September 11: Finance Minister Dr Prakash Sharan Mahat has assured of the government's commitments to secure Chinese support for the construction of a tunnel connecting Tokha of Kathmandu to Chhahare in…
September 11: Finance Minister Dr Prakash Sharan Mahat has assured of the government's commitments to secure Chinese support for the construction of a tunnel connecting Tokha of Kathmandu to Chhahare in…
CPN (UML) Chairman KP Sharma Oli emphasized the need to promote cooperative organizations at the grassroots level during a program held at UML's central office in Kathmandu on…
Two electric charging stations have come into operation inside the Kalika Fuel Centre in Pokhara and the APF Welfare Service Centre in…
Himalaya Airlines, a joint venture between Nepal and China, has launched its Kathmandu-Qingdao-Kathmandu flight service, starting on September 10,…
The Nepal Stock Exchange(NEPSE) Index gained 10.23 points or 0.52% and closed at 1942.68 points on the first trading day of the week,…
September 10: It has been four years since the government started allocating budget for the construction of roads in Humla after announcing that the district headquarters of Humla will be connected to the national road…
September 10: A report prepared by the Asia Pacific Group (APG) under the Financial Action Task Force (FATF) has shown that Nepal's position in preventing money laundering is…
September 10: The 20th Annual General Meeting and the 9th Congress of the Federation of Women Entrepreneurs has unanimously elected a new executive committee of 27…
September 10: The government's stock of sugar has been empty for almost a year.…
September 10: The number of branchless banking service centers has started to…
September 10: Global leaders on Saturday unveiled ambitious plans to create a modern-day Spice Route linking Europe, the Middle East and India, to boost trade ties with potentially wide-ranging geopolitical…
Royal Bhutan Airlines, Drukair, operated its first commercial flight to Pokhara Regional International Airport on Saturday. The flight, with crew members and three passengers, from Paro International Airport, Thimphu, landed at Pokhara at 6:40…
Three customs employees have been arrested in connection with the investigation into the smuggling of over 60 kilos of gold into the country via Tribhuvan International Airport…
September 8: The price of rice globally reached a 15-year high in August after top exporter India banned some overseas sales of the grain, the Food and Agriculture Organization (FAO) said…
September 8: Nepal Rastra Bank (NRB) has indicated that it will tighten the screws on loans provided by microfinance…
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', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">September 11: Finance Minister Dr Prakash Sharan Mahat has assured of the government's commitments to secure Chinese support for the construction of a tunnel connecting Tokha of Kathmandu to Chhahare in Nuwakot. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">In his address at a programme organised by the Nepali Congress, Nuwakot district chapter in Bidur on Saturday, the Finance Minister Mahat said that the project was of highly significance in terms of bilateral trade as it contributes to boost Nepal-China trade relations. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">He added that the government has made up its mind to propose the Chinese side to invest in the project during the upcoming China visit of Prime Minister Pushpa Kamal Dahal. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"The Finance Ministry has prioritised agenda of seeking Chinese support in the construction of the Tokha- Chhahare tunnel during the Prime Minister's visit. The project is estimated to cost around Rs 50 billion and in the current fiscal year, the government has allocated Rs 1 billion. We have been preparing to propose China for cooperation to complete the project," he said. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Nuwakot serves as the shortest distance for travelling along the Kathmandu-Rasuwagadhi route, one of the major trade and transit routes between Nepal and China, according to the Finance Minister Mahat who said the project could potentially reduce transportation costs for bilateral trade by up to fifty percent. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The finance minister also hoped to receive positive response from the Chinese side for the project. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2023-09-11', 'modified' => '2023-09-11', 'keywords' => '', 'description' => '', 'sortorder' => '18689', 'image' => '20230911113048_20220105030510_20201111043429_1605049013.Clipboard05.jpg', 'article_date' => '2023-09-11 11:30:13', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '18959', 'article_category_id' => '1', 'title' => 'UML Chair Oli Bats for Linking Cooperatives with Poor People ', 'sub_title' => '', 'summary' => 'CPN (UML) Chairman KP Sharma Oli emphasized the need to promote cooperative organizations at the grassroots level during a program held at UML's central office in Kathmandu on Sunday.', 'content' => '<p><span style="font-size:20px">September 11: CPN (UML) Chairman KP Sharma Oli emphasized the need to promote cooperative organizations at the grassroots level during a program held at UML's central office in Kathmandu on Sunday. </span></p> <p><span style="font-size:20px">Oli stressed the importance of extending the reach of cooperative organizations to rural farmers.</span></p> <p><span style="font-size:20px">Oli highlighted the importance of mass production as a means to combat poverty and suggested that those without means should be empowered to become owners of cooperative organizations. </span></p> <p><span style="font-size:20px">He stated that individuals' ownership and family participation should be guaranteed within these cooperatives, based on their labor contributions.</span></p> <p><span style="font-size:20px">Chairman Oli also commented on the division in the country's politics, noting a split between national politics and guided politics. He reaffirmed his party's commitment to national politics.</span></p> <p><span style="font-size:20px">Furthermore, Oli urged banks and financial institutions not to auction entrepreneurs' properties, as they have faced numerous challenges, including the impact of the coronavirus pandemic. </span></p> <p><span style="font-size:20px">He acknowledged the economic difficulties faced by entrepreneurs, such as a lack of capital for operations and interruptions in industrial production. </span></p> <p><span style="font-size:20px">Oli called for banks to refrain from property auctions during these challenging times and instead provide more time and loans to support businesses' operations. (RSS)</span></p> <p> </p> ', 'published' => true, 'created' => '2023-09-11', 'modified' => '2023-09-11', 'keywords' => '', 'description' => '', 'sortorder' => '18688', 'image' => '20230911061032_collage (11).jpg', 'article_date' => '2023-09-11 06:08:16', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 2 => array( 'Article' => array( 'id' => '18958', 'article_category_id' => '1', 'title' => 'Two Electric Charging Stations Come into Operation', 'sub_title' => '', 'summary' => 'Two electric charging stations have come into operation inside the Kalika Fuel Centre in Pokhara and the APF Welfare Service Centre in Kathmandu. ', 'content' => '<p><span style="font-size:20px">September 11: Two electric charging stations have come into operation inside the Kalika Fuel Centre in Pokhara and the APF Welfare Service Centre in Kathmandu. </span></p> <p><span style="font-size:20px">Operated by the Armed Police Welfare Service Centre, APF Inspector General Raju Aryal, and executive director of the Nepal Electricity Authority Kulman Ghising jointly inaugurated the two charging stations amid a function. </span></p> <p><span style="font-size:20px">Each of the charging stations has 60 kilowatts direct current, 22 kilowatts alternating current and two fast chargers with 142 kilowatts each. On 25 August, 2022, the APF and the NEA signed a memorandum of understanding to set up the charging stations. </span></p> <p><span style="font-size:20px">The NEA bore financial obligation and repair of the charging stations while the APF provided the land for the project. APF Inspector General Aryal said the operation of the charging stations would encourage the use of electric vehicles.</span><br /> </p> <p><span style="font-size:20px">Replacement of fuel vehicles by electric ones would save a large chunk of money spent on buying petroleum products thus reducing trade deficit in the future, he viewed.</span></p> <p><span style="font-size:20px">Homework is underway to expand the establishment of more charging stations across the country as the use of electric vehicles helps increase the consumption of green energy produced within the country, said the NEA executive director Ghising. </span></p> <p><span style="font-size:20px">The NEA has established 51 fast charging stations at various places in the country. Similarly, the process to set up 11 more charging stations has been proceeded, it is said. </span></p> <p><span style="font-size:20px">The project has been executed with the NEA's investment, concessional loans from the Asian Development Bank and technical assistance from the Government of Norway, said the NEA. (RSS) </span></p> ', 'published' => true, 'created' => '2023-09-11', 'modified' => '2023-09-11', 'keywords' => '', 'description' => '', 'sortorder' => '18687', 'image' => '20230911055457_collage (10).jpg', 'article_date' => '2023-09-11 05:50:38', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 3 => array( 'Article' => array( 'id' => '18957', 'article_category_id' => '1', 'title' => 'Himalaya Airlines Launches Kathmandu-Qingdao Flight Service', 'sub_title' => '', 'summary' => 'Himalaya Airlines, a joint venture between Nepal and China, has launched its Kathmandu-Qingdao-Kathmandu flight service, starting on September 10, 2023.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt">September 10: Himalaya Airlines, a joint venture between Nepal and China, has launched its Kathmandu-Qingdao-Kathmandu flight service, starting on September 10, 2023. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt">This marks a significant step in enhancing connectivity and strengthening bilateral relations between Nepal and China.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt">The new route facilitates seamless travel between Nepal's capital, Kathmandu, and Qingdao, a coastal city celebrated for its stunning landscapes and rich cultural heritage in China. Himalaya Airlines will operate this weekly service every Sunday, starting from September 10, 2023.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt">The inaugural flight, H9 7220, departed from Tribhuvan International Airport at 9:15 local time and reached Qingdao Jiaodong International Airport at 17:22 local time, with a flight duration of approximately 5 hours and 50 minutes. The maiden flight had 113 passengers, reflecting the route's promising start.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt">The flight inauguration was graced by Sudan Kirati, Minister of Culture, Tourism & Civil Aviation. Also in attendance were H.E. Chen Song, the Chinese Ambassador to Nepal, and other esteemed dignitaries. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt">President Zhou Enyong of Himalayan Airlines said that new flight route would enhance connectivity between Nepal and China. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt">“Qingdao holds a pivotal role as a commercial and financial center in China. It is poised to play a crucial role in enhancing bilateral connectivity, cultural exchanges, tourism, and trade between the two nations," Zhou said. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt">Ambassador Song said that the launch of the Kathmandu-Qingdao-Kathmandu flight service underscores the deepening collaboration between Nepal and China. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt">Minister Kirati remarked said the new flight route would enhance connectivity and it also shows commitment to strengthening the bonds between Nepal and China.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt">The inauguration of the Kathmandu-Qingdao-Kathmandu flight service represents a significant milestone in promoting tourism, trade, and cultural exchange between Nepal and China.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt"> Himalaya Airlines' commitment to providing convenient and efficient travel options is poised to benefit passengers and strengthen the relationship between these two neighboring nations.</span></span></span></p> ', 'published' => true, 'created' => '2023-09-10', 'modified' => '2023-09-10', 'keywords' => '', 'description' => '', 'sortorder' => '18686', 'image' => '20230910045151_collage (18).jpg', 'article_date' => '2023-09-10 16:50:16', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 4 => array( 'Article' => array( 'id' => '18956', 'article_category_id' => '1', 'title' => 'NEPESE Posts Double Digit Gains; All Sub-Indices Close in Green Except Hydropower', 'sub_title' => '', 'summary' => 'The Nepal Stock Exchange(NEPSE) Index gained 10.23 points or 0.52% and closed at 1942.68 points on the first trading day of the week, Sunday.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.5pt"><span style="font-family:"Open Sans",sans-serif">September 10: The Nepal Stock Exchange(NEPSE) Index gained 10.23 points or 0.52% and closed at 1942.68 points on the first trading day of the week, Sunday.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.5pt"><span style="font-family:"Open Sans",sans-serif">Sensitive Index increased by 0.62%, while Float Index and Sensitive Float Index gained 0.53% and 0.66% respectively. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.5pt"><span style="font-family:"Open Sans",sans-serif">The Ministry of Finance has provided the facility to calculate 60 percent of the amount kept in the local level's fund as a deposit. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.5pt"><span style="font-family:"Open Sans",sans-serif">This provision will increase the deposit by approximately 60 billion rupees. This will contribute to reducing the interest rate. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.5pt"><span style="font-family:"Open Sans",sans-serif">If the interest rate decreases, financial experts say it will have a positive impact on the stock market.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.5pt"><span style="font-family:"Open Sans",sans-serif">Experts on the stock market say that market gained some points today as the market has almost reached the buying zone. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.5pt"><span style="font-family:"Open Sans",sans-serif">During today's trading, a total of 276 scrips exchanged their hands through 33,064 transactions.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.5pt"><span style="font-family:"Open Sans",sans-serif">A total of 4,314,417 shares representing a turnover of Rs. 1.07 billion were traded.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.5pt"><span style="font-family:"Open Sans",sans-serif">Himal Dolakha Hydropower Company Limited (HDHPC) recorded the highest turnover of Rs. 8.56 crores and closed at a market price of Rs. 118</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.5pt"><span style="font-family:"Open Sans",sans-serif">Similarly, Suryodaya Womi Laghubitta Bittiya Sanstha Limited (SWMF) gained the highest 10%, followed by Shuvam Power Limited (SPL) with 9.99%.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.5pt"><span style="font-family:"Open Sans",sans-serif">Meanwhile, Himal Dolakha Hydropower Company Limited (HDHPC) lost the highest 7.81% today.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.5pt"><span style="font-family:"Open Sans",sans-serif">In terms of sector indices, only the Hydropower Index closed in the red zone. "Trading Index" gained the highest 1.67% while "Manufacturing and Processing Index" and "Mutual Fund" gained the least 0.17% today.</span></span></span></span></p> ', 'published' => true, 'created' => '2023-09-10', 'modified' => '2023-09-10', 'keywords' => '', 'description' => '', 'sortorder' => '18685', 'image' => '20230910042323_collage (17).jpg', 'article_date' => '2023-09-10 16:21:53', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 5 => array( 'Article' => array( 'id' => '18955', 'article_category_id' => '1', 'title' => 'Road Access to Humla Incomplete despite Commitment every Year', 'sub_title' => '', 'summary' => 'September 10: It has been four years since the government started allocating budget for the construction of roads in Humla after announcing that the district headquarters of Humla will be connected to the national road network.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">September 10: It has been four years since the government started allocating budget for the construction of roads in Humla after announcing that the district headquarters of Humla will be connected to the national road network. However, the government failed to achieve its target in the previous three years. This year too, there is only a little possibility of completing the plan.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Despite making announcement in the budget, the government has not allocated enough budget to connect Simikot with the national road network.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">The geographical condition is equally difficult with a maximum of eight months in a year conducive for work. Explosives management is also challenging.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">For the politicians, this road has become a bargaining during the elections. It has been mentioned in the budget in recent years but the implementation part is missing.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">In the budget statement for the current fiscal year, it is mentioned that 'Simikot, the headquarters of Humla district, which is yet to be connected to the national road network, will be connected to the road network after completing the work of opening the track’. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Physical Infrastructure and Transport Minister Prakash Jwala has said that Simikot must be connected to the road network at any cost this year and there would be no excuses.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">A 2.8 km track is yet to be opened to connect Simikot to the national road network. Out of that, the army has been assigned the responsibility of opening 2.5 kilometers of track while the remaining 300 meters will be opened by the Department of Roads.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Minister Jwala called the officials of these two agencies to the ministry last Tuesday and said, “This year, the national road network must be connected to Humla district’s headquarters.” He added that the government announces plans to build a road to link Simikot every year with priority, but it is still incomplete. He mentioned that if there were any problems, he would find a way to solve them, but this time there should be no excuses to leave the road unfinished.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">The Nepalese Army received a budget of Rs 100 million this year. Joint Secretary of the Ministry Arjun Jung Thapa informed that the army has asked for an additional budget of Rs 100 million as the earmarked budget is not enough. Thapa is hopeful that Simikot will be connected to the national road network this year as the army has expressed its commitment to open the track and hand it over to the government by upcoming April.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">The department, which has to open a 300-meter track, said that if the explosive material is not available, the work will also be handed over to the Nepalese Army. Former Secretary of the Government Shiva Nepal says that if the explosives are not available and its production capacity is not increased, there may be a big obstacle not only for this project but also for other projects. He said, “It is difficult to manage explosives.”</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">According to Nepal, the work has not been completed due to the fact that the workers do not want to go to remote places. The builders, despite having a contract, assign the construction work to the locals under a sub-contract, while they can only work for 7/8 months out of 12 months due to the extreme weather in winter.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Brigadier General of the Nepalese Army, Krishna Prasad Bhandari, said that there is a plan to connect Simikot to the road network by the end of the current fiscal year. He said that the work is currently being done based on available resources. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Bhandari said that there is no problem in managing explosives and added, "Even though there was a shortage in the supply of explosives some time ago, there is no problem now. However, the raw material has to be imported. If there are no other obstacles, the road will be connected to Simikot this year.”</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">The government had also announced in the budget statement for the year 2077/78 that the road will be built up to the headquarters of Humla. In the budget statement for the year 2078/79, it was said that 'Simikot will be connected to the national highway network'. In the budget statement of the year 2079/80, it was said that the necessary budget has been allocated to connect the Humla headquarters to the national road network.</span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-09-10', 'modified' => '2023-09-10', 'keywords' => '', 'description' => '', 'sortorder' => '18684', 'image' => '20230910032643_20210531122208_20190208022443_a.jpg', 'article_date' => '2023-09-10 15:25:35', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '18953', 'article_category_id' => '1', 'title' => 'Money Laundering Situation getting Worse in Nepal: Report', 'sub_title' => '', 'summary' => 'September 10: A report prepared by the Asia Pacific Group (APG) under the Financial Action Task Force (FATF) has shown that Nepal's position in preventing money laundering is deteriorating.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">September 10: A report prepared by the Asia Pacific Group (APG) under the Financial Action Task Force (FATF) has shown that Nepal's position in preventing money laundering is deteriorating.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">The mutual assessment report was released recently by the APG.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">The report mentions that the main challenges Nepal faces in controlling money laundering include corruption, revenue evasion and human trafficking. All this has caused negative effects on the economy and social ills, the report points out.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">The report states, “Nepal's open border is the key risk for drug trafficking, gold and currency smuggling and environment-related crime, linking domestic and foreign potential crimes. Hundi is also a problem in Nepal.”</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">APG conducted an on-site assessment from December 5 to January 16. During that time, APG and the team of Nepal studied the situation of Nepal in the prevention of money laundering and financial management in terrorism. The evaluation report of the study is prepared on the basis of the situation of financial crime in Nepal and the methods and mechanisms to control it.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">The team submitted the first draft of the study to Nepal on February 2. Nepal presented and defended the draft in the Annual General Assembly of FATF with answers to the questions asked. The situation in Nepal was discussed at the 23rd Annual General Meeting of APG held in Canada from July 9 to 14.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">In 2013, FATF created 11 indicators of effectiveness and 40 indicators of technical compliance for evaluation, and mutual evaluation is based on the same indicators. In the mutual evaluation published recently, 11 indicators of effectiveness are also included, in which the situation of Nepal is not satisfactory. According to the report of APG, not one of the 11 indicators of Nepal shows a satisfactory result. In the report, 7 indicators are mentioned as 'low' and 4 indicators as 'moderate' or partially effective.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Among the indicators, it is mentioned that risk, policy and coordination, international cooperation, financial intelligence mechanism and money laundering investigation and prosecution are partially effective.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Similarly, it is said that supervision, preventive measures, legal manpower and system, confiscation, investigation and prosecution, preventive measures and financial restrictions and restrictions on financial dissemination are low.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">The mutual evaluation report showed that out of 40 indicators of technical compliance of FATF, five indicators are in accordance with the recommendations and 16 indicators are largely in accordance with it. The report shows that 19 indicators are satisfactory, 16 indicators are partially compliant and 3 indicators are not compliant.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">The previous assessment of Nepal was done in July 2011. From 2010 to 2014, Nepal was kept under surveillance by FATF for further monitoring. Nepal was removed from the gray list on 27 June 2014 after reforming the money laundering control system.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">For now, Nepal has avoided landing in FATF's gray list for one year due to reforms under close supervision after the commitment to bring improvements in all the necessary areas within the specified time.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Nepal has already been put on APG's watch list once due to lack of diligence in law making. Nepal was removed from the list after establishing structures including the Money Laundering Investigation Department. So far, the department has investigated 58 incidents and filed 45 cases.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">It is mentioned in the report that Nepal needs to make a high level of commitment and mobilize large resources in the field of money laundering. The report emphasizes on increasing the efficiency of the Criminal Assets Management Department under the Ministry of Home Affairs by adding resources including manpower, increasing coordination between agencies, streamlining the mechanism of mutual legal assistance and collaborating with international regulators.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">The report mentions that public and private sector understanding of the risk of money laundering should be increased, and laws related to anti-money laundering and business promotion should be amended and implemented effectively.</span></span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-09-10', 'modified' => '2023-09-10', 'keywords' => 'money, laundering, Nepal, risk, grey, list, situation, worse, report, APG, FATF', 'description' => '', 'sortorder' => '18683', 'image' => '20230910023832_20220712082812_20210901020646_Richest-Nepalese-–-List-of-Top-Richest-People-scaled.jpg', 'article_date' => '2023-09-10 14:34:26', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '18954', 'article_category_id' => '1', 'title' => 'FWEAN gets New Executive Committee', 'sub_title' => '', 'summary' => 'September 10: The 20th Annual General Meeting and the 9th Congress of the Federation of Women Entrepreneurs has unanimously elected a new executive committee of 27 members.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">September 10: The </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">20</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">th Annual General Meeting and the </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">9</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">th Congress of the Federation of Women Entrepreneurs has unanimously elected a 27-member executive committee </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">. Shobha Gyawali has been elected as the president of FWEAN, Darshana Shrestha as the first vice president, Sunita Vaidya Shrestha as the second vice president, Basanti Pradhan as the third vice president and Mahalakshmi Shrestha as the fourth vice president by the AGM held on Friday </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Similarly, Kunnam Pokharel has been elected as the general secretary, Sumitra Palanchoke as the secretary and Sabita Subedi as the treasurer. Since its inception, the Federation has been advocating for the capacity building and professional counseling for the economic empowerment of women across the country. The federation was established in </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">2060.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Chief guest of the program was Minister for Industry, Commerce and Supplies Ramesh Rijal and special guest was Member of the House of Representatives Rekha Yadav. In addition, the secretaries of the relevant ministries and departments working on women and entrepreneurship development were present on the occasion. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Speaking at the inauguration, Minister for Industry, Commerce and Supplies Rijal said that the contribution made by the federation in the field of entrepreneurship development is unparalleled. He also expressed the government’s commitment to support every program of the federation.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The AGM also discussed and passed the financial report of the fiscal year </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">2079-80</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">. Similarly, details were presented about the activities conducted by the federation as well as the activities and achievements of the various committees and sub-committees of FWEAN. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">On the occasion of entering its </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">20</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">th year of establishment, the Federation aims to organize various programs. The Federation has plans to launch a special edition of the Entrepreneur magazine for the twentieth year, publish brand souvenirs, organize a peace rally, increase the access of women entrepreneurs to various services of the Business Development Center, and continue the existing projects.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The Federation also awarded the 'Best District Association Award' for working in the interests of women entrepreneurs, according to which Kaski Women Entrepreneurs Association received the first prize, Banke Women Entrepreneurs Association second, Morang Women Entrepreneurs Association third and Solukhumbu Women Entrepreneurs Association received the consolation prize and certificate. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Similarly, the Federation handed over the 'Outstanding Member Award' to Alpana Rajbhandari Pradhan, while the 'Outstanding Staff Award' has been given to Ramola Satham. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">A workshop on 'Renewable Energy and Energy Efficiency' was held on the occasion of the General Assembly and the Congress. On the first day of the two-day workshop, there was a discussion on the inclusion of economic issues by women entrepreneurs in the </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">16</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">th National Plan being prepared by the government. The newly elected president Gyawali informed that the conclusion of the discussion has been prepared to be handed over to the government.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-09-10', 'modified' => '2023-09-10', 'keywords' => '', 'description' => '', 'sortorder' => '18682', 'image' => '20230910030250_1694323518.2 Mahila.jpg', 'article_date' => '2023-09-10 15:02:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '18952', 'article_category_id' => '1', 'title' => 'Government’s Sugar Stocks Empty since One Year: Artificial Price Hike Likely during Festivals', 'sub_title' => '', 'summary' => 'September 10: The government's stock of sugar has been empty for almost a year. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">September 10: The government's stock of sugar has been empty for almost a year. The government has handed the responsibility of import and distribution of sugar to the Salt Trading Corporation (STC) and Food Management and Trading Company (FMTC) Limited.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Although the STC and the FMTC have repeatedly asked for permission from the government to import sugar, the Ministry of Finance has not granted the permission.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">As a result, the state-owned companies have run out of stock of sugar since one year.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Officials of these bodies say that they have not been able to import customs duty-free sugar for three years. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Deputy General Manager of the Salt Trading Corporation, Kumar Rajbhandari, said that their efforts to import duty-free sugar were not successful due to non-cooperation from the Ministry of Finance. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">“The festive season is approaching. Therefore, with a view of Dashain and Tihar in mind, we sent a letter to the Ministry of Industry, Commerce and Supplies seeking permission to import 50,000 metric tons of sugar. The ministry also needs to get approval from the finance ministry. It has been more than a month since the letter was sent to the Ministry of Finance, but there has been no response yet," he told New Business Age.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Even during last year’s Dashain, when Salt Trading Corporation asked for permission to import customs exempted sugar, the import process was canceled after the Finance Ministry ignored it.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Rajbhandari says that when the stock of 20,000 metric tons of sugar brought by the Salt Trading Corporation ran out of stock three years ago, they stopped selling sugar in bulk in the wholesale market and sold sugar only in retail for two years. The Salt Trading Corporation’s sugar stock has been completely empty since last Dashain.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">It has been almost a month since the FMTC also sought approval from the Ministry of Finance to bring 10,000 metric tons of sugar this year targeting the upcoming festivals. FMTC officials say that there has been no response from the Finance Ministry. The company says that even if the government gives approval now, it is not possible to import sugar before Dashain.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">In general, 20,000 metric tons of sugar is consumed in Nepal every month. An additional 30,000 metric tons is demanded during the festivals of Dashain and Tihar, which begins from October 15 this year. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">According to the Sugar Producers Association, sugar production in Nepal has decreased this year. This year, only 100,000 metric tons of sugar has been produced. The market demand in Nepal is 280,000 metric tons annually.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Dhaniram Sharma, spokesperson for the Ministry of Finance, informed New Business Age that although the file regarding the approval of sugar import has been submitted to the ministry, the ministry is yet to take any decision on the matter yet. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">According to him, the ministry is busy studying the current market price, the demand of the domestic market and the sugar production in Nepal this year. This has delayed in issuing the permission to procure sugar, said Sharma.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Due to the uncertainty over whether subsidized sugar will come or not, there is likely to be a shortage of sugar in the market ahead of the Dashain and Tihar festivals. It is suspected that the traders may engage in black marketing.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">According to Madhav Timilsina, president of the Consumer Rights Research Forum, the price of sugar, which was Rs 88 per kilogram a month ago, has increased to Rs 114 in the market now. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-09-10', 'modified' => '2023-09-10', 'keywords' => 'sugar, black, maarket, shortage, artificial, hoarding, festivals, FMTC, STC, Salt, trading, corporation, food, management, trading, company, government, Nepal, import, stock, empty, finance, ministry, supply, industry, traders', 'description' => '', 'sortorder' => '18681', 'image' => '20230910014322_sugar.jpg', 'article_date' => '2023-09-10 13:40:42', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '18951', 'article_category_id' => '1', 'title' => 'Branchless Banking Service Declining', 'sub_title' => '', 'summary' => 'September 10: The number of branchless banking service centers has started to decline.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">September 10: The number of branchless banking service centers has started to decline. The branchless banking units were started to provide financial access to places where banks and financial institutions do not have branches. Branchless banking has started to decline after banks stepped up efforts to establish branches in rural areas.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">According to the data of Nepal Rastra Bank (NRB), altogether </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">1,319</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> branchless banking service centers used to serve more than </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">320,000</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> people as of mid-July this year. The number of branchless banking service centers is less than the corresponding period of last fiscal year. In mid-July 2022, more than </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">283,000</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> customers received services through </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">1,548</span></span> <span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">branchless banking centers. Compared to last year, the number of customers of branchless banking has increased, but the number of service centers has decreased.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">After the central bank introduced the concept of branchless banking service 16 years ago, this service was implemented from 2011</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">. </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Although branchless banking service expanded for a decade, it has started to decline since mid-July 2021</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">After the mega earthquakes of </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">20</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">15, donors helped to expand branchless banking services. At that time, the Saksham project, which was run with the help of the British aid, helped to expand branchless banking services in </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">14</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> districts affected by the earthquake and also in the remote areas of mid-western region. Branchless banking service centers have started to decline after this support was stopped.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Recently, the central bank has been strict in closing branchless banking services. The NRB has made arrangements for closing branchless banking service center only if it has not been in operation for six months and the branches of other banks have expanded financial access in those areas. To close branchless banking service, banks need to take the approval of the central bank.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Bhuwan Kumar Dahal, former president of Nepal Bankers Association, said that branchless banking has decreased recently due to the expansion of branches of banks and financial institutions. He says that the expansion of electronic transactions has also reduced the dependence on branchless banking.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The central bank introduced the concept of branchless banking services to provide financial access in a simple and convenient manner in places where there are no banks. Under this service, the bank appoints a representative after making an agreement with the local merchants or customers in the places where there are no branches. The representative provides services such as account opening, depositing, withdrawal, remittance payment and small loan investment to the locals through the machine provided by the bank.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">According to the instructions of the central bank, there is a provision that banks and financial institutions can extend branchless services in areas where there are no branches except for metropolitan cities, sub-metropolitan cities and municipalities.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-09-10', 'modified' => '2023-09-10', 'keywords' => '', 'description' => '', 'sortorder' => '18680', 'image' => '20230910010743_branchless-banking-banner.jpg', 'article_date' => '2023-09-10 13:07:10', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '18950', 'article_category_id' => '1', 'title' => 'Modern-Day Spice Route linking Europe, Middle East and India Launched', 'sub_title' => '', 'summary' => 'September 10: Global leaders on Saturday unveiled ambitious plans to create a modern-day Spice Route linking Europe, the Middle East and India, to boost trade ties with potentially wide-ranging geopolitical implications.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Agencies</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">September 10: Global leaders on Saturday unveiled ambitious plans to create a modern-day Spice Route linking Europe, the Middle East and India, to boost trade ties with potentially wide-ranging geopolitical implications.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">According to Reuters, the pact announced on the sidelines of the G20 summit in New Delhi comes at a critical time as US President Joe Biden seeks to counter China's Belt and Road Initiative on global infrastructure by pitching Washington as an alternative partner and investor for developing countries at the G20 grouping</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The plan encompasses a multinational rail and ports deal linking the Middle East and South Asia.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The corridor, which would include India, Saudi Arabia, the United Arab Emirates, Jordan, Israel and the European Union, would help boost trade, deliver energy resources and improve digital connectivity, reported Al Jazeera.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Meanwhile, AFP reported that the United States, Saudi Arabia, the European Union, the United Arab Emirates and others launched the initiative to link railways, ports, electricity and data networks and hydrogen pipelines on the sidelines of the Group of 20 summit in New Delhi.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">“Although heavily trade-focused, the scheme could have wide-ranging implications -- including developing contacts between long-time foes Israel and Saudi Arabia. Signatories hope it can help integrate India's vast market of 1.4 billion people with countries to the west, offer a counterbalance to lavish Chinese infrastructure spending, boost Middle Eastern economies and help normalise relations between Israel and Gulf Arab states.”</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">"This is a real big deal," AFP quoted US President Joe Biden as saying at the launch event, calling the plan "historic".</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">European Commission President Ursula von der Leyen reportedly said the so-called India–Middle East–Europe economic corridor was "much more than 'just' a railway or a cable".</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">"It is a green and digital bridge across continents and civilisations," she said.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">One proposed project would link railway and port facilities across the Middle East -- including the United Arab Emirates, Saudi Arabia, Jordan and Israel -- potentially speeding trade between India and Europe by up to 40 percent.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">According to AFP, Pramit Pal Chaudhuri, South Asia practice head at the Eurasia Group, said a shipping container that today travels from Mumbai, through the Suez Canal to Europe could in the future go by rail from Dubai to Haifa in Israel and on to Europe, saving both money and time.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">At present, the Suez Canal is a major bottleneck to world trade, handling roughly 10 percent of global maritime trade but often beset by disruptions.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-09-10', 'modified' => '2023-09-10', 'keywords' => '', 'description' => '', 'sortorder' => '18679', 'image' => '20230910113324_Untitled.jpg', 'article_date' => '2023-09-10 11:32:38', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '18949', 'article_category_id' => '1', 'title' => 'Royal Bhutan Airlines, Drukair, Makes Its First Commercial Flight to Pokhara International Airport', 'sub_title' => '', 'summary' => 'Royal Bhutan Airlines, Drukair, operated its first commercial flight to Pokhara Regional International Airport on Saturday. The flight, with crew members and three passengers, from Paro International Airport, Thimphu, landed at Pokhara at 6:40 AM.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:19.0pt">September 10: Royal Bhutan Airlines, Drukair, operated its first commercial flight to Pokhara Regional International Airport on Saturday. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:19.0pt">The flight, with crew members and three passengers, from Paro International Airport, Thimphu, landed at Pokhara at 6:40 AM. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:19.0pt">The same aircraft departed from Pokhara at 8:15 PM, carrying 42 passengers, and returned to Thimphu.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:19.0pt">This is the first international commercial flight to operate at Pokhara International Airport in eight months.</span></span></span><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:19.0pt"> The airport was inaugurated on January 1st, the first day of the English New Year.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:19.0pt">Various government officials from Gandaki Province, including Industry, Tourism, Forest, and Environment Minister Dipendra Bahadur Thapa, Pokhara Metropolitan City Mayor Dhanraj Acharya, and Chairman of the Pokhara Tourism Council, Pomanarayan Shrestha, bid farewell to the passengers.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:19.0pt">Devchandra Lal Karna, the Chief of Pokhara International Airport, said that the airport had earned revenue from international flights for the first time.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:19.0pt">He said, "This is Pokhara's first commercial flight. We call it a revenue flight, a charter flight. We worked hard for this, the flight was possible after we committed to providing good facilities,” Karna said. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:19.0pt">American tourists who came to visit India, Nepal, and Bhutan chartered Drukair to reach Thimphu. </span></span></span><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:19.0pt">The flight was chartered through an Indian agency. They stayed in Pokhara for three days, engaging in various activities such as paragliding. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:19.0pt">They arrived in Pokhara via helicopter from Kathmandu.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:19.0pt">Despite the operation of Pokhara International Airport, there are currently no regular international flights, and the airport's international operations are limited.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-09-10', 'modified' => '2023-09-10', 'keywords' => '', 'description' => '', 'sortorder' => '18678', 'image' => '20230910070027_collage (8).jpg', 'article_date' => '2023-09-10 06:57:17', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 12 => array( 'Article' => array( 'id' => '18948', 'article_category_id' => '1', 'title' => 'Gold Smuggling Scam: 3 Customs Officials Apprehended', 'sub_title' => '', 'summary' => 'Three customs employees have been arrested in connection with the investigation into the smuggling of over 60 kilos of gold into the country via Tribhuvan International Airport (TIA).', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt">September 10: Three customs employees have been arrested in connection with the investigation into the smuggling of over 60 kilos of gold into the country via Tribhuvan International Airport (TIA).</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt">The arrested are customs officer Pushpa Joshi and non-Gazetted first class officers Birendra Nepali and Kamal Pariyar, the employees stationed at the TIA Customs Office, confirmed Nepali Police spokesperson and Deputy Inspector General (DIG) Kuber Kadayat. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt">The Central Investigation Bureau of Nepal Police arrested the three on Saturday. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt">It may be noted that the Revenue Investigation Department on July 19 had confiscated the smuggled gold weighing 60 kilos and 716 grams from the Sinamangal area. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt">Thirty individuals have been apprehended for investigation into the scam till date. (RSS) </span></span></span></p> ', 'published' => true, 'created' => '2023-09-10', 'modified' => '2023-09-10', 'keywords' => '', 'description' => '', 'sortorder' => '18677', 'image' => '20230910063613_collage (7).jpg', 'article_date' => '2023-09-10 06:34:27', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 13 => array( 'Article' => array( 'id' => '18947', 'article_category_id' => '1', 'title' => 'Global Rice Prices Hit 15-Year High after India Curbs: FAO', 'sub_title' => '', 'summary' => 'September 8: The price of rice globally reached a 15-year high in August after top exporter India banned some overseas sales of the grain, the Food and Agriculture Organization (FAO) said Friday.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">September 8: The price of rice globally reached a 15-year high in August after top exporter India banned some overseas sales of the grain, the Food and Agriculture Organization (FAO) said Friday.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">While global food prices eased in August, those of rice rose 9.8 percent compared to the previous month, "reflecting trade disruptions in the aftermath of a ban on Indica white rice exports by India," AFP reported citing a monthly report of FAO.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"Uncertainty about the ban's duration and concerns over export restrictions caused supply-chain actors to hold on to stocks, re-negotiate contracts or stop making price offers, thereby limiting most trade to small volumes and previously concluded sales," AFP quoted the UN agency as saying.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to AFP, rice is a major world food staple and prices in the international markets have soared in the wake of the Covid pandemic, the war in Ukraine and the impact of the El Nino weather phenomenon on production levels.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">India announced in July a ban on exports of non-basmati white rice, which account for around a quarter of its total followed by a ban on parboiled rice</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The consumer affairs and food ministry said at the time that the move would "ensure adequate availability" and "allay the rise in prices in the domestic market".</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">India accounts for more than 40 percent of all global rice shipments.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The ban was expected to hit African nations, Turkey, Syria and Pakistan, all of which were already struggling with high inflation, data analytics firm Gro Intelligence warned in a note in July.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">World rice stocks are forecast to reach an all-time high of 198.1 million tonnes, with India and China holding nearly three quarter of this volume like in previous seasons, according to the FAO. This total represents around 38 percent of rice consumption forecast over the same period. But aggregate rice reserves held by the rest of the world are expected to end the year with a second successive contraction, it added.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">El Nino could also have a negative effect on the next harvests, added AFP.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the French news agency, the turmoil in the rice market comes as global food prices have been progressively easing from a peak last year after war broke out between major grain producers Russia and Ukraine.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The FAO's global food price index, which tracks monthly changes in international prices of a basket of food commodities, averaged 121.4 points in August, down 2.1 percent from July. The index was 24 percent below the summit it reached in March 2022.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Prices of cereal, meat, dairy and vegetable oils all fell in August.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Sugar prices, however, rose by 1.3 percent due to "heightened concerns over the impact of the El Nino phenomenon on sugarcane crops, along with below-average rains in August and persistent dry weather conditions in Thailand".</span></span></p> ', 'published' => true, 'created' => '2023-09-08', 'modified' => '2023-09-08', 'keywords' => 'rice, price, FAO, India, ban, export', 'description' => '', 'sortorder' => '18676', 'image' => '20230908072229_20230804111623_ricee.jpg', 'article_date' => '2023-09-08 19:20:58', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '18946', 'article_category_id' => '1', 'title' => 'Central Bank to Tighten the Screws on Microfinance Credit', 'sub_title' => '', 'summary' => 'September 8: Nepal Rastra Bank (NRB) has indicated that it will tighten the screws on loans provided by microfinance companies.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">September 8: Nepal Rastra Bank (NRB) has indicated that it will tighten the screws on loans provided by microfinance companies. Microfinance companies are the institutions that have been opened to provide financial services to the poor and underprivileged who do not have access to banks and financial institutions (BFIs). The central bank has announced to crack down on the misuse of microfinance loans stating that the credit invested by such companies have not yielded any returns.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Dr Revati Prasad Nepal, executive director of Microfinance Supervision Department of Nepal Rastra Bank, said that although there has been an increase in investment due to the increase in credit limit, there has not been expected returns and therefore the central bank has decided to review such loan provisions.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">"We have increased the credit limit that can be given to one customer by microfinance to Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">15</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">0,000," he said, "This has led to a gradual increase in loans, but the central Bbank has realized that there has been no return." He said that it has caused problems to this sector.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Microfinance companies has been providing collateral-free loans through collective deposits by creating groups of poor and needy people. However, microfinance companies are being criticized for providing more loans without analyzing the needs and utilization, while the borrowers are unable to repay the principal and interest. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The central bank had formed a task force under the coordination of the Executive Director of the Economic Research Department of NRB, Dr Prakash Kumar Shrestha in the month of Shrawn (mid-July to mid-August) after the members of microfinance companies protested saying that they were suffering from the operators of microfinance companies. Although the task force has submitted a preliminary report, it is working with a deadline extension till mid-September.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Based on the recommendations of the task force, the central bank is preparing to make policy arrangements for microfinance companies. Similarly, the central bank had issued an instruction on February 22, reducing the credit limit to Rs 700,000 lakh, and had also made an arrangement that the loan can be taken from only one institution and those who have taken a loan from microfinance company cannot take it from banks or financial institutions.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">According to Nepal Rastra Bank, </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">63</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> microfinance companies in operation as of March this year have made credit investments of Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">441</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> billion. Out of </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">5</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">.</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">9</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> million members in microfinance companies, the number of borrowers is </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">3</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">.</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">16</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> million.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-09-08', 'modified' => '2023-09-08', 'keywords' => '', 'description' => '', 'sortorder' => '18675', 'image' => '20230908044431_20230619074931_Nepal_Rastra_Bank2 2.jpg', 'article_date' => '2023-09-08 16:44:01', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ) ) $current_user = null $logged_in = falseinclude - APP/View/Elements/side_bar.ctp, line 60 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
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', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">September 11: Finance Minister Dr Prakash Sharan Mahat has assured of the government's commitments to secure Chinese support for the construction of a tunnel connecting Tokha of Kathmandu to Chhahare in Nuwakot. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">In his address at a programme organised by the Nepali Congress, Nuwakot district chapter in Bidur on Saturday, the Finance Minister Mahat said that the project was of highly significance in terms of bilateral trade as it contributes to boost Nepal-China trade relations. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">He added that the government has made up its mind to propose the Chinese side to invest in the project during the upcoming China visit of Prime Minister Pushpa Kamal Dahal. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"The Finance Ministry has prioritised agenda of seeking Chinese support in the construction of the Tokha- Chhahare tunnel during the Prime Minister's visit. The project is estimated to cost around Rs 50 billion and in the current fiscal year, the government has allocated Rs 1 billion. We have been preparing to propose China for cooperation to complete the project," he said. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Nuwakot serves as the shortest distance for travelling along the Kathmandu-Rasuwagadhi route, one of the major trade and transit routes between Nepal and China, according to the Finance Minister Mahat who said the project could potentially reduce transportation costs for bilateral trade by up to fifty percent. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The finance minister also hoped to receive positive response from the Chinese side for the project. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2023-09-11', 'modified' => '2023-09-11', 'keywords' => '', 'description' => '', 'sortorder' => '18689', 'image' => '20230911113048_20220105030510_20201111043429_1605049013.Clipboard05.jpg', 'article_date' => '2023-09-11 11:30:13', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '18959', 'article_category_id' => '1', 'title' => 'UML Chair Oli Bats for Linking Cooperatives with Poor People ', 'sub_title' => '', 'summary' => 'CPN (UML) Chairman KP Sharma Oli emphasized the need to promote cooperative organizations at the grassroots level during a program held at UML's central office in Kathmandu on Sunday.', 'content' => '<p><span style="font-size:20px">September 11: CPN (UML) Chairman KP Sharma Oli emphasized the need to promote cooperative organizations at the grassroots level during a program held at UML's central office in Kathmandu on Sunday. </span></p> <p><span style="font-size:20px">Oli stressed the importance of extending the reach of cooperative organizations to rural farmers.</span></p> <p><span style="font-size:20px">Oli highlighted the importance of mass production as a means to combat poverty and suggested that those without means should be empowered to become owners of cooperative organizations. </span></p> <p><span style="font-size:20px">He stated that individuals' ownership and family participation should be guaranteed within these cooperatives, based on their labor contributions.</span></p> <p><span style="font-size:20px">Chairman Oli also commented on the division in the country's politics, noting a split between national politics and guided politics. He reaffirmed his party's commitment to national politics.</span></p> <p><span style="font-size:20px">Furthermore, Oli urged banks and financial institutions not to auction entrepreneurs' properties, as they have faced numerous challenges, including the impact of the coronavirus pandemic. </span></p> <p><span style="font-size:20px">He acknowledged the economic difficulties faced by entrepreneurs, such as a lack of capital for operations and interruptions in industrial production. </span></p> <p><span style="font-size:20px">Oli called for banks to refrain from property auctions during these challenging times and instead provide more time and loans to support businesses' operations. (RSS)</span></p> <p> </p> ', 'published' => true, 'created' => '2023-09-11', 'modified' => '2023-09-11', 'keywords' => '', 'description' => '', 'sortorder' => '18688', 'image' => '20230911061032_collage (11).jpg', 'article_date' => '2023-09-11 06:08:16', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 2 => array( 'Article' => array( 'id' => '18958', 'article_category_id' => '1', 'title' => 'Two Electric Charging Stations Come into Operation', 'sub_title' => '', 'summary' => 'Two electric charging stations have come into operation inside the Kalika Fuel Centre in Pokhara and the APF Welfare Service Centre in Kathmandu. ', 'content' => '<p><span style="font-size:20px">September 11: Two electric charging stations have come into operation inside the Kalika Fuel Centre in Pokhara and the APF Welfare Service Centre in Kathmandu. </span></p> <p><span style="font-size:20px">Operated by the Armed Police Welfare Service Centre, APF Inspector General Raju Aryal, and executive director of the Nepal Electricity Authority Kulman Ghising jointly inaugurated the two charging stations amid a function. </span></p> <p><span style="font-size:20px">Each of the charging stations has 60 kilowatts direct current, 22 kilowatts alternating current and two fast chargers with 142 kilowatts each. On 25 August, 2022, the APF and the NEA signed a memorandum of understanding to set up the charging stations. </span></p> <p><span style="font-size:20px">The NEA bore financial obligation and repair of the charging stations while the APF provided the land for the project. APF Inspector General Aryal said the operation of the charging stations would encourage the use of electric vehicles.</span><br /> </p> <p><span style="font-size:20px">Replacement of fuel vehicles by electric ones would save a large chunk of money spent on buying petroleum products thus reducing trade deficit in the future, he viewed.</span></p> <p><span style="font-size:20px">Homework is underway to expand the establishment of more charging stations across the country as the use of electric vehicles helps increase the consumption of green energy produced within the country, said the NEA executive director Ghising. </span></p> <p><span style="font-size:20px">The NEA has established 51 fast charging stations at various places in the country. Similarly, the process to set up 11 more charging stations has been proceeded, it is said. </span></p> <p><span style="font-size:20px">The project has been executed with the NEA's investment, concessional loans from the Asian Development Bank and technical assistance from the Government of Norway, said the NEA. (RSS) </span></p> ', 'published' => true, 'created' => '2023-09-11', 'modified' => '2023-09-11', 'keywords' => '', 'description' => '', 'sortorder' => '18687', 'image' => '20230911055457_collage (10).jpg', 'article_date' => '2023-09-11 05:50:38', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 3 => array( 'Article' => array( 'id' => '18957', 'article_category_id' => '1', 'title' => 'Himalaya Airlines Launches Kathmandu-Qingdao Flight Service', 'sub_title' => '', 'summary' => 'Himalaya Airlines, a joint venture between Nepal and China, has launched its Kathmandu-Qingdao-Kathmandu flight service, starting on September 10, 2023.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt">September 10: Himalaya Airlines, a joint venture between Nepal and China, has launched its Kathmandu-Qingdao-Kathmandu flight service, starting on September 10, 2023. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt">This marks a significant step in enhancing connectivity and strengthening bilateral relations between Nepal and China.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt">The new route facilitates seamless travel between Nepal's capital, Kathmandu, and Qingdao, a coastal city celebrated for its stunning landscapes and rich cultural heritage in China. Himalaya Airlines will operate this weekly service every Sunday, starting from September 10, 2023.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt">The inaugural flight, H9 7220, departed from Tribhuvan International Airport at 9:15 local time and reached Qingdao Jiaodong International Airport at 17:22 local time, with a flight duration of approximately 5 hours and 50 minutes. The maiden flight had 113 passengers, reflecting the route's promising start.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt">The flight inauguration was graced by Sudan Kirati, Minister of Culture, Tourism & Civil Aviation. Also in attendance were H.E. Chen Song, the Chinese Ambassador to Nepal, and other esteemed dignitaries. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt">President Zhou Enyong of Himalayan Airlines said that new flight route would enhance connectivity between Nepal and China. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt">“Qingdao holds a pivotal role as a commercial and financial center in China. It is poised to play a crucial role in enhancing bilateral connectivity, cultural exchanges, tourism, and trade between the two nations," Zhou said. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt">Ambassador Song said that the launch of the Kathmandu-Qingdao-Kathmandu flight service underscores the deepening collaboration between Nepal and China. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt">Minister Kirati remarked said the new flight route would enhance connectivity and it also shows commitment to strengthening the bonds between Nepal and China.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt">The inauguration of the Kathmandu-Qingdao-Kathmandu flight service represents a significant milestone in promoting tourism, trade, and cultural exchange between Nepal and China.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt"> Himalaya Airlines' commitment to providing convenient and efficient travel options is poised to benefit passengers and strengthen the relationship between these two neighboring nations.</span></span></span></p> ', 'published' => true, 'created' => '2023-09-10', 'modified' => '2023-09-10', 'keywords' => '', 'description' => '', 'sortorder' => '18686', 'image' => '20230910045151_collage (18).jpg', 'article_date' => '2023-09-10 16:50:16', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 4 => array( 'Article' => array( 'id' => '18956', 'article_category_id' => '1', 'title' => 'NEPESE Posts Double Digit Gains; All Sub-Indices Close in Green Except Hydropower', 'sub_title' => '', 'summary' => 'The Nepal Stock Exchange(NEPSE) Index gained 10.23 points or 0.52% and closed at 1942.68 points on the first trading day of the week, Sunday.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.5pt"><span style="font-family:"Open Sans",sans-serif">September 10: The Nepal Stock Exchange(NEPSE) Index gained 10.23 points or 0.52% and closed at 1942.68 points on the first trading day of the week, Sunday.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.5pt"><span style="font-family:"Open Sans",sans-serif">Sensitive Index increased by 0.62%, while Float Index and Sensitive Float Index gained 0.53% and 0.66% respectively. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.5pt"><span style="font-family:"Open Sans",sans-serif">The Ministry of Finance has provided the facility to calculate 60 percent of the amount kept in the local level's fund as a deposit. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.5pt"><span style="font-family:"Open Sans",sans-serif">This provision will increase the deposit by approximately 60 billion rupees. This will contribute to reducing the interest rate. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.5pt"><span style="font-family:"Open Sans",sans-serif">If the interest rate decreases, financial experts say it will have a positive impact on the stock market.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.5pt"><span style="font-family:"Open Sans",sans-serif">Experts on the stock market say that market gained some points today as the market has almost reached the buying zone. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.5pt"><span style="font-family:"Open Sans",sans-serif">During today's trading, a total of 276 scrips exchanged their hands through 33,064 transactions.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.5pt"><span style="font-family:"Open Sans",sans-serif">A total of 4,314,417 shares representing a turnover of Rs. 1.07 billion were traded.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.5pt"><span style="font-family:"Open Sans",sans-serif">Himal Dolakha Hydropower Company Limited (HDHPC) recorded the highest turnover of Rs. 8.56 crores and closed at a market price of Rs. 118</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.5pt"><span style="font-family:"Open Sans",sans-serif">Similarly, Suryodaya Womi Laghubitta Bittiya Sanstha Limited (SWMF) gained the highest 10%, followed by Shuvam Power Limited (SPL) with 9.99%.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.5pt"><span style="font-family:"Open Sans",sans-serif">Meanwhile, Himal Dolakha Hydropower Company Limited (HDHPC) lost the highest 7.81% today.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.5pt"><span style="font-family:"Open Sans",sans-serif">In terms of sector indices, only the Hydropower Index closed in the red zone. "Trading Index" gained the highest 1.67% while "Manufacturing and Processing Index" and "Mutual Fund" gained the least 0.17% today.</span></span></span></span></p> ', 'published' => true, 'created' => '2023-09-10', 'modified' => '2023-09-10', 'keywords' => '', 'description' => '', 'sortorder' => '18685', 'image' => '20230910042323_collage (17).jpg', 'article_date' => '2023-09-10 16:21:53', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 5 => array( 'Article' => array( 'id' => '18955', 'article_category_id' => '1', 'title' => 'Road Access to Humla Incomplete despite Commitment every Year', 'sub_title' => '', 'summary' => 'September 10: It has been four years since the government started allocating budget for the construction of roads in Humla after announcing that the district headquarters of Humla will be connected to the national road network.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">September 10: It has been four years since the government started allocating budget for the construction of roads in Humla after announcing that the district headquarters of Humla will be connected to the national road network. However, the government failed to achieve its target in the previous three years. This year too, there is only a little possibility of completing the plan.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Despite making announcement in the budget, the government has not allocated enough budget to connect Simikot with the national road network.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">The geographical condition is equally difficult with a maximum of eight months in a year conducive for work. Explosives management is also challenging.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">For the politicians, this road has become a bargaining during the elections. It has been mentioned in the budget in recent years but the implementation part is missing.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">In the budget statement for the current fiscal year, it is mentioned that 'Simikot, the headquarters of Humla district, which is yet to be connected to the national road network, will be connected to the road network after completing the work of opening the track’. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Physical Infrastructure and Transport Minister Prakash Jwala has said that Simikot must be connected to the road network at any cost this year and there would be no excuses.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">A 2.8 km track is yet to be opened to connect Simikot to the national road network. Out of that, the army has been assigned the responsibility of opening 2.5 kilometers of track while the remaining 300 meters will be opened by the Department of Roads.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Minister Jwala called the officials of these two agencies to the ministry last Tuesday and said, “This year, the national road network must be connected to Humla district’s headquarters.” He added that the government announces plans to build a road to link Simikot every year with priority, but it is still incomplete. He mentioned that if there were any problems, he would find a way to solve them, but this time there should be no excuses to leave the road unfinished.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">The Nepalese Army received a budget of Rs 100 million this year. Joint Secretary of the Ministry Arjun Jung Thapa informed that the army has asked for an additional budget of Rs 100 million as the earmarked budget is not enough. Thapa is hopeful that Simikot will be connected to the national road network this year as the army has expressed its commitment to open the track and hand it over to the government by upcoming April.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">The department, which has to open a 300-meter track, said that if the explosive material is not available, the work will also be handed over to the Nepalese Army. Former Secretary of the Government Shiva Nepal says that if the explosives are not available and its production capacity is not increased, there may be a big obstacle not only for this project but also for other projects. He said, “It is difficult to manage explosives.”</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">According to Nepal, the work has not been completed due to the fact that the workers do not want to go to remote places. The builders, despite having a contract, assign the construction work to the locals under a sub-contract, while they can only work for 7/8 months out of 12 months due to the extreme weather in winter.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Brigadier General of the Nepalese Army, Krishna Prasad Bhandari, said that there is a plan to connect Simikot to the road network by the end of the current fiscal year. He said that the work is currently being done based on available resources. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Bhandari said that there is no problem in managing explosives and added, "Even though there was a shortage in the supply of explosives some time ago, there is no problem now. However, the raw material has to be imported. If there are no other obstacles, the road will be connected to Simikot this year.”</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">The government had also announced in the budget statement for the year 2077/78 that the road will be built up to the headquarters of Humla. In the budget statement for the year 2078/79, it was said that 'Simikot will be connected to the national highway network'. In the budget statement of the year 2079/80, it was said that the necessary budget has been allocated to connect the Humla headquarters to the national road network.</span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-09-10', 'modified' => '2023-09-10', 'keywords' => '', 'description' => '', 'sortorder' => '18684', 'image' => '20230910032643_20210531122208_20190208022443_a.jpg', 'article_date' => '2023-09-10 15:25:35', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '18953', 'article_category_id' => '1', 'title' => 'Money Laundering Situation getting Worse in Nepal: Report', 'sub_title' => '', 'summary' => 'September 10: A report prepared by the Asia Pacific Group (APG) under the Financial Action Task Force (FATF) has shown that Nepal's position in preventing money laundering is deteriorating.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">September 10: A report prepared by the Asia Pacific Group (APG) under the Financial Action Task Force (FATF) has shown that Nepal's position in preventing money laundering is deteriorating.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">The mutual assessment report was released recently by the APG.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">The report mentions that the main challenges Nepal faces in controlling money laundering include corruption, revenue evasion and human trafficking. All this has caused negative effects on the economy and social ills, the report points out.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">The report states, “Nepal's open border is the key risk for drug trafficking, gold and currency smuggling and environment-related crime, linking domestic and foreign potential crimes. Hundi is also a problem in Nepal.”</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">APG conducted an on-site assessment from December 5 to January 16. During that time, APG and the team of Nepal studied the situation of Nepal in the prevention of money laundering and financial management in terrorism. The evaluation report of the study is prepared on the basis of the situation of financial crime in Nepal and the methods and mechanisms to control it.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">The team submitted the first draft of the study to Nepal on February 2. Nepal presented and defended the draft in the Annual General Assembly of FATF with answers to the questions asked. The situation in Nepal was discussed at the 23rd Annual General Meeting of APG held in Canada from July 9 to 14.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">In 2013, FATF created 11 indicators of effectiveness and 40 indicators of technical compliance for evaluation, and mutual evaluation is based on the same indicators. In the mutual evaluation published recently, 11 indicators of effectiveness are also included, in which the situation of Nepal is not satisfactory. According to the report of APG, not one of the 11 indicators of Nepal shows a satisfactory result. In the report, 7 indicators are mentioned as 'low' and 4 indicators as 'moderate' or partially effective.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Among the indicators, it is mentioned that risk, policy and coordination, international cooperation, financial intelligence mechanism and money laundering investigation and prosecution are partially effective.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Similarly, it is said that supervision, preventive measures, legal manpower and system, confiscation, investigation and prosecution, preventive measures and financial restrictions and restrictions on financial dissemination are low.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">The mutual evaluation report showed that out of 40 indicators of technical compliance of FATF, five indicators are in accordance with the recommendations and 16 indicators are largely in accordance with it. The report shows that 19 indicators are satisfactory, 16 indicators are partially compliant and 3 indicators are not compliant.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">The previous assessment of Nepal was done in July 2011. From 2010 to 2014, Nepal was kept under surveillance by FATF for further monitoring. Nepal was removed from the gray list on 27 June 2014 after reforming the money laundering control system.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">For now, Nepal has avoided landing in FATF's gray list for one year due to reforms under close supervision after the commitment to bring improvements in all the necessary areas within the specified time.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Nepal has already been put on APG's watch list once due to lack of diligence in law making. Nepal was removed from the list after establishing structures including the Money Laundering Investigation Department. So far, the department has investigated 58 incidents and filed 45 cases.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">It is mentioned in the report that Nepal needs to make a high level of commitment and mobilize large resources in the field of money laundering. The report emphasizes on increasing the efficiency of the Criminal Assets Management Department under the Ministry of Home Affairs by adding resources including manpower, increasing coordination between agencies, streamlining the mechanism of mutual legal assistance and collaborating with international regulators.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">The report mentions that public and private sector understanding of the risk of money laundering should be increased, and laws related to anti-money laundering and business promotion should be amended and implemented effectively.</span></span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-09-10', 'modified' => '2023-09-10', 'keywords' => 'money, laundering, Nepal, risk, grey, list, situation, worse, report, APG, FATF', 'description' => '', 'sortorder' => '18683', 'image' => '20230910023832_20220712082812_20210901020646_Richest-Nepalese-–-List-of-Top-Richest-People-scaled.jpg', 'article_date' => '2023-09-10 14:34:26', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '18954', 'article_category_id' => '1', 'title' => 'FWEAN gets New Executive Committee', 'sub_title' => '', 'summary' => 'September 10: The 20th Annual General Meeting and the 9th Congress of the Federation of Women Entrepreneurs has unanimously elected a new executive committee of 27 members.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">September 10: The </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">20</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">th Annual General Meeting and the </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">9</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">th Congress of the Federation of Women Entrepreneurs has unanimously elected a 27-member executive committee </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">. Shobha Gyawali has been elected as the president of FWEAN, Darshana Shrestha as the first vice president, Sunita Vaidya Shrestha as the second vice president, Basanti Pradhan as the third vice president and Mahalakshmi Shrestha as the fourth vice president by the AGM held on Friday </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Similarly, Kunnam Pokharel has been elected as the general secretary, Sumitra Palanchoke as the secretary and Sabita Subedi as the treasurer. Since its inception, the Federation has been advocating for the capacity building and professional counseling for the economic empowerment of women across the country. The federation was established in </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">2060.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Chief guest of the program was Minister for Industry, Commerce and Supplies Ramesh Rijal and special guest was Member of the House of Representatives Rekha Yadav. In addition, the secretaries of the relevant ministries and departments working on women and entrepreneurship development were present on the occasion. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Speaking at the inauguration, Minister for Industry, Commerce and Supplies Rijal said that the contribution made by the federation in the field of entrepreneurship development is unparalleled. He also expressed the government’s commitment to support every program of the federation.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The AGM also discussed and passed the financial report of the fiscal year </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">2079-80</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">. Similarly, details were presented about the activities conducted by the federation as well as the activities and achievements of the various committees and sub-committees of FWEAN. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">On the occasion of entering its </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">20</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">th year of establishment, the Federation aims to organize various programs. The Federation has plans to launch a special edition of the Entrepreneur magazine for the twentieth year, publish brand souvenirs, organize a peace rally, increase the access of women entrepreneurs to various services of the Business Development Center, and continue the existing projects.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The Federation also awarded the 'Best District Association Award' for working in the interests of women entrepreneurs, according to which Kaski Women Entrepreneurs Association received the first prize, Banke Women Entrepreneurs Association second, Morang Women Entrepreneurs Association third and Solukhumbu Women Entrepreneurs Association received the consolation prize and certificate. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Similarly, the Federation handed over the 'Outstanding Member Award' to Alpana Rajbhandari Pradhan, while the 'Outstanding Staff Award' has been given to Ramola Satham. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">A workshop on 'Renewable Energy and Energy Efficiency' was held on the occasion of the General Assembly and the Congress. On the first day of the two-day workshop, there was a discussion on the inclusion of economic issues by women entrepreneurs in the </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">16</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">th National Plan being prepared by the government. The newly elected president Gyawali informed that the conclusion of the discussion has been prepared to be handed over to the government.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-09-10', 'modified' => '2023-09-10', 'keywords' => '', 'description' => '', 'sortorder' => '18682', 'image' => '20230910030250_1694323518.2 Mahila.jpg', 'article_date' => '2023-09-10 15:02:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '18952', 'article_category_id' => '1', 'title' => 'Government’s Sugar Stocks Empty since One Year: Artificial Price Hike Likely during Festivals', 'sub_title' => '', 'summary' => 'September 10: The government's stock of sugar has been empty for almost a year. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">September 10: The government's stock of sugar has been empty for almost a year. The government has handed the responsibility of import and distribution of sugar to the Salt Trading Corporation (STC) and Food Management and Trading Company (FMTC) Limited.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Although the STC and the FMTC have repeatedly asked for permission from the government to import sugar, the Ministry of Finance has not granted the permission.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">As a result, the state-owned companies have run out of stock of sugar since one year.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Officials of these bodies say that they have not been able to import customs duty-free sugar for three years. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Deputy General Manager of the Salt Trading Corporation, Kumar Rajbhandari, said that their efforts to import duty-free sugar were not successful due to non-cooperation from the Ministry of Finance. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">“The festive season is approaching. Therefore, with a view of Dashain and Tihar in mind, we sent a letter to the Ministry of Industry, Commerce and Supplies seeking permission to import 50,000 metric tons of sugar. The ministry also needs to get approval from the finance ministry. It has been more than a month since the letter was sent to the Ministry of Finance, but there has been no response yet," he told New Business Age.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Even during last year’s Dashain, when Salt Trading Corporation asked for permission to import customs exempted sugar, the import process was canceled after the Finance Ministry ignored it.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Rajbhandari says that when the stock of 20,000 metric tons of sugar brought by the Salt Trading Corporation ran out of stock three years ago, they stopped selling sugar in bulk in the wholesale market and sold sugar only in retail for two years. The Salt Trading Corporation’s sugar stock has been completely empty since last Dashain.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">It has been almost a month since the FMTC also sought approval from the Ministry of Finance to bring 10,000 metric tons of sugar this year targeting the upcoming festivals. FMTC officials say that there has been no response from the Finance Ministry. The company says that even if the government gives approval now, it is not possible to import sugar before Dashain.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">In general, 20,000 metric tons of sugar is consumed in Nepal every month. An additional 30,000 metric tons is demanded during the festivals of Dashain and Tihar, which begins from October 15 this year. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">According to the Sugar Producers Association, sugar production in Nepal has decreased this year. This year, only 100,000 metric tons of sugar has been produced. The market demand in Nepal is 280,000 metric tons annually.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Dhaniram Sharma, spokesperson for the Ministry of Finance, informed New Business Age that although the file regarding the approval of sugar import has been submitted to the ministry, the ministry is yet to take any decision on the matter yet. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">According to him, the ministry is busy studying the current market price, the demand of the domestic market and the sugar production in Nepal this year. This has delayed in issuing the permission to procure sugar, said Sharma.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Due to the uncertainty over whether subsidized sugar will come or not, there is likely to be a shortage of sugar in the market ahead of the Dashain and Tihar festivals. It is suspected that the traders may engage in black marketing.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">According to Madhav Timilsina, president of the Consumer Rights Research Forum, the price of sugar, which was Rs 88 per kilogram a month ago, has increased to Rs 114 in the market now. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-09-10', 'modified' => '2023-09-10', 'keywords' => 'sugar, black, maarket, shortage, artificial, hoarding, festivals, FMTC, STC, Salt, trading, corporation, food, management, trading, company, government, Nepal, import, stock, empty, finance, ministry, supply, industry, traders', 'description' => '', 'sortorder' => '18681', 'image' => '20230910014322_sugar.jpg', 'article_date' => '2023-09-10 13:40:42', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '18951', 'article_category_id' => '1', 'title' => 'Branchless Banking Service Declining', 'sub_title' => '', 'summary' => 'September 10: The number of branchless banking service centers has started to decline.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">September 10: The number of branchless banking service centers has started to decline. The branchless banking units were started to provide financial access to places where banks and financial institutions do not have branches. Branchless banking has started to decline after banks stepped up efforts to establish branches in rural areas.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">According to the data of Nepal Rastra Bank (NRB), altogether </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">1,319</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> branchless banking service centers used to serve more than </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">320,000</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> people as of mid-July this year. The number of branchless banking service centers is less than the corresponding period of last fiscal year. In mid-July 2022, more than </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">283,000</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> customers received services through </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">1,548</span></span> <span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">branchless banking centers. Compared to last year, the number of customers of branchless banking has increased, but the number of service centers has decreased.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">After the central bank introduced the concept of branchless banking service 16 years ago, this service was implemented from 2011</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">. </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Although branchless banking service expanded for a decade, it has started to decline since mid-July 2021</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">After the mega earthquakes of </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">20</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">15, donors helped to expand branchless banking services. At that time, the Saksham project, which was run with the help of the British aid, helped to expand branchless banking services in </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">14</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> districts affected by the earthquake and also in the remote areas of mid-western region. Branchless banking service centers have started to decline after this support was stopped.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Recently, the central bank has been strict in closing branchless banking services. The NRB has made arrangements for closing branchless banking service center only if it has not been in operation for six months and the branches of other banks have expanded financial access in those areas. To close branchless banking service, banks need to take the approval of the central bank.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Bhuwan Kumar Dahal, former president of Nepal Bankers Association, said that branchless banking has decreased recently due to the expansion of branches of banks and financial institutions. He says that the expansion of electronic transactions has also reduced the dependence on branchless banking.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The central bank introduced the concept of branchless banking services to provide financial access in a simple and convenient manner in places where there are no banks. Under this service, the bank appoints a representative after making an agreement with the local merchants or customers in the places where there are no branches. The representative provides services such as account opening, depositing, withdrawal, remittance payment and small loan investment to the locals through the machine provided by the bank.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">According to the instructions of the central bank, there is a provision that banks and financial institutions can extend branchless services in areas where there are no branches except for metropolitan cities, sub-metropolitan cities and municipalities.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-09-10', 'modified' => '2023-09-10', 'keywords' => '', 'description' => '', 'sortorder' => '18680', 'image' => '20230910010743_branchless-banking-banner.jpg', 'article_date' => '2023-09-10 13:07:10', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '18950', 'article_category_id' => '1', 'title' => 'Modern-Day Spice Route linking Europe, Middle East and India Launched', 'sub_title' => '', 'summary' => 'September 10: Global leaders on Saturday unveiled ambitious plans to create a modern-day Spice Route linking Europe, the Middle East and India, to boost trade ties with potentially wide-ranging geopolitical implications.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Agencies</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">September 10: Global leaders on Saturday unveiled ambitious plans to create a modern-day Spice Route linking Europe, the Middle East and India, to boost trade ties with potentially wide-ranging geopolitical implications.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">According to Reuters, the pact announced on the sidelines of the G20 summit in New Delhi comes at a critical time as US President Joe Biden seeks to counter China's Belt and Road Initiative on global infrastructure by pitching Washington as an alternative partner and investor for developing countries at the G20 grouping</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The plan encompasses a multinational rail and ports deal linking the Middle East and South Asia.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The corridor, which would include India, Saudi Arabia, the United Arab Emirates, Jordan, Israel and the European Union, would help boost trade, deliver energy resources and improve digital connectivity, reported Al Jazeera.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Meanwhile, AFP reported that the United States, Saudi Arabia, the European Union, the United Arab Emirates and others launched the initiative to link railways, ports, electricity and data networks and hydrogen pipelines on the sidelines of the Group of 20 summit in New Delhi.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">“Although heavily trade-focused, the scheme could have wide-ranging implications -- including developing contacts between long-time foes Israel and Saudi Arabia. Signatories hope it can help integrate India's vast market of 1.4 billion people with countries to the west, offer a counterbalance to lavish Chinese infrastructure spending, boost Middle Eastern economies and help normalise relations between Israel and Gulf Arab states.”</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">"This is a real big deal," AFP quoted US President Joe Biden as saying at the launch event, calling the plan "historic".</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">European Commission President Ursula von der Leyen reportedly said the so-called India–Middle East–Europe economic corridor was "much more than 'just' a railway or a cable".</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">"It is a green and digital bridge across continents and civilisations," she said.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">One proposed project would link railway and port facilities across the Middle East -- including the United Arab Emirates, Saudi Arabia, Jordan and Israel -- potentially speeding trade between India and Europe by up to 40 percent.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">According to AFP, Pramit Pal Chaudhuri, South Asia practice head at the Eurasia Group, said a shipping container that today travels from Mumbai, through the Suez Canal to Europe could in the future go by rail from Dubai to Haifa in Israel and on to Europe, saving both money and time.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">At present, the Suez Canal is a major bottleneck to world trade, handling roughly 10 percent of global maritime trade but often beset by disruptions.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-09-10', 'modified' => '2023-09-10', 'keywords' => '', 'description' => '', 'sortorder' => '18679', 'image' => '20230910113324_Untitled.jpg', 'article_date' => '2023-09-10 11:32:38', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '18949', 'article_category_id' => '1', 'title' => 'Royal Bhutan Airlines, Drukair, Makes Its First Commercial Flight to Pokhara International Airport', 'sub_title' => '', 'summary' => 'Royal Bhutan Airlines, Drukair, operated its first commercial flight to Pokhara Regional International Airport on Saturday. The flight, with crew members and three passengers, from Paro International Airport, Thimphu, landed at Pokhara at 6:40 AM.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:19.0pt">September 10: Royal Bhutan Airlines, Drukair, operated its first commercial flight to Pokhara Regional International Airport on Saturday. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:19.0pt">The flight, with crew members and three passengers, from Paro International Airport, Thimphu, landed at Pokhara at 6:40 AM. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:19.0pt">The same aircraft departed from Pokhara at 8:15 PM, carrying 42 passengers, and returned to Thimphu.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:19.0pt">This is the first international commercial flight to operate at Pokhara International Airport in eight months.</span></span></span><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:19.0pt"> The airport was inaugurated on January 1st, the first day of the English New Year.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:19.0pt">Various government officials from Gandaki Province, including Industry, Tourism, Forest, and Environment Minister Dipendra Bahadur Thapa, Pokhara Metropolitan City Mayor Dhanraj Acharya, and Chairman of the Pokhara Tourism Council, Pomanarayan Shrestha, bid farewell to the passengers.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:19.0pt">Devchandra Lal Karna, the Chief of Pokhara International Airport, said that the airport had earned revenue from international flights for the first time.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:19.0pt">He said, "This is Pokhara's first commercial flight. We call it a revenue flight, a charter flight. We worked hard for this, the flight was possible after we committed to providing good facilities,” Karna said. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:19.0pt">American tourists who came to visit India, Nepal, and Bhutan chartered Drukair to reach Thimphu. </span></span></span><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:19.0pt">The flight was chartered through an Indian agency. They stayed in Pokhara for three days, engaging in various activities such as paragliding. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:19.0pt">They arrived in Pokhara via helicopter from Kathmandu.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:19.0pt">Despite the operation of Pokhara International Airport, there are currently no regular international flights, and the airport's international operations are limited.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-09-10', 'modified' => '2023-09-10', 'keywords' => '', 'description' => '', 'sortorder' => '18678', 'image' => '20230910070027_collage (8).jpg', 'article_date' => '2023-09-10 06:57:17', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 12 => array( 'Article' => array( 'id' => '18948', 'article_category_id' => '1', 'title' => 'Gold Smuggling Scam: 3 Customs Officials Apprehended', 'sub_title' => '', 'summary' => 'Three customs employees have been arrested in connection with the investigation into the smuggling of over 60 kilos of gold into the country via Tribhuvan International Airport (TIA).', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt">September 10: Three customs employees have been arrested in connection with the investigation into the smuggling of over 60 kilos of gold into the country via Tribhuvan International Airport (TIA).</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt">The arrested are customs officer Pushpa Joshi and non-Gazetted first class officers Birendra Nepali and Kamal Pariyar, the employees stationed at the TIA Customs Office, confirmed Nepali Police spokesperson and Deputy Inspector General (DIG) Kuber Kadayat. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt">The Central Investigation Bureau of Nepal Police arrested the three on Saturday. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt">It may be noted that the Revenue Investigation Department on July 19 had confiscated the smuggled gold weighing 60 kilos and 716 grams from the Sinamangal area. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt">Thirty individuals have been apprehended for investigation into the scam till date. (RSS) </span></span></span></p> ', 'published' => true, 'created' => '2023-09-10', 'modified' => '2023-09-10', 'keywords' => '', 'description' => '', 'sortorder' => '18677', 'image' => '20230910063613_collage (7).jpg', 'article_date' => '2023-09-10 06:34:27', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 13 => array( 'Article' => array( 'id' => '18947', 'article_category_id' => '1', 'title' => 'Global Rice Prices Hit 15-Year High after India Curbs: FAO', 'sub_title' => '', 'summary' => 'September 8: The price of rice globally reached a 15-year high in August after top exporter India banned some overseas sales of the grain, the Food and Agriculture Organization (FAO) said Friday.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">September 8: The price of rice globally reached a 15-year high in August after top exporter India banned some overseas sales of the grain, the Food and Agriculture Organization (FAO) said Friday.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">While global food prices eased in August, those of rice rose 9.8 percent compared to the previous month, "reflecting trade disruptions in the aftermath of a ban on Indica white rice exports by India," AFP reported citing a monthly report of FAO.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"Uncertainty about the ban's duration and concerns over export restrictions caused supply-chain actors to hold on to stocks, re-negotiate contracts or stop making price offers, thereby limiting most trade to small volumes and previously concluded sales," AFP quoted the UN agency as saying.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to AFP, rice is a major world food staple and prices in the international markets have soared in the wake of the Covid pandemic, the war in Ukraine and the impact of the El Nino weather phenomenon on production levels.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">India announced in July a ban on exports of non-basmati white rice, which account for around a quarter of its total followed by a ban on parboiled rice</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The consumer affairs and food ministry said at the time that the move would "ensure adequate availability" and "allay the rise in prices in the domestic market".</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">India accounts for more than 40 percent of all global rice shipments.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The ban was expected to hit African nations, Turkey, Syria and Pakistan, all of which were already struggling with high inflation, data analytics firm Gro Intelligence warned in a note in July.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">World rice stocks are forecast to reach an all-time high of 198.1 million tonnes, with India and China holding nearly three quarter of this volume like in previous seasons, according to the FAO. This total represents around 38 percent of rice consumption forecast over the same period. But aggregate rice reserves held by the rest of the world are expected to end the year with a second successive contraction, it added.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">El Nino could also have a negative effect on the next harvests, added AFP.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the French news agency, the turmoil in the rice market comes as global food prices have been progressively easing from a peak last year after war broke out between major grain producers Russia and Ukraine.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The FAO's global food price index, which tracks monthly changes in international prices of a basket of food commodities, averaged 121.4 points in August, down 2.1 percent from July. The index was 24 percent below the summit it reached in March 2022.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Prices of cereal, meat, dairy and vegetable oils all fell in August.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Sugar prices, however, rose by 1.3 percent due to "heightened concerns over the impact of the El Nino phenomenon on sugarcane crops, along with below-average rains in August and persistent dry weather conditions in Thailand".</span></span></p> ', 'published' => true, 'created' => '2023-09-08', 'modified' => '2023-09-08', 'keywords' => 'rice, price, FAO, India, ban, export', 'description' => '', 'sortorder' => '18676', 'image' => '20230908072229_20230804111623_ricee.jpg', 'article_date' => '2023-09-08 19:20:58', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '18946', 'article_category_id' => '1', 'title' => 'Central Bank to Tighten the Screws on Microfinance Credit', 'sub_title' => '', 'summary' => 'September 8: Nepal Rastra Bank (NRB) has indicated that it will tighten the screws on loans provided by microfinance companies.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">September 8: Nepal Rastra Bank (NRB) has indicated that it will tighten the screws on loans provided by microfinance companies. Microfinance companies are the institutions that have been opened to provide financial services to the poor and underprivileged who do not have access to banks and financial institutions (BFIs). The central bank has announced to crack down on the misuse of microfinance loans stating that the credit invested by such companies have not yielded any returns.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Dr Revati Prasad Nepal, executive director of Microfinance Supervision Department of Nepal Rastra Bank, said that although there has been an increase in investment due to the increase in credit limit, there has not been expected returns and therefore the central bank has decided to review such loan provisions.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">"We have increased the credit limit that can be given to one customer by microfinance to Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">15</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">0,000," he said, "This has led to a gradual increase in loans, but the central Bbank has realized that there has been no return." He said that it has caused problems to this sector.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Microfinance companies has been providing collateral-free loans through collective deposits by creating groups of poor and needy people. However, microfinance companies are being criticized for providing more loans without analyzing the needs and utilization, while the borrowers are unable to repay the principal and interest. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The central bank had formed a task force under the coordination of the Executive Director of the Economic Research Department of NRB, Dr Prakash Kumar Shrestha in the month of Shrawn (mid-July to mid-August) after the members of microfinance companies protested saying that they were suffering from the operators of microfinance companies. Although the task force has submitted a preliminary report, it is working with a deadline extension till mid-September.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Based on the recommendations of the task force, the central bank is preparing to make policy arrangements for microfinance companies. Similarly, the central bank had issued an instruction on February 22, reducing the credit limit to Rs 700,000 lakh, and had also made an arrangement that the loan can be taken from only one institution and those who have taken a loan from microfinance company cannot take it from banks or financial institutions.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">According to Nepal Rastra Bank, </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">63</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> microfinance companies in operation as of March this year have made credit investments of Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">441</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> billion. Out of </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">5</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">.</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">9</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> million members in microfinance companies, the number of borrowers is </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">3</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">.</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">16</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> million.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-09-08', 'modified' => '2023-09-08', 'keywords' => '', 'description' => '', 'sortorder' => '18675', 'image' => '20230908044431_20230619074931_Nepal_Rastra_Bank2 2.jpg', 'article_date' => '2023-09-08 16:44:01', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ) ) $current_user = null $logged_in = falsesimplexml_load_file - [internal], line ?? include - APP/View/Elements/side_bar.ctp, line 60 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
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', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">September 11: Finance Minister Dr Prakash Sharan Mahat has assured of the government's commitments to secure Chinese support for the construction of a tunnel connecting Tokha of Kathmandu to Chhahare in Nuwakot. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">In his address at a programme organised by the Nepali Congress, Nuwakot district chapter in Bidur on Saturday, the Finance Minister Mahat said that the project was of highly significance in terms of bilateral trade as it contributes to boost Nepal-China trade relations. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">He added that the government has made up its mind to propose the Chinese side to invest in the project during the upcoming China visit of Prime Minister Pushpa Kamal Dahal. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"The Finance Ministry has prioritised agenda of seeking Chinese support in the construction of the Tokha- Chhahare tunnel during the Prime Minister's visit. The project is estimated to cost around Rs 50 billion and in the current fiscal year, the government has allocated Rs 1 billion. We have been preparing to propose China for cooperation to complete the project," he said. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Nuwakot serves as the shortest distance for travelling along the Kathmandu-Rasuwagadhi route, one of the major trade and transit routes between Nepal and China, according to the Finance Minister Mahat who said the project could potentially reduce transportation costs for bilateral trade by up to fifty percent. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The finance minister also hoped to receive positive response from the Chinese side for the project. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2023-09-11', 'modified' => '2023-09-11', 'keywords' => '', 'description' => '', 'sortorder' => '18689', 'image' => '20230911113048_20220105030510_20201111043429_1605049013.Clipboard05.jpg', 'article_date' => '2023-09-11 11:30:13', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '18959', 'article_category_id' => '1', 'title' => 'UML Chair Oli Bats for Linking Cooperatives with Poor People ', 'sub_title' => '', 'summary' => 'CPN (UML) Chairman KP Sharma Oli emphasized the need to promote cooperative organizations at the grassroots level during a program held at UML's central office in Kathmandu on Sunday.', 'content' => '<p><span style="font-size:20px">September 11: CPN (UML) Chairman KP Sharma Oli emphasized the need to promote cooperative organizations at the grassroots level during a program held at UML's central office in Kathmandu on Sunday. </span></p> <p><span style="font-size:20px">Oli stressed the importance of extending the reach of cooperative organizations to rural farmers.</span></p> <p><span style="font-size:20px">Oli highlighted the importance of mass production as a means to combat poverty and suggested that those without means should be empowered to become owners of cooperative organizations. </span></p> <p><span style="font-size:20px">He stated that individuals' ownership and family participation should be guaranteed within these cooperatives, based on their labor contributions.</span></p> <p><span style="font-size:20px">Chairman Oli also commented on the division in the country's politics, noting a split between national politics and guided politics. He reaffirmed his party's commitment to national politics.</span></p> <p><span style="font-size:20px">Furthermore, Oli urged banks and financial institutions not to auction entrepreneurs' properties, as they have faced numerous challenges, including the impact of the coronavirus pandemic. </span></p> <p><span style="font-size:20px">He acknowledged the economic difficulties faced by entrepreneurs, such as a lack of capital for operations and interruptions in industrial production. </span></p> <p><span style="font-size:20px">Oli called for banks to refrain from property auctions during these challenging times and instead provide more time and loans to support businesses' operations. (RSS)</span></p> <p> </p> ', 'published' => true, 'created' => '2023-09-11', 'modified' => '2023-09-11', 'keywords' => '', 'description' => '', 'sortorder' => '18688', 'image' => '20230911061032_collage (11).jpg', 'article_date' => '2023-09-11 06:08:16', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 2 => array( 'Article' => array( 'id' => '18958', 'article_category_id' => '1', 'title' => 'Two Electric Charging Stations Come into Operation', 'sub_title' => '', 'summary' => 'Two electric charging stations have come into operation inside the Kalika Fuel Centre in Pokhara and the APF Welfare Service Centre in Kathmandu. ', 'content' => '<p><span style="font-size:20px">September 11: Two electric charging stations have come into operation inside the Kalika Fuel Centre in Pokhara and the APF Welfare Service Centre in Kathmandu. </span></p> <p><span style="font-size:20px">Operated by the Armed Police Welfare Service Centre, APF Inspector General Raju Aryal, and executive director of the Nepal Electricity Authority Kulman Ghising jointly inaugurated the two charging stations amid a function. </span></p> <p><span style="font-size:20px">Each of the charging stations has 60 kilowatts direct current, 22 kilowatts alternating current and two fast chargers with 142 kilowatts each. On 25 August, 2022, the APF and the NEA signed a memorandum of understanding to set up the charging stations. </span></p> <p><span style="font-size:20px">The NEA bore financial obligation and repair of the charging stations while the APF provided the land for the project. APF Inspector General Aryal said the operation of the charging stations would encourage the use of electric vehicles.</span><br /> </p> <p><span style="font-size:20px">Replacement of fuel vehicles by electric ones would save a large chunk of money spent on buying petroleum products thus reducing trade deficit in the future, he viewed.</span></p> <p><span style="font-size:20px">Homework is underway to expand the establishment of more charging stations across the country as the use of electric vehicles helps increase the consumption of green energy produced within the country, said the NEA executive director Ghising. </span></p> <p><span style="font-size:20px">The NEA has established 51 fast charging stations at various places in the country. Similarly, the process to set up 11 more charging stations has been proceeded, it is said. </span></p> <p><span style="font-size:20px">The project has been executed with the NEA's investment, concessional loans from the Asian Development Bank and technical assistance from the Government of Norway, said the NEA. (RSS) </span></p> ', 'published' => true, 'created' => '2023-09-11', 'modified' => '2023-09-11', 'keywords' => '', 'description' => '', 'sortorder' => '18687', 'image' => '20230911055457_collage (10).jpg', 'article_date' => '2023-09-11 05:50:38', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 3 => array( 'Article' => array( 'id' => '18957', 'article_category_id' => '1', 'title' => 'Himalaya Airlines Launches Kathmandu-Qingdao Flight Service', 'sub_title' => '', 'summary' => 'Himalaya Airlines, a joint venture between Nepal and China, has launched its Kathmandu-Qingdao-Kathmandu flight service, starting on September 10, 2023.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt">September 10: Himalaya Airlines, a joint venture between Nepal and China, has launched its Kathmandu-Qingdao-Kathmandu flight service, starting on September 10, 2023. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt">This marks a significant step in enhancing connectivity and strengthening bilateral relations between Nepal and China.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt">The new route facilitates seamless travel between Nepal's capital, Kathmandu, and Qingdao, a coastal city celebrated for its stunning landscapes and rich cultural heritage in China. Himalaya Airlines will operate this weekly service every Sunday, starting from September 10, 2023.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt">The inaugural flight, H9 7220, departed from Tribhuvan International Airport at 9:15 local time and reached Qingdao Jiaodong International Airport at 17:22 local time, with a flight duration of approximately 5 hours and 50 minutes. The maiden flight had 113 passengers, reflecting the route's promising start.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt">The flight inauguration was graced by Sudan Kirati, Minister of Culture, Tourism & Civil Aviation. Also in attendance were H.E. Chen Song, the Chinese Ambassador to Nepal, and other esteemed dignitaries. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt">President Zhou Enyong of Himalayan Airlines said that new flight route would enhance connectivity between Nepal and China. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt">“Qingdao holds a pivotal role as a commercial and financial center in China. It is poised to play a crucial role in enhancing bilateral connectivity, cultural exchanges, tourism, and trade between the two nations," Zhou said. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt">Ambassador Song said that the launch of the Kathmandu-Qingdao-Kathmandu flight service underscores the deepening collaboration between Nepal and China. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt">Minister Kirati remarked said the new flight route would enhance connectivity and it also shows commitment to strengthening the bonds between Nepal and China.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt">The inauguration of the Kathmandu-Qingdao-Kathmandu flight service represents a significant milestone in promoting tourism, trade, and cultural exchange between Nepal and China.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt"> Himalaya Airlines' commitment to providing convenient and efficient travel options is poised to benefit passengers and strengthen the relationship between these two neighboring nations.</span></span></span></p> ', 'published' => true, 'created' => '2023-09-10', 'modified' => '2023-09-10', 'keywords' => '', 'description' => '', 'sortorder' => '18686', 'image' => '20230910045151_collage (18).jpg', 'article_date' => '2023-09-10 16:50:16', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 4 => array( 'Article' => array( 'id' => '18956', 'article_category_id' => '1', 'title' => 'NEPESE Posts Double Digit Gains; All Sub-Indices Close in Green Except Hydropower', 'sub_title' => '', 'summary' => 'The Nepal Stock Exchange(NEPSE) Index gained 10.23 points or 0.52% and closed at 1942.68 points on the first trading day of the week, Sunday.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.5pt"><span style="font-family:"Open Sans",sans-serif">September 10: The Nepal Stock Exchange(NEPSE) Index gained 10.23 points or 0.52% and closed at 1942.68 points on the first trading day of the week, Sunday.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.5pt"><span style="font-family:"Open Sans",sans-serif">Sensitive Index increased by 0.62%, while Float Index and Sensitive Float Index gained 0.53% and 0.66% respectively. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.5pt"><span style="font-family:"Open Sans",sans-serif">The Ministry of Finance has provided the facility to calculate 60 percent of the amount kept in the local level's fund as a deposit. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.5pt"><span style="font-family:"Open Sans",sans-serif">This provision will increase the deposit by approximately 60 billion rupees. This will contribute to reducing the interest rate. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.5pt"><span style="font-family:"Open Sans",sans-serif">If the interest rate decreases, financial experts say it will have a positive impact on the stock market.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.5pt"><span style="font-family:"Open Sans",sans-serif">Experts on the stock market say that market gained some points today as the market has almost reached the buying zone. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.5pt"><span style="font-family:"Open Sans",sans-serif">During today's trading, a total of 276 scrips exchanged their hands through 33,064 transactions.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.5pt"><span style="font-family:"Open Sans",sans-serif">A total of 4,314,417 shares representing a turnover of Rs. 1.07 billion were traded.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.5pt"><span style="font-family:"Open Sans",sans-serif">Himal Dolakha Hydropower Company Limited (HDHPC) recorded the highest turnover of Rs. 8.56 crores and closed at a market price of Rs. 118</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.5pt"><span style="font-family:"Open Sans",sans-serif">Similarly, Suryodaya Womi Laghubitta Bittiya Sanstha Limited (SWMF) gained the highest 10%, followed by Shuvam Power Limited (SPL) with 9.99%.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.5pt"><span style="font-family:"Open Sans",sans-serif">Meanwhile, Himal Dolakha Hydropower Company Limited (HDHPC) lost the highest 7.81% today.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.5pt"><span style="font-family:"Open Sans",sans-serif">In terms of sector indices, only the Hydropower Index closed in the red zone. "Trading Index" gained the highest 1.67% while "Manufacturing and Processing Index" and "Mutual Fund" gained the least 0.17% today.</span></span></span></span></p> ', 'published' => true, 'created' => '2023-09-10', 'modified' => '2023-09-10', 'keywords' => '', 'description' => '', 'sortorder' => '18685', 'image' => '20230910042323_collage (17).jpg', 'article_date' => '2023-09-10 16:21:53', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 5 => array( 'Article' => array( 'id' => '18955', 'article_category_id' => '1', 'title' => 'Road Access to Humla Incomplete despite Commitment every Year', 'sub_title' => '', 'summary' => 'September 10: It has been four years since the government started allocating budget for the construction of roads in Humla after announcing that the district headquarters of Humla will be connected to the national road network.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">September 10: It has been four years since the government started allocating budget for the construction of roads in Humla after announcing that the district headquarters of Humla will be connected to the national road network. However, the government failed to achieve its target in the previous three years. This year too, there is only a little possibility of completing the plan.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Despite making announcement in the budget, the government has not allocated enough budget to connect Simikot with the national road network.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">The geographical condition is equally difficult with a maximum of eight months in a year conducive for work. Explosives management is also challenging.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">For the politicians, this road has become a bargaining during the elections. It has been mentioned in the budget in recent years but the implementation part is missing.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">In the budget statement for the current fiscal year, it is mentioned that 'Simikot, the headquarters of Humla district, which is yet to be connected to the national road network, will be connected to the road network after completing the work of opening the track’. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Physical Infrastructure and Transport Minister Prakash Jwala has said that Simikot must be connected to the road network at any cost this year and there would be no excuses.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">A 2.8 km track is yet to be opened to connect Simikot to the national road network. Out of that, the army has been assigned the responsibility of opening 2.5 kilometers of track while the remaining 300 meters will be opened by the Department of Roads.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Minister Jwala called the officials of these two agencies to the ministry last Tuesday and said, “This year, the national road network must be connected to Humla district’s headquarters.” He added that the government announces plans to build a road to link Simikot every year with priority, but it is still incomplete. He mentioned that if there were any problems, he would find a way to solve them, but this time there should be no excuses to leave the road unfinished.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">The Nepalese Army received a budget of Rs 100 million this year. Joint Secretary of the Ministry Arjun Jung Thapa informed that the army has asked for an additional budget of Rs 100 million as the earmarked budget is not enough. Thapa is hopeful that Simikot will be connected to the national road network this year as the army has expressed its commitment to open the track and hand it over to the government by upcoming April.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">The department, which has to open a 300-meter track, said that if the explosive material is not available, the work will also be handed over to the Nepalese Army. Former Secretary of the Government Shiva Nepal says that if the explosives are not available and its production capacity is not increased, there may be a big obstacle not only for this project but also for other projects. He said, “It is difficult to manage explosives.”</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">According to Nepal, the work has not been completed due to the fact that the workers do not want to go to remote places. The builders, despite having a contract, assign the construction work to the locals under a sub-contract, while they can only work for 7/8 months out of 12 months due to the extreme weather in winter.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Brigadier General of the Nepalese Army, Krishna Prasad Bhandari, said that there is a plan to connect Simikot to the road network by the end of the current fiscal year. He said that the work is currently being done based on available resources. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Bhandari said that there is no problem in managing explosives and added, "Even though there was a shortage in the supply of explosives some time ago, there is no problem now. However, the raw material has to be imported. If there are no other obstacles, the road will be connected to Simikot this year.”</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">The government had also announced in the budget statement for the year 2077/78 that the road will be built up to the headquarters of Humla. In the budget statement for the year 2078/79, it was said that 'Simikot will be connected to the national highway network'. In the budget statement of the year 2079/80, it was said that the necessary budget has been allocated to connect the Humla headquarters to the national road network.</span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-09-10', 'modified' => '2023-09-10', 'keywords' => '', 'description' => '', 'sortorder' => '18684', 'image' => '20230910032643_20210531122208_20190208022443_a.jpg', 'article_date' => '2023-09-10 15:25:35', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '18953', 'article_category_id' => '1', 'title' => 'Money Laundering Situation getting Worse in Nepal: Report', 'sub_title' => '', 'summary' => 'September 10: A report prepared by the Asia Pacific Group (APG) under the Financial Action Task Force (FATF) has shown that Nepal's position in preventing money laundering is deteriorating.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">September 10: A report prepared by the Asia Pacific Group (APG) under the Financial Action Task Force (FATF) has shown that Nepal's position in preventing money laundering is deteriorating.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">The mutual assessment report was released recently by the APG.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">The report mentions that the main challenges Nepal faces in controlling money laundering include corruption, revenue evasion and human trafficking. All this has caused negative effects on the economy and social ills, the report points out.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">The report states, “Nepal's open border is the key risk for drug trafficking, gold and currency smuggling and environment-related crime, linking domestic and foreign potential crimes. Hundi is also a problem in Nepal.”</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">APG conducted an on-site assessment from December 5 to January 16. During that time, APG and the team of Nepal studied the situation of Nepal in the prevention of money laundering and financial management in terrorism. The evaluation report of the study is prepared on the basis of the situation of financial crime in Nepal and the methods and mechanisms to control it.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">The team submitted the first draft of the study to Nepal on February 2. Nepal presented and defended the draft in the Annual General Assembly of FATF with answers to the questions asked. The situation in Nepal was discussed at the 23rd Annual General Meeting of APG held in Canada from July 9 to 14.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">In 2013, FATF created 11 indicators of effectiveness and 40 indicators of technical compliance for evaluation, and mutual evaluation is based on the same indicators. In the mutual evaluation published recently, 11 indicators of effectiveness are also included, in which the situation of Nepal is not satisfactory. According to the report of APG, not one of the 11 indicators of Nepal shows a satisfactory result. In the report, 7 indicators are mentioned as 'low' and 4 indicators as 'moderate' or partially effective.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Among the indicators, it is mentioned that risk, policy and coordination, international cooperation, financial intelligence mechanism and money laundering investigation and prosecution are partially effective.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Similarly, it is said that supervision, preventive measures, legal manpower and system, confiscation, investigation and prosecution, preventive measures and financial restrictions and restrictions on financial dissemination are low.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">The mutual evaluation report showed that out of 40 indicators of technical compliance of FATF, five indicators are in accordance with the recommendations and 16 indicators are largely in accordance with it. The report shows that 19 indicators are satisfactory, 16 indicators are partially compliant and 3 indicators are not compliant.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">The previous assessment of Nepal was done in July 2011. From 2010 to 2014, Nepal was kept under surveillance by FATF for further monitoring. Nepal was removed from the gray list on 27 June 2014 after reforming the money laundering control system.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">For now, Nepal has avoided landing in FATF's gray list for one year due to reforms under close supervision after the commitment to bring improvements in all the necessary areas within the specified time.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Nepal has already been put on APG's watch list once due to lack of diligence in law making. Nepal was removed from the list after establishing structures including the Money Laundering Investigation Department. So far, the department has investigated 58 incidents and filed 45 cases.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">It is mentioned in the report that Nepal needs to make a high level of commitment and mobilize large resources in the field of money laundering. The report emphasizes on increasing the efficiency of the Criminal Assets Management Department under the Ministry of Home Affairs by adding resources including manpower, increasing coordination between agencies, streamlining the mechanism of mutual legal assistance and collaborating with international regulators.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">The report mentions that public and private sector understanding of the risk of money laundering should be increased, and laws related to anti-money laundering and business promotion should be amended and implemented effectively.</span></span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-09-10', 'modified' => '2023-09-10', 'keywords' => 'money, laundering, Nepal, risk, grey, list, situation, worse, report, APG, FATF', 'description' => '', 'sortorder' => '18683', 'image' => '20230910023832_20220712082812_20210901020646_Richest-Nepalese-–-List-of-Top-Richest-People-scaled.jpg', 'article_date' => '2023-09-10 14:34:26', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '18954', 'article_category_id' => '1', 'title' => 'FWEAN gets New Executive Committee', 'sub_title' => '', 'summary' => 'September 10: The 20th Annual General Meeting and the 9th Congress of the Federation of Women Entrepreneurs has unanimously elected a new executive committee of 27 members.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">September 10: The </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">20</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">th Annual General Meeting and the </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">9</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">th Congress of the Federation of Women Entrepreneurs has unanimously elected a 27-member executive committee </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">. Shobha Gyawali has been elected as the president of FWEAN, Darshana Shrestha as the first vice president, Sunita Vaidya Shrestha as the second vice president, Basanti Pradhan as the third vice president and Mahalakshmi Shrestha as the fourth vice president by the AGM held on Friday </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Similarly, Kunnam Pokharel has been elected as the general secretary, Sumitra Palanchoke as the secretary and Sabita Subedi as the treasurer. Since its inception, the Federation has been advocating for the capacity building and professional counseling for the economic empowerment of women across the country. The federation was established in </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">2060.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Chief guest of the program was Minister for Industry, Commerce and Supplies Ramesh Rijal and special guest was Member of the House of Representatives Rekha Yadav. In addition, the secretaries of the relevant ministries and departments working on women and entrepreneurship development were present on the occasion. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Speaking at the inauguration, Minister for Industry, Commerce and Supplies Rijal said that the contribution made by the federation in the field of entrepreneurship development is unparalleled. He also expressed the government’s commitment to support every program of the federation.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The AGM also discussed and passed the financial report of the fiscal year </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">2079-80</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">. Similarly, details were presented about the activities conducted by the federation as well as the activities and achievements of the various committees and sub-committees of FWEAN. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">On the occasion of entering its </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">20</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">th year of establishment, the Federation aims to organize various programs. The Federation has plans to launch a special edition of the Entrepreneur magazine for the twentieth year, publish brand souvenirs, organize a peace rally, increase the access of women entrepreneurs to various services of the Business Development Center, and continue the existing projects.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The Federation also awarded the 'Best District Association Award' for working in the interests of women entrepreneurs, according to which Kaski Women Entrepreneurs Association received the first prize, Banke Women Entrepreneurs Association second, Morang Women Entrepreneurs Association third and Solukhumbu Women Entrepreneurs Association received the consolation prize and certificate. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Similarly, the Federation handed over the 'Outstanding Member Award' to Alpana Rajbhandari Pradhan, while the 'Outstanding Staff Award' has been given to Ramola Satham. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">A workshop on 'Renewable Energy and Energy Efficiency' was held on the occasion of the General Assembly and the Congress. On the first day of the two-day workshop, there was a discussion on the inclusion of economic issues by women entrepreneurs in the </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">16</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">th National Plan being prepared by the government. The newly elected president Gyawali informed that the conclusion of the discussion has been prepared to be handed over to the government.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-09-10', 'modified' => '2023-09-10', 'keywords' => '', 'description' => '', 'sortorder' => '18682', 'image' => '20230910030250_1694323518.2 Mahila.jpg', 'article_date' => '2023-09-10 15:02:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '18952', 'article_category_id' => '1', 'title' => 'Government’s Sugar Stocks Empty since One Year: Artificial Price Hike Likely during Festivals', 'sub_title' => '', 'summary' => 'September 10: The government's stock of sugar has been empty for almost a year. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">September 10: The government's stock of sugar has been empty for almost a year. The government has handed the responsibility of import and distribution of sugar to the Salt Trading Corporation (STC) and Food Management and Trading Company (FMTC) Limited.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Although the STC and the FMTC have repeatedly asked for permission from the government to import sugar, the Ministry of Finance has not granted the permission.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">As a result, the state-owned companies have run out of stock of sugar since one year.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Officials of these bodies say that they have not been able to import customs duty-free sugar for three years. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Deputy General Manager of the Salt Trading Corporation, Kumar Rajbhandari, said that their efforts to import duty-free sugar were not successful due to non-cooperation from the Ministry of Finance. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">“The festive season is approaching. Therefore, with a view of Dashain and Tihar in mind, we sent a letter to the Ministry of Industry, Commerce and Supplies seeking permission to import 50,000 metric tons of sugar. The ministry also needs to get approval from the finance ministry. It has been more than a month since the letter was sent to the Ministry of Finance, but there has been no response yet," he told New Business Age.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Even during last year’s Dashain, when Salt Trading Corporation asked for permission to import customs exempted sugar, the import process was canceled after the Finance Ministry ignored it.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Rajbhandari says that when the stock of 20,000 metric tons of sugar brought by the Salt Trading Corporation ran out of stock three years ago, they stopped selling sugar in bulk in the wholesale market and sold sugar only in retail for two years. The Salt Trading Corporation’s sugar stock has been completely empty since last Dashain.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">It has been almost a month since the FMTC also sought approval from the Ministry of Finance to bring 10,000 metric tons of sugar this year targeting the upcoming festivals. FMTC officials say that there has been no response from the Finance Ministry. The company says that even if the government gives approval now, it is not possible to import sugar before Dashain.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">In general, 20,000 metric tons of sugar is consumed in Nepal every month. An additional 30,000 metric tons is demanded during the festivals of Dashain and Tihar, which begins from October 15 this year. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">According to the Sugar Producers Association, sugar production in Nepal has decreased this year. This year, only 100,000 metric tons of sugar has been produced. The market demand in Nepal is 280,000 metric tons annually.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Dhaniram Sharma, spokesperson for the Ministry of Finance, informed New Business Age that although the file regarding the approval of sugar import has been submitted to the ministry, the ministry is yet to take any decision on the matter yet. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">According to him, the ministry is busy studying the current market price, the demand of the domestic market and the sugar production in Nepal this year. This has delayed in issuing the permission to procure sugar, said Sharma.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Due to the uncertainty over whether subsidized sugar will come or not, there is likely to be a shortage of sugar in the market ahead of the Dashain and Tihar festivals. It is suspected that the traders may engage in black marketing.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">According to Madhav Timilsina, president of the Consumer Rights Research Forum, the price of sugar, which was Rs 88 per kilogram a month ago, has increased to Rs 114 in the market now. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-09-10', 'modified' => '2023-09-10', 'keywords' => 'sugar, black, maarket, shortage, artificial, hoarding, festivals, FMTC, STC, Salt, trading, corporation, food, management, trading, company, government, Nepal, import, stock, empty, finance, ministry, supply, industry, traders', 'description' => '', 'sortorder' => '18681', 'image' => '20230910014322_sugar.jpg', 'article_date' => '2023-09-10 13:40:42', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '18951', 'article_category_id' => '1', 'title' => 'Branchless Banking Service Declining', 'sub_title' => '', 'summary' => 'September 10: The number of branchless banking service centers has started to decline.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">September 10: The number of branchless banking service centers has started to decline. The branchless banking units were started to provide financial access to places where banks and financial institutions do not have branches. Branchless banking has started to decline after banks stepped up efforts to establish branches in rural areas.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">According to the data of Nepal Rastra Bank (NRB), altogether </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">1,319</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> branchless banking service centers used to serve more than </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">320,000</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> people as of mid-July this year. The number of branchless banking service centers is less than the corresponding period of last fiscal year. In mid-July 2022, more than </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">283,000</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> customers received services through </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">1,548</span></span> <span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">branchless banking centers. Compared to last year, the number of customers of branchless banking has increased, but the number of service centers has decreased.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">After the central bank introduced the concept of branchless banking service 16 years ago, this service was implemented from 2011</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">. </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Although branchless banking service expanded for a decade, it has started to decline since mid-July 2021</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">After the mega earthquakes of </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">20</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">15, donors helped to expand branchless banking services. At that time, the Saksham project, which was run with the help of the British aid, helped to expand branchless banking services in </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">14</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> districts affected by the earthquake and also in the remote areas of mid-western region. Branchless banking service centers have started to decline after this support was stopped.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Recently, the central bank has been strict in closing branchless banking services. The NRB has made arrangements for closing branchless banking service center only if it has not been in operation for six months and the branches of other banks have expanded financial access in those areas. To close branchless banking service, banks need to take the approval of the central bank.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Bhuwan Kumar Dahal, former president of Nepal Bankers Association, said that branchless banking has decreased recently due to the expansion of branches of banks and financial institutions. He says that the expansion of electronic transactions has also reduced the dependence on branchless banking.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The central bank introduced the concept of branchless banking services to provide financial access in a simple and convenient manner in places where there are no banks. Under this service, the bank appoints a representative after making an agreement with the local merchants or customers in the places where there are no branches. The representative provides services such as account opening, depositing, withdrawal, remittance payment and small loan investment to the locals through the machine provided by the bank.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">According to the instructions of the central bank, there is a provision that banks and financial institutions can extend branchless services in areas where there are no branches except for metropolitan cities, sub-metropolitan cities and municipalities.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-09-10', 'modified' => '2023-09-10', 'keywords' => '', 'description' => '', 'sortorder' => '18680', 'image' => '20230910010743_branchless-banking-banner.jpg', 'article_date' => '2023-09-10 13:07:10', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '18950', 'article_category_id' => '1', 'title' => 'Modern-Day Spice Route linking Europe, Middle East and India Launched', 'sub_title' => '', 'summary' => 'September 10: Global leaders on Saturday unveiled ambitious plans to create a modern-day Spice Route linking Europe, the Middle East and India, to boost trade ties with potentially wide-ranging geopolitical implications.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Agencies</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">September 10: Global leaders on Saturday unveiled ambitious plans to create a modern-day Spice Route linking Europe, the Middle East and India, to boost trade ties with potentially wide-ranging geopolitical implications.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">According to Reuters, the pact announced on the sidelines of the G20 summit in New Delhi comes at a critical time as US President Joe Biden seeks to counter China's Belt and Road Initiative on global infrastructure by pitching Washington as an alternative partner and investor for developing countries at the G20 grouping</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The plan encompasses a multinational rail and ports deal linking the Middle East and South Asia.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The corridor, which would include India, Saudi Arabia, the United Arab Emirates, Jordan, Israel and the European Union, would help boost trade, deliver energy resources and improve digital connectivity, reported Al Jazeera.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Meanwhile, AFP reported that the United States, Saudi Arabia, the European Union, the United Arab Emirates and others launched the initiative to link railways, ports, electricity and data networks and hydrogen pipelines on the sidelines of the Group of 20 summit in New Delhi.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">“Although heavily trade-focused, the scheme could have wide-ranging implications -- including developing contacts between long-time foes Israel and Saudi Arabia. Signatories hope it can help integrate India's vast market of 1.4 billion people with countries to the west, offer a counterbalance to lavish Chinese infrastructure spending, boost Middle Eastern economies and help normalise relations between Israel and Gulf Arab states.”</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">"This is a real big deal," AFP quoted US President Joe Biden as saying at the launch event, calling the plan "historic".</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">European Commission President Ursula von der Leyen reportedly said the so-called India–Middle East–Europe economic corridor was "much more than 'just' a railway or a cable".</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">"It is a green and digital bridge across continents and civilisations," she said.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">One proposed project would link railway and port facilities across the Middle East -- including the United Arab Emirates, Saudi Arabia, Jordan and Israel -- potentially speeding trade between India and Europe by up to 40 percent.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">According to AFP, Pramit Pal Chaudhuri, South Asia practice head at the Eurasia Group, said a shipping container that today travels from Mumbai, through the Suez Canal to Europe could in the future go by rail from Dubai to Haifa in Israel and on to Europe, saving both money and time.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">At present, the Suez Canal is a major bottleneck to world trade, handling roughly 10 percent of global maritime trade but often beset by disruptions.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-09-10', 'modified' => '2023-09-10', 'keywords' => '', 'description' => '', 'sortorder' => '18679', 'image' => '20230910113324_Untitled.jpg', 'article_date' => '2023-09-10 11:32:38', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '18949', 'article_category_id' => '1', 'title' => 'Royal Bhutan Airlines, Drukair, Makes Its First Commercial Flight to Pokhara International Airport', 'sub_title' => '', 'summary' => 'Royal Bhutan Airlines, Drukair, operated its first commercial flight to Pokhara Regional International Airport on Saturday. The flight, with crew members and three passengers, from Paro International Airport, Thimphu, landed at Pokhara at 6:40 AM.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:19.0pt">September 10: Royal Bhutan Airlines, Drukair, operated its first commercial flight to Pokhara Regional International Airport on Saturday. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:19.0pt">The flight, with crew members and three passengers, from Paro International Airport, Thimphu, landed at Pokhara at 6:40 AM. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:19.0pt">The same aircraft departed from Pokhara at 8:15 PM, carrying 42 passengers, and returned to Thimphu.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:19.0pt">This is the first international commercial flight to operate at Pokhara International Airport in eight months.</span></span></span><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:19.0pt"> The airport was inaugurated on January 1st, the first day of the English New Year.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:19.0pt">Various government officials from Gandaki Province, including Industry, Tourism, Forest, and Environment Minister Dipendra Bahadur Thapa, Pokhara Metropolitan City Mayor Dhanraj Acharya, and Chairman of the Pokhara Tourism Council, Pomanarayan Shrestha, bid farewell to the passengers.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:19.0pt">Devchandra Lal Karna, the Chief of Pokhara International Airport, said that the airport had earned revenue from international flights for the first time.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:19.0pt">He said, "This is Pokhara's first commercial flight. We call it a revenue flight, a charter flight. We worked hard for this, the flight was possible after we committed to providing good facilities,” Karna said. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:19.0pt">American tourists who came to visit India, Nepal, and Bhutan chartered Drukair to reach Thimphu. </span></span></span><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:19.0pt">The flight was chartered through an Indian agency. They stayed in Pokhara for three days, engaging in various activities such as paragliding. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:19.0pt">They arrived in Pokhara via helicopter from Kathmandu.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:19.0pt">Despite the operation of Pokhara International Airport, there are currently no regular international flights, and the airport's international operations are limited.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-09-10', 'modified' => '2023-09-10', 'keywords' => '', 'description' => '', 'sortorder' => '18678', 'image' => '20230910070027_collage (8).jpg', 'article_date' => '2023-09-10 06:57:17', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 12 => array( 'Article' => array( 'id' => '18948', 'article_category_id' => '1', 'title' => 'Gold Smuggling Scam: 3 Customs Officials Apprehended', 'sub_title' => '', 'summary' => 'Three customs employees have been arrested in connection with the investigation into the smuggling of over 60 kilos of gold into the country via Tribhuvan International Airport (TIA).', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt">September 10: Three customs employees have been arrested in connection with the investigation into the smuggling of over 60 kilos of gold into the country via Tribhuvan International Airport (TIA).</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt">The arrested are customs officer Pushpa Joshi and non-Gazetted first class officers Birendra Nepali and Kamal Pariyar, the employees stationed at the TIA Customs Office, confirmed Nepali Police spokesperson and Deputy Inspector General (DIG) Kuber Kadayat. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt">The Central Investigation Bureau of Nepal Police arrested the three on Saturday. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt">It may be noted that the Revenue Investigation Department on July 19 had confiscated the smuggled gold weighing 60 kilos and 716 grams from the Sinamangal area. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt">Thirty individuals have been apprehended for investigation into the scam till date. (RSS) </span></span></span></p> ', 'published' => true, 'created' => '2023-09-10', 'modified' => '2023-09-10', 'keywords' => '', 'description' => '', 'sortorder' => '18677', 'image' => '20230910063613_collage (7).jpg', 'article_date' => '2023-09-10 06:34:27', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 13 => array( 'Article' => array( 'id' => '18947', 'article_category_id' => '1', 'title' => 'Global Rice Prices Hit 15-Year High after India Curbs: FAO', 'sub_title' => '', 'summary' => 'September 8: The price of rice globally reached a 15-year high in August after top exporter India banned some overseas sales of the grain, the Food and Agriculture Organization (FAO) said Friday.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">September 8: The price of rice globally reached a 15-year high in August after top exporter India banned some overseas sales of the grain, the Food and Agriculture Organization (FAO) said Friday.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">While global food prices eased in August, those of rice rose 9.8 percent compared to the previous month, "reflecting trade disruptions in the aftermath of a ban on Indica white rice exports by India," AFP reported citing a monthly report of FAO.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"Uncertainty about the ban's duration and concerns over export restrictions caused supply-chain actors to hold on to stocks, re-negotiate contracts or stop making price offers, thereby limiting most trade to small volumes and previously concluded sales," AFP quoted the UN agency as saying.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to AFP, rice is a major world food staple and prices in the international markets have soared in the wake of the Covid pandemic, the war in Ukraine and the impact of the El Nino weather phenomenon on production levels.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">India announced in July a ban on exports of non-basmati white rice, which account for around a quarter of its total followed by a ban on parboiled rice</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The consumer affairs and food ministry said at the time that the move would "ensure adequate availability" and "allay the rise in prices in the domestic market".</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">India accounts for more than 40 percent of all global rice shipments.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The ban was expected to hit African nations, Turkey, Syria and Pakistan, all of which were already struggling with high inflation, data analytics firm Gro Intelligence warned in a note in July.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">World rice stocks are forecast to reach an all-time high of 198.1 million tonnes, with India and China holding nearly three quarter of this volume like in previous seasons, according to the FAO. This total represents around 38 percent of rice consumption forecast over the same period. But aggregate rice reserves held by the rest of the world are expected to end the year with a second successive contraction, it added.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">El Nino could also have a negative effect on the next harvests, added AFP.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the French news agency, the turmoil in the rice market comes as global food prices have been progressively easing from a peak last year after war broke out between major grain producers Russia and Ukraine.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The FAO's global food price index, which tracks monthly changes in international prices of a basket of food commodities, averaged 121.4 points in August, down 2.1 percent from July. The index was 24 percent below the summit it reached in March 2022.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Prices of cereal, meat, dairy and vegetable oils all fell in August.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Sugar prices, however, rose by 1.3 percent due to "heightened concerns over the impact of the El Nino phenomenon on sugarcane crops, along with below-average rains in August and persistent dry weather conditions in Thailand".</span></span></p> ', 'published' => true, 'created' => '2023-09-08', 'modified' => '2023-09-08', 'keywords' => 'rice, price, FAO, India, ban, export', 'description' => '', 'sortorder' => '18676', 'image' => '20230908072229_20230804111623_ricee.jpg', 'article_date' => '2023-09-08 19:20:58', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '18946', 'article_category_id' => '1', 'title' => 'Central Bank to Tighten the Screws on Microfinance Credit', 'sub_title' => '', 'summary' => 'September 8: Nepal Rastra Bank (NRB) has indicated that it will tighten the screws on loans provided by microfinance companies.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">September 8: Nepal Rastra Bank (NRB) has indicated that it will tighten the screws on loans provided by microfinance companies. Microfinance companies are the institutions that have been opened to provide financial services to the poor and underprivileged who do not have access to banks and financial institutions (BFIs). The central bank has announced to crack down on the misuse of microfinance loans stating that the credit invested by such companies have not yielded any returns.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Dr Revati Prasad Nepal, executive director of Microfinance Supervision Department of Nepal Rastra Bank, said that although there has been an increase in investment due to the increase in credit limit, there has not been expected returns and therefore the central bank has decided to review such loan provisions.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">"We have increased the credit limit that can be given to one customer by microfinance to Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">15</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">0,000," he said, "This has led to a gradual increase in loans, but the central Bbank has realized that there has been no return." He said that it has caused problems to this sector.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Microfinance companies has been providing collateral-free loans through collective deposits by creating groups of poor and needy people. However, microfinance companies are being criticized for providing more loans without analyzing the needs and utilization, while the borrowers are unable to repay the principal and interest. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The central bank had formed a task force under the coordination of the Executive Director of the Economic Research Department of NRB, Dr Prakash Kumar Shrestha in the month of Shrawn (mid-July to mid-August) after the members of microfinance companies protested saying that they were suffering from the operators of microfinance companies. Although the task force has submitted a preliminary report, it is working with a deadline extension till mid-September.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Based on the recommendations of the task force, the central bank is preparing to make policy arrangements for microfinance companies. Similarly, the central bank had issued an instruction on February 22, reducing the credit limit to Rs 700,000 lakh, and had also made an arrangement that the loan can be taken from only one institution and those who have taken a loan from microfinance company cannot take it from banks or financial institutions.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">According to Nepal Rastra Bank, </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">63</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> microfinance companies in operation as of March this year have made credit investments of Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">441</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> billion. Out of </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">5</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">.</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">9</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> million members in microfinance companies, the number of borrowers is </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">3</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">.</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">16</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> million.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-09-08', 'modified' => '2023-09-08', 'keywords' => '', 'description' => '', 'sortorder' => '18675', 'image' => '20230908044431_20230619074931_Nepal_Rastra_Bank2 2.jpg', 'article_date' => '2023-09-08 16:44:01', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ) ) $current_user = null $logged_in = false $xml = falseinclude - APP/View/Elements/side_bar.ctp, line 133 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
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', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">September 11: Finance Minister Dr Prakash Sharan Mahat has assured of the government's commitments to secure Chinese support for the construction of a tunnel connecting Tokha of Kathmandu to Chhahare in Nuwakot. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">In his address at a programme organised by the Nepali Congress, Nuwakot district chapter in Bidur on Saturday, the Finance Minister Mahat said that the project was of highly significance in terms of bilateral trade as it contributes to boost Nepal-China trade relations. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">He added that the government has made up its mind to propose the Chinese side to invest in the project during the upcoming China visit of Prime Minister Pushpa Kamal Dahal. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"The Finance Ministry has prioritised agenda of seeking Chinese support in the construction of the Tokha- Chhahare tunnel during the Prime Minister's visit. The project is estimated to cost around Rs 50 billion and in the current fiscal year, the government has allocated Rs 1 billion. We have been preparing to propose China for cooperation to complete the project," he said. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Nuwakot serves as the shortest distance for travelling along the Kathmandu-Rasuwagadhi route, one of the major trade and transit routes between Nepal and China, according to the Finance Minister Mahat who said the project could potentially reduce transportation costs for bilateral trade by up to fifty percent. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The finance minister also hoped to receive positive response from the Chinese side for the project. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2023-09-11', 'modified' => '2023-09-11', 'keywords' => '', 'description' => '', 'sortorder' => '18689', 'image' => '20230911113048_20220105030510_20201111043429_1605049013.Clipboard05.jpg', 'article_date' => '2023-09-11 11:30:13', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '18959', 'article_category_id' => '1', 'title' => 'UML Chair Oli Bats for Linking Cooperatives with Poor People ', 'sub_title' => '', 'summary' => 'CPN (UML) Chairman KP Sharma Oli emphasized the need to promote cooperative organizations at the grassroots level during a program held at UML's central office in Kathmandu on Sunday.', 'content' => '<p><span style="font-size:20px">September 11: CPN (UML) Chairman KP Sharma Oli emphasized the need to promote cooperative organizations at the grassroots level during a program held at UML's central office in Kathmandu on Sunday. </span></p> <p><span style="font-size:20px">Oli stressed the importance of extending the reach of cooperative organizations to rural farmers.</span></p> <p><span style="font-size:20px">Oli highlighted the importance of mass production as a means to combat poverty and suggested that those without means should be empowered to become owners of cooperative organizations. </span></p> <p><span style="font-size:20px">He stated that individuals' ownership and family participation should be guaranteed within these cooperatives, based on their labor contributions.</span></p> <p><span style="font-size:20px">Chairman Oli also commented on the division in the country's politics, noting a split between national politics and guided politics. He reaffirmed his party's commitment to national politics.</span></p> <p><span style="font-size:20px">Furthermore, Oli urged banks and financial institutions not to auction entrepreneurs' properties, as they have faced numerous challenges, including the impact of the coronavirus pandemic. </span></p> <p><span style="font-size:20px">He acknowledged the economic difficulties faced by entrepreneurs, such as a lack of capital for operations and interruptions in industrial production. </span></p> <p><span style="font-size:20px">Oli called for banks to refrain from property auctions during these challenging times and instead provide more time and loans to support businesses' operations. (RSS)</span></p> <p> </p> ', 'published' => true, 'created' => '2023-09-11', 'modified' => '2023-09-11', 'keywords' => '', 'description' => '', 'sortorder' => '18688', 'image' => '20230911061032_collage (11).jpg', 'article_date' => '2023-09-11 06:08:16', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 2 => array( 'Article' => array( 'id' => '18958', 'article_category_id' => '1', 'title' => 'Two Electric Charging Stations Come into Operation', 'sub_title' => '', 'summary' => 'Two electric charging stations have come into operation inside the Kalika Fuel Centre in Pokhara and the APF Welfare Service Centre in Kathmandu. ', 'content' => '<p><span style="font-size:20px">September 11: Two electric charging stations have come into operation inside the Kalika Fuel Centre in Pokhara and the APF Welfare Service Centre in Kathmandu. </span></p> <p><span style="font-size:20px">Operated by the Armed Police Welfare Service Centre, APF Inspector General Raju Aryal, and executive director of the Nepal Electricity Authority Kulman Ghising jointly inaugurated the two charging stations amid a function. </span></p> <p><span style="font-size:20px">Each of the charging stations has 60 kilowatts direct current, 22 kilowatts alternating current and two fast chargers with 142 kilowatts each. On 25 August, 2022, the APF and the NEA signed a memorandum of understanding to set up the charging stations. </span></p> <p><span style="font-size:20px">The NEA bore financial obligation and repair of the charging stations while the APF provided the land for the project. APF Inspector General Aryal said the operation of the charging stations would encourage the use of electric vehicles.</span><br /> </p> <p><span style="font-size:20px">Replacement of fuel vehicles by electric ones would save a large chunk of money spent on buying petroleum products thus reducing trade deficit in the future, he viewed.</span></p> <p><span style="font-size:20px">Homework is underway to expand the establishment of more charging stations across the country as the use of electric vehicles helps increase the consumption of green energy produced within the country, said the NEA executive director Ghising. </span></p> <p><span style="font-size:20px">The NEA has established 51 fast charging stations at various places in the country. Similarly, the process to set up 11 more charging stations has been proceeded, it is said. </span></p> <p><span style="font-size:20px">The project has been executed with the NEA's investment, concessional loans from the Asian Development Bank and technical assistance from the Government of Norway, said the NEA. (RSS) </span></p> ', 'published' => true, 'created' => '2023-09-11', 'modified' => '2023-09-11', 'keywords' => '', 'description' => '', 'sortorder' => '18687', 'image' => '20230911055457_collage (10).jpg', 'article_date' => '2023-09-11 05:50:38', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 3 => array( 'Article' => array( 'id' => '18957', 'article_category_id' => '1', 'title' => 'Himalaya Airlines Launches Kathmandu-Qingdao Flight Service', 'sub_title' => '', 'summary' => 'Himalaya Airlines, a joint venture between Nepal and China, has launched its Kathmandu-Qingdao-Kathmandu flight service, starting on September 10, 2023.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt">September 10: Himalaya Airlines, a joint venture between Nepal and China, has launched its Kathmandu-Qingdao-Kathmandu flight service, starting on September 10, 2023. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt">This marks a significant step in enhancing connectivity and strengthening bilateral relations between Nepal and China.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt">The new route facilitates seamless travel between Nepal's capital, Kathmandu, and Qingdao, a coastal city celebrated for its stunning landscapes and rich cultural heritage in China. Himalaya Airlines will operate this weekly service every Sunday, starting from September 10, 2023.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt">The inaugural flight, H9 7220, departed from Tribhuvan International Airport at 9:15 local time and reached Qingdao Jiaodong International Airport at 17:22 local time, with a flight duration of approximately 5 hours and 50 minutes. The maiden flight had 113 passengers, reflecting the route's promising start.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt">The flight inauguration was graced by Sudan Kirati, Minister of Culture, Tourism & Civil Aviation. Also in attendance were H.E. Chen Song, the Chinese Ambassador to Nepal, and other esteemed dignitaries. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt">President Zhou Enyong of Himalayan Airlines said that new flight route would enhance connectivity between Nepal and China. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt">“Qingdao holds a pivotal role as a commercial and financial center in China. It is poised to play a crucial role in enhancing bilateral connectivity, cultural exchanges, tourism, and trade between the two nations," Zhou said. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt">Ambassador Song said that the launch of the Kathmandu-Qingdao-Kathmandu flight service underscores the deepening collaboration between Nepal and China. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt">Minister Kirati remarked said the new flight route would enhance connectivity and it also shows commitment to strengthening the bonds between Nepal and China.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt">The inauguration of the Kathmandu-Qingdao-Kathmandu flight service represents a significant milestone in promoting tourism, trade, and cultural exchange between Nepal and China.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt"> Himalaya Airlines' commitment to providing convenient and efficient travel options is poised to benefit passengers and strengthen the relationship between these two neighboring nations.</span></span></span></p> ', 'published' => true, 'created' => '2023-09-10', 'modified' => '2023-09-10', 'keywords' => '', 'description' => '', 'sortorder' => '18686', 'image' => '20230910045151_collage (18).jpg', 'article_date' => '2023-09-10 16:50:16', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 4 => array( 'Article' => array( 'id' => '18956', 'article_category_id' => '1', 'title' => 'NEPESE Posts Double Digit Gains; All Sub-Indices Close in Green Except Hydropower', 'sub_title' => '', 'summary' => 'The Nepal Stock Exchange(NEPSE) Index gained 10.23 points or 0.52% and closed at 1942.68 points on the first trading day of the week, Sunday.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.5pt"><span style="font-family:"Open Sans",sans-serif">September 10: The Nepal Stock Exchange(NEPSE) Index gained 10.23 points or 0.52% and closed at 1942.68 points on the first trading day of the week, Sunday.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.5pt"><span style="font-family:"Open Sans",sans-serif">Sensitive Index increased by 0.62%, while Float Index and Sensitive Float Index gained 0.53% and 0.66% respectively. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.5pt"><span style="font-family:"Open Sans",sans-serif">The Ministry of Finance has provided the facility to calculate 60 percent of the amount kept in the local level's fund as a deposit. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.5pt"><span style="font-family:"Open Sans",sans-serif">This provision will increase the deposit by approximately 60 billion rupees. This will contribute to reducing the interest rate. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.5pt"><span style="font-family:"Open Sans",sans-serif">If the interest rate decreases, financial experts say it will have a positive impact on the stock market.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.5pt"><span style="font-family:"Open Sans",sans-serif">Experts on the stock market say that market gained some points today as the market has almost reached the buying zone. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.5pt"><span style="font-family:"Open Sans",sans-serif">During today's trading, a total of 276 scrips exchanged their hands through 33,064 transactions.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.5pt"><span style="font-family:"Open Sans",sans-serif">A total of 4,314,417 shares representing a turnover of Rs. 1.07 billion were traded.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.5pt"><span style="font-family:"Open Sans",sans-serif">Himal Dolakha Hydropower Company Limited (HDHPC) recorded the highest turnover of Rs. 8.56 crores and closed at a market price of Rs. 118</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.5pt"><span style="font-family:"Open Sans",sans-serif">Similarly, Suryodaya Womi Laghubitta Bittiya Sanstha Limited (SWMF) gained the highest 10%, followed by Shuvam Power Limited (SPL) with 9.99%.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.5pt"><span style="font-family:"Open Sans",sans-serif">Meanwhile, Himal Dolakha Hydropower Company Limited (HDHPC) lost the highest 7.81% today.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.5pt"><span style="font-family:"Open Sans",sans-serif">In terms of sector indices, only the Hydropower Index closed in the red zone. "Trading Index" gained the highest 1.67% while "Manufacturing and Processing Index" and "Mutual Fund" gained the least 0.17% today.</span></span></span></span></p> ', 'published' => true, 'created' => '2023-09-10', 'modified' => '2023-09-10', 'keywords' => '', 'description' => '', 'sortorder' => '18685', 'image' => '20230910042323_collage (17).jpg', 'article_date' => '2023-09-10 16:21:53', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 5 => array( 'Article' => array( 'id' => '18955', 'article_category_id' => '1', 'title' => 'Road Access to Humla Incomplete despite Commitment every Year', 'sub_title' => '', 'summary' => 'September 10: It has been four years since the government started allocating budget for the construction of roads in Humla after announcing that the district headquarters of Humla will be connected to the national road network.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">September 10: It has been four years since the government started allocating budget for the construction of roads in Humla after announcing that the district headquarters of Humla will be connected to the national road network. However, the government failed to achieve its target in the previous three years. This year too, there is only a little possibility of completing the plan.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Despite making announcement in the budget, the government has not allocated enough budget to connect Simikot with the national road network.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">The geographical condition is equally difficult with a maximum of eight months in a year conducive for work. Explosives management is also challenging.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">For the politicians, this road has become a bargaining during the elections. It has been mentioned in the budget in recent years but the implementation part is missing.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">In the budget statement for the current fiscal year, it is mentioned that 'Simikot, the headquarters of Humla district, which is yet to be connected to the national road network, will be connected to the road network after completing the work of opening the track’. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Physical Infrastructure and Transport Minister Prakash Jwala has said that Simikot must be connected to the road network at any cost this year and there would be no excuses.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">A 2.8 km track is yet to be opened to connect Simikot to the national road network. Out of that, the army has been assigned the responsibility of opening 2.5 kilometers of track while the remaining 300 meters will be opened by the Department of Roads.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Minister Jwala called the officials of these two agencies to the ministry last Tuesday and said, “This year, the national road network must be connected to Humla district’s headquarters.” He added that the government announces plans to build a road to link Simikot every year with priority, but it is still incomplete. He mentioned that if there were any problems, he would find a way to solve them, but this time there should be no excuses to leave the road unfinished.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">The Nepalese Army received a budget of Rs 100 million this year. Joint Secretary of the Ministry Arjun Jung Thapa informed that the army has asked for an additional budget of Rs 100 million as the earmarked budget is not enough. Thapa is hopeful that Simikot will be connected to the national road network this year as the army has expressed its commitment to open the track and hand it over to the government by upcoming April.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">The department, which has to open a 300-meter track, said that if the explosive material is not available, the work will also be handed over to the Nepalese Army. Former Secretary of the Government Shiva Nepal says that if the explosives are not available and its production capacity is not increased, there may be a big obstacle not only for this project but also for other projects. He said, “It is difficult to manage explosives.”</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">According to Nepal, the work has not been completed due to the fact that the workers do not want to go to remote places. The builders, despite having a contract, assign the construction work to the locals under a sub-contract, while they can only work for 7/8 months out of 12 months due to the extreme weather in winter.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Brigadier General of the Nepalese Army, Krishna Prasad Bhandari, said that there is a plan to connect Simikot to the road network by the end of the current fiscal year. He said that the work is currently being done based on available resources. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Bhandari said that there is no problem in managing explosives and added, "Even though there was a shortage in the supply of explosives some time ago, there is no problem now. However, the raw material has to be imported. If there are no other obstacles, the road will be connected to Simikot this year.”</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">The government had also announced in the budget statement for the year 2077/78 that the road will be built up to the headquarters of Humla. In the budget statement for the year 2078/79, it was said that 'Simikot will be connected to the national highway network'. In the budget statement of the year 2079/80, it was said that the necessary budget has been allocated to connect the Humla headquarters to the national road network.</span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-09-10', 'modified' => '2023-09-10', 'keywords' => '', 'description' => '', 'sortorder' => '18684', 'image' => '20230910032643_20210531122208_20190208022443_a.jpg', 'article_date' => '2023-09-10 15:25:35', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '18953', 'article_category_id' => '1', 'title' => 'Money Laundering Situation getting Worse in Nepal: Report', 'sub_title' => '', 'summary' => 'September 10: A report prepared by the Asia Pacific Group (APG) under the Financial Action Task Force (FATF) has shown that Nepal's position in preventing money laundering is deteriorating.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">September 10: A report prepared by the Asia Pacific Group (APG) under the Financial Action Task Force (FATF) has shown that Nepal's position in preventing money laundering is deteriorating.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">The mutual assessment report was released recently by the APG.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">The report mentions that the main challenges Nepal faces in controlling money laundering include corruption, revenue evasion and human trafficking. All this has caused negative effects on the economy and social ills, the report points out.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">The report states, “Nepal's open border is the key risk for drug trafficking, gold and currency smuggling and environment-related crime, linking domestic and foreign potential crimes. Hundi is also a problem in Nepal.”</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">APG conducted an on-site assessment from December 5 to January 16. During that time, APG and the team of Nepal studied the situation of Nepal in the prevention of money laundering and financial management in terrorism. The evaluation report of the study is prepared on the basis of the situation of financial crime in Nepal and the methods and mechanisms to control it.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">The team submitted the first draft of the study to Nepal on February 2. Nepal presented and defended the draft in the Annual General Assembly of FATF with answers to the questions asked. The situation in Nepal was discussed at the 23rd Annual General Meeting of APG held in Canada from July 9 to 14.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">In 2013, FATF created 11 indicators of effectiveness and 40 indicators of technical compliance for evaluation, and mutual evaluation is based on the same indicators. In the mutual evaluation published recently, 11 indicators of effectiveness are also included, in which the situation of Nepal is not satisfactory. According to the report of APG, not one of the 11 indicators of Nepal shows a satisfactory result. In the report, 7 indicators are mentioned as 'low' and 4 indicators as 'moderate' or partially effective.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Among the indicators, it is mentioned that risk, policy and coordination, international cooperation, financial intelligence mechanism and money laundering investigation and prosecution are partially effective.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Similarly, it is said that supervision, preventive measures, legal manpower and system, confiscation, investigation and prosecution, preventive measures and financial restrictions and restrictions on financial dissemination are low.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">The mutual evaluation report showed that out of 40 indicators of technical compliance of FATF, five indicators are in accordance with the recommendations and 16 indicators are largely in accordance with it. The report shows that 19 indicators are satisfactory, 16 indicators are partially compliant and 3 indicators are not compliant.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">The previous assessment of Nepal was done in July 2011. From 2010 to 2014, Nepal was kept under surveillance by FATF for further monitoring. Nepal was removed from the gray list on 27 June 2014 after reforming the money laundering control system.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">For now, Nepal has avoided landing in FATF's gray list for one year due to reforms under close supervision after the commitment to bring improvements in all the necessary areas within the specified time.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Nepal has already been put on APG's watch list once due to lack of diligence in law making. Nepal was removed from the list after establishing structures including the Money Laundering Investigation Department. So far, the department has investigated 58 incidents and filed 45 cases.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">It is mentioned in the report that Nepal needs to make a high level of commitment and mobilize large resources in the field of money laundering. The report emphasizes on increasing the efficiency of the Criminal Assets Management Department under the Ministry of Home Affairs by adding resources including manpower, increasing coordination between agencies, streamlining the mechanism of mutual legal assistance and collaborating with international regulators.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">The report mentions that public and private sector understanding of the risk of money laundering should be increased, and laws related to anti-money laundering and business promotion should be amended and implemented effectively.</span></span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-09-10', 'modified' => '2023-09-10', 'keywords' => 'money, laundering, Nepal, risk, grey, list, situation, worse, report, APG, FATF', 'description' => '', 'sortorder' => '18683', 'image' => '20230910023832_20220712082812_20210901020646_Richest-Nepalese-–-List-of-Top-Richest-People-scaled.jpg', 'article_date' => '2023-09-10 14:34:26', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '18954', 'article_category_id' => '1', 'title' => 'FWEAN gets New Executive Committee', 'sub_title' => '', 'summary' => 'September 10: The 20th Annual General Meeting and the 9th Congress of the Federation of Women Entrepreneurs has unanimously elected a new executive committee of 27 members.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">September 10: The </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">20</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">th Annual General Meeting and the </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">9</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">th Congress of the Federation of Women Entrepreneurs has unanimously elected a 27-member executive committee </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">. Shobha Gyawali has been elected as the president of FWEAN, Darshana Shrestha as the first vice president, Sunita Vaidya Shrestha as the second vice president, Basanti Pradhan as the third vice president and Mahalakshmi Shrestha as the fourth vice president by the AGM held on Friday </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Similarly, Kunnam Pokharel has been elected as the general secretary, Sumitra Palanchoke as the secretary and Sabita Subedi as the treasurer. Since its inception, the Federation has been advocating for the capacity building and professional counseling for the economic empowerment of women across the country. The federation was established in </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">2060.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Chief guest of the program was Minister for Industry, Commerce and Supplies Ramesh Rijal and special guest was Member of the House of Representatives Rekha Yadav. In addition, the secretaries of the relevant ministries and departments working on women and entrepreneurship development were present on the occasion. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Speaking at the inauguration, Minister for Industry, Commerce and Supplies Rijal said that the contribution made by the federation in the field of entrepreneurship development is unparalleled. He also expressed the government’s commitment to support every program of the federation.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The AGM also discussed and passed the financial report of the fiscal year </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">2079-80</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">. Similarly, details were presented about the activities conducted by the federation as well as the activities and achievements of the various committees and sub-committees of FWEAN. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">On the occasion of entering its </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">20</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">th year of establishment, the Federation aims to organize various programs. The Federation has plans to launch a special edition of the Entrepreneur magazine for the twentieth year, publish brand souvenirs, organize a peace rally, increase the access of women entrepreneurs to various services of the Business Development Center, and continue the existing projects.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The Federation also awarded the 'Best District Association Award' for working in the interests of women entrepreneurs, according to which Kaski Women Entrepreneurs Association received the first prize, Banke Women Entrepreneurs Association second, Morang Women Entrepreneurs Association third and Solukhumbu Women Entrepreneurs Association received the consolation prize and certificate. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Similarly, the Federation handed over the 'Outstanding Member Award' to Alpana Rajbhandari Pradhan, while the 'Outstanding Staff Award' has been given to Ramola Satham. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">A workshop on 'Renewable Energy and Energy Efficiency' was held on the occasion of the General Assembly and the Congress. On the first day of the two-day workshop, there was a discussion on the inclusion of economic issues by women entrepreneurs in the </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">16</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">th National Plan being prepared by the government. The newly elected president Gyawali informed that the conclusion of the discussion has been prepared to be handed over to the government.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-09-10', 'modified' => '2023-09-10', 'keywords' => '', 'description' => '', 'sortorder' => '18682', 'image' => '20230910030250_1694323518.2 Mahila.jpg', 'article_date' => '2023-09-10 15:02:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '18952', 'article_category_id' => '1', 'title' => 'Government’s Sugar Stocks Empty since One Year: Artificial Price Hike Likely during Festivals', 'sub_title' => '', 'summary' => 'September 10: The government's stock of sugar has been empty for almost a year. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">September 10: The government's stock of sugar has been empty for almost a year. The government has handed the responsibility of import and distribution of sugar to the Salt Trading Corporation (STC) and Food Management and Trading Company (FMTC) Limited.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Although the STC and the FMTC have repeatedly asked for permission from the government to import sugar, the Ministry of Finance has not granted the permission.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">As a result, the state-owned companies have run out of stock of sugar since one year.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Officials of these bodies say that they have not been able to import customs duty-free sugar for three years. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Deputy General Manager of the Salt Trading Corporation, Kumar Rajbhandari, said that their efforts to import duty-free sugar were not successful due to non-cooperation from the Ministry of Finance. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">“The festive season is approaching. Therefore, with a view of Dashain and Tihar in mind, we sent a letter to the Ministry of Industry, Commerce and Supplies seeking permission to import 50,000 metric tons of sugar. The ministry also needs to get approval from the finance ministry. It has been more than a month since the letter was sent to the Ministry of Finance, but there has been no response yet," he told New Business Age.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Even during last year’s Dashain, when Salt Trading Corporation asked for permission to import customs exempted sugar, the import process was canceled after the Finance Ministry ignored it.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Rajbhandari says that when the stock of 20,000 metric tons of sugar brought by the Salt Trading Corporation ran out of stock three years ago, they stopped selling sugar in bulk in the wholesale market and sold sugar only in retail for two years. The Salt Trading Corporation’s sugar stock has been completely empty since last Dashain.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">It has been almost a month since the FMTC also sought approval from the Ministry of Finance to bring 10,000 metric tons of sugar this year targeting the upcoming festivals. FMTC officials say that there has been no response from the Finance Ministry. The company says that even if the government gives approval now, it is not possible to import sugar before Dashain.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">In general, 20,000 metric tons of sugar is consumed in Nepal every month. An additional 30,000 metric tons is demanded during the festivals of Dashain and Tihar, which begins from October 15 this year. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">According to the Sugar Producers Association, sugar production in Nepal has decreased this year. This year, only 100,000 metric tons of sugar has been produced. The market demand in Nepal is 280,000 metric tons annually.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Dhaniram Sharma, spokesperson for the Ministry of Finance, informed New Business Age that although the file regarding the approval of sugar import has been submitted to the ministry, the ministry is yet to take any decision on the matter yet. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">According to him, the ministry is busy studying the current market price, the demand of the domestic market and the sugar production in Nepal this year. This has delayed in issuing the permission to procure sugar, said Sharma.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Due to the uncertainty over whether subsidized sugar will come or not, there is likely to be a shortage of sugar in the market ahead of the Dashain and Tihar festivals. It is suspected that the traders may engage in black marketing.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">According to Madhav Timilsina, president of the Consumer Rights Research Forum, the price of sugar, which was Rs 88 per kilogram a month ago, has increased to Rs 114 in the market now. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-09-10', 'modified' => '2023-09-10', 'keywords' => 'sugar, black, maarket, shortage, artificial, hoarding, festivals, FMTC, STC, Salt, trading, corporation, food, management, trading, company, government, Nepal, import, stock, empty, finance, ministry, supply, industry, traders', 'description' => '', 'sortorder' => '18681', 'image' => '20230910014322_sugar.jpg', 'article_date' => '2023-09-10 13:40:42', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '18951', 'article_category_id' => '1', 'title' => 'Branchless Banking Service Declining', 'sub_title' => '', 'summary' => 'September 10: The number of branchless banking service centers has started to decline.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">September 10: The number of branchless banking service centers has started to decline. The branchless banking units were started to provide financial access to places where banks and financial institutions do not have branches. Branchless banking has started to decline after banks stepped up efforts to establish branches in rural areas.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">According to the data of Nepal Rastra Bank (NRB), altogether </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">1,319</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> branchless banking service centers used to serve more than </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">320,000</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> people as of mid-July this year. The number of branchless banking service centers is less than the corresponding period of last fiscal year. In mid-July 2022, more than </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">283,000</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> customers received services through </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">1,548</span></span> <span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">branchless banking centers. Compared to last year, the number of customers of branchless banking has increased, but the number of service centers has decreased.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">After the central bank introduced the concept of branchless banking service 16 years ago, this service was implemented from 2011</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">. </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Although branchless banking service expanded for a decade, it has started to decline since mid-July 2021</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">After the mega earthquakes of </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">20</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">15, donors helped to expand branchless banking services. At that time, the Saksham project, which was run with the help of the British aid, helped to expand branchless banking services in </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">14</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> districts affected by the earthquake and also in the remote areas of mid-western region. Branchless banking service centers have started to decline after this support was stopped.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Recently, the central bank has been strict in closing branchless banking services. The NRB has made arrangements for closing branchless banking service center only if it has not been in operation for six months and the branches of other banks have expanded financial access in those areas. To close branchless banking service, banks need to take the approval of the central bank.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Bhuwan Kumar Dahal, former president of Nepal Bankers Association, said that branchless banking has decreased recently due to the expansion of branches of banks and financial institutions. He says that the expansion of electronic transactions has also reduced the dependence on branchless banking.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The central bank introduced the concept of branchless banking services to provide financial access in a simple and convenient manner in places where there are no banks. Under this service, the bank appoints a representative after making an agreement with the local merchants or customers in the places where there are no branches. The representative provides services such as account opening, depositing, withdrawal, remittance payment and small loan investment to the locals through the machine provided by the bank.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">According to the instructions of the central bank, there is a provision that banks and financial institutions can extend branchless services in areas where there are no branches except for metropolitan cities, sub-metropolitan cities and municipalities.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-09-10', 'modified' => '2023-09-10', 'keywords' => '', 'description' => '', 'sortorder' => '18680', 'image' => '20230910010743_branchless-banking-banner.jpg', 'article_date' => '2023-09-10 13:07:10', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '18950', 'article_category_id' => '1', 'title' => 'Modern-Day Spice Route linking Europe, Middle East and India Launched', 'sub_title' => '', 'summary' => 'September 10: Global leaders on Saturday unveiled ambitious plans to create a modern-day Spice Route linking Europe, the Middle East and India, to boost trade ties with potentially wide-ranging geopolitical implications.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Agencies</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">September 10: Global leaders on Saturday unveiled ambitious plans to create a modern-day Spice Route linking Europe, the Middle East and India, to boost trade ties with potentially wide-ranging geopolitical implications.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">According to Reuters, the pact announced on the sidelines of the G20 summit in New Delhi comes at a critical time as US President Joe Biden seeks to counter China's Belt and Road Initiative on global infrastructure by pitching Washington as an alternative partner and investor for developing countries at the G20 grouping</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The plan encompasses a multinational rail and ports deal linking the Middle East and South Asia.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The corridor, which would include India, Saudi Arabia, the United Arab Emirates, Jordan, Israel and the European Union, would help boost trade, deliver energy resources and improve digital connectivity, reported Al Jazeera.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Meanwhile, AFP reported that the United States, Saudi Arabia, the European Union, the United Arab Emirates and others launched the initiative to link railways, ports, electricity and data networks and hydrogen pipelines on the sidelines of the Group of 20 summit in New Delhi.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">“Although heavily trade-focused, the scheme could have wide-ranging implications -- including developing contacts between long-time foes Israel and Saudi Arabia. Signatories hope it can help integrate India's vast market of 1.4 billion people with countries to the west, offer a counterbalance to lavish Chinese infrastructure spending, boost Middle Eastern economies and help normalise relations between Israel and Gulf Arab states.”</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">"This is a real big deal," AFP quoted US President Joe Biden as saying at the launch event, calling the plan "historic".</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">European Commission President Ursula von der Leyen reportedly said the so-called India–Middle East–Europe economic corridor was "much more than 'just' a railway or a cable".</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">"It is a green and digital bridge across continents and civilisations," she said.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">One proposed project would link railway and port facilities across the Middle East -- including the United Arab Emirates, Saudi Arabia, Jordan and Israel -- potentially speeding trade between India and Europe by up to 40 percent.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">According to AFP, Pramit Pal Chaudhuri, South Asia practice head at the Eurasia Group, said a shipping container that today travels from Mumbai, through the Suez Canal to Europe could in the future go by rail from Dubai to Haifa in Israel and on to Europe, saving both money and time.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">At present, the Suez Canal is a major bottleneck to world trade, handling roughly 10 percent of global maritime trade but often beset by disruptions.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-09-10', 'modified' => '2023-09-10', 'keywords' => '', 'description' => '', 'sortorder' => '18679', 'image' => '20230910113324_Untitled.jpg', 'article_date' => '2023-09-10 11:32:38', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '18949', 'article_category_id' => '1', 'title' => 'Royal Bhutan Airlines, Drukair, Makes Its First Commercial Flight to Pokhara International Airport', 'sub_title' => '', 'summary' => 'Royal Bhutan Airlines, Drukair, operated its first commercial flight to Pokhara Regional International Airport on Saturday. The flight, with crew members and three passengers, from Paro International Airport, Thimphu, landed at Pokhara at 6:40 AM.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:19.0pt">September 10: Royal Bhutan Airlines, Drukair, operated its first commercial flight to Pokhara Regional International Airport on Saturday. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:19.0pt">The flight, with crew members and three passengers, from Paro International Airport, Thimphu, landed at Pokhara at 6:40 AM. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:19.0pt">The same aircraft departed from Pokhara at 8:15 PM, carrying 42 passengers, and returned to Thimphu.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:19.0pt">This is the first international commercial flight to operate at Pokhara International Airport in eight months.</span></span></span><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:19.0pt"> The airport was inaugurated on January 1st, the first day of the English New Year.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:19.0pt">Various government officials from Gandaki Province, including Industry, Tourism, Forest, and Environment Minister Dipendra Bahadur Thapa, Pokhara Metropolitan City Mayor Dhanraj Acharya, and Chairman of the Pokhara Tourism Council, Pomanarayan Shrestha, bid farewell to the passengers.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:19.0pt">Devchandra Lal Karna, the Chief of Pokhara International Airport, said that the airport had earned revenue from international flights for the first time.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:19.0pt">He said, "This is Pokhara's first commercial flight. We call it a revenue flight, a charter flight. We worked hard for this, the flight was possible after we committed to providing good facilities,” Karna said. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:19.0pt">American tourists who came to visit India, Nepal, and Bhutan chartered Drukair to reach Thimphu. </span></span></span><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:19.0pt">The flight was chartered through an Indian agency. They stayed in Pokhara for three days, engaging in various activities such as paragliding. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:19.0pt">They arrived in Pokhara via helicopter from Kathmandu.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:19.0pt">Despite the operation of Pokhara International Airport, there are currently no regular international flights, and the airport's international operations are limited.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-09-10', 'modified' => '2023-09-10', 'keywords' => '', 'description' => '', 'sortorder' => '18678', 'image' => '20230910070027_collage (8).jpg', 'article_date' => '2023-09-10 06:57:17', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 12 => array( 'Article' => array( 'id' => '18948', 'article_category_id' => '1', 'title' => 'Gold Smuggling Scam: 3 Customs Officials Apprehended', 'sub_title' => '', 'summary' => 'Three customs employees have been arrested in connection with the investigation into the smuggling of over 60 kilos of gold into the country via Tribhuvan International Airport (TIA).', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt">September 10: Three customs employees have been arrested in connection with the investigation into the smuggling of over 60 kilos of gold into the country via Tribhuvan International Airport (TIA).</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt">The arrested are customs officer Pushpa Joshi and non-Gazetted first class officers Birendra Nepali and Kamal Pariyar, the employees stationed at the TIA Customs Office, confirmed Nepali Police spokesperson and Deputy Inspector General (DIG) Kuber Kadayat. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt">The Central Investigation Bureau of Nepal Police arrested the three on Saturday. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt">It may be noted that the Revenue Investigation Department on July 19 had confiscated the smuggled gold weighing 60 kilos and 716 grams from the Sinamangal area. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt">Thirty individuals have been apprehended for investigation into the scam till date. (RSS) </span></span></span></p> ', 'published' => true, 'created' => '2023-09-10', 'modified' => '2023-09-10', 'keywords' => '', 'description' => '', 'sortorder' => '18677', 'image' => '20230910063613_collage (7).jpg', 'article_date' => '2023-09-10 06:34:27', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 13 => array( 'Article' => array( 'id' => '18947', 'article_category_id' => '1', 'title' => 'Global Rice Prices Hit 15-Year High after India Curbs: FAO', 'sub_title' => '', 'summary' => 'September 8: The price of rice globally reached a 15-year high in August after top exporter India banned some overseas sales of the grain, the Food and Agriculture Organization (FAO) said Friday.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">September 8: The price of rice globally reached a 15-year high in August after top exporter India banned some overseas sales of the grain, the Food and Agriculture Organization (FAO) said Friday.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">While global food prices eased in August, those of rice rose 9.8 percent compared to the previous month, "reflecting trade disruptions in the aftermath of a ban on Indica white rice exports by India," AFP reported citing a monthly report of FAO.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"Uncertainty about the ban's duration and concerns over export restrictions caused supply-chain actors to hold on to stocks, re-negotiate contracts or stop making price offers, thereby limiting most trade to small volumes and previously concluded sales," AFP quoted the UN agency as saying.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to AFP, rice is a major world food staple and prices in the international markets have soared in the wake of the Covid pandemic, the war in Ukraine and the impact of the El Nino weather phenomenon on production levels.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">India announced in July a ban on exports of non-basmati white rice, which account for around a quarter of its total followed by a ban on parboiled rice</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The consumer affairs and food ministry said at the time that the move would "ensure adequate availability" and "allay the rise in prices in the domestic market".</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">India accounts for more than 40 percent of all global rice shipments.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The ban was expected to hit African nations, Turkey, Syria and Pakistan, all of which were already struggling with high inflation, data analytics firm Gro Intelligence warned in a note in July.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">World rice stocks are forecast to reach an all-time high of 198.1 million tonnes, with India and China holding nearly three quarter of this volume like in previous seasons, according to the FAO. This total represents around 38 percent of rice consumption forecast over the same period. But aggregate rice reserves held by the rest of the world are expected to end the year with a second successive contraction, it added.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">El Nino could also have a negative effect on the next harvests, added AFP.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the French news agency, the turmoil in the rice market comes as global food prices have been progressively easing from a peak last year after war broke out between major grain producers Russia and Ukraine.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The FAO's global food price index, which tracks monthly changes in international prices of a basket of food commodities, averaged 121.4 points in August, down 2.1 percent from July. The index was 24 percent below the summit it reached in March 2022.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Prices of cereal, meat, dairy and vegetable oils all fell in August.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Sugar prices, however, rose by 1.3 percent due to "heightened concerns over the impact of the El Nino phenomenon on sugarcane crops, along with below-average rains in August and persistent dry weather conditions in Thailand".</span></span></p> ', 'published' => true, 'created' => '2023-09-08', 'modified' => '2023-09-08', 'keywords' => 'rice, price, FAO, India, ban, export', 'description' => '', 'sortorder' => '18676', 'image' => '20230908072229_20230804111623_ricee.jpg', 'article_date' => '2023-09-08 19:20:58', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '18946', 'article_category_id' => '1', 'title' => 'Central Bank to Tighten the Screws on Microfinance Credit', 'sub_title' => '', 'summary' => 'September 8: Nepal Rastra Bank (NRB) has indicated that it will tighten the screws on loans provided by microfinance companies.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">September 8: Nepal Rastra Bank (NRB) has indicated that it will tighten the screws on loans provided by microfinance companies. Microfinance companies are the institutions that have been opened to provide financial services to the poor and underprivileged who do not have access to banks and financial institutions (BFIs). The central bank has announced to crack down on the misuse of microfinance loans stating that the credit invested by such companies have not yielded any returns.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Dr Revati Prasad Nepal, executive director of Microfinance Supervision Department of Nepal Rastra Bank, said that although there has been an increase in investment due to the increase in credit limit, there has not been expected returns and therefore the central bank has decided to review such loan provisions.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">"We have increased the credit limit that can be given to one customer by microfinance to Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">15</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">0,000," he said, "This has led to a gradual increase in loans, but the central Bbank has realized that there has been no return." He said that it has caused problems to this sector.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Microfinance companies has been providing collateral-free loans through collective deposits by creating groups of poor and needy people. However, microfinance companies are being criticized for providing more loans without analyzing the needs and utilization, while the borrowers are unable to repay the principal and interest. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The central bank had formed a task force under the coordination of the Executive Director of the Economic Research Department of NRB, Dr Prakash Kumar Shrestha in the month of Shrawn (mid-July to mid-August) after the members of microfinance companies protested saying that they were suffering from the operators of microfinance companies. Although the task force has submitted a preliminary report, it is working with a deadline extension till mid-September.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Based on the recommendations of the task force, the central bank is preparing to make policy arrangements for microfinance companies. Similarly, the central bank had issued an instruction on February 22, reducing the credit limit to Rs 700,000 lakh, and had also made an arrangement that the loan can be taken from only one institution and those who have taken a loan from microfinance company cannot take it from banks or financial institutions.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">According to Nepal Rastra Bank, </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">63</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> microfinance companies in operation as of March this year have made credit investments of Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">441</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> billion. Out of </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">5</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">.</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">9</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> million members in microfinance companies, the number of borrowers is </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">3</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">.</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">16</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> million.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-09-08', 'modified' => '2023-09-08', 'keywords' => '', 'description' => '', 'sortorder' => '18675', 'image' => '20230908044431_20230619074931_Nepal_Rastra_Bank2 2.jpg', 'article_date' => '2023-09-08 16:44:01', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ) ) $current_user = null $logged_in = false $xml = falsesimplexml_load_file - [internal], line ?? include - APP/View/Elements/side_bar.ctp, line 133 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
| Currency | Unit |
Buy | Sell |
| U.S. Dollar | 1 | 121.23 | 121.83 |
| European Euro | 1 | 131.65 | 132.31 |
| UK Pound Sterling | 1 | 142.47 | 143.18 |
| Swiss Franc | 1 | 124.29 | 124.90 |
| Australian Dollar | 1 | 71.69 | 72.05 |
| Canadian Dollar | 1 | 83.90 | 84.32 |
| Japanese Yen | 10 | 10.94 | 11.00 |
| Chinese Yuan | 1 | 17.17 | 17.26 |
| Saudi Arabian Riyal | 1 | 32.27 | 32.43 |
| UAE Dirham | 1 | 33.01 | 33.17 |
| Malaysian Ringgit | 1 | 27.36 | 27.50 |
| South Korean Won | 100 | 9.77 | 9.82 |
Update: 2020-03-25 | Source: Nepal Rastra Bank (NRB)
| Fine Gold | 1 tola | 77000.00 |
| Tejabi Gold | 1 tola | 76700.00 |
| Silver | 1 tola | 720.00 |
Update : 2020-03-25
Source: Federation of Nepal Gold and Silver Dealers' Association
| Petrol | 1 Liter | 106.00 |
| Diesel | 1 Liter | 95.00 |
| Kerosene | 1 Liter | 95.00 |
| LP Gas | 1 Cylinder | 1375.00 |
Update : 2020-03-25
