Provision of HS Code on Invoices Confusing Traders

Jul 22, 2024 0 3 minutes 19 seconds to read

BIRGUNJ: Following the amendment of the Value Added Regulation 2053, the government has made it mandatory to include the Harmonized System (HS) code on tax invoices for goods and…

Nepalese Army Opens 1,411 Km Roads, Installs 38 Bailey Bridges

Jul 22, 2024 0 1 minutes 13 seconds to read

KATHMANDU: The Nepalese Army (NA) has opened 1,411 kilometres long track so far in different parts of the…

Bankruptcies in Japan Surge to Decade High: Survey

Jul 22, 2024 0 1 minutes 41 seconds to read

TOKYO: Corporate bankruptcies in Japan surged 22 percent year on year to a decade high in the first half of the year due to rising costs, labor shortages and waning financial support, according to a recent survey by a credit research…

420 Nepali Students Return from Bangladesh

Jul 22, 2024 0 1 minutes 38 seconds to read

KATHMANDU: A total of 420 Nepali students affected by the ongoing student protest in Bangladesh returned home on Sunday…

PM Oli Secures Two-Thirds of Votes in Trust Motion

Jul 21, 2024 0 1 minutes 38 seconds to read

KATHMANDU: Prime Minister KP Sharma Oli's proposal for confidence motion was passed with a majority of votes in the House of Representatives (HoR) on…

Unnatural Interest of the Government in Monetary Policy

Jul 21, 2024 0 3 minutes 19 seconds to read

KATHMANDU: Nepal Rastra Bank (NRB) had completed preparations to announce the monetary policy for the current fiscal year (FY) 2024/25 on July…

MPs show Interest in Qualification of BFI Directors while Presenting Proposals to Amend BAFIA Bill

Jul 21, 2024 0 3 minutes 43 seconds to read

KATHMANDU: Parliamentarians have proposed numerous amendments to the bill aimed at amending the Banks and Financial Institutions Act (BAFIA).…

Govt Allows Private Sector to Build Transmission Lines in Collaboration with State-Owned Company

Jul 21, 2024 0 3 minutes 20 seconds to read

KATHMANDU: The Nepal Electricity Authority (NEA) has paved the way for the private sector to invest in the transmission line to be built by the National Transmission Grid Company Limited, which is promoted by the…

Dragon Fruit Farming Thriving in Nepal

Jul 21, 2024 0 1 minutes 35 seconds to read

DAMAULI: Kalpana Gauli, a farmer of Byas municipality-5 in Tanahun district, earned Rs 1.6 million selling dragon fruit last…

After a Decade of Eradication, Poliovirus Resurfaces in Kathmandu

Jul 21, 2024 0 2 minutes 7 seconds to read

KATHMANDU: The polio virus has resurfaced in Nepal after a decade.…

Tourist Arrival Up in Chitwan National Park

Jul 21, 2024 0 1 minutes 55 seconds to read

BHARATPUR: The number of tourists visiting Chitwan National Park increased in the last fiscal…

Public Debt Exceeds Rs 2434 Billion

Jul 21, 2024 0 1 minutes 38 seconds to read

Nepal's public debt has reached Rs 2434 billion according to the Public Debt Management Office (PDMO). As of mid-July of the last fiscal year (FY), this debt represented 42.65 percent of Nepal's gross domestic product…

Massive Global IT Crash Hits Airlines, Banks, Media

Jul 19, 2024 0 8 minutes 15 seconds to read

PARIS: A massive IT blackout on Friday affected a wide range of sectors around the world, from Japan to the United States, AFP…

NEPSE Index Surges 18% in 14 Days; 10 Companies’ Shares Still Below Rs 200

Jul 19, 2024 0 1 minutes 39 seconds to read

KATHMANDU: The NEPSE index jumped by 18% in the past 14 trading days.…

Rastra Bank Under Pressure to Make Economy Vibrant

Jul 19, 2024 0 3 minutes 41 seconds to read

KATHMANDU: By Sunday, July 14, the day before the end of the last fiscal year, banks and financial institutions had collected deposits totaling Rs 6493 billion and provided loans amounting to Rs 5169…

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		'Article' => array(
			'id' => '21605',
			'article_category_id' => '1',
			'title' => 'Provision of HS Code on Invoices Confusing Traders',
			'sub_title' => '',
			'summary' => 'BIRGUNJ: Following the amendment of the Value Added Regulation 2053, the government has made it mandatory to include the Harmonized System (HS) code on tax invoices for goods and services.',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;">Om Prakash Khanal </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;">BIRGUNJ: Following the amendment of the Value Added Regulation 2053, the government has made it mandatory to include the Harmonized System (HS) code on tax invoices for goods and services. This change has caused confusion among entrepreneurs and traders. Businessmen are uncertain about which goods and services require HS codes on sales invoices.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;">Even a week after the implementation of the new regulation, industrialists remain confused. Traders in Birgunj, the country&rsquo;s largest land port and industrial and commercial center, are particularly confused. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;">Hari Gautam, the senior vice president of the Birgunj Chamber of Commerce, stated that the organization has raised the issue with the Director General of the Inland Revenue Department.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;">The Inland Revenue Office in Birgunj discussed the new tax invoice format with officials from the Birgunj Chamber of Commerce and Industry, according to Dhakaram Tiwari, the head of the office. Despite informing a few officials, the Inland Revenue Office has not effectively communicated the changes to the broader group of industrialists and traders, leaving many still confused.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;">In an interview with New Business Age, Tiwari clarified that the HS code is mandatory for the sale of imported goods. The old bill format is no longer acceptable, and importers must now include the HS code on their invoices. Although it is recommended for domestic products to have an HS code, no penalties will be imposed if the code is missing or incorrect for these products.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;">&quot;The goal is to gradually make the HS code mandatory for all goods and services,&quot; Tiwari explained. However, this new requirement has caused significant confusion among businesses that produce goods from imported raw materials and among service providers.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;">Some businessmen have pointed out that not all items have corresponding HS codes and that the Inland Revenue Department has not provided clear guidance on which codes to use for these items. Tiwari suggested that HS codes can be obtained from the Department of Customs and reassured that no action will be taken if the code is unavailable or incorrect.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;">Businessmen have urged the Inland Revenue Department to clearly inform police and investigation agencies about this issue to avoid any miscommunication between government bodies. A businessman expressed concern that while the Inland Revenue Department may not enforce the HS code requirement, the police might, causing significant trouble for traders.</span></span></span></span></p>

<p>&nbsp;</p>
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			'id' => '21604',
			'article_category_id' => '1',
			'title' => 'Nepalese Army Opens 1,411 Km Roads, Installs 38 Bailey Bridges',
			'sub_title' => '',
			'summary' => 'KATHMANDU: The Nepalese Army (NA)   has opened 1,411 kilometres long track so far in different parts of the country.',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">KATHMANDU: The Nepalese Army <em>(NA)</em>&nbsp;&nbsp; has opened 1,411 kilometres long track so far in different parts of the country. Likewise, the NA installed 38 Bailey bridges. </span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">Colonel and Assistant Director of Military Development Construction Directorate Dharmendra Kumar Jha said that the Bailey bridges and tracks have been handed over to the Department of Roads.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">Currently, the Nepalese Army is involved in three national pride projects and two national priority (P1) projects. Likewise, the Nepalese Army is constructing four strategically important roads connecting the south and north corridors of the country.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">The four corridors being constructed by the Nepalese Army include 79 kilometers long Darchula-Tinker road, 92-km Benighat-Arughat-Larkebhanjyang road, 22-km Lalibagar-Dulkikunna section and Ghatiparichaur-Badrigaun-Bhukkakhola section of Karnali Corridor and 10.51-km Khandbari-Kimathanka road.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">The NA is also developing the much-hyped Kathmandu-Tarai-Madhes Expressway of 71 kms. -- RSS&nbsp; </span></span></span></p>

<p>&nbsp;</p>
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			'id' => '21602',
			'article_category_id' => '1',
			'title' => 'Bankruptcies in Japan Surge to Decade High: Survey   ',
			'sub_title' => '',
			'summary' => 'TOKYO: Corporate bankruptcies in Japan surged 22 percent year on year to a decade high in the first half of the year due to rising costs, labor shortages and waning financial support, according to a recent survey by a credit research company.    ',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">TOKYO: Corporate bankruptcies in Japan surged 22 percent year on year to a decade high in the first half of the year due to rising costs, labor shortages and waning financial support, according to a recent survey by a credit research company.&nbsp;&nbsp;&nbsp;&nbsp; </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The total number of bankruptcies from January to June came to 4,887, the highest since 2014, Japan&#39;s Teikoku Databank said in its latest online report.&nbsp;&nbsp;&nbsp;&nbsp; </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">By industry, the service industry had the largest number at 1,228, followed by retail with 1,029 and construction with 917, the data showed.&nbsp;&nbsp;&nbsp;&nbsp; </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Small and micro enterprises were the most affected during the period, as the so-called &quot;zero-zero loans,&quot; or loans with no interest and no collateral, provided by private-sector and government-affiliated financial institutions to cope with the COVID-19 pandemic impact, were taken out.&nbsp;&nbsp;&nbsp;&nbsp; </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The economic landscape is further complicated by the ongoing depreciation of the yen, amid soaring costs and growing labor shortages.&nbsp;&nbsp;&nbsp;&nbsp; </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Teikoku predicted that on top of the lackluster personal consumption, the number of corporate bankruptcies is expected to rise further, possibly exceeding 10,000 in the whole year of 2024.&nbsp;&nbsp;&nbsp;&nbsp; </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">In June alone, a total of 807 Japanese companies began legal liquidation proceedings, marking the 26th consecutive month of year-on-year growth, the report said. &ndash; Xinhua/RSS&nbsp;&nbsp; </span></span></p>

<p>&nbsp;</p>
',
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		'Article' => array(
			'id' => '21603',
			'article_category_id' => '1',
			'title' => '420 Nepali Students Return from Bangladesh   ',
			'sub_title' => '',
			'summary' => 'KATHMANDU: A total of 420 Nepali students affected by the ongoing student protest in Bangladesh returned home on Sunday alone.',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">KATHMANDU: A total of 420 Nepali students affected by the ongoing student protest in Bangladesh returned home on Sunday alone.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">While 115 flew home, remaining 305 came home via road (Kakadvitta check point), according to Koshhari Niraula, director general of the Department of Immigration.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">The protest is ongoing in Dhaka city over the dispute on quota system in Bangladesh since the beginning of July.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">The first batch of 57 Nepali students flying home from Bangladesh landed at Tribhuvan International Airport, Kathmandu at 11:30 am and they were welcomed by the Ministry of Foreign Affairs.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">The Ministry of Foreign Affairs has been facilitating those willing to return home from Bangladesh in the wake of growing unrest there.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">The ministry has directed the Nepali Embassy in Dhaka to coordinate with the Nepalis willing to return home and facilitate for their safe stay if they want to remain there.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">Minister for Foreign Affairs Dr Arzu Rana Deuba directed the Nepali Embassy in Dhaka to set up a Help Desk for any necessary assistance in case of need to Nepalis who face problems in Bangladesh. Also, Minister Deuba asked the ministry to establish better coordination with the Nepali Embassy in Dhaka. -- RSS </span></span></span></p>

<p>&nbsp;</p>
',
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		'Article' => array(
			'id' => '21601',
			'article_category_id' => '1',
			'title' => 'PM Oli Secures Two-Thirds of Votes in Trust Motion   ',
			'sub_title' => '',
			'summary' => 'KATHMANDU: Prime Minister KP Sharma Oli's proposal for confidence motion was passed with a majority of votes in the House of Representatives (HoR) on Sunday.    ',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">KATHMANDU: Prime Minister KP Sharma Oli&#39;s proposal for confidence motion was passed with a majority of votes in the House of Representatives (HoR) on Sunday.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">PM Oli&#39;s bid of trust motion presented as per Article 76 (4) of the Constitution of Nepal, 2072 was passed with a majority of votes in accordance with Rule No 155 of the HoR Regulation. Speaker Devraj Ghimire declared that the PM gained votes from a majority of lawmakers present in the meeting.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">At total of 263 HoR members participated in the voting. Among them, the political parties including the Nepali Congress and the CPN UML voted for PM Oli which accumulated 188 votes, while the lawmakers of the parties such as CPN (Maoist Centre), RSP, RPP, CPN (Unified Socialist) voted against PM Oli. They had 74 votes.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">A HoR member stayed neutral.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">Chairman of the CPN UML, Oli, was appointed the PM with the backing of the largest political party in the parliament, Nepali Congress, on July 12.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">The NC and the UML, then a coalition partner in Pushpa Kamal Dahal-led government, had inked a seven-point agreement on July 1, thereby paving way to pull down the Dahal government.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">The HoR will meet next at 1:00pm Monday. -- RSS</span></span></span></p>
',
			'published' => true,
			'created' => '2024-07-21',
			'modified' => '2024-07-21',
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			'article_date' => '2024-07-21 20:24:25',
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		'Article' => array(
			'id' => '21600',
			'article_category_id' => '1',
			'title' => 'Unnatural Interest of the Government in Monetary Policy',
			'sub_title' => '',
			'summary' => 'KATHMANDU: Nepal Rastra Bank (NRB) had completed preparations to announce the monetary policy for the current fiscal year (FY) 2024/25 on July 19.',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">KATHMANDU: Nepal Rastra Bank (NRB) had completed preparations to announce the monetary policy for the current fiscal year (FY) 2024/25 on July 19. Although it was set to be passed by a meeting of NRB&rsquo;s Board of Directors on Friday morning and made public in the afternoon, the timing of the monetary policy has suddenly become uncertain.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">The Nepal Rastra Bank Act authorizes the central bank to formulate and implement monetary policy. However, since Prime Minister KP Sharma Oli and ministers started discussing monetary policy, its release has become uncertain. The government is facing criticism for expressing unnecessary interest and trying to influence the monetary policy brought by the autonomous body.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Prime Minister KP Sharma Oli appointed Dr. Yuvraj Khatiwada, a former governor of Nepal Rastra Bank, as his economic adviser on Thursday, which further delayed the announcement of the monetary policy. &quot;We had completed all preparations to publicize the monetary policy,&quot; said a senior official of Nepal Rastra Bank.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Prime Minister Oli hinted at the government&#39;s interest in monetary policy during a meeting with businessmen. On Friday, in a meeting with officials of the Confederation of Nepalese Industries, he mentioned that the monetary policy should not be rigid to keep the economy afloat. According to a government source, Prime Minister&#39;s economic advisor Khatiwada has also shown interest in the provisions of the monetary policy. Finance Minister Bishnu Paudel, in a formal meeting with economic journalists on Friday, defended himself by stating that the government did not interfere in the monetary policy as it is a matter for the central bank.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Previously, during the tenure of Governor Maha Prasad Adhikari, due to government intervention, the central bank had announced the monetary policy for FY 2021/22 only in mid-August. After the then Finance Minister Bishnu Paudel announced the budget, the central bank prepared the monetary policy. However, Janardan Sharma of CPN (Maoist Center), who became the finance minister after a change of government, pressured to stop the monetary policy as he was preparing to announce a supplementary budget through an ordinance.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Adhikari was also suspended after the government launched an investigation against him about three years ago for not cooperating with the government. Later, he was reinstated by the order of the Supreme Court.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Former Governor Dipendra Bahadur Chhetri states that even though the monetary policy supports the government&#39;s budget and programs, the Nepal Rastra Bank should be strict in some cases. &quot;The central bank should maintain price stability and discipline in the financial sector,&quot; he said, &quot;That&#39;s why autonomy has been given to the central bank. The government can&#39;t interfere.&quot; He noted that people in power have started interfering in monetary policy as well.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">In order to make the monetary policy well-organised, the central bank issued the Monetary Policy Formulation Procedure, 2073. This procedure states that the annual monetary policy will be released within 15 days of the beginning of each fiscal year, and the quarterly and half-yearly reviews will be published within 45 days after the end of each quarter.</span></span></p>

<p>&nbsp;</p>
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	(int) 6 => array(
		'Article' => array(
			'id' => '21599',
			'article_category_id' => '1',
			'title' => 'MPs show Interest in Qualification of BFI Directors while Presenting Proposals to Amend BAFIA Bill',
			'sub_title' => '',
			'summary' => 'KATHMANDU: Parliamentarians have proposed numerous amendments to the bill aimed at amending the Banks and Financial Institutions Act (BAFIA). ',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">KATHMANDU: Parliamentarians have proposed numerous amendments to the bill aimed at amending the Banks and Financial Institutions Act (BAFIA). Notably, their interest ranges from the qualifications of directors of banks and financial institutions to bringing these banks under government ownership.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Hari Dhakal, a member of the Rastriya Swatantra Party (RSP), filed an amendment proposal regarding the qualifications of directors. He demanded that a person should have worked for at least five years at the level of a director or officer of a foreign or domestic bank, financial institution, or an organization in a related sector, or at the official level of the Government of Nepal to be eligible for the position of director.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">His proposal also mentions that a person with a master&#39;s degree who has worked for at least three years as a manager or officer at a foreign or domestic bank, financial institution, or organization in a related field, or at least at the official level of the Government of Nepal, should also be eligible for the post.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Currently, a director&#39;s tenure is a maximum of four years, and they can be reappointed or nominated. However, an independent director can only be appointed for one term, according to the amendment. Deepak Khadka, Ramnath Adhikari, Dr. Chanda Karki, Krishna Kumar Shrestha, Metmani Chaudhary, and other MPs support this provision.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">The bill proposes that after a director&#39;s term in office is over, they can be reappointed to the same position for another term. However, independent directors cannot be reappointed.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Manish Jha, another RSP MP, has proposed that banks and financial institutions should have a board of directors consisting of at least seven and at most nine members. He emphasized the need for a provision to appoint two independent directors, including at least one woman, to the board of directors. Jha has filed an amendment proposal demanding that this information should be presented at the first general meeting after such appointments.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Similar amendment proposals have also been registered by RSP MPs Hari Dhakal and Lakshmi Tiwari. RSP MP Sobhita Gautam has filed an amendment proposal stating that the board of directors should have a minimum of seven and a maximum of 11 members.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">The BAFIA Bill seeks to define digital currency. &quot;Digital currency should be understood as the digital currency issued by Nepal Rastra Bank,&quot; the bill states. RSP MP Jha has proposed an amendment to reconsider this definition. According to him, digital currency should be defined as a mode of exchange that has no physical or tangible basis, exists purely electronically, and does not include electronic money. The definition should align with international accounting standards.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Prem Suwal, an MP from the Nepal Workers and Peasants Party, has proposed a provision that only the state should invest in banks and financial institutions. He argues that politics will fall into the hands of those with money and access if the private sector is allowed to invest. Suwal&#39;s proposal suggests adding wording to the bill&#39;s preamble to establish and operate banks and financial institutions solely under state ownership.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Parliament&#39;s Finance Committee Secretary Rekha Upadhyay Khanal said that the amendment proposals submitted to the Finance Committee will be discussed soon. &quot;All amendment proposals will be discussed, and necessary decisions will be taken,&quot; she said.</span></span></p>

<p>&nbsp;</p>
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			'image' => '20240721024128_20240624011617_bankkkkkkk.jpg',
			'article_date' => '2024-07-21 14:40:44',
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	(int) 7 => array(
		'Article' => array(
			'id' => '21598',
			'article_category_id' => '1',
			'title' => 'Govt Allows Private Sector to Build Transmission Lines in Collaboration with State-Owned Company',
			'sub_title' => '',
			'summary' => 'KATHMANDU: The Nepal Electricity Authority (NEA) has paved the way for the private sector to invest in the transmission line to be built by the National Transmission Grid Company Limited, which is promoted by the NEA.',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">KATHMANDU: The Nepal Electricity Authority (NEA) has paved the way for the private sector to invest in the transmission line to be built by the National Transmission Grid Company Limited, which is promoted by the NEA.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Following directives from the Ministry of Energy, Water Resources and Irrigation, the NEA Board of Directors meeting on Friday amended the regulations, allowing private sector&rsquo;s participation in the construction of transmission lines.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Netra Prasad Gyawali, Chief Executive Officer of the National Transmission Grid Company, stated that this decision was made because the private sector has shown interest in building transmission lines for a long time. &quot;This is a golden opportunity for the private sector. This decision aims to solve the problem of electricity being wasted due to the lack of transmission lines,&quot; he said.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">The Electricity Act 2048 allows the private sector to build transmission lines. However, until now, hydropower projects have built transmission lines only to deliver electricity from power plants to the national grid. According to the Department of Electricity Development, private sector entities such as National Hydropower, Bhotekoshi Power Company, Sanima Hydro, and Barun Hydropower Development Pvt Ltd have received such permissions.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Despite this, government officials noted that private companies have not ventured into building transmission lines alone. So far, only the NEA and its subsidiary, the National Transmission Grid, have been constructing transmission lines. Due to the lack of sufficient and reliable transmission lines, increasing domestic electricity consumption and exports has been challenging. Although the expansion of transmission lines is a top priority for the NEA, it is difficult to expand them as required with only its resources.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Gyawali said, &quot;Government companies with limited investment are the only ones responsible for the construction of transmission lines and the sale and distribution of electricity. Now, with cooperation from the private sector, the structure of the transmission lines will increase, and there will be no such problem.&quot;</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">In the first phase, the NEA has opened the doors to the private sector for the construction of the Tamor-Dhungesanghu 220 KV and Lamabagar-Barhabise 220 KV transmission lines to be built by the National Transmission Grid Company. </span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">&quot;Government companies are finding it difficult to raise budgets for these projects, so these are the ones that have been opened for the private sector in the beginning,&quot; Navin Raj Singh, the spokesperson for the ministry, told New Business Age.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">However, private sector investors are not entirely satisfied with this decision. Prakash Chandra Dulal, Deputy General Secretary of the Independent Power Producers Association of Nepal (IPPAN), argued that the private sector should not be content with partnering with government-owned companies just to raise capital. </span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">&quot;If the private sector is to be given authority, it should also be given responsibility for the construction of transmission lines and the sale and distribution of electricity,&quot; he said.</span></span></p>

<p>&nbsp;</p>
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	(int) 8 => array(
		'Article' => array(
			'id' => '21597',
			'article_category_id' => '1',
			'title' => 'Dragon Fruit Farming Thriving in Nepal',
			'sub_title' => 'Gauli Earns Rs 1.6 Million in a Year from Dragon Fruit Farming',
			'summary' => 'DAMAULI: Kalpana Gauli, a farmer of Byas municipality-5 in Tanahun district, earned Rs 1.6 million selling dragon fruit last year.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;">DAMAULI: Kalpana Gauli, a farmer of Byas municipality-5 in Tanahun district, earned Rs 1.6 million selling dragon fruit last year.<br />
Gauli made a good income selling dragon fruits produced by 2,100 plants cultivated in nine ropanis of land. She said her family is busy with works of picking and selling dragon fruits from Asar (mid-June to mid-July) to Mangsir (mid-November to mid-December).<br />
Registering a firm named &#39;Ma Ambe Alaukik Agriculture Farm,&#39; they started commercial dragon fruit farming by bringing saplings from Hyderabad, India two years ago. The samplings were planted on nine ropanis of land taken on lease for 20 years, she explained.<br />
Gauli shared that they pay Rs 20,000 per month as rent, adding they are hopeful of selling dragon fruits worth Rs 2 million this year. The tropical fruit can be harvested for six months starting from mid-June. Gauli picked 35 kg of dragon fruits in the first lot, while 1,000 kg each in the second lot and third lot last year.<br />
Most of the fruits are sold from the farm, she mentioned, adding they sell the remaining dragon fruits to the fruits and vegetable vendors of Damauli. The fruit rich in fibres and antioxidants is consumed mostly in the district.<br />
It is sold at Rs 500 to Rs 700 per kg, according to her. Students from schools and colleges, teachers, locals as well as government employees, and representatives of different organisations visit the farm to gather information about the farming of dragon fruit, which is relatively new in this district.<br />
The fruit with its origin in southern Mexico has spread across many countries in the world, including Nepal. In Mexico, it is called &#39;pitaya&#39;, and some have even given it a name- &#39;strawberry pear&#39;.&nbsp; -- RSS</span></span></span></p>

<p>&nbsp;</p>
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			'description' => '',
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			'article_date' => '2024-07-21 11:46:48',
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	(int) 9 => array(
		'Article' => array(
			'id' => '21596',
			'article_category_id' => '1',
			'title' => 'After a Decade of Eradication, Poliovirus Resurfaces in Kathmandu',
			'sub_title' => '',
			'summary' => 'KATHMANDU: The polio virus has resurfaced in Nepal after a decade. ',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">KATHMANDU: The polio virus has resurfaced in Nepal after a decade. It was found in drain water in Kathmandu. During an interaction organized by the Department of Health Services on &#39;Polio Disease and Surveillance&#39; on Friday, Chief of the Child Health and Nutrition Division, Dr. Abhiyan Gautam, said the poliovirus was found in the water at the confluence of Tukucha and Bagmati rivers.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">A sample collected from the confluence tested positive for the poliovirus, marking the first time the virus was detected in drain water. Nepal had last witnessed this virus in humans in 2010, while the country was declared polio-free in 2014. The government had aimed at eradicating the poliovirus by 2026.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">&quot;Irrespective of the place this virus is found, it is quite sensitive. Tracing the poliovirus has raised concerns about whether humans also have it,&quot; Dr. Gautam explained. He further informed that additional tests would be conducted.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">The sample collected on May 26 was sent to a Bangkok-based laboratory for testing, which resulted positive. The result came on July 13.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">It was also shared in the program that the new variant of the virus is &#39;vaccine-derived polio type-3,&#39; not &#39;wild polio.&#39; </span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">&quot;It might not have come from elsewhere but from Kathmandu Valley itself because it was found at Teku, the confluence of Tukucha and Bagmati rivers,&quot; Dr. Gautam argued.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">With the detection of the virus after a decade, the Ministry of Health and Population has decided to launch an anti-polio campaign in all three districts of the valley. Director at the Family Welfare Division, Dr. Bibek Kumar Lal, said &#39;IPV&#39; vaccination was launched against polio recently. Under the vaccination campaign, a total of 280,000 children will be administered anti-polio vaccination from July 24 to 27. -- RSS</span></span></p>

<p>&nbsp;</p>
',
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			'description' => '',
			'sortorder' => '21322',
			'image' => '20240721111004_PV-MK.jpg',
			'article_date' => '2024-07-21 11:09:21',
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	(int) 10 => array(
		'Article' => array(
			'id' => '21595',
			'article_category_id' => '1',
			'title' => 'Tourist Arrival Up in Chitwan National Park',
			'sub_title' => '',
			'summary' => 'BHARATPUR: The number of tourists visiting Chitwan National Park increased in the last fiscal year.',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">BHARATPUR: The number of tourists visiting Chitwan National Park increased in the last fiscal year. A total of 306,837 tourists visited the Chitwan National Park in FY 2023/24 AD while the number of visitors in FY 2022/23 AD was 299,412.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">According to the Information Officer of the Chitwan National Park, Ganesh Prasad Tiwari, the number of visitors there increased by 7,425 last year compared to the previous year.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Of the total visitors, 176,316 were domestic visitors, which was 205,605 in the previous fiscal year.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">The visitors from other countries than the SAARC nations increased impressively from 55,872 in the FY 2022/23 to over 94,000 in the last fiscal year.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">With the increase in the number of tourists, the revenue collection of the Chitwan National Park has also increased.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Tiwari shared that the national park collected Rs 305.7 million in revenue from eco-tourism in the last fiscal year against Rs 229.3 million in the previous year.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">The Bharatpur Metropolitan City is also marking the Bharatpur Visit Year 2024. Mayor of the Bharatpur Metropolitan City, Renu Dahal, said that massive publicity of the city is taking place at national and international stages to bring in more tourists.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">The Chitwan National Park is the main tourist destination in Bharatpur and receives the highest number of tourists in the district. &quot;The reason behind the increased number of tourists in the national park is due to Bharatpur Visit Year,&quot; Mayor Dahal said. -- RSS</span></span></p>

<p>&nbsp;</p>
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	(int) 11 => array(
		'Article' => array(
			'id' => '21594',
			'article_category_id' => '1',
			'title' => 'Public Debt Exceeds Rs 2434 Billion',
			'sub_title' => '',
			'summary' => 'Nepal's public debt has reached Rs 2434 billion according to the Public Debt Management Office (PDMO). As of mid-July of the last fiscal year (FY), this debt represented 42.65 percent of Nepal's gross domestic product (GDP).',
			'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">July 21: Nepal&#39;s public debt has reached Rs 2434 billion according to the Public Debt Management Office (PDMO). As of mid-July of the last fiscal year (FY), this debt represented 42.65 percent of Nepal&#39;s gross domestic product (GDP). </span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The debt is divided into Rs 1180 billion in domestic debt and Rs 1253 billion in foreign debt.&nbsp;</span></span><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">In the last fiscal year alone, the government raised Rs 358 billion in public debt, with Rs 234 billion coming from domestic sources and Rs 123 billion from external sources.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">&nbsp;The PDMO data shows that the government has repaid Rs 223.34 billion of these loans, including Rs 182 billion in domestic debt and Rs 40.72 billion in external debt.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">By mid-July of the previous fiscal year 2023/24, Nepal&#39;s outstanding public debt stood at Rs 2299 billion. This indicates an increase of Rs 134 billion in the last fiscal year.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The government had aimed to mobilize Rs 452 billion in public debt for the last fiscal year but only managed to collect Rs 358 billion, which is 79 percent of the target. </span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The PDMO reported that 97.68 percent of the targeted domestic loans were secured, while only 58.10 percent of the targeted external loans were received.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Throughout the last fiscal year, the government paid Rs 223.34 billion in public debt repayments and Rs 82 billion in interest payments.</span></span></p>
',
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			'sortorder' => '21320',
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			'article_date' => '2024-07-21 06:39:56',
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	(int) 12 => array(
		'Article' => array(
			'id' => '21592',
			'article_category_id' => '1',
			'title' => 'Massive Global IT Crash Hits Airlines, Banks, Media',
			'sub_title' => 'Global IT Outage: The Main Sectors Affected',
			'summary' => 'PARIS: A massive IT blackout on Friday affected a wide range of sectors around the world, from Japan to the United States, AFP reported.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">PARIS: A massive IT blackout on Friday affected a wide range of sectors around the world, from Japan to the United States, AFP reported.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">According to the news agency, airlines, banks, TV channels and other business across the globe were scrambling Friday to deal with one of the biggest IT crashes in recent years, caused by an update to an antivirus program.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Aviation officials in the United States briefly grounded all planes, while airlines elsewhere cancelled or delayed flights, as systems running Microsoft Windows crashed.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Microsoft said the issue began at 1900 GMT on Thursday, affecting users of its Azure cloud platform running cybersecurity software CrowdStrike Falcon.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">According to AFP, CrowdStrike CEO George Kurtz said in a post on several social media platforms that a fix had been rolled out for the problem, describing it as a &quot;defect found in a single content update for Windows hosts&quot;.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Experts suggested applying the fix would not be straightforward. And the global nature of the failure prompted some commentators to question the reliance on a single provider for such a variety of services.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Here is an overview of the main disruptions compiled by AFP.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><strong>Airports and airlines </strong></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Airport operations and flights were a major victim of the outage, which forced delays and cancellations globally.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">At Sydney Airport in Australia, flight operations and airport services were affected, creating long queues of passengers trying to reach their destinations.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Hong Kong International Airport also announced that some airlines were affected, and Singapore&#39;s airport also said it had been impacted.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">&quot;Due to a global outage affecting IT systems of many organisations, the check-in process for some airlines at Changi Airport is being managed manually,&quot; the airport posted on Facebook.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">At Delhi airport, three Indian airlines reported major IT disruptions.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">In Europe, Berlin International Airport was blocked on Friday morning before traffic partially resumed at around 11:00 am (0900 GMT).</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Flight arrivals were halted at Zurich&#39;s airport before it announced Friday afternoon that flights could again land, while in Vienna and Budapest, the check-in systems of several airlines had to be operated manually, causing &quot;significant delays&quot;.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Amsterdam-Schiphol airport, a major European hub, was also affected, as were all airports in Spain, causing disruptions at the height of its summer tourism season.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">In France, Air France said it was facing IT-related disruption on several of its services, but not at the Charles de Gaulle and Orly airports serving the Olympics host city Paris.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The IT systems of the ADP group, which manages the Paris airports, were unaffected but the breakdown has &quot;had an impact on the operations of the airlines concerned at Paris-Charles de Gaulle and Paris-Orly: slowdown in check-in, delays and temporary suspension of certain flight schedules&quot;, the company told AFP.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">But Transavia France said it had been forced to cancel nearly 40 flights.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Ireland&#39;s Ryanair, Europe&#39;s biggest airline in terms of passenger numbers, warned that it was experiencing a &quot;disruption across the network due to a global third-party IT outage which is out of our control&quot;.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">In North America, major airlines including Delta, United and American Airlines grounded all their planes early on Friday because of &quot;communications issues&quot;, according to the Federal Aviation Administration.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">They later said they were beginning to resume operations after hours-long delays.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><strong>Public transport </strong></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Britain&#39;s largest rail operator said it was affected by the IT problems, leading to potential last-minute cancellations as companies were unable to access certain systems relating to drivers.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">&quot;We are currently experiencing widespread IT issues across our entire network&quot;, the four lines operated by Govia Thameslink Railway (GTR) posted on X.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">In Gdansk, northern Poland, the Baltic Hub Container Terminal, a deep-water terminal, also reported disruption before returning to normal.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><strong>Financial sector </strong></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The London Stock Exchange was hit early by a technical problem affecting its platform for disseminating information to the market.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The FTSE 100, its main index, opened around 20 minutes late</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">In addition, the applications of several banks were affected in Australia, according to Australian television station ABC.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The problem also affected banks in Ukraine, including the online bank Sense Bank.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">In Turkey, Deniz Bank reported disruptions to its customers.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><strong>Media </strong></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The disruptions also affected the media, such as Australian broadcaster ABC, which said its systems had been paralysed by a &quot;major&quot; problem.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">In France, Canal+&#39;s subscriber service explained on Friday morning that it was suffering the &quot;repercussions of a major global technical failure&quot;.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">TF1, the leading private channel in France and Europe, was also affected, with its morning show starting several minutes late.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">British television channel Sky News saw its broadcasting briefly interrupted.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><strong>The Paris Olympics </strong></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The IT outage is &quot;impacting Paris 2024&#39;s IT operations&quot; just a week ahead of the opening ceremony for the Summer Games, the Olympic organising committee said.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The accreditation system has been affected, preventing some people from collecting their badges, a source within the organising committee told AFP.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Flight disruptions could also impede the arrival of athletes and delegations.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><strong>Other sectors </strong></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">In Japan, some operations at McDonald&#39;s restaurants were disrupted, and in Australia, self-service checkout terminals at one of the country&#39;s largest supermarket chains displayed error messages.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">In the Netherlands, several hospitals reported being affected by the outage, leading to the closure of an emergency department and the postponement of operations.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Britain&#39;s government activated its civil contingencies committee as general practitioners (GPs) across Britain were unable to access patient records or book appointments.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">A National Health Service (NHS) spokesperson said there was an issue with its appointment and patient record service &quot;causing disruption in the majority&quot; of GP services. -- AFP</span></span></p>

<p>&nbsp;</p>
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			'title' => 'NEPSE Index Surges 18% in 14 Days; 10 Companies’ Shares Still Below Rs 200',
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			'summary' => 'KATHMANDU: The NEPSE index jumped by 18% in the past 14 trading days. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;">KATHMANDU: The NEPSE index jumped by 18% in the past 14 trading days. On July 1, the index stood at 2,053.38 points, but by July 18 (the week&rsquo;s last trading day), it had climbed to 2,424.32 points.</span><br />
<span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;">On the midnight of July 1, two major parties in Parliament, the Nepali Congress and the CPN-UML, reached an agreement on power sharing, and the stock market began to rise the following day. NEPSE index, which started increasing due to rumors that Bishnu Prasad Paudel would be the finance minister in the new government, has decreased only on two trading days since then.<br />
After Poudel was appointed as the Finance Minister, the NEPSE increased by 70 points in just one day on Tuesday (July 16). Even after that, the NEPSE, which has seen continuous gains, peaked at 2,424.32 points last Thursday, the highest in 27 months.<br />
Finance Minister Paudel is known as a stock market-friendly finance minister. Paudel himself was the finance minister when NEPSE set its all-time high record twice before.<br />
<strong>10 companies&rsquo; shares fall below Rs 200 &nbsp;</strong><br />
Currently, out of companies listed on NEPSE, the share prices of 10 companies are below Rs 200 per share. This group includes three commercial banks, six hydropower companies, and one company from another sector.<br />
The cheapest stock among them is of Himal Dolakha Hydropower Company, with a share price of Rs 166.2. Kumari Bank follows with a share price of Rs 178.1, and National Hydropower shares are priced at Rs 179. &nbsp;<br />
Other compaies in this range include Ghalemdi Hydro at Rs 182 per share, Upper Tamakoshi at Rs 188.6, Prabhu Bank at Rs 190, Shivashree Hydropower at Rs 192, and Hydroelectricity Investment and Development Company at Rs 193. Ankhu Khola Hydropower&#39;s share stands at Rs 196, and Nepal Investment Mega Bank&#39;s shares are priced at Rs 199.1. &nbsp;</span></span></span></p>
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			'title' => 'Rastra Bank Under Pressure to Make Economy Vibrant',
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			'summary' => 'KATHMANDU: By Sunday, July 14, the day before the end of the last fiscal year, banks and financial institutions had collected deposits totaling Rs 6493 billion and provided loans amounting to Rs 5169 billion.',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">KATHMANDU: By Sunday, July 14, the day before the end of the last fiscal year, banks and financial institutions had collected deposits totaling Rs 6493 billion and provided loans amounting to Rs 5169 billion. The credit-deposit ratio (CD ratio) of banks has fallen to 77.67 percent due to the lack of increase in credit disbursement compared to deposit collection. Data from Nepal Rastra Bank (NRB) shows that banks have the capacity to extend more than Rs 700 billion in loans while maintaining a CD ratio of up to 90 percent.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">While there is more investable capital in the financial system, the external sector of the economy is strong. However, internal economic activity has not been able to pick up pace. NRB is under pressure to implement a flexible and expansionary monetary policy for the current fiscal year to stimulate the economy. NRB has prepared to issue such a policy to help expand economic activities. &nbsp;</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">A senior NRB official stated that although data until mid-June forms the basis for NRB&#39;s flexible monetary policy, the expansionary policy may not meet businessmen&#39;s expectations. &quot;NRB has its own limits, and the monetary policy is issued to keep the economy running as much as possible,&quot; the official said.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">As of mid-June of the last fiscal year, the country&#39;s current account, balance of payments, and foreign exchange reserves were high, and the inflation rate was below target. According to the Current Macroeconomic and Financial Situation Report published by the central bank of Nepal, the current account stood at a surplus of Rs 200.39 billion as of mid-June of the last fiscal year. NRB states that foreign exchange reserves of Rs 196.7 billion are sufficient to cover 12.6 months of imports of goods and services.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Despite a decrease in interest rates, bank lending has not increased, leading to economic contraction. Therefore, monetary policy seems likely to focus on credit expansion. Due to the lack of credit expansion by banks, there is pressure on NRB to introduce a monetary policy that encourages increased lending.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">&quot;As requested by the businessmen, the suspension of the working capital loan guidelines and the limit on share mortgage loans will not be removed,&quot; said the NRB source. &quot;Risk-weighted arrangements and the loan/mortgage ratio may increase.&quot; The official indicated that the monetary policy would also address issues faced by borrowers due to economic downturn, with preparations to facilitate loan restructuring, particularly targeting the construction industry.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">There are plans to review credit risk management provisions for the increasing bad debts of banks and financial institutions. The monetary policy will also announce the establishment of a non-banking asset management company for banks. Recently, amendments to the Nepal Rastra Bank Act and the Cooperatives Act have given NRB the authority to monitor cooperatives with an annual turnover above Rs 50 million, which will also be addressed in the monetary policy.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Rastra Bank has already indicated a flexible monetary policy through its review on May 4. This review reduced the risk weight of hire purchase vehicle loans to 1.00 percent and reduced the risk loss to 1.20 percent for loans classified in the good loan category of banks and financial institutions. </span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">The federal government has already announced the budget as well as the policies and programmes for the next fiscal year, targeting 6 percent economic growth and 5.5 percent inflation. Accordingly, the central bank is set to release the monetary policy for the current fiscal year.</span></span></p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '21605',
			'article_category_id' => '1',
			'title' => 'Provision of HS Code on Invoices Confusing Traders',
			'sub_title' => '',
			'summary' => 'BIRGUNJ: Following the amendment of the Value Added Regulation 2053, the government has made it mandatory to include the Harmonized System (HS) code on tax invoices for goods and services.',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;">Om Prakash Khanal </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;">BIRGUNJ: Following the amendment of the Value Added Regulation 2053, the government has made it mandatory to include the Harmonized System (HS) code on tax invoices for goods and services. This change has caused confusion among entrepreneurs and traders. Businessmen are uncertain about which goods and services require HS codes on sales invoices.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;">Even a week after the implementation of the new regulation, industrialists remain confused. Traders in Birgunj, the country&rsquo;s largest land port and industrial and commercial center, are particularly confused. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;">Hari Gautam, the senior vice president of the Birgunj Chamber of Commerce, stated that the organization has raised the issue with the Director General of the Inland Revenue Department.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;">The Inland Revenue Office in Birgunj discussed the new tax invoice format with officials from the Birgunj Chamber of Commerce and Industry, according to Dhakaram Tiwari, the head of the office. Despite informing a few officials, the Inland Revenue Office has not effectively communicated the changes to the broader group of industrialists and traders, leaving many still confused.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;">In an interview with New Business Age, Tiwari clarified that the HS code is mandatory for the sale of imported goods. The old bill format is no longer acceptable, and importers must now include the HS code on their invoices. Although it is recommended for domestic products to have an HS code, no penalties will be imposed if the code is missing or incorrect for these products.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;">&quot;The goal is to gradually make the HS code mandatory for all goods and services,&quot; Tiwari explained. However, this new requirement has caused significant confusion among businesses that produce goods from imported raw materials and among service providers.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;">Some businessmen have pointed out that not all items have corresponding HS codes and that the Inland Revenue Department has not provided clear guidance on which codes to use for these items. Tiwari suggested that HS codes can be obtained from the Department of Customs and reassured that no action will be taken if the code is unavailable or incorrect.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;">Businessmen have urged the Inland Revenue Department to clearly inform police and investigation agencies about this issue to avoid any miscommunication between government bodies. A businessman expressed concern that while the Inland Revenue Department may not enforce the HS code requirement, the police might, causing significant trouble for traders.</span></span></span></span></p>

<p>&nbsp;</p>
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			'title' => 'Nepalese Army Opens 1,411 Km Roads, Installs 38 Bailey Bridges',
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			'summary' => 'KATHMANDU: The Nepalese Army (NA)   has opened 1,411 kilometres long track so far in different parts of the country.',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">KATHMANDU: The Nepalese Army <em>(NA)</em>&nbsp;&nbsp; has opened 1,411 kilometres long track so far in different parts of the country. Likewise, the NA installed 38 Bailey bridges. </span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">Colonel and Assistant Director of Military Development Construction Directorate Dharmendra Kumar Jha said that the Bailey bridges and tracks have been handed over to the Department of Roads.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">Currently, the Nepalese Army is involved in three national pride projects and two national priority (P1) projects. Likewise, the Nepalese Army is constructing four strategically important roads connecting the south and north corridors of the country.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">The four corridors being constructed by the Nepalese Army include 79 kilometers long Darchula-Tinker road, 92-km Benighat-Arughat-Larkebhanjyang road, 22-km Lalibagar-Dulkikunna section and Ghatiparichaur-Badrigaun-Bhukkakhola section of Karnali Corridor and 10.51-km Khandbari-Kimathanka road.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">The NA is also developing the much-hyped Kathmandu-Tarai-Madhes Expressway of 71 kms. -- RSS&nbsp; </span></span></span></p>

<p>&nbsp;</p>
',
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			'article_date' => '2024-07-22 12:21:11',
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	(int) 2 => array(
		'Article' => array(
			'id' => '21602',
			'article_category_id' => '1',
			'title' => 'Bankruptcies in Japan Surge to Decade High: Survey   ',
			'sub_title' => '',
			'summary' => 'TOKYO: Corporate bankruptcies in Japan surged 22 percent year on year to a decade high in the first half of the year due to rising costs, labor shortages and waning financial support, according to a recent survey by a credit research company.    ',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">TOKYO: Corporate bankruptcies in Japan surged 22 percent year on year to a decade high in the first half of the year due to rising costs, labor shortages and waning financial support, according to a recent survey by a credit research company.&nbsp;&nbsp;&nbsp;&nbsp; </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The total number of bankruptcies from January to June came to 4,887, the highest since 2014, Japan&#39;s Teikoku Databank said in its latest online report.&nbsp;&nbsp;&nbsp;&nbsp; </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">By industry, the service industry had the largest number at 1,228, followed by retail with 1,029 and construction with 917, the data showed.&nbsp;&nbsp;&nbsp;&nbsp; </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Small and micro enterprises were the most affected during the period, as the so-called &quot;zero-zero loans,&quot; or loans with no interest and no collateral, provided by private-sector and government-affiliated financial institutions to cope with the COVID-19 pandemic impact, were taken out.&nbsp;&nbsp;&nbsp;&nbsp; </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The economic landscape is further complicated by the ongoing depreciation of the yen, amid soaring costs and growing labor shortages.&nbsp;&nbsp;&nbsp;&nbsp; </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Teikoku predicted that on top of the lackluster personal consumption, the number of corporate bankruptcies is expected to rise further, possibly exceeding 10,000 in the whole year of 2024.&nbsp;&nbsp;&nbsp;&nbsp; </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">In June alone, a total of 807 Japanese companies began legal liquidation proceedings, marking the 26th consecutive month of year-on-year growth, the report said. &ndash; Xinhua/RSS&nbsp;&nbsp; </span></span></p>

<p>&nbsp;</p>
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			'description' => '',
			'sortorder' => '21329',
			'image' => '20240722111240_japan-page-header.jpg',
			'article_date' => '2024-07-22 11:11:48',
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	(int) 3 => array(
		'Article' => array(
			'id' => '21603',
			'article_category_id' => '1',
			'title' => '420 Nepali Students Return from Bangladesh   ',
			'sub_title' => '',
			'summary' => 'KATHMANDU: A total of 420 Nepali students affected by the ongoing student protest in Bangladesh returned home on Sunday alone.',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">KATHMANDU: A total of 420 Nepali students affected by the ongoing student protest in Bangladesh returned home on Sunday alone.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">While 115 flew home, remaining 305 came home via road (Kakadvitta check point), according to Koshhari Niraula, director general of the Department of Immigration.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">The protest is ongoing in Dhaka city over the dispute on quota system in Bangladesh since the beginning of July.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">The first batch of 57 Nepali students flying home from Bangladesh landed at Tribhuvan International Airport, Kathmandu at 11:30 am and they were welcomed by the Ministry of Foreign Affairs.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">The Ministry of Foreign Affairs has been facilitating those willing to return home from Bangladesh in the wake of growing unrest there.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">The ministry has directed the Nepali Embassy in Dhaka to coordinate with the Nepalis willing to return home and facilitate for their safe stay if they want to remain there.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">Minister for Foreign Affairs Dr Arzu Rana Deuba directed the Nepali Embassy in Dhaka to set up a Help Desk for any necessary assistance in case of need to Nepalis who face problems in Bangladesh. Also, Minister Deuba asked the ministry to establish better coordination with the Nepali Embassy in Dhaka. -- RSS </span></span></span></p>

<p>&nbsp;</p>
',
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			'keywords' => '',
			'description' => '',
			'sortorder' => '21328',
			'image' => '20240722114530_CB_JHAPA_1721561925918.jpg',
			'article_date' => '2024-07-22 11:44:53',
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	(int) 4 => array(
		'Article' => array(
			'id' => '21601',
			'article_category_id' => '1',
			'title' => 'PM Oli Secures Two-Thirds of Votes in Trust Motion   ',
			'sub_title' => '',
			'summary' => 'KATHMANDU: Prime Minister KP Sharma Oli's proposal for confidence motion was passed with a majority of votes in the House of Representatives (HoR) on Sunday.    ',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">KATHMANDU: Prime Minister KP Sharma Oli&#39;s proposal for confidence motion was passed with a majority of votes in the House of Representatives (HoR) on Sunday.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">PM Oli&#39;s bid of trust motion presented as per Article 76 (4) of the Constitution of Nepal, 2072 was passed with a majority of votes in accordance with Rule No 155 of the HoR Regulation. Speaker Devraj Ghimire declared that the PM gained votes from a majority of lawmakers present in the meeting.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">At total of 263 HoR members participated in the voting. Among them, the political parties including the Nepali Congress and the CPN UML voted for PM Oli which accumulated 188 votes, while the lawmakers of the parties such as CPN (Maoist Centre), RSP, RPP, CPN (Unified Socialist) voted against PM Oli. They had 74 votes.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">A HoR member stayed neutral.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">Chairman of the CPN UML, Oli, was appointed the PM with the backing of the largest political party in the parliament, Nepali Congress, on July 12.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">The NC and the UML, then a coalition partner in Pushpa Kamal Dahal-led government, had inked a seven-point agreement on July 1, thereby paving way to pull down the Dahal government.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">The HoR will meet next at 1:00pm Monday. -- RSS</span></span></span></p>
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	(int) 5 => array(
		'Article' => array(
			'id' => '21600',
			'article_category_id' => '1',
			'title' => 'Unnatural Interest of the Government in Monetary Policy',
			'sub_title' => '',
			'summary' => 'KATHMANDU: Nepal Rastra Bank (NRB) had completed preparations to announce the monetary policy for the current fiscal year (FY) 2024/25 on July 19.',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">KATHMANDU: Nepal Rastra Bank (NRB) had completed preparations to announce the monetary policy for the current fiscal year (FY) 2024/25 on July 19. Although it was set to be passed by a meeting of NRB&rsquo;s Board of Directors on Friday morning and made public in the afternoon, the timing of the monetary policy has suddenly become uncertain.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">The Nepal Rastra Bank Act authorizes the central bank to formulate and implement monetary policy. However, since Prime Minister KP Sharma Oli and ministers started discussing monetary policy, its release has become uncertain. The government is facing criticism for expressing unnecessary interest and trying to influence the monetary policy brought by the autonomous body.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Prime Minister KP Sharma Oli appointed Dr. Yuvraj Khatiwada, a former governor of Nepal Rastra Bank, as his economic adviser on Thursday, which further delayed the announcement of the monetary policy. &quot;We had completed all preparations to publicize the monetary policy,&quot; said a senior official of Nepal Rastra Bank.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Prime Minister Oli hinted at the government&#39;s interest in monetary policy during a meeting with businessmen. On Friday, in a meeting with officials of the Confederation of Nepalese Industries, he mentioned that the monetary policy should not be rigid to keep the economy afloat. According to a government source, Prime Minister&#39;s economic advisor Khatiwada has also shown interest in the provisions of the monetary policy. Finance Minister Bishnu Paudel, in a formal meeting with economic journalists on Friday, defended himself by stating that the government did not interfere in the monetary policy as it is a matter for the central bank.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Previously, during the tenure of Governor Maha Prasad Adhikari, due to government intervention, the central bank had announced the monetary policy for FY 2021/22 only in mid-August. After the then Finance Minister Bishnu Paudel announced the budget, the central bank prepared the monetary policy. However, Janardan Sharma of CPN (Maoist Center), who became the finance minister after a change of government, pressured to stop the monetary policy as he was preparing to announce a supplementary budget through an ordinance.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Adhikari was also suspended after the government launched an investigation against him about three years ago for not cooperating with the government. Later, he was reinstated by the order of the Supreme Court.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Former Governor Dipendra Bahadur Chhetri states that even though the monetary policy supports the government&#39;s budget and programs, the Nepal Rastra Bank should be strict in some cases. &quot;The central bank should maintain price stability and discipline in the financial sector,&quot; he said, &quot;That&#39;s why autonomy has been given to the central bank. The government can&#39;t interfere.&quot; He noted that people in power have started interfering in monetary policy as well.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">In order to make the monetary policy well-organised, the central bank issued the Monetary Policy Formulation Procedure, 2073. This procedure states that the annual monetary policy will be released within 15 days of the beginning of each fiscal year, and the quarterly and half-yearly reviews will be published within 45 days after the end of each quarter.</span></span></p>

<p>&nbsp;</p>
',
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			'image' => '20240721043021_20240225114542_Nepal_Rastra_Bank2 2.jpg',
			'article_date' => '2024-07-21 16:29:48',
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	(int) 6 => array(
		'Article' => array(
			'id' => '21599',
			'article_category_id' => '1',
			'title' => 'MPs show Interest in Qualification of BFI Directors while Presenting Proposals to Amend BAFIA Bill',
			'sub_title' => '',
			'summary' => 'KATHMANDU: Parliamentarians have proposed numerous amendments to the bill aimed at amending the Banks and Financial Institutions Act (BAFIA). ',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">KATHMANDU: Parliamentarians have proposed numerous amendments to the bill aimed at amending the Banks and Financial Institutions Act (BAFIA). Notably, their interest ranges from the qualifications of directors of banks and financial institutions to bringing these banks under government ownership.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Hari Dhakal, a member of the Rastriya Swatantra Party (RSP), filed an amendment proposal regarding the qualifications of directors. He demanded that a person should have worked for at least five years at the level of a director or officer of a foreign or domestic bank, financial institution, or an organization in a related sector, or at the official level of the Government of Nepal to be eligible for the position of director.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">His proposal also mentions that a person with a master&#39;s degree who has worked for at least three years as a manager or officer at a foreign or domestic bank, financial institution, or organization in a related field, or at least at the official level of the Government of Nepal, should also be eligible for the post.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Currently, a director&#39;s tenure is a maximum of four years, and they can be reappointed or nominated. However, an independent director can only be appointed for one term, according to the amendment. Deepak Khadka, Ramnath Adhikari, Dr. Chanda Karki, Krishna Kumar Shrestha, Metmani Chaudhary, and other MPs support this provision.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">The bill proposes that after a director&#39;s term in office is over, they can be reappointed to the same position for another term. However, independent directors cannot be reappointed.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Manish Jha, another RSP MP, has proposed that banks and financial institutions should have a board of directors consisting of at least seven and at most nine members. He emphasized the need for a provision to appoint two independent directors, including at least one woman, to the board of directors. Jha has filed an amendment proposal demanding that this information should be presented at the first general meeting after such appointments.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Similar amendment proposals have also been registered by RSP MPs Hari Dhakal and Lakshmi Tiwari. RSP MP Sobhita Gautam has filed an amendment proposal stating that the board of directors should have a minimum of seven and a maximum of 11 members.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">The BAFIA Bill seeks to define digital currency. &quot;Digital currency should be understood as the digital currency issued by Nepal Rastra Bank,&quot; the bill states. RSP MP Jha has proposed an amendment to reconsider this definition. According to him, digital currency should be defined as a mode of exchange that has no physical or tangible basis, exists purely electronically, and does not include electronic money. The definition should align with international accounting standards.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Prem Suwal, an MP from the Nepal Workers and Peasants Party, has proposed a provision that only the state should invest in banks and financial institutions. He argues that politics will fall into the hands of those with money and access if the private sector is allowed to invest. Suwal&#39;s proposal suggests adding wording to the bill&#39;s preamble to establish and operate banks and financial institutions solely under state ownership.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Parliament&#39;s Finance Committee Secretary Rekha Upadhyay Khanal said that the amendment proposals submitted to the Finance Committee will be discussed soon. &quot;All amendment proposals will be discussed, and necessary decisions will be taken,&quot; she said.</span></span></p>

<p>&nbsp;</p>
',
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			'sortorder' => '21325',
			'image' => '20240721024128_20240624011617_bankkkkkkk.jpg',
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	(int) 7 => array(
		'Article' => array(
			'id' => '21598',
			'article_category_id' => '1',
			'title' => 'Govt Allows Private Sector to Build Transmission Lines in Collaboration with State-Owned Company',
			'sub_title' => '',
			'summary' => 'KATHMANDU: The Nepal Electricity Authority (NEA) has paved the way for the private sector to invest in the transmission line to be built by the National Transmission Grid Company Limited, which is promoted by the NEA.',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">KATHMANDU: The Nepal Electricity Authority (NEA) has paved the way for the private sector to invest in the transmission line to be built by the National Transmission Grid Company Limited, which is promoted by the NEA.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Following directives from the Ministry of Energy, Water Resources and Irrigation, the NEA Board of Directors meeting on Friday amended the regulations, allowing private sector&rsquo;s participation in the construction of transmission lines.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Netra Prasad Gyawali, Chief Executive Officer of the National Transmission Grid Company, stated that this decision was made because the private sector has shown interest in building transmission lines for a long time. &quot;This is a golden opportunity for the private sector. This decision aims to solve the problem of electricity being wasted due to the lack of transmission lines,&quot; he said.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">The Electricity Act 2048 allows the private sector to build transmission lines. However, until now, hydropower projects have built transmission lines only to deliver electricity from power plants to the national grid. According to the Department of Electricity Development, private sector entities such as National Hydropower, Bhotekoshi Power Company, Sanima Hydro, and Barun Hydropower Development Pvt Ltd have received such permissions.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Despite this, government officials noted that private companies have not ventured into building transmission lines alone. So far, only the NEA and its subsidiary, the National Transmission Grid, have been constructing transmission lines. Due to the lack of sufficient and reliable transmission lines, increasing domestic electricity consumption and exports has been challenging. Although the expansion of transmission lines is a top priority for the NEA, it is difficult to expand them as required with only its resources.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Gyawali said, &quot;Government companies with limited investment are the only ones responsible for the construction of transmission lines and the sale and distribution of electricity. Now, with cooperation from the private sector, the structure of the transmission lines will increase, and there will be no such problem.&quot;</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">In the first phase, the NEA has opened the doors to the private sector for the construction of the Tamor-Dhungesanghu 220 KV and Lamabagar-Barhabise 220 KV transmission lines to be built by the National Transmission Grid Company. </span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">&quot;Government companies are finding it difficult to raise budgets for these projects, so these are the ones that have been opened for the private sector in the beginning,&quot; Navin Raj Singh, the spokesperson for the ministry, told New Business Age.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">However, private sector investors are not entirely satisfied with this decision. Prakash Chandra Dulal, Deputy General Secretary of the Independent Power Producers Association of Nepal (IPPAN), argued that the private sector should not be content with partnering with government-owned companies just to raise capital. </span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">&quot;If the private sector is to be given authority, it should also be given responsibility for the construction of transmission lines and the sale and distribution of electricity,&quot; he said.</span></span></p>

<p>&nbsp;</p>
',
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			'image' => '20240721012053_1626794715.prasaran line.jpg',
			'article_date' => '2024-07-21 13:19:28',
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	(int) 8 => array(
		'Article' => array(
			'id' => '21597',
			'article_category_id' => '1',
			'title' => 'Dragon Fruit Farming Thriving in Nepal',
			'sub_title' => 'Gauli Earns Rs 1.6 Million in a Year from Dragon Fruit Farming',
			'summary' => 'DAMAULI: Kalpana Gauli, a farmer of Byas municipality-5 in Tanahun district, earned Rs 1.6 million selling dragon fruit last year.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;">DAMAULI: Kalpana Gauli, a farmer of Byas municipality-5 in Tanahun district, earned Rs 1.6 million selling dragon fruit last year.<br />
Gauli made a good income selling dragon fruits produced by 2,100 plants cultivated in nine ropanis of land. She said her family is busy with works of picking and selling dragon fruits from Asar (mid-June to mid-July) to Mangsir (mid-November to mid-December).<br />
Registering a firm named &#39;Ma Ambe Alaukik Agriculture Farm,&#39; they started commercial dragon fruit farming by bringing saplings from Hyderabad, India two years ago. The samplings were planted on nine ropanis of land taken on lease for 20 years, she explained.<br />
Gauli shared that they pay Rs 20,000 per month as rent, adding they are hopeful of selling dragon fruits worth Rs 2 million this year. The tropical fruit can be harvested for six months starting from mid-June. Gauli picked 35 kg of dragon fruits in the first lot, while 1,000 kg each in the second lot and third lot last year.<br />
Most of the fruits are sold from the farm, she mentioned, adding they sell the remaining dragon fruits to the fruits and vegetable vendors of Damauli. The fruit rich in fibres and antioxidants is consumed mostly in the district.<br />
It is sold at Rs 500 to Rs 700 per kg, according to her. Students from schools and colleges, teachers, locals as well as government employees, and representatives of different organisations visit the farm to gather information about the farming of dragon fruit, which is relatively new in this district.<br />
The fruit with its origin in southern Mexico has spread across many countries in the world, including Nepal. In Mexico, it is called &#39;pitaya&#39;, and some have even given it a name- &#39;strawberry pear&#39;.&nbsp; -- RSS</span></span></span></p>

<p>&nbsp;</p>
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			'article_date' => '2024-07-21 11:46:48',
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		'Article' => array(
			'id' => '21596',
			'article_category_id' => '1',
			'title' => 'After a Decade of Eradication, Poliovirus Resurfaces in Kathmandu',
			'sub_title' => '',
			'summary' => 'KATHMANDU: The polio virus has resurfaced in Nepal after a decade. ',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">KATHMANDU: The polio virus has resurfaced in Nepal after a decade. It was found in drain water in Kathmandu. During an interaction organized by the Department of Health Services on &#39;Polio Disease and Surveillance&#39; on Friday, Chief of the Child Health and Nutrition Division, Dr. Abhiyan Gautam, said the poliovirus was found in the water at the confluence of Tukucha and Bagmati rivers.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">A sample collected from the confluence tested positive for the poliovirus, marking the first time the virus was detected in drain water. Nepal had last witnessed this virus in humans in 2010, while the country was declared polio-free in 2014. The government had aimed at eradicating the poliovirus by 2026.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">&quot;Irrespective of the place this virus is found, it is quite sensitive. Tracing the poliovirus has raised concerns about whether humans also have it,&quot; Dr. Gautam explained. He further informed that additional tests would be conducted.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">The sample collected on May 26 was sent to a Bangkok-based laboratory for testing, which resulted positive. The result came on July 13.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">It was also shared in the program that the new variant of the virus is &#39;vaccine-derived polio type-3,&#39; not &#39;wild polio.&#39; </span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">&quot;It might not have come from elsewhere but from Kathmandu Valley itself because it was found at Teku, the confluence of Tukucha and Bagmati rivers,&quot; Dr. Gautam argued.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">With the detection of the virus after a decade, the Ministry of Health and Population has decided to launch an anti-polio campaign in all three districts of the valley. Director at the Family Welfare Division, Dr. Bibek Kumar Lal, said &#39;IPV&#39; vaccination was launched against polio recently. Under the vaccination campaign, a total of 280,000 children will be administered anti-polio vaccination from July 24 to 27. -- RSS</span></span></p>

<p>&nbsp;</p>
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			'sortorder' => '21322',
			'image' => '20240721111004_PV-MK.jpg',
			'article_date' => '2024-07-21 11:09:21',
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	(int) 10 => array(
		'Article' => array(
			'id' => '21595',
			'article_category_id' => '1',
			'title' => 'Tourist Arrival Up in Chitwan National Park',
			'sub_title' => '',
			'summary' => 'BHARATPUR: The number of tourists visiting Chitwan National Park increased in the last fiscal year.',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">BHARATPUR: The number of tourists visiting Chitwan National Park increased in the last fiscal year. A total of 306,837 tourists visited the Chitwan National Park in FY 2023/24 AD while the number of visitors in FY 2022/23 AD was 299,412.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">According to the Information Officer of the Chitwan National Park, Ganesh Prasad Tiwari, the number of visitors there increased by 7,425 last year compared to the previous year.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Of the total visitors, 176,316 were domestic visitors, which was 205,605 in the previous fiscal year.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">The visitors from other countries than the SAARC nations increased impressively from 55,872 in the FY 2022/23 to over 94,000 in the last fiscal year.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">With the increase in the number of tourists, the revenue collection of the Chitwan National Park has also increased.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Tiwari shared that the national park collected Rs 305.7 million in revenue from eco-tourism in the last fiscal year against Rs 229.3 million in the previous year.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">The Bharatpur Metropolitan City is also marking the Bharatpur Visit Year 2024. Mayor of the Bharatpur Metropolitan City, Renu Dahal, said that massive publicity of the city is taking place at national and international stages to bring in more tourists.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">The Chitwan National Park is the main tourist destination in Bharatpur and receives the highest number of tourists in the district. &quot;The reason behind the increased number of tourists in the national park is due to Bharatpur Visit Year,&quot; Mayor Dahal said. -- RSS</span></span></p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '21594',
			'article_category_id' => '1',
			'title' => 'Public Debt Exceeds Rs 2434 Billion',
			'sub_title' => '',
			'summary' => 'Nepal's public debt has reached Rs 2434 billion according to the Public Debt Management Office (PDMO). As of mid-July of the last fiscal year (FY), this debt represented 42.65 percent of Nepal's gross domestic product (GDP).',
			'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">July 21: Nepal&#39;s public debt has reached Rs 2434 billion according to the Public Debt Management Office (PDMO). As of mid-July of the last fiscal year (FY), this debt represented 42.65 percent of Nepal&#39;s gross domestic product (GDP). </span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The debt is divided into Rs 1180 billion in domestic debt and Rs 1253 billion in foreign debt.&nbsp;</span></span><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">In the last fiscal year alone, the government raised Rs 358 billion in public debt, with Rs 234 billion coming from domestic sources and Rs 123 billion from external sources.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">&nbsp;The PDMO data shows that the government has repaid Rs 223.34 billion of these loans, including Rs 182 billion in domestic debt and Rs 40.72 billion in external debt.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">By mid-July of the previous fiscal year 2023/24, Nepal&#39;s outstanding public debt stood at Rs 2299 billion. This indicates an increase of Rs 134 billion in the last fiscal year.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The government had aimed to mobilize Rs 452 billion in public debt for the last fiscal year but only managed to collect Rs 358 billion, which is 79 percent of the target. </span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The PDMO reported that 97.68 percent of the targeted domestic loans were secured, while only 58.10 percent of the targeted external loans were received.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Throughout the last fiscal year, the government paid Rs 223.34 billion in public debt repayments and Rs 82 billion in interest payments.</span></span></p>
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			'sortorder' => '21320',
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			'article_date' => '2024-07-21 06:39:56',
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	(int) 12 => array(
		'Article' => array(
			'id' => '21592',
			'article_category_id' => '1',
			'title' => 'Massive Global IT Crash Hits Airlines, Banks, Media',
			'sub_title' => 'Global IT Outage: The Main Sectors Affected',
			'summary' => 'PARIS: A massive IT blackout on Friday affected a wide range of sectors around the world, from Japan to the United States, AFP reported.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">PARIS: A massive IT blackout on Friday affected a wide range of sectors around the world, from Japan to the United States, AFP reported.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">According to the news agency, airlines, banks, TV channels and other business across the globe were scrambling Friday to deal with one of the biggest IT crashes in recent years, caused by an update to an antivirus program.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Aviation officials in the United States briefly grounded all planes, while airlines elsewhere cancelled or delayed flights, as systems running Microsoft Windows crashed.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Microsoft said the issue began at 1900 GMT on Thursday, affecting users of its Azure cloud platform running cybersecurity software CrowdStrike Falcon.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">According to AFP, CrowdStrike CEO George Kurtz said in a post on several social media platforms that a fix had been rolled out for the problem, describing it as a &quot;defect found in a single content update for Windows hosts&quot;.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Experts suggested applying the fix would not be straightforward. And the global nature of the failure prompted some commentators to question the reliance on a single provider for such a variety of services.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Here is an overview of the main disruptions compiled by AFP.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><strong>Airports and airlines </strong></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Airport operations and flights were a major victim of the outage, which forced delays and cancellations globally.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">At Sydney Airport in Australia, flight operations and airport services were affected, creating long queues of passengers trying to reach their destinations.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Hong Kong International Airport also announced that some airlines were affected, and Singapore&#39;s airport also said it had been impacted.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">&quot;Due to a global outage affecting IT systems of many organisations, the check-in process for some airlines at Changi Airport is being managed manually,&quot; the airport posted on Facebook.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">At Delhi airport, three Indian airlines reported major IT disruptions.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">In Europe, Berlin International Airport was blocked on Friday morning before traffic partially resumed at around 11:00 am (0900 GMT).</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Flight arrivals were halted at Zurich&#39;s airport before it announced Friday afternoon that flights could again land, while in Vienna and Budapest, the check-in systems of several airlines had to be operated manually, causing &quot;significant delays&quot;.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Amsterdam-Schiphol airport, a major European hub, was also affected, as were all airports in Spain, causing disruptions at the height of its summer tourism season.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">In France, Air France said it was facing IT-related disruption on several of its services, but not at the Charles de Gaulle and Orly airports serving the Olympics host city Paris.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The IT systems of the ADP group, which manages the Paris airports, were unaffected but the breakdown has &quot;had an impact on the operations of the airlines concerned at Paris-Charles de Gaulle and Paris-Orly: slowdown in check-in, delays and temporary suspension of certain flight schedules&quot;, the company told AFP.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">But Transavia France said it had been forced to cancel nearly 40 flights.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Ireland&#39;s Ryanair, Europe&#39;s biggest airline in terms of passenger numbers, warned that it was experiencing a &quot;disruption across the network due to a global third-party IT outage which is out of our control&quot;.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">In North America, major airlines including Delta, United and American Airlines grounded all their planes early on Friday because of &quot;communications issues&quot;, according to the Federal Aviation Administration.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">They later said they were beginning to resume operations after hours-long delays.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><strong>Public transport </strong></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Britain&#39;s largest rail operator said it was affected by the IT problems, leading to potential last-minute cancellations as companies were unable to access certain systems relating to drivers.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">&quot;We are currently experiencing widespread IT issues across our entire network&quot;, the four lines operated by Govia Thameslink Railway (GTR) posted on X.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">In Gdansk, northern Poland, the Baltic Hub Container Terminal, a deep-water terminal, also reported disruption before returning to normal.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><strong>Financial sector </strong></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The London Stock Exchange was hit early by a technical problem affecting its platform for disseminating information to the market.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The FTSE 100, its main index, opened around 20 minutes late</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">In addition, the applications of several banks were affected in Australia, according to Australian television station ABC.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The problem also affected banks in Ukraine, including the online bank Sense Bank.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">In Turkey, Deniz Bank reported disruptions to its customers.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><strong>Media </strong></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The disruptions also affected the media, such as Australian broadcaster ABC, which said its systems had been paralysed by a &quot;major&quot; problem.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">In France, Canal+&#39;s subscriber service explained on Friday morning that it was suffering the &quot;repercussions of a major global technical failure&quot;.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">TF1, the leading private channel in France and Europe, was also affected, with its morning show starting several minutes late.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">British television channel Sky News saw its broadcasting briefly interrupted.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><strong>The Paris Olympics </strong></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The IT outage is &quot;impacting Paris 2024&#39;s IT operations&quot; just a week ahead of the opening ceremony for the Summer Games, the Olympic organising committee said.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The accreditation system has been affected, preventing some people from collecting their badges, a source within the organising committee told AFP.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Flight disruptions could also impede the arrival of athletes and delegations.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><strong>Other sectors </strong></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">In Japan, some operations at McDonald&#39;s restaurants were disrupted, and in Australia, self-service checkout terminals at one of the country&#39;s largest supermarket chains displayed error messages.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">In the Netherlands, several hospitals reported being affected by the outage, leading to the closure of an emergency department and the postponement of operations.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Britain&#39;s government activated its civil contingencies committee as general practitioners (GPs) across Britain were unable to access patient records or book appointments.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">A National Health Service (NHS) spokesperson said there was an issue with its appointment and patient record service &quot;causing disruption in the majority&quot; of GP services. -- AFP</span></span></p>

<p>&nbsp;</p>
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	(int) 13 => array(
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			'id' => '21593',
			'article_category_id' => '1',
			'title' => 'NEPSE Index Surges 18% in 14 Days; 10 Companies’ Shares Still Below Rs 200',
			'sub_title' => '',
			'summary' => 'KATHMANDU: The NEPSE index jumped by 18% in the past 14 trading days. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;">KATHMANDU: The NEPSE index jumped by 18% in the past 14 trading days. On July 1, the index stood at 2,053.38 points, but by July 18 (the week&rsquo;s last trading day), it had climbed to 2,424.32 points.</span><br />
<span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;">On the midnight of July 1, two major parties in Parliament, the Nepali Congress and the CPN-UML, reached an agreement on power sharing, and the stock market began to rise the following day. NEPSE index, which started increasing due to rumors that Bishnu Prasad Paudel would be the finance minister in the new government, has decreased only on two trading days since then.<br />
After Poudel was appointed as the Finance Minister, the NEPSE increased by 70 points in just one day on Tuesday (July 16). Even after that, the NEPSE, which has seen continuous gains, peaked at 2,424.32 points last Thursday, the highest in 27 months.<br />
Finance Minister Paudel is known as a stock market-friendly finance minister. Paudel himself was the finance minister when NEPSE set its all-time high record twice before.<br />
<strong>10 companies&rsquo; shares fall below Rs 200 &nbsp;</strong><br />
Currently, out of companies listed on NEPSE, the share prices of 10 companies are below Rs 200 per share. This group includes three commercial banks, six hydropower companies, and one company from another sector.<br />
The cheapest stock among them is of Himal Dolakha Hydropower Company, with a share price of Rs 166.2. Kumari Bank follows with a share price of Rs 178.1, and National Hydropower shares are priced at Rs 179. &nbsp;<br />
Other compaies in this range include Ghalemdi Hydro at Rs 182 per share, Upper Tamakoshi at Rs 188.6, Prabhu Bank at Rs 190, Shivashree Hydropower at Rs 192, and Hydroelectricity Investment and Development Company at Rs 193. Ankhu Khola Hydropower&#39;s share stands at Rs 196, and Nepal Investment Mega Bank&#39;s shares are priced at Rs 199.1. &nbsp;</span></span></span></p>
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			'id' => '21591',
			'article_category_id' => '1',
			'title' => 'Rastra Bank Under Pressure to Make Economy Vibrant',
			'sub_title' => '',
			'summary' => 'KATHMANDU: By Sunday, July 14, the day before the end of the last fiscal year, banks and financial institutions had collected deposits totaling Rs 6493 billion and provided loans amounting to Rs 5169 billion.',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">KATHMANDU: By Sunday, July 14, the day before the end of the last fiscal year, banks and financial institutions had collected deposits totaling Rs 6493 billion and provided loans amounting to Rs 5169 billion. The credit-deposit ratio (CD ratio) of banks has fallen to 77.67 percent due to the lack of increase in credit disbursement compared to deposit collection. Data from Nepal Rastra Bank (NRB) shows that banks have the capacity to extend more than Rs 700 billion in loans while maintaining a CD ratio of up to 90 percent.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">While there is more investable capital in the financial system, the external sector of the economy is strong. However, internal economic activity has not been able to pick up pace. NRB is under pressure to implement a flexible and expansionary monetary policy for the current fiscal year to stimulate the economy. NRB has prepared to issue such a policy to help expand economic activities. &nbsp;</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">A senior NRB official stated that although data until mid-June forms the basis for NRB&#39;s flexible monetary policy, the expansionary policy may not meet businessmen&#39;s expectations. &quot;NRB has its own limits, and the monetary policy is issued to keep the economy running as much as possible,&quot; the official said.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">As of mid-June of the last fiscal year, the country&#39;s current account, balance of payments, and foreign exchange reserves were high, and the inflation rate was below target. According to the Current Macroeconomic and Financial Situation Report published by the central bank of Nepal, the current account stood at a surplus of Rs 200.39 billion as of mid-June of the last fiscal year. NRB states that foreign exchange reserves of Rs 196.7 billion are sufficient to cover 12.6 months of imports of goods and services.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Despite a decrease in interest rates, bank lending has not increased, leading to economic contraction. Therefore, monetary policy seems likely to focus on credit expansion. Due to the lack of credit expansion by banks, there is pressure on NRB to introduce a monetary policy that encourages increased lending.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">&quot;As requested by the businessmen, the suspension of the working capital loan guidelines and the limit on share mortgage loans will not be removed,&quot; said the NRB source. &quot;Risk-weighted arrangements and the loan/mortgage ratio may increase.&quot; The official indicated that the monetary policy would also address issues faced by borrowers due to economic downturn, with preparations to facilitate loan restructuring, particularly targeting the construction industry.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">There are plans to review credit risk management provisions for the increasing bad debts of banks and financial institutions. The monetary policy will also announce the establishment of a non-banking asset management company for banks. Recently, amendments to the Nepal Rastra Bank Act and the Cooperatives Act have given NRB the authority to monitor cooperatives with an annual turnover above Rs 50 million, which will also be addressed in the monetary policy.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Rastra Bank has already indicated a flexible monetary policy through its review on May 4. This review reduced the risk weight of hire purchase vehicle loans to 1.00 percent and reduced the risk loss to 1.20 percent for loans classified in the good loan category of banks and financial institutions. </span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">The federal government has already announced the budget as well as the policies and programmes for the next fiscal year, targeting 6 percent economic growth and 5.5 percent inflation. Accordingly, the central bank is set to release the monetary policy for the current fiscal year.</span></span></p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '21605',
			'article_category_id' => '1',
			'title' => 'Provision of HS Code on Invoices Confusing Traders',
			'sub_title' => '',
			'summary' => 'BIRGUNJ: Following the amendment of the Value Added Regulation 2053, the government has made it mandatory to include the Harmonized System (HS) code on tax invoices for goods and services.',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;">Om Prakash Khanal </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;">BIRGUNJ: Following the amendment of the Value Added Regulation 2053, the government has made it mandatory to include the Harmonized System (HS) code on tax invoices for goods and services. This change has caused confusion among entrepreneurs and traders. Businessmen are uncertain about which goods and services require HS codes on sales invoices.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;">Even a week after the implementation of the new regulation, industrialists remain confused. Traders in Birgunj, the country&rsquo;s largest land port and industrial and commercial center, are particularly confused. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;">Hari Gautam, the senior vice president of the Birgunj Chamber of Commerce, stated that the organization has raised the issue with the Director General of the Inland Revenue Department.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;">The Inland Revenue Office in Birgunj discussed the new tax invoice format with officials from the Birgunj Chamber of Commerce and Industry, according to Dhakaram Tiwari, the head of the office. Despite informing a few officials, the Inland Revenue Office has not effectively communicated the changes to the broader group of industrialists and traders, leaving many still confused.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;">In an interview with New Business Age, Tiwari clarified that the HS code is mandatory for the sale of imported goods. The old bill format is no longer acceptable, and importers must now include the HS code on their invoices. Although it is recommended for domestic products to have an HS code, no penalties will be imposed if the code is missing or incorrect for these products.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;">&quot;The goal is to gradually make the HS code mandatory for all goods and services,&quot; Tiwari explained. However, this new requirement has caused significant confusion among businesses that produce goods from imported raw materials and among service providers.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;">Some businessmen have pointed out that not all items have corresponding HS codes and that the Inland Revenue Department has not provided clear guidance on which codes to use for these items. Tiwari suggested that HS codes can be obtained from the Department of Customs and reassured that no action will be taken if the code is unavailable or incorrect.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;">Businessmen have urged the Inland Revenue Department to clearly inform police and investigation agencies about this issue to avoid any miscommunication between government bodies. A businessman expressed concern that while the Inland Revenue Department may not enforce the HS code requirement, the police might, causing significant trouble for traders.</span></span></span></span></p>

<p>&nbsp;</p>
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			'id' => '21604',
			'article_category_id' => '1',
			'title' => 'Nepalese Army Opens 1,411 Km Roads, Installs 38 Bailey Bridges',
			'sub_title' => '',
			'summary' => 'KATHMANDU: The Nepalese Army (NA)   has opened 1,411 kilometres long track so far in different parts of the country.',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">KATHMANDU: The Nepalese Army <em>(NA)</em>&nbsp;&nbsp; has opened 1,411 kilometres long track so far in different parts of the country. Likewise, the NA installed 38 Bailey bridges. </span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">Colonel and Assistant Director of Military Development Construction Directorate Dharmendra Kumar Jha said that the Bailey bridges and tracks have been handed over to the Department of Roads.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">Currently, the Nepalese Army is involved in three national pride projects and two national priority (P1) projects. Likewise, the Nepalese Army is constructing four strategically important roads connecting the south and north corridors of the country.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">The four corridors being constructed by the Nepalese Army include 79 kilometers long Darchula-Tinker road, 92-km Benighat-Arughat-Larkebhanjyang road, 22-km Lalibagar-Dulkikunna section and Ghatiparichaur-Badrigaun-Bhukkakhola section of Karnali Corridor and 10.51-km Khandbari-Kimathanka road.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">The NA is also developing the much-hyped Kathmandu-Tarai-Madhes Expressway of 71 kms. -- RSS&nbsp; </span></span></span></p>

<p>&nbsp;</p>
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			'id' => '21602',
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			'title' => 'Bankruptcies in Japan Surge to Decade High: Survey   ',
			'sub_title' => '',
			'summary' => 'TOKYO: Corporate bankruptcies in Japan surged 22 percent year on year to a decade high in the first half of the year due to rising costs, labor shortages and waning financial support, according to a recent survey by a credit research company.    ',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">TOKYO: Corporate bankruptcies in Japan surged 22 percent year on year to a decade high in the first half of the year due to rising costs, labor shortages and waning financial support, according to a recent survey by a credit research company.&nbsp;&nbsp;&nbsp;&nbsp; </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The total number of bankruptcies from January to June came to 4,887, the highest since 2014, Japan&#39;s Teikoku Databank said in its latest online report.&nbsp;&nbsp;&nbsp;&nbsp; </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">By industry, the service industry had the largest number at 1,228, followed by retail with 1,029 and construction with 917, the data showed.&nbsp;&nbsp;&nbsp;&nbsp; </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Small and micro enterprises were the most affected during the period, as the so-called &quot;zero-zero loans,&quot; or loans with no interest and no collateral, provided by private-sector and government-affiliated financial institutions to cope with the COVID-19 pandemic impact, were taken out.&nbsp;&nbsp;&nbsp;&nbsp; </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The economic landscape is further complicated by the ongoing depreciation of the yen, amid soaring costs and growing labor shortages.&nbsp;&nbsp;&nbsp;&nbsp; </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Teikoku predicted that on top of the lackluster personal consumption, the number of corporate bankruptcies is expected to rise further, possibly exceeding 10,000 in the whole year of 2024.&nbsp;&nbsp;&nbsp;&nbsp; </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">In June alone, a total of 807 Japanese companies began legal liquidation proceedings, marking the 26th consecutive month of year-on-year growth, the report said. &ndash; Xinhua/RSS&nbsp;&nbsp; </span></span></p>

<p>&nbsp;</p>
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			'id' => '21603',
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			'title' => '420 Nepali Students Return from Bangladesh   ',
			'sub_title' => '',
			'summary' => 'KATHMANDU: A total of 420 Nepali students affected by the ongoing student protest in Bangladesh returned home on Sunday alone.',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">KATHMANDU: A total of 420 Nepali students affected by the ongoing student protest in Bangladesh returned home on Sunday alone.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">While 115 flew home, remaining 305 came home via road (Kakadvitta check point), according to Koshhari Niraula, director general of the Department of Immigration.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">The protest is ongoing in Dhaka city over the dispute on quota system in Bangladesh since the beginning of July.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">The first batch of 57 Nepali students flying home from Bangladesh landed at Tribhuvan International Airport, Kathmandu at 11:30 am and they were welcomed by the Ministry of Foreign Affairs.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">The Ministry of Foreign Affairs has been facilitating those willing to return home from Bangladesh in the wake of growing unrest there.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">The ministry has directed the Nepali Embassy in Dhaka to coordinate with the Nepalis willing to return home and facilitate for their safe stay if they want to remain there.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">Minister for Foreign Affairs Dr Arzu Rana Deuba directed the Nepali Embassy in Dhaka to set up a Help Desk for any necessary assistance in case of need to Nepalis who face problems in Bangladesh. Also, Minister Deuba asked the ministry to establish better coordination with the Nepali Embassy in Dhaka. -- RSS </span></span></span></p>

<p>&nbsp;</p>
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			'title' => 'PM Oli Secures Two-Thirds of Votes in Trust Motion   ',
			'sub_title' => '',
			'summary' => 'KATHMANDU: Prime Minister KP Sharma Oli's proposal for confidence motion was passed with a majority of votes in the House of Representatives (HoR) on Sunday.    ',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">KATHMANDU: Prime Minister KP Sharma Oli&#39;s proposal for confidence motion was passed with a majority of votes in the House of Representatives (HoR) on Sunday.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">PM Oli&#39;s bid of trust motion presented as per Article 76 (4) of the Constitution of Nepal, 2072 was passed with a majority of votes in accordance with Rule No 155 of the HoR Regulation. Speaker Devraj Ghimire declared that the PM gained votes from a majority of lawmakers present in the meeting.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">At total of 263 HoR members participated in the voting. Among them, the political parties including the Nepali Congress and the CPN UML voted for PM Oli which accumulated 188 votes, while the lawmakers of the parties such as CPN (Maoist Centre), RSP, RPP, CPN (Unified Socialist) voted against PM Oli. They had 74 votes.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">A HoR member stayed neutral.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">Chairman of the CPN UML, Oli, was appointed the PM with the backing of the largest political party in the parliament, Nepali Congress, on July 12.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">The NC and the UML, then a coalition partner in Pushpa Kamal Dahal-led government, had inked a seven-point agreement on July 1, thereby paving way to pull down the Dahal government.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">The HoR will meet next at 1:00pm Monday. -- RSS</span></span></span></p>
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			'title' => 'Unnatural Interest of the Government in Monetary Policy',
			'sub_title' => '',
			'summary' => 'KATHMANDU: Nepal Rastra Bank (NRB) had completed preparations to announce the monetary policy for the current fiscal year (FY) 2024/25 on July 19.',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">KATHMANDU: Nepal Rastra Bank (NRB) had completed preparations to announce the monetary policy for the current fiscal year (FY) 2024/25 on July 19. Although it was set to be passed by a meeting of NRB&rsquo;s Board of Directors on Friday morning and made public in the afternoon, the timing of the monetary policy has suddenly become uncertain.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">The Nepal Rastra Bank Act authorizes the central bank to formulate and implement monetary policy. However, since Prime Minister KP Sharma Oli and ministers started discussing monetary policy, its release has become uncertain. The government is facing criticism for expressing unnecessary interest and trying to influence the monetary policy brought by the autonomous body.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Prime Minister KP Sharma Oli appointed Dr. Yuvraj Khatiwada, a former governor of Nepal Rastra Bank, as his economic adviser on Thursday, which further delayed the announcement of the monetary policy. &quot;We had completed all preparations to publicize the monetary policy,&quot; said a senior official of Nepal Rastra Bank.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Prime Minister Oli hinted at the government&#39;s interest in monetary policy during a meeting with businessmen. On Friday, in a meeting with officials of the Confederation of Nepalese Industries, he mentioned that the monetary policy should not be rigid to keep the economy afloat. According to a government source, Prime Minister&#39;s economic advisor Khatiwada has also shown interest in the provisions of the monetary policy. Finance Minister Bishnu Paudel, in a formal meeting with economic journalists on Friday, defended himself by stating that the government did not interfere in the monetary policy as it is a matter for the central bank.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Previously, during the tenure of Governor Maha Prasad Adhikari, due to government intervention, the central bank had announced the monetary policy for FY 2021/22 only in mid-August. After the then Finance Minister Bishnu Paudel announced the budget, the central bank prepared the monetary policy. However, Janardan Sharma of CPN (Maoist Center), who became the finance minister after a change of government, pressured to stop the monetary policy as he was preparing to announce a supplementary budget through an ordinance.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Adhikari was also suspended after the government launched an investigation against him about three years ago for not cooperating with the government. Later, he was reinstated by the order of the Supreme Court.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Former Governor Dipendra Bahadur Chhetri states that even though the monetary policy supports the government&#39;s budget and programs, the Nepal Rastra Bank should be strict in some cases. &quot;The central bank should maintain price stability and discipline in the financial sector,&quot; he said, &quot;That&#39;s why autonomy has been given to the central bank. The government can&#39;t interfere.&quot; He noted that people in power have started interfering in monetary policy as well.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">In order to make the monetary policy well-organised, the central bank issued the Monetary Policy Formulation Procedure, 2073. This procedure states that the annual monetary policy will be released within 15 days of the beginning of each fiscal year, and the quarterly and half-yearly reviews will be published within 45 days after the end of each quarter.</span></span></p>

<p>&nbsp;</p>
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	(int) 6 => array(
		'Article' => array(
			'id' => '21599',
			'article_category_id' => '1',
			'title' => 'MPs show Interest in Qualification of BFI Directors while Presenting Proposals to Amend BAFIA Bill',
			'sub_title' => '',
			'summary' => 'KATHMANDU: Parliamentarians have proposed numerous amendments to the bill aimed at amending the Banks and Financial Institutions Act (BAFIA). ',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">KATHMANDU: Parliamentarians have proposed numerous amendments to the bill aimed at amending the Banks and Financial Institutions Act (BAFIA). Notably, their interest ranges from the qualifications of directors of banks and financial institutions to bringing these banks under government ownership.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Hari Dhakal, a member of the Rastriya Swatantra Party (RSP), filed an amendment proposal regarding the qualifications of directors. He demanded that a person should have worked for at least five years at the level of a director or officer of a foreign or domestic bank, financial institution, or an organization in a related sector, or at the official level of the Government of Nepal to be eligible for the position of director.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">His proposal also mentions that a person with a master&#39;s degree who has worked for at least three years as a manager or officer at a foreign or domestic bank, financial institution, or organization in a related field, or at least at the official level of the Government of Nepal, should also be eligible for the post.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Currently, a director&#39;s tenure is a maximum of four years, and they can be reappointed or nominated. However, an independent director can only be appointed for one term, according to the amendment. Deepak Khadka, Ramnath Adhikari, Dr. Chanda Karki, Krishna Kumar Shrestha, Metmani Chaudhary, and other MPs support this provision.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">The bill proposes that after a director&#39;s term in office is over, they can be reappointed to the same position for another term. However, independent directors cannot be reappointed.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Manish Jha, another RSP MP, has proposed that banks and financial institutions should have a board of directors consisting of at least seven and at most nine members. He emphasized the need for a provision to appoint two independent directors, including at least one woman, to the board of directors. Jha has filed an amendment proposal demanding that this information should be presented at the first general meeting after such appointments.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Similar amendment proposals have also been registered by RSP MPs Hari Dhakal and Lakshmi Tiwari. RSP MP Sobhita Gautam has filed an amendment proposal stating that the board of directors should have a minimum of seven and a maximum of 11 members.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">The BAFIA Bill seeks to define digital currency. &quot;Digital currency should be understood as the digital currency issued by Nepal Rastra Bank,&quot; the bill states. RSP MP Jha has proposed an amendment to reconsider this definition. According to him, digital currency should be defined as a mode of exchange that has no physical or tangible basis, exists purely electronically, and does not include electronic money. The definition should align with international accounting standards.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Prem Suwal, an MP from the Nepal Workers and Peasants Party, has proposed a provision that only the state should invest in banks and financial institutions. He argues that politics will fall into the hands of those with money and access if the private sector is allowed to invest. Suwal&#39;s proposal suggests adding wording to the bill&#39;s preamble to establish and operate banks and financial institutions solely under state ownership.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Parliament&#39;s Finance Committee Secretary Rekha Upadhyay Khanal said that the amendment proposals submitted to the Finance Committee will be discussed soon. &quot;All amendment proposals will be discussed, and necessary decisions will be taken,&quot; she said.</span></span></p>

<p>&nbsp;</p>
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			'image' => '20240721024128_20240624011617_bankkkkkkk.jpg',
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	(int) 7 => array(
		'Article' => array(
			'id' => '21598',
			'article_category_id' => '1',
			'title' => 'Govt Allows Private Sector to Build Transmission Lines in Collaboration with State-Owned Company',
			'sub_title' => '',
			'summary' => 'KATHMANDU: The Nepal Electricity Authority (NEA) has paved the way for the private sector to invest in the transmission line to be built by the National Transmission Grid Company Limited, which is promoted by the NEA.',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">KATHMANDU: The Nepal Electricity Authority (NEA) has paved the way for the private sector to invest in the transmission line to be built by the National Transmission Grid Company Limited, which is promoted by the NEA.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Following directives from the Ministry of Energy, Water Resources and Irrigation, the NEA Board of Directors meeting on Friday amended the regulations, allowing private sector&rsquo;s participation in the construction of transmission lines.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Netra Prasad Gyawali, Chief Executive Officer of the National Transmission Grid Company, stated that this decision was made because the private sector has shown interest in building transmission lines for a long time. &quot;This is a golden opportunity for the private sector. This decision aims to solve the problem of electricity being wasted due to the lack of transmission lines,&quot; he said.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">The Electricity Act 2048 allows the private sector to build transmission lines. However, until now, hydropower projects have built transmission lines only to deliver electricity from power plants to the national grid. According to the Department of Electricity Development, private sector entities such as National Hydropower, Bhotekoshi Power Company, Sanima Hydro, and Barun Hydropower Development Pvt Ltd have received such permissions.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Despite this, government officials noted that private companies have not ventured into building transmission lines alone. So far, only the NEA and its subsidiary, the National Transmission Grid, have been constructing transmission lines. Due to the lack of sufficient and reliable transmission lines, increasing domestic electricity consumption and exports has been challenging. Although the expansion of transmission lines is a top priority for the NEA, it is difficult to expand them as required with only its resources.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Gyawali said, &quot;Government companies with limited investment are the only ones responsible for the construction of transmission lines and the sale and distribution of electricity. Now, with cooperation from the private sector, the structure of the transmission lines will increase, and there will be no such problem.&quot;</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">In the first phase, the NEA has opened the doors to the private sector for the construction of the Tamor-Dhungesanghu 220 KV and Lamabagar-Barhabise 220 KV transmission lines to be built by the National Transmission Grid Company. </span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">&quot;Government companies are finding it difficult to raise budgets for these projects, so these are the ones that have been opened for the private sector in the beginning,&quot; Navin Raj Singh, the spokesperson for the ministry, told New Business Age.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">However, private sector investors are not entirely satisfied with this decision. Prakash Chandra Dulal, Deputy General Secretary of the Independent Power Producers Association of Nepal (IPPAN), argued that the private sector should not be content with partnering with government-owned companies just to raise capital. </span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">&quot;If the private sector is to be given authority, it should also be given responsibility for the construction of transmission lines and the sale and distribution of electricity,&quot; he said.</span></span></p>

<p>&nbsp;</p>
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	(int) 8 => array(
		'Article' => array(
			'id' => '21597',
			'article_category_id' => '1',
			'title' => 'Dragon Fruit Farming Thriving in Nepal',
			'sub_title' => 'Gauli Earns Rs 1.6 Million in a Year from Dragon Fruit Farming',
			'summary' => 'DAMAULI: Kalpana Gauli, a farmer of Byas municipality-5 in Tanahun district, earned Rs 1.6 million selling dragon fruit last year.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;">DAMAULI: Kalpana Gauli, a farmer of Byas municipality-5 in Tanahun district, earned Rs 1.6 million selling dragon fruit last year.<br />
Gauli made a good income selling dragon fruits produced by 2,100 plants cultivated in nine ropanis of land. She said her family is busy with works of picking and selling dragon fruits from Asar (mid-June to mid-July) to Mangsir (mid-November to mid-December).<br />
Registering a firm named &#39;Ma Ambe Alaukik Agriculture Farm,&#39; they started commercial dragon fruit farming by bringing saplings from Hyderabad, India two years ago. The samplings were planted on nine ropanis of land taken on lease for 20 years, she explained.<br />
Gauli shared that they pay Rs 20,000 per month as rent, adding they are hopeful of selling dragon fruits worth Rs 2 million this year. The tropical fruit can be harvested for six months starting from mid-June. Gauli picked 35 kg of dragon fruits in the first lot, while 1,000 kg each in the second lot and third lot last year.<br />
Most of the fruits are sold from the farm, she mentioned, adding they sell the remaining dragon fruits to the fruits and vegetable vendors of Damauli. The fruit rich in fibres and antioxidants is consumed mostly in the district.<br />
It is sold at Rs 500 to Rs 700 per kg, according to her. Students from schools and colleges, teachers, locals as well as government employees, and representatives of different organisations visit the farm to gather information about the farming of dragon fruit, which is relatively new in this district.<br />
The fruit with its origin in southern Mexico has spread across many countries in the world, including Nepal. In Mexico, it is called &#39;pitaya&#39;, and some have even given it a name- &#39;strawberry pear&#39;.&nbsp; -- RSS</span></span></span></p>

<p>&nbsp;</p>
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			'article_date' => '2024-07-21 11:46:48',
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	(int) 9 => array(
		'Article' => array(
			'id' => '21596',
			'article_category_id' => '1',
			'title' => 'After a Decade of Eradication, Poliovirus Resurfaces in Kathmandu',
			'sub_title' => '',
			'summary' => 'KATHMANDU: The polio virus has resurfaced in Nepal after a decade. ',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">KATHMANDU: The polio virus has resurfaced in Nepal after a decade. It was found in drain water in Kathmandu. During an interaction organized by the Department of Health Services on &#39;Polio Disease and Surveillance&#39; on Friday, Chief of the Child Health and Nutrition Division, Dr. Abhiyan Gautam, said the poliovirus was found in the water at the confluence of Tukucha and Bagmati rivers.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">A sample collected from the confluence tested positive for the poliovirus, marking the first time the virus was detected in drain water. Nepal had last witnessed this virus in humans in 2010, while the country was declared polio-free in 2014. The government had aimed at eradicating the poliovirus by 2026.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">&quot;Irrespective of the place this virus is found, it is quite sensitive. Tracing the poliovirus has raised concerns about whether humans also have it,&quot; Dr. Gautam explained. He further informed that additional tests would be conducted.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">The sample collected on May 26 was sent to a Bangkok-based laboratory for testing, which resulted positive. The result came on July 13.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">It was also shared in the program that the new variant of the virus is &#39;vaccine-derived polio type-3,&#39; not &#39;wild polio.&#39; </span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">&quot;It might not have come from elsewhere but from Kathmandu Valley itself because it was found at Teku, the confluence of Tukucha and Bagmati rivers,&quot; Dr. Gautam argued.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">With the detection of the virus after a decade, the Ministry of Health and Population has decided to launch an anti-polio campaign in all three districts of the valley. Director at the Family Welfare Division, Dr. Bibek Kumar Lal, said &#39;IPV&#39; vaccination was launched against polio recently. Under the vaccination campaign, a total of 280,000 children will be administered anti-polio vaccination from July 24 to 27. -- RSS</span></span></p>

<p>&nbsp;</p>
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			'sortorder' => '21322',
			'image' => '20240721111004_PV-MK.jpg',
			'article_date' => '2024-07-21 11:09:21',
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	(int) 10 => array(
		'Article' => array(
			'id' => '21595',
			'article_category_id' => '1',
			'title' => 'Tourist Arrival Up in Chitwan National Park',
			'sub_title' => '',
			'summary' => 'BHARATPUR: The number of tourists visiting Chitwan National Park increased in the last fiscal year.',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">BHARATPUR: The number of tourists visiting Chitwan National Park increased in the last fiscal year. A total of 306,837 tourists visited the Chitwan National Park in FY 2023/24 AD while the number of visitors in FY 2022/23 AD was 299,412.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">According to the Information Officer of the Chitwan National Park, Ganesh Prasad Tiwari, the number of visitors there increased by 7,425 last year compared to the previous year.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Of the total visitors, 176,316 were domestic visitors, which was 205,605 in the previous fiscal year.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">The visitors from other countries than the SAARC nations increased impressively from 55,872 in the FY 2022/23 to over 94,000 in the last fiscal year.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">With the increase in the number of tourists, the revenue collection of the Chitwan National Park has also increased.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Tiwari shared that the national park collected Rs 305.7 million in revenue from eco-tourism in the last fiscal year against Rs 229.3 million in the previous year.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">The Bharatpur Metropolitan City is also marking the Bharatpur Visit Year 2024. Mayor of the Bharatpur Metropolitan City, Renu Dahal, said that massive publicity of the city is taking place at national and international stages to bring in more tourists.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">The Chitwan National Park is the main tourist destination in Bharatpur and receives the highest number of tourists in the district. &quot;The reason behind the increased number of tourists in the national park is due to Bharatpur Visit Year,&quot; Mayor Dahal said. -- RSS</span></span></p>

<p>&nbsp;</p>
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	(int) 11 => array(
		'Article' => array(
			'id' => '21594',
			'article_category_id' => '1',
			'title' => 'Public Debt Exceeds Rs 2434 Billion',
			'sub_title' => '',
			'summary' => 'Nepal's public debt has reached Rs 2434 billion according to the Public Debt Management Office (PDMO). As of mid-July of the last fiscal year (FY), this debt represented 42.65 percent of Nepal's gross domestic product (GDP).',
			'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">July 21: Nepal&#39;s public debt has reached Rs 2434 billion according to the Public Debt Management Office (PDMO). As of mid-July of the last fiscal year (FY), this debt represented 42.65 percent of Nepal&#39;s gross domestic product (GDP). </span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The debt is divided into Rs 1180 billion in domestic debt and Rs 1253 billion in foreign debt.&nbsp;</span></span><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">In the last fiscal year alone, the government raised Rs 358 billion in public debt, with Rs 234 billion coming from domestic sources and Rs 123 billion from external sources.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">&nbsp;The PDMO data shows that the government has repaid Rs 223.34 billion of these loans, including Rs 182 billion in domestic debt and Rs 40.72 billion in external debt.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">By mid-July of the previous fiscal year 2023/24, Nepal&#39;s outstanding public debt stood at Rs 2299 billion. This indicates an increase of Rs 134 billion in the last fiscal year.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The government had aimed to mobilize Rs 452 billion in public debt for the last fiscal year but only managed to collect Rs 358 billion, which is 79 percent of the target. </span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The PDMO reported that 97.68 percent of the targeted domestic loans were secured, while only 58.10 percent of the targeted external loans were received.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Throughout the last fiscal year, the government paid Rs 223.34 billion in public debt repayments and Rs 82 billion in interest payments.</span></span></p>
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			'article_category_id' => '1',
			'title' => 'Massive Global IT Crash Hits Airlines, Banks, Media',
			'sub_title' => 'Global IT Outage: The Main Sectors Affected',
			'summary' => 'PARIS: A massive IT blackout on Friday affected a wide range of sectors around the world, from Japan to the United States, AFP reported.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">PARIS: A massive IT blackout on Friday affected a wide range of sectors around the world, from Japan to the United States, AFP reported.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">According to the news agency, airlines, banks, TV channels and other business across the globe were scrambling Friday to deal with one of the biggest IT crashes in recent years, caused by an update to an antivirus program.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Aviation officials in the United States briefly grounded all planes, while airlines elsewhere cancelled or delayed flights, as systems running Microsoft Windows crashed.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Microsoft said the issue began at 1900 GMT on Thursday, affecting users of its Azure cloud platform running cybersecurity software CrowdStrike Falcon.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">According to AFP, CrowdStrike CEO George Kurtz said in a post on several social media platforms that a fix had been rolled out for the problem, describing it as a &quot;defect found in a single content update for Windows hosts&quot;.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Experts suggested applying the fix would not be straightforward. And the global nature of the failure prompted some commentators to question the reliance on a single provider for such a variety of services.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Here is an overview of the main disruptions compiled by AFP.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><strong>Airports and airlines </strong></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Airport operations and flights were a major victim of the outage, which forced delays and cancellations globally.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">At Sydney Airport in Australia, flight operations and airport services were affected, creating long queues of passengers trying to reach their destinations.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Hong Kong International Airport also announced that some airlines were affected, and Singapore&#39;s airport also said it had been impacted.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">&quot;Due to a global outage affecting IT systems of many organisations, the check-in process for some airlines at Changi Airport is being managed manually,&quot; the airport posted on Facebook.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">At Delhi airport, three Indian airlines reported major IT disruptions.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">In Europe, Berlin International Airport was blocked on Friday morning before traffic partially resumed at around 11:00 am (0900 GMT).</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Flight arrivals were halted at Zurich&#39;s airport before it announced Friday afternoon that flights could again land, while in Vienna and Budapest, the check-in systems of several airlines had to be operated manually, causing &quot;significant delays&quot;.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Amsterdam-Schiphol airport, a major European hub, was also affected, as were all airports in Spain, causing disruptions at the height of its summer tourism season.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">In France, Air France said it was facing IT-related disruption on several of its services, but not at the Charles de Gaulle and Orly airports serving the Olympics host city Paris.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The IT systems of the ADP group, which manages the Paris airports, were unaffected but the breakdown has &quot;had an impact on the operations of the airlines concerned at Paris-Charles de Gaulle and Paris-Orly: slowdown in check-in, delays and temporary suspension of certain flight schedules&quot;, the company told AFP.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">But Transavia France said it had been forced to cancel nearly 40 flights.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Ireland&#39;s Ryanair, Europe&#39;s biggest airline in terms of passenger numbers, warned that it was experiencing a &quot;disruption across the network due to a global third-party IT outage which is out of our control&quot;.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">In North America, major airlines including Delta, United and American Airlines grounded all their planes early on Friday because of &quot;communications issues&quot;, according to the Federal Aviation Administration.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">They later said they were beginning to resume operations after hours-long delays.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><strong>Public transport </strong></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Britain&#39;s largest rail operator said it was affected by the IT problems, leading to potential last-minute cancellations as companies were unable to access certain systems relating to drivers.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">&quot;We are currently experiencing widespread IT issues across our entire network&quot;, the four lines operated by Govia Thameslink Railway (GTR) posted on X.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">In Gdansk, northern Poland, the Baltic Hub Container Terminal, a deep-water terminal, also reported disruption before returning to normal.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><strong>Financial sector </strong></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The London Stock Exchange was hit early by a technical problem affecting its platform for disseminating information to the market.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The FTSE 100, its main index, opened around 20 minutes late</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">In addition, the applications of several banks were affected in Australia, according to Australian television station ABC.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The problem also affected banks in Ukraine, including the online bank Sense Bank.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">In Turkey, Deniz Bank reported disruptions to its customers.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><strong>Media </strong></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The disruptions also affected the media, such as Australian broadcaster ABC, which said its systems had been paralysed by a &quot;major&quot; problem.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">In France, Canal+&#39;s subscriber service explained on Friday morning that it was suffering the &quot;repercussions of a major global technical failure&quot;.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">TF1, the leading private channel in France and Europe, was also affected, with its morning show starting several minutes late.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">British television channel Sky News saw its broadcasting briefly interrupted.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><strong>The Paris Olympics </strong></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The IT outage is &quot;impacting Paris 2024&#39;s IT operations&quot; just a week ahead of the opening ceremony for the Summer Games, the Olympic organising committee said.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The accreditation system has been affected, preventing some people from collecting their badges, a source within the organising committee told AFP.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Flight disruptions could also impede the arrival of athletes and delegations.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><strong>Other sectors </strong></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">In Japan, some operations at McDonald&#39;s restaurants were disrupted, and in Australia, self-service checkout terminals at one of the country&#39;s largest supermarket chains displayed error messages.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">In the Netherlands, several hospitals reported being affected by the outage, leading to the closure of an emergency department and the postponement of operations.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Britain&#39;s government activated its civil contingencies committee as general practitioners (GPs) across Britain were unable to access patient records or book appointments.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">A National Health Service (NHS) spokesperson said there was an issue with its appointment and patient record service &quot;causing disruption in the majority&quot; of GP services. -- AFP</span></span></p>

<p>&nbsp;</p>
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			'summary' => 'KATHMANDU: The NEPSE index jumped by 18% in the past 14 trading days. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;">KATHMANDU: The NEPSE index jumped by 18% in the past 14 trading days. On July 1, the index stood at 2,053.38 points, but by July 18 (the week&rsquo;s last trading day), it had climbed to 2,424.32 points.</span><br />
<span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;">On the midnight of July 1, two major parties in Parliament, the Nepali Congress and the CPN-UML, reached an agreement on power sharing, and the stock market began to rise the following day. NEPSE index, which started increasing due to rumors that Bishnu Prasad Paudel would be the finance minister in the new government, has decreased only on two trading days since then.<br />
After Poudel was appointed as the Finance Minister, the NEPSE increased by 70 points in just one day on Tuesday (July 16). Even after that, the NEPSE, which has seen continuous gains, peaked at 2,424.32 points last Thursday, the highest in 27 months.<br />
Finance Minister Paudel is known as a stock market-friendly finance minister. Paudel himself was the finance minister when NEPSE set its all-time high record twice before.<br />
<strong>10 companies&rsquo; shares fall below Rs 200 &nbsp;</strong><br />
Currently, out of companies listed on NEPSE, the share prices of 10 companies are below Rs 200 per share. This group includes three commercial banks, six hydropower companies, and one company from another sector.<br />
The cheapest stock among them is of Himal Dolakha Hydropower Company, with a share price of Rs 166.2. Kumari Bank follows with a share price of Rs 178.1, and National Hydropower shares are priced at Rs 179. &nbsp;<br />
Other compaies in this range include Ghalemdi Hydro at Rs 182 per share, Upper Tamakoshi at Rs 188.6, Prabhu Bank at Rs 190, Shivashree Hydropower at Rs 192, and Hydroelectricity Investment and Development Company at Rs 193. Ankhu Khola Hydropower&#39;s share stands at Rs 196, and Nepal Investment Mega Bank&#39;s shares are priced at Rs 199.1. &nbsp;</span></span></span></p>
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			'title' => 'Rastra Bank Under Pressure to Make Economy Vibrant',
			'sub_title' => '',
			'summary' => 'KATHMANDU: By Sunday, July 14, the day before the end of the last fiscal year, banks and financial institutions had collected deposits totaling Rs 6493 billion and provided loans amounting to Rs 5169 billion.',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">KATHMANDU: By Sunday, July 14, the day before the end of the last fiscal year, banks and financial institutions had collected deposits totaling Rs 6493 billion and provided loans amounting to Rs 5169 billion. The credit-deposit ratio (CD ratio) of banks has fallen to 77.67 percent due to the lack of increase in credit disbursement compared to deposit collection. Data from Nepal Rastra Bank (NRB) shows that banks have the capacity to extend more than Rs 700 billion in loans while maintaining a CD ratio of up to 90 percent.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">While there is more investable capital in the financial system, the external sector of the economy is strong. However, internal economic activity has not been able to pick up pace. NRB is under pressure to implement a flexible and expansionary monetary policy for the current fiscal year to stimulate the economy. NRB has prepared to issue such a policy to help expand economic activities. &nbsp;</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">A senior NRB official stated that although data until mid-June forms the basis for NRB&#39;s flexible monetary policy, the expansionary policy may not meet businessmen&#39;s expectations. &quot;NRB has its own limits, and the monetary policy is issued to keep the economy running as much as possible,&quot; the official said.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">As of mid-June of the last fiscal year, the country&#39;s current account, balance of payments, and foreign exchange reserves were high, and the inflation rate was below target. According to the Current Macroeconomic and Financial Situation Report published by the central bank of Nepal, the current account stood at a surplus of Rs 200.39 billion as of mid-June of the last fiscal year. NRB states that foreign exchange reserves of Rs 196.7 billion are sufficient to cover 12.6 months of imports of goods and services.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Despite a decrease in interest rates, bank lending has not increased, leading to economic contraction. Therefore, monetary policy seems likely to focus on credit expansion. Due to the lack of credit expansion by banks, there is pressure on NRB to introduce a monetary policy that encourages increased lending.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">&quot;As requested by the businessmen, the suspension of the working capital loan guidelines and the limit on share mortgage loans will not be removed,&quot; said the NRB source. &quot;Risk-weighted arrangements and the loan/mortgage ratio may increase.&quot; The official indicated that the monetary policy would also address issues faced by borrowers due to economic downturn, with preparations to facilitate loan restructuring, particularly targeting the construction industry.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">There are plans to review credit risk management provisions for the increasing bad debts of banks and financial institutions. The monetary policy will also announce the establishment of a non-banking asset management company for banks. Recently, amendments to the Nepal Rastra Bank Act and the Cooperatives Act have given NRB the authority to monitor cooperatives with an annual turnover above Rs 50 million, which will also be addressed in the monetary policy.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Rastra Bank has already indicated a flexible monetary policy through its review on May 4. This review reduced the risk weight of hire purchase vehicle loans to 1.00 percent and reduced the risk loss to 1.20 percent for loans classified in the good loan category of banks and financial institutions. </span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">The federal government has already announced the budget as well as the policies and programmes for the next fiscal year, targeting 6 percent economic growth and 5.5 percent inflation. Accordingly, the central bank is set to release the monetary policy for the current fiscal year.</span></span></p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '21605',
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			'title' => 'Provision of HS Code on Invoices Confusing Traders',
			'sub_title' => '',
			'summary' => 'BIRGUNJ: Following the amendment of the Value Added Regulation 2053, the government has made it mandatory to include the Harmonized System (HS) code on tax invoices for goods and services.',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;">Om Prakash Khanal </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;">BIRGUNJ: Following the amendment of the Value Added Regulation 2053, the government has made it mandatory to include the Harmonized System (HS) code on tax invoices for goods and services. This change has caused confusion among entrepreneurs and traders. Businessmen are uncertain about which goods and services require HS codes on sales invoices.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;">Even a week after the implementation of the new regulation, industrialists remain confused. Traders in Birgunj, the country&rsquo;s largest land port and industrial and commercial center, are particularly confused. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;">Hari Gautam, the senior vice president of the Birgunj Chamber of Commerce, stated that the organization has raised the issue with the Director General of the Inland Revenue Department.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;">The Inland Revenue Office in Birgunj discussed the new tax invoice format with officials from the Birgunj Chamber of Commerce and Industry, according to Dhakaram Tiwari, the head of the office. Despite informing a few officials, the Inland Revenue Office has not effectively communicated the changes to the broader group of industrialists and traders, leaving many still confused.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;">In an interview with New Business Age, Tiwari clarified that the HS code is mandatory for the sale of imported goods. The old bill format is no longer acceptable, and importers must now include the HS code on their invoices. Although it is recommended for domestic products to have an HS code, no penalties will be imposed if the code is missing or incorrect for these products.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;">&quot;The goal is to gradually make the HS code mandatory for all goods and services,&quot; Tiwari explained. However, this new requirement has caused significant confusion among businesses that produce goods from imported raw materials and among service providers.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;">Some businessmen have pointed out that not all items have corresponding HS codes and that the Inland Revenue Department has not provided clear guidance on which codes to use for these items. Tiwari suggested that HS codes can be obtained from the Department of Customs and reassured that no action will be taken if the code is unavailable or incorrect.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;">Businessmen have urged the Inland Revenue Department to clearly inform police and investigation agencies about this issue to avoid any miscommunication between government bodies. A businessman expressed concern that while the Inland Revenue Department may not enforce the HS code requirement, the police might, causing significant trouble for traders.</span></span></span></span></p>

<p>&nbsp;</p>
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	(int) 1 => array(
		'Article' => array(
			'id' => '21604',
			'article_category_id' => '1',
			'title' => 'Nepalese Army Opens 1,411 Km Roads, Installs 38 Bailey Bridges',
			'sub_title' => '',
			'summary' => 'KATHMANDU: The Nepalese Army (NA)   has opened 1,411 kilometres long track so far in different parts of the country.',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">KATHMANDU: The Nepalese Army <em>(NA)</em>&nbsp;&nbsp; has opened 1,411 kilometres long track so far in different parts of the country. Likewise, the NA installed 38 Bailey bridges. </span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">Colonel and Assistant Director of Military Development Construction Directorate Dharmendra Kumar Jha said that the Bailey bridges and tracks have been handed over to the Department of Roads.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">Currently, the Nepalese Army is involved in three national pride projects and two national priority (P1) projects. Likewise, the Nepalese Army is constructing four strategically important roads connecting the south and north corridors of the country.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">The four corridors being constructed by the Nepalese Army include 79 kilometers long Darchula-Tinker road, 92-km Benighat-Arughat-Larkebhanjyang road, 22-km Lalibagar-Dulkikunna section and Ghatiparichaur-Badrigaun-Bhukkakhola section of Karnali Corridor and 10.51-km Khandbari-Kimathanka road.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">The NA is also developing the much-hyped Kathmandu-Tarai-Madhes Expressway of 71 kms. -- RSS&nbsp; </span></span></span></p>

<p>&nbsp;</p>
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			'article_date' => '2024-07-22 12:21:11',
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	(int) 2 => array(
		'Article' => array(
			'id' => '21602',
			'article_category_id' => '1',
			'title' => 'Bankruptcies in Japan Surge to Decade High: Survey   ',
			'sub_title' => '',
			'summary' => 'TOKYO: Corporate bankruptcies in Japan surged 22 percent year on year to a decade high in the first half of the year due to rising costs, labor shortages and waning financial support, according to a recent survey by a credit research company.    ',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">TOKYO: Corporate bankruptcies in Japan surged 22 percent year on year to a decade high in the first half of the year due to rising costs, labor shortages and waning financial support, according to a recent survey by a credit research company.&nbsp;&nbsp;&nbsp;&nbsp; </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The total number of bankruptcies from January to June came to 4,887, the highest since 2014, Japan&#39;s Teikoku Databank said in its latest online report.&nbsp;&nbsp;&nbsp;&nbsp; </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">By industry, the service industry had the largest number at 1,228, followed by retail with 1,029 and construction with 917, the data showed.&nbsp;&nbsp;&nbsp;&nbsp; </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Small and micro enterprises were the most affected during the period, as the so-called &quot;zero-zero loans,&quot; or loans with no interest and no collateral, provided by private-sector and government-affiliated financial institutions to cope with the COVID-19 pandemic impact, were taken out.&nbsp;&nbsp;&nbsp;&nbsp; </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The economic landscape is further complicated by the ongoing depreciation of the yen, amid soaring costs and growing labor shortages.&nbsp;&nbsp;&nbsp;&nbsp; </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Teikoku predicted that on top of the lackluster personal consumption, the number of corporate bankruptcies is expected to rise further, possibly exceeding 10,000 in the whole year of 2024.&nbsp;&nbsp;&nbsp;&nbsp; </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">In June alone, a total of 807 Japanese companies began legal liquidation proceedings, marking the 26th consecutive month of year-on-year growth, the report said. &ndash; Xinhua/RSS&nbsp;&nbsp; </span></span></p>

<p>&nbsp;</p>
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	(int) 3 => array(
		'Article' => array(
			'id' => '21603',
			'article_category_id' => '1',
			'title' => '420 Nepali Students Return from Bangladesh   ',
			'sub_title' => '',
			'summary' => 'KATHMANDU: A total of 420 Nepali students affected by the ongoing student protest in Bangladesh returned home on Sunday alone.',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">KATHMANDU: A total of 420 Nepali students affected by the ongoing student protest in Bangladesh returned home on Sunday alone.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">While 115 flew home, remaining 305 came home via road (Kakadvitta check point), according to Koshhari Niraula, director general of the Department of Immigration.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">The protest is ongoing in Dhaka city over the dispute on quota system in Bangladesh since the beginning of July.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">The first batch of 57 Nepali students flying home from Bangladesh landed at Tribhuvan International Airport, Kathmandu at 11:30 am and they were welcomed by the Ministry of Foreign Affairs.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">The Ministry of Foreign Affairs has been facilitating those willing to return home from Bangladesh in the wake of growing unrest there.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">The ministry has directed the Nepali Embassy in Dhaka to coordinate with the Nepalis willing to return home and facilitate for their safe stay if they want to remain there.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">Minister for Foreign Affairs Dr Arzu Rana Deuba directed the Nepali Embassy in Dhaka to set up a Help Desk for any necessary assistance in case of need to Nepalis who face problems in Bangladesh. Also, Minister Deuba asked the ministry to establish better coordination with the Nepali Embassy in Dhaka. -- RSS </span></span></span></p>

<p>&nbsp;</p>
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			'article_date' => '2024-07-22 11:44:53',
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	(int) 4 => array(
		'Article' => array(
			'id' => '21601',
			'article_category_id' => '1',
			'title' => 'PM Oli Secures Two-Thirds of Votes in Trust Motion   ',
			'sub_title' => '',
			'summary' => 'KATHMANDU: Prime Minister KP Sharma Oli's proposal for confidence motion was passed with a majority of votes in the House of Representatives (HoR) on Sunday.    ',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">KATHMANDU: Prime Minister KP Sharma Oli&#39;s proposal for confidence motion was passed with a majority of votes in the House of Representatives (HoR) on Sunday.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">PM Oli&#39;s bid of trust motion presented as per Article 76 (4) of the Constitution of Nepal, 2072 was passed with a majority of votes in accordance with Rule No 155 of the HoR Regulation. Speaker Devraj Ghimire declared that the PM gained votes from a majority of lawmakers present in the meeting.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">At total of 263 HoR members participated in the voting. Among them, the political parties including the Nepali Congress and the CPN UML voted for PM Oli which accumulated 188 votes, while the lawmakers of the parties such as CPN (Maoist Centre), RSP, RPP, CPN (Unified Socialist) voted against PM Oli. They had 74 votes.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">A HoR member stayed neutral.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">Chairman of the CPN UML, Oli, was appointed the PM with the backing of the largest political party in the parliament, Nepali Congress, on July 12.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">The NC and the UML, then a coalition partner in Pushpa Kamal Dahal-led government, had inked a seven-point agreement on July 1, thereby paving way to pull down the Dahal government.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">The HoR will meet next at 1:00pm Monday. -- RSS</span></span></span></p>
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	(int) 5 => array(
		'Article' => array(
			'id' => '21600',
			'article_category_id' => '1',
			'title' => 'Unnatural Interest of the Government in Monetary Policy',
			'sub_title' => '',
			'summary' => 'KATHMANDU: Nepal Rastra Bank (NRB) had completed preparations to announce the monetary policy for the current fiscal year (FY) 2024/25 on July 19.',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">KATHMANDU: Nepal Rastra Bank (NRB) had completed preparations to announce the monetary policy for the current fiscal year (FY) 2024/25 on July 19. Although it was set to be passed by a meeting of NRB&rsquo;s Board of Directors on Friday morning and made public in the afternoon, the timing of the monetary policy has suddenly become uncertain.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">The Nepal Rastra Bank Act authorizes the central bank to formulate and implement monetary policy. However, since Prime Minister KP Sharma Oli and ministers started discussing monetary policy, its release has become uncertain. The government is facing criticism for expressing unnecessary interest and trying to influence the monetary policy brought by the autonomous body.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Prime Minister KP Sharma Oli appointed Dr. Yuvraj Khatiwada, a former governor of Nepal Rastra Bank, as his economic adviser on Thursday, which further delayed the announcement of the monetary policy. &quot;We had completed all preparations to publicize the monetary policy,&quot; said a senior official of Nepal Rastra Bank.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Prime Minister Oli hinted at the government&#39;s interest in monetary policy during a meeting with businessmen. On Friday, in a meeting with officials of the Confederation of Nepalese Industries, he mentioned that the monetary policy should not be rigid to keep the economy afloat. According to a government source, Prime Minister&#39;s economic advisor Khatiwada has also shown interest in the provisions of the monetary policy. Finance Minister Bishnu Paudel, in a formal meeting with economic journalists on Friday, defended himself by stating that the government did not interfere in the monetary policy as it is a matter for the central bank.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Previously, during the tenure of Governor Maha Prasad Adhikari, due to government intervention, the central bank had announced the monetary policy for FY 2021/22 only in mid-August. After the then Finance Minister Bishnu Paudel announced the budget, the central bank prepared the monetary policy. However, Janardan Sharma of CPN (Maoist Center), who became the finance minister after a change of government, pressured to stop the monetary policy as he was preparing to announce a supplementary budget through an ordinance.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Adhikari was also suspended after the government launched an investigation against him about three years ago for not cooperating with the government. Later, he was reinstated by the order of the Supreme Court.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Former Governor Dipendra Bahadur Chhetri states that even though the monetary policy supports the government&#39;s budget and programs, the Nepal Rastra Bank should be strict in some cases. &quot;The central bank should maintain price stability and discipline in the financial sector,&quot; he said, &quot;That&#39;s why autonomy has been given to the central bank. The government can&#39;t interfere.&quot; He noted that people in power have started interfering in monetary policy as well.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">In order to make the monetary policy well-organised, the central bank issued the Monetary Policy Formulation Procedure, 2073. This procedure states that the annual monetary policy will be released within 15 days of the beginning of each fiscal year, and the quarterly and half-yearly reviews will be published within 45 days after the end of each quarter.</span></span></p>

<p>&nbsp;</p>
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	(int) 6 => array(
		'Article' => array(
			'id' => '21599',
			'article_category_id' => '1',
			'title' => 'MPs show Interest in Qualification of BFI Directors while Presenting Proposals to Amend BAFIA Bill',
			'sub_title' => '',
			'summary' => 'KATHMANDU: Parliamentarians have proposed numerous amendments to the bill aimed at amending the Banks and Financial Institutions Act (BAFIA). ',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">KATHMANDU: Parliamentarians have proposed numerous amendments to the bill aimed at amending the Banks and Financial Institutions Act (BAFIA). Notably, their interest ranges from the qualifications of directors of banks and financial institutions to bringing these banks under government ownership.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Hari Dhakal, a member of the Rastriya Swatantra Party (RSP), filed an amendment proposal regarding the qualifications of directors. He demanded that a person should have worked for at least five years at the level of a director or officer of a foreign or domestic bank, financial institution, or an organization in a related sector, or at the official level of the Government of Nepal to be eligible for the position of director.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">His proposal also mentions that a person with a master&#39;s degree who has worked for at least three years as a manager or officer at a foreign or domestic bank, financial institution, or organization in a related field, or at least at the official level of the Government of Nepal, should also be eligible for the post.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Currently, a director&#39;s tenure is a maximum of four years, and they can be reappointed or nominated. However, an independent director can only be appointed for one term, according to the amendment. Deepak Khadka, Ramnath Adhikari, Dr. Chanda Karki, Krishna Kumar Shrestha, Metmani Chaudhary, and other MPs support this provision.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">The bill proposes that after a director&#39;s term in office is over, they can be reappointed to the same position for another term. However, independent directors cannot be reappointed.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Manish Jha, another RSP MP, has proposed that banks and financial institutions should have a board of directors consisting of at least seven and at most nine members. He emphasized the need for a provision to appoint two independent directors, including at least one woman, to the board of directors. Jha has filed an amendment proposal demanding that this information should be presented at the first general meeting after such appointments.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Similar amendment proposals have also been registered by RSP MPs Hari Dhakal and Lakshmi Tiwari. RSP MP Sobhita Gautam has filed an amendment proposal stating that the board of directors should have a minimum of seven and a maximum of 11 members.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">The BAFIA Bill seeks to define digital currency. &quot;Digital currency should be understood as the digital currency issued by Nepal Rastra Bank,&quot; the bill states. RSP MP Jha has proposed an amendment to reconsider this definition. According to him, digital currency should be defined as a mode of exchange that has no physical or tangible basis, exists purely electronically, and does not include electronic money. The definition should align with international accounting standards.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Prem Suwal, an MP from the Nepal Workers and Peasants Party, has proposed a provision that only the state should invest in banks and financial institutions. He argues that politics will fall into the hands of those with money and access if the private sector is allowed to invest. Suwal&#39;s proposal suggests adding wording to the bill&#39;s preamble to establish and operate banks and financial institutions solely under state ownership.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Parliament&#39;s Finance Committee Secretary Rekha Upadhyay Khanal said that the amendment proposals submitted to the Finance Committee will be discussed soon. &quot;All amendment proposals will be discussed, and necessary decisions will be taken,&quot; she said.</span></span></p>

<p>&nbsp;</p>
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			'image' => '20240721024128_20240624011617_bankkkkkkk.jpg',
			'article_date' => '2024-07-21 14:40:44',
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	(int) 7 => array(
		'Article' => array(
			'id' => '21598',
			'article_category_id' => '1',
			'title' => 'Govt Allows Private Sector to Build Transmission Lines in Collaboration with State-Owned Company',
			'sub_title' => '',
			'summary' => 'KATHMANDU: The Nepal Electricity Authority (NEA) has paved the way for the private sector to invest in the transmission line to be built by the National Transmission Grid Company Limited, which is promoted by the NEA.',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">KATHMANDU: The Nepal Electricity Authority (NEA) has paved the way for the private sector to invest in the transmission line to be built by the National Transmission Grid Company Limited, which is promoted by the NEA.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Following directives from the Ministry of Energy, Water Resources and Irrigation, the NEA Board of Directors meeting on Friday amended the regulations, allowing private sector&rsquo;s participation in the construction of transmission lines.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Netra Prasad Gyawali, Chief Executive Officer of the National Transmission Grid Company, stated that this decision was made because the private sector has shown interest in building transmission lines for a long time. &quot;This is a golden opportunity for the private sector. This decision aims to solve the problem of electricity being wasted due to the lack of transmission lines,&quot; he said.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">The Electricity Act 2048 allows the private sector to build transmission lines. However, until now, hydropower projects have built transmission lines only to deliver electricity from power plants to the national grid. According to the Department of Electricity Development, private sector entities such as National Hydropower, Bhotekoshi Power Company, Sanima Hydro, and Barun Hydropower Development Pvt Ltd have received such permissions.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Despite this, government officials noted that private companies have not ventured into building transmission lines alone. So far, only the NEA and its subsidiary, the National Transmission Grid, have been constructing transmission lines. Due to the lack of sufficient and reliable transmission lines, increasing domestic electricity consumption and exports has been challenging. Although the expansion of transmission lines is a top priority for the NEA, it is difficult to expand them as required with only its resources.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Gyawali said, &quot;Government companies with limited investment are the only ones responsible for the construction of transmission lines and the sale and distribution of electricity. Now, with cooperation from the private sector, the structure of the transmission lines will increase, and there will be no such problem.&quot;</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">In the first phase, the NEA has opened the doors to the private sector for the construction of the Tamor-Dhungesanghu 220 KV and Lamabagar-Barhabise 220 KV transmission lines to be built by the National Transmission Grid Company. </span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">&quot;Government companies are finding it difficult to raise budgets for these projects, so these are the ones that have been opened for the private sector in the beginning,&quot; Navin Raj Singh, the spokesperson for the ministry, told New Business Age.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">However, private sector investors are not entirely satisfied with this decision. Prakash Chandra Dulal, Deputy General Secretary of the Independent Power Producers Association of Nepal (IPPAN), argued that the private sector should not be content with partnering with government-owned companies just to raise capital. </span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">&quot;If the private sector is to be given authority, it should also be given responsibility for the construction of transmission lines and the sale and distribution of electricity,&quot; he said.</span></span></p>

<p>&nbsp;</p>
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			'article_date' => '2024-07-21 13:19:28',
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	(int) 8 => array(
		'Article' => array(
			'id' => '21597',
			'article_category_id' => '1',
			'title' => 'Dragon Fruit Farming Thriving in Nepal',
			'sub_title' => 'Gauli Earns Rs 1.6 Million in a Year from Dragon Fruit Farming',
			'summary' => 'DAMAULI: Kalpana Gauli, a farmer of Byas municipality-5 in Tanahun district, earned Rs 1.6 million selling dragon fruit last year.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;">DAMAULI: Kalpana Gauli, a farmer of Byas municipality-5 in Tanahun district, earned Rs 1.6 million selling dragon fruit last year.<br />
Gauli made a good income selling dragon fruits produced by 2,100 plants cultivated in nine ropanis of land. She said her family is busy with works of picking and selling dragon fruits from Asar (mid-June to mid-July) to Mangsir (mid-November to mid-December).<br />
Registering a firm named &#39;Ma Ambe Alaukik Agriculture Farm,&#39; they started commercial dragon fruit farming by bringing saplings from Hyderabad, India two years ago. The samplings were planted on nine ropanis of land taken on lease for 20 years, she explained.<br />
Gauli shared that they pay Rs 20,000 per month as rent, adding they are hopeful of selling dragon fruits worth Rs 2 million this year. The tropical fruit can be harvested for six months starting from mid-June. Gauli picked 35 kg of dragon fruits in the first lot, while 1,000 kg each in the second lot and third lot last year.<br />
Most of the fruits are sold from the farm, she mentioned, adding they sell the remaining dragon fruits to the fruits and vegetable vendors of Damauli. The fruit rich in fibres and antioxidants is consumed mostly in the district.<br />
It is sold at Rs 500 to Rs 700 per kg, according to her. Students from schools and colleges, teachers, locals as well as government employees, and representatives of different organisations visit the farm to gather information about the farming of dragon fruit, which is relatively new in this district.<br />
The fruit with its origin in southern Mexico has spread across many countries in the world, including Nepal. In Mexico, it is called &#39;pitaya&#39;, and some have even given it a name- &#39;strawberry pear&#39;.&nbsp; -- RSS</span></span></span></p>

<p>&nbsp;</p>
',
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			'article_date' => '2024-07-21 11:46:48',
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	(int) 9 => array(
		'Article' => array(
			'id' => '21596',
			'article_category_id' => '1',
			'title' => 'After a Decade of Eradication, Poliovirus Resurfaces in Kathmandu',
			'sub_title' => '',
			'summary' => 'KATHMANDU: The polio virus has resurfaced in Nepal after a decade. ',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">KATHMANDU: The polio virus has resurfaced in Nepal after a decade. It was found in drain water in Kathmandu. During an interaction organized by the Department of Health Services on &#39;Polio Disease and Surveillance&#39; on Friday, Chief of the Child Health and Nutrition Division, Dr. Abhiyan Gautam, said the poliovirus was found in the water at the confluence of Tukucha and Bagmati rivers.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">A sample collected from the confluence tested positive for the poliovirus, marking the first time the virus was detected in drain water. Nepal had last witnessed this virus in humans in 2010, while the country was declared polio-free in 2014. The government had aimed at eradicating the poliovirus by 2026.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">&quot;Irrespective of the place this virus is found, it is quite sensitive. Tracing the poliovirus has raised concerns about whether humans also have it,&quot; Dr. Gautam explained. He further informed that additional tests would be conducted.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">The sample collected on May 26 was sent to a Bangkok-based laboratory for testing, which resulted positive. The result came on July 13.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">It was also shared in the program that the new variant of the virus is &#39;vaccine-derived polio type-3,&#39; not &#39;wild polio.&#39; </span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">&quot;It might not have come from elsewhere but from Kathmandu Valley itself because it was found at Teku, the confluence of Tukucha and Bagmati rivers,&quot; Dr. Gautam argued.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">With the detection of the virus after a decade, the Ministry of Health and Population has decided to launch an anti-polio campaign in all three districts of the valley. Director at the Family Welfare Division, Dr. Bibek Kumar Lal, said &#39;IPV&#39; vaccination was launched against polio recently. Under the vaccination campaign, a total of 280,000 children will be administered anti-polio vaccination from July 24 to 27. -- RSS</span></span></p>

<p>&nbsp;</p>
',
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			'description' => '',
			'sortorder' => '21322',
			'image' => '20240721111004_PV-MK.jpg',
			'article_date' => '2024-07-21 11:09:21',
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	(int) 10 => array(
		'Article' => array(
			'id' => '21595',
			'article_category_id' => '1',
			'title' => 'Tourist Arrival Up in Chitwan National Park',
			'sub_title' => '',
			'summary' => 'BHARATPUR: The number of tourists visiting Chitwan National Park increased in the last fiscal year.',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">BHARATPUR: The number of tourists visiting Chitwan National Park increased in the last fiscal year. A total of 306,837 tourists visited the Chitwan National Park in FY 2023/24 AD while the number of visitors in FY 2022/23 AD was 299,412.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">According to the Information Officer of the Chitwan National Park, Ganesh Prasad Tiwari, the number of visitors there increased by 7,425 last year compared to the previous year.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Of the total visitors, 176,316 were domestic visitors, which was 205,605 in the previous fiscal year.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">The visitors from other countries than the SAARC nations increased impressively from 55,872 in the FY 2022/23 to over 94,000 in the last fiscal year.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">With the increase in the number of tourists, the revenue collection of the Chitwan National Park has also increased.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Tiwari shared that the national park collected Rs 305.7 million in revenue from eco-tourism in the last fiscal year against Rs 229.3 million in the previous year.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">The Bharatpur Metropolitan City is also marking the Bharatpur Visit Year 2024. Mayor of the Bharatpur Metropolitan City, Renu Dahal, said that massive publicity of the city is taking place at national and international stages to bring in more tourists.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">The Chitwan National Park is the main tourist destination in Bharatpur and receives the highest number of tourists in the district. &quot;The reason behind the increased number of tourists in the national park is due to Bharatpur Visit Year,&quot; Mayor Dahal said. -- RSS</span></span></p>

<p>&nbsp;</p>
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	(int) 11 => array(
		'Article' => array(
			'id' => '21594',
			'article_category_id' => '1',
			'title' => 'Public Debt Exceeds Rs 2434 Billion',
			'sub_title' => '',
			'summary' => 'Nepal's public debt has reached Rs 2434 billion according to the Public Debt Management Office (PDMO). As of mid-July of the last fiscal year (FY), this debt represented 42.65 percent of Nepal's gross domestic product (GDP).',
			'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">July 21: Nepal&#39;s public debt has reached Rs 2434 billion according to the Public Debt Management Office (PDMO). As of mid-July of the last fiscal year (FY), this debt represented 42.65 percent of Nepal&#39;s gross domestic product (GDP). </span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The debt is divided into Rs 1180 billion in domestic debt and Rs 1253 billion in foreign debt.&nbsp;</span></span><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">In the last fiscal year alone, the government raised Rs 358 billion in public debt, with Rs 234 billion coming from domestic sources and Rs 123 billion from external sources.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">&nbsp;The PDMO data shows that the government has repaid Rs 223.34 billion of these loans, including Rs 182 billion in domestic debt and Rs 40.72 billion in external debt.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">By mid-July of the previous fiscal year 2023/24, Nepal&#39;s outstanding public debt stood at Rs 2299 billion. This indicates an increase of Rs 134 billion in the last fiscal year.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The government had aimed to mobilize Rs 452 billion in public debt for the last fiscal year but only managed to collect Rs 358 billion, which is 79 percent of the target. </span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The PDMO reported that 97.68 percent of the targeted domestic loans were secured, while only 58.10 percent of the targeted external loans were received.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Throughout the last fiscal year, the government paid Rs 223.34 billion in public debt repayments and Rs 82 billion in interest payments.</span></span></p>
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			'sortorder' => '21320',
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			'article_date' => '2024-07-21 06:39:56',
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	(int) 12 => array(
		'Article' => array(
			'id' => '21592',
			'article_category_id' => '1',
			'title' => 'Massive Global IT Crash Hits Airlines, Banks, Media',
			'sub_title' => 'Global IT Outage: The Main Sectors Affected',
			'summary' => 'PARIS: A massive IT blackout on Friday affected a wide range of sectors around the world, from Japan to the United States, AFP reported.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">PARIS: A massive IT blackout on Friday affected a wide range of sectors around the world, from Japan to the United States, AFP reported.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">According to the news agency, airlines, banks, TV channels and other business across the globe were scrambling Friday to deal with one of the biggest IT crashes in recent years, caused by an update to an antivirus program.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Aviation officials in the United States briefly grounded all planes, while airlines elsewhere cancelled or delayed flights, as systems running Microsoft Windows crashed.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Microsoft said the issue began at 1900 GMT on Thursday, affecting users of its Azure cloud platform running cybersecurity software CrowdStrike Falcon.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">According to AFP, CrowdStrike CEO George Kurtz said in a post on several social media platforms that a fix had been rolled out for the problem, describing it as a &quot;defect found in a single content update for Windows hosts&quot;.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Experts suggested applying the fix would not be straightforward. And the global nature of the failure prompted some commentators to question the reliance on a single provider for such a variety of services.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Here is an overview of the main disruptions compiled by AFP.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><strong>Airports and airlines </strong></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Airport operations and flights were a major victim of the outage, which forced delays and cancellations globally.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">At Sydney Airport in Australia, flight operations and airport services were affected, creating long queues of passengers trying to reach their destinations.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Hong Kong International Airport also announced that some airlines were affected, and Singapore&#39;s airport also said it had been impacted.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">&quot;Due to a global outage affecting IT systems of many organisations, the check-in process for some airlines at Changi Airport is being managed manually,&quot; the airport posted on Facebook.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">At Delhi airport, three Indian airlines reported major IT disruptions.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">In Europe, Berlin International Airport was blocked on Friday morning before traffic partially resumed at around 11:00 am (0900 GMT).</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Flight arrivals were halted at Zurich&#39;s airport before it announced Friday afternoon that flights could again land, while in Vienna and Budapest, the check-in systems of several airlines had to be operated manually, causing &quot;significant delays&quot;.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Amsterdam-Schiphol airport, a major European hub, was also affected, as were all airports in Spain, causing disruptions at the height of its summer tourism season.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">In France, Air France said it was facing IT-related disruption on several of its services, but not at the Charles de Gaulle and Orly airports serving the Olympics host city Paris.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The IT systems of the ADP group, which manages the Paris airports, were unaffected but the breakdown has &quot;had an impact on the operations of the airlines concerned at Paris-Charles de Gaulle and Paris-Orly: slowdown in check-in, delays and temporary suspension of certain flight schedules&quot;, the company told AFP.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">But Transavia France said it had been forced to cancel nearly 40 flights.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Ireland&#39;s Ryanair, Europe&#39;s biggest airline in terms of passenger numbers, warned that it was experiencing a &quot;disruption across the network due to a global third-party IT outage which is out of our control&quot;.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">In North America, major airlines including Delta, United and American Airlines grounded all their planes early on Friday because of &quot;communications issues&quot;, according to the Federal Aviation Administration.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">They later said they were beginning to resume operations after hours-long delays.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><strong>Public transport </strong></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Britain&#39;s largest rail operator said it was affected by the IT problems, leading to potential last-minute cancellations as companies were unable to access certain systems relating to drivers.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">&quot;We are currently experiencing widespread IT issues across our entire network&quot;, the four lines operated by Govia Thameslink Railway (GTR) posted on X.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">In Gdansk, northern Poland, the Baltic Hub Container Terminal, a deep-water terminal, also reported disruption before returning to normal.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><strong>Financial sector </strong></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The London Stock Exchange was hit early by a technical problem affecting its platform for disseminating information to the market.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The FTSE 100, its main index, opened around 20 minutes late</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">In addition, the applications of several banks were affected in Australia, according to Australian television station ABC.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The problem also affected banks in Ukraine, including the online bank Sense Bank.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">In Turkey, Deniz Bank reported disruptions to its customers.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><strong>Media </strong></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The disruptions also affected the media, such as Australian broadcaster ABC, which said its systems had been paralysed by a &quot;major&quot; problem.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">In France, Canal+&#39;s subscriber service explained on Friday morning that it was suffering the &quot;repercussions of a major global technical failure&quot;.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">TF1, the leading private channel in France and Europe, was also affected, with its morning show starting several minutes late.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">British television channel Sky News saw its broadcasting briefly interrupted.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><strong>The Paris Olympics </strong></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The IT outage is &quot;impacting Paris 2024&#39;s IT operations&quot; just a week ahead of the opening ceremony for the Summer Games, the Olympic organising committee said.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The accreditation system has been affected, preventing some people from collecting their badges, a source within the organising committee told AFP.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Flight disruptions could also impede the arrival of athletes and delegations.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><strong>Other sectors </strong></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">In Japan, some operations at McDonald&#39;s restaurants were disrupted, and in Australia, self-service checkout terminals at one of the country&#39;s largest supermarket chains displayed error messages.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">In the Netherlands, several hospitals reported being affected by the outage, leading to the closure of an emergency department and the postponement of operations.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Britain&#39;s government activated its civil contingencies committee as general practitioners (GPs) across Britain were unable to access patient records or book appointments.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">A National Health Service (NHS) spokesperson said there was an issue with its appointment and patient record service &quot;causing disruption in the majority&quot; of GP services. -- AFP</span></span></p>

<p>&nbsp;</p>
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			'sortorder' => '21319',
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			'id' => '21593',
			'article_category_id' => '1',
			'title' => 'NEPSE Index Surges 18% in 14 Days; 10 Companies’ Shares Still Below Rs 200',
			'sub_title' => '',
			'summary' => 'KATHMANDU: The NEPSE index jumped by 18% in the past 14 trading days. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;">KATHMANDU: The NEPSE index jumped by 18% in the past 14 trading days. On July 1, the index stood at 2,053.38 points, but by July 18 (the week&rsquo;s last trading day), it had climbed to 2,424.32 points.</span><br />
<span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;">On the midnight of July 1, two major parties in Parliament, the Nepali Congress and the CPN-UML, reached an agreement on power sharing, and the stock market began to rise the following day. NEPSE index, which started increasing due to rumors that Bishnu Prasad Paudel would be the finance minister in the new government, has decreased only on two trading days since then.<br />
After Poudel was appointed as the Finance Minister, the NEPSE increased by 70 points in just one day on Tuesday (July 16). Even after that, the NEPSE, which has seen continuous gains, peaked at 2,424.32 points last Thursday, the highest in 27 months.<br />
Finance Minister Paudel is known as a stock market-friendly finance minister. Paudel himself was the finance minister when NEPSE set its all-time high record twice before.<br />
<strong>10 companies&rsquo; shares fall below Rs 200 &nbsp;</strong><br />
Currently, out of companies listed on NEPSE, the share prices of 10 companies are below Rs 200 per share. This group includes three commercial banks, six hydropower companies, and one company from another sector.<br />
The cheapest stock among them is of Himal Dolakha Hydropower Company, with a share price of Rs 166.2. Kumari Bank follows with a share price of Rs 178.1, and National Hydropower shares are priced at Rs 179. &nbsp;<br />
Other compaies in this range include Ghalemdi Hydro at Rs 182 per share, Upper Tamakoshi at Rs 188.6, Prabhu Bank at Rs 190, Shivashree Hydropower at Rs 192, and Hydroelectricity Investment and Development Company at Rs 193. Ankhu Khola Hydropower&#39;s share stands at Rs 196, and Nepal Investment Mega Bank&#39;s shares are priced at Rs 199.1. &nbsp;</span></span></span></p>
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			'article_date' => '2024-07-19 20:53:25',
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		'Article' => array(
			'id' => '21591',
			'article_category_id' => '1',
			'title' => 'Rastra Bank Under Pressure to Make Economy Vibrant',
			'sub_title' => '',
			'summary' => 'KATHMANDU: By Sunday, July 14, the day before the end of the last fiscal year, banks and financial institutions had collected deposits totaling Rs 6493 billion and provided loans amounting to Rs 5169 billion.',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">KATHMANDU: By Sunday, July 14, the day before the end of the last fiscal year, banks and financial institutions had collected deposits totaling Rs 6493 billion and provided loans amounting to Rs 5169 billion. The credit-deposit ratio (CD ratio) of banks has fallen to 77.67 percent due to the lack of increase in credit disbursement compared to deposit collection. Data from Nepal Rastra Bank (NRB) shows that banks have the capacity to extend more than Rs 700 billion in loans while maintaining a CD ratio of up to 90 percent.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">While there is more investable capital in the financial system, the external sector of the economy is strong. However, internal economic activity has not been able to pick up pace. NRB is under pressure to implement a flexible and expansionary monetary policy for the current fiscal year to stimulate the economy. NRB has prepared to issue such a policy to help expand economic activities. &nbsp;</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">A senior NRB official stated that although data until mid-June forms the basis for NRB&#39;s flexible monetary policy, the expansionary policy may not meet businessmen&#39;s expectations. &quot;NRB has its own limits, and the monetary policy is issued to keep the economy running as much as possible,&quot; the official said.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">As of mid-June of the last fiscal year, the country&#39;s current account, balance of payments, and foreign exchange reserves were high, and the inflation rate was below target. According to the Current Macroeconomic and Financial Situation Report published by the central bank of Nepal, the current account stood at a surplus of Rs 200.39 billion as of mid-June of the last fiscal year. NRB states that foreign exchange reserves of Rs 196.7 billion are sufficient to cover 12.6 months of imports of goods and services.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Despite a decrease in interest rates, bank lending has not increased, leading to economic contraction. Therefore, monetary policy seems likely to focus on credit expansion. Due to the lack of credit expansion by banks, there is pressure on NRB to introduce a monetary policy that encourages increased lending.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">&quot;As requested by the businessmen, the suspension of the working capital loan guidelines and the limit on share mortgage loans will not be removed,&quot; said the NRB source. &quot;Risk-weighted arrangements and the loan/mortgage ratio may increase.&quot; The official indicated that the monetary policy would also address issues faced by borrowers due to economic downturn, with preparations to facilitate loan restructuring, particularly targeting the construction industry.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">There are plans to review credit risk management provisions for the increasing bad debts of banks and financial institutions. The monetary policy will also announce the establishment of a non-banking asset management company for banks. Recently, amendments to the Nepal Rastra Bank Act and the Cooperatives Act have given NRB the authority to monitor cooperatives with an annual turnover above Rs 50 million, which will also be addressed in the monetary policy.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Rastra Bank has already indicated a flexible monetary policy through its review on May 4. This review reduced the risk weight of hire purchase vehicle loans to 1.00 percent and reduced the risk loss to 1.20 percent for loans classified in the good loan category of banks and financial institutions. </span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">The federal government has already announced the budget as well as the policies and programmes for the next fiscal year, targeting 6 percent economic growth and 5.5 percent inflation. Accordingly, the central bank is set to release the monetary policy for the current fiscal year.</span></span></p>

<p>&nbsp;</p>
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FOREX

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

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

Bullion

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

Update : 2020-03-25

Source: Federation of Nepal Gold and Silver Dealers' Association

Petroleum

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