KATHMANDU: Global IME Bank Limited has been honored with the Euromoney Award for Excellence 2024.…
KATHMANDU: Global IME Bank Limited has been honored with the Euromoney Award for Excellence 2024.…
KATHMANDU: A Pokhara-bound Saurya Airlines aircraft met with an accident today (Wednesday) morning at the Tribhuvan International Airport in…
KATHMANDU: Officials of the Ministry of Finance on Tuesday briefed Finance Minister Bishnu Prasad Poudel about the country's economic challenges and proposed measures to address these…
KATHMANDU: The Indian government has pledged a grant of INR 7 billion (NRS 11.20 billion) to…
The Nepal Electricity Authority (NEA) Board of Directors has decided to resume electricity supply to six industries. This decision was made during a meeting presided over by the Minister for Energy, Water Resources, and Irrigation, Deepak Khadka, who also chairs the NEA…
KATHMANDU: Shyam Bahadur Panday, the founder of Shangrila Hotel, one of Nepal's oldest high-end hotels, passed away on Monday at the age of 88.…
KATHMANDU: Due to the slowdown in the country's economy, foreign trade has continuously declined over the last two years.…
KATHMANDU: Despite Prime Minister KP Sharma Oli's verbal instructions, the written directives of the Electricity Regulatory Commission, and strong support for the industrialists' stance, the government has failed to restore electricity to six industries as of…
BIRGUNJ: Even though the volume of trade at Birgunj Dry Port decreased in the last fiscal year (FY), revenue collection has increased. In the last fiscal year, the total trade from the dry port amounted to Rs 30.28…
KATHMANDU: The Department of Customs has released the foreign trade data for the fiscal year FY…
JHAPA: Nepal exported black cardamom, tea, ginger, and ambrosia worth Rs 15.33 billion to India from Kakadbhitta, the eastern checkpoint of the country, in the fiscal year FY 2023/24.…
JHAPA: Despite being known as an agricultural country, Nepal has seen a continuous rise in the import of agricultural…
Israel has agreed to recruit 2,000 Nepali workers as caregivers. This decision was announced during a meeting between Israeli Ambassador to Nepal, Hanan Godder, and the newly appointed Minister for Labour, Employment, and Social Security, Sharat Singh…
KATHMANDU: The Nepalese Army has reported that the ongoing obstructions by the locals of Khokna have been hampering the completion of the 70.97 km Kathmandu-Tarai Expressway.…
KATHMANDU: The government leadership is at odds with government agencies over the Nepal Electricity Authority's (NEA) dispute with industrialists regarding dedicated feeder and trunk line…
Notice (8): Undefined variable: file [APP/View/Elements/side_bar.ctp, line 60]Code Context// $file = 'http://aabhiyan:QUVLg8Wzs2F7G9N7@nepalstock.com.np/api/indexdata.xml';if(!$xml = simplexml_load_file($file)){$viewFile = '/var/www/html/newbusinessage.com/app/View/Elements/side_bar.ctp' $dataForView = array( 'articles' => array( (int) 0 => array( 'Article' => array( [maximum depth reached] ) ), (int) 1 => array( 'Article' => array( [maximum depth reached] ) ), (int) 2 => array( 'Article' => array( [maximum depth reached] ) ), (int) 3 => array( 'Article' => array( [maximum depth reached] ) ), (int) 4 => array( 'Article' => array( [maximum depth reached] ) ), (int) 5 => array( 'Article' => array( [maximum depth reached] ) ), (int) 6 => array( 'Article' => array( [maximum depth reached] ) ), (int) 7 => array( 'Article' => array( [maximum depth reached] ) ), (int) 8 => array( 'Article' => array( [maximum depth reached] ) ), (int) 9 => array( 'Article' => array( [maximum depth reached] ) ), (int) 10 => array( 'Article' => array( [maximum depth reached] ) ), (int) 11 => array( 'Article' => array( [maximum depth reached] ) ), (int) 12 => array( 'Article' => array( [maximum depth reached] ) ), (int) 13 => array( 'Article' => array( [maximum depth reached] ) ), (int) 14 => array( 'Article' => array( [maximum depth reached] ) ) ), 'current_user' => null, 'logged_in' => false ) $articles = array( (int) 0 => array( 'Article' => array( 'id' => '21624', 'article_category_id' => '218', 'title' => 'Global IME Bank Awarded with Two Euromoney Awards for Excellence 2024', 'sub_title' => '', 'summary' => 'KATHMANDU: Global IME Bank Limited has been honored with the Euromoney Award for Excellence 2024. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">KATHMANDU: Global IME Bank Limited has been honored with the Euromoney Award for Excellence 2024. Issuing a statement, the bank said it has been recognized as Nepal's Best Bank 2024 and Nepal’s Best Bank for ESG (Environmental, Social & Governance).</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">This is the second time Global IME Bank has been honored with this award, added the statement. Earlier, the bank was conferred with the "Euromoney Award for Excellence 2022 - Best Bank Nepal".</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The Euromoney Award is regarded as a coveted accolade in the global banking industry. Established in 1992, it recognizes outstanding performance in banking services across the globe.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">This year, Global IME Bank has also been awarded with the Best Bank Award 2024 by Global Finance.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Global IME Bank said it is proud to receive this coveted awards and vowed to continue providing exemplary banking services at all times.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-24', 'modified' => '2024-07-24', 'keywords' => '', 'description' => '', 'sortorder' => '21346', 'image' => '20240724020751_blank eight by six.jpg', 'article_date' => '2024-07-24 14:06:59', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '21620', 'article_category_id' => '1', 'title' => 'Saurya Air Plane Crashes at TIA ', 'sub_title' => '', 'summary' => 'KATHMANDU: A Pokhara-bound Saurya Airlines aircraft met with an accident today (Wednesday) morning at the Tribhuvan International Airport in Kathmandu. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">KATHMANDU: A Pokhara-bound Saurya Airlines aircraft met with an accident today (Wednesday) morning at the Tribhuvan International Airport in Kathmandu. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The aircraft carrying 19 passengers including crew members skidded off the runway and caught fire. According to preliminary reports, eighteen passengers have reportedly died while the captain MR Shakya has been rushed to hospital </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Security personnel of all three security agencies were mobilized to douse the fire, said Gaurav Kumar KC, Spokesperson for the Nepalese Army. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Minister for Home Affairs Ramesh Lekhak has reached the Airport to take stock of the accident. – With inputs from RSS </span></span></span></p> ', 'published' => true, 'created' => '2024-07-24', 'modified' => '2024-07-24', 'keywords' => '', 'description' => '', 'sortorder' => '21345', 'image' => '20240724123824_saurya-airlines48.jpg', 'article_date' => '2024-07-24 12:37:31', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '21618', 'article_category_id' => '1', 'title' => 'Finance Ministry Identifies 46 Challenges of Nepal's Economy', 'sub_title' => '', 'summary' => 'KATHMANDU: Officials of the Ministry of Finance on Tuesday briefed Finance Minister Bishnu Prasad Poudel about the country's economic challenges and proposed measures to address these issues.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">KATHMANDU: Officials of the Ministry of Finance on Tuesday briefed Finance Minister Bishnu Prasad Poudel about the country's economic challenges and proposed measures to address these issues. "Mainly, there are 46 challenges in Nepal's economy, according to the observation of the Finance Ministry. Steps are required in 29 sectors to overcome these challenges," stated a press note issued by the ministry.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The ministry's secretaries and joint secretaries provided the minister with an overview of the country's economic status and proposed solutions. In response, Minister Poudel directed prioritizing these challenges to resolve them effectively.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Key challenges identified by the ministry officials include the slow growth rate in the economic sector compared to available resources, limited growth in savings, consumption, and investment, poor investment in the productive sector, and a significant gap in the import-export ratio. Additionally, unstable and slow economic growth, a substantial financing gap, limited gross domestic savings, and massive internal migration leading to a decreasing population trend in mountain, hill, and rural areas were highlighted as major issues.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The ministry also pointed out the limited contribution of the productive sector to economic growth, low productivity, and the declining trend of the industrial sector's contributions to the economy. Furthermore, the officials highlighted challenges such as an import-based revenue system, poor export status, a massive trade deficit, marginal growth in revenue collection and expenditure, ineffectiveness in capital expenditure, rising debts, and substantial financial liability for loan repayment.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">To address these challenges, the ministry suggested reforms in 29 sectors. These reforms should focus on ensuring effective public expenditure with prioritization, improving capacity to increase capital expenditure, emphasizing fiscal strengthening, prioritizing production-based revenue, promoting effective use of debts, reducing financing risks, boosting economic growth by creating a conducive environment for investment, and investing more in the productive sector.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The ministry also proposed ideas for revitalizing the economy amid ongoing slowdown. These include removing internal obstacles to attract foreign direct investment (FDI), stressing the construction of hydropower projects and transmission lines, developing quality road networks, aligning rural roads with agricultural production and marketing, promoting the effectiveness of capital expenditure, and applying austerity measures in administrative costs.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Additionally, the ministry recommended focusing government investment on infrastructure development, mobilizing foreign grants and concessional loans for national priority projects, and using funds related to climate change effectively. Other suggested measures include maintaining the government's reserve fund, discouraging non-budgetary demands, ensuring loan disbursement in the productive sector, and controlling bad debts.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The ministry's officials also called for applying relaxed monetary tools to reduce the costs of fiscal tools while maintaining stability, providing project-based loans for SMEs, ensuring effective regulations of the fiscal sector, and developing a second-layer regulatory mechanism for the cooperative sector. Encouraging the use of remittance in the productive sector and implementing policy and legal reforms to increase the inflow of foreign investment were also among the proposed solutions. -- RSS</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-24', 'modified' => '2024-07-24', 'keywords' => '', 'description' => '', 'sortorder' => '21344', 'image' => '20240724114026_20240614022003_20230313041732_1678585862.Clipboard28.jpg', 'article_date' => '2024-07-24 11:39:44', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '21617', 'article_category_id' => '1', 'title' => 'India Pledges Grant of Rs 11.20 Billion to Nepal', 'sub_title' => '', 'summary' => 'KATHMANDU: The Indian government has pledged a grant of INR 7 billion (NRS 11.20 billion) to Nepal.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">KATHMANDU: The Indian government has pledged a grant of INR 7 billion (NRS 11.20 billion) to Nepal. India’s Finance Minister Nirmala Sitharaman mentioned in the annual budget presented in the parliament on Tuesday that India will provide the aforementioned grant to Nepal in the fiscal year 2024-25. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">This amount is INR 500 million (Rs 800 million) more than the revised estimate of the last fiscal year 2023-24. India had pledged to provide INR 6.50 billion (NRS 10.40 billion) to Nepal in the last fiscal year.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">India's grant to Bhutan is the highest, with a grant of INR 26.80 billion. Similarly, the budget mentions that India will provide grants of INR 5 billion to Mongolia, INR 4 billion to the Maldives, INR 2.5 billion to Myanmar, INR 2.45 billion to Sri Lanka, INR 2 billion to Afghanistan, INR 1.2 billion to Bangladesh, and INR 2 billion to African countries.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-24', 'modified' => '2024-07-24', 'keywords' => '', 'description' => '', 'sortorder' => '21343', 'image' => '20240724103002_20240107105700_Fl_600x600.jpg', 'article_date' => '2024-07-24 10:29:28', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '21616', 'article_category_id' => '1', 'title' => 'NEA Board Decides to Resume Electricity Supply to Industries', 'sub_title' => '', 'summary' => 'The Nepal Electricity Authority (NEA) Board of Directors has decided to resume electricity supply to six industries. This decision was made during a meeting presided over by the Minister for Energy, Water Resources, and Irrigation, Deepak Khadka, who also chairs the NEA Board.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">July 23: The Nepal Electricity Authority (NEA) Board of Directors has decided to resume electricity supply to six industries.</span></span><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif""> This decision was made during a meeting presided over by the Minister for Energy, Water Resources, and Irrigation, Deepak Khadka, who also chairs the NEA Board.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The decision mandates that the industries must clear their dues within three months to ensure the continuation of power supply. This directive comes following the guidelines from the Electricity Regulation Commission.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The industries affected by the power cut since July 9 due to unpaid tariffs are Reliance Spinning Mills, Ghorahi Cement, Arghakhanchi Cement, Jagdamba Steel, Jagdamba Synthetics, and Hulas Steel. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The NEA's latest decision aims to restore power to these industries under the condition of timely payment of the dues.</span></span></p> ', 'published' => true, 'created' => '2024-07-24', 'modified' => '2024-07-24', 'keywords' => '', 'description' => '', 'sortorder' => '21342', 'image' => '20240724054052_collage (74).jpg', 'article_date' => '2024-07-24 05:39:38', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 5 => array( 'Article' => array( 'id' => '21615', 'article_category_id' => '1', 'title' => 'Shyam Bahadur Panday, Founder of Shangrila Hotel, Passes Away', 'sub_title' => '', 'summary' => 'KATHMANDU: Shyam Bahadur Panday, the founder of Shangrila Hotel, one of Nepal's oldest high-end hotels, passed away on Monday at the age of 88. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">KATHMANDU: Shyam Bahadur Panday, the founder of Shangrila Hotel, one of Nepal's oldest high-end hotels, passed away on Monday at the age of 88. He breathed his last at Grandi Hospital in Tokha, Kathmandu. Panday's death follows closely on the heels of the passing of another first-generation tourism entrepreneur, Ambika Shrestha, founder of Heritage Hotel, who died last Thursday at the age of 92. Their funerals were held on the same day, Monday.</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:"Times New Roman","serif"">Born on October 12, 1936, in Lazimpat, Kathmandu, Panday retired from civil service in the 1970s and went on to establish the Shangrila Hotel. Recognizing a market gap between five-star hotels like Soaltee and Annapurna and the one-star hotels in Thamel, he aimed to provide four-star service through the Shangrila Hotel in Lazimpat.</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:"Times New Roman","serif"">Tourism entrepreneur Yogendra Shakya remarked that apart from the hotels run by the Royal Palace, there were only one-star hotels at that time. Panday's courage and entrepreneurial thinking can still serve as an inspiration. Shakya praised Panday's significant contribution to the country's hospitality sector, highlighting his establishment of a four-star hotel without involving an international chain. "At that time, there were cheap hotels in Thamel while Annapurna and Soaltee were five-star hotels,” said Shakya. “Panday brought a radical change by introducing a four-star hotel to fill the gap."</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:"Times New Roman","serif"">Coming from a military family, Panday himself was a civil servant before venturing into the hospitality industry. After retiring, he started an export business to China, dealing in rice and jute in the 1960s, but he was not satisfied with this line of work. Dreaming of building a special hotel in Lazimpat, Panday took a significant risk due to his limited knowledge in the hospitality field. British author, artist, and architect Desmond Doig motivated and assisted him in opening the Shangrila Hotel. The hotel's name was inspired by James Hilton's novel "The Lost Horizon."</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:"Times New Roman","serif"">Shyam Bahadur's father, Rudra Bahadur Panday, descendent of the great military general Kalu Panday, was in the army. Shyam Bahadur, after his government service, chose to enter the business world, exemplifying how life after retirement can be creatively fulfilling.</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:"Times New Roman","serif"">Last March, Panday received the Lifetime Achievement in Business Leadership Award during the eighth edition of the Newbiz Business Conclave and Awards. His younger son and the hotel’s Managing Director, Praveen Panday, received the award on his behalf. "My father started the concept of Shangrila Hotel 55 years ago," said Praveen. “It is because of his blessings that we introduced the world's best hospitality brand. My father started the business from zero. Inspired by his will, we are working to elevate our hotel to a higher level.”</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:"Times New Roman","serif"">Two years ago, Shangri-La Hotel & Resort Group took over the management and development of four hotels and resorts in partnership with Intercontinental Hotels & Resorts Group (IHG). These include Shangrila Village Resorts in Lazimpat, Kathmandu, Gharipatan in Pokhara, Begnas, and a resort in Meghauli, Chitwan. The multinational company has been assisting in the management and development of these properties since the beginning. Late Panday’s sons, Prasidha and Praveen Panday, are expanding the foundation laid by their father in the hospitality sector, striving to maintain high standards of service.</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:"Times New Roman","serif"">Tourism and hoteliers credit Shyam Bahadur Panday with developing the Lazimpat area into a hotel hub. He was actively associated with national and international tourism organizations, including the Hotel Association of Nepal (HAN) and the Pacific Asia Travel Association (PATA). HAN President Binayak Shah stated that after transitioning from civil service to the tourism sector, Panday's vision significantly advanced Nepal's hospitality industry. "High-class, international-level hospitality services were established in Nepal after his entry," said Shah. "This is considered a significant achievement of that time." Shah also noted Panday's active role in developing tourism policies and regulations, adding, "His contribution to the tourism sector as the chairman of HAN is unparalleled."</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-23', 'modified' => '2024-07-23', 'keywords' => '', 'description' => '', 'sortorder' => '21341', 'image' => '20240723050648_collage (2).jpg', 'article_date' => '2024-07-23 15:42:35', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '21614', 'article_category_id' => '1', 'title' => 'Continued Decline in Foreign Trade Affects Economic Growth', 'sub_title' => '', 'summary' => 'KATHMANDU: Due to the slowdown in the country's economy, foreign trade has continuously declined over the last two 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:"Times New Roman","serif"">BIJAY 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:"Times New Roman","serif"">KATHMANDU: Due to the slowdown in the country's economy, foreign trade has continuously declined over the last two years. According to data released by the Department of Customs on Monday, both imports and exports decreased in FY 2023/24 compared to the previous year.</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:"Times New Roman","serif"">In FY 2023/24, goods worth Rs 1592.98 billion were imported, a decrease of 1.16 percent from the previous year. Exports amounted to Rs 152 billion, which is 3.03 percent less than the previous year.</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:"Times New Roman","serif"">In FY 2022/23, imports were Rs 1611.73 billion, already showing a 16 percent decline from the previous year. Exports that year totaled Rs 157 billion, a decrease of 21.44 percent compared to the prior year.</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:"Times New Roman","serif"">Typically, a decrease in imports in one year is followed by an increase in the next. However, this year, imports have declined for two consecutive years, alongside a drop in exports. Although both imports and exports have decreased, the significant share of imports in foreign trade means the reduction in imports has had a notable impact on the trade balance. There was a marginal improvement in the foreign trade deficit last year.</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:"Times New Roman","serif"">During this period, total foreign trade decreased by 1.33 percent, according to the Department of Customs. The highest amount of goods, worth Rs 150 billion, was imported in the month of Jestha (mid-May to mid-June) last year, followed by imports worth about Rs 149 billion in Ashoj (mid-September to mid-October), and Rs 137 billion in Asar (mid-June to mid-July). Director of the Department of Customs Punya Bikram Khadka attributed the overall decrease in imports to lower international prices and reduced domestic demand.</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:"Times New Roman","serif"">Fluctuations in foreign trade disrupt the structure of the economy. The National Statistics Office reported negative growth rates in trade, manufacturing, construction, mining, and mineral sectors in the third quarter of last year (mid-January to mid-April). The trade and construction sectors, in particular, faced significant challenges. Among the 18 sectors measuring the economy, the business sector, which is second only to agriculture, contributes around 14 percent. It is estimated that the business sector experienced a 2.7 percent decline in the third quarter of last year. Similarly, the construction sector, which contributes 5 percent to the economy, saw an 11 percent decline.</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:"Times New Roman","serif"">Hemraj Regmi, Deputy Chief Statistics Officer of the National Statistics Office, emphasized the need to improve certain aspects of trade, given its importance in measuring economic growth in Nepal. "Decreasing imports of vegetables, fruits, fish, and meat strengthens the domestic economy," he said. "However, it is concerning to see a decline in the import of construction materials like bulldozers and trucks, as these items are crucial for capital creation."</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:"Times New Roman","serif"">Regmi noted that a decrease in the import of petrol and petrol-powered vehicles, due to increased electricity production, should be viewed positively.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong><span style="font-size:13.5pt"><span style="font-family:"Times New Roman","serif"">Trade Deficit with Most Countries</span></span></strong></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:"Times New Roman","serif"">In FY 2023/24, Nepal engaged in foreign trade with 170 countries but maintained a trade surplus with only 35. Nepal experienced the largest trade deficits with neighboring countries to the south and north. The trade deficit with India amounted to Rs 893 billion, while the deficit with China was Rs 296 billion. Among countries with trade surpluses, Nepal registered a surplus of Rs 466 million with Afghanistan and Rs 767,000 with Antigua and Barbuda. Other notable surpluses included Rs 2.5 million with Aruba, Rs 1.5 million with the Bahamas, and Rs 10 million with Bermuda. However, trade profits with other countries were minimal.</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:"Times New Roman","serif"">Last year's total trade deficit stood at Rs 1440 billion, with goods worth Rs 157 billion exported from Nepal.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong><span style="font-size:13.5pt"><span style="font-family:"Times New Roman","serif"">A Surge in Electric Vehicle Imports</span></span></strong></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:"Times New Roman","serif"">FY 2023/24 witnessed a significant increase in electric vehicle (EV) imports. A total of 11,701 private electric cars and jeeps were imported, nearly three times the 4,050 electric vehicles imported in the previous year. Most electric cars imported had capacities between 50 and 100 kW, with 6,885 cars in this category. Additionally, 4,571 cars with capacities up to 50 kW, 217 units with capacities between 101 and 200 kW, 27 units with capacities between 201 and 300 kW, and one unit above 300 kW were imported.</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:"Times New Roman","serif"">Most electric vehicles were imported from China, accounting for 8,065 units, or about 69 percent of the total electric four-wheeler imports. The value of electric four-wheelers imported in FY 2023/24 was Rs 29.48 billion, generating Rs 13.28 billion in tax revenue.</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:"Times New Roman","serif"">Environmentalist Madhukar Upadhyay attribute the surge in EV imports to changes in tax rates. He supports the continued tax exemptions for electric vehicles to reduce environmental pollution. Some economists argue for higher taxes on private electric vehicles and greater emphasis on public transportation.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-23', 'modified' => '2024-07-23', 'keywords' => '', 'description' => '', 'sortorder' => '21340', 'image' => '20240723024720_20231124041440_Trade.jpg', 'article_date' => '2024-07-23 14:46:46', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '21613', 'article_category_id' => '1', 'title' => 'Dedicated Feeder and Trunk Line Tariff Dispute: Prime Minister Unable to Reconnect Power Supply', 'sub_title' => '', 'summary' => 'KATHMANDU: Despite Prime Minister KP Sharma Oli's verbal instructions, the written directives of the Electricity Regulatory Commission, and strong support for the industrialists' stance, the government has failed to restore electricity to six industries as of Monday.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">KATHMANDU: Despite Prime Minister KP Sharma Oli's verbal instructions, the written directives of the Electricity Regulatory Commission, and strong support for the industrialists' stance, the government has failed to restore electricity to six industries as of Monday.</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:"Times New Roman","serif"">The Nepal Electricity Authority (NEA) halted power supply to six industries after they did not pay the tariff for the use of the dedicated feeder and trunk line. The affected industries include Reliance Spinning Mills, Ghorahi Cement, Arghakhanchi Cement, Jagdamba Synthetic, Hulas Steel, and Jagdamba Steel. Other industries with outstanding tariffs have also claimed that their electricity supply has been disrupted by the NEA.</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:"Times New Roman","serif"">However, the board of directors of the NEA, chaired by Energy Minister Deepak Khadka, failed to reach a concrete decision regarding reconnecting the power to these industries. A board member informed New Business Age that the lack of consensus among board members prevented a decision.</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:"Times New Roman","serif"">"Many members in the executive committee meeting agreed that the line should be reconnected, but the decision could not be made because some, including NEA Executive Director Kulman Ghising, did not agree," said the board member.</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:"Times New Roman","serif"">Prime Minister Oli had instructed Ghising to reconnect the power immediately on Friday. On Sunday, the Electricity Regulatory Commission wrote to the NEA to restore electricity to the affected industries. The commission stated that a letter was sent to the NEA to reconnect the power according to the Consumer Interest Protection Directive. However, the NEA indicated that they would not reconnect the power until they received written instructions, as stipulated in the guidelines.</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:"Times New Roman","serif"">Speaking in the House of Representatives on Sunday, the Prime Minister strongly criticized Kulman Ghising, accusing the NEA of trying to raise tariffs forcefully. The Prime Minister defended his stance after parliamentarians protested during the House of Representatives meeting on Monday, arguing that the Prime Minister was siding with industrialists despite a court order to raise electricity tariffs. Particularly, MPs from the CPN (Maoist Center) criticized the Prime Minister.</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:"Times New Roman","serif"">Emphasizing that the ongoing tariff dispute should be studied and resolved, Prime Minister Oli noted the frequent disconnection and reconnection of electricity in industries. He denied acting on inappropriate terms and settings. On Sunday, in the House of Representatives, Oli criticized the NEA's leadership, accusing them of cutting power indiscriminately. He highlighted the significant difference of opinion between the NEA and industrialists and questioned why the NEA targeted only six industries for power cuts.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-07-23', 'modified' => '2024-07-23', 'keywords' => '', 'description' => '', 'sortorder' => '21339', 'image' => '20240723021925_1703936496.line cut.jpg', 'article_date' => '2024-07-23 14:18:25', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '21612', 'article_category_id' => '1', 'title' => 'Birgunj Dry Port's Revenue Rises Despite Declining Foreign Trade', 'sub_title' => '', 'summary' => 'BIRGUNJ: Even though the volume of trade at Birgunj Dry Port decreased in the last fiscal year (FY), revenue collection has increased. In the last fiscal year, the total trade from the dry port amounted to Rs 30.28 billion.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">BIRGUNJ: Even though the volume of trade at Birgunj Dry Port decreased in the last fiscal year (FY), revenue collection has increased. In the last fiscal year, the total trade from the dry port amounted to Rs 30.28 billion.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">This trade volume is almost Rs 1 billion lower compared to the previous fiscal year, when the size of foreign trade from the dry port customs was Rs 31.19 billion. Despite the decline in total trade in last FY, customs revenue increased by 11.57 percent, according to Sushil Sharma, the information officer of the dry port customs.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Sharma claims that facilitation and effective management are the main reasons for the increase in revenue despite the decline in business.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the customs data, the dry port collected Rs 4.24 billion in the year FY 2022/23 and Rs 4.73 billion in the previous year. Sharma informed that Dry Port Customs has been ranked third among customs offices that collected the most revenue last year. ICP Customs in Birgunj and Bhairahawa took the first two places respectively, while Biratnagar Customs took the fourth place.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">None of the customs offices met their specified revenue targets. The Birgunj Dry Port Customs collected only 71.75 percent of its target of Rs 6.59 billion for the last fiscal year. According to customs officials, the import of most goods decreased due to the economic slowdown last year. The import of industrial raw materials through dry port customs is significant, and a considerable amount of alcohol is also imported through this channel.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the customs data, there has been a decrease in the import of both iron ore and billets, the raw materials for the iron industry. However, last year, the import of coal and lighters increased significantly. Previously, coal was imported through Birgunj customs, so the coal import volume increased last year after unloading at the dry port.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Additionally, pocket lighters appeared in significant quantities last year. Customs have tightened regulations on lighters because they are smuggled from China to Nepal and then illegally exported to India. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-23', 'modified' => '2024-07-23', 'keywords' => '', 'description' => '', 'sortorder' => '21338', 'image' => '20240723011910_20211229031826_20201230024130_1609284634.Clipboard08.jpg', 'article_date' => '2024-07-23 13:18:31', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '21611', 'article_category_id' => '1', 'title' => 'Nepal’s Trade Deficit Climbs Above Rs 1400 Billion', 'sub_title' => '', 'summary' => 'KATHMANDU: The Department of Customs has released the foreign trade data for the fiscal year FY 2023/24.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">KATHMANDU: The Department of Customs has released the foreign trade data for the fiscal year FY 2023/24. According to the data, Nepal experienced a trade deficit of more than Rs 1400 billion in one year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">In the last year, Nepal imported goods and services worth more than Rs 1592.98 billion. During the same period, Nepal exported goods and services worth Rs 152.38 billion.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Petroleum products were the most imported items last year, with imports worth Rs 337.34 billion. On the export side, carpets were the most exported product from Nepal, with exports exceeding Rs 10.57 billion.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The ten most imported items include diesel, petrol, Liquefied Petroleum Gas (LPG), iron products, rolled iron/steel coils, smartphones, medicaments, gold, coal and ATF. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Likewise, the ten most exported items were carpets, black cardamom, rolled iron/steel coated with aluminum-zinc alloys, mixtures of juices, refined bleached deodorized palmolein, felt, rolled iron/steel painted, varnished or coated with plastics, single yarn, unbleached woven fabrics of jute, and other yarn such as polyester staple fibres.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-23', 'modified' => '2024-07-23', 'keywords' => '', 'description' => '', 'sortorder' => '21337', 'image' => '20240723124544_20230725032424_trade_imbalance.jpg', 'article_date' => '2024-07-23 12:45:02', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '21610', 'article_category_id' => '1', 'title' => 'Nepal Exports Cash Crop Worth Rs 15 Billion from Kakadbhitta', 'sub_title' => '', 'summary' => 'JHAPA: Nepal exported black cardamom, tea, ginger, and ambrosia worth Rs 15.33 billion to India from Kakadbhitta, the eastern checkpoint of the country, in the fiscal year FY 2023/24. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">JHAPA: Nepal exported cash crop such as black cardamom, tea, ginger, and ambrosia worth Rs 15.33 billion to India from Kakadbhitta, the eastern checkpoint of the country, in the fiscal year FY 2023/24. During this period, agricultural goods worth Rs 18.95 billion were exported to India.</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:"Times New Roman","serif"">Information Officer of the Kakadbhitta-based Quarantine Office, Chandreshwar Yadav, reported that organic tea worth Rs 6.98 billion was exported to India from Kakadbhitta during the review period. Cardamom, tea, ginger, and amriso were the most exported items through this checkpoint. In the same period, 11,648 metric tonnes of tea were exported.</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:"Times New Roman","serif"">In FY 2023/24, 4,510 metric tonnes of cardamom worth Rs 6.052 billion were exported to India. According to Information Officer Yadav, during the same period, 4,545 metric tonnes of ambrosia worth Rs 1.24 billion were also exported to India.</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:"Times New Roman","serif"">Ginger produced in the hills and plains is one of the agricultural products exported in large quantities. Information Officer Yadav informed that ginger worth Rs 580 million was exported from Kakadbhitta during the review period.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-23', 'modified' => '2024-07-26', 'keywords' => '', 'description' => '', 'sortorder' => '21336', 'image' => '20240723121913_BlackCardamom.jpg', 'article_date' => '2024-07-23 12:18:35', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '21609', 'article_category_id' => '1', 'title' => 'Millet Import on the Rise in Nepal', 'sub_title' => '', 'summary' => 'JHAPA: Despite being known as an agricultural country, Nepal has seen a continuous rise in the import of agricultural products.', 'content' => '<h3><span style="font-size:13.5pt"><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">JHAPA: Despite being known as an agricultural country, Nepal has seen a continuous rise in the import of agricultural products.</span></span></span></span></span></h3> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The import of millet via the Kakadbhitta checkpoint has increased compared to the previous year. Information Officer at the Plant Quarantine Office, Kakadbhitta, Chandra Kishor Thakur, informed that Nepal imported 17,797 tonnes of millet from India in the last fiscal year, FY 2023/24. The import amounted to Rs 854 million.</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:"Times New Roman","serif"">In the previous fiscal year, FY 2022/23, the country imported 16,035 metric tonnes of millet, costing Rs 513 million. As the cultivation of millet sharply declined in Nepal, imports from India and third countries have grown in recent years, Thakur added.</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:"Times New Roman","serif"">The rise in imports is not limited to millet. The import of vegetables has also seen a steady increase. Despite substantial production of pumpkin in the hill districts of Nepal, the market is flooded with imported pumpkins. In the last fiscal year, Nepal imported pumpkins worth Rs 211 million, totaling 5,075 metric tonnes from India via the Kakadbhitta border point.</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:"Times New Roman","serif"">The trend continues with other products. Last year, Nepal spent Rs 1.2 billion on importing 51,113 metric tonnes of tomatoes and Rs 295 million on 14,787 metric tonnes of green chilies. Additionally, 15,029 tonnes of okra were imported from India, costing over Rs 300.5 million.</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:"Times New Roman","serif"">Other regular agricultural imports from India include onions, gourds, carrots, squash, and yams. Interestingly, even buckwheat, which can be produced across Nepal's southern plains, hills, and mountainous regions, is imported in large quantities via this border. Thakur noted that over Rs 13 million was spent on importing 209 metric tonnes of buckwheat.</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:"Times New Roman","serif"">Livestock feed is another significant import. A total of 1,443 metric tonnes of cattle feed, costing Rs 46 million, was brought in via the Kakadbhitta border point in the last year alone. The combined cost of importing fruits and rice reached Rs 4.87 billion. Pulses (legumes) remain an essential import for Nepali cuisine.</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:"Times New Roman","serif"">Ironically, amidst this deluge of imports, Nepali farmers continuously worry about not finding a market for their agricultural products. -- RSS</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-07-23', 'modified' => '2024-07-23', 'keywords' => '', 'description' => '', 'sortorder' => '21335', 'image' => '20240723114107_millet_custom-0049961132e1f88d65e2cae393103c7dafc558d7.jpg', 'article_date' => '2024-07-23 11:40:27', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '21608', 'article_category_id' => '1', 'title' => 'Israel Agrees to Recruit 2,000 Nepali Caregivers', 'sub_title' => '', 'summary' => 'Israel has agreed to recruit 2,000 Nepali workers as caregivers. This decision was announced during a meeting between Israeli Ambassador to Nepal, Hanan Godder, and the newly appointed Minister for Labour, Employment, and Social Security, Sharat Singh Bhandari.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">July 23: Israel has agreed to recruit 2,000 Nepali workers as caregivers. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">This decision was announced during a meeting between Israeli Ambassador to Nepal, Hanan Godder, and the newly appointed Minister for Labour, Employment, and Social Security, Sharat Singh Bhandari.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">During the meeting, Ambassador Godder shared that the number of Nepali workers eligible to work as caregivers in Israel has been significantly increased. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Govinda Prasad Rijal, Spokesperson at the Ministry of Labour, Employment, and Social Security, confirmed that the latest agreement allows for 1,000 main candidates and an additional 1,000 candidates on a waiting list to be recruited.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Previously, the agreement stipulated that 500 main candidates and 300 candidates on the waiting list would be hired. This increase highlights the strengthening of bilateral labor relations between Nepal and Israel.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The meeting also covered various aspects of these labor relations, including the ongoing selection process for aspiring candidates. </span></span><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Discussions extended to the potential recruitment of Nepali workers in Israel's agricultural and other sectors.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Minister Bhandari expressed satisfaction with the current state of labor relations between the two countries and urged Ambassador Godder to take more initiatives to search for Bipin Joshi, a Nepali national who has been missing amid the Israel-Palestine conflict. (RSS) </span></span></p> ', 'published' => true, 'created' => '2024-07-23', 'modified' => '2024-07-23', 'keywords' => '', 'description' => '', 'sortorder' => '21334', 'image' => '20240723055411_collage (73).jpg', 'article_date' => '2024-07-23 05:52:36', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 13 => array( 'Article' => array( 'id' => '21607', 'article_category_id' => '1', 'title' => 'Kathmandu-Tarai Expressway Faces Obstacles from Locals ', 'sub_title' => '', 'summary' => 'KATHMANDU: The Nepalese Army has reported that the ongoing obstructions by the locals of Khokna have been hampering the completion of the 70.97 km Kathmandu-Tarai Expressway. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">KATHMANDU: The Nepalese Army has reported that the ongoing obstructions by the locals of Khokna have been hampering the completion of the 70.97 km Kathmandu-Tarai Expressway. Despite seven years since the government entrusted the army to oversee the construction management of the fast track, issues persist in Khokna, the area considered the starting point of the expressway.</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:"Times New Roman","serif"">According to the army, challenges in Khokna include disputes over the determination of the starting point, decision on vehicle and traffic management, and land acquisition. Locals have been obstructing the project, claiming that the expressway threatens the local heritage.</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:"Times New Roman","serif"">Brigadier General Bikas Pokharel, chief of the project, stated at a press conference on Thursday that delays in approving the entry point traffic management and the Supplementary Environmental Impact Assessment (SEIA) could jeopardize the project's timely completion. The government has extended the project's deadline multiple times, with the latest deadline set for mid-April 2027.</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:"Times New Roman","serif"">"We are ready to commence the procurement process once the issues in Khokna are resolved," Pokharel said. The army is focusing on Package 11, covering the 0 km to 6.5 km section of Khokna. Progress in this section has stalled, although 12 other construction packages are ongoing.</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:"Times New Roman","serif"">The Nepalese Army has continued work in other areas while addressing the issues in Khokna. The army also noted that the Bailey bridge, which was installed in the Khokna section, has become ineffective due to unresolved problems. They have acquired 4,811 ropanis of land for the expressway, with 394 ropanis still pending. Of these, 371 ropanis are in the Khokna-Bungmati section, along with 19 ropanis in Makwanpur and 4 ropanis in 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:"Times New Roman","serif"">The army reports that 82.89 percent of work on three of the six tunnels of the expressways has been completed. The remaining 1 km of the 3.32 km Mahadeotar tunnel is expected to be finished this fiscal year, with the army working round the clock. The Dhedre and Lendanda tunnels have been completed. The government aims to finish the Mahadeotar, Dhedre, and Lendanda tunnels by the end of the current fiscal year.</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:"Times New Roman","serif"">Design and preparation for the remaining three tunnels, added in the revised Detailed Project Report (DPR), are underway. The government has allocated a budget of Rs 22.54 billion for this fiscal year. The total cost of the project is estimated to be around Rs 211 billion, with 89 bridges planned along the expressway. Contracts for 85 of these bridges have been managed and are in progress, while the construction of four bridges is on hold due to land acquisition issues in Khokna. As of the last fiscal year, the project's physical progress stands at 35.38 percent, with financial progress at 36.66 percent.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-22', 'modified' => '2024-07-22', 'keywords' => '', 'description' => '', 'sortorder' => '21333', 'image' => '20240722025915_1671839534.fastrrack.jpg', 'article_date' => '2024-07-22 14:58:42', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '21606', 'article_category_id' => '1', 'title' => 'Conflict Escalates between Government and Nepal Electricity Authority Over Tariff Dispute', 'sub_title' => '', 'summary' => 'KATHMANDU: The government leadership is at odds with government agencies over the Nepal Electricity Authority's (NEA) dispute with industrialists regarding dedicated feeder and trunk line tariffs.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">KATHMANDU: The government leadership is at odds with government agencies over the Nepal Electricity Authority's (NEA) dispute with industrialists regarding dedicated feeder and trunk line tariffs.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">On Friday, Prime Minister KP Sharma Oli issued verbal instructions to the NEA to immediately reconnect electricity lines to six industries whose power was cut due to non-payment of premium fees for the use of dedicated feeder and trunk lines. The NEA had cut off electricity to Reliance Spinning Mills, Ghorahi Cement, Arghakhanchi Cement, Jagdamba Synthetic, Hulas Steel, and Jagdamba Steel for non-payment of premium rates while utilizing the services during the load-shedding period. Other industries with outstanding tariffs have also claimed they have stopped receiving electricity from the NEA.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The NEA leadership has made it clear they would not reconnect the lines without written instructions from the government. In response, the government, through the Electricity Regulatory Commission, instructed the NEA on Sunday to immediately provide electricity to the affected industries. Ram Prasad Dhital, chairman of the commission, confirmed that a letter was sent to the NEA to reconnect the lines according to the Consumer Interest Protection Directive.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Following the regulatory commission's directive, the NEA employees’ union issued a statement on Sunday afternoon supporting the position of Executive Director Kulman Ghising. The union maintained that the lines should be reconnected only after settlement of arrears and that if the government waives the tariffs, it should compensate the NEA for the amount. Industrialists believe that the employees’ union was compelled to issue this statement by Executive Director Ghising himself.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Prime Minister Oli criticized Ghising while speaking in the House of Representatives on Sunday, accusing the NEA of cutting off power indiscriminately without evidence. He questioned why only six industries had their lines cut and demanded an investigation into the matter, emphasizing the need for evidence-based fee collection.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Oli mentioned that industrialists did not refuse to pay but requested proof of consumption. He criticized the NEA leadership for creating a situation where electricity is wasted during the rainy season by shutting down industries. "Recover what is due, but after proper investigation," said the prime minister. "Let the industries run and then collect the dues."</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Despite the prime minister's verbal instructions on Friday, the NEA board of directors, in a two-hour meeting held the same evening, concluded that they could not reconnect the lines without written instructions. By Sunday evening, the NEA had not reconnected the lines, even as industrialists remained hopeful that the issue would be resolved in their favor.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">An industrialist expressed confidence that, in a legal state, their grievances would be addressed. The industrialist questioned why only six industries were targeted and suggested that if dues are owed, all defaulting industries should have their lines cut.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Previously, on June 24, the NEA had issued letters to 61 industries, giving them 15 days to pay their arrears. When none complied, the NEA began cutting the lines. The NEA stated that 61 industries owe a total of Rs 8.26 billion in arrears, including fines. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">As the dispute escalated, the Lal Commission, formed to resolve the issue, recommended waiving the disputed tariffs and collecting dues from January 2015 to April 2018. Although the NEA offered a 28-month installment plan for settlement of the arrears, the industrialists refused to pay without proof. They have threatened to cut their lines themselves if the NEA does not reconnect lines to the affected industries.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Chandan Kumar Ghosh, spokesperson for the NEA, accused the industrialists of spreading false propaganda and questioned their claims of insufficient electricity usage. He reiterated that the NEA would not reconnect the lines without written instructions.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Following the Prime Minister's sharp criticism of the NEA leadership, discussions have begun regarding the position of Kulman Ghisingh as Executive Director. Despite public pressure to reappoint Ghising, known for his role in reducing load shedding in the country, Oli during his earlier stint as the prime minister had appointed Hitendra Dev Shakya to lead the NEA.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-22', 'modified' => '2024-07-22', 'keywords' => '', 'description' => '', 'sortorder' => '21332', 'image' => '20240722024241_61ffb27d.jpeg', 'article_date' => '2024-07-22 14:42:10', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ) ) $current_user = null $logged_in = falseinclude - APP/View/Elements/side_bar.ctp, line 60 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
Warning (2): simplexml_load_file() [<a href='http://php.net/function.simplexml-load-file'>function.simplexml-load-file</a>]: I/O warning : failed to load external entity "" [APP/View/Elements/side_bar.ctp, line 60]file not found!Code Context// $file = 'http://aabhiyan:QUVLg8Wzs2F7G9N7@nepalstock.com.np/api/indexdata.xml';if(!$xml = simplexml_load_file($file)){$viewFile = '/var/www/html/newbusinessage.com/app/View/Elements/side_bar.ctp' $dataForView = array( 'articles' => array( (int) 0 => array( 'Article' => array( [maximum depth reached] ) ), (int) 1 => array( 'Article' => array( [maximum depth reached] ) ), (int) 2 => array( 'Article' => array( [maximum depth reached] ) ), (int) 3 => array( 'Article' => array( [maximum depth reached] ) ), (int) 4 => array( 'Article' => array( [maximum depth reached] ) ), (int) 5 => array( 'Article' => array( [maximum depth reached] ) ), (int) 6 => array( 'Article' => array( [maximum depth reached] ) ), (int) 7 => array( 'Article' => array( [maximum depth reached] ) ), (int) 8 => array( 'Article' => array( [maximum depth reached] ) ), (int) 9 => array( 'Article' => array( [maximum depth reached] ) ), (int) 10 => array( 'Article' => array( [maximum depth reached] ) ), (int) 11 => array( 'Article' => array( [maximum depth reached] ) ), (int) 12 => array( 'Article' => array( [maximum depth reached] ) ), (int) 13 => array( 'Article' => array( [maximum depth reached] ) ), (int) 14 => array( 'Article' => array( [maximum depth reached] ) ) ), 'current_user' => null, 'logged_in' => false ) $articles = array( (int) 0 => array( 'Article' => array( 'id' => '21624', 'article_category_id' => '218', 'title' => 'Global IME Bank Awarded with Two Euromoney Awards for Excellence 2024', 'sub_title' => '', 'summary' => 'KATHMANDU: Global IME Bank Limited has been honored with the Euromoney Award for Excellence 2024. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">KATHMANDU: Global IME Bank Limited has been honored with the Euromoney Award for Excellence 2024. Issuing a statement, the bank said it has been recognized as Nepal's Best Bank 2024 and Nepal’s Best Bank for ESG (Environmental, Social & Governance).</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">This is the second time Global IME Bank has been honored with this award, added the statement. Earlier, the bank was conferred with the "Euromoney Award for Excellence 2022 - Best Bank Nepal".</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The Euromoney Award is regarded as a coveted accolade in the global banking industry. Established in 1992, it recognizes outstanding performance in banking services across the globe.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">This year, Global IME Bank has also been awarded with the Best Bank Award 2024 by Global Finance.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Global IME Bank said it is proud to receive this coveted awards and vowed to continue providing exemplary banking services at all times.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-24', 'modified' => '2024-07-24', 'keywords' => '', 'description' => '', 'sortorder' => '21346', 'image' => '20240724020751_blank eight by six.jpg', 'article_date' => '2024-07-24 14:06:59', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '21620', 'article_category_id' => '1', 'title' => 'Saurya Air Plane Crashes at TIA ', 'sub_title' => '', 'summary' => 'KATHMANDU: A Pokhara-bound Saurya Airlines aircraft met with an accident today (Wednesday) morning at the Tribhuvan International Airport in Kathmandu. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">KATHMANDU: A Pokhara-bound Saurya Airlines aircraft met with an accident today (Wednesday) morning at the Tribhuvan International Airport in Kathmandu. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The aircraft carrying 19 passengers including crew members skidded off the runway and caught fire. According to preliminary reports, eighteen passengers have reportedly died while the captain MR Shakya has been rushed to hospital </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Security personnel of all three security agencies were mobilized to douse the fire, said Gaurav Kumar KC, Spokesperson for the Nepalese Army. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Minister for Home Affairs Ramesh Lekhak has reached the Airport to take stock of the accident. – With inputs from RSS </span></span></span></p> ', 'published' => true, 'created' => '2024-07-24', 'modified' => '2024-07-24', 'keywords' => '', 'description' => '', 'sortorder' => '21345', 'image' => '20240724123824_saurya-airlines48.jpg', 'article_date' => '2024-07-24 12:37:31', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '21618', 'article_category_id' => '1', 'title' => 'Finance Ministry Identifies 46 Challenges of Nepal's Economy', 'sub_title' => '', 'summary' => 'KATHMANDU: Officials of the Ministry of Finance on Tuesday briefed Finance Minister Bishnu Prasad Poudel about the country's economic challenges and proposed measures to address these issues.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">KATHMANDU: Officials of the Ministry of Finance on Tuesday briefed Finance Minister Bishnu Prasad Poudel about the country's economic challenges and proposed measures to address these issues. "Mainly, there are 46 challenges in Nepal's economy, according to the observation of the Finance Ministry. Steps are required in 29 sectors to overcome these challenges," stated a press note issued by the ministry.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The ministry's secretaries and joint secretaries provided the minister with an overview of the country's economic status and proposed solutions. In response, Minister Poudel directed prioritizing these challenges to resolve them effectively.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Key challenges identified by the ministry officials include the slow growth rate in the economic sector compared to available resources, limited growth in savings, consumption, and investment, poor investment in the productive sector, and a significant gap in the import-export ratio. Additionally, unstable and slow economic growth, a substantial financing gap, limited gross domestic savings, and massive internal migration leading to a decreasing population trend in mountain, hill, and rural areas were highlighted as major issues.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The ministry also pointed out the limited contribution of the productive sector to economic growth, low productivity, and the declining trend of the industrial sector's contributions to the economy. Furthermore, the officials highlighted challenges such as an import-based revenue system, poor export status, a massive trade deficit, marginal growth in revenue collection and expenditure, ineffectiveness in capital expenditure, rising debts, and substantial financial liability for loan repayment.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">To address these challenges, the ministry suggested reforms in 29 sectors. These reforms should focus on ensuring effective public expenditure with prioritization, improving capacity to increase capital expenditure, emphasizing fiscal strengthening, prioritizing production-based revenue, promoting effective use of debts, reducing financing risks, boosting economic growth by creating a conducive environment for investment, and investing more in the productive sector.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The ministry also proposed ideas for revitalizing the economy amid ongoing slowdown. These include removing internal obstacles to attract foreign direct investment (FDI), stressing the construction of hydropower projects and transmission lines, developing quality road networks, aligning rural roads with agricultural production and marketing, promoting the effectiveness of capital expenditure, and applying austerity measures in administrative costs.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Additionally, the ministry recommended focusing government investment on infrastructure development, mobilizing foreign grants and concessional loans for national priority projects, and using funds related to climate change effectively. Other suggested measures include maintaining the government's reserve fund, discouraging non-budgetary demands, ensuring loan disbursement in the productive sector, and controlling bad debts.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The ministry's officials also called for applying relaxed monetary tools to reduce the costs of fiscal tools while maintaining stability, providing project-based loans for SMEs, ensuring effective regulations of the fiscal sector, and developing a second-layer regulatory mechanism for the cooperative sector. Encouraging the use of remittance in the productive sector and implementing policy and legal reforms to increase the inflow of foreign investment were also among the proposed solutions. -- RSS</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-24', 'modified' => '2024-07-24', 'keywords' => '', 'description' => '', 'sortorder' => '21344', 'image' => '20240724114026_20240614022003_20230313041732_1678585862.Clipboard28.jpg', 'article_date' => '2024-07-24 11:39:44', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '21617', 'article_category_id' => '1', 'title' => 'India Pledges Grant of Rs 11.20 Billion to Nepal', 'sub_title' => '', 'summary' => 'KATHMANDU: The Indian government has pledged a grant of INR 7 billion (NRS 11.20 billion) to Nepal.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">KATHMANDU: The Indian government has pledged a grant of INR 7 billion (NRS 11.20 billion) to Nepal. India’s Finance Minister Nirmala Sitharaman mentioned in the annual budget presented in the parliament on Tuesday that India will provide the aforementioned grant to Nepal in the fiscal year 2024-25. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">This amount is INR 500 million (Rs 800 million) more than the revised estimate of the last fiscal year 2023-24. India had pledged to provide INR 6.50 billion (NRS 10.40 billion) to Nepal in the last fiscal year.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">India's grant to Bhutan is the highest, with a grant of INR 26.80 billion. Similarly, the budget mentions that India will provide grants of INR 5 billion to Mongolia, INR 4 billion to the Maldives, INR 2.5 billion to Myanmar, INR 2.45 billion to Sri Lanka, INR 2 billion to Afghanistan, INR 1.2 billion to Bangladesh, and INR 2 billion to African countries.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-24', 'modified' => '2024-07-24', 'keywords' => '', 'description' => '', 'sortorder' => '21343', 'image' => '20240724103002_20240107105700_Fl_600x600.jpg', 'article_date' => '2024-07-24 10:29:28', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '21616', 'article_category_id' => '1', 'title' => 'NEA Board Decides to Resume Electricity Supply to Industries', 'sub_title' => '', 'summary' => 'The Nepal Electricity Authority (NEA) Board of Directors has decided to resume electricity supply to six industries. This decision was made during a meeting presided over by the Minister for Energy, Water Resources, and Irrigation, Deepak Khadka, who also chairs the NEA Board.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">July 23: The Nepal Electricity Authority (NEA) Board of Directors has decided to resume electricity supply to six industries.</span></span><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif""> This decision was made during a meeting presided over by the Minister for Energy, Water Resources, and Irrigation, Deepak Khadka, who also chairs the NEA Board.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The decision mandates that the industries must clear their dues within three months to ensure the continuation of power supply. This directive comes following the guidelines from the Electricity Regulation Commission.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The industries affected by the power cut since July 9 due to unpaid tariffs are Reliance Spinning Mills, Ghorahi Cement, Arghakhanchi Cement, Jagdamba Steel, Jagdamba Synthetics, and Hulas Steel. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The NEA's latest decision aims to restore power to these industries under the condition of timely payment of the dues.</span></span></p> ', 'published' => true, 'created' => '2024-07-24', 'modified' => '2024-07-24', 'keywords' => '', 'description' => '', 'sortorder' => '21342', 'image' => '20240724054052_collage (74).jpg', 'article_date' => '2024-07-24 05:39:38', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 5 => array( 'Article' => array( 'id' => '21615', 'article_category_id' => '1', 'title' => 'Shyam Bahadur Panday, Founder of Shangrila Hotel, Passes Away', 'sub_title' => '', 'summary' => 'KATHMANDU: Shyam Bahadur Panday, the founder of Shangrila Hotel, one of Nepal's oldest high-end hotels, passed away on Monday at the age of 88. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">KATHMANDU: Shyam Bahadur Panday, the founder of Shangrila Hotel, one of Nepal's oldest high-end hotels, passed away on Monday at the age of 88. He breathed his last at Grandi Hospital in Tokha, Kathmandu. Panday's death follows closely on the heels of the passing of another first-generation tourism entrepreneur, Ambika Shrestha, founder of Heritage Hotel, who died last Thursday at the age of 92. Their funerals were held on the same day, Monday.</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:"Times New Roman","serif"">Born on October 12, 1936, in Lazimpat, Kathmandu, Panday retired from civil service in the 1970s and went on to establish the Shangrila Hotel. Recognizing a market gap between five-star hotels like Soaltee and Annapurna and the one-star hotels in Thamel, he aimed to provide four-star service through the Shangrila Hotel in Lazimpat.</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:"Times New Roman","serif"">Tourism entrepreneur Yogendra Shakya remarked that apart from the hotels run by the Royal Palace, there were only one-star hotels at that time. Panday's courage and entrepreneurial thinking can still serve as an inspiration. Shakya praised Panday's significant contribution to the country's hospitality sector, highlighting his establishment of a four-star hotel without involving an international chain. "At that time, there were cheap hotels in Thamel while Annapurna and Soaltee were five-star hotels,” said Shakya. “Panday brought a radical change by introducing a four-star hotel to fill the gap."</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:"Times New Roman","serif"">Coming from a military family, Panday himself was a civil servant before venturing into the hospitality industry. After retiring, he started an export business to China, dealing in rice and jute in the 1960s, but he was not satisfied with this line of work. Dreaming of building a special hotel in Lazimpat, Panday took a significant risk due to his limited knowledge in the hospitality field. British author, artist, and architect Desmond Doig motivated and assisted him in opening the Shangrila Hotel. The hotel's name was inspired by James Hilton's novel "The Lost Horizon."</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:"Times New Roman","serif"">Shyam Bahadur's father, Rudra Bahadur Panday, descendent of the great military general Kalu Panday, was in the army. Shyam Bahadur, after his government service, chose to enter the business world, exemplifying how life after retirement can be creatively fulfilling.</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:"Times New Roman","serif"">Last March, Panday received the Lifetime Achievement in Business Leadership Award during the eighth edition of the Newbiz Business Conclave and Awards. His younger son and the hotel’s Managing Director, Praveen Panday, received the award on his behalf. "My father started the concept of Shangrila Hotel 55 years ago," said Praveen. “It is because of his blessings that we introduced the world's best hospitality brand. My father started the business from zero. Inspired by his will, we are working to elevate our hotel to a higher level.”</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:"Times New Roman","serif"">Two years ago, Shangri-La Hotel & Resort Group took over the management and development of four hotels and resorts in partnership with Intercontinental Hotels & Resorts Group (IHG). These include Shangrila Village Resorts in Lazimpat, Kathmandu, Gharipatan in Pokhara, Begnas, and a resort in Meghauli, Chitwan. The multinational company has been assisting in the management and development of these properties since the beginning. Late Panday’s sons, Prasidha and Praveen Panday, are expanding the foundation laid by their father in the hospitality sector, striving to maintain high standards of service.</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:"Times New Roman","serif"">Tourism and hoteliers credit Shyam Bahadur Panday with developing the Lazimpat area into a hotel hub. He was actively associated with national and international tourism organizations, including the Hotel Association of Nepal (HAN) and the Pacific Asia Travel Association (PATA). HAN President Binayak Shah stated that after transitioning from civil service to the tourism sector, Panday's vision significantly advanced Nepal's hospitality industry. "High-class, international-level hospitality services were established in Nepal after his entry," said Shah. "This is considered a significant achievement of that time." Shah also noted Panday's active role in developing tourism policies and regulations, adding, "His contribution to the tourism sector as the chairman of HAN is unparalleled."</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-23', 'modified' => '2024-07-23', 'keywords' => '', 'description' => '', 'sortorder' => '21341', 'image' => '20240723050648_collage (2).jpg', 'article_date' => '2024-07-23 15:42:35', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '21614', 'article_category_id' => '1', 'title' => 'Continued Decline in Foreign Trade Affects Economic Growth', 'sub_title' => '', 'summary' => 'KATHMANDU: Due to the slowdown in the country's economy, foreign trade has continuously declined over the last two 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:"Times New Roman","serif"">BIJAY 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:"Times New Roman","serif"">KATHMANDU: Due to the slowdown in the country's economy, foreign trade has continuously declined over the last two years. According to data released by the Department of Customs on Monday, both imports and exports decreased in FY 2023/24 compared to the previous year.</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:"Times New Roman","serif"">In FY 2023/24, goods worth Rs 1592.98 billion were imported, a decrease of 1.16 percent from the previous year. Exports amounted to Rs 152 billion, which is 3.03 percent less than the previous year.</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:"Times New Roman","serif"">In FY 2022/23, imports were Rs 1611.73 billion, already showing a 16 percent decline from the previous year. Exports that year totaled Rs 157 billion, a decrease of 21.44 percent compared to the prior year.</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:"Times New Roman","serif"">Typically, a decrease in imports in one year is followed by an increase in the next. However, this year, imports have declined for two consecutive years, alongside a drop in exports. Although both imports and exports have decreased, the significant share of imports in foreign trade means the reduction in imports has had a notable impact on the trade balance. There was a marginal improvement in the foreign trade deficit last year.</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:"Times New Roman","serif"">During this period, total foreign trade decreased by 1.33 percent, according to the Department of Customs. The highest amount of goods, worth Rs 150 billion, was imported in the month of Jestha (mid-May to mid-June) last year, followed by imports worth about Rs 149 billion in Ashoj (mid-September to mid-October), and Rs 137 billion in Asar (mid-June to mid-July). Director of the Department of Customs Punya Bikram Khadka attributed the overall decrease in imports to lower international prices and reduced domestic demand.</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:"Times New Roman","serif"">Fluctuations in foreign trade disrupt the structure of the economy. The National Statistics Office reported negative growth rates in trade, manufacturing, construction, mining, and mineral sectors in the third quarter of last year (mid-January to mid-April). The trade and construction sectors, in particular, faced significant challenges. Among the 18 sectors measuring the economy, the business sector, which is second only to agriculture, contributes around 14 percent. It is estimated that the business sector experienced a 2.7 percent decline in the third quarter of last year. Similarly, the construction sector, which contributes 5 percent to the economy, saw an 11 percent decline.</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:"Times New Roman","serif"">Hemraj Regmi, Deputy Chief Statistics Officer of the National Statistics Office, emphasized the need to improve certain aspects of trade, given its importance in measuring economic growth in Nepal. "Decreasing imports of vegetables, fruits, fish, and meat strengthens the domestic economy," he said. "However, it is concerning to see a decline in the import of construction materials like bulldozers and trucks, as these items are crucial for capital creation."</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:"Times New Roman","serif"">Regmi noted that a decrease in the import of petrol and petrol-powered vehicles, due to increased electricity production, should be viewed positively.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong><span style="font-size:13.5pt"><span style="font-family:"Times New Roman","serif"">Trade Deficit with Most Countries</span></span></strong></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:"Times New Roman","serif"">In FY 2023/24, Nepal engaged in foreign trade with 170 countries but maintained a trade surplus with only 35. Nepal experienced the largest trade deficits with neighboring countries to the south and north. The trade deficit with India amounted to Rs 893 billion, while the deficit with China was Rs 296 billion. Among countries with trade surpluses, Nepal registered a surplus of Rs 466 million with Afghanistan and Rs 767,000 with Antigua and Barbuda. Other notable surpluses included Rs 2.5 million with Aruba, Rs 1.5 million with the Bahamas, and Rs 10 million with Bermuda. However, trade profits with other countries were minimal.</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:"Times New Roman","serif"">Last year's total trade deficit stood at Rs 1440 billion, with goods worth Rs 157 billion exported from Nepal.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong><span style="font-size:13.5pt"><span style="font-family:"Times New Roman","serif"">A Surge in Electric Vehicle Imports</span></span></strong></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:"Times New Roman","serif"">FY 2023/24 witnessed a significant increase in electric vehicle (EV) imports. A total of 11,701 private electric cars and jeeps were imported, nearly three times the 4,050 electric vehicles imported in the previous year. Most electric cars imported had capacities between 50 and 100 kW, with 6,885 cars in this category. Additionally, 4,571 cars with capacities up to 50 kW, 217 units with capacities between 101 and 200 kW, 27 units with capacities between 201 and 300 kW, and one unit above 300 kW were imported.</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:"Times New Roman","serif"">Most electric vehicles were imported from China, accounting for 8,065 units, or about 69 percent of the total electric four-wheeler imports. The value of electric four-wheelers imported in FY 2023/24 was Rs 29.48 billion, generating Rs 13.28 billion in tax revenue.</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:"Times New Roman","serif"">Environmentalist Madhukar Upadhyay attribute the surge in EV imports to changes in tax rates. He supports the continued tax exemptions for electric vehicles to reduce environmental pollution. Some economists argue for higher taxes on private electric vehicles and greater emphasis on public transportation.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-23', 'modified' => '2024-07-23', 'keywords' => '', 'description' => '', 'sortorder' => '21340', 'image' => '20240723024720_20231124041440_Trade.jpg', 'article_date' => '2024-07-23 14:46:46', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '21613', 'article_category_id' => '1', 'title' => 'Dedicated Feeder and Trunk Line Tariff Dispute: Prime Minister Unable to Reconnect Power Supply', 'sub_title' => '', 'summary' => 'KATHMANDU: Despite Prime Minister KP Sharma Oli's verbal instructions, the written directives of the Electricity Regulatory Commission, and strong support for the industrialists' stance, the government has failed to restore electricity to six industries as of Monday.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">KATHMANDU: Despite Prime Minister KP Sharma Oli's verbal instructions, the written directives of the Electricity Regulatory Commission, and strong support for the industrialists' stance, the government has failed to restore electricity to six industries as of Monday.</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:"Times New Roman","serif"">The Nepal Electricity Authority (NEA) halted power supply to six industries after they did not pay the tariff for the use of the dedicated feeder and trunk line. The affected industries include Reliance Spinning Mills, Ghorahi Cement, Arghakhanchi Cement, Jagdamba Synthetic, Hulas Steel, and Jagdamba Steel. Other industries with outstanding tariffs have also claimed that their electricity supply has been disrupted by the NEA.</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:"Times New Roman","serif"">However, the board of directors of the NEA, chaired by Energy Minister Deepak Khadka, failed to reach a concrete decision regarding reconnecting the power to these industries. A board member informed New Business Age that the lack of consensus among board members prevented a decision.</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:"Times New Roman","serif"">"Many members in the executive committee meeting agreed that the line should be reconnected, but the decision could not be made because some, including NEA Executive Director Kulman Ghising, did not agree," said the board member.</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:"Times New Roman","serif"">Prime Minister Oli had instructed Ghising to reconnect the power immediately on Friday. On Sunday, the Electricity Regulatory Commission wrote to the NEA to restore electricity to the affected industries. The commission stated that a letter was sent to the NEA to reconnect the power according to the Consumer Interest Protection Directive. However, the NEA indicated that they would not reconnect the power until they received written instructions, as stipulated in the guidelines.</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:"Times New Roman","serif"">Speaking in the House of Representatives on Sunday, the Prime Minister strongly criticized Kulman Ghising, accusing the NEA of trying to raise tariffs forcefully. The Prime Minister defended his stance after parliamentarians protested during the House of Representatives meeting on Monday, arguing that the Prime Minister was siding with industrialists despite a court order to raise electricity tariffs. Particularly, MPs from the CPN (Maoist Center) criticized the Prime Minister.</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:"Times New Roman","serif"">Emphasizing that the ongoing tariff dispute should be studied and resolved, Prime Minister Oli noted the frequent disconnection and reconnection of electricity in industries. He denied acting on inappropriate terms and settings. On Sunday, in the House of Representatives, Oli criticized the NEA's leadership, accusing them of cutting power indiscriminately. He highlighted the significant difference of opinion between the NEA and industrialists and questioned why the NEA targeted only six industries for power cuts.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-07-23', 'modified' => '2024-07-23', 'keywords' => '', 'description' => '', 'sortorder' => '21339', 'image' => '20240723021925_1703936496.line cut.jpg', 'article_date' => '2024-07-23 14:18:25', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '21612', 'article_category_id' => '1', 'title' => 'Birgunj Dry Port's Revenue Rises Despite Declining Foreign Trade', 'sub_title' => '', 'summary' => 'BIRGUNJ: Even though the volume of trade at Birgunj Dry Port decreased in the last fiscal year (FY), revenue collection has increased. In the last fiscal year, the total trade from the dry port amounted to Rs 30.28 billion.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">BIRGUNJ: Even though the volume of trade at Birgunj Dry Port decreased in the last fiscal year (FY), revenue collection has increased. In the last fiscal year, the total trade from the dry port amounted to Rs 30.28 billion.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">This trade volume is almost Rs 1 billion lower compared to the previous fiscal year, when the size of foreign trade from the dry port customs was Rs 31.19 billion. Despite the decline in total trade in last FY, customs revenue increased by 11.57 percent, according to Sushil Sharma, the information officer of the dry port customs.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Sharma claims that facilitation and effective management are the main reasons for the increase in revenue despite the decline in business.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the customs data, the dry port collected Rs 4.24 billion in the year FY 2022/23 and Rs 4.73 billion in the previous year. Sharma informed that Dry Port Customs has been ranked third among customs offices that collected the most revenue last year. ICP Customs in Birgunj and Bhairahawa took the first two places respectively, while Biratnagar Customs took the fourth place.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">None of the customs offices met their specified revenue targets. The Birgunj Dry Port Customs collected only 71.75 percent of its target of Rs 6.59 billion for the last fiscal year. According to customs officials, the import of most goods decreased due to the economic slowdown last year. The import of industrial raw materials through dry port customs is significant, and a considerable amount of alcohol is also imported through this channel.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the customs data, there has been a decrease in the import of both iron ore and billets, the raw materials for the iron industry. However, last year, the import of coal and lighters increased significantly. Previously, coal was imported through Birgunj customs, so the coal import volume increased last year after unloading at the dry port.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Additionally, pocket lighters appeared in significant quantities last year. Customs have tightened regulations on lighters because they are smuggled from China to Nepal and then illegally exported to India. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-23', 'modified' => '2024-07-23', 'keywords' => '', 'description' => '', 'sortorder' => '21338', 'image' => '20240723011910_20211229031826_20201230024130_1609284634.Clipboard08.jpg', 'article_date' => '2024-07-23 13:18:31', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '21611', 'article_category_id' => '1', 'title' => 'Nepal’s Trade Deficit Climbs Above Rs 1400 Billion', 'sub_title' => '', 'summary' => 'KATHMANDU: The Department of Customs has released the foreign trade data for the fiscal year FY 2023/24.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">KATHMANDU: The Department of Customs has released the foreign trade data for the fiscal year FY 2023/24. According to the data, Nepal experienced a trade deficit of more than Rs 1400 billion in one year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">In the last year, Nepal imported goods and services worth more than Rs 1592.98 billion. During the same period, Nepal exported goods and services worth Rs 152.38 billion.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Petroleum products were the most imported items last year, with imports worth Rs 337.34 billion. On the export side, carpets were the most exported product from Nepal, with exports exceeding Rs 10.57 billion.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The ten most imported items include diesel, petrol, Liquefied Petroleum Gas (LPG), iron products, rolled iron/steel coils, smartphones, medicaments, gold, coal and ATF. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Likewise, the ten most exported items were carpets, black cardamom, rolled iron/steel coated with aluminum-zinc alloys, mixtures of juices, refined bleached deodorized palmolein, felt, rolled iron/steel painted, varnished or coated with plastics, single yarn, unbleached woven fabrics of jute, and other yarn such as polyester staple fibres.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-23', 'modified' => '2024-07-23', 'keywords' => '', 'description' => '', 'sortorder' => '21337', 'image' => '20240723124544_20230725032424_trade_imbalance.jpg', 'article_date' => '2024-07-23 12:45:02', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '21610', 'article_category_id' => '1', 'title' => 'Nepal Exports Cash Crop Worth Rs 15 Billion from Kakadbhitta', 'sub_title' => '', 'summary' => 'JHAPA: Nepal exported black cardamom, tea, ginger, and ambrosia worth Rs 15.33 billion to India from Kakadbhitta, the eastern checkpoint of the country, in the fiscal year FY 2023/24. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">JHAPA: Nepal exported cash crop such as black cardamom, tea, ginger, and ambrosia worth Rs 15.33 billion to India from Kakadbhitta, the eastern checkpoint of the country, in the fiscal year FY 2023/24. During this period, agricultural goods worth Rs 18.95 billion were exported to India.</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:"Times New Roman","serif"">Information Officer of the Kakadbhitta-based Quarantine Office, Chandreshwar Yadav, reported that organic tea worth Rs 6.98 billion was exported to India from Kakadbhitta during the review period. Cardamom, tea, ginger, and amriso were the most exported items through this checkpoint. In the same period, 11,648 metric tonnes of tea were exported.</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:"Times New Roman","serif"">In FY 2023/24, 4,510 metric tonnes of cardamom worth Rs 6.052 billion were exported to India. According to Information Officer Yadav, during the same period, 4,545 metric tonnes of ambrosia worth Rs 1.24 billion were also exported to India.</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:"Times New Roman","serif"">Ginger produced in the hills and plains is one of the agricultural products exported in large quantities. Information Officer Yadav informed that ginger worth Rs 580 million was exported from Kakadbhitta during the review period.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-23', 'modified' => '2024-07-26', 'keywords' => '', 'description' => '', 'sortorder' => '21336', 'image' => '20240723121913_BlackCardamom.jpg', 'article_date' => '2024-07-23 12:18:35', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '21609', 'article_category_id' => '1', 'title' => 'Millet Import on the Rise in Nepal', 'sub_title' => '', 'summary' => 'JHAPA: Despite being known as an agricultural country, Nepal has seen a continuous rise in the import of agricultural products.', 'content' => '<h3><span style="font-size:13.5pt"><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">JHAPA: Despite being known as an agricultural country, Nepal has seen a continuous rise in the import of agricultural products.</span></span></span></span></span></h3> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The import of millet via the Kakadbhitta checkpoint has increased compared to the previous year. Information Officer at the Plant Quarantine Office, Kakadbhitta, Chandra Kishor Thakur, informed that Nepal imported 17,797 tonnes of millet from India in the last fiscal year, FY 2023/24. The import amounted to Rs 854 million.</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:"Times New Roman","serif"">In the previous fiscal year, FY 2022/23, the country imported 16,035 metric tonnes of millet, costing Rs 513 million. As the cultivation of millet sharply declined in Nepal, imports from India and third countries have grown in recent years, Thakur added.</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:"Times New Roman","serif"">The rise in imports is not limited to millet. The import of vegetables has also seen a steady increase. Despite substantial production of pumpkin in the hill districts of Nepal, the market is flooded with imported pumpkins. In the last fiscal year, Nepal imported pumpkins worth Rs 211 million, totaling 5,075 metric tonnes from India via the Kakadbhitta border point.</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:"Times New Roman","serif"">The trend continues with other products. Last year, Nepal spent Rs 1.2 billion on importing 51,113 metric tonnes of tomatoes and Rs 295 million on 14,787 metric tonnes of green chilies. Additionally, 15,029 tonnes of okra were imported from India, costing over Rs 300.5 million.</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:"Times New Roman","serif"">Other regular agricultural imports from India include onions, gourds, carrots, squash, and yams. Interestingly, even buckwheat, which can be produced across Nepal's southern plains, hills, and mountainous regions, is imported in large quantities via this border. Thakur noted that over Rs 13 million was spent on importing 209 metric tonnes of buckwheat.</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:"Times New Roman","serif"">Livestock feed is another significant import. A total of 1,443 metric tonnes of cattle feed, costing Rs 46 million, was brought in via the Kakadbhitta border point in the last year alone. The combined cost of importing fruits and rice reached Rs 4.87 billion. Pulses (legumes) remain an essential import for Nepali cuisine.</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:"Times New Roman","serif"">Ironically, amidst this deluge of imports, Nepali farmers continuously worry about not finding a market for their agricultural products. -- RSS</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-07-23', 'modified' => '2024-07-23', 'keywords' => '', 'description' => '', 'sortorder' => '21335', 'image' => '20240723114107_millet_custom-0049961132e1f88d65e2cae393103c7dafc558d7.jpg', 'article_date' => '2024-07-23 11:40:27', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '21608', 'article_category_id' => '1', 'title' => 'Israel Agrees to Recruit 2,000 Nepali Caregivers', 'sub_title' => '', 'summary' => 'Israel has agreed to recruit 2,000 Nepali workers as caregivers. This decision was announced during a meeting between Israeli Ambassador to Nepal, Hanan Godder, and the newly appointed Minister for Labour, Employment, and Social Security, Sharat Singh Bhandari.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">July 23: Israel has agreed to recruit 2,000 Nepali workers as caregivers. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">This decision was announced during a meeting between Israeli Ambassador to Nepal, Hanan Godder, and the newly appointed Minister for Labour, Employment, and Social Security, Sharat Singh Bhandari.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">During the meeting, Ambassador Godder shared that the number of Nepali workers eligible to work as caregivers in Israel has been significantly increased. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Govinda Prasad Rijal, Spokesperson at the Ministry of Labour, Employment, and Social Security, confirmed that the latest agreement allows for 1,000 main candidates and an additional 1,000 candidates on a waiting list to be recruited.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Previously, the agreement stipulated that 500 main candidates and 300 candidates on the waiting list would be hired. This increase highlights the strengthening of bilateral labor relations between Nepal and Israel.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The meeting also covered various aspects of these labor relations, including the ongoing selection process for aspiring candidates. </span></span><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Discussions extended to the potential recruitment of Nepali workers in Israel's agricultural and other sectors.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Minister Bhandari expressed satisfaction with the current state of labor relations between the two countries and urged Ambassador Godder to take more initiatives to search for Bipin Joshi, a Nepali national who has been missing amid the Israel-Palestine conflict. (RSS) </span></span></p> ', 'published' => true, 'created' => '2024-07-23', 'modified' => '2024-07-23', 'keywords' => '', 'description' => '', 'sortorder' => '21334', 'image' => '20240723055411_collage (73).jpg', 'article_date' => '2024-07-23 05:52:36', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 13 => array( 'Article' => array( 'id' => '21607', 'article_category_id' => '1', 'title' => 'Kathmandu-Tarai Expressway Faces Obstacles from Locals ', 'sub_title' => '', 'summary' => 'KATHMANDU: The Nepalese Army has reported that the ongoing obstructions by the locals of Khokna have been hampering the completion of the 70.97 km Kathmandu-Tarai Expressway. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">KATHMANDU: The Nepalese Army has reported that the ongoing obstructions by the locals of Khokna have been hampering the completion of the 70.97 km Kathmandu-Tarai Expressway. Despite seven years since the government entrusted the army to oversee the construction management of the fast track, issues persist in Khokna, the area considered the starting point of the expressway.</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:"Times New Roman","serif"">According to the army, challenges in Khokna include disputes over the determination of the starting point, decision on vehicle and traffic management, and land acquisition. Locals have been obstructing the project, claiming that the expressway threatens the local heritage.</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:"Times New Roman","serif"">Brigadier General Bikas Pokharel, chief of the project, stated at a press conference on Thursday that delays in approving the entry point traffic management and the Supplementary Environmental Impact Assessment (SEIA) could jeopardize the project's timely completion. The government has extended the project's deadline multiple times, with the latest deadline set for mid-April 2027.</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:"Times New Roman","serif"">"We are ready to commence the procurement process once the issues in Khokna are resolved," Pokharel said. The army is focusing on Package 11, covering the 0 km to 6.5 km section of Khokna. Progress in this section has stalled, although 12 other construction packages are ongoing.</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:"Times New Roman","serif"">The Nepalese Army has continued work in other areas while addressing the issues in Khokna. The army also noted that the Bailey bridge, which was installed in the Khokna section, has become ineffective due to unresolved problems. They have acquired 4,811 ropanis of land for the expressway, with 394 ropanis still pending. Of these, 371 ropanis are in the Khokna-Bungmati section, along with 19 ropanis in Makwanpur and 4 ropanis in 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:"Times New Roman","serif"">The army reports that 82.89 percent of work on three of the six tunnels of the expressways has been completed. The remaining 1 km of the 3.32 km Mahadeotar tunnel is expected to be finished this fiscal year, with the army working round the clock. The Dhedre and Lendanda tunnels have been completed. The government aims to finish the Mahadeotar, Dhedre, and Lendanda tunnels by the end of the current fiscal year.</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:"Times New Roman","serif"">Design and preparation for the remaining three tunnels, added in the revised Detailed Project Report (DPR), are underway. The government has allocated a budget of Rs 22.54 billion for this fiscal year. The total cost of the project is estimated to be around Rs 211 billion, with 89 bridges planned along the expressway. Contracts for 85 of these bridges have been managed and are in progress, while the construction of four bridges is on hold due to land acquisition issues in Khokna. As of the last fiscal year, the project's physical progress stands at 35.38 percent, with financial progress at 36.66 percent.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-22', 'modified' => '2024-07-22', 'keywords' => '', 'description' => '', 'sortorder' => '21333', 'image' => '20240722025915_1671839534.fastrrack.jpg', 'article_date' => '2024-07-22 14:58:42', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '21606', 'article_category_id' => '1', 'title' => 'Conflict Escalates between Government and Nepal Electricity Authority Over Tariff Dispute', 'sub_title' => '', 'summary' => 'KATHMANDU: The government leadership is at odds with government agencies over the Nepal Electricity Authority's (NEA) dispute with industrialists regarding dedicated feeder and trunk line tariffs.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">KATHMANDU: The government leadership is at odds with government agencies over the Nepal Electricity Authority's (NEA) dispute with industrialists regarding dedicated feeder and trunk line tariffs.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">On Friday, Prime Minister KP Sharma Oli issued verbal instructions to the NEA to immediately reconnect electricity lines to six industries whose power was cut due to non-payment of premium fees for the use of dedicated feeder and trunk lines. The NEA had cut off electricity to Reliance Spinning Mills, Ghorahi Cement, Arghakhanchi Cement, Jagdamba Synthetic, Hulas Steel, and Jagdamba Steel for non-payment of premium rates while utilizing the services during the load-shedding period. Other industries with outstanding tariffs have also claimed they have stopped receiving electricity from the NEA.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The NEA leadership has made it clear they would not reconnect the lines without written instructions from the government. In response, the government, through the Electricity Regulatory Commission, instructed the NEA on Sunday to immediately provide electricity to the affected industries. Ram Prasad Dhital, chairman of the commission, confirmed that a letter was sent to the NEA to reconnect the lines according to the Consumer Interest Protection Directive.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Following the regulatory commission's directive, the NEA employees’ union issued a statement on Sunday afternoon supporting the position of Executive Director Kulman Ghising. The union maintained that the lines should be reconnected only after settlement of arrears and that if the government waives the tariffs, it should compensate the NEA for the amount. Industrialists believe that the employees’ union was compelled to issue this statement by Executive Director Ghising himself.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Prime Minister Oli criticized Ghising while speaking in the House of Representatives on Sunday, accusing the NEA of cutting off power indiscriminately without evidence. He questioned why only six industries had their lines cut and demanded an investigation into the matter, emphasizing the need for evidence-based fee collection.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Oli mentioned that industrialists did not refuse to pay but requested proof of consumption. He criticized the NEA leadership for creating a situation where electricity is wasted during the rainy season by shutting down industries. "Recover what is due, but after proper investigation," said the prime minister. "Let the industries run and then collect the dues."</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Despite the prime minister's verbal instructions on Friday, the NEA board of directors, in a two-hour meeting held the same evening, concluded that they could not reconnect the lines without written instructions. By Sunday evening, the NEA had not reconnected the lines, even as industrialists remained hopeful that the issue would be resolved in their favor.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">An industrialist expressed confidence that, in a legal state, their grievances would be addressed. The industrialist questioned why only six industries were targeted and suggested that if dues are owed, all defaulting industries should have their lines cut.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Previously, on June 24, the NEA had issued letters to 61 industries, giving them 15 days to pay their arrears. When none complied, the NEA began cutting the lines. The NEA stated that 61 industries owe a total of Rs 8.26 billion in arrears, including fines. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">As the dispute escalated, the Lal Commission, formed to resolve the issue, recommended waiving the disputed tariffs and collecting dues from January 2015 to April 2018. Although the NEA offered a 28-month installment plan for settlement of the arrears, the industrialists refused to pay without proof. They have threatened to cut their lines themselves if the NEA does not reconnect lines to the affected industries.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Chandan Kumar Ghosh, spokesperson for the NEA, accused the industrialists of spreading false propaganda and questioned their claims of insufficient electricity usage. He reiterated that the NEA would not reconnect the lines without written instructions.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Following the Prime Minister's sharp criticism of the NEA leadership, discussions have begun regarding the position of Kulman Ghisingh as Executive Director. Despite public pressure to reappoint Ghising, known for his role in reducing load shedding in the country, Oli during his earlier stint as the prime minister had appointed Hitendra Dev Shakya to lead the NEA.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-22', 'modified' => '2024-07-22', 'keywords' => '', 'description' => '', 'sortorder' => '21332', 'image' => '20240722024241_61ffb27d.jpeg', 'article_date' => '2024-07-22 14:42:10', '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' => '21624', 'article_category_id' => '218', 'title' => 'Global IME Bank Awarded with Two Euromoney Awards for Excellence 2024', 'sub_title' => '', 'summary' => 'KATHMANDU: Global IME Bank Limited has been honored with the Euromoney Award for Excellence 2024. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">KATHMANDU: Global IME Bank Limited has been honored with the Euromoney Award for Excellence 2024. Issuing a statement, the bank said it has been recognized as Nepal's Best Bank 2024 and Nepal’s Best Bank for ESG (Environmental, Social & Governance).</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">This is the second time Global IME Bank has been honored with this award, added the statement. Earlier, the bank was conferred with the "Euromoney Award for Excellence 2022 - Best Bank Nepal".</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The Euromoney Award is regarded as a coveted accolade in the global banking industry. Established in 1992, it recognizes outstanding performance in banking services across the globe.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">This year, Global IME Bank has also been awarded with the Best Bank Award 2024 by Global Finance.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Global IME Bank said it is proud to receive this coveted awards and vowed to continue providing exemplary banking services at all times.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-24', 'modified' => '2024-07-24', 'keywords' => '', 'description' => '', 'sortorder' => '21346', 'image' => '20240724020751_blank eight by six.jpg', 'article_date' => '2024-07-24 14:06:59', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '21620', 'article_category_id' => '1', 'title' => 'Saurya Air Plane Crashes at TIA ', 'sub_title' => '', 'summary' => 'KATHMANDU: A Pokhara-bound Saurya Airlines aircraft met with an accident today (Wednesday) morning at the Tribhuvan International Airport in Kathmandu. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">KATHMANDU: A Pokhara-bound Saurya Airlines aircraft met with an accident today (Wednesday) morning at the Tribhuvan International Airport in Kathmandu. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The aircraft carrying 19 passengers including crew members skidded off the runway and caught fire. According to preliminary reports, eighteen passengers have reportedly died while the captain MR Shakya has been rushed to hospital </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Security personnel of all three security agencies were mobilized to douse the fire, said Gaurav Kumar KC, Spokesperson for the Nepalese Army. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Minister for Home Affairs Ramesh Lekhak has reached the Airport to take stock of the accident. – With inputs from RSS </span></span></span></p> ', 'published' => true, 'created' => '2024-07-24', 'modified' => '2024-07-24', 'keywords' => '', 'description' => '', 'sortorder' => '21345', 'image' => '20240724123824_saurya-airlines48.jpg', 'article_date' => '2024-07-24 12:37:31', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '21618', 'article_category_id' => '1', 'title' => 'Finance Ministry Identifies 46 Challenges of Nepal's Economy', 'sub_title' => '', 'summary' => 'KATHMANDU: Officials of the Ministry of Finance on Tuesday briefed Finance Minister Bishnu Prasad Poudel about the country's economic challenges and proposed measures to address these issues.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">KATHMANDU: Officials of the Ministry of Finance on Tuesday briefed Finance Minister Bishnu Prasad Poudel about the country's economic challenges and proposed measures to address these issues. "Mainly, there are 46 challenges in Nepal's economy, according to the observation of the Finance Ministry. Steps are required in 29 sectors to overcome these challenges," stated a press note issued by the ministry.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The ministry's secretaries and joint secretaries provided the minister with an overview of the country's economic status and proposed solutions. In response, Minister Poudel directed prioritizing these challenges to resolve them effectively.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Key challenges identified by the ministry officials include the slow growth rate in the economic sector compared to available resources, limited growth in savings, consumption, and investment, poor investment in the productive sector, and a significant gap in the import-export ratio. Additionally, unstable and slow economic growth, a substantial financing gap, limited gross domestic savings, and massive internal migration leading to a decreasing population trend in mountain, hill, and rural areas were highlighted as major issues.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The ministry also pointed out the limited contribution of the productive sector to economic growth, low productivity, and the declining trend of the industrial sector's contributions to the economy. Furthermore, the officials highlighted challenges such as an import-based revenue system, poor export status, a massive trade deficit, marginal growth in revenue collection and expenditure, ineffectiveness in capital expenditure, rising debts, and substantial financial liability for loan repayment.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">To address these challenges, the ministry suggested reforms in 29 sectors. These reforms should focus on ensuring effective public expenditure with prioritization, improving capacity to increase capital expenditure, emphasizing fiscal strengthening, prioritizing production-based revenue, promoting effective use of debts, reducing financing risks, boosting economic growth by creating a conducive environment for investment, and investing more in the productive sector.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The ministry also proposed ideas for revitalizing the economy amid ongoing slowdown. These include removing internal obstacles to attract foreign direct investment (FDI), stressing the construction of hydropower projects and transmission lines, developing quality road networks, aligning rural roads with agricultural production and marketing, promoting the effectiveness of capital expenditure, and applying austerity measures in administrative costs.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Additionally, the ministry recommended focusing government investment on infrastructure development, mobilizing foreign grants and concessional loans for national priority projects, and using funds related to climate change effectively. Other suggested measures include maintaining the government's reserve fund, discouraging non-budgetary demands, ensuring loan disbursement in the productive sector, and controlling bad debts.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The ministry's officials also called for applying relaxed monetary tools to reduce the costs of fiscal tools while maintaining stability, providing project-based loans for SMEs, ensuring effective regulations of the fiscal sector, and developing a second-layer regulatory mechanism for the cooperative sector. Encouraging the use of remittance in the productive sector and implementing policy and legal reforms to increase the inflow of foreign investment were also among the proposed solutions. -- RSS</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-24', 'modified' => '2024-07-24', 'keywords' => '', 'description' => '', 'sortorder' => '21344', 'image' => '20240724114026_20240614022003_20230313041732_1678585862.Clipboard28.jpg', 'article_date' => '2024-07-24 11:39:44', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '21617', 'article_category_id' => '1', 'title' => 'India Pledges Grant of Rs 11.20 Billion to Nepal', 'sub_title' => '', 'summary' => 'KATHMANDU: The Indian government has pledged a grant of INR 7 billion (NRS 11.20 billion) to Nepal.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">KATHMANDU: The Indian government has pledged a grant of INR 7 billion (NRS 11.20 billion) to Nepal. India’s Finance Minister Nirmala Sitharaman mentioned in the annual budget presented in the parliament on Tuesday that India will provide the aforementioned grant to Nepal in the fiscal year 2024-25. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">This amount is INR 500 million (Rs 800 million) more than the revised estimate of the last fiscal year 2023-24. India had pledged to provide INR 6.50 billion (NRS 10.40 billion) to Nepal in the last fiscal year.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">India's grant to Bhutan is the highest, with a grant of INR 26.80 billion. Similarly, the budget mentions that India will provide grants of INR 5 billion to Mongolia, INR 4 billion to the Maldives, INR 2.5 billion to Myanmar, INR 2.45 billion to Sri Lanka, INR 2 billion to Afghanistan, INR 1.2 billion to Bangladesh, and INR 2 billion to African countries.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-24', 'modified' => '2024-07-24', 'keywords' => '', 'description' => '', 'sortorder' => '21343', 'image' => '20240724103002_20240107105700_Fl_600x600.jpg', 'article_date' => '2024-07-24 10:29:28', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '21616', 'article_category_id' => '1', 'title' => 'NEA Board Decides to Resume Electricity Supply to Industries', 'sub_title' => '', 'summary' => 'The Nepal Electricity Authority (NEA) Board of Directors has decided to resume electricity supply to six industries. This decision was made during a meeting presided over by the Minister for Energy, Water Resources, and Irrigation, Deepak Khadka, who also chairs the NEA Board.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">July 23: The Nepal Electricity Authority (NEA) Board of Directors has decided to resume electricity supply to six industries.</span></span><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif""> This decision was made during a meeting presided over by the Minister for Energy, Water Resources, and Irrigation, Deepak Khadka, who also chairs the NEA Board.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The decision mandates that the industries must clear their dues within three months to ensure the continuation of power supply. This directive comes following the guidelines from the Electricity Regulation Commission.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The industries affected by the power cut since July 9 due to unpaid tariffs are Reliance Spinning Mills, Ghorahi Cement, Arghakhanchi Cement, Jagdamba Steel, Jagdamba Synthetics, and Hulas Steel. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The NEA's latest decision aims to restore power to these industries under the condition of timely payment of the dues.</span></span></p> ', 'published' => true, 'created' => '2024-07-24', 'modified' => '2024-07-24', 'keywords' => '', 'description' => '', 'sortorder' => '21342', 'image' => '20240724054052_collage (74).jpg', 'article_date' => '2024-07-24 05:39:38', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 5 => array( 'Article' => array( 'id' => '21615', 'article_category_id' => '1', 'title' => 'Shyam Bahadur Panday, Founder of Shangrila Hotel, Passes Away', 'sub_title' => '', 'summary' => 'KATHMANDU: Shyam Bahadur Panday, the founder of Shangrila Hotel, one of Nepal's oldest high-end hotels, passed away on Monday at the age of 88. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">KATHMANDU: Shyam Bahadur Panday, the founder of Shangrila Hotel, one of Nepal's oldest high-end hotels, passed away on Monday at the age of 88. He breathed his last at Grandi Hospital in Tokha, Kathmandu. Panday's death follows closely on the heels of the passing of another first-generation tourism entrepreneur, Ambika Shrestha, founder of Heritage Hotel, who died last Thursday at the age of 92. Their funerals were held on the same day, Monday.</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:"Times New Roman","serif"">Born on October 12, 1936, in Lazimpat, Kathmandu, Panday retired from civil service in the 1970s and went on to establish the Shangrila Hotel. Recognizing a market gap between five-star hotels like Soaltee and Annapurna and the one-star hotels in Thamel, he aimed to provide four-star service through the Shangrila Hotel in Lazimpat.</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:"Times New Roman","serif"">Tourism entrepreneur Yogendra Shakya remarked that apart from the hotels run by the Royal Palace, there were only one-star hotels at that time. Panday's courage and entrepreneurial thinking can still serve as an inspiration. Shakya praised Panday's significant contribution to the country's hospitality sector, highlighting his establishment of a four-star hotel without involving an international chain. "At that time, there were cheap hotels in Thamel while Annapurna and Soaltee were five-star hotels,” said Shakya. “Panday brought a radical change by introducing a four-star hotel to fill the gap."</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:"Times New Roman","serif"">Coming from a military family, Panday himself was a civil servant before venturing into the hospitality industry. After retiring, he started an export business to China, dealing in rice and jute in the 1960s, but he was not satisfied with this line of work. Dreaming of building a special hotel in Lazimpat, Panday took a significant risk due to his limited knowledge in the hospitality field. British author, artist, and architect Desmond Doig motivated and assisted him in opening the Shangrila Hotel. The hotel's name was inspired by James Hilton's novel "The Lost Horizon."</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:"Times New Roman","serif"">Shyam Bahadur's father, Rudra Bahadur Panday, descendent of the great military general Kalu Panday, was in the army. Shyam Bahadur, after his government service, chose to enter the business world, exemplifying how life after retirement can be creatively fulfilling.</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:"Times New Roman","serif"">Last March, Panday received the Lifetime Achievement in Business Leadership Award during the eighth edition of the Newbiz Business Conclave and Awards. His younger son and the hotel’s Managing Director, Praveen Panday, received the award on his behalf. "My father started the concept of Shangrila Hotel 55 years ago," said Praveen. “It is because of his blessings that we introduced the world's best hospitality brand. My father started the business from zero. Inspired by his will, we are working to elevate our hotel to a higher level.”</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:"Times New Roman","serif"">Two years ago, Shangri-La Hotel & Resort Group took over the management and development of four hotels and resorts in partnership with Intercontinental Hotels & Resorts Group (IHG). These include Shangrila Village Resorts in Lazimpat, Kathmandu, Gharipatan in Pokhara, Begnas, and a resort in Meghauli, Chitwan. The multinational company has been assisting in the management and development of these properties since the beginning. Late Panday’s sons, Prasidha and Praveen Panday, are expanding the foundation laid by their father in the hospitality sector, striving to maintain high standards of service.</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:"Times New Roman","serif"">Tourism and hoteliers credit Shyam Bahadur Panday with developing the Lazimpat area into a hotel hub. He was actively associated with national and international tourism organizations, including the Hotel Association of Nepal (HAN) and the Pacific Asia Travel Association (PATA). HAN President Binayak Shah stated that after transitioning from civil service to the tourism sector, Panday's vision significantly advanced Nepal's hospitality industry. "High-class, international-level hospitality services were established in Nepal after his entry," said Shah. "This is considered a significant achievement of that time." Shah also noted Panday's active role in developing tourism policies and regulations, adding, "His contribution to the tourism sector as the chairman of HAN is unparalleled."</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-23', 'modified' => '2024-07-23', 'keywords' => '', 'description' => '', 'sortorder' => '21341', 'image' => '20240723050648_collage (2).jpg', 'article_date' => '2024-07-23 15:42:35', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '21614', 'article_category_id' => '1', 'title' => 'Continued Decline in Foreign Trade Affects Economic Growth', 'sub_title' => '', 'summary' => 'KATHMANDU: Due to the slowdown in the country's economy, foreign trade has continuously declined over the last two 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:"Times New Roman","serif"">BIJAY 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:"Times New Roman","serif"">KATHMANDU: Due to the slowdown in the country's economy, foreign trade has continuously declined over the last two years. According to data released by the Department of Customs on Monday, both imports and exports decreased in FY 2023/24 compared to the previous year.</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:"Times New Roman","serif"">In FY 2023/24, goods worth Rs 1592.98 billion were imported, a decrease of 1.16 percent from the previous year. Exports amounted to Rs 152 billion, which is 3.03 percent less than the previous year.</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:"Times New Roman","serif"">In FY 2022/23, imports were Rs 1611.73 billion, already showing a 16 percent decline from the previous year. Exports that year totaled Rs 157 billion, a decrease of 21.44 percent compared to the prior year.</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:"Times New Roman","serif"">Typically, a decrease in imports in one year is followed by an increase in the next. However, this year, imports have declined for two consecutive years, alongside a drop in exports. Although both imports and exports have decreased, the significant share of imports in foreign trade means the reduction in imports has had a notable impact on the trade balance. There was a marginal improvement in the foreign trade deficit last year.</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:"Times New Roman","serif"">During this period, total foreign trade decreased by 1.33 percent, according to the Department of Customs. The highest amount of goods, worth Rs 150 billion, was imported in the month of Jestha (mid-May to mid-June) last year, followed by imports worth about Rs 149 billion in Ashoj (mid-September to mid-October), and Rs 137 billion in Asar (mid-June to mid-July). Director of the Department of Customs Punya Bikram Khadka attributed the overall decrease in imports to lower international prices and reduced domestic demand.</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:"Times New Roman","serif"">Fluctuations in foreign trade disrupt the structure of the economy. The National Statistics Office reported negative growth rates in trade, manufacturing, construction, mining, and mineral sectors in the third quarter of last year (mid-January to mid-April). The trade and construction sectors, in particular, faced significant challenges. Among the 18 sectors measuring the economy, the business sector, which is second only to agriculture, contributes around 14 percent. It is estimated that the business sector experienced a 2.7 percent decline in the third quarter of last year. Similarly, the construction sector, which contributes 5 percent to the economy, saw an 11 percent decline.</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:"Times New Roman","serif"">Hemraj Regmi, Deputy Chief Statistics Officer of the National Statistics Office, emphasized the need to improve certain aspects of trade, given its importance in measuring economic growth in Nepal. "Decreasing imports of vegetables, fruits, fish, and meat strengthens the domestic economy," he said. "However, it is concerning to see a decline in the import of construction materials like bulldozers and trucks, as these items are crucial for capital creation."</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:"Times New Roman","serif"">Regmi noted that a decrease in the import of petrol and petrol-powered vehicles, due to increased electricity production, should be viewed positively.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong><span style="font-size:13.5pt"><span style="font-family:"Times New Roman","serif"">Trade Deficit with Most Countries</span></span></strong></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:"Times New Roman","serif"">In FY 2023/24, Nepal engaged in foreign trade with 170 countries but maintained a trade surplus with only 35. Nepal experienced the largest trade deficits with neighboring countries to the south and north. The trade deficit with India amounted to Rs 893 billion, while the deficit with China was Rs 296 billion. Among countries with trade surpluses, Nepal registered a surplus of Rs 466 million with Afghanistan and Rs 767,000 with Antigua and Barbuda. Other notable surpluses included Rs 2.5 million with Aruba, Rs 1.5 million with the Bahamas, and Rs 10 million with Bermuda. However, trade profits with other countries were minimal.</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:"Times New Roman","serif"">Last year's total trade deficit stood at Rs 1440 billion, with goods worth Rs 157 billion exported from Nepal.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong><span style="font-size:13.5pt"><span style="font-family:"Times New Roman","serif"">A Surge in Electric Vehicle Imports</span></span></strong></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:"Times New Roman","serif"">FY 2023/24 witnessed a significant increase in electric vehicle (EV) imports. A total of 11,701 private electric cars and jeeps were imported, nearly three times the 4,050 electric vehicles imported in the previous year. Most electric cars imported had capacities between 50 and 100 kW, with 6,885 cars in this category. Additionally, 4,571 cars with capacities up to 50 kW, 217 units with capacities between 101 and 200 kW, 27 units with capacities between 201 and 300 kW, and one unit above 300 kW were imported.</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:"Times New Roman","serif"">Most electric vehicles were imported from China, accounting for 8,065 units, or about 69 percent of the total electric four-wheeler imports. The value of electric four-wheelers imported in FY 2023/24 was Rs 29.48 billion, generating Rs 13.28 billion in tax revenue.</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:"Times New Roman","serif"">Environmentalist Madhukar Upadhyay attribute the surge in EV imports to changes in tax rates. He supports the continued tax exemptions for electric vehicles to reduce environmental pollution. Some economists argue for higher taxes on private electric vehicles and greater emphasis on public transportation.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-23', 'modified' => '2024-07-23', 'keywords' => '', 'description' => '', 'sortorder' => '21340', 'image' => '20240723024720_20231124041440_Trade.jpg', 'article_date' => '2024-07-23 14:46:46', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '21613', 'article_category_id' => '1', 'title' => 'Dedicated Feeder and Trunk Line Tariff Dispute: Prime Minister Unable to Reconnect Power Supply', 'sub_title' => '', 'summary' => 'KATHMANDU: Despite Prime Minister KP Sharma Oli's verbal instructions, the written directives of the Electricity Regulatory Commission, and strong support for the industrialists' stance, the government has failed to restore electricity to six industries as of Monday.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">KATHMANDU: Despite Prime Minister KP Sharma Oli's verbal instructions, the written directives of the Electricity Regulatory Commission, and strong support for the industrialists' stance, the government has failed to restore electricity to six industries as of Monday.</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:"Times New Roman","serif"">The Nepal Electricity Authority (NEA) halted power supply to six industries after they did not pay the tariff for the use of the dedicated feeder and trunk line. The affected industries include Reliance Spinning Mills, Ghorahi Cement, Arghakhanchi Cement, Jagdamba Synthetic, Hulas Steel, and Jagdamba Steel. Other industries with outstanding tariffs have also claimed that their electricity supply has been disrupted by the NEA.</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:"Times New Roman","serif"">However, the board of directors of the NEA, chaired by Energy Minister Deepak Khadka, failed to reach a concrete decision regarding reconnecting the power to these industries. A board member informed New Business Age that the lack of consensus among board members prevented a decision.</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:"Times New Roman","serif"">"Many members in the executive committee meeting agreed that the line should be reconnected, but the decision could not be made because some, including NEA Executive Director Kulman Ghising, did not agree," said the board member.</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:"Times New Roman","serif"">Prime Minister Oli had instructed Ghising to reconnect the power immediately on Friday. On Sunday, the Electricity Regulatory Commission wrote to the NEA to restore electricity to the affected industries. The commission stated that a letter was sent to the NEA to reconnect the power according to the Consumer Interest Protection Directive. However, the NEA indicated that they would not reconnect the power until they received written instructions, as stipulated in the guidelines.</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:"Times New Roman","serif"">Speaking in the House of Representatives on Sunday, the Prime Minister strongly criticized Kulman Ghising, accusing the NEA of trying to raise tariffs forcefully. The Prime Minister defended his stance after parliamentarians protested during the House of Representatives meeting on Monday, arguing that the Prime Minister was siding with industrialists despite a court order to raise electricity tariffs. Particularly, MPs from the CPN (Maoist Center) criticized the Prime Minister.</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:"Times New Roman","serif"">Emphasizing that the ongoing tariff dispute should be studied and resolved, Prime Minister Oli noted the frequent disconnection and reconnection of electricity in industries. He denied acting on inappropriate terms and settings. On Sunday, in the House of Representatives, Oli criticized the NEA's leadership, accusing them of cutting power indiscriminately. He highlighted the significant difference of opinion between the NEA and industrialists and questioned why the NEA targeted only six industries for power cuts.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-07-23', 'modified' => '2024-07-23', 'keywords' => '', 'description' => '', 'sortorder' => '21339', 'image' => '20240723021925_1703936496.line cut.jpg', 'article_date' => '2024-07-23 14:18:25', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '21612', 'article_category_id' => '1', 'title' => 'Birgunj Dry Port's Revenue Rises Despite Declining Foreign Trade', 'sub_title' => '', 'summary' => 'BIRGUNJ: Even though the volume of trade at Birgunj Dry Port decreased in the last fiscal year (FY), revenue collection has increased. In the last fiscal year, the total trade from the dry port amounted to Rs 30.28 billion.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">BIRGUNJ: Even though the volume of trade at Birgunj Dry Port decreased in the last fiscal year (FY), revenue collection has increased. In the last fiscal year, the total trade from the dry port amounted to Rs 30.28 billion.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">This trade volume is almost Rs 1 billion lower compared to the previous fiscal year, when the size of foreign trade from the dry port customs was Rs 31.19 billion. Despite the decline in total trade in last FY, customs revenue increased by 11.57 percent, according to Sushil Sharma, the information officer of the dry port customs.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Sharma claims that facilitation and effective management are the main reasons for the increase in revenue despite the decline in business.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the customs data, the dry port collected Rs 4.24 billion in the year FY 2022/23 and Rs 4.73 billion in the previous year. Sharma informed that Dry Port Customs has been ranked third among customs offices that collected the most revenue last year. ICP Customs in Birgunj and Bhairahawa took the first two places respectively, while Biratnagar Customs took the fourth place.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">None of the customs offices met their specified revenue targets. The Birgunj Dry Port Customs collected only 71.75 percent of its target of Rs 6.59 billion for the last fiscal year. According to customs officials, the import of most goods decreased due to the economic slowdown last year. The import of industrial raw materials through dry port customs is significant, and a considerable amount of alcohol is also imported through this channel.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the customs data, there has been a decrease in the import of both iron ore and billets, the raw materials for the iron industry. However, last year, the import of coal and lighters increased significantly. Previously, coal was imported through Birgunj customs, so the coal import volume increased last year after unloading at the dry port.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Additionally, pocket lighters appeared in significant quantities last year. Customs have tightened regulations on lighters because they are smuggled from China to Nepal and then illegally exported to India. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-23', 'modified' => '2024-07-23', 'keywords' => '', 'description' => '', 'sortorder' => '21338', 'image' => '20240723011910_20211229031826_20201230024130_1609284634.Clipboard08.jpg', 'article_date' => '2024-07-23 13:18:31', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '21611', 'article_category_id' => '1', 'title' => 'Nepal’s Trade Deficit Climbs Above Rs 1400 Billion', 'sub_title' => '', 'summary' => 'KATHMANDU: The Department of Customs has released the foreign trade data for the fiscal year FY 2023/24.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">KATHMANDU: The Department of Customs has released the foreign trade data for the fiscal year FY 2023/24. According to the data, Nepal experienced a trade deficit of more than Rs 1400 billion in one year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">In the last year, Nepal imported goods and services worth more than Rs 1592.98 billion. During the same period, Nepal exported goods and services worth Rs 152.38 billion.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Petroleum products were the most imported items last year, with imports worth Rs 337.34 billion. On the export side, carpets were the most exported product from Nepal, with exports exceeding Rs 10.57 billion.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The ten most imported items include diesel, petrol, Liquefied Petroleum Gas (LPG), iron products, rolled iron/steel coils, smartphones, medicaments, gold, coal and ATF. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Likewise, the ten most exported items were carpets, black cardamom, rolled iron/steel coated with aluminum-zinc alloys, mixtures of juices, refined bleached deodorized palmolein, felt, rolled iron/steel painted, varnished or coated with plastics, single yarn, unbleached woven fabrics of jute, and other yarn such as polyester staple fibres.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-23', 'modified' => '2024-07-23', 'keywords' => '', 'description' => '', 'sortorder' => '21337', 'image' => '20240723124544_20230725032424_trade_imbalance.jpg', 'article_date' => '2024-07-23 12:45:02', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '21610', 'article_category_id' => '1', 'title' => 'Nepal Exports Cash Crop Worth Rs 15 Billion from Kakadbhitta', 'sub_title' => '', 'summary' => 'JHAPA: Nepal exported black cardamom, tea, ginger, and ambrosia worth Rs 15.33 billion to India from Kakadbhitta, the eastern checkpoint of the country, in the fiscal year FY 2023/24. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">JHAPA: Nepal exported cash crop such as black cardamom, tea, ginger, and ambrosia worth Rs 15.33 billion to India from Kakadbhitta, the eastern checkpoint of the country, in the fiscal year FY 2023/24. During this period, agricultural goods worth Rs 18.95 billion were exported to India.</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:"Times New Roman","serif"">Information Officer of the Kakadbhitta-based Quarantine Office, Chandreshwar Yadav, reported that organic tea worth Rs 6.98 billion was exported to India from Kakadbhitta during the review period. Cardamom, tea, ginger, and amriso were the most exported items through this checkpoint. In the same period, 11,648 metric tonnes of tea were exported.</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:"Times New Roman","serif"">In FY 2023/24, 4,510 metric tonnes of cardamom worth Rs 6.052 billion were exported to India. According to Information Officer Yadav, during the same period, 4,545 metric tonnes of ambrosia worth Rs 1.24 billion were also exported to India.</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:"Times New Roman","serif"">Ginger produced in the hills and plains is one of the agricultural products exported in large quantities. Information Officer Yadav informed that ginger worth Rs 580 million was exported from Kakadbhitta during the review period.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-23', 'modified' => '2024-07-26', 'keywords' => '', 'description' => '', 'sortorder' => '21336', 'image' => '20240723121913_BlackCardamom.jpg', 'article_date' => '2024-07-23 12:18:35', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '21609', 'article_category_id' => '1', 'title' => 'Millet Import on the Rise in Nepal', 'sub_title' => '', 'summary' => 'JHAPA: Despite being known as an agricultural country, Nepal has seen a continuous rise in the import of agricultural products.', 'content' => '<h3><span style="font-size:13.5pt"><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">JHAPA: Despite being known as an agricultural country, Nepal has seen a continuous rise in the import of agricultural products.</span></span></span></span></span></h3> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The import of millet via the Kakadbhitta checkpoint has increased compared to the previous year. Information Officer at the Plant Quarantine Office, Kakadbhitta, Chandra Kishor Thakur, informed that Nepal imported 17,797 tonnes of millet from India in the last fiscal year, FY 2023/24. The import amounted to Rs 854 million.</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:"Times New Roman","serif"">In the previous fiscal year, FY 2022/23, the country imported 16,035 metric tonnes of millet, costing Rs 513 million. As the cultivation of millet sharply declined in Nepal, imports from India and third countries have grown in recent years, Thakur added.</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:"Times New Roman","serif"">The rise in imports is not limited to millet. The import of vegetables has also seen a steady increase. Despite substantial production of pumpkin in the hill districts of Nepal, the market is flooded with imported pumpkins. In the last fiscal year, Nepal imported pumpkins worth Rs 211 million, totaling 5,075 metric tonnes from India via the Kakadbhitta border point.</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:"Times New Roman","serif"">The trend continues with other products. Last year, Nepal spent Rs 1.2 billion on importing 51,113 metric tonnes of tomatoes and Rs 295 million on 14,787 metric tonnes of green chilies. Additionally, 15,029 tonnes of okra were imported from India, costing over Rs 300.5 million.</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:"Times New Roman","serif"">Other regular agricultural imports from India include onions, gourds, carrots, squash, and yams. Interestingly, even buckwheat, which can be produced across Nepal's southern plains, hills, and mountainous regions, is imported in large quantities via this border. Thakur noted that over Rs 13 million was spent on importing 209 metric tonnes of buckwheat.</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:"Times New Roman","serif"">Livestock feed is another significant import. A total of 1,443 metric tonnes of cattle feed, costing Rs 46 million, was brought in via the Kakadbhitta border point in the last year alone. The combined cost of importing fruits and rice reached Rs 4.87 billion. Pulses (legumes) remain an essential import for Nepali cuisine.</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:"Times New Roman","serif"">Ironically, amidst this deluge of imports, Nepali farmers continuously worry about not finding a market for their agricultural products. -- RSS</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-07-23', 'modified' => '2024-07-23', 'keywords' => '', 'description' => '', 'sortorder' => '21335', 'image' => '20240723114107_millet_custom-0049961132e1f88d65e2cae393103c7dafc558d7.jpg', 'article_date' => '2024-07-23 11:40:27', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '21608', 'article_category_id' => '1', 'title' => 'Israel Agrees to Recruit 2,000 Nepali Caregivers', 'sub_title' => '', 'summary' => 'Israel has agreed to recruit 2,000 Nepali workers as caregivers. This decision was announced during a meeting between Israeli Ambassador to Nepal, Hanan Godder, and the newly appointed Minister for Labour, Employment, and Social Security, Sharat Singh Bhandari.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">July 23: Israel has agreed to recruit 2,000 Nepali workers as caregivers. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">This decision was announced during a meeting between Israeli Ambassador to Nepal, Hanan Godder, and the newly appointed Minister for Labour, Employment, and Social Security, Sharat Singh Bhandari.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">During the meeting, Ambassador Godder shared that the number of Nepali workers eligible to work as caregivers in Israel has been significantly increased. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Govinda Prasad Rijal, Spokesperson at the Ministry of Labour, Employment, and Social Security, confirmed that the latest agreement allows for 1,000 main candidates and an additional 1,000 candidates on a waiting list to be recruited.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Previously, the agreement stipulated that 500 main candidates and 300 candidates on the waiting list would be hired. This increase highlights the strengthening of bilateral labor relations between Nepal and Israel.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The meeting also covered various aspects of these labor relations, including the ongoing selection process for aspiring candidates. </span></span><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Discussions extended to the potential recruitment of Nepali workers in Israel's agricultural and other sectors.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Minister Bhandari expressed satisfaction with the current state of labor relations between the two countries and urged Ambassador Godder to take more initiatives to search for Bipin Joshi, a Nepali national who has been missing amid the Israel-Palestine conflict. (RSS) </span></span></p> ', 'published' => true, 'created' => '2024-07-23', 'modified' => '2024-07-23', 'keywords' => '', 'description' => '', 'sortorder' => '21334', 'image' => '20240723055411_collage (73).jpg', 'article_date' => '2024-07-23 05:52:36', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 13 => array( 'Article' => array( 'id' => '21607', 'article_category_id' => '1', 'title' => 'Kathmandu-Tarai Expressway Faces Obstacles from Locals ', 'sub_title' => '', 'summary' => 'KATHMANDU: The Nepalese Army has reported that the ongoing obstructions by the locals of Khokna have been hampering the completion of the 70.97 km Kathmandu-Tarai Expressway. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">KATHMANDU: The Nepalese Army has reported that the ongoing obstructions by the locals of Khokna have been hampering the completion of the 70.97 km Kathmandu-Tarai Expressway. Despite seven years since the government entrusted the army to oversee the construction management of the fast track, issues persist in Khokna, the area considered the starting point of the expressway.</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:"Times New Roman","serif"">According to the army, challenges in Khokna include disputes over the determination of the starting point, decision on vehicle and traffic management, and land acquisition. Locals have been obstructing the project, claiming that the expressway threatens the local heritage.</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:"Times New Roman","serif"">Brigadier General Bikas Pokharel, chief of the project, stated at a press conference on Thursday that delays in approving the entry point traffic management and the Supplementary Environmental Impact Assessment (SEIA) could jeopardize the project's timely completion. The government has extended the project's deadline multiple times, with the latest deadline set for mid-April 2027.</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:"Times New Roman","serif"">"We are ready to commence the procurement process once the issues in Khokna are resolved," Pokharel said. The army is focusing on Package 11, covering the 0 km to 6.5 km section of Khokna. Progress in this section has stalled, although 12 other construction packages are ongoing.</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:"Times New Roman","serif"">The Nepalese Army has continued work in other areas while addressing the issues in Khokna. The army also noted that the Bailey bridge, which was installed in the Khokna section, has become ineffective due to unresolved problems. They have acquired 4,811 ropanis of land for the expressway, with 394 ropanis still pending. Of these, 371 ropanis are in the Khokna-Bungmati section, along with 19 ropanis in Makwanpur and 4 ropanis in 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:"Times New Roman","serif"">The army reports that 82.89 percent of work on three of the six tunnels of the expressways has been completed. The remaining 1 km of the 3.32 km Mahadeotar tunnel is expected to be finished this fiscal year, with the army working round the clock. The Dhedre and Lendanda tunnels have been completed. The government aims to finish the Mahadeotar, Dhedre, and Lendanda tunnels by the end of the current fiscal year.</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:"Times New Roman","serif"">Design and preparation for the remaining three tunnels, added in the revised Detailed Project Report (DPR), are underway. The government has allocated a budget of Rs 22.54 billion for this fiscal year. The total cost of the project is estimated to be around Rs 211 billion, with 89 bridges planned along the expressway. Contracts for 85 of these bridges have been managed and are in progress, while the construction of four bridges is on hold due to land acquisition issues in Khokna. As of the last fiscal year, the project's physical progress stands at 35.38 percent, with financial progress at 36.66 percent.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-22', 'modified' => '2024-07-22', 'keywords' => '', 'description' => '', 'sortorder' => '21333', 'image' => '20240722025915_1671839534.fastrrack.jpg', 'article_date' => '2024-07-22 14:58:42', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '21606', 'article_category_id' => '1', 'title' => 'Conflict Escalates between Government and Nepal Electricity Authority Over Tariff Dispute', 'sub_title' => '', 'summary' => 'KATHMANDU: The government leadership is at odds with government agencies over the Nepal Electricity Authority's (NEA) dispute with industrialists regarding dedicated feeder and trunk line tariffs.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">KATHMANDU: The government leadership is at odds with government agencies over the Nepal Electricity Authority's (NEA) dispute with industrialists regarding dedicated feeder and trunk line tariffs.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">On Friday, Prime Minister KP Sharma Oli issued verbal instructions to the NEA to immediately reconnect electricity lines to six industries whose power was cut due to non-payment of premium fees for the use of dedicated feeder and trunk lines. The NEA had cut off electricity to Reliance Spinning Mills, Ghorahi Cement, Arghakhanchi Cement, Jagdamba Synthetic, Hulas Steel, and Jagdamba Steel for non-payment of premium rates while utilizing the services during the load-shedding period. Other industries with outstanding tariffs have also claimed they have stopped receiving electricity from the NEA.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The NEA leadership has made it clear they would not reconnect the lines without written instructions from the government. In response, the government, through the Electricity Regulatory Commission, instructed the NEA on Sunday to immediately provide electricity to the affected industries. Ram Prasad Dhital, chairman of the commission, confirmed that a letter was sent to the NEA to reconnect the lines according to the Consumer Interest Protection Directive.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Following the regulatory commission's directive, the NEA employees’ union issued a statement on Sunday afternoon supporting the position of Executive Director Kulman Ghising. The union maintained that the lines should be reconnected only after settlement of arrears and that if the government waives the tariffs, it should compensate the NEA for the amount. Industrialists believe that the employees’ union was compelled to issue this statement by Executive Director Ghising himself.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Prime Minister Oli criticized Ghising while speaking in the House of Representatives on Sunday, accusing the NEA of cutting off power indiscriminately without evidence. He questioned why only six industries had their lines cut and demanded an investigation into the matter, emphasizing the need for evidence-based fee collection.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Oli mentioned that industrialists did not refuse to pay but requested proof of consumption. He criticized the NEA leadership for creating a situation where electricity is wasted during the rainy season by shutting down industries. "Recover what is due, but after proper investigation," said the prime minister. "Let the industries run and then collect the dues."</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Despite the prime minister's verbal instructions on Friday, the NEA board of directors, in a two-hour meeting held the same evening, concluded that they could not reconnect the lines without written instructions. By Sunday evening, the NEA had not reconnected the lines, even as industrialists remained hopeful that the issue would be resolved in their favor.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">An industrialist expressed confidence that, in a legal state, their grievances would be addressed. The industrialist questioned why only six industries were targeted and suggested that if dues are owed, all defaulting industries should have their lines cut.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Previously, on June 24, the NEA had issued letters to 61 industries, giving them 15 days to pay their arrears. When none complied, the NEA began cutting the lines. The NEA stated that 61 industries owe a total of Rs 8.26 billion in arrears, including fines. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">As the dispute escalated, the Lal Commission, formed to resolve the issue, recommended waiving the disputed tariffs and collecting dues from January 2015 to April 2018. Although the NEA offered a 28-month installment plan for settlement of the arrears, the industrialists refused to pay without proof. They have threatened to cut their lines themselves if the NEA does not reconnect lines to the affected industries.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Chandan Kumar Ghosh, spokesperson for the NEA, accused the industrialists of spreading false propaganda and questioned their claims of insufficient electricity usage. He reiterated that the NEA would not reconnect the lines without written instructions.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Following the Prime Minister's sharp criticism of the NEA leadership, discussions have begun regarding the position of Kulman Ghisingh as Executive Director. Despite public pressure to reappoint Ghising, known for his role in reducing load shedding in the country, Oli during his earlier stint as the prime minister had appointed Hitendra Dev Shakya to lead the NEA.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-22', 'modified' => '2024-07-22', 'keywords' => '', 'description' => '', 'sortorder' => '21332', 'image' => '20240722024241_61ffb27d.jpeg', 'article_date' => '2024-07-22 14:42:10', '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' => '21624', 'article_category_id' => '218', 'title' => 'Global IME Bank Awarded with Two Euromoney Awards for Excellence 2024', 'sub_title' => '', 'summary' => 'KATHMANDU: Global IME Bank Limited has been honored with the Euromoney Award for Excellence 2024. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">KATHMANDU: Global IME Bank Limited has been honored with the Euromoney Award for Excellence 2024. Issuing a statement, the bank said it has been recognized as Nepal's Best Bank 2024 and Nepal’s Best Bank for ESG (Environmental, Social & Governance).</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">This is the second time Global IME Bank has been honored with this award, added the statement. Earlier, the bank was conferred with the "Euromoney Award for Excellence 2022 - Best Bank Nepal".</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The Euromoney Award is regarded as a coveted accolade in the global banking industry. Established in 1992, it recognizes outstanding performance in banking services across the globe.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">This year, Global IME Bank has also been awarded with the Best Bank Award 2024 by Global Finance.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Global IME Bank said it is proud to receive this coveted awards and vowed to continue providing exemplary banking services at all times.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-24', 'modified' => '2024-07-24', 'keywords' => '', 'description' => '', 'sortorder' => '21346', 'image' => '20240724020751_blank eight by six.jpg', 'article_date' => '2024-07-24 14:06:59', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '21620', 'article_category_id' => '1', 'title' => 'Saurya Air Plane Crashes at TIA ', 'sub_title' => '', 'summary' => 'KATHMANDU: A Pokhara-bound Saurya Airlines aircraft met with an accident today (Wednesday) morning at the Tribhuvan International Airport in Kathmandu. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">KATHMANDU: A Pokhara-bound Saurya Airlines aircraft met with an accident today (Wednesday) morning at the Tribhuvan International Airport in Kathmandu. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The aircraft carrying 19 passengers including crew members skidded off the runway and caught fire. According to preliminary reports, eighteen passengers have reportedly died while the captain MR Shakya has been rushed to hospital </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Security personnel of all three security agencies were mobilized to douse the fire, said Gaurav Kumar KC, Spokesperson for the Nepalese Army. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Minister for Home Affairs Ramesh Lekhak has reached the Airport to take stock of the accident. – With inputs from RSS </span></span></span></p> ', 'published' => true, 'created' => '2024-07-24', 'modified' => '2024-07-24', 'keywords' => '', 'description' => '', 'sortorder' => '21345', 'image' => '20240724123824_saurya-airlines48.jpg', 'article_date' => '2024-07-24 12:37:31', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '21618', 'article_category_id' => '1', 'title' => 'Finance Ministry Identifies 46 Challenges of Nepal's Economy', 'sub_title' => '', 'summary' => 'KATHMANDU: Officials of the Ministry of Finance on Tuesday briefed Finance Minister Bishnu Prasad Poudel about the country's economic challenges and proposed measures to address these issues.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">KATHMANDU: Officials of the Ministry of Finance on Tuesday briefed Finance Minister Bishnu Prasad Poudel about the country's economic challenges and proposed measures to address these issues. "Mainly, there are 46 challenges in Nepal's economy, according to the observation of the Finance Ministry. Steps are required in 29 sectors to overcome these challenges," stated a press note issued by the ministry.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The ministry's secretaries and joint secretaries provided the minister with an overview of the country's economic status and proposed solutions. In response, Minister Poudel directed prioritizing these challenges to resolve them effectively.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Key challenges identified by the ministry officials include the slow growth rate in the economic sector compared to available resources, limited growth in savings, consumption, and investment, poor investment in the productive sector, and a significant gap in the import-export ratio. Additionally, unstable and slow economic growth, a substantial financing gap, limited gross domestic savings, and massive internal migration leading to a decreasing population trend in mountain, hill, and rural areas were highlighted as major issues.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The ministry also pointed out the limited contribution of the productive sector to economic growth, low productivity, and the declining trend of the industrial sector's contributions to the economy. Furthermore, the officials highlighted challenges such as an import-based revenue system, poor export status, a massive trade deficit, marginal growth in revenue collection and expenditure, ineffectiveness in capital expenditure, rising debts, and substantial financial liability for loan repayment.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">To address these challenges, the ministry suggested reforms in 29 sectors. These reforms should focus on ensuring effective public expenditure with prioritization, improving capacity to increase capital expenditure, emphasizing fiscal strengthening, prioritizing production-based revenue, promoting effective use of debts, reducing financing risks, boosting economic growth by creating a conducive environment for investment, and investing more in the productive sector.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The ministry also proposed ideas for revitalizing the economy amid ongoing slowdown. These include removing internal obstacles to attract foreign direct investment (FDI), stressing the construction of hydropower projects and transmission lines, developing quality road networks, aligning rural roads with agricultural production and marketing, promoting the effectiveness of capital expenditure, and applying austerity measures in administrative costs.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Additionally, the ministry recommended focusing government investment on infrastructure development, mobilizing foreign grants and concessional loans for national priority projects, and using funds related to climate change effectively. Other suggested measures include maintaining the government's reserve fund, discouraging non-budgetary demands, ensuring loan disbursement in the productive sector, and controlling bad debts.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The ministry's officials also called for applying relaxed monetary tools to reduce the costs of fiscal tools while maintaining stability, providing project-based loans for SMEs, ensuring effective regulations of the fiscal sector, and developing a second-layer regulatory mechanism for the cooperative sector. Encouraging the use of remittance in the productive sector and implementing policy and legal reforms to increase the inflow of foreign investment were also among the proposed solutions. -- RSS</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-24', 'modified' => '2024-07-24', 'keywords' => '', 'description' => '', 'sortorder' => '21344', 'image' => '20240724114026_20240614022003_20230313041732_1678585862.Clipboard28.jpg', 'article_date' => '2024-07-24 11:39:44', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '21617', 'article_category_id' => '1', 'title' => 'India Pledges Grant of Rs 11.20 Billion to Nepal', 'sub_title' => '', 'summary' => 'KATHMANDU: The Indian government has pledged a grant of INR 7 billion (NRS 11.20 billion) to Nepal.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">KATHMANDU: The Indian government has pledged a grant of INR 7 billion (NRS 11.20 billion) to Nepal. India’s Finance Minister Nirmala Sitharaman mentioned in the annual budget presented in the parliament on Tuesday that India will provide the aforementioned grant to Nepal in the fiscal year 2024-25. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">This amount is INR 500 million (Rs 800 million) more than the revised estimate of the last fiscal year 2023-24. India had pledged to provide INR 6.50 billion (NRS 10.40 billion) to Nepal in the last fiscal year.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">India's grant to Bhutan is the highest, with a grant of INR 26.80 billion. Similarly, the budget mentions that India will provide grants of INR 5 billion to Mongolia, INR 4 billion to the Maldives, INR 2.5 billion to Myanmar, INR 2.45 billion to Sri Lanka, INR 2 billion to Afghanistan, INR 1.2 billion to Bangladesh, and INR 2 billion to African countries.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-24', 'modified' => '2024-07-24', 'keywords' => '', 'description' => '', 'sortorder' => '21343', 'image' => '20240724103002_20240107105700_Fl_600x600.jpg', 'article_date' => '2024-07-24 10:29:28', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '21616', 'article_category_id' => '1', 'title' => 'NEA Board Decides to Resume Electricity Supply to Industries', 'sub_title' => '', 'summary' => 'The Nepal Electricity Authority (NEA) Board of Directors has decided to resume electricity supply to six industries. This decision was made during a meeting presided over by the Minister for Energy, Water Resources, and Irrigation, Deepak Khadka, who also chairs the NEA Board.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">July 23: The Nepal Electricity Authority (NEA) Board of Directors has decided to resume electricity supply to six industries.</span></span><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif""> This decision was made during a meeting presided over by the Minister for Energy, Water Resources, and Irrigation, Deepak Khadka, who also chairs the NEA Board.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The decision mandates that the industries must clear their dues within three months to ensure the continuation of power supply. This directive comes following the guidelines from the Electricity Regulation Commission.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The industries affected by the power cut since July 9 due to unpaid tariffs are Reliance Spinning Mills, Ghorahi Cement, Arghakhanchi Cement, Jagdamba Steel, Jagdamba Synthetics, and Hulas Steel. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The NEA's latest decision aims to restore power to these industries under the condition of timely payment of the dues.</span></span></p> ', 'published' => true, 'created' => '2024-07-24', 'modified' => '2024-07-24', 'keywords' => '', 'description' => '', 'sortorder' => '21342', 'image' => '20240724054052_collage (74).jpg', 'article_date' => '2024-07-24 05:39:38', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 5 => array( 'Article' => array( 'id' => '21615', 'article_category_id' => '1', 'title' => 'Shyam Bahadur Panday, Founder of Shangrila Hotel, Passes Away', 'sub_title' => '', 'summary' => 'KATHMANDU: Shyam Bahadur Panday, the founder of Shangrila Hotel, one of Nepal's oldest high-end hotels, passed away on Monday at the age of 88. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">KATHMANDU: Shyam Bahadur Panday, the founder of Shangrila Hotel, one of Nepal's oldest high-end hotels, passed away on Monday at the age of 88. He breathed his last at Grandi Hospital in Tokha, Kathmandu. Panday's death follows closely on the heels of the passing of another first-generation tourism entrepreneur, Ambika Shrestha, founder of Heritage Hotel, who died last Thursday at the age of 92. Their funerals were held on the same day, Monday.</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:"Times New Roman","serif"">Born on October 12, 1936, in Lazimpat, Kathmandu, Panday retired from civil service in the 1970s and went on to establish the Shangrila Hotel. Recognizing a market gap between five-star hotels like Soaltee and Annapurna and the one-star hotels in Thamel, he aimed to provide four-star service through the Shangrila Hotel in Lazimpat.</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:"Times New Roman","serif"">Tourism entrepreneur Yogendra Shakya remarked that apart from the hotels run by the Royal Palace, there were only one-star hotels at that time. Panday's courage and entrepreneurial thinking can still serve as an inspiration. Shakya praised Panday's significant contribution to the country's hospitality sector, highlighting his establishment of a four-star hotel without involving an international chain. "At that time, there were cheap hotels in Thamel while Annapurna and Soaltee were five-star hotels,” said Shakya. “Panday brought a radical change by introducing a four-star hotel to fill the gap."</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:"Times New Roman","serif"">Coming from a military family, Panday himself was a civil servant before venturing into the hospitality industry. After retiring, he started an export business to China, dealing in rice and jute in the 1960s, but he was not satisfied with this line of work. Dreaming of building a special hotel in Lazimpat, Panday took a significant risk due to his limited knowledge in the hospitality field. British author, artist, and architect Desmond Doig motivated and assisted him in opening the Shangrila Hotel. The hotel's name was inspired by James Hilton's novel "The Lost Horizon."</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:"Times New Roman","serif"">Shyam Bahadur's father, Rudra Bahadur Panday, descendent of the great military general Kalu Panday, was in the army. Shyam Bahadur, after his government service, chose to enter the business world, exemplifying how life after retirement can be creatively fulfilling.</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:"Times New Roman","serif"">Last March, Panday received the Lifetime Achievement in Business Leadership Award during the eighth edition of the Newbiz Business Conclave and Awards. His younger son and the hotel’s Managing Director, Praveen Panday, received the award on his behalf. "My father started the concept of Shangrila Hotel 55 years ago," said Praveen. “It is because of his blessings that we introduced the world's best hospitality brand. My father started the business from zero. Inspired by his will, we are working to elevate our hotel to a higher level.”</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:"Times New Roman","serif"">Two years ago, Shangri-La Hotel & Resort Group took over the management and development of four hotels and resorts in partnership with Intercontinental Hotels & Resorts Group (IHG). These include Shangrila Village Resorts in Lazimpat, Kathmandu, Gharipatan in Pokhara, Begnas, and a resort in Meghauli, Chitwan. The multinational company has been assisting in the management and development of these properties since the beginning. Late Panday’s sons, Prasidha and Praveen Panday, are expanding the foundation laid by their father in the hospitality sector, striving to maintain high standards of service.</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:"Times New Roman","serif"">Tourism and hoteliers credit Shyam Bahadur Panday with developing the Lazimpat area into a hotel hub. He was actively associated with national and international tourism organizations, including the Hotel Association of Nepal (HAN) and the Pacific Asia Travel Association (PATA). HAN President Binayak Shah stated that after transitioning from civil service to the tourism sector, Panday's vision significantly advanced Nepal's hospitality industry. "High-class, international-level hospitality services were established in Nepal after his entry," said Shah. "This is considered a significant achievement of that time." Shah also noted Panday's active role in developing tourism policies and regulations, adding, "His contribution to the tourism sector as the chairman of HAN is unparalleled."</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-23', 'modified' => '2024-07-23', 'keywords' => '', 'description' => '', 'sortorder' => '21341', 'image' => '20240723050648_collage (2).jpg', 'article_date' => '2024-07-23 15:42:35', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '21614', 'article_category_id' => '1', 'title' => 'Continued Decline in Foreign Trade Affects Economic Growth', 'sub_title' => '', 'summary' => 'KATHMANDU: Due to the slowdown in the country's economy, foreign trade has continuously declined over the last two 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:"Times New Roman","serif"">BIJAY 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:"Times New Roman","serif"">KATHMANDU: Due to the slowdown in the country's economy, foreign trade has continuously declined over the last two years. According to data released by the Department of Customs on Monday, both imports and exports decreased in FY 2023/24 compared to the previous year.</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:"Times New Roman","serif"">In FY 2023/24, goods worth Rs 1592.98 billion were imported, a decrease of 1.16 percent from the previous year. Exports amounted to Rs 152 billion, which is 3.03 percent less than the previous year.</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:"Times New Roman","serif"">In FY 2022/23, imports were Rs 1611.73 billion, already showing a 16 percent decline from the previous year. Exports that year totaled Rs 157 billion, a decrease of 21.44 percent compared to the prior year.</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:"Times New Roman","serif"">Typically, a decrease in imports in one year is followed by an increase in the next. However, this year, imports have declined for two consecutive years, alongside a drop in exports. Although both imports and exports have decreased, the significant share of imports in foreign trade means the reduction in imports has had a notable impact on the trade balance. There was a marginal improvement in the foreign trade deficit last year.</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:"Times New Roman","serif"">During this period, total foreign trade decreased by 1.33 percent, according to the Department of Customs. The highest amount of goods, worth Rs 150 billion, was imported in the month of Jestha (mid-May to mid-June) last year, followed by imports worth about Rs 149 billion in Ashoj (mid-September to mid-October), and Rs 137 billion in Asar (mid-June to mid-July). Director of the Department of Customs Punya Bikram Khadka attributed the overall decrease in imports to lower international prices and reduced domestic demand.</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:"Times New Roman","serif"">Fluctuations in foreign trade disrupt the structure of the economy. The National Statistics Office reported negative growth rates in trade, manufacturing, construction, mining, and mineral sectors in the third quarter of last year (mid-January to mid-April). The trade and construction sectors, in particular, faced significant challenges. Among the 18 sectors measuring the economy, the business sector, which is second only to agriculture, contributes around 14 percent. It is estimated that the business sector experienced a 2.7 percent decline in the third quarter of last year. Similarly, the construction sector, which contributes 5 percent to the economy, saw an 11 percent decline.</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:"Times New Roman","serif"">Hemraj Regmi, Deputy Chief Statistics Officer of the National Statistics Office, emphasized the need to improve certain aspects of trade, given its importance in measuring economic growth in Nepal. "Decreasing imports of vegetables, fruits, fish, and meat strengthens the domestic economy," he said. "However, it is concerning to see a decline in the import of construction materials like bulldozers and trucks, as these items are crucial for capital creation."</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:"Times New Roman","serif"">Regmi noted that a decrease in the import of petrol and petrol-powered vehicles, due to increased electricity production, should be viewed positively.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong><span style="font-size:13.5pt"><span style="font-family:"Times New Roman","serif"">Trade Deficit with Most Countries</span></span></strong></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:"Times New Roman","serif"">In FY 2023/24, Nepal engaged in foreign trade with 170 countries but maintained a trade surplus with only 35. Nepal experienced the largest trade deficits with neighboring countries to the south and north. The trade deficit with India amounted to Rs 893 billion, while the deficit with China was Rs 296 billion. Among countries with trade surpluses, Nepal registered a surplus of Rs 466 million with Afghanistan and Rs 767,000 with Antigua and Barbuda. Other notable surpluses included Rs 2.5 million with Aruba, Rs 1.5 million with the Bahamas, and Rs 10 million with Bermuda. However, trade profits with other countries were minimal.</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:"Times New Roman","serif"">Last year's total trade deficit stood at Rs 1440 billion, with goods worth Rs 157 billion exported from Nepal.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong><span style="font-size:13.5pt"><span style="font-family:"Times New Roman","serif"">A Surge in Electric Vehicle Imports</span></span></strong></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:"Times New Roman","serif"">FY 2023/24 witnessed a significant increase in electric vehicle (EV) imports. A total of 11,701 private electric cars and jeeps were imported, nearly three times the 4,050 electric vehicles imported in the previous year. Most electric cars imported had capacities between 50 and 100 kW, with 6,885 cars in this category. Additionally, 4,571 cars with capacities up to 50 kW, 217 units with capacities between 101 and 200 kW, 27 units with capacities between 201 and 300 kW, and one unit above 300 kW were imported.</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:"Times New Roman","serif"">Most electric vehicles were imported from China, accounting for 8,065 units, or about 69 percent of the total electric four-wheeler imports. The value of electric four-wheelers imported in FY 2023/24 was Rs 29.48 billion, generating Rs 13.28 billion in tax revenue.</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:"Times New Roman","serif"">Environmentalist Madhukar Upadhyay attribute the surge in EV imports to changes in tax rates. He supports the continued tax exemptions for electric vehicles to reduce environmental pollution. Some economists argue for higher taxes on private electric vehicles and greater emphasis on public transportation.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-23', 'modified' => '2024-07-23', 'keywords' => '', 'description' => '', 'sortorder' => '21340', 'image' => '20240723024720_20231124041440_Trade.jpg', 'article_date' => '2024-07-23 14:46:46', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '21613', 'article_category_id' => '1', 'title' => 'Dedicated Feeder and Trunk Line Tariff Dispute: Prime Minister Unable to Reconnect Power Supply', 'sub_title' => '', 'summary' => 'KATHMANDU: Despite Prime Minister KP Sharma Oli's verbal instructions, the written directives of the Electricity Regulatory Commission, and strong support for the industrialists' stance, the government has failed to restore electricity to six industries as of Monday.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">KATHMANDU: Despite Prime Minister KP Sharma Oli's verbal instructions, the written directives of the Electricity Regulatory Commission, and strong support for the industrialists' stance, the government has failed to restore electricity to six industries as of Monday.</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:"Times New Roman","serif"">The Nepal Electricity Authority (NEA) halted power supply to six industries after they did not pay the tariff for the use of the dedicated feeder and trunk line. The affected industries include Reliance Spinning Mills, Ghorahi Cement, Arghakhanchi Cement, Jagdamba Synthetic, Hulas Steel, and Jagdamba Steel. Other industries with outstanding tariffs have also claimed that their electricity supply has been disrupted by the NEA.</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:"Times New Roman","serif"">However, the board of directors of the NEA, chaired by Energy Minister Deepak Khadka, failed to reach a concrete decision regarding reconnecting the power to these industries. A board member informed New Business Age that the lack of consensus among board members prevented a decision.</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:"Times New Roman","serif"">"Many members in the executive committee meeting agreed that the line should be reconnected, but the decision could not be made because some, including NEA Executive Director Kulman Ghising, did not agree," said the board member.</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:"Times New Roman","serif"">Prime Minister Oli had instructed Ghising to reconnect the power immediately on Friday. On Sunday, the Electricity Regulatory Commission wrote to the NEA to restore electricity to the affected industries. The commission stated that a letter was sent to the NEA to reconnect the power according to the Consumer Interest Protection Directive. However, the NEA indicated that they would not reconnect the power until they received written instructions, as stipulated in the guidelines.</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:"Times New Roman","serif"">Speaking in the House of Representatives on Sunday, the Prime Minister strongly criticized Kulman Ghising, accusing the NEA of trying to raise tariffs forcefully. The Prime Minister defended his stance after parliamentarians protested during the House of Representatives meeting on Monday, arguing that the Prime Minister was siding with industrialists despite a court order to raise electricity tariffs. Particularly, MPs from the CPN (Maoist Center) criticized the Prime Minister.</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:"Times New Roman","serif"">Emphasizing that the ongoing tariff dispute should be studied and resolved, Prime Minister Oli noted the frequent disconnection and reconnection of electricity in industries. He denied acting on inappropriate terms and settings. On Sunday, in the House of Representatives, Oli criticized the NEA's leadership, accusing them of cutting power indiscriminately. He highlighted the significant difference of opinion between the NEA and industrialists and questioned why the NEA targeted only six industries for power cuts.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-07-23', 'modified' => '2024-07-23', 'keywords' => '', 'description' => '', 'sortorder' => '21339', 'image' => '20240723021925_1703936496.line cut.jpg', 'article_date' => '2024-07-23 14:18:25', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '21612', 'article_category_id' => '1', 'title' => 'Birgunj Dry Port's Revenue Rises Despite Declining Foreign Trade', 'sub_title' => '', 'summary' => 'BIRGUNJ: Even though the volume of trade at Birgunj Dry Port decreased in the last fiscal year (FY), revenue collection has increased. In the last fiscal year, the total trade from the dry port amounted to Rs 30.28 billion.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">BIRGUNJ: Even though the volume of trade at Birgunj Dry Port decreased in the last fiscal year (FY), revenue collection has increased. In the last fiscal year, the total trade from the dry port amounted to Rs 30.28 billion.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">This trade volume is almost Rs 1 billion lower compared to the previous fiscal year, when the size of foreign trade from the dry port customs was Rs 31.19 billion. Despite the decline in total trade in last FY, customs revenue increased by 11.57 percent, according to Sushil Sharma, the information officer of the dry port customs.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Sharma claims that facilitation and effective management are the main reasons for the increase in revenue despite the decline in business.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the customs data, the dry port collected Rs 4.24 billion in the year FY 2022/23 and Rs 4.73 billion in the previous year. Sharma informed that Dry Port Customs has been ranked third among customs offices that collected the most revenue last year. ICP Customs in Birgunj and Bhairahawa took the first two places respectively, while Biratnagar Customs took the fourth place.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">None of the customs offices met their specified revenue targets. The Birgunj Dry Port Customs collected only 71.75 percent of its target of Rs 6.59 billion for the last fiscal year. According to customs officials, the import of most goods decreased due to the economic slowdown last year. The import of industrial raw materials through dry port customs is significant, and a considerable amount of alcohol is also imported through this channel.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the customs data, there has been a decrease in the import of both iron ore and billets, the raw materials for the iron industry. However, last year, the import of coal and lighters increased significantly. Previously, coal was imported through Birgunj customs, so the coal import volume increased last year after unloading at the dry port.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Additionally, pocket lighters appeared in significant quantities last year. Customs have tightened regulations on lighters because they are smuggled from China to Nepal and then illegally exported to India. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-23', 'modified' => '2024-07-23', 'keywords' => '', 'description' => '', 'sortorder' => '21338', 'image' => '20240723011910_20211229031826_20201230024130_1609284634.Clipboard08.jpg', 'article_date' => '2024-07-23 13:18:31', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '21611', 'article_category_id' => '1', 'title' => 'Nepal’s Trade Deficit Climbs Above Rs 1400 Billion', 'sub_title' => '', 'summary' => 'KATHMANDU: The Department of Customs has released the foreign trade data for the fiscal year FY 2023/24.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">KATHMANDU: The Department of Customs has released the foreign trade data for the fiscal year FY 2023/24. According to the data, Nepal experienced a trade deficit of more than Rs 1400 billion in one year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">In the last year, Nepal imported goods and services worth more than Rs 1592.98 billion. During the same period, Nepal exported goods and services worth Rs 152.38 billion.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Petroleum products were the most imported items last year, with imports worth Rs 337.34 billion. On the export side, carpets were the most exported product from Nepal, with exports exceeding Rs 10.57 billion.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The ten most imported items include diesel, petrol, Liquefied Petroleum Gas (LPG), iron products, rolled iron/steel coils, smartphones, medicaments, gold, coal and ATF. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Likewise, the ten most exported items were carpets, black cardamom, rolled iron/steel coated with aluminum-zinc alloys, mixtures of juices, refined bleached deodorized palmolein, felt, rolled iron/steel painted, varnished or coated with plastics, single yarn, unbleached woven fabrics of jute, and other yarn such as polyester staple fibres.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-23', 'modified' => '2024-07-23', 'keywords' => '', 'description' => '', 'sortorder' => '21337', 'image' => '20240723124544_20230725032424_trade_imbalance.jpg', 'article_date' => '2024-07-23 12:45:02', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '21610', 'article_category_id' => '1', 'title' => 'Nepal Exports Cash Crop Worth Rs 15 Billion from Kakadbhitta', 'sub_title' => '', 'summary' => 'JHAPA: Nepal exported black cardamom, tea, ginger, and ambrosia worth Rs 15.33 billion to India from Kakadbhitta, the eastern checkpoint of the country, in the fiscal year FY 2023/24. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">JHAPA: Nepal exported cash crop such as black cardamom, tea, ginger, and ambrosia worth Rs 15.33 billion to India from Kakadbhitta, the eastern checkpoint of the country, in the fiscal year FY 2023/24. During this period, agricultural goods worth Rs 18.95 billion were exported to India.</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:"Times New Roman","serif"">Information Officer of the Kakadbhitta-based Quarantine Office, Chandreshwar Yadav, reported that organic tea worth Rs 6.98 billion was exported to India from Kakadbhitta during the review period. Cardamom, tea, ginger, and amriso were the most exported items through this checkpoint. In the same period, 11,648 metric tonnes of tea were exported.</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:"Times New Roman","serif"">In FY 2023/24, 4,510 metric tonnes of cardamom worth Rs 6.052 billion were exported to India. According to Information Officer Yadav, during the same period, 4,545 metric tonnes of ambrosia worth Rs 1.24 billion were also exported to India.</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:"Times New Roman","serif"">Ginger produced in the hills and plains is one of the agricultural products exported in large quantities. Information Officer Yadav informed that ginger worth Rs 580 million was exported from Kakadbhitta during the review period.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-23', 'modified' => '2024-07-26', 'keywords' => '', 'description' => '', 'sortorder' => '21336', 'image' => '20240723121913_BlackCardamom.jpg', 'article_date' => '2024-07-23 12:18:35', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '21609', 'article_category_id' => '1', 'title' => 'Millet Import on the Rise in Nepal', 'sub_title' => '', 'summary' => 'JHAPA: Despite being known as an agricultural country, Nepal has seen a continuous rise in the import of agricultural products.', 'content' => '<h3><span style="font-size:13.5pt"><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">JHAPA: Despite being known as an agricultural country, Nepal has seen a continuous rise in the import of agricultural products.</span></span></span></span></span></h3> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The import of millet via the Kakadbhitta checkpoint has increased compared to the previous year. Information Officer at the Plant Quarantine Office, Kakadbhitta, Chandra Kishor Thakur, informed that Nepal imported 17,797 tonnes of millet from India in the last fiscal year, FY 2023/24. The import amounted to Rs 854 million.</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:"Times New Roman","serif"">In the previous fiscal year, FY 2022/23, the country imported 16,035 metric tonnes of millet, costing Rs 513 million. As the cultivation of millet sharply declined in Nepal, imports from India and third countries have grown in recent years, Thakur added.</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:"Times New Roman","serif"">The rise in imports is not limited to millet. The import of vegetables has also seen a steady increase. Despite substantial production of pumpkin in the hill districts of Nepal, the market is flooded with imported pumpkins. In the last fiscal year, Nepal imported pumpkins worth Rs 211 million, totaling 5,075 metric tonnes from India via the Kakadbhitta border point.</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:"Times New Roman","serif"">The trend continues with other products. Last year, Nepal spent Rs 1.2 billion on importing 51,113 metric tonnes of tomatoes and Rs 295 million on 14,787 metric tonnes of green chilies. Additionally, 15,029 tonnes of okra were imported from India, costing over Rs 300.5 million.</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:"Times New Roman","serif"">Other regular agricultural imports from India include onions, gourds, carrots, squash, and yams. Interestingly, even buckwheat, which can be produced across Nepal's southern plains, hills, and mountainous regions, is imported in large quantities via this border. Thakur noted that over Rs 13 million was spent on importing 209 metric tonnes of buckwheat.</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:"Times New Roman","serif"">Livestock feed is another significant import. A total of 1,443 metric tonnes of cattle feed, costing Rs 46 million, was brought in via the Kakadbhitta border point in the last year alone. The combined cost of importing fruits and rice reached Rs 4.87 billion. Pulses (legumes) remain an essential import for Nepali cuisine.</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:"Times New Roman","serif"">Ironically, amidst this deluge of imports, Nepali farmers continuously worry about not finding a market for their agricultural products. -- RSS</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-07-23', 'modified' => '2024-07-23', 'keywords' => '', 'description' => '', 'sortorder' => '21335', 'image' => '20240723114107_millet_custom-0049961132e1f88d65e2cae393103c7dafc558d7.jpg', 'article_date' => '2024-07-23 11:40:27', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '21608', 'article_category_id' => '1', 'title' => 'Israel Agrees to Recruit 2,000 Nepali Caregivers', 'sub_title' => '', 'summary' => 'Israel has agreed to recruit 2,000 Nepali workers as caregivers. This decision was announced during a meeting between Israeli Ambassador to Nepal, Hanan Godder, and the newly appointed Minister for Labour, Employment, and Social Security, Sharat Singh Bhandari.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">July 23: Israel has agreed to recruit 2,000 Nepali workers as caregivers. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">This decision was announced during a meeting between Israeli Ambassador to Nepal, Hanan Godder, and the newly appointed Minister for Labour, Employment, and Social Security, Sharat Singh Bhandari.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">During the meeting, Ambassador Godder shared that the number of Nepali workers eligible to work as caregivers in Israel has been significantly increased. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Govinda Prasad Rijal, Spokesperson at the Ministry of Labour, Employment, and Social Security, confirmed that the latest agreement allows for 1,000 main candidates and an additional 1,000 candidates on a waiting list to be recruited.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Previously, the agreement stipulated that 500 main candidates and 300 candidates on the waiting list would be hired. This increase highlights the strengthening of bilateral labor relations between Nepal and Israel.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The meeting also covered various aspects of these labor relations, including the ongoing selection process for aspiring candidates. </span></span><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Discussions extended to the potential recruitment of Nepali workers in Israel's agricultural and other sectors.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Minister Bhandari expressed satisfaction with the current state of labor relations between the two countries and urged Ambassador Godder to take more initiatives to search for Bipin Joshi, a Nepali national who has been missing amid the Israel-Palestine conflict. (RSS) </span></span></p> ', 'published' => true, 'created' => '2024-07-23', 'modified' => '2024-07-23', 'keywords' => '', 'description' => '', 'sortorder' => '21334', 'image' => '20240723055411_collage (73).jpg', 'article_date' => '2024-07-23 05:52:36', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 13 => array( 'Article' => array( 'id' => '21607', 'article_category_id' => '1', 'title' => 'Kathmandu-Tarai Expressway Faces Obstacles from Locals ', 'sub_title' => '', 'summary' => 'KATHMANDU: The Nepalese Army has reported that the ongoing obstructions by the locals of Khokna have been hampering the completion of the 70.97 km Kathmandu-Tarai Expressway. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">KATHMANDU: The Nepalese Army has reported that the ongoing obstructions by the locals of Khokna have been hampering the completion of the 70.97 km Kathmandu-Tarai Expressway. Despite seven years since the government entrusted the army to oversee the construction management of the fast track, issues persist in Khokna, the area considered the starting point of the expressway.</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:"Times New Roman","serif"">According to the army, challenges in Khokna include disputes over the determination of the starting point, decision on vehicle and traffic management, and land acquisition. Locals have been obstructing the project, claiming that the expressway threatens the local heritage.</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:"Times New Roman","serif"">Brigadier General Bikas Pokharel, chief of the project, stated at a press conference on Thursday that delays in approving the entry point traffic management and the Supplementary Environmental Impact Assessment (SEIA) could jeopardize the project's timely completion. The government has extended the project's deadline multiple times, with the latest deadline set for mid-April 2027.</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:"Times New Roman","serif"">"We are ready to commence the procurement process once the issues in Khokna are resolved," Pokharel said. The army is focusing on Package 11, covering the 0 km to 6.5 km section of Khokna. Progress in this section has stalled, although 12 other construction packages are ongoing.</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:"Times New Roman","serif"">The Nepalese Army has continued work in other areas while addressing the issues in Khokna. The army also noted that the Bailey bridge, which was installed in the Khokna section, has become ineffective due to unresolved problems. They have acquired 4,811 ropanis of land for the expressway, with 394 ropanis still pending. Of these, 371 ropanis are in the Khokna-Bungmati section, along with 19 ropanis in Makwanpur and 4 ropanis in 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:"Times New Roman","serif"">The army reports that 82.89 percent of work on three of the six tunnels of the expressways has been completed. The remaining 1 km of the 3.32 km Mahadeotar tunnel is expected to be finished this fiscal year, with the army working round the clock. The Dhedre and Lendanda tunnels have been completed. The government aims to finish the Mahadeotar, Dhedre, and Lendanda tunnels by the end of the current fiscal year.</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:"Times New Roman","serif"">Design and preparation for the remaining three tunnels, added in the revised Detailed Project Report (DPR), are underway. The government has allocated a budget of Rs 22.54 billion for this fiscal year. The total cost of the project is estimated to be around Rs 211 billion, with 89 bridges planned along the expressway. Contracts for 85 of these bridges have been managed and are in progress, while the construction of four bridges is on hold due to land acquisition issues in Khokna. As of the last fiscal year, the project's physical progress stands at 35.38 percent, with financial progress at 36.66 percent.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-22', 'modified' => '2024-07-22', 'keywords' => '', 'description' => '', 'sortorder' => '21333', 'image' => '20240722025915_1671839534.fastrrack.jpg', 'article_date' => '2024-07-22 14:58:42', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '21606', 'article_category_id' => '1', 'title' => 'Conflict Escalates between Government and Nepal Electricity Authority Over Tariff Dispute', 'sub_title' => '', 'summary' => 'KATHMANDU: The government leadership is at odds with government agencies over the Nepal Electricity Authority's (NEA) dispute with industrialists regarding dedicated feeder and trunk line tariffs.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">KATHMANDU: The government leadership is at odds with government agencies over the Nepal Electricity Authority's (NEA) dispute with industrialists regarding dedicated feeder and trunk line tariffs.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">On Friday, Prime Minister KP Sharma Oli issued verbal instructions to the NEA to immediately reconnect electricity lines to six industries whose power was cut due to non-payment of premium fees for the use of dedicated feeder and trunk lines. The NEA had cut off electricity to Reliance Spinning Mills, Ghorahi Cement, Arghakhanchi Cement, Jagdamba Synthetic, Hulas Steel, and Jagdamba Steel for non-payment of premium rates while utilizing the services during the load-shedding period. Other industries with outstanding tariffs have also claimed they have stopped receiving electricity from the NEA.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The NEA leadership has made it clear they would not reconnect the lines without written instructions from the government. In response, the government, through the Electricity Regulatory Commission, instructed the NEA on Sunday to immediately provide electricity to the affected industries. Ram Prasad Dhital, chairman of the commission, confirmed that a letter was sent to the NEA to reconnect the lines according to the Consumer Interest Protection Directive.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Following the regulatory commission's directive, the NEA employees’ union issued a statement on Sunday afternoon supporting the position of Executive Director Kulman Ghising. The union maintained that the lines should be reconnected only after settlement of arrears and that if the government waives the tariffs, it should compensate the NEA for the amount. Industrialists believe that the employees’ union was compelled to issue this statement by Executive Director Ghising himself.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Prime Minister Oli criticized Ghising while speaking in the House of Representatives on Sunday, accusing the NEA of cutting off power indiscriminately without evidence. He questioned why only six industries had their lines cut and demanded an investigation into the matter, emphasizing the need for evidence-based fee collection.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Oli mentioned that industrialists did not refuse to pay but requested proof of consumption. He criticized the NEA leadership for creating a situation where electricity is wasted during the rainy season by shutting down industries. "Recover what is due, but after proper investigation," said the prime minister. "Let the industries run and then collect the dues."</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Despite the prime minister's verbal instructions on Friday, the NEA board of directors, in a two-hour meeting held the same evening, concluded that they could not reconnect the lines without written instructions. By Sunday evening, the NEA had not reconnected the lines, even as industrialists remained hopeful that the issue would be resolved in their favor.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">An industrialist expressed confidence that, in a legal state, their grievances would be addressed. The industrialist questioned why only six industries were targeted and suggested that if dues are owed, all defaulting industries should have their lines cut.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Previously, on June 24, the NEA had issued letters to 61 industries, giving them 15 days to pay their arrears. When none complied, the NEA began cutting the lines. The NEA stated that 61 industries owe a total of Rs 8.26 billion in arrears, including fines. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">As the dispute escalated, the Lal Commission, formed to resolve the issue, recommended waiving the disputed tariffs and collecting dues from January 2015 to April 2018. Although the NEA offered a 28-month installment plan for settlement of the arrears, the industrialists refused to pay without proof. They have threatened to cut their lines themselves if the NEA does not reconnect lines to the affected industries.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Chandan Kumar Ghosh, spokesperson for the NEA, accused the industrialists of spreading false propaganda and questioned their claims of insufficient electricity usage. He reiterated that the NEA would not reconnect the lines without written instructions.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Following the Prime Minister's sharp criticism of the NEA leadership, discussions have begun regarding the position of Kulman Ghisingh as Executive Director. Despite public pressure to reappoint Ghising, known for his role in reducing load shedding in the country, Oli during his earlier stint as the prime minister had appointed Hitendra Dev Shakya to lead the NEA.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-22', 'modified' => '2024-07-22', 'keywords' => '', 'description' => '', 'sortorder' => '21332', 'image' => '20240722024241_61ffb27d.jpeg', 'article_date' => '2024-07-22 14:42:10', '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
