-11 16:34:48', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '20703', 'article_category_id' => '1', 'title' => 'NPC Aims to Expand the Country's GDP by Rs 3 Trillion', 'sub_title' => '', 'summary' => 'April 11: The government is aiming for a substantial boost in Gross Domestic Product (GDP) by Rs 3 trillion over the next five years.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">BIJAYA DAMASE </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">KATHMANDU</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">April 11: The government is aiming for a substantial boost in Gross Domestic Product (GDP) by Rs 3 trillion over the next five years. As the National Planning Commission (NPC) finalizes the 16th five-year plan (2024-25 to 2028-29), a crucial blueprint for the nation's socio-economic advancement, the government envisions GDP growth to Rs 8-8.6 trillion, up from the current Rs 5.38 trillion.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">With the implementation of the 16th five-year plan scheduled to begin in the upcoming fiscal year 2024/25, the planning body is currently immersed in fine-tuning its details. However, due to a recent change in the government, the initial plans to unveil it by mid-February 2024 could not be realized, as stated by NPC officials.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">"We're setting realistic targets based on a thorough assessment of the country's current circumstances to ensure effective implementation of the plan," said NPC member Ram Kumar Phuyal. "It's estimated that by the conclusion of the 16th plan, the economy will reach Rs 8.9 trillion, assuming an average growth rate of 7 percent in consumer prices." However, if there's a growth rate of 7.5 percent at basic prices, it's likely to reach Rs 10 trillion by the end of fiscal year 2028-29.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">NPC officials anticipate a significant surge in the country's GDP by the conclusion of the 16th plan. They project the GDP to reach between Rs 8-8.6 trillion by the end of 16th plan. According to NPC sources, sustaining an average economic growth rate of 7 to 8.5 percent throughout the plan's duration is imperative to achieve this objective.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">In the recent years, economic growth has remained sluggish due to COVID-19 pandemic and less impressive recovery of economy post-COVID era. In the last fiscal year 2022-23, Nepal's economy is estimated to have grown by 1.9 percent. The Asian Development Bank Thursday projected that the country's economy would grow by 3.6 percent in the current fiscal year 2023-24 followed by a growth of 4.8 percent in the next fiscal 2024-25.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">In the process of formulating periodic plans, there's a persistent pattern of setting ambitious goals that often remain unattainable. In the current 15th Plan, exceedingly ambitious targets were established, aiming to elevate the economy from 8.5 to 10.3 percent at basic prices. However, due to the onset of Covid-19 in the first year of the plan, economic growth stagnated, leading to the failure to meet any of the targeted growth milestones throughout the plan's duration.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">The NPC has already acknowledged during the plan review that the target will not be met. Five years ago, the country's poverty rate stood at 18.7 percent. One of the targets of the 15th plan was to reduce poverty and maintain it at 9.5 percent. However, according to the latest Living Standard Survey published by the National Statistics Office (NSO), 20.27 percent of the population still lives below the poverty line. The office attributed this increase in poverty to the adjustment of the minimum income necessary to live above the poverty line.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Similarly, the 15th plan aimed to achieve a revenue collection equivalent to 30 percent of the gross domestic product within the next five years, amounting to Rs 18.6 trillion. However, it also proved difficult to attain as the government in the last fiscal year budget initially set revenue collection target of Rs 14.7 trillion but ended up collecting only Rs 10 billion. Moreover, while the 15th plan anticipated a per capita income of around US$1600, it only reached US$1400.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">In the 15th Plan, a total of 18 projects, including the Kathmandu-Terai Fast Track and Sunkoshi Marine Diversion, deemed as pivotal for the country's economic prosperity, were announced. However, apart from a few exceptions, the construction progress of these projects has been notably sluggish, prompting concerns about whether the government's ambitious target could be met.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">While there hasn't been any discourse on setting a target for double-digit economic growth in the 16th plan, the NPC is gearing up to establish a growth rate that surpasses the current achievements.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">According to the initial draft of the 16th plan, the focus will be on boosting domestic production by putting 17 industrial zones into operation and declaring 140 industrial villages. Additionally, the number of special economic zones (SEZs) will increase from two to three, and the installed capacity of electricity generation, currently at around 2,800 MW, will be ramped up to approximately 11,800 MW. Another target is to increase per capita electricity consumption from 380 kilowatt-hours to 700 kilowatt-hours.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">The draft sets a target to export electricity amounting to Rs41 billion annually by the end of the 16th plan and aims to reduce the overall trade deficit by increasing the energy sector's contribution to about 4 percent. Currently, irrigation facilities cover 1,555,000 hectares, with the goal of expanding it to 1,722,000 hectares.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Similarly, the draft of the 16th plan says around 1.2 million jobs will be created annually, minimum wage of workers will be increased to Rs 25,000, the number of beneficiaries joining the social security fund will be increased to 2 million and the number of destination countries with labor agreements will be increased to 15.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">There is a plan to hold the meeting of National Development Council meeting in May and get 'approach paper' of the plan endorsed by the council. Then, the document goes to the Council of Ministers whose approval will pave the way for the implementation of the plan.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Economist Keshav Acharya pointed out that the absence of coordination between the country's needs and the governmental planning agencies has hindered tangible progress towards economic development goals.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Acharya emphasized the importance of cultivating a culture of aligning actions with long-term goals, citing past governmental shortcomings in adhering to such plans. He stressed, "There is also a critical need for commitment among political parties to prevent this from recurring in the future."</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">The NPC on Tuesday sat with leaders of the ruling coalition and briefed them about the proposed 16th plan. As the country is being upgraded from the Least Developed Countries (LDC) list to a developing country by 2026, the political leaders suggested that the 16th Plan should be taken into consideration as Nepal is likely to lose many facilities available for the LDC including export concessions.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">The NPC Vice Chairman Dr. Min Bahadur Shrestha said that the suggestions from the political parties and leaders will be incorporated in the 16th plan.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-04-11', 'modified' => '2024-04-11', 'keywords' => '', 'description' => '', 'sortorder' => '20430', 'image' => '20240411043334_40c5da49.jpeg', 'article_date' => '2024-04-11 16:31:31', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '20702', 'article_category_id' => '1', 'title' => 'Process of Appointing SEBON Chair Comes to a Grinding Halt', 'sub_title' => '', 'summary' => 'April 11: The process of appointing the chairman of the Securities Board of Nepal (SEBON) has been halted temporarily.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">April 11: The process of appointing the chairman of the Securities Board of Nepal (SEBON) has been halted temporarily. Sources informed New Business Age that the recommendation committee suspended the process after Finance Minister Barsha Man Pun expressed dissatisfaction with the initial phase of the application for the appointment of the board’s chairman.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The government had formed a three-member recommendation committee headed by the Vice Chairman of the National Planning Commission, Dr Min Bahadur Shrestha, on January 17 to fill the post of SEBON chairman, which has remained vacant since January 5. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The committee includes Finance Secretary Dr Krishna Hari Pushkar and Professor Udaya Niraula.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The committee has already prepared the appointment procedure and carried out the initial works. It collected applications from February 28 to March 13 and shortlisted five candidates out of 19 applicants on April 7. The shortlisted candidates were asked to submit their action plans by April 11. However, the recommendation committee has now decided to postpone the process.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Among the five shortlisted candidates are Dr Nabaraj Adhikari and Muktinath Shrestha, the executive director of the board, Krishna Bahadur Karki, Chief Executive Officer of Nepal Stock Exchange Limited, Chiranjivi Chapagain, former chairman of the then Insurance Board, and Santosh Shrestha.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Sources indicate that the Finance Minister expressed displeasure with the shortlisted candidates. In addition to these five, there were other applicants, including Krishnaraj Pokharel, Dr. Gopal Prasad Bhatt, Niraj Giri, Dr. Keshav Prasad Shrestha, Krishna Bahadur Adhikari, Dr. Raghuraj Kafle, Praveen Pandak, Surya Prasad Adhikari, Ramdev Yadav, Sitaram Thapaliya, Dr. Bimalkumar Tiwari, Ramakrishna Khatiwada, Khagendra Katuwal, and Mukti Aryal.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The recommendation committee decided to halt the process due to the Finance Minister's dissatisfaction. The tenure of SEBON chairman is of four years, and the assessment of candidates by the recommendation committee is based on criteria outlined in section 5 of the Securities Act, 2063. The assessment criteria include professional action plan (100 marks), educational qualification (12 marks), professional action plan presentation (18 marks), and interview (30 marks).</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">SEBON is the main regulatory body for the securities market in Nepal, which has a capital of over Rs 32 billion. The absence of a chairman for over three months has stalled the approval of public issuance of shares. The executive director of the board, currently Nabaraj Adhikari, is responsible for daily administrative work, but major policy decisions require a chairman. Currently, there are over 91.33 million applications for securities issuance pending.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Ministry of Finance has a keen interest in the development of the securities market, as it reflects the economy. The government collects significant revenue from this market. From mid-February to mid-March alone, the government collected over Rs 440 million in tax from investors in the secondary securities market. The government benefits when the stock market performs well.</span></span></p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-04-11', 'modified' => '2024-04-11', 'keywords' => '', 'description' => '', 'sortorder' => '20429', 'image' => '20240411023236_Sebon-update.jpg', 'article_date' => '2024-04-11 14:31:36', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '20701', 'article_category_id' => '1', 'title' => 'Government Policy Resulted in Economic Slowdown: Private Sector', 'sub_title' => '', 'summary' => 'April 11: The Federation of Nepalese Chamber of Commerce and Industry (FNCCI) has urged the government to encourage the private sector arguing that the government's control-oriented policy and the lack of working environment for the private sector has resulted in low economic growth of the country.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">April 11: The Federation of Nepalese Chamber of Commerce and Industry (FNCCI) has urged the government to encourage the private sector arguing that the government's control-oriented policy and the lack of working environment for the private sector has resulted in low economic growth of the country.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">During a program held in Kathmandu on Wednesday on the occasion of the FNCCI’s 58th Annual General Meeting and Industry and Commerce Day 2080, FNCCI President Chandra Prasad Dhakal said that Nepal's economy has slumped compared to other countries in South Asia after the government adopted a control-oriented policy.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">"The government adopted a control-oriented policy arrangement here fearing Nepal might face a similar predicament to that of Sri Lanka. Due to this policy, our economic growth has dropped from 6 percent to 2 percent," Dhakal said. "During this period, Sri Lanka's economic growth has gone from minus 7.8 percent to nearly 2 percent." </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">The World Bank recently predicted that Nepal's economy will grow by only 3.3 percent in the current year while Bangladesh’s economy is projected to grow by 5.6 percent and that of India by 7.5 percent. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">"While all the neighbors are developing rapidly, the reason for the low economic growth of Nepal in the last two years is because the private sector is not able to work," said Dhakal.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">About two years ago, the government had banned the import of 10 items, including vehicles for private use, alcohol, and children's toys, on the pretext of a rapid decline in the country’s foreign currency reserves. Due to this, the economic activities slowed down and the market witnessed an unexpected trend.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">The International Monetary Fund had been pressuring the government to withdraw the import control measures immediately. Some of the restrictions imposed on the import of 10 items from in the summer of 2022 were lifted four months later and the rest after seven months.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">As the private sector was not able to work due to the restrictions, the economic activities have been slow. Dhakal requested the government to create a conducive environment for doing business. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">Although the National Statistics Office estimated economic growth of 4 percent in the second quarter of the current fiscal year, the growth rate of the manufacturing sector was negative at 0.4 percent and the business sector was also very slow.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">In this context, the federation sought the commitment of political parties regarding economic reforms and increasing the role of the private sector. Dhakal also called upon various political parties to sign a five-point commitment to ensure policy stability, participation of the private sector in policy making and prioritization of the private sector as an engine of economic growth and development.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">Although the private sector portrayed a negative state of the economy, Prime Minister Pushpa Kamal Dahal appealed to the private sector to move forward with high morale.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">He said that the government has made continuous efforts to create an investment-friendly environment and the economic indicators are improving. He added that the government is positive towards fulfilling the commitments sought by the private sector.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">PM Dahal said that the government is committed to accelerating the economic transformation of the country by keeping the morale of industrialists and investors high.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">Stating that the government has made solid preparations to make the investment summit on April 28 and 29 as effective and efficient as possible, PM Dahal said, "There are many challenges and limitations to our policy, thinking, structure and working style in creating an investment-friendly environment in the country. If it is necessary, we are ready to bring an ordinance for creating an investment-friendly laws.”</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">Former Prime Minister Dr. Baburam Bhattarai said that the economy will not pick up pace until there is political stability in the country.</span></span></span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-04-11', 'modified' => '2024-04-11', 'keywords' => '', 'description' => '', 'sortorder' => '20428', 'image' => '20240411020911_5a0cf649.jpg', 'article_date' => '2024-04-11 14:07:32', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '20700', 'article_category_id' => '1', 'title' => 'WTO Eyes Global Trade Rebound but Warns of Risks due to Geopolitical Tensions', 'sub_title' => '', 'summary' => 'April 11: The World Trade Organization has said that global trade should rebound this year from an unexpected slump in 2023, but warned that regional conflicts, geopolitical tensions and economic policy uncertainty risked darkening the picture, AFP reported.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">April 11: The World Trade Organization has said that global trade should rebound this year from an unexpected slump in 2023, but warned that regional conflicts, geopolitical tensions and economic policy uncertainty risked darkening the picture, AFP reported.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the French news agency, the WTO in its annual trade forecast, disclosed that world trade volumes unexpectedly declined by 1.2 percent in 2023.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">That downgrade was "mainly due to the worse-than-expected performance of Europe," WTO chief economist Ralph Ossa told AFP, with lingering high energy prices and inflation drove down demand for manufactured goods.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The eurozone economy stagnated in the final quarter of last year, with Germany's economy contracting by 0.3 percent. But a recovery in the global trade of goods is already under way, thanks in part to inflation slowing, AFP added.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The WTO forecast that the global economy will continue to grow modestly over the next two years, by 2.6 percent this year, and 2.7 percent in 2025. It expects merchandise trade volumes to increase by 2.6 percent in 2024, and to expand by 3.3 percent next year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The 2024 forecast was lower than the 3.3-percent hike the WTO predicted for the year last October.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"We are making progress towards global trade recovery," WTO chief Ngozi Okonjo-Iweala said in a statement, stressing though that it was "imperative that we mitigate risks like geopolitical strife and trade fragmentation".</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to AFP, the organisation said trade developments on the services side were far more upbeat last year, growing by nine percent.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The organisation does not provide specific forecasts for the development in services, but said it expected further growth this year, in particular linked to swelling tourism and passenger transport around the upcoming the Olympic Games in Paris and the European football championships.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">And WTO said that the inflationary pressures that weighed on trade last year were expected to abate in 2024.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">This, it said, would allow real incomes to grow again, especially in advanced economies, and thereby provide a boost to the consumption of manufactured goods.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"A recovery of demand for tradable goods in 2024 is already evident," WTO said.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">But it cautioned that "geopolitical tensions and policy uncertainty could limit the extent of the trade rebound".</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to AFP, the report pointed for instance to the Red Sea crisis and Suez Canal disruptions linked to the war raging in Gaza, which it said to now had been relatively limited.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">But "some sectors, such as automotive products, fertilisers and retail, have already been affected by delays and freight costs hikes", it pointed out.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The WTO has warned that there seems to be a growing "fragmentation" of global trade.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">WTO has also warned of worrying signs of growing protectionist behaviour by some countries, although it refuses to name them.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The WTO chief economist pointed to the dozens of elections being held around the world this year, including some very high-stakes ones like in the United States, that could dramatically impact trade policies. – AFP/RSS</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-04-11', 'modified' => '2024-04-11', 'keywords' => '', 'description' => '', 'sortorder' => '20427', 'image' => '20240411014230_placeholder_md.jpg', 'article_date' => '2024-04-11 13:41:47', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '20699', 'article_category_id' => '1', 'title' => 'Hokkaido Opens Two More Japanese Restaurants at Labim Mall and Le Sherpa Restaurant', 'sub_title' => '', 'summary' => 'April 11: Hokkaido Nepal Business Group, which started its plan to introduce Japanese food culture among Nepalis, has expanded its business with the launch of two more outlets in the Kathmandu Valley.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">April 11: Hokkaido Nepal Business Group, which started its plan to introduce Japanese food culture among Nepalis, has expanded its business with the launch of two more outlets in the Kathmandu Valley.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to a press statement issued by the group, new outlets have been launched at Labim Mall in Lalitpur and Le Sherpa Restaurant in Kathmandu.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The group’s President Arjun Adhikari, who has 17 years of business experience in Japanese food culture, started his venture with the establishment of a restaurant in Park Village Hotel, Budhanilkanth, Kathmandu in 2019. The group then established five more outlets, reads the statement.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The statement issued by the group mentions that these restaurants employ 170 people.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The previously launched outlets of Hokkaido include Dekkaido Farm House in Budhanilkantha, Omakase in Naxal, Izakaya Hokkaida in Radisson Hotel, Lazimpat, Hokkaido House in Sanepa and Hokkaido Bento House in Bauddha.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the company, it has been operating Dekkaido Agro Farm in Bhairahawa, Rupandehi to supply the required food items to these restaurants.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The statement claimed that Izakaya Hokkaido operating at the Radisson Hotel represents the group's dedication to promoting Japanese food culture. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">This restaurant has been cooking more than 50 non-vegetarian and vegetarian dishes. Izakaya stated that the restaurant provides clean and fresh food while keeping the health of consumers in top priority. The restaurant also added that it has adopted a policy of encouraging the use of local products as much as possible.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Izakaya Hokkaido has also been organizing special events and promotions during Nepali and Japanese festivals. The group said that this restaurant will be open on week days from Sunday to Friday from 11 am to 10 pm and on Saturdays from 12 pm to 10 pm. According to the restaurant, it is currently providing 15 percent discount on all its services.</span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-04-11', 'modified' => '2024-04-11', 'keywords' => '', 'description' => '', 'sortorder' => '20426', 'image' => '20240411120316_d1165f3c.jpeg', 'article_date' => '2024-04-11 12:02:38', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '20698', 'article_category_id' => '1', 'title' => 'PM Hints at Passing Laws Related to Investment through Ordinance', 'sub_title' => '', 'summary' => 'April 11: Prime Minister Pushpa Kamal Dahal has said that investment-friendly laws will be passed through ordinances ahead of the upcoming Nepal Investment Summit scheduled for April 28 and 29.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Nirmala UI","sans-serif"">April 11: Prime Minister Pushpa Kamal Dahal has said that investment-friendly laws will be passed through ordinances ahead of the upcoming Nepal Investment Summit scheduled for April 28 and 29.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Nirmala UI","sans-serif"">Inaugurating the 58th Annual General Meeting of the Federation of Nepalese Chambers of Commerce and Industry, PM Dahal said that the investment-related laws will be passed through ordinance as the government is unlikely to amend the laws due to parliamentary obstruction.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Nirmala UI","sans-serif"">The main opposition party, Nepali Congress, has been obstructing the house proceedings demanding probe into the alleged irregularities committed by Deputy Prime Minister and Home Minister Rabi Lamichhane in the cooperative sector.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Nirmala UI","sans-serif"">With less than three weeks left for the investment summit, the government is unlikely to amend the necessary laws required for attracting foreign investment through the parliamentary process, which requires deliberations on the amendment bills.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Nirmala UI","sans-serif"">Various committees formed by the government had recommending over a dozen laws to attract foreign investment.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Nirmala UI","sans-serif"">The government was also planning to conduct the country’s sovereign credit rating before the investment summit but that too is not likely to happen due to time constraint.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Nirmala UI","sans-serif"">The government has selected Fitch Ratings to undertake the country’s credit rating. The US-based rating company has said it will take at least three months to complete the country rating. However, the work is yet to begin and the investment summit is less than three weeks away.</span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-04-11', 'modified' => '2024-04-11', 'keywords' => '', 'description' => '', 'sortorder' => '20425', 'image' => '20240411114035_d3f893fe.jpeg', 'article_date' => '2024-04-11 11:39:50', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '20697', 'article_category_id' => '1', 'title' => 'Israel Threatens to Strike Iran Directly if Iran Launches Attack from its Territory ', 'sub_title' => 'Middle East on alert for Iranian attack as Lufthansa suspends Tehran flights', 'summary' => 'April 11: Israel's foreign minister threatened Wednesday that his country's forces would strike Iran directly if the Islamic Republic launched an attack from its territory against Israel, as tensions between the rival powers flare following the killings of Iranian generals in a blast at the Iranian consulate in Syria. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">April 11: Israel's foreign minister threatened Wednesday that his country's forces would strike Iran directly if the Islamic Republic launched an attack from its territory against Israel, as tensions between the rival powers flare following the killings of Iranian generals in a blast at the Iranian consulate in Syria. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">“If Iran attacks from its territory, Israel will respond and attack in Iran,” Israel Katz said in a post on X in both Farsi and Hebrew. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The remarks came after Iran’s Supreme Leader Ayatollah Ali Khamenei reiterated early Wednesday a promise to retaliate against Israel over the attack on its consulate in Damascus earlier this month. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Tehran holds Israel responsible for the strike that leveled the building, killing 12 people. Israel has not acknowledged its involvement, though it has been bracing for an Iranian response to the attack, a significant escalation in their long-running shadow war. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Khamenei spoke at a prayer ceremony celebrating the end of the Muslim holy month of Ramadan, saying the airstrike was “wrongdoing" and akin to an attack on Iranian territory. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">“When they attacked our consulate area, it was like they attacked our territory,” Khamenei said, in remarks broadcast by Iranian state TV. “The evil regime must be punished, and it will be punished.” </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Neither Katz nor the Ayatollah elaborated on the way they would retaliate. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Among 12 killed in the blast on April 1 were seven Iranian Revolutionary Guard members, four Syrians and a Hezbollah militia member. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Khamenei also criticized the West, particularly the U.S. and Britain, for supporting Israel in its war against Hamas in Gaza. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">“It was expected they (would) prevent (Israel) in this disaster. They did not. They did not fulfil their duties, the Western governments,” he said. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Iran supports anti-Israeli militant groups like Palestinian Hamas and Lebanese Hezbollah. It does not recognize Israel. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Meanwhile, Reuters reported that the German airline Lufthansa on Thursday extended the suspension of its flights to Tehran due to the situation in the Middle East, which is on alert for Iranian retaliation for a suspected Israeli air strike on Iran's embassy in Syria.<br /> According to Reuters, an Iranian news agency had published an Arabic report on the social media platform X saying all airspace over Tehran had been closed for military drills, but then removed the report and denied issuing such news. -- Agencies</span></span></span><br /> </p> ', 'published' => true, 'created' => '2024-04-11', 'modified' => '2024-04-11', 'keywords' => '', 'description' => '', 'sortorder' => '20424', 'image' => '20240411112157_000_1CY52Smissiles-e1549311028231.jpg', 'article_date' => '2024-04-11 11:21:16', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '20696', 'article_category_id' => '1', 'title' => 'Thamel to Remain Operational 24 Hours from Upcoming New Year ', 'sub_title' => '', 'summary' => 'April 11: Thamel, a major hub of tourism in Kathmandu, will remain operational 24 hours a day from April 13 onward. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">April 11: Thamel, a major hub of tourism in Kathmandu, will remain operational 24 hours a day from April 13 onward. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to Thamel Tourism Development Council, preparation has been made for the announcement of full-time (24 hours) business operations in Thamel and Durbar Marga areas from the Nepali New Year i.e. April 13. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Council Chairperson Bhabiswor Sharma said all necessary preparation has been made to keep Thamel and Durbar Marga areas open round the clock. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The District Administration Office, Kathmandu will take the responsibility for maintaining security and other management in the area. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Assistant Chief District Officer of Kathmandu, Hari Prasad Sharma said security related preparation has been made to enforce the announcement allowing night-time business operations in Thamel and Durbar Marga areas. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Sharma further said safety and security protocols for 24-hour business operations have been made on the basis of recommendations of all stakeholders. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">All the market outlets related to tourism, including club, dance, folk songs and disco will remain open </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Council Chair Sharma shared night-time business will be operational in all areas of Thamel apart from Bhagawanbahal in consultation and coordination with all stakeholders. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The businesses that fail to meet the criteria/standards according to the code of conduct will be closed from April 14. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2024-04-11', 'modified' => '2024-04-11', 'keywords' => '', 'description' => '', 'sortorder' => '20423', 'image' => '20240411104619_free-street-in-thamel.jpg', 'article_date' => '2024-04-11 10:45:31', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '20695', 'article_category_id' => '1', 'title' => 'Insurance Authority Faltering in its Duties', 'sub_title' => '', 'summary' => 'April 10: The Nepal Insurance Authority, tasked with regulating the insurance sector, is facing challenges in enforcing its own directives, raising concerns about its regulatory effectiveness.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">April 10: <span style="font-family:"Arial","sans-serif"">The Nepal Insurance Authority, tasked with regulating the insurance sector, is facing challenges in enforcing its own directives, raising concerns about its regulatory effectiveness.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Despite issuing directives aimed at improving insurance accessibility for lower-income individuals, such as mandating micro-insurance, the Authority has faced challenges in implementation. In 2014, the former insurance committee issued small insurance guidelines to enhance insurance access for the lower class. Following that, in 2018, insurance companies were directed to allocate 10 percent of their total business to micro-insurance.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">However, despite the five-year period since the directive's issuance, companies have allocated only 2 percent of their total business to micro-insurance. Following non-compliance by major insurance companies, the Authority granted permission to three companies to offer small life insurance and four companies to offer small non-life insurance in November. Consequently, established companies began to withdraw from the micro-insurance sector. Despite the mandatory provision of 10% micro-insurance remaining intact, the Authority has displayed apathy towards its enforcement.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">The Authority also fell short in raising the paid-up capital of insurance companies. In March 2022, the insurance committee mandated a minimum capital requirement of 5 billion rupees for life insurance companies and 2.5 billion rupees for non-life insurance companies. Despite extending the deadline to June 2023, 10 life insurance and 8 non-life insurance companies failed to meet this requirement. However, the Authority has refrained from taking any action against companies that have failed to fulfill the necessary capital requirements.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">The Authority holds the authority to levy fines on insurance companies that do not adhere to the law and policy guidelines, with fines ranging from a minimum of 50,000 rupees to a maximum of 150,000 rupees per day.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Surya Prasad Silwal, chairman of the Authority, asserts that a flexible approach is adopted in implementing policy decisions. He mentioned, "We have issued written warnings to companies found violating the law and have imposed fines on them."</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Moreover, the Authority faces challenges in encouraging insurance companies to diversify their investments. Despite revising investment guidelines in 2018 to permit investments in sectors like agriculture, hydropower, and infrastructure, companies have largely maintained their focus on fixed deposits and the stock market.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">In response to their reluctance towards diversification, the Authority issued a circular in February 2020, mandating investments in agriculture and infrastructure. However, companies have failed to align their investment strategies accordingly. Despite the investment guidelines permitting companies to allocate up to a maximum of 10 percent in sectors such as agriculture, water resources, tourism, and energy, as of the second quarter of the current financial year, only 1.25 percent of total investments by life insurance companies are in infrastructure. Moreover, eight companies have made zero investment in infrastructure, while among non-life insurance companies, nine have no investments in the infrastructure sector, with other companies investing only 0.94 percent.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">The Authority's management of corona insurance and claim disbursements has come under scrutiny. Despite pandemic insurance not being commonly offered, the insurance committee introduced corona insurance provisions and directed companies to market them for public appeal. However, common people have yet to receive over Rs 9.5 billion in claims filed by non-life insurance companies for corona insurance.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Upon the government's release of the Insurance Act 2079 in October 2022, the insurance committee transitioned into an authority. The Act bestowed enhanced powers upon the Authority and enforced stricter provisions for regulatory action. However, despite these measures, the Authority has faltered in adhering to its directives.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Silwal maintains that while the Authority has facilitated the implementation of policy arrangements, there remains unresolved issues concerning the governance of companies.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Rabindra Ghimire, an insurance expert, argues that the Authority's effectiveness in the insurance sector has diminished due to policies and directives being issued without thorough study and preparation. He stated, "Issuing directives without adequate study and preparation burdens the insurance authority beyond its capacity, hindering effective implementation." Ghimire further contends that some of the Authority's instructions lack effectiveness.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-04-10', 'modified' => '2024-04-10', 'keywords' => '', 'description' => '', 'sortorder' => '20422', 'image' => '20240410051139_INSURANCE-COVERAGE.jpg', 'article_date' => '2024-04-10 17:09:54', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '20694', 'article_category_id' => '1', 'title' => 'Last Trading Day of 2080 Closes with Loss of 10.71 at 2025.30', 'sub_title' => '', 'summary' => 'The Nepal Stock Exchange(NEPSE) Index witnessed a fall of 10.71 points or 0.52%, closing at 2025.30 on the last trading day of the year 2080 on Wednesday.', 'content' => '<p> </p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">April 10: The Nepal Stock Exchange(NEPSE) Index witnessed a fall of 10.71 points or 0.52%, closing at 2025.30 on the last trading day of the year 2080 on Wednesday.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">During today’s trading session, 308 scrips were traded on the NEPSE through 61,420 transactions. As many as 8,696,918 shares changed their hands, resulting in the total turnover of Rs 3.48 billion.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Himalayan Reinsurance Company Limited (HRL) led the transaction amount with total turnover of Rs 12 crores. Mandu Hydropower Limited(MANDU) saw the highest gain at 9.69%, closing at Rs 770 per share. Similarly, Singati Hydro Energy Limited(SHEL) experienced the most loss at 10%, closing at Rs 171 per share. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">In terms of sector indices, all sectors landed in red zone except Trading Index and Manufacturing and Processing. Finance Index experienced the highest loss of 2.50%, while Trading Index witnessed the most gain at 1.46%. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-04-10', 'modified' => '2024-04-10', 'keywords' => '', 'description' => '', 'sortorder' => '20421', 'image' => '20240410044031_collage (4).jpg', 'article_date' => '2024-04-10 16:39:25', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 13 => array( 'Article' => array( 'id' => '20693', 'article_category_id' => '1', 'title' => '58th AGM of FNCCI Seeks Commitment from Political Parties for Economic Reforms', 'sub_title' => '', 'summary' => 'April 10: The Federation of Nepalese Chamber of Commerce and Industry (FNCCI) has sought commitment from all political parties in favor of economic reforms.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">April 10: The Federation of Nepalese Chamber of Commerce and Industry (FNCCI) has sought commitment from all political parties in favor of economic reforms. Officials of FNCCI stated that no party holds a majority in parliament, and the past one year witnessed the formation of three governments.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">FNCCI demanded such commitment from political parties during the opening session of the Federation's 58th Annual General Assembly on Wednesday.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"The federation has invited about a dozen top leaders from both the ruling and the opposition parties," said Surkrishna Vaidya, FNCCI's vice-president, in an interview with New Business Age. He added, "Despite differing political beliefs, the parties have been urged to commit to contributing to the rapid expansion of the economy. This includes agreeing on issues related to the economic prosperity of the country, maintaining stability in basic economic policies, avoiding changes that discourage investors when government changes, and consulting the private sector when policy adjustments are needed."</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Similarly, the parties were asked to pledge their commitment to promoting the private sector, which contributes 81 percent to the economy and 87 percent to employment. The private sector is considered the main driver of employment and economic growth and development.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">FNCCI also sought commitment from the political parties to include the private sector in decision-making processes.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Officials of FNCCI highlight that frequent political changes have led to inconsistencies in government policies. They noted that policy rules are often tailored to benefit specific businessmen while harming others. Additionally, there's a growing trend of politicians seeking popularity by appealing to businessmen.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Shekhar Golchha, former president of FNCCI, expressed concerns over political instability impacting investor confidence. He emphasized that despite priorities set by the National Planning Commission, policy instability persists, hindering businessmen from investing with confidence.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Businessmen fear that changes in government could result in shifts in tax policies, creating uncertainty for investors. They also expressed doubt regarding the proposed amendment of about a dozen laws before the investment summit on April 28 and 29. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Former Finance Minister Dr. Prakash Sharan Mahat expressed doubt about the current government's commitment to economic reform. He highlighted delays in legal reform and country rating, essential steps for attracting foreign investors.</span></span></p> ', 'published' => true, 'created' => '2024-04-10', 'modified' => '2024-04-10', 'keywords' => '', 'description' => '', 'sortorder' => '20420', 'image' => '20240410035830_20201126120607_1606367319.fncci (1).jpg', 'article_date' => '2024-04-10 15:57:45', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '20692', 'article_category_id' => '1', 'title' => 'Expansion of Charging Stations is the Key Challenge to Promote EVs', 'sub_title' => '', 'summary' => 'April 10: Stakeholders on Tuesday inaugurated 23 electric vehicle charging stations established with the support from the US government. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">April 10: Stakeholders on Tuesday inaugurated 23 electric vehicle charging stations established with the support from the US government. This has added the list of charging stations, which are considered important to increase the consumption of electric vehicles in the country to reduce reliance on fossil fuel.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Urja Nepal stated that Yatri Design Studio and E-Stop Pvt Ltd have installed these charging stations in different parts of Bagmati Province with the support of Urja Nepal Project run under USAID.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">One of the 23 charging stations is a mobile charging station. This is the first time a mobile charging station has been launched in Nepal. It will provide charging service if needed in places where there is no charging station. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Sagar Gyawali of Nepal Electricity Authority said that the number of charging stations in the country has exceeded 400. With the increase in the demand for electric vehicles, the private sector has stepped forward to build charging stations. According to Gyawali, 350 charging stations have been commissioned from the private sector. The authority has set up 51 charging stations.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Stakeholders say that even though the number of charging stations is increasing, the current speed is not enough to achieve the target set by the country. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Navinraj Singh, spokesperson for the Ministry of Energy, Water Resources and Irrigation, said that the main challenge in the expansion of electric vehicles in Nepal is the lack of adequate charging stations.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Although charging stations are necessary everywhere, they are not available at all the places. The number of charging stations is still not enough as one charging station has the capacity to charge only 10 to 12 electric vehicles per day, he said. According to Singh, electric microbuses are now running on the Sunkoshi Bardibas road section. However, they are facing problems due to lack of charging stations.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“Electric vehicles currently being imported into Nepal have the ability to travel only 200 to 300 kilometers with a single charge of full capacity. In the days to come, it is necessary to import vehicles with the ability to run up to 500 kilometers,” he said. According to stakeholders, as clean energy production is increasing in Nepal, there is ample opportunity to make the country self-reliant on green energy and expand the use of electric vehicles.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the Ministry of Energy, an action plan is being prepared with the goal of producing 28,500 megawatts of electricity by 2035. They are of the opinion that since the current electricity consumption in the country is less than 2000 megawatts, the electricity produced in the country can be widely used through the widespread use of electric vehicles. Nepal has set a goal of increasing the sale of electric vehicles to 90 percent within the year 2030. With the increase in the availability of electricity, the use of electric vehicles seems to be increasing in Nepal. According to the Department of Customs, the country imported 6,435 four-wheeler EVs in the first eight months of the current fiscal year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Last year, 4050 electric vehicles were imported into the country. In the year 2078/79, a total of 1,807 electric four-wheeler EVs were imported.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Yamuna Shrestha, a member of the electric vehicle committee of NADA Automobiles Dealers Association of Nepal, said that because the operating costs of electric vehicles are cheaper compared to petrol and diesel vehicles, the attraction of common people is increasing towards this segment recently.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"However, there is a lack of detailed study on the development and expansion of electric vehicles and how many charging stations are needed," Shrestha said.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Currently, Nepal spends the most foreign currency on importing petroleum products.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"Widespread use of electric vehicles will not only reduce Nepal's trade deficit, but also increase domestic consumption of electricity, which is in line with the government's goals," said Karen Welch, Acting Mission Chief of USAID, during the inauguration of the charging stations.</span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-04-10', 'modified' => '2024-04-10', 'keywords' => '', 'description' => '', 'sortorder' => '20419', 'image' => '20240410113946_20231015032757_NEA Launches 51 Rapid Charging Stations.jpg', 'article_date' => '2024-04-10 11:39:09', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ) ) $current_user = null $logged_in = false $xml = falseinclude - APP/View/Elements/side_bar.ctp, line 133 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
Warning (2): simplexml_load_file() [<a href='http://php.net/function.simplexml-load-file'>function.simplexml-load-file</a>]: I/O warning : failed to load external entity "" [APP/View/Elements/side_bar.ctp, line 133]file not found!Code Context// $file = 'http://aabhiyan:QUVLg8Wzs2F7G9N7@nepalstock.com.np/api/subindexdata.xml';if(!$xml = simplexml_load_file($file)){$viewFile = '/var/www/html/newbusinessage.com/app/View/Elements/side_bar.ctp' $dataForView = array( 'articles' => array( (int) 0 => array( 'Article' => array( [maximum depth reached] ) ), (int) 1 => array( 'Article' => array( [maximum depth reached] ) ), (int) 2 => array( 'Article' => array( [maximum depth reached] ) ), (int) 3 => array( 'Article' => array( [maximum depth reached] ) ), (int) 4 => array( 'Article' => array( [maximum depth reached] ) ), (int) 5 => array( 'Article' => array( [maximum depth reached] ) ), (int) 6 => array( 'Article' => array( [maximum depth reached] ) ), (int) 7 => array( 'Article' => array( [maximum depth reached] ) ), (int) 8 => array( 'Article' => array( [maximum depth reached] ) ), (int) 9 => array( 'Article' => array( [maximum depth reached] ) ), (int) 10 => array( 'Article' => array( [maximum depth reached] ) ), (int) 11 => array( 'Article' => array( [maximum depth reached] ) ), (int) 12 => array( 'Article' => array( [maximum depth reached] ) ), (int) 13 => array( 'Article' => array( [maximum depth reached] ) ), (int) 14 => array( 'Article' => array( [maximum depth reached] ) ) ), 'current_user' => null, 'logged_in' => false ) $articles = array( (int) 0 => array( 'Article' => array( 'id' => '20706', 'article_category_id' => '1', 'title' => 'Rainfall Likely to Occur in Koshi, Bagmati and Gandaki Provinces Today ', 'sub_title' => '', 'summary' => 'April 12: The Meteorological Forecasting Division under the Department of Hydrology and Meteorology has predicted that the weather will be partly cloudy in the hill areas if Koshi province and fair in rest of the country. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">April 12: The Meteorological Forecasting Division under the Department of Hydrology and Meteorology has predicted that the weather will be partly cloudy in the hill areas if Koshi province and fair in rest of the country. It is due to the partial influence of westerly wind and local wind in the country, the division claimed. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the division, the weather will be partly cloudy in the hill areas and fair in the rest of the country this afternoon. Light rain with lightning is likely to occur at a few places of the hill regions of Koshi, Bagmati and Gandaki provinces and at one or two places of the rest of the hill areas. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Light snowfall is also likely to occur at some places of the high hills and mountainous regions. Tonight, the weather will be partly cloudy in hill regions of Koshi Province and fair in rest of the country. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The weatherly change is likely to partially affect daily life as well as agriculture, health, tourism, mountaineering, road and air transport in the region, the division said, calling for adopting necessary alert measures. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2024-04-12', 'modified' => '2024-04-12', 'keywords' => '', 'description' => '', 'sortorder' => '20433', 'image' => '20240412114945_sno.jpg', 'article_date' => '2024-04-12 11:49:02', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '20705', 'article_category_id' => '1', 'title' => 'Industries in Hetauda Fail to Operate in Full Capacity ', 'sub_title' => '', 'summary' => 'April 12: The Hetauda industrial estate is currently grappling with operational challenges, primarily stemming from a decline in the sale of manufactured goods, the state-owned RSS reported ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">April 12: The Hetauda industrial estate is currently grappling with operational challenges, primarily stemming from a decline in the sale of manufactured goods, the state-owned RSS reported <br /> According to RSS, factors such as a scarcity of raw materials, increased costs, and high interest rates imposed by banks have constrained production levels, with many industries operating at only 40 percent capacity. Currently, out of 147 established industries, 115 are operational, but their productivity is significantly reduced.<br /> The Industrial Area Management Office told RSS that these industries, which once operated round-the-clock in three shifts, are now restricted to just one shift. Consequently, there has been a wave of layoffs as the industries grapple with diminished capacity.<br /> Bhojraj Biradi, the head of the office, attributes this downturn to the economic slowdown following the COVID-19 pandemic. As a result, steps are being taken to terminate contracts with approximately two dozen dormant industries. However, legal challenges have emerged, with some industries contesting the contract cancellations in the District Court.<br /> Meanwhile, industrialists lament the dire state of affairs, citing difficulties in meeting rental obligations amid dismal industry conditions, RSS added. The Chamber of Commerce and Industry officials echo these concerns, underscoring the fragility of the industrial sector due to high production costs, unsold inventory, and the economic slowdown.</span></span></span></p> ', 'published' => true, 'created' => '2024-04-12', 'modified' => '2024-04-12', 'keywords' => '', 'description' => '', 'sortorder' => '20432', 'image' => '20240412111834_indus.jpg', 'article_date' => '2024-04-12 11:17:42', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '20704', 'article_category_id' => '1', 'title' => 'Nepal's GDP to Grow at 3.6% in FY 2024: ADB', 'sub_title' => '', 'summary' => 'April 11: Asian Development Bank (ADB) on Thursday said that Nepal's economy will grow at 3.6 percent in FY2024.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">NewBiz Report</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">April 11: Asian Development Bank (ADB) on Thursday said that Nepal's economy will grow at 3.6 percent in FY2024. Making public its latest Asian Development Outlook (ADO) for April 2024, the Manila-based lender said that Nepal's economy is projected to expand by 3.6 percent in FY2024, a significant increase from the estimated growth of 1.9 percent in FY2023.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">ADB forecasts that GDP growth is expected to accelerate to 4.8 percent in FY2025, primarily driven by increased capital expenditure. Continued progress in tourism and related services is also anticipated to contribute to higher growth, assuming a favorable harvest.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">The ADB in its report has said that the lingering weakness in domestic demand that continued in the first quarter of FY2024 will gradually dissipate in the remainder of the fiscal year as government investment outlays accelerate. "Private consumption expenditure will rise as remittance inflow strengthens and prices moderate, while private investment expenditure will expand on monetary easing and financial sector reforms encouraging term loans," states the ADB report. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">The public investment which contracted by 20.2 percent in FY2023 is expected to expand by 1.5 percent under the FY2024 budget as development projects are implemented.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">According to ADB, the gradual relaxation of monetary policy in FY2024 and improving consumer and investor confidence will stimulate economic activity. "Key areas of the economy that contracted in FY2023, notably manufacturing and construction, have begun to expand, and all production sectors are expected to grow in FY2024," said ADB. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">The industry is poised for more rapid growth compared to FY2023, with the government ramping up capital spending in the latter half of the fiscal year. Additionally, the ADB reports that an additional 900 MW of electricity will come online by the end of FY2024. The service sector is also expected to experience accelerated growth as credit controls ease, interest rates continue to decrease, and tourism revenues expand. Agriculture growth may see a marginal increase from 2.7 percent in FY2023 to 2.8 percent, driven by a record rice harvest, although this growth could be tempered by a shortfall in winter crops and other agricultural production due to anticipated deficient rainfall this season.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-04-11', 'modified' => '2024-04-11', 'keywords' => '', 'description' => '', 'sortorder' => '20431', 'image' => '20240411043540_ADB.jpeg', 'article_date' => '2024-04-11 16:34:48', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '20703', 'article_category_id' => '1', 'title' => 'NPC Aims to Expand the Country's GDP by Rs 3 Trillion', 'sub_title' => '', 'summary' => 'April 11: The government is aiming for a substantial boost in Gross Domestic Product (GDP) by Rs 3 trillion over the next five years.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">BIJAYA DAMASE </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">KATHMANDU</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">April 11: The government is aiming for a substantial boost in Gross Domestic Product (GDP) by Rs 3 trillion over the next five years. As the National Planning Commission (NPC) finalizes the 16th five-year plan (2024-25 to 2028-29), a crucial blueprint for the nation's socio-economic advancement, the government envisions GDP growth to Rs 8-8.6 trillion, up from the current Rs 5.38 trillion.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">With the implementation of the 16th five-year plan scheduled to begin in the upcoming fiscal year 2024/25, the planning body is currently immersed in fine-tuning its details. However, due to a recent change in the government, the initial plans to unveil it by mid-February 2024 could not be realized, as stated by NPC officials.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">"We're setting realistic targets based on a thorough assessment of the country's current circumstances to ensure effective implementation of the plan," said NPC member Ram Kumar Phuyal. "It's estimated that by the conclusion of the 16th plan, the economy will reach Rs 8.9 trillion, assuming an average growth rate of 7 percent in consumer prices." However, if there's a growth rate of 7.5 percent at basic prices, it's likely to reach Rs 10 trillion by the end of fiscal year 2028-29.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">NPC officials anticipate a significant surge in the country's GDP by the conclusion of the 16th plan. They project the GDP to reach between Rs 8-8.6 trillion by the end of 16th plan. According to NPC sources, sustaining an average economic growth rate of 7 to 8.5 percent throughout the plan's duration is imperative to achieve this objective.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">In the recent years, economic growth has remained sluggish due to COVID-19 pandemic and less impressive recovery of economy post-COVID era. In the last fiscal year 2022-23, Nepal's economy is estimated to have grown by 1.9 percent. The Asian Development Bank Thursday projected that the country's economy would grow by 3.6 percent in the current fiscal year 2023-24 followed by a growth of 4.8 percent in the next fiscal 2024-25.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">In the process of formulating periodic plans, there's a persistent pattern of setting ambitious goals that often remain unattainable. In the current 15th Plan, exceedingly ambitious targets were established, aiming to elevate the economy from 8.5 to 10.3 percent at basic prices. However, due to the onset of Covid-19 in the first year of the plan, economic growth stagnated, leading to the failure to meet any of the targeted growth milestones throughout the plan's duration.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">The NPC has already acknowledged during the plan review that the target will not be met. Five years ago, the country's poverty rate stood at 18.7 percent. One of the targets of the 15th plan was to reduce poverty and maintain it at 9.5 percent. However, according to the latest Living Standard Survey published by the National Statistics Office (NSO), 20.27 percent of the population still lives below the poverty line. The office attributed this increase in poverty to the adjustment of the minimum income necessary to live above the poverty line.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Similarly, the 15th plan aimed to achieve a revenue collection equivalent to 30 percent of the gross domestic product within the next five years, amounting to Rs 18.6 trillion. However, it also proved difficult to attain as the government in the last fiscal year budget initially set revenue collection target of Rs 14.7 trillion but ended up collecting only Rs 10 billion. Moreover, while the 15th plan anticipated a per capita income of around US$1600, it only reached US$1400.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">In the 15th Plan, a total of 18 projects, including the Kathmandu-Terai Fast Track and Sunkoshi Marine Diversion, deemed as pivotal for the country's economic prosperity, were announced. However, apart from a few exceptions, the construction progress of these projects has been notably sluggish, prompting concerns about whether the government's ambitious target could be met.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">While there hasn't been any discourse on setting a target for double-digit economic growth in the 16th plan, the NPC is gearing up to establish a growth rate that surpasses the current achievements.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">According to the initial draft of the 16th plan, the focus will be on boosting domestic production by putting 17 industrial zones into operation and declaring 140 industrial villages. Additionally, the number of special economic zones (SEZs) will increase from two to three, and the installed capacity of electricity generation, currently at around 2,800 MW, will be ramped up to approximately 11,800 MW. Another target is to increase per capita electricity consumption from 380 kilowatt-hours to 700 kilowatt-hours.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">The draft sets a target to export electricity amounting to Rs41 billion annually by the end of the 16th plan and aims to reduce the overall trade deficit by increasing the energy sector's contribution to about 4 percent. Currently, irrigation facilities cover 1,555,000 hectares, with the goal of expanding it to 1,722,000 hectares.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Similarly, the draft of the 16th plan says around 1.2 million jobs will be created annually, minimum wage of workers will be increased to Rs 25,000, the number of beneficiaries joining the social security fund will be increased to 2 million and the number of destination countries with labor agreements will be increased to 15.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">There is a plan to hold the meeting of National Development Council meeting in May and get 'approach paper' of the plan endorsed by the council. Then, the document goes to the Council of Ministers whose approval will pave the way for the implementation of the plan.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Economist Keshav Acharya pointed out that the absence of coordination between the country's needs and the governmental planning agencies has hindered tangible progress towards economic development goals.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Acharya emphasized the importance of cultivating a culture of aligning actions with long-term goals, citing past governmental shortcomings in adhering to such plans. He stressed, "There is also a critical need for commitment among political parties to prevent this from recurring in the future."</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">The NPC on Tuesday sat with leaders of the ruling coalition and briefed them about the proposed 16th plan. As the country is being upgraded from the Least Developed Countries (LDC) list to a developing country by 2026, the political leaders suggested that the 16th Plan should be taken into consideration as Nepal is likely to lose many facilities available for the LDC including export concessions.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">The NPC Vice Chairman Dr. Min Bahadur Shrestha said that the suggestions from the political parties and leaders will be incorporated in the 16th plan.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-04-11', 'modified' => '2024-04-11', 'keywords' => '', 'description' => '', 'sortorder' => '20430', 'image' => '20240411043334_40c5da49.jpeg', 'article_date' => '2024-04-11 16:31:31', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '20702', 'article_category_id' => '1', 'title' => 'Process of Appointing SEBON Chair Comes to a Grinding Halt', 'sub_title' => '', 'summary' => 'April 11: The process of appointing the chairman of the Securities Board of Nepal (SEBON) has been halted temporarily.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">April 11: The process of appointing the chairman of the Securities Board of Nepal (SEBON) has been halted temporarily. Sources informed New Business Age that the recommendation committee suspended the process after Finance Minister Barsha Man Pun expressed dissatisfaction with the initial phase of the application for the appointment of the board’s chairman.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The government had formed a three-member recommendation committee headed by the Vice Chairman of the National Planning Commission, Dr Min Bahadur Shrestha, on January 17 to fill the post of SEBON chairman, which has remained vacant since January 5. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The committee includes Finance Secretary Dr Krishna Hari Pushkar and Professor Udaya Niraula.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The committee has already prepared the appointment procedure and carried out the initial works. It collected applications from February 28 to March 13 and shortlisted five candidates out of 19 applicants on April 7. The shortlisted candidates were asked to submit their action plans by April 11. However, the recommendation committee has now decided to postpone the process.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Among the five shortlisted candidates are Dr Nabaraj Adhikari and Muktinath Shrestha, the executive director of the board, Krishna Bahadur Karki, Chief Executive Officer of Nepal Stock Exchange Limited, Chiranjivi Chapagain, former chairman of the then Insurance Board, and Santosh Shrestha.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Sources indicate that the Finance Minister expressed displeasure with the shortlisted candidates. In addition to these five, there were other applicants, including Krishnaraj Pokharel, Dr. Gopal Prasad Bhatt, Niraj Giri, Dr. Keshav Prasad Shrestha, Krishna Bahadur Adhikari, Dr. Raghuraj Kafle, Praveen Pandak, Surya Prasad Adhikari, Ramdev Yadav, Sitaram Thapaliya, Dr. Bimalkumar Tiwari, Ramakrishna Khatiwada, Khagendra Katuwal, and Mukti Aryal.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The recommendation committee decided to halt the process due to the Finance Minister's dissatisfaction. The tenure of SEBON chairman is of four years, and the assessment of candidates by the recommendation committee is based on criteria outlined in section 5 of the Securities Act, 2063. The assessment criteria include professional action plan (100 marks), educational qualification (12 marks), professional action plan presentation (18 marks), and interview (30 marks).</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">SEBON is the main regulatory body for the securities market in Nepal, which has a capital of over Rs 32 billion. The absence of a chairman for over three months has stalled the approval of public issuance of shares. The executive director of the board, currently Nabaraj Adhikari, is responsible for daily administrative work, but major policy decisions require a chairman. Currently, there are over 91.33 million applications for securities issuance pending.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Ministry of Finance has a keen interest in the development of the securities market, as it reflects the economy. The government collects significant revenue from this market. From mid-February to mid-March alone, the government collected over Rs 440 million in tax from investors in the secondary securities market. The government benefits when the stock market performs well.</span></span></p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-04-11', 'modified' => '2024-04-11', 'keywords' => '', 'description' => '', 'sortorder' => '20429', 'image' => '20240411023236_Sebon-update.jpg', 'article_date' => '2024-04-11 14:31:36', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '20701', 'article_category_id' => '1', 'title' => 'Government Policy Resulted in Economic Slowdown: Private Sector', 'sub_title' => '', 'summary' => 'April 11: The Federation of Nepalese Chamber of Commerce and Industry (FNCCI) has urged the government to encourage the private sector arguing that the government's control-oriented policy and the lack of working environment for the private sector has resulted in low economic growth of the country.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">April 11: The Federation of Nepalese Chamber of Commerce and Industry (FNCCI) has urged the government to encourage the private sector arguing that the government's control-oriented policy and the lack of working environment for the private sector has resulted in low economic growth of the country.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">During a program held in Kathmandu on Wednesday on the occasion of the FNCCI’s 58th Annual General Meeting and Industry and Commerce Day 2080, FNCCI President Chandra Prasad Dhakal said that Nepal's economy has slumped compared to other countries in South Asia after the government adopted a control-oriented policy.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">"The government adopted a control-oriented policy arrangement here fearing Nepal might face a similar predicament to that of Sri Lanka. Due to this policy, our economic growth has dropped from 6 percent to 2 percent," Dhakal said. "During this period, Sri Lanka's economic growth has gone from minus 7.8 percent to nearly 2 percent." </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">The World Bank recently predicted that Nepal's economy will grow by only 3.3 percent in the current year while Bangladesh’s economy is projected to grow by 5.6 percent and that of India by 7.5 percent. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">"While all the neighbors are developing rapidly, the reason for the low economic growth of Nepal in the last two years is because the private sector is not able to work," said Dhakal.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">About two years ago, the government had banned the import of 10 items, including vehicles for private use, alcohol, and children's toys, on the pretext of a rapid decline in the country’s foreign currency reserves. Due to this, the economic activities slowed down and the market witnessed an unexpected trend.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">The International Monetary Fund had been pressuring the government to withdraw the import control measures immediately. Some of the restrictions imposed on the import of 10 items from in the summer of 2022 were lifted four months later and the rest after seven months.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">As the private sector was not able to work due to the restrictions, the economic activities have been slow. Dhakal requested the government to create a conducive environment for doing business. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">Although the National Statistics Office estimated economic growth of 4 percent in the second quarter of the current fiscal year, the growth rate of the manufacturing sector was negative at 0.4 percent and the business sector was also very slow.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">In this context, the federation sought the commitment of political parties regarding economic reforms and increasing the role of the private sector. Dhakal also called upon various political parties to sign a five-point commitment to ensure policy stability, participation of the private sector in policy making and prioritization of the private sector as an engine of economic growth and development.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">Although the private sector portrayed a negative state of the economy, Prime Minister Pushpa Kamal Dahal appealed to the private sector to move forward with high morale.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">He said that the government has made continuous efforts to create an investment-friendly environment and the economic indicators are improving. He added that the government is positive towards fulfilling the commitments sought by the private sector.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">PM Dahal said that the government is committed to accelerating the economic transformation of the country by keeping the morale of industrialists and investors high.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">Stating that the government has made solid preparations to make the investment summit on April 28 and 29 as effective and efficient as possible, PM Dahal said, "There are many challenges and limitations to our policy, thinking, structure and working style in creating an investment-friendly environment in the country. If it is necessary, we are ready to bring an ordinance for creating an investment-friendly laws.”</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">Former Prime Minister Dr. Baburam Bhattarai said that the economy will not pick up pace until there is political stability in the country.</span></span></span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-04-11', 'modified' => '2024-04-11', 'keywords' => '', 'description' => '', 'sortorder' => '20428', 'image' => '20240411020911_5a0cf649.jpg', 'article_date' => '2024-04-11 14:07:32', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '20700', 'article_category_id' => '1', 'title' => 'WTO Eyes Global Trade Rebound but Warns of Risks due to Geopolitical Tensions', 'sub_title' => '', 'summary' => 'April 11: The World Trade Organization has said that global trade should rebound this year from an unexpected slump in 2023, but warned that regional conflicts, geopolitical tensions and economic policy uncertainty risked darkening the picture, AFP reported.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">April 11: The World Trade Organization has said that global trade should rebound this year from an unexpected slump in 2023, but warned that regional conflicts, geopolitical tensions and economic policy uncertainty risked darkening the picture, AFP reported.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the French news agency, the WTO in its annual trade forecast, disclosed that world trade volumes unexpectedly declined by 1.2 percent in 2023.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">That downgrade was "mainly due to the worse-than-expected performance of Europe," WTO chief economist Ralph Ossa told AFP, with lingering high energy prices and inflation drove down demand for manufactured goods.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The eurozone economy stagnated in the final quarter of last year, with Germany's economy contracting by 0.3 percent. But a recovery in the global trade of goods is already under way, thanks in part to inflation slowing, AFP added.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The WTO forecast that the global economy will continue to grow modestly over the next two years, by 2.6 percent this year, and 2.7 percent in 2025. It expects merchandise trade volumes to increase by 2.6 percent in 2024, and to expand by 3.3 percent next year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The 2024 forecast was lower than the 3.3-percent hike the WTO predicted for the year last October.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"We are making progress towards global trade recovery," WTO chief Ngozi Okonjo-Iweala said in a statement, stressing though that it was "imperative that we mitigate risks like geopolitical strife and trade fragmentation".</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to AFP, the organisation said trade developments on the services side were far more upbeat last year, growing by nine percent.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The organisation does not provide specific forecasts for the development in services, but said it expected further growth this year, in particular linked to swelling tourism and passenger transport around the upcoming the Olympic Games in Paris and the European football championships.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">And WTO said that the inflationary pressures that weighed on trade last year were expected to abate in 2024.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">This, it said, would allow real incomes to grow again, especially in advanced economies, and thereby provide a boost to the consumption of manufactured goods.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"A recovery of demand for tradable goods in 2024 is already evident," WTO said.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">But it cautioned that "geopolitical tensions and policy uncertainty could limit the extent of the trade rebound".</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to AFP, the report pointed for instance to the Red Sea crisis and Suez Canal disruptions linked to the war raging in Gaza, which it said to now had been relatively limited.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">But "some sectors, such as automotive products, fertilisers and retail, have already been affected by delays and freight costs hikes", it pointed out.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The WTO has warned that there seems to be a growing "fragmentation" of global trade.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">WTO has also warned of worrying signs of growing protectionist behaviour by some countries, although it refuses to name them.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The WTO chief economist pointed to the dozens of elections being held around the world this year, including some very high-stakes ones like in the United States, that could dramatically impact trade policies. – AFP/RSS</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-04-11', 'modified' => '2024-04-11', 'keywords' => '', 'description' => '', 'sortorder' => '20427', 'image' => '20240411014230_placeholder_md.jpg', 'article_date' => '2024-04-11 13:41:47', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '20699', 'article_category_id' => '1', 'title' => 'Hokkaido Opens Two More Japanese Restaurants at Labim Mall and Le Sherpa Restaurant', 'sub_title' => '', 'summary' => 'April 11: Hokkaido Nepal Business Group, which started its plan to introduce Japanese food culture among Nepalis, has expanded its business with the launch of two more outlets in the Kathmandu Valley.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">April 11: Hokkaido Nepal Business Group, which started its plan to introduce Japanese food culture among Nepalis, has expanded its business with the launch of two more outlets in the Kathmandu Valley.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to a press statement issued by the group, new outlets have been launched at Labim Mall in Lalitpur and Le Sherpa Restaurant in Kathmandu.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The group’s President Arjun Adhikari, who has 17 years of business experience in Japanese food culture, started his venture with the establishment of a restaurant in Park Village Hotel, Budhanilkanth, Kathmandu in 2019. The group then established five more outlets, reads the statement.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The statement issued by the group mentions that these restaurants employ 170 people.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The previously launched outlets of Hokkaido include Dekkaido Farm House in Budhanilkantha, Omakase in Naxal, Izakaya Hokkaida in Radisson Hotel, Lazimpat, Hokkaido House in Sanepa and Hokkaido Bento House in Bauddha.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the company, it has been operating Dekkaido Agro Farm in Bhairahawa, Rupandehi to supply the required food items to these restaurants.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The statement claimed that Izakaya Hokkaido operating at the Radisson Hotel represents the group's dedication to promoting Japanese food culture. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">This restaurant has been cooking more than 50 non-vegetarian and vegetarian dishes. Izakaya stated that the restaurant provides clean and fresh food while keeping the health of consumers in top priority. The restaurant also added that it has adopted a policy of encouraging the use of local products as much as possible.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Izakaya Hokkaido has also been organizing special events and promotions during Nepali and Japanese festivals. The group said that this restaurant will be open on week days from Sunday to Friday from 11 am to 10 pm and on Saturdays from 12 pm to 10 pm. According to the restaurant, it is currently providing 15 percent discount on all its services.</span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-04-11', 'modified' => '2024-04-11', 'keywords' => '', 'description' => '', 'sortorder' => '20426', 'image' => '20240411120316_d1165f3c.jpeg', 'article_date' => '2024-04-11 12:02:38', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '20698', 'article_category_id' => '1', 'title' => 'PM Hints at Passing Laws Related to Investment through Ordinance', 'sub_title' => '', 'summary' => 'April 11: Prime Minister Pushpa Kamal Dahal has said that investment-friendly laws will be passed through ordinances ahead of the upcoming Nepal Investment Summit scheduled for April 28 and 29.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Nirmala UI","sans-serif"">April 11: Prime Minister Pushpa Kamal Dahal has said that investment-friendly laws will be passed through ordinances ahead of the upcoming Nepal Investment Summit scheduled for April 28 and 29.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Nirmala UI","sans-serif"">Inaugurating the 58th Annual General Meeting of the Federation of Nepalese Chambers of Commerce and Industry, PM Dahal said that the investment-related laws will be passed through ordinance as the government is unlikely to amend the laws due to parliamentary obstruction.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Nirmala UI","sans-serif"">The main opposition party, Nepali Congress, has been obstructing the house proceedings demanding probe into the alleged irregularities committed by Deputy Prime Minister and Home Minister Rabi Lamichhane in the cooperative sector.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Nirmala UI","sans-serif"">With less than three weeks left for the investment summit, the government is unlikely to amend the necessary laws required for attracting foreign investment through the parliamentary process, which requires deliberations on the amendment bills.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Nirmala UI","sans-serif"">Various committees formed by the government had recommending over a dozen laws to attract foreign investment.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Nirmala UI","sans-serif"">The government was also planning to conduct the country’s sovereign credit rating before the investment summit but that too is not likely to happen due to time constraint.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Nirmala UI","sans-serif"">The government has selected Fitch Ratings to undertake the country’s credit rating. The US-based rating company has said it will take at least three months to complete the country rating. However, the work is yet to begin and the investment summit is less than three weeks away.</span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-04-11', 'modified' => '2024-04-11', 'keywords' => '', 'description' => '', 'sortorder' => '20425', 'image' => '20240411114035_d3f893fe.jpeg', 'article_date' => '2024-04-11 11:39:50', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '20697', 'article_category_id' => '1', 'title' => 'Israel Threatens to Strike Iran Directly if Iran Launches Attack from its Territory ', 'sub_title' => 'Middle East on alert for Iranian attack as Lufthansa suspends Tehran flights', 'summary' => 'April 11: Israel's foreign minister threatened Wednesday that his country's forces would strike Iran directly if the Islamic Republic launched an attack from its territory against Israel, as tensions between the rival powers flare following the killings of Iranian generals in a blast at the Iranian consulate in Syria. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">April 11: Israel's foreign minister threatened Wednesday that his country's forces would strike Iran directly if the Islamic Republic launched an attack from its territory against Israel, as tensions between the rival powers flare following the killings of Iranian generals in a blast at the Iranian consulate in Syria. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">“If Iran attacks from its territory, Israel will respond and attack in Iran,” Israel Katz said in a post on X in both Farsi and Hebrew. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The remarks came after Iran’s Supreme Leader Ayatollah Ali Khamenei reiterated early Wednesday a promise to retaliate against Israel over the attack on its consulate in Damascus earlier this month. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Tehran holds Israel responsible for the strike that leveled the building, killing 12 people. Israel has not acknowledged its involvement, though it has been bracing for an Iranian response to the attack, a significant escalation in their long-running shadow war. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Khamenei spoke at a prayer ceremony celebrating the end of the Muslim holy month of Ramadan, saying the airstrike was “wrongdoing" and akin to an attack on Iranian territory. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">“When they attacked our consulate area, it was like they attacked our territory,” Khamenei said, in remarks broadcast by Iranian state TV. “The evil regime must be punished, and it will be punished.” </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Neither Katz nor the Ayatollah elaborated on the way they would retaliate. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Among 12 killed in the blast on April 1 were seven Iranian Revolutionary Guard members, four Syrians and a Hezbollah militia member. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Khamenei also criticized the West, particularly the U.S. and Britain, for supporting Israel in its war against Hamas in Gaza. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">“It was expected they (would) prevent (Israel) in this disaster. They did not. They did not fulfil their duties, the Western governments,” he said. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Iran supports anti-Israeli militant groups like Palestinian Hamas and Lebanese Hezbollah. It does not recognize Israel. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Meanwhile, Reuters reported that the German airline Lufthansa on Thursday extended the suspension of its flights to Tehran due to the situation in the Middle East, which is on alert for Iranian retaliation for a suspected Israeli air strike on Iran's embassy in Syria.<br /> According to Reuters, an Iranian news agency had published an Arabic report on the social media platform X saying all airspace over Tehran had been closed for military drills, but then removed the report and denied issuing such news. -- Agencies</span></span></span><br /> </p> ', 'published' => true, 'created' => '2024-04-11', 'modified' => '2024-04-11', 'keywords' => '', 'description' => '', 'sortorder' => '20424', 'image' => '20240411112157_000_1CY52Smissiles-e1549311028231.jpg', 'article_date' => '2024-04-11 11:21:16', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '20696', 'article_category_id' => '1', 'title' => 'Thamel to Remain Operational 24 Hours from Upcoming New Year ', 'sub_title' => '', 'summary' => 'April 11: Thamel, a major hub of tourism in Kathmandu, will remain operational 24 hours a day from April 13 onward. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">April 11: Thamel, a major hub of tourism in Kathmandu, will remain operational 24 hours a day from April 13 onward. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to Thamel Tourism Development Council, preparation has been made for the announcement of full-time (24 hours) business operations in Thamel and Durbar Marga areas from the Nepali New Year i.e. April 13. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Council Chairperson Bhabiswor Sharma said all necessary preparation has been made to keep Thamel and Durbar Marga areas open round the clock. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The District Administration Office, Kathmandu will take the responsibility for maintaining security and other management in the area. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Assistant Chief District Officer of Kathmandu, Hari Prasad Sharma said security related preparation has been made to enforce the announcement allowing night-time business operations in Thamel and Durbar Marga areas. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Sharma further said safety and security protocols for 24-hour business operations have been made on the basis of recommendations of all stakeholders. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">All the market outlets related to tourism, including club, dance, folk songs and disco will remain open </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Council Chair Sharma shared night-time business will be operational in all areas of Thamel apart from Bhagawanbahal in consultation and coordination with all stakeholders. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The businesses that fail to meet the criteria/standards according to the code of conduct will be closed from April 14. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2024-04-11', 'modified' => '2024-04-11', 'keywords' => '', 'description' => '', 'sortorder' => '20423', 'image' => '20240411104619_free-street-in-thamel.jpg', 'article_date' => '2024-04-11 10:45:31', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '20695', 'article_category_id' => '1', 'title' => 'Insurance Authority Faltering in its Duties', 'sub_title' => '', 'summary' => 'April 10: The Nepal Insurance Authority, tasked with regulating the insurance sector, is facing challenges in enforcing its own directives, raising concerns about its regulatory effectiveness.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">April 10: <span style="font-family:"Arial","sans-serif"">The Nepal Insurance Authority, tasked with regulating the insurance sector, is facing challenges in enforcing its own directives, raising concerns about its regulatory effectiveness.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Despite issuing directives aimed at improving insurance accessibility for lower-income individuals, such as mandating micro-insurance, the Authority has faced challenges in implementation. In 2014, the former insurance committee issued small insurance guidelines to enhance insurance access for the lower class. Following that, in 2018, insurance companies were directed to allocate 10 percent of their total business to micro-insurance.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">However, despite the five-year period since the directive's issuance, companies have allocated only 2 percent of their total business to micro-insurance. Following non-compliance by major insurance companies, the Authority granted permission to three companies to offer small life insurance and four companies to offer small non-life insurance in November. Consequently, established companies began to withdraw from the micro-insurance sector. Despite the mandatory provision of 10% micro-insurance remaining intact, the Authority has displayed apathy towards its enforcement.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">The Authority also fell short in raising the paid-up capital of insurance companies. In March 2022, the insurance committee mandated a minimum capital requirement of 5 billion rupees for life insurance companies and 2.5 billion rupees for non-life insurance companies. Despite extending the deadline to June 2023, 10 life insurance and 8 non-life insurance companies failed to meet this requirement. However, the Authority has refrained from taking any action against companies that have failed to fulfill the necessary capital requirements.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">The Authority holds the authority to levy fines on insurance companies that do not adhere to the law and policy guidelines, with fines ranging from a minimum of 50,000 rupees to a maximum of 150,000 rupees per day.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Surya Prasad Silwal, chairman of the Authority, asserts that a flexible approach is adopted in implementing policy decisions. He mentioned, "We have issued written warnings to companies found violating the law and have imposed fines on them."</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Moreover, the Authority faces challenges in encouraging insurance companies to diversify their investments. Despite revising investment guidelines in 2018 to permit investments in sectors like agriculture, hydropower, and infrastructure, companies have largely maintained their focus on fixed deposits and the stock market.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">In response to their reluctance towards diversification, the Authority issued a circular in February 2020, mandating investments in agriculture and infrastructure. However, companies have failed to align their investment strategies accordingly. Despite the investment guidelines permitting companies to allocate up to a maximum of 10 percent in sectors such as agriculture, water resources, tourism, and energy, as of the second quarter of the current financial year, only 1.25 percent of total investments by life insurance companies are in infrastructure. Moreover, eight companies have made zero investment in infrastructure, while among non-life insurance companies, nine have no investments in the infrastructure sector, with other companies investing only 0.94 percent.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">The Authority's management of corona insurance and claim disbursements has come under scrutiny. Despite pandemic insurance not being commonly offered, the insurance committee introduced corona insurance provisions and directed companies to market them for public appeal. However, common people have yet to receive over Rs 9.5 billion in claims filed by non-life insurance companies for corona insurance.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Upon the government's release of the Insurance Act 2079 in October 2022, the insurance committee transitioned into an authority. The Act bestowed enhanced powers upon the Authority and enforced stricter provisions for regulatory action. However, despite these measures, the Authority has faltered in adhering to its directives.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Silwal maintains that while the Authority has facilitated the implementation of policy arrangements, there remains unresolved issues concerning the governance of companies.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Rabindra Ghimire, an insurance expert, argues that the Authority's effectiveness in the insurance sector has diminished due to policies and directives being issued without thorough study and preparation. He stated, "Issuing directives without adequate study and preparation burdens the insurance authority beyond its capacity, hindering effective implementation." Ghimire further contends that some of the Authority's instructions lack effectiveness.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-04-10', 'modified' => '2024-04-10', 'keywords' => '', 'description' => '', 'sortorder' => '20422', 'image' => '20240410051139_INSURANCE-COVERAGE.jpg', 'article_date' => '2024-04-10 17:09:54', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '20694', 'article_category_id' => '1', 'title' => 'Last Trading Day of 2080 Closes with Loss of 10.71 at 2025.30', 'sub_title' => '', 'summary' => 'The Nepal Stock Exchange(NEPSE) Index witnessed a fall of 10.71 points or 0.52%, closing at 2025.30 on the last trading day of the year 2080 on Wednesday.', 'content' => '<p> </p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">April 10: The Nepal Stock Exchange(NEPSE) Index witnessed a fall of 10.71 points or 0.52%, closing at 2025.30 on the last trading day of the year 2080 on Wednesday.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">During today’s trading session, 308 scrips were traded on the NEPSE through 61,420 transactions. As many as 8,696,918 shares changed their hands, resulting in the total turnover of Rs 3.48 billion.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Himalayan Reinsurance Company Limited (HRL) led the transaction amount with total turnover of Rs 12 crores. Mandu Hydropower Limited(MANDU) saw the highest gain at 9.69%, closing at Rs 770 per share. Similarly, Singati Hydro Energy Limited(SHEL) experienced the most loss at 10%, closing at Rs 171 per share. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">In terms of sector indices, all sectors landed in red zone except Trading Index and Manufacturing and Processing. Finance Index experienced the highest loss of 2.50%, while Trading Index witnessed the most gain at 1.46%. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-04-10', 'modified' => '2024-04-10', 'keywords' => '', 'description' => '', 'sortorder' => '20421', 'image' => '20240410044031_collage (4).jpg', 'article_date' => '2024-04-10 16:39:25', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 13 => array( 'Article' => array( 'id' => '20693', 'article_category_id' => '1', 'title' => '58th AGM of FNCCI Seeks Commitment from Political Parties for Economic Reforms', 'sub_title' => '', 'summary' => 'April 10: The Federation of Nepalese Chamber of Commerce and Industry (FNCCI) has sought commitment from all political parties in favor of economic reforms.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">April 10: The Federation of Nepalese Chamber of Commerce and Industry (FNCCI) has sought commitment from all political parties in favor of economic reforms. Officials of FNCCI stated that no party holds a majority in parliament, and the past one year witnessed the formation of three governments.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">FNCCI demanded such commitment from political parties during the opening session of the Federation's 58th Annual General Assembly on Wednesday.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"The federation has invited about a dozen top leaders from both the ruling and the opposition parties," said Surkrishna Vaidya, FNCCI's vice-president, in an interview with New Business Age. He added, "Despite differing political beliefs, the parties have been urged to commit to contributing to the rapid expansion of the economy. This includes agreeing on issues related to the economic prosperity of the country, maintaining stability in basic economic policies, avoiding changes that discourage investors when government changes, and consulting the private sector when policy adjustments are needed."</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Similarly, the parties were asked to pledge their commitment to promoting the private sector, which contributes 81 percent to the economy and 87 percent to employment. The private sector is considered the main driver of employment and economic growth and development.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">FNCCI also sought commitment from the political parties to include the private sector in decision-making processes.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Officials of FNCCI highlight that frequent political changes have led to inconsistencies in government policies. They noted that policy rules are often tailored to benefit specific businessmen while harming others. Additionally, there's a growing trend of politicians seeking popularity by appealing to businessmen.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Shekhar Golchha, former president of FNCCI, expressed concerns over political instability impacting investor confidence. He emphasized that despite priorities set by the National Planning Commission, policy instability persists, hindering businessmen from investing with confidence.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Businessmen fear that changes in government could result in shifts in tax policies, creating uncertainty for investors. They also expressed doubt regarding the proposed amendment of about a dozen laws before the investment summit on April 28 and 29. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Former Finance Minister Dr. Prakash Sharan Mahat expressed doubt about the current government's commitment to economic reform. He highlighted delays in legal reform and country rating, essential steps for attracting foreign investors.</span></span></p> ', 'published' => true, 'created' => '2024-04-10', 'modified' => '2024-04-10', 'keywords' => '', 'description' => '', 'sortorder' => '20420', 'image' => '20240410035830_20201126120607_1606367319.fncci (1).jpg', 'article_date' => '2024-04-10 15:57:45', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '20692', 'article_category_id' => '1', 'title' => 'Expansion of Charging Stations is the Key Challenge to Promote EVs', 'sub_title' => '', 'summary' => 'April 10: Stakeholders on Tuesday inaugurated 23 electric vehicle charging stations established with the support from the US government. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">April 10: Stakeholders on Tuesday inaugurated 23 electric vehicle charging stations established with the support from the US government. This has added the list of charging stations, which are considered important to increase the consumption of electric vehicles in the country to reduce reliance on fossil fuel.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Urja Nepal stated that Yatri Design Studio and E-Stop Pvt Ltd have installed these charging stations in different parts of Bagmati Province with the support of Urja Nepal Project run under USAID.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">One of the 23 charging stations is a mobile charging station. This is the first time a mobile charging station has been launched in Nepal. It will provide charging service if needed in places where there is no charging station. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Sagar Gyawali of Nepal Electricity Authority said that the number of charging stations in the country has exceeded 400. With the increase in the demand for electric vehicles, the private sector has stepped forward to build charging stations. According to Gyawali, 350 charging stations have been commissioned from the private sector. The authority has set up 51 charging stations.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Stakeholders say that even though the number of charging stations is increasing, the current speed is not enough to achieve the target set by the country. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Navinraj Singh, spokesperson for the Ministry of Energy, Water Resources and Irrigation, said that the main challenge in the expansion of electric vehicles in Nepal is the lack of adequate charging stations.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Although charging stations are necessary everywhere, they are not available at all the places. The number of charging stations is still not enough as one charging station has the capacity to charge only 10 to 12 electric vehicles per day, he said. According to Singh, electric microbuses are now running on the Sunkoshi Bardibas road section. However, they are facing problems due to lack of charging stations.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“Electric vehicles currently being imported into Nepal have the ability to travel only 200 to 300 kilometers with a single charge of full capacity. In the days to come, it is necessary to import vehicles with the ability to run up to 500 kilometers,” he said. According to stakeholders, as clean energy production is increasing in Nepal, there is ample opportunity to make the country self-reliant on green energy and expand the use of electric vehicles.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the Ministry of Energy, an action plan is being prepared with the goal of producing 28,500 megawatts of electricity by 2035. They are of the opinion that since the current electricity consumption in the country is less than 2000 megawatts, the electricity produced in the country can be widely used through the widespread use of electric vehicles. Nepal has set a goal of increasing the sale of electric vehicles to 90 percent within the year 2030. With the increase in the availability of electricity, the use of electric vehicles seems to be increasing in Nepal. According to the Department of Customs, the country imported 6,435 four-wheeler EVs in the first eight months of the current fiscal year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Last year, 4050 electric vehicles were imported into the country. In the year 2078/79, a total of 1,807 electric four-wheeler EVs were imported.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Yamuna Shrestha, a member of the electric vehicle committee of NADA Automobiles Dealers Association of Nepal, said that because the operating costs of electric vehicles are cheaper compared to petrol and diesel vehicles, the attraction of common people is increasing towards this segment recently.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"However, there is a lack of detailed study on the development and expansion of electric vehicles and how many charging stations are needed," Shrestha said.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Currently, Nepal spends the most foreign currency on importing petroleum products.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"Widespread use of electric vehicles will not only reduce Nepal's trade deficit, but also increase domestic consumption of electricity, which is in line with the government's goals," said Karen Welch, Acting Mission Chief of USAID, during the inauguration of the charging stations.</span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-04-10', 'modified' => '2024-04-10', 'keywords' => '', 'description' => '', 'sortorder' => '20419', 'image' => '20240410113946_20231015032757_NEA Launches 51 Rapid Charging Stations.jpg', 'article_date' => '2024-04-10 11:39:09', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ) ) $current_user = null $logged_in = false $xml = falsesimplexml_load_file - [internal], line ?? include - APP/View/Elements/side_bar.ctp, line 133 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
| Currency | Unit |
Buy | Sell |
| U.S. Dollar | 1 | 121.23 | 121.83 |
| European Euro | 1 | 131.65 | 132.31 |
| UK Pound Sterling | 1 | 142.47 | 143.18 |
| Swiss Franc | 1 | 124.29 | 124.90 |
| Australian Dollar | 1 | 71.69 | 72.05 |
| Canadian Dollar | 1 | 83.90 | 84.32 |
| Japanese Yen | 10 | 10.94 | 11.00 |
| Chinese Yuan | 1 | 17.17 | 17.26 |
| Saudi Arabian Riyal | 1 | 32.27 | 32.43 |
| UAE Dirham | 1 | 33.01 | 33.17 |
| Malaysian Ringgit | 1 | 27.36 | 27.50 |
| South Korean Won | 100 | 9.77 | 9.82 |
Update: 2020-03-25 | Source: Nepal Rastra Bank (NRB)
| Fine Gold | 1 tola | 77000.00 |
| Tejabi Gold | 1 tola | 76700.00 |
| Silver | 1 tola | 720.00 |
Update : 2020-03-25
Source: Federation of Nepal Gold and Silver Dealers' Association
| Petrol | 1 Liter | 106.00 |
| Diesel | 1 Liter | 95.00 |
| Kerosene | 1 Liter | 95.00 |
| LP Gas | 1 Cylinder | 1375.00 |
Update : 2020-03-25
