KATHMANDU: The newly appointed Minister for Culture, Tourism, and Civil Aviation, Badri Pande, has announced that the tourism policy will be updated in a timely manner to contribute to the development of the tourism…
KATHMANDU: The newly appointed Minister for Culture, Tourism, and Civil Aviation, Badri Pande, has announced that the tourism policy will be updated in a timely manner to contribute to the development of the tourism…
KATHMANDU: Out of 19 commercial banks listed on the Nepal Stock Exchange (NEPSE), the share prices of eight banks have fallen below Rs 200.…
NEW YORK: Earth's population will peak in the mid-2080s at around 10.3 billion people, then drop slightly to a level much lower than anticipated a decade ago, AFP reported citing the United…
KATHMANDU: As the fiscal year 2023/24 comes to an end, contractors have started halting their work due to unpaid bills.…
KATHMANDU: Prime Minister KP Sharma Oli has assured that his government would accord top priority to education, health, and social sectors, alongside maintaining good governance.…
KATHMANDU: The Nepal Oil Corporation (NOC) has increased the prices of petroleum products effective from 1:00 am July…
Citizens Bank International Limited has conducted financial literacy programs through its branch offices in all seven provinces across…
The Nepal Stock Exchange (NEPSE) Index fell by 17.18 points, or 0.76%, closing at 2240.41 on Monday, the second trading day of the…
KATHMANDU: After the Nepal Electricity Authority (NEA) cut off electricity to half a dozen industries due to a dispute over arrears related to dedicated feeder and trunk line fees, industrialists announced that they will not consume NEA's…
KATHMANDU: Nepal Rastra Bank (NRB) has reduced the amount that banks and financial institutions must set aside for loan loss provisioning, providing relief to the banking sector.…
KATHMANDU: President Ram Chandra Paudel administered the oath of office and secrecy to newly-appointed Prime Minister KP Sharma Oli today.…
Sindhupalchok: Floods in the Yangri and Indrawati rivers last night damaged the 7.5 MW Indrawati III Hydropower…
KATHMANDU: With the formation of a new government in collaboration between the Nepali Congress and the CPN (UML), UML Chairman KP Sharma Oli was appointed as prime minister on…
KATHMANDU: A total of 108 people have died due to monsoon-induced disasters, including floods, landslides, and inundations in different parts of the country so far this year.…
MUGLIN: The Manakamana Cable Car will be closed for the next 50 days starting from today (July 15).…
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He made these remarks while assuming office in Singha Durbar on Monday.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">To ensure the policy is relevant, Minister Pande formed a task force coordinated by a joint secretary at the ministry. He expressed confidence that the country would witness tourism development as national politics stabilizes. The tourism sector, which was severely affected by the COVID-19 pandemic, is gradually recovering. According to Minister Pande, formulating and enforcing an effective strategy is crucial to achieving tourism targets.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">He also called for cooperation from the employees, acknowledging their role as the permanent government.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Minister Pande stressed that culture is the essence of the country and requires proper attention and protection. In line with this, he signed a decision to form a task force to study and suggest updates to the Tourism Policy, 2065. This task force is coordinated by Joint Secretary Hemraj Tamang at the ministry.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">He reminded that the effective operation of international airports and the national flag carrier would significantly boost tourism.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Minister Pande is the 41st Tourism Minister of the country. The ministry was first established in 2034 BS with Dr. Harka Gurung as the Minister of State for Tourism.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Born in Bajura district in 2030 BS, Minister Pande is a Nepali Congress lawmaker elected from constituency no. 1 of Bajura in the 2079 BS general election. He has been involved in politics since 2043 BS with his affiliation to the Nepali Congress and has served in various capacities within the party since his student days in politics.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">He holds an MA in Political Science from Tribhuvan University.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-16', 'modified' => '2024-07-16', 'keywords' => '', 'description' => '', 'sortorder' => '21277', 'image' => '20240716081124_Tourist.jpg', 'article_date' => '2024-07-16 08:10:03', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '21550', 'article_category_id' => '1', 'title' => 'Share Prices of Eight Commercial Banks Drop Below Rs 200, Yet Fail to Attract Investors', 'sub_title' => '', 'summary' => 'KATHMANDU: Out of 19 commercial banks listed on the Nepal Stock Exchange (NEPSE), the share prices of eight banks have fallen below Rs 200. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">KATHMANDU: Out of 19 commercial banks listed on the Nepal Stock Exchange (NEPSE), the share prices of eight banks have fallen below Rs 200. According to NEPSE, these banks include Kumari Bank, Prabhu Bank, Nepal Investment Bank, Laxmi Sunrise Bank, Citizens Bank, Global IME Bank, Machhapuchhre Bank, and Himalayan Bank. Among these, Kumari Bank has the lowest share price, which stood at NPR 153 on July 15.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Conversely, Standard Chartered Bank has the highest share price at Rs 583.8, followed by Everest Bank at Rs 602.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Despite the low share prices of these commercial banks, they have not attracted investors. Recently, investors have shown interest in companies with a lower number of shares. Experts attribute the lack of interest in commercial bank shares to their high share volume and poor financial statements.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The latest third-quarter financial statements reveal that the distributable profit of 10 banks is negative, and eight banks did not pay dividends from the profits of the last fiscal year 2079/80. Many banks are unable to provide returns to their shareholders.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Experts suggest that the inability to increase business following mergers has contributed to the decline in commercial banks' share prices. However, some investors believe that this period presents a good opportunity for investment.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-16', 'modified' => '2024-07-16', 'keywords' => '', 'description' => '', 'sortorder' => '21276', 'image' => '20240716080419_bankkkkkkk.jpg', 'article_date' => '2024-07-16 08:03:35', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '21549', 'article_category_id' => '1', 'title' => 'UN says World Population to Peak at 10.3 Billion in the 2080s', 'sub_title' => '', 'summary' => 'NEW YORK: Earth's population will peak in the mid-2080s at around 10.3 billion people, then drop slightly to a level much lower than anticipated a decade ago, AFP reported citing the United Nations.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">NEW YORK: Earth's population will peak in the mid-2080s at around 10.3 billion people, then drop slightly to a level much lower than anticipated a decade ago, AFP reported citing the United Nations.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">According to a news report prepared by AFP, the current population of 8.2 billion people will rise to that maximum over the next 60 years, then dip to 10.2 billion by the end of the century. The findings were based on a report entitled "World Population Prospects 2024" released recently by the UN. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">It said the size of the world's population in 2100 will be six percent lower, or 700 million people fewer, than what was anticipated in June 2013.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">"The demographic landscape has evolved greatly in recent years," said Li Junhua, UN Under-Secretary-General for Economic and Social Affairs.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">He said the unexpected population peak stems from several factors that include lower levels of fertility in some of the world's largest countries, especially China.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">He said this lower maximum will also come earlier than previously calculated and this is a hopeful sign as the world fights global warming: fewer humans accounting for less aggregate consumption would mean less pressure on the environment.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">"However, slower population growth will not eliminate the need to reduce the average impact attributable to the activities of each individual person," AFP quoted the official as saying.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">More than a quarter, or 28 percent, of the world's population now lives in one of 63 countries or areas where the population has already peaked, including China, Russia, Japan and Germany, the report said.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Nearly 50 other countries should join that group over the next 30 years, including Brazil, Iran and Turkey.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">But population growth will continue in more than 120 countries beyond 2054. These include India, Indonesia, Nigeria, Pakistan and the United States, said the UN.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">A rise in global life expectancy -- interrupted by the Covid pandemic -- has resumed, with an average of 73.3 years of longevity in 2024. It will average 77.4 years in 2054.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">So the world's population will get more and more gray. By the late 2070s, the number of people aged 65 or older is projected to be 2.2 billion, surpassing those under 18, the study predicts.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-16', 'modified' => '2024-07-16', 'keywords' => '', 'description' => '', 'sortorder' => '21275', 'image' => '20240716075353_1720894273-926f339d4de923d21b7c68021b58e151.jpg', 'article_date' => '2024-07-16 07:53:15', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '21548', 'article_category_id' => '1', 'title' => 'Contractors Halt Work After Not Getting Paid', 'sub_title' => '', 'summary' => 'KATHMANDU: As the fiscal year 2023/24 comes to an end, contractors have started halting their work due to unpaid bills. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">KATHMANDU: As the fiscal year 2023/24 comes to an end, contractors have started halting their work due to unpaid bills. Ramesh Sharma, chairman of Sharma & Company, reported stopping several projects, including the Nepalganj-Gulariya road section under the Postal Highway, and withdrawing the equipment used on site.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The government had promised to make payments by the end of the current fiscal year after which Sharma's company continued working. However, the lack of payment forced them to cease operations.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to the contractors, the government owes approximately Rs 60 billion. The Department of Roads and other offices have acknowledged their inability to pay the contractors, citing the Ministry of Finance's failure to approve the necessary funds.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The contractors, having not received their payments by the end of the fiscal year, have initiated protests. Some have been compelled to halt ongoing projects.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The Department of Roads’ inability to secure the requested amount from the Ministry of Finance has led to partial payments. The department had requested a transfer of Rs 12.5 billion, but the ministry approved only Rs 6 billion on July 9.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Amit Kumar Sharma, Deputy Spokesperson for the Department, stated that the funds received were allocated for the improvement of Mid-Hill Highway, Postal Highway, North-South Corridor, and constituency roads. As we received less than the requested amount, we could not pay all the bills.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Projects under the Department of Roads, including those related to water supply, irrigation, urban development, and local roads with bridges, have also faced payment issues.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Contractors have threatened to lock offices to secure their payments. Despite positive assurances from the Prime Minister and Minister of Finance, the Federation of Contractors Association of Nepal has announced protests, blaming the delays on part of the employees of the Ministry of Finance.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">At a press conference in Kathmandu on Thursday, Ravi Singh, President of the Federation, stated that thousands of contractors are facing bankruptcy due to the delay in payments. He mentioned that district offices responsible for payments have been locked.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Singh clarified that the Federation did not obstruct the Federal Finance and Physical Infrastructure Ministry. "We have implemented a policy to prevent non-paying offices from proceeding with their work," Singh said. "With a new government being formed, we are holding further discussions on our next strategy."</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-16', 'modified' => '2024-07-16', 'keywords' => '', 'description' => '', 'sortorder' => '21274', 'image' => '20240716075301_20230605035206_fcann.jpg', 'article_date' => '2024-07-16 07:52:24', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '21547', 'article_category_id' => '1', 'title' => 'Education, Health, and Social Sector: Government's Top Priorities, Says PM Oli', 'sub_title' => 'Government to Provide Relief to Families of Those Killed in Floods and Landslides', 'summary' => 'KATHMANDU: Prime Minister KP Sharma Oli has assured that his government would accord top priority to education, health, and social sectors, alongside maintaining good governance. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">KATHMANDU: Prime Minister KP Sharma Oli has assured that his government would accord top priority to education, health, and social sectors, alongside maintaining good governance. Oli, who is also the Chairperson of the CPN (UML), made these remarks during a programme organized by the CPN (UML)'s Kathmandu District Committee to congratulate the newly appointed Prime Minister at his official residence in Baluwatar on Monday.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">PM Oli reiterated that the incumbent government is determined to prioritize good governance and development with support from all parties. The septuagenarian leader, who became the country's 45th Prime Minister on Sunday, also pledged to work towards maintaining cordial relations with both neighboring countries, India and China.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Meanwhile, the government has decided to provide relief to the families of those killed in floods, landslides, and other natural disasters. The decision was made during the first cabinet meeting of the newly-formed government held on Monday. Minister for Communications and Information Technology, Prithvi Subba Gurung, informed the media about the decision after the meeting.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The cabinet meeting also appointed Gurung as the spokesperson for the government. Additionally, the meeting decided to provide relief to the families of those missing in the disasters for 10 days, equal to the relief given to the families of those killed.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">"There was no provision of providing relief in the past to the families of those missing. This is a new arrangement from the government," Gurung added.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The cabinet also decided to provide the relief amount of the second and third installments to the affected families from the Jajarkot earthquake. Spokesperson Gurung also said that the decisions of the cabinet meeting will now be made public only after 24 hours.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Moreover, the cabinet decided to make Nepal a 'street children-free nation' by the end of the fiscal year 2081/082 BS. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Proposals from different ministries currently in the Council of Ministers and various committees will be sent back to the concerned ministries due to the changed political context, he added.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Lastly, the Officiating Chief Secretary of the Office of the Prime Minister, Lila Devi Gadtaula, was assigned the role of Acting Chief Secretary, announced Government Spokesperson and Minister for Communications and Information Technology, Gurung. -- RSS</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-16', 'modified' => '2024-07-16', 'keywords' => 'education, health, social, Oli, government, relief, flood, victims, cabinet, decision, prime, minister', 'description' => '', 'sortorder' => '21273', 'image' => '20240716074114_RS_KTM-1721042911091(1).jpg', 'article_date' => '2024-07-16 07:40:29', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '21546', 'article_category_id' => '1', 'title' => 'NOC Hikes Petrol Price by Rs 4 Per Litre ', 'sub_title' => '', 'summary' => 'KATHMANDU: The Nepal Oil Corporation (NOC) has increased the prices of petroleum products effective from 1:00 am July 16.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">KATHMANDU: The Nepal Oil Corporation (NOC) has increased the prices of petroleum products effective from 1:00 am July 16.</span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the state-owned oil monopoly, the price of petrol has been increased by Rs 4 per litre while that of diesel and kerosene oil by Rs 3 per litre. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">With the price hike, the price of petrol per litre has reached Rs 168.50 and diesel and kerosene oil per litre Rs 157.50 respectively in Charali, Biratnagar, Janakpur, Amalekhgunj, Bhalbari, Nepalgunj, Dhangadhi and Birgunj areas. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The price of petrol has been fixed at Rs 170 per litre while diesel and kerosene oil would be traded at Rs 159 in Surkhet and Dang. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, price of petrol has been set at Rs 171 while diesel and kerosene oil per litre would be sold at Rs 160 in the Kathmandu Valley, Pokhara and Dipayal. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">A meeting of NOC Board of Directors held on Monday decided to hike the price of petrol, diesel and kerosene oil. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the NOC, the price of petroleum products was adjusted in the domestic market with the rise in price of petrol by Rs 4.48 per litre and Rs 2.83 in diesel per litre as per the new purchase price received from Indian Oil Corporation. -- RSS </span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-16', 'modified' => '2024-07-16', 'keywords' => 'NOC, IOC, petrol, diesel, ,price, hike, increase', 'description' => '', 'sortorder' => '21272', 'image' => '20240716072635_20240715103551_Price-Increase.jpg', 'article_date' => '2024-07-16 07:26:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '21545', 'article_category_id' => '1', 'title' => 'Citizens Bank International Conducts Financial Literacy Programme', 'sub_title' => '', 'summary' => 'Citizens Bank International Limited has conducted financial literacy programs through its branch offices in all seven provinces across Nepal.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">July 16: Citizens Bank International Limited has conducted financial literacy programs through its branch offices in all seven provinces across Nepal.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">In a press statement issued on Monday, the bank announced that it conducted these programs through 134 branch offices in the current fiscal year.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Approximately 10,000 people benefited from the programs, with participation from 21 branches in Koshi Province, 6 in Madhesh Province, 47 in Bagmati Province, 13 in Gandaki Province, 30 in Lumbini Province, 9 in Karnali Province, and 8 in Sudurpashchim Province.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The press release highlighted that the program covered topics such as the state of financial literacy and the increasing crimes and risks associated with the development of digital banking. The bank believes that these programs will strengthen the banking system and enhance financial knowledge among participants.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Additionally, Citizens Bank reported completing various initiatives under its corporate social responsibility commitments.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The bank provides modern banking services to approximately 1.8 million customers through its 197 branches, 160 ATMs, 3 extension counters, and 98 branchless banking units spread across 60 districts nationwide.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-16', 'modified' => '2024-07-16', 'keywords' => '', 'description' => '', 'sortorder' => '21271', 'image' => '20240716055149_collage (68).jpg', 'article_date' => '2024-07-16 05:50:16', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 7 => array( 'Article' => array( 'id' => '21543', 'article_category_id' => '1', 'title' => 'NEPSE Slumps by 17.18 Points to Close at 2240.41', 'sub_title' => '', 'summary' => 'The Nepal Stock Exchange (NEPSE) Index fell by 17.18 points, or 0.76%, closing at 2240.41 on Monday, the second trading day of the week.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">July 15: The Nepal Stock Exchange (NEPSE) Index fell by 17.18 points, or 0.76%, closing at 2240.41 on Monday, the second trading day of the week.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">During today's trading session, 322 scrips were traded through 102,372 transactions on NEPSE. A total of 25,079,079 shares were exchanged, resulting in a total turnover of Rs 8.73 billion.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Upper Tamakoshi Hydropower Limited (UPPER) led in turnover with total transactions amounting to Rs 37 crores. Civil Bank Debenture 2088 (CBLD88) and Mandu Hydropower Limited (MANDU) each saw a 10% gain, hitting the positive circuit for the day.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Conversely, Janaki Finance Limited (JFL) experienced the highest loss of 10%, closing at Rs 742 per share.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">In terms of sectoral performance, all sectors closed in the negative territory except for the Hydropower Index, Investment Index, Manufacturing and Processing Index, and Mutual Fund.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The Investment Index recorded the highest gain of 1.70%, while the Development Bank Index posted the maximum loss of 1.89%.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-15', 'modified' => '2024-07-15', 'keywords' => '', 'description' => '', 'sortorder' => '21269', 'image' => '20240715040521_collage (67).jpg', 'article_date' => '2024-07-15 16:03:55', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 8 => array( 'Article' => array( 'id' => '21541', 'article_category_id' => '1', 'title' => 'Industrialists Announce not to Use Electricity Supplied by NEA', 'sub_title' => '', 'summary' => 'KATHMANDU: After the Nepal Electricity Authority (NEA) cut off electricity to half a dozen industries due to a dispute over arrears related to dedicated feeder and trunk line fees, industrialists announced that they will not consume NEA's electricity.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">KATHMANDU: After the Nepal Electricity Authority (NEA) cut off electricity to half a dozen industries due to a dispute over arrears related to dedicated feeder and trunk line fees, industrialists announced that they will not consume NEA's electricity. In a press release issued on Sunday, the "Victims and Oppressed Industrialists Group" stated that until NEA provides uninterrupted and continuous electricity supply to all industries whose supply has been cut, none of the other industries will consume electricity from NEA.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">On Tuesday, NEA cut the lines of Reliance Spinning Mills, Ghorahi Cement, and Arghakhanchi Cement. On Wednesday, the-state-owned utility also cut the lines of Jagdamba Synthetic and Hulas Steel, and on Thursday, Jagdamba Steel's electricity was also disconnected. The NEA claims that more than five dozen industries still owe dues.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The industrialists in the statement argued that no industry will take electricity supply from NEA until the current dispute is resolved according to the recommendations given by the Lal Commission and the directives from the Cabinet.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">“Industries are ready to pay the tariff if NEA issues a bill with evidence to the industry,” the statement reads, adding, "It is regrettable that the authority's leadership is cutting power in a way that undermines the self-esteem of industrialists when they ask for the basis and reason for it."</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">A committee headed by former justice Girish Chandra Lal recommended that NEA should collect only limited arrears based on evidence, a recommendation that the Council of Ministers decided to implement. The industrialists have argued that they have not paid the arrears as demanded by the NEA because it has only sent bills without proof. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The NEA has decided to give industrialists 28 months to pay the arrears in installments, but the industrialists have refused to consume the electricity supplied by the NEA.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to NEA, industrialists owe Rs 8.25 billion including Rs 6.658 billion fee and a 25% fine for the use of electricity through dedicated feeders and trunk lines from January 2072 to May 2075. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">On Wednesday, the NEA Board of Directors decided to provide a long-term installment facility to industrialists for the payment of the outstanding amount. NEA sent a letter to 61 industries on June 24, ordering them to pay the dues within 15 days. After none of the industrialists cleared the dues within the given deadline, NEA cut the lines of six industries at different stages. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Manoj Silwal, the Deputy Executive Director of NEA, said the installment facility was provided considering the financial burden on industries to pay the amount at once. He told New Business Age, "Even though we have cut the lines of six industries, the remaining 55 industries have not come to pay the amount. This also indicates they are in a difficult financial situation. Some industrialists are still contacting us and requesting installment facilities. Therefore, the authority is in favor of providing facilities for those who intend to pay."</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">However, industrialists claim they have not demanded installment facilities from the authority. Shashikant Agarwal, the owner of Reliance Spinning Mills, told New Business Age that they would not pay the amount to the authority, regardless of the time given for installment facilities.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to the industrialists, NEA went against the Lal Commission's decision and issued the bills. NEA sources have said that the Lal Commission's report is not in the interest of NEA and favors only the industrialists.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-15', 'modified' => '2024-07-15', 'keywords' => '', 'description' => '', 'sortorder' => '21267', 'image' => '20240715013859_bc571904.jpeg', 'article_date' => '2024-07-15 13:38:18', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '21540', 'article_category_id' => '1', 'title' => 'Respite for Banks as NRB Announces Concessions in Credit Risk Management', 'sub_title' => '', 'summary' => 'KATHMANDU: Nepal Rastra Bank (NRB) has reduced the amount that banks and financial institutions must set aside for loan loss provisioning, providing relief to the banking sector. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">KATHMANDU: Nepal Rastra Bank (NRB) has reduced the amount that banks and financial institutions must set aside for loan loss provisioning, providing relief to the banking sector. In the third quarterly review of the monetary policy for the current financial year (FY 2080/81) in the third week of May, the central bank announced that banks could reduce provisioning for loans classified in the good category from 1.25 percent to 1.20 percent. By the fourth week, NRB issued instructions to implement the new provisioning. Consequently, the overall provisioning amount of banks has decreased.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the NRB, banks and financial institutions had set aside a total of Rs 77.79 billion for provisioning as of mid-June of the current year. This figure represents a 0.91 percent decrease compared to Rs 78.50 billion set aside until mid-May.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Due to the slowdown in economic activities, bad loans have increased as banks have struggled to recover the loans. Banks have been demanding concessions in provisioning due to the rise in bad loans. Before the Covid-19 pandemic, only 1 percent provisioning was required for good loans. This rate was increased to 1.30 percent during the pandemic but was reduced to 1.25 percent last year and further decreased to 1.20 percent in May of this year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Sunil KC, President of the Nepal Bankers Association, stated that the central bank had increased provisioning due to the heightened risk during the Covid-19 pandemic and that they had been suggesting a return to previous levels. Banks and financial institutions now have to set aside 1.20 percent of the loan amount for provisioning as soon as they disburse loans. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Additionally, if a loan is overdue for more than one month, banks must set aside 5 percent of the loan amount for provisioning. The central bank has mandated 25 percent provisioning for loans overdue for 3 to 6 months, 50 percent provisioning for loans overdue for 6 months to one year, and 100 percent provisioning for loans overdue for more than one year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to Nepal Rastra Bank, banks and financial institutions earned a net profit of Rs 61.95 billion by mid-June of this year. During this period, commercial banks made a net profit of Rs 56.45 billion, development banks Rs 4.95 billion, and finance companies Rs 540 million. Compared to last year, the profit of banks is 16 percent lower this year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Banks have been unable to extend credit flow in proportion to the increase in deposits, affecting their income. The rise in bad loans has also impacted banks’ profits. Due to non-recovery of loans, the distributable profit of 10 commercial banks was negative in the third quarter of the current year.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-15', 'modified' => '2024-07-15', 'keywords' => '', 'description' => '', 'sortorder' => '21266', 'image' => '20240715012550_Banks - Copy.jpg', 'article_date' => '2024-07-15 13:25:07', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '21539', 'article_category_id' => '1', 'title' => 'Newly-Appointed Prime Minister Oli Takes Oath of Office', 'sub_title' => '', 'summary' => 'KATHMANDU: President Ram Chandra Paudel administered the oath of office and secrecy to newly-appointed Prime Minister KP Sharma Oli today. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">KATHMANDU: President Ram Chandra Paudel administered the oath of office and secrecy to newly-appointed Prime Minister KP Sharma Oli today, July 15. The ceremony took place this morning at Rashtrapati Bhawan, Sheetal Niwas.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The event was attended by Vice President Ram Sahay Prasad Yadav, Chief Justice Bishwambhar Prasad Shrestha, Speaker Devraj Ghimire, National Assembly Chairman Narayan Prasad Dahal, outgoing Prime Minister Pushpa Kamal Dahal, former prime ministers Sher Bahadur Deuba, Jhalanath Khanal, and Dr. Baburam Bhattarai, leaders of various political parties, MPs, senior government officials, chiefs of the security bodies, heads and representatives of Nepal-based diplomatic missions, and distinguished persons from various walks of life.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">President Paudel appointed CPN (UML) Chair Oli to the post of Prime Minister on July 14 in accordance with Article 76 (2) of the Constitution of Nepal. Oli has the support of the Nepali Congress, the largest party, and the UML, the second largest party, in the House of Representatives, the lower chamber of the Federal Parliament.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Chair Oli was appointed Prime Minister following an agreement between the Nepali Congress and the UML on July 1 to form a new government. -- RSS</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-15', 'modified' => '2024-07-15', 'keywords' => '', 'description' => '', 'sortorder' => '21265', 'image' => '20240715124736_PRO-KTM-31066A4498copy.jpg', 'article_date' => '2024-07-15 12:46:30', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '21538', 'article_category_id' => '1', 'title' => 'Floods Damage Indrawati III Hydropower Project', 'sub_title' => '', 'summary' => 'Sindhupalchok: Floods in the Yangri and Indrawati rivers last night damaged the 7.5 MW Indrawati III Hydropower Project.', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Sindhupalchok</span>: Floods in the Yangri and Indrawati rivers last night damaged the 7.5 MW Indrawati III Hydropower Project. The dam in Tipeni of Panchpokhari has been filled with sand, and the substation and power house have suffered damage, according to Tashi Lama, chair of Panchpokhari Thangpal Rural Municipality. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">As a result, power supply in most parts of constituency number 2 of the district has been interrupted. Additionally, the road from Khaldekhola to Tipeni has been blocked.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Local resident Galbo Samden reported that the bridge connecting Chinde Jatan, along with the Yangri bridge, were also swept away by the flood. The Yangri and Indrawati rivers have washed away agricultural land along the riverbanks. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The Bailey bridge built last year in Melamchi, which connects Melamchi, Indrawati, and Panchpokhari, is also at risk. Similarly, the newly constructed bus park, playground, and covered hall under construction in Melamchi are said to be at risk of flooding.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-15', 'modified' => '2024-07-15', 'keywords' => '', 'description' => '', 'sortorder' => '21264', 'image' => '20240715114813_hydro.jpg', 'article_date' => '2024-07-15 11:47:32', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '21537', 'article_category_id' => '1', 'title' => 'Private Sector Expects Stability and Economic Reform During Oli’s Tenure', 'sub_title' => '', 'summary' => 'KATHMANDU: With the formation of a new government in collaboration between the Nepali Congress and the CPN (UML), UML Chairman KP Sharma Oli was appointed as prime minister on Sunday.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">BIJAY DAMASE</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">KATHMANDU: With the formation of a new government in collaboration between the Nepali Congress and the CPN (UML), UML Chairman KP Sharma Oli was appointed as prime minister on Sunday. President Ram Chandra Paudel appointed Oli as Prime Minister on Sunday (July 14) according to Article 76 (2) of the Constitution. As the newly appointed Prime Minister prepares to take oath on Monday (today), the private sector is optimistic about the new government.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The stock market has reflected this optimism. On Sunday, the NEPSE index increased by 52.97 points. "The stock market has already welcomed the new government," Hemraj Dhakal, Vice President of the Federation of Nepalese Chamber of Commerce and Industries (FNCCI), told New Business Age. He added, "The private sector expects political stability."</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">FNCCI Vice President Dhakal expressed hope that the coalition of the two major political parties would revitalize the economy. He believes the new government will have the ability to make decisive economic reforms due to the collaboration of major parties. Historically, no government in Nepal has lasted five years since the political change of 1990. The KP Oli-led government formed after the 2017 election did not last five years due to internal strife within the then Nepal Communist Party, despite having an overwhelming majority. The private sector has long complained about the lack of a predictable investment environment due to frequent government changes and shifting policies.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">A 2014 study report by the Millennium Challenge Corporation, an American international aid organization, highlighted political instability as a major obstacle to Nepal's economic development. The report also cited the lack of electricity, high transportation costs, and strict labor laws as significant challenges. While there have been improvements in electricity supply and labor laws, political instability and high transportation costs remain major obstacles. With the new government formed through a coalition of two major parties, industrialists and businessmen hope for better political stability and a more favorable investment environment.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Rajesh Agrawal, President of the Confederation of Nepalese Industries (CNI), stated that the formation of the new government will increase confidence in the market. He noted that the power equation between the two political parties is well-suited to providing a solid direction for the economy and strengthening it. He highlighted several economic challenges, including a slowdown in economic activities, a shrinking real estate market, industrial businesses operating at only 30 to 40 percent capacity, high bank interest rates, and a stagnant capital market. Businessmen have had to bear the instability caused by frequent government changes every 4-6 months, he said, adding, "The new power equation has made us optimistic about political stability and a stable government." </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Agrawal suggested that the government take immediate steps to stabilize the economy for the next three years and make tough decisions to keep it running.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">When the government failed to pay construction workers, it not only affected them but also impacted the suppliers and manufacturers of construction materials. The government is one of the main buyers of industrial products. Industrialists have also reported that industries have not been able to operate at maximum capacity due to weak market demand. Despite large remittance inflows, there has not been a corresponding increase in market demand, affecting production.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to the National Statistics Office, the economy is projected to grow by 3.87 percent in the current fiscal year. The office estimates that the manufacturing industry and construction sector will shrink while the wholesale and retail trade sector will grow moderately.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Agrawal emphasized the need for policy reforms to make the economy sustainable. Although the Pushpa Kamal Dahal-led government announced a new reform program in the budget for the next fiscal year, there is uncertainty about whether the new government will adopt the budget. The budget for the current year 2080/81 was introduced by former Finance Minister Dr. Prakash Sharan Mahat, and the budget for the upcoming year 2081/82 was presented by Finance Minister Barshman Pun.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Kamlesh Agrawal, President of the Nepal Chamber of Commerce, stated that he is always hopeful when a new government comes into power, but that hope often turns into disappointment. However, he is more optimistic about the government formed by the two major parties in parliament.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">"If the two big parties form a government together, it will bring stability," he told New Business Age. He believes that frequent government changes disrupt previous policies and disturb the investment environment. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span></p> ', 'published' => true, 'created' => '2024-07-15', 'modified' => '2024-07-15', 'keywords' => '', 'description' => '', 'sortorder' => '21263', 'image' => '20240715105532_1661323579_kpanddeuba-1200x560_20220824130259.jpg', 'article_date' => '2024-07-15 10:54:55', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '21536', 'article_category_id' => '1', 'title' => 'Monsoon-Induced Disaster Death Toll Climbs to 108', 'sub_title' => '', 'summary' => 'KATHMANDU: A total of 108 people have died due to monsoon-induced disasters, including floods, landslides, and inundations in different parts of the country so far this year. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">KATHMANDU: A total of 108 people have died due to monsoon-induced disasters, including floods, landslides, and inundations in different parts of the country so far this year. According to the Nepal Police headquarters, the death toll in the monsoon season, which began on June 10, has reached 108 as of July 14.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">Among the deceased, two were from Kathmandu Valley, 19 from Koshi Province, five from Madhesh Province, nine from Bagmati Province, 38 from Gandaki Province, 23 from Lumbini Province, four from Karnali Province, and eight from Sudurpaschim Province.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">In addition, 119 people were injured in these incidents: eight in Kathmandu Valley, 31 in Koshi Province, nine in Madhesh Province, seven in Bagmati Province, 28 in Gandaki Province, nine in Lumbini Province, 16 in Karnali Province, and 11 in Sudurpaschim Province.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">Nepal Police reported that 53 people affected by floods and landslides have been rescued, while six people are still missing. During this period, a total of 182 houses were inundated due to floods. Additionally, 203 houses, 75 sheds, 41 bridges, one school, and two government offices were damaged. -- RSS</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-15', 'modified' => '2024-07-15', 'keywords' => '', 'description' => '', 'sortorder' => '21262', 'image' => '20240715101234_KDN_Dang-20240706_171042.jpg', 'article_date' => '2024-07-15 10:11:55', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '21535', 'article_category_id' => '1', 'title' => 'Manakamana Cable Car to Remain Closed for 50 Days', 'sub_title' => '', 'summary' => 'MUGLIN: The Manakamana Cable Car will be closed for the next 50 days starting from today (July 15). ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">MUGLIN: The Manakamana Cable Car will be closed for the next 50 days starting from today (July 15). The operator, Manakamana Darshan Pvt Ltd, announced that the closure is necessary to upgrade the system from analog to digital technology. Ujjwal Sherchan, Deputy General Manager of Manakamana Darshan Pvt Ltd, stated that the main metal cable, in use for 26 years, will also be replaced.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">Technicians from the Austrian company Doppelmayr are handling the upgrades and maintenance. The project includes several stages of modernization to ensure the system meets current standards.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">Operating since 1998 (2055 BS), the Manakamana cable car has provided convenience to pilgrims visiting the Manakamana temple, a prominent religious site in Sahid Lakhan Rural Municipality of Gorkha. During the closure, the restaurant at the bottom station in Ichchakamana-4 Kurintar, Chitwan, will remain open. -- RSS</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-15', 'modified' => '2024-07-15', 'keywords' => '', 'description' => '', 'sortorder' => '21261', 'image' => '20240715092846_20240616051409_collage (13).jpg', 'article_date' => '2024-07-15 09:28:05', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ) ) $current_user = null $logged_in = falseinclude - APP/View/Elements/side_bar.ctp, line 60 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
Warning (2): simplexml_load_file() [<a href='http://php.net/function.simplexml-load-file'>function.simplexml-load-file</a>]: I/O warning : failed to load external entity "" [APP/View/Elements/side_bar.ctp, line 60]file not found!Code Context// $file = 'http://aabhiyan:QUVLg8Wzs2F7G9N7@nepalstock.com.np/api/indexdata.xml';if(!$xml = simplexml_load_file($file)){$viewFile = '/var/www/html/newbusinessage.com/app/View/Elements/side_bar.ctp' $dataForView = array( 'articles' => array( (int) 0 => array( 'Article' => array( [maximum depth reached] ) ), (int) 1 => array( 'Article' => array( [maximum depth reached] ) ), (int) 2 => array( 'Article' => array( [maximum depth reached] ) ), (int) 3 => array( 'Article' => array( [maximum depth reached] ) ), (int) 4 => array( 'Article' => array( [maximum depth reached] ) ), (int) 5 => array( 'Article' => array( [maximum depth reached] ) ), (int) 6 => array( 'Article' => array( [maximum depth reached] ) ), (int) 7 => array( 'Article' => array( [maximum depth reached] ) ), (int) 8 => array( 'Article' => array( [maximum depth reached] ) ), (int) 9 => array( 'Article' => array( [maximum depth reached] ) ), (int) 10 => array( 'Article' => array( [maximum depth reached] ) ), (int) 11 => array( 'Article' => array( [maximum depth reached] ) ), (int) 12 => array( 'Article' => array( [maximum depth reached] ) ), (int) 13 => array( 'Article' => array( [maximum depth reached] ) ), (int) 14 => array( 'Article' => array( [maximum depth reached] ) ) ), 'current_user' => null, 'logged_in' => false ) $articles = array( (int) 0 => array( 'Article' => array( 'id' => '21551', 'article_category_id' => '1', 'title' => 'Tourism Policy to be Updated Timely: Minister Pande', 'sub_title' => '', 'summary' => 'KATHMANDU: The newly appointed Minister for Culture, Tourism, and Civil Aviation, Badri Pande, has announced that the tourism policy will be updated in a timely manner to contribute to the development of the tourism sector.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">KATHMANDU: The newly appointed Minister for Culture, Tourism, and Civil Aviation, Badri Pande, has announced that the tourism policy will be updated in a timely manner to contribute to the development of the tourism sector.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Minister Pande emphasized that new programs would be launched to attract more tourists by exploring tourism potentials through a revised policy. He made these remarks while assuming office in Singha Durbar on Monday.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">To ensure the policy is relevant, Minister Pande formed a task force coordinated by a joint secretary at the ministry. He expressed confidence that the country would witness tourism development as national politics stabilizes. The tourism sector, which was severely affected by the COVID-19 pandemic, is gradually recovering. According to Minister Pande, formulating and enforcing an effective strategy is crucial to achieving tourism targets.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">He also called for cooperation from the employees, acknowledging their role as the permanent government.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Minister Pande stressed that culture is the essence of the country and requires proper attention and protection. In line with this, he signed a decision to form a task force to study and suggest updates to the Tourism Policy, 2065. This task force is coordinated by Joint Secretary Hemraj Tamang at the ministry.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">He reminded that the effective operation of international airports and the national flag carrier would significantly boost tourism.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Minister Pande is the 41st Tourism Minister of the country. The ministry was first established in 2034 BS with Dr. Harka Gurung as the Minister of State for Tourism.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Born in Bajura district in 2030 BS, Minister Pande is a Nepali Congress lawmaker elected from constituency no. 1 of Bajura in the 2079 BS general election. He has been involved in politics since 2043 BS with his affiliation to the Nepali Congress and has served in various capacities within the party since his student days in politics.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">He holds an MA in Political Science from Tribhuvan University.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-16', 'modified' => '2024-07-16', 'keywords' => '', 'description' => '', 'sortorder' => '21277', 'image' => '20240716081124_Tourist.jpg', 'article_date' => '2024-07-16 08:10:03', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '21550', 'article_category_id' => '1', 'title' => 'Share Prices of Eight Commercial Banks Drop Below Rs 200, Yet Fail to Attract Investors', 'sub_title' => '', 'summary' => 'KATHMANDU: Out of 19 commercial banks listed on the Nepal Stock Exchange (NEPSE), the share prices of eight banks have fallen below Rs 200. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">KATHMANDU: Out of 19 commercial banks listed on the Nepal Stock Exchange (NEPSE), the share prices of eight banks have fallen below Rs 200. According to NEPSE, these banks include Kumari Bank, Prabhu Bank, Nepal Investment Bank, Laxmi Sunrise Bank, Citizens Bank, Global IME Bank, Machhapuchhre Bank, and Himalayan Bank. Among these, Kumari Bank has the lowest share price, which stood at NPR 153 on July 15.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Conversely, Standard Chartered Bank has the highest share price at Rs 583.8, followed by Everest Bank at Rs 602.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Despite the low share prices of these commercial banks, they have not attracted investors. Recently, investors have shown interest in companies with a lower number of shares. Experts attribute the lack of interest in commercial bank shares to their high share volume and poor financial statements.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The latest third-quarter financial statements reveal that the distributable profit of 10 banks is negative, and eight banks did not pay dividends from the profits of the last fiscal year 2079/80. Many banks are unable to provide returns to their shareholders.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Experts suggest that the inability to increase business following mergers has contributed to the decline in commercial banks' share prices. However, some investors believe that this period presents a good opportunity for investment.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-16', 'modified' => '2024-07-16', 'keywords' => '', 'description' => '', 'sortorder' => '21276', 'image' => '20240716080419_bankkkkkkk.jpg', 'article_date' => '2024-07-16 08:03:35', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '21549', 'article_category_id' => '1', 'title' => 'UN says World Population to Peak at 10.3 Billion in the 2080s', 'sub_title' => '', 'summary' => 'NEW YORK: Earth's population will peak in the mid-2080s at around 10.3 billion people, then drop slightly to a level much lower than anticipated a decade ago, AFP reported citing the United Nations.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">NEW YORK: Earth's population will peak in the mid-2080s at around 10.3 billion people, then drop slightly to a level much lower than anticipated a decade ago, AFP reported citing the United Nations.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">According to a news report prepared by AFP, the current population of 8.2 billion people will rise to that maximum over the next 60 years, then dip to 10.2 billion by the end of the century. The findings were based on a report entitled "World Population Prospects 2024" released recently by the UN. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">It said the size of the world's population in 2100 will be six percent lower, or 700 million people fewer, than what was anticipated in June 2013.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">"The demographic landscape has evolved greatly in recent years," said Li Junhua, UN Under-Secretary-General for Economic and Social Affairs.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">He said the unexpected population peak stems from several factors that include lower levels of fertility in some of the world's largest countries, especially China.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">He said this lower maximum will also come earlier than previously calculated and this is a hopeful sign as the world fights global warming: fewer humans accounting for less aggregate consumption would mean less pressure on the environment.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">"However, slower population growth will not eliminate the need to reduce the average impact attributable to the activities of each individual person," AFP quoted the official as saying.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">More than a quarter, or 28 percent, of the world's population now lives in one of 63 countries or areas where the population has already peaked, including China, Russia, Japan and Germany, the report said.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Nearly 50 other countries should join that group over the next 30 years, including Brazil, Iran and Turkey.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">But population growth will continue in more than 120 countries beyond 2054. These include India, Indonesia, Nigeria, Pakistan and the United States, said the UN.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">A rise in global life expectancy -- interrupted by the Covid pandemic -- has resumed, with an average of 73.3 years of longevity in 2024. It will average 77.4 years in 2054.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">So the world's population will get more and more gray. By the late 2070s, the number of people aged 65 or older is projected to be 2.2 billion, surpassing those under 18, the study predicts.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-16', 'modified' => '2024-07-16', 'keywords' => '', 'description' => '', 'sortorder' => '21275', 'image' => '20240716075353_1720894273-926f339d4de923d21b7c68021b58e151.jpg', 'article_date' => '2024-07-16 07:53:15', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '21548', 'article_category_id' => '1', 'title' => 'Contractors Halt Work After Not Getting Paid', 'sub_title' => '', 'summary' => 'KATHMANDU: As the fiscal year 2023/24 comes to an end, contractors have started halting their work due to unpaid bills. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">KATHMANDU: As the fiscal year 2023/24 comes to an end, contractors have started halting their work due to unpaid bills. Ramesh Sharma, chairman of Sharma & Company, reported stopping several projects, including the Nepalganj-Gulariya road section under the Postal Highway, and withdrawing the equipment used on site.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The government had promised to make payments by the end of the current fiscal year after which Sharma's company continued working. However, the lack of payment forced them to cease operations.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to the contractors, the government owes approximately Rs 60 billion. The Department of Roads and other offices have acknowledged their inability to pay the contractors, citing the Ministry of Finance's failure to approve the necessary funds.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The contractors, having not received their payments by the end of the fiscal year, have initiated protests. Some have been compelled to halt ongoing projects.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The Department of Roads’ inability to secure the requested amount from the Ministry of Finance has led to partial payments. The department had requested a transfer of Rs 12.5 billion, but the ministry approved only Rs 6 billion on July 9.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Amit Kumar Sharma, Deputy Spokesperson for the Department, stated that the funds received were allocated for the improvement of Mid-Hill Highway, Postal Highway, North-South Corridor, and constituency roads. As we received less than the requested amount, we could not pay all the bills.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Projects under the Department of Roads, including those related to water supply, irrigation, urban development, and local roads with bridges, have also faced payment issues.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Contractors have threatened to lock offices to secure their payments. Despite positive assurances from the Prime Minister and Minister of Finance, the Federation of Contractors Association of Nepal has announced protests, blaming the delays on part of the employees of the Ministry of Finance.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">At a press conference in Kathmandu on Thursday, Ravi Singh, President of the Federation, stated that thousands of contractors are facing bankruptcy due to the delay in payments. He mentioned that district offices responsible for payments have been locked.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Singh clarified that the Federation did not obstruct the Federal Finance and Physical Infrastructure Ministry. "We have implemented a policy to prevent non-paying offices from proceeding with their work," Singh said. "With a new government being formed, we are holding further discussions on our next strategy."</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-16', 'modified' => '2024-07-16', 'keywords' => '', 'description' => '', 'sortorder' => '21274', 'image' => '20240716075301_20230605035206_fcann.jpg', 'article_date' => '2024-07-16 07:52:24', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '21547', 'article_category_id' => '1', 'title' => 'Education, Health, and Social Sector: Government's Top Priorities, Says PM Oli', 'sub_title' => 'Government to Provide Relief to Families of Those Killed in Floods and Landslides', 'summary' => 'KATHMANDU: Prime Minister KP Sharma Oli has assured that his government would accord top priority to education, health, and social sectors, alongside maintaining good governance. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">KATHMANDU: Prime Minister KP Sharma Oli has assured that his government would accord top priority to education, health, and social sectors, alongside maintaining good governance. Oli, who is also the Chairperson of the CPN (UML), made these remarks during a programme organized by the CPN (UML)'s Kathmandu District Committee to congratulate the newly appointed Prime Minister at his official residence in Baluwatar on Monday.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">PM Oli reiterated that the incumbent government is determined to prioritize good governance and development with support from all parties. The septuagenarian leader, who became the country's 45th Prime Minister on Sunday, also pledged to work towards maintaining cordial relations with both neighboring countries, India and China.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Meanwhile, the government has decided to provide relief to the families of those killed in floods, landslides, and other natural disasters. The decision was made during the first cabinet meeting of the newly-formed government held on Monday. Minister for Communications and Information Technology, Prithvi Subba Gurung, informed the media about the decision after the meeting.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The cabinet meeting also appointed Gurung as the spokesperson for the government. Additionally, the meeting decided to provide relief to the families of those missing in the disasters for 10 days, equal to the relief given to the families of those killed.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">"There was no provision of providing relief in the past to the families of those missing. This is a new arrangement from the government," Gurung added.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The cabinet also decided to provide the relief amount of the second and third installments to the affected families from the Jajarkot earthquake. Spokesperson Gurung also said that the decisions of the cabinet meeting will now be made public only after 24 hours.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Moreover, the cabinet decided to make Nepal a 'street children-free nation' by the end of the fiscal year 2081/082 BS. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Proposals from different ministries currently in the Council of Ministers and various committees will be sent back to the concerned ministries due to the changed political context, he added.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Lastly, the Officiating Chief Secretary of the Office of the Prime Minister, Lila Devi Gadtaula, was assigned the role of Acting Chief Secretary, announced Government Spokesperson and Minister for Communications and Information Technology, Gurung. -- RSS</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-16', 'modified' => '2024-07-16', 'keywords' => 'education, health, social, Oli, government, relief, flood, victims, cabinet, decision, prime, minister', 'description' => '', 'sortorder' => '21273', 'image' => '20240716074114_RS_KTM-1721042911091(1).jpg', 'article_date' => '2024-07-16 07:40:29', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '21546', 'article_category_id' => '1', 'title' => 'NOC Hikes Petrol Price by Rs 4 Per Litre ', 'sub_title' => '', 'summary' => 'KATHMANDU: The Nepal Oil Corporation (NOC) has increased the prices of petroleum products effective from 1:00 am July 16.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">KATHMANDU: The Nepal Oil Corporation (NOC) has increased the prices of petroleum products effective from 1:00 am July 16.</span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the state-owned oil monopoly, the price of petrol has been increased by Rs 4 per litre while that of diesel and kerosene oil by Rs 3 per litre. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">With the price hike, the price of petrol per litre has reached Rs 168.50 and diesel and kerosene oil per litre Rs 157.50 respectively in Charali, Biratnagar, Janakpur, Amalekhgunj, Bhalbari, Nepalgunj, Dhangadhi and Birgunj areas. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The price of petrol has been fixed at Rs 170 per litre while diesel and kerosene oil would be traded at Rs 159 in Surkhet and Dang. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, price of petrol has been set at Rs 171 while diesel and kerosene oil per litre would be sold at Rs 160 in the Kathmandu Valley, Pokhara and Dipayal. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">A meeting of NOC Board of Directors held on Monday decided to hike the price of petrol, diesel and kerosene oil. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the NOC, the price of petroleum products was adjusted in the domestic market with the rise in price of petrol by Rs 4.48 per litre and Rs 2.83 in diesel per litre as per the new purchase price received from Indian Oil Corporation. -- RSS </span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-16', 'modified' => '2024-07-16', 'keywords' => 'NOC, IOC, petrol, diesel, ,price, hike, increase', 'description' => '', 'sortorder' => '21272', 'image' => '20240716072635_20240715103551_Price-Increase.jpg', 'article_date' => '2024-07-16 07:26:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '21545', 'article_category_id' => '1', 'title' => 'Citizens Bank International Conducts Financial Literacy Programme', 'sub_title' => '', 'summary' => 'Citizens Bank International Limited has conducted financial literacy programs through its branch offices in all seven provinces across Nepal.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">July 16: Citizens Bank International Limited has conducted financial literacy programs through its branch offices in all seven provinces across Nepal.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">In a press statement issued on Monday, the bank announced that it conducted these programs through 134 branch offices in the current fiscal year.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Approximately 10,000 people benefited from the programs, with participation from 21 branches in Koshi Province, 6 in Madhesh Province, 47 in Bagmati Province, 13 in Gandaki Province, 30 in Lumbini Province, 9 in Karnali Province, and 8 in Sudurpashchim Province.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The press release highlighted that the program covered topics such as the state of financial literacy and the increasing crimes and risks associated with the development of digital banking. The bank believes that these programs will strengthen the banking system and enhance financial knowledge among participants.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Additionally, Citizens Bank reported completing various initiatives under its corporate social responsibility commitments.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The bank provides modern banking services to approximately 1.8 million customers through its 197 branches, 160 ATMs, 3 extension counters, and 98 branchless banking units spread across 60 districts nationwide.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-16', 'modified' => '2024-07-16', 'keywords' => '', 'description' => '', 'sortorder' => '21271', 'image' => '20240716055149_collage (68).jpg', 'article_date' => '2024-07-16 05:50:16', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 7 => array( 'Article' => array( 'id' => '21543', 'article_category_id' => '1', 'title' => 'NEPSE Slumps by 17.18 Points to Close at 2240.41', 'sub_title' => '', 'summary' => 'The Nepal Stock Exchange (NEPSE) Index fell by 17.18 points, or 0.76%, closing at 2240.41 on Monday, the second trading day of the week.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">July 15: The Nepal Stock Exchange (NEPSE) Index fell by 17.18 points, or 0.76%, closing at 2240.41 on Monday, the second trading day of the week.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">During today's trading session, 322 scrips were traded through 102,372 transactions on NEPSE. A total of 25,079,079 shares were exchanged, resulting in a total turnover of Rs 8.73 billion.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Upper Tamakoshi Hydropower Limited (UPPER) led in turnover with total transactions amounting to Rs 37 crores. Civil Bank Debenture 2088 (CBLD88) and Mandu Hydropower Limited (MANDU) each saw a 10% gain, hitting the positive circuit for the day.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Conversely, Janaki Finance Limited (JFL) experienced the highest loss of 10%, closing at Rs 742 per share.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">In terms of sectoral performance, all sectors closed in the negative territory except for the Hydropower Index, Investment Index, Manufacturing and Processing Index, and Mutual Fund.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The Investment Index recorded the highest gain of 1.70%, while the Development Bank Index posted the maximum loss of 1.89%.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-15', 'modified' => '2024-07-15', 'keywords' => '', 'description' => '', 'sortorder' => '21269', 'image' => '20240715040521_collage (67).jpg', 'article_date' => '2024-07-15 16:03:55', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 8 => array( 'Article' => array( 'id' => '21541', 'article_category_id' => '1', 'title' => 'Industrialists Announce not to Use Electricity Supplied by NEA', 'sub_title' => '', 'summary' => 'KATHMANDU: After the Nepal Electricity Authority (NEA) cut off electricity to half a dozen industries due to a dispute over arrears related to dedicated feeder and trunk line fees, industrialists announced that they will not consume NEA's electricity.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">KATHMANDU: After the Nepal Electricity Authority (NEA) cut off electricity to half a dozen industries due to a dispute over arrears related to dedicated feeder and trunk line fees, industrialists announced that they will not consume NEA's electricity. In a press release issued on Sunday, the "Victims and Oppressed Industrialists Group" stated that until NEA provides uninterrupted and continuous electricity supply to all industries whose supply has been cut, none of the other industries will consume electricity from NEA.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">On Tuesday, NEA cut the lines of Reliance Spinning Mills, Ghorahi Cement, and Arghakhanchi Cement. On Wednesday, the-state-owned utility also cut the lines of Jagdamba Synthetic and Hulas Steel, and on Thursday, Jagdamba Steel's electricity was also disconnected. The NEA claims that more than five dozen industries still owe dues.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The industrialists in the statement argued that no industry will take electricity supply from NEA until the current dispute is resolved according to the recommendations given by the Lal Commission and the directives from the Cabinet.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">“Industries are ready to pay the tariff if NEA issues a bill with evidence to the industry,” the statement reads, adding, "It is regrettable that the authority's leadership is cutting power in a way that undermines the self-esteem of industrialists when they ask for the basis and reason for it."</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">A committee headed by former justice Girish Chandra Lal recommended that NEA should collect only limited arrears based on evidence, a recommendation that the Council of Ministers decided to implement. The industrialists have argued that they have not paid the arrears as demanded by the NEA because it has only sent bills without proof. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The NEA has decided to give industrialists 28 months to pay the arrears in installments, but the industrialists have refused to consume the electricity supplied by the NEA.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to NEA, industrialists owe Rs 8.25 billion including Rs 6.658 billion fee and a 25% fine for the use of electricity through dedicated feeders and trunk lines from January 2072 to May 2075. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">On Wednesday, the NEA Board of Directors decided to provide a long-term installment facility to industrialists for the payment of the outstanding amount. NEA sent a letter to 61 industries on June 24, ordering them to pay the dues within 15 days. After none of the industrialists cleared the dues within the given deadline, NEA cut the lines of six industries at different stages. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Manoj Silwal, the Deputy Executive Director of NEA, said the installment facility was provided considering the financial burden on industries to pay the amount at once. He told New Business Age, "Even though we have cut the lines of six industries, the remaining 55 industries have not come to pay the amount. This also indicates they are in a difficult financial situation. Some industrialists are still contacting us and requesting installment facilities. Therefore, the authority is in favor of providing facilities for those who intend to pay."</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">However, industrialists claim they have not demanded installment facilities from the authority. Shashikant Agarwal, the owner of Reliance Spinning Mills, told New Business Age that they would not pay the amount to the authority, regardless of the time given for installment facilities.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to the industrialists, NEA went against the Lal Commission's decision and issued the bills. NEA sources have said that the Lal Commission's report is not in the interest of NEA and favors only the industrialists.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-15', 'modified' => '2024-07-15', 'keywords' => '', 'description' => '', 'sortorder' => '21267', 'image' => '20240715013859_bc571904.jpeg', 'article_date' => '2024-07-15 13:38:18', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '21540', 'article_category_id' => '1', 'title' => 'Respite for Banks as NRB Announces Concessions in Credit Risk Management', 'sub_title' => '', 'summary' => 'KATHMANDU: Nepal Rastra Bank (NRB) has reduced the amount that banks and financial institutions must set aside for loan loss provisioning, providing relief to the banking sector. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">KATHMANDU: Nepal Rastra Bank (NRB) has reduced the amount that banks and financial institutions must set aside for loan loss provisioning, providing relief to the banking sector. In the third quarterly review of the monetary policy for the current financial year (FY 2080/81) in the third week of May, the central bank announced that banks could reduce provisioning for loans classified in the good category from 1.25 percent to 1.20 percent. By the fourth week, NRB issued instructions to implement the new provisioning. Consequently, the overall provisioning amount of banks has decreased.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the NRB, banks and financial institutions had set aside a total of Rs 77.79 billion for provisioning as of mid-June of the current year. This figure represents a 0.91 percent decrease compared to Rs 78.50 billion set aside until mid-May.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Due to the slowdown in economic activities, bad loans have increased as banks have struggled to recover the loans. Banks have been demanding concessions in provisioning due to the rise in bad loans. Before the Covid-19 pandemic, only 1 percent provisioning was required for good loans. This rate was increased to 1.30 percent during the pandemic but was reduced to 1.25 percent last year and further decreased to 1.20 percent in May of this year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Sunil KC, President of the Nepal Bankers Association, stated that the central bank had increased provisioning due to the heightened risk during the Covid-19 pandemic and that they had been suggesting a return to previous levels. Banks and financial institutions now have to set aside 1.20 percent of the loan amount for provisioning as soon as they disburse loans. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Additionally, if a loan is overdue for more than one month, banks must set aside 5 percent of the loan amount for provisioning. The central bank has mandated 25 percent provisioning for loans overdue for 3 to 6 months, 50 percent provisioning for loans overdue for 6 months to one year, and 100 percent provisioning for loans overdue for more than one year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to Nepal Rastra Bank, banks and financial institutions earned a net profit of Rs 61.95 billion by mid-June of this year. During this period, commercial banks made a net profit of Rs 56.45 billion, development banks Rs 4.95 billion, and finance companies Rs 540 million. Compared to last year, the profit of banks is 16 percent lower this year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Banks have been unable to extend credit flow in proportion to the increase in deposits, affecting their income. The rise in bad loans has also impacted banks’ profits. Due to non-recovery of loans, the distributable profit of 10 commercial banks was negative in the third quarter of the current year.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-15', 'modified' => '2024-07-15', 'keywords' => '', 'description' => '', 'sortorder' => '21266', 'image' => '20240715012550_Banks - Copy.jpg', 'article_date' => '2024-07-15 13:25:07', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '21539', 'article_category_id' => '1', 'title' => 'Newly-Appointed Prime Minister Oli Takes Oath of Office', 'sub_title' => '', 'summary' => 'KATHMANDU: President Ram Chandra Paudel administered the oath of office and secrecy to newly-appointed Prime Minister KP Sharma Oli today. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">KATHMANDU: President Ram Chandra Paudel administered the oath of office and secrecy to newly-appointed Prime Minister KP Sharma Oli today, July 15. The ceremony took place this morning at Rashtrapati Bhawan, Sheetal Niwas.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The event was attended by Vice President Ram Sahay Prasad Yadav, Chief Justice Bishwambhar Prasad Shrestha, Speaker Devraj Ghimire, National Assembly Chairman Narayan Prasad Dahal, outgoing Prime Minister Pushpa Kamal Dahal, former prime ministers Sher Bahadur Deuba, Jhalanath Khanal, and Dr. Baburam Bhattarai, leaders of various political parties, MPs, senior government officials, chiefs of the security bodies, heads and representatives of Nepal-based diplomatic missions, and distinguished persons from various walks of life.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">President Paudel appointed CPN (UML) Chair Oli to the post of Prime Minister on July 14 in accordance with Article 76 (2) of the Constitution of Nepal. Oli has the support of the Nepali Congress, the largest party, and the UML, the second largest party, in the House of Representatives, the lower chamber of the Federal Parliament.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Chair Oli was appointed Prime Minister following an agreement between the Nepali Congress and the UML on July 1 to form a new government. -- RSS</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-15', 'modified' => '2024-07-15', 'keywords' => '', 'description' => '', 'sortorder' => '21265', 'image' => '20240715124736_PRO-KTM-31066A4498copy.jpg', 'article_date' => '2024-07-15 12:46:30', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '21538', 'article_category_id' => '1', 'title' => 'Floods Damage Indrawati III Hydropower Project', 'sub_title' => '', 'summary' => 'Sindhupalchok: Floods in the Yangri and Indrawati rivers last night damaged the 7.5 MW Indrawati III Hydropower Project.', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Sindhupalchok</span>: Floods in the Yangri and Indrawati rivers last night damaged the 7.5 MW Indrawati III Hydropower Project. The dam in Tipeni of Panchpokhari has been filled with sand, and the substation and power house have suffered damage, according to Tashi Lama, chair of Panchpokhari Thangpal Rural Municipality. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">As a result, power supply in most parts of constituency number 2 of the district has been interrupted. Additionally, the road from Khaldekhola to Tipeni has been blocked.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Local resident Galbo Samden reported that the bridge connecting Chinde Jatan, along with the Yangri bridge, were also swept away by the flood. The Yangri and Indrawati rivers have washed away agricultural land along the riverbanks. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The Bailey bridge built last year in Melamchi, which connects Melamchi, Indrawati, and Panchpokhari, is also at risk. Similarly, the newly constructed bus park, playground, and covered hall under construction in Melamchi are said to be at risk of flooding.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-15', 'modified' => '2024-07-15', 'keywords' => '', 'description' => '', 'sortorder' => '21264', 'image' => '20240715114813_hydro.jpg', 'article_date' => '2024-07-15 11:47:32', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '21537', 'article_category_id' => '1', 'title' => 'Private Sector Expects Stability and Economic Reform During Oli’s Tenure', 'sub_title' => '', 'summary' => 'KATHMANDU: With the formation of a new government in collaboration between the Nepali Congress and the CPN (UML), UML Chairman KP Sharma Oli was appointed as prime minister on Sunday.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">BIJAY DAMASE</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">KATHMANDU: With the formation of a new government in collaboration between the Nepali Congress and the CPN (UML), UML Chairman KP Sharma Oli was appointed as prime minister on Sunday. President Ram Chandra Paudel appointed Oli as Prime Minister on Sunday (July 14) according to Article 76 (2) of the Constitution. As the newly appointed Prime Minister prepares to take oath on Monday (today), the private sector is optimistic about the new government.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The stock market has reflected this optimism. On Sunday, the NEPSE index increased by 52.97 points. "The stock market has already welcomed the new government," Hemraj Dhakal, Vice President of the Federation of Nepalese Chamber of Commerce and Industries (FNCCI), told New Business Age. He added, "The private sector expects political stability."</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">FNCCI Vice President Dhakal expressed hope that the coalition of the two major political parties would revitalize the economy. He believes the new government will have the ability to make decisive economic reforms due to the collaboration of major parties. Historically, no government in Nepal has lasted five years since the political change of 1990. The KP Oli-led government formed after the 2017 election did not last five years due to internal strife within the then Nepal Communist Party, despite having an overwhelming majority. The private sector has long complained about the lack of a predictable investment environment due to frequent government changes and shifting policies.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">A 2014 study report by the Millennium Challenge Corporation, an American international aid organization, highlighted political instability as a major obstacle to Nepal's economic development. The report also cited the lack of electricity, high transportation costs, and strict labor laws as significant challenges. While there have been improvements in electricity supply and labor laws, political instability and high transportation costs remain major obstacles. With the new government formed through a coalition of two major parties, industrialists and businessmen hope for better political stability and a more favorable investment environment.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Rajesh Agrawal, President of the Confederation of Nepalese Industries (CNI), stated that the formation of the new government will increase confidence in the market. He noted that the power equation between the two political parties is well-suited to providing a solid direction for the economy and strengthening it. He highlighted several economic challenges, including a slowdown in economic activities, a shrinking real estate market, industrial businesses operating at only 30 to 40 percent capacity, high bank interest rates, and a stagnant capital market. Businessmen have had to bear the instability caused by frequent government changes every 4-6 months, he said, adding, "The new power equation has made us optimistic about political stability and a stable government." </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Agrawal suggested that the government take immediate steps to stabilize the economy for the next three years and make tough decisions to keep it running.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">When the government failed to pay construction workers, it not only affected them but also impacted the suppliers and manufacturers of construction materials. The government is one of the main buyers of industrial products. Industrialists have also reported that industries have not been able to operate at maximum capacity due to weak market demand. Despite large remittance inflows, there has not been a corresponding increase in market demand, affecting production.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to the National Statistics Office, the economy is projected to grow by 3.87 percent in the current fiscal year. The office estimates that the manufacturing industry and construction sector will shrink while the wholesale and retail trade sector will grow moderately.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Agrawal emphasized the need for policy reforms to make the economy sustainable. Although the Pushpa Kamal Dahal-led government announced a new reform program in the budget for the next fiscal year, there is uncertainty about whether the new government will adopt the budget. The budget for the current year 2080/81 was introduced by former Finance Minister Dr. Prakash Sharan Mahat, and the budget for the upcoming year 2081/82 was presented by Finance Minister Barshman Pun.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Kamlesh Agrawal, President of the Nepal Chamber of Commerce, stated that he is always hopeful when a new government comes into power, but that hope often turns into disappointment. However, he is more optimistic about the government formed by the two major parties in parliament.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">"If the two big parties form a government together, it will bring stability," he told New Business Age. He believes that frequent government changes disrupt previous policies and disturb the investment environment. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span></p> ', 'published' => true, 'created' => '2024-07-15', 'modified' => '2024-07-15', 'keywords' => '', 'description' => '', 'sortorder' => '21263', 'image' => '20240715105532_1661323579_kpanddeuba-1200x560_20220824130259.jpg', 'article_date' => '2024-07-15 10:54:55', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '21536', 'article_category_id' => '1', 'title' => 'Monsoon-Induced Disaster Death Toll Climbs to 108', 'sub_title' => '', 'summary' => 'KATHMANDU: A total of 108 people have died due to monsoon-induced disasters, including floods, landslides, and inundations in different parts of the country so far this year. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">KATHMANDU: A total of 108 people have died due to monsoon-induced disasters, including floods, landslides, and inundations in different parts of the country so far this year. According to the Nepal Police headquarters, the death toll in the monsoon season, which began on June 10, has reached 108 as of July 14.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">Among the deceased, two were from Kathmandu Valley, 19 from Koshi Province, five from Madhesh Province, nine from Bagmati Province, 38 from Gandaki Province, 23 from Lumbini Province, four from Karnali Province, and eight from Sudurpaschim Province.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">In addition, 119 people were injured in these incidents: eight in Kathmandu Valley, 31 in Koshi Province, nine in Madhesh Province, seven in Bagmati Province, 28 in Gandaki Province, nine in Lumbini Province, 16 in Karnali Province, and 11 in Sudurpaschim Province.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">Nepal Police reported that 53 people affected by floods and landslides have been rescued, while six people are still missing. During this period, a total of 182 houses were inundated due to floods. Additionally, 203 houses, 75 sheds, 41 bridges, one school, and two government offices were damaged. -- RSS</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-15', 'modified' => '2024-07-15', 'keywords' => '', 'description' => '', 'sortorder' => '21262', 'image' => '20240715101234_KDN_Dang-20240706_171042.jpg', 'article_date' => '2024-07-15 10:11:55', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '21535', 'article_category_id' => '1', 'title' => 'Manakamana Cable Car to Remain Closed for 50 Days', 'sub_title' => '', 'summary' => 'MUGLIN: The Manakamana Cable Car will be closed for the next 50 days starting from today (July 15). ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">MUGLIN: The Manakamana Cable Car will be closed for the next 50 days starting from today (July 15). The operator, Manakamana Darshan Pvt Ltd, announced that the closure is necessary to upgrade the system from analog to digital technology. Ujjwal Sherchan, Deputy General Manager of Manakamana Darshan Pvt Ltd, stated that the main metal cable, in use for 26 years, will also be replaced.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">Technicians from the Austrian company Doppelmayr are handling the upgrades and maintenance. The project includes several stages of modernization to ensure the system meets current standards.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">Operating since 1998 (2055 BS), the Manakamana cable car has provided convenience to pilgrims visiting the Manakamana temple, a prominent religious site in Sahid Lakhan Rural Municipality of Gorkha. During the closure, the restaurant at the bottom station in Ichchakamana-4 Kurintar, Chitwan, will remain open. -- RSS</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-15', 'modified' => '2024-07-15', 'keywords' => '', 'description' => '', 'sortorder' => '21261', 'image' => '20240715092846_20240616051409_collage (13).jpg', 'article_date' => '2024-07-15 09:28:05', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ) ) $current_user = null $logged_in = falsesimplexml_load_file - [internal], line ?? include - APP/View/Elements/side_bar.ctp, line 60 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
Notice (8): Undefined variable: file [APP/View/Elements/side_bar.ctp, line 133]Code Context// $file = 'http://aabhiyan:QUVLg8Wzs2F7G9N7@nepalstock.com.np/api/subindexdata.xml';if(!$xml = simplexml_load_file($file)){$viewFile = '/var/www/html/newbusinessage.com/app/View/Elements/side_bar.ctp' $dataForView = array( 'articles' => array( (int) 0 => array( 'Article' => array( [maximum depth reached] ) ), (int) 1 => array( 'Article' => array( [maximum depth reached] ) ), (int) 2 => array( 'Article' => array( [maximum depth reached] ) ), (int) 3 => array( 'Article' => array( [maximum depth reached] ) ), (int) 4 => array( 'Article' => array( [maximum depth reached] ) ), (int) 5 => array( 'Article' => array( [maximum depth reached] ) ), (int) 6 => array( 'Article' => array( [maximum depth reached] ) ), (int) 7 => array( 'Article' => array( [maximum depth reached] ) ), (int) 8 => array( 'Article' => array( [maximum depth reached] ) ), (int) 9 => array( 'Article' => array( [maximum depth reached] ) ), (int) 10 => array( 'Article' => array( [maximum depth reached] ) ), (int) 11 => array( 'Article' => array( [maximum depth reached] ) ), (int) 12 => array( 'Article' => array( [maximum depth reached] ) ), (int) 13 => array( 'Article' => array( [maximum depth reached] ) ), (int) 14 => array( 'Article' => array( [maximum depth reached] ) ) ), 'current_user' => null, 'logged_in' => false ) $articles = array( (int) 0 => array( 'Article' => array( 'id' => '21551', 'article_category_id' => '1', 'title' => 'Tourism Policy to be Updated Timely: Minister Pande', 'sub_title' => '', 'summary' => 'KATHMANDU: The newly appointed Minister for Culture, Tourism, and Civil Aviation, Badri Pande, has announced that the tourism policy will be updated in a timely manner to contribute to the development of the tourism sector.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">KATHMANDU: The newly appointed Minister for Culture, Tourism, and Civil Aviation, Badri Pande, has announced that the tourism policy will be updated in a timely manner to contribute to the development of the tourism sector.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Minister Pande emphasized that new programs would be launched to attract more tourists by exploring tourism potentials through a revised policy. He made these remarks while assuming office in Singha Durbar on Monday.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">To ensure the policy is relevant, Minister Pande formed a task force coordinated by a joint secretary at the ministry. He expressed confidence that the country would witness tourism development as national politics stabilizes. The tourism sector, which was severely affected by the COVID-19 pandemic, is gradually recovering. According to Minister Pande, formulating and enforcing an effective strategy is crucial to achieving tourism targets.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">He also called for cooperation from the employees, acknowledging their role as the permanent government.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Minister Pande stressed that culture is the essence of the country and requires proper attention and protection. In line with this, he signed a decision to form a task force to study and suggest updates to the Tourism Policy, 2065. This task force is coordinated by Joint Secretary Hemraj Tamang at the ministry.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">He reminded that the effective operation of international airports and the national flag carrier would significantly boost tourism.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Minister Pande is the 41st Tourism Minister of the country. The ministry was first established in 2034 BS with Dr. Harka Gurung as the Minister of State for Tourism.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Born in Bajura district in 2030 BS, Minister Pande is a Nepali Congress lawmaker elected from constituency no. 1 of Bajura in the 2079 BS general election. He has been involved in politics since 2043 BS with his affiliation to the Nepali Congress and has served in various capacities within the party since his student days in politics.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">He holds an MA in Political Science from Tribhuvan University.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-16', 'modified' => '2024-07-16', 'keywords' => '', 'description' => '', 'sortorder' => '21277', 'image' => '20240716081124_Tourist.jpg', 'article_date' => '2024-07-16 08:10:03', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '21550', 'article_category_id' => '1', 'title' => 'Share Prices of Eight Commercial Banks Drop Below Rs 200, Yet Fail to Attract Investors', 'sub_title' => '', 'summary' => 'KATHMANDU: Out of 19 commercial banks listed on the Nepal Stock Exchange (NEPSE), the share prices of eight banks have fallen below Rs 200. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">KATHMANDU: Out of 19 commercial banks listed on the Nepal Stock Exchange (NEPSE), the share prices of eight banks have fallen below Rs 200. According to NEPSE, these banks include Kumari Bank, Prabhu Bank, Nepal Investment Bank, Laxmi Sunrise Bank, Citizens Bank, Global IME Bank, Machhapuchhre Bank, and Himalayan Bank. Among these, Kumari Bank has the lowest share price, which stood at NPR 153 on July 15.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Conversely, Standard Chartered Bank has the highest share price at Rs 583.8, followed by Everest Bank at Rs 602.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Despite the low share prices of these commercial banks, they have not attracted investors. Recently, investors have shown interest in companies with a lower number of shares. Experts attribute the lack of interest in commercial bank shares to their high share volume and poor financial statements.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The latest third-quarter financial statements reveal that the distributable profit of 10 banks is negative, and eight banks did not pay dividends from the profits of the last fiscal year 2079/80. Many banks are unable to provide returns to their shareholders.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Experts suggest that the inability to increase business following mergers has contributed to the decline in commercial banks' share prices. However, some investors believe that this period presents a good opportunity for investment.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-16', 'modified' => '2024-07-16', 'keywords' => '', 'description' => '', 'sortorder' => '21276', 'image' => '20240716080419_bankkkkkkk.jpg', 'article_date' => '2024-07-16 08:03:35', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '21549', 'article_category_id' => '1', 'title' => 'UN says World Population to Peak at 10.3 Billion in the 2080s', 'sub_title' => '', 'summary' => 'NEW YORK: Earth's population will peak in the mid-2080s at around 10.3 billion people, then drop slightly to a level much lower than anticipated a decade ago, AFP reported citing the United Nations.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">NEW YORK: Earth's population will peak in the mid-2080s at around 10.3 billion people, then drop slightly to a level much lower than anticipated a decade ago, AFP reported citing the United Nations.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">According to a news report prepared by AFP, the current population of 8.2 billion people will rise to that maximum over the next 60 years, then dip to 10.2 billion by the end of the century. The findings were based on a report entitled "World Population Prospects 2024" released recently by the UN. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">It said the size of the world's population in 2100 will be six percent lower, or 700 million people fewer, than what was anticipated in June 2013.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">"The demographic landscape has evolved greatly in recent years," said Li Junhua, UN Under-Secretary-General for Economic and Social Affairs.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">He said the unexpected population peak stems from several factors that include lower levels of fertility in some of the world's largest countries, especially China.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">He said this lower maximum will also come earlier than previously calculated and this is a hopeful sign as the world fights global warming: fewer humans accounting for less aggregate consumption would mean less pressure on the environment.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">"However, slower population growth will not eliminate the need to reduce the average impact attributable to the activities of each individual person," AFP quoted the official as saying.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">More than a quarter, or 28 percent, of the world's population now lives in one of 63 countries or areas where the population has already peaked, including China, Russia, Japan and Germany, the report said.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Nearly 50 other countries should join that group over the next 30 years, including Brazil, Iran and Turkey.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">But population growth will continue in more than 120 countries beyond 2054. These include India, Indonesia, Nigeria, Pakistan and the United States, said the UN.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">A rise in global life expectancy -- interrupted by the Covid pandemic -- has resumed, with an average of 73.3 years of longevity in 2024. It will average 77.4 years in 2054.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">So the world's population will get more and more gray. By the late 2070s, the number of people aged 65 or older is projected to be 2.2 billion, surpassing those under 18, the study predicts.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-16', 'modified' => '2024-07-16', 'keywords' => '', 'description' => '', 'sortorder' => '21275', 'image' => '20240716075353_1720894273-926f339d4de923d21b7c68021b58e151.jpg', 'article_date' => '2024-07-16 07:53:15', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '21548', 'article_category_id' => '1', 'title' => 'Contractors Halt Work After Not Getting Paid', 'sub_title' => '', 'summary' => 'KATHMANDU: As the fiscal year 2023/24 comes to an end, contractors have started halting their work due to unpaid bills. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">KATHMANDU: As the fiscal year 2023/24 comes to an end, contractors have started halting their work due to unpaid bills. Ramesh Sharma, chairman of Sharma & Company, reported stopping several projects, including the Nepalganj-Gulariya road section under the Postal Highway, and withdrawing the equipment used on site.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The government had promised to make payments by the end of the current fiscal year after which Sharma's company continued working. However, the lack of payment forced them to cease operations.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to the contractors, the government owes approximately Rs 60 billion. The Department of Roads and other offices have acknowledged their inability to pay the contractors, citing the Ministry of Finance's failure to approve the necessary funds.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The contractors, having not received their payments by the end of the fiscal year, have initiated protests. Some have been compelled to halt ongoing projects.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The Department of Roads’ inability to secure the requested amount from the Ministry of Finance has led to partial payments. The department had requested a transfer of Rs 12.5 billion, but the ministry approved only Rs 6 billion on July 9.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Amit Kumar Sharma, Deputy Spokesperson for the Department, stated that the funds received were allocated for the improvement of Mid-Hill Highway, Postal Highway, North-South Corridor, and constituency roads. As we received less than the requested amount, we could not pay all the bills.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Projects under the Department of Roads, including those related to water supply, irrigation, urban development, and local roads with bridges, have also faced payment issues.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Contractors have threatened to lock offices to secure their payments. Despite positive assurances from the Prime Minister and Minister of Finance, the Federation of Contractors Association of Nepal has announced protests, blaming the delays on part of the employees of the Ministry of Finance.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">At a press conference in Kathmandu on Thursday, Ravi Singh, President of the Federation, stated that thousands of contractors are facing bankruptcy due to the delay in payments. He mentioned that district offices responsible for payments have been locked.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Singh clarified that the Federation did not obstruct the Federal Finance and Physical Infrastructure Ministry. "We have implemented a policy to prevent non-paying offices from proceeding with their work," Singh said. "With a new government being formed, we are holding further discussions on our next strategy."</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-16', 'modified' => '2024-07-16', 'keywords' => '', 'description' => '', 'sortorder' => '21274', 'image' => '20240716075301_20230605035206_fcann.jpg', 'article_date' => '2024-07-16 07:52:24', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '21547', 'article_category_id' => '1', 'title' => 'Education, Health, and Social Sector: Government's Top Priorities, Says PM Oli', 'sub_title' => 'Government to Provide Relief to Families of Those Killed in Floods and Landslides', 'summary' => 'KATHMANDU: Prime Minister KP Sharma Oli has assured that his government would accord top priority to education, health, and social sectors, alongside maintaining good governance. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">KATHMANDU: Prime Minister KP Sharma Oli has assured that his government would accord top priority to education, health, and social sectors, alongside maintaining good governance. Oli, who is also the Chairperson of the CPN (UML), made these remarks during a programme organized by the CPN (UML)'s Kathmandu District Committee to congratulate the newly appointed Prime Minister at his official residence in Baluwatar on Monday.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">PM Oli reiterated that the incumbent government is determined to prioritize good governance and development with support from all parties. The septuagenarian leader, who became the country's 45th Prime Minister on Sunday, also pledged to work towards maintaining cordial relations with both neighboring countries, India and China.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Meanwhile, the government has decided to provide relief to the families of those killed in floods, landslides, and other natural disasters. The decision was made during the first cabinet meeting of the newly-formed government held on Monday. Minister for Communications and Information Technology, Prithvi Subba Gurung, informed the media about the decision after the meeting.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The cabinet meeting also appointed Gurung as the spokesperson for the government. Additionally, the meeting decided to provide relief to the families of those missing in the disasters for 10 days, equal to the relief given to the families of those killed.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">"There was no provision of providing relief in the past to the families of those missing. This is a new arrangement from the government," Gurung added.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The cabinet also decided to provide the relief amount of the second and third installments to the affected families from the Jajarkot earthquake. Spokesperson Gurung also said that the decisions of the cabinet meeting will now be made public only after 24 hours.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Moreover, the cabinet decided to make Nepal a 'street children-free nation' by the end of the fiscal year 2081/082 BS. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Proposals from different ministries currently in the Council of Ministers and various committees will be sent back to the concerned ministries due to the changed political context, he added.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Lastly, the Officiating Chief Secretary of the Office of the Prime Minister, Lila Devi Gadtaula, was assigned the role of Acting Chief Secretary, announced Government Spokesperson and Minister for Communications and Information Technology, Gurung. -- RSS</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-16', 'modified' => '2024-07-16', 'keywords' => 'education, health, social, Oli, government, relief, flood, victims, cabinet, decision, prime, minister', 'description' => '', 'sortorder' => '21273', 'image' => '20240716074114_RS_KTM-1721042911091(1).jpg', 'article_date' => '2024-07-16 07:40:29', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '21546', 'article_category_id' => '1', 'title' => 'NOC Hikes Petrol Price by Rs 4 Per Litre ', 'sub_title' => '', 'summary' => 'KATHMANDU: The Nepal Oil Corporation (NOC) has increased the prices of petroleum products effective from 1:00 am July 16.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">KATHMANDU: The Nepal Oil Corporation (NOC) has increased the prices of petroleum products effective from 1:00 am July 16.</span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the state-owned oil monopoly, the price of petrol has been increased by Rs 4 per litre while that of diesel and kerosene oil by Rs 3 per litre. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">With the price hike, the price of petrol per litre has reached Rs 168.50 and diesel and kerosene oil per litre Rs 157.50 respectively in Charali, Biratnagar, Janakpur, Amalekhgunj, Bhalbari, Nepalgunj, Dhangadhi and Birgunj areas. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The price of petrol has been fixed at Rs 170 per litre while diesel and kerosene oil would be traded at Rs 159 in Surkhet and Dang. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, price of petrol has been set at Rs 171 while diesel and kerosene oil per litre would be sold at Rs 160 in the Kathmandu Valley, Pokhara and Dipayal. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">A meeting of NOC Board of Directors held on Monday decided to hike the price of petrol, diesel and kerosene oil. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the NOC, the price of petroleum products was adjusted in the domestic market with the rise in price of petrol by Rs 4.48 per litre and Rs 2.83 in diesel per litre as per the new purchase price received from Indian Oil Corporation. -- RSS </span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-16', 'modified' => '2024-07-16', 'keywords' => 'NOC, IOC, petrol, diesel, ,price, hike, increase', 'description' => '', 'sortorder' => '21272', 'image' => '20240716072635_20240715103551_Price-Increase.jpg', 'article_date' => '2024-07-16 07:26:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '21545', 'article_category_id' => '1', 'title' => 'Citizens Bank International Conducts Financial Literacy Programme', 'sub_title' => '', 'summary' => 'Citizens Bank International Limited has conducted financial literacy programs through its branch offices in all seven provinces across Nepal.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">July 16: Citizens Bank International Limited has conducted financial literacy programs through its branch offices in all seven provinces across Nepal.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">In a press statement issued on Monday, the bank announced that it conducted these programs through 134 branch offices in the current fiscal year.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Approximately 10,000 people benefited from the programs, with participation from 21 branches in Koshi Province, 6 in Madhesh Province, 47 in Bagmati Province, 13 in Gandaki Province, 30 in Lumbini Province, 9 in Karnali Province, and 8 in Sudurpashchim Province.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The press release highlighted that the program covered topics such as the state of financial literacy and the increasing crimes and risks associated with the development of digital banking. The bank believes that these programs will strengthen the banking system and enhance financial knowledge among participants.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Additionally, Citizens Bank reported completing various initiatives under its corporate social responsibility commitments.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The bank provides modern banking services to approximately 1.8 million customers through its 197 branches, 160 ATMs, 3 extension counters, and 98 branchless banking units spread across 60 districts nationwide.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-16', 'modified' => '2024-07-16', 'keywords' => '', 'description' => '', 'sortorder' => '21271', 'image' => '20240716055149_collage (68).jpg', 'article_date' => '2024-07-16 05:50:16', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 7 => array( 'Article' => array( 'id' => '21543', 'article_category_id' => '1', 'title' => 'NEPSE Slumps by 17.18 Points to Close at 2240.41', 'sub_title' => '', 'summary' => 'The Nepal Stock Exchange (NEPSE) Index fell by 17.18 points, or 0.76%, closing at 2240.41 on Monday, the second trading day of the week.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">July 15: The Nepal Stock Exchange (NEPSE) Index fell by 17.18 points, or 0.76%, closing at 2240.41 on Monday, the second trading day of the week.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">During today's trading session, 322 scrips were traded through 102,372 transactions on NEPSE. A total of 25,079,079 shares were exchanged, resulting in a total turnover of Rs 8.73 billion.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Upper Tamakoshi Hydropower Limited (UPPER) led in turnover with total transactions amounting to Rs 37 crores. Civil Bank Debenture 2088 (CBLD88) and Mandu Hydropower Limited (MANDU) each saw a 10% gain, hitting the positive circuit for the day.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Conversely, Janaki Finance Limited (JFL) experienced the highest loss of 10%, closing at Rs 742 per share.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">In terms of sectoral performance, all sectors closed in the negative territory except for the Hydropower Index, Investment Index, Manufacturing and Processing Index, and Mutual Fund.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The Investment Index recorded the highest gain of 1.70%, while the Development Bank Index posted the maximum loss of 1.89%.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-15', 'modified' => '2024-07-15', 'keywords' => '', 'description' => '', 'sortorder' => '21269', 'image' => '20240715040521_collage (67).jpg', 'article_date' => '2024-07-15 16:03:55', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 8 => array( 'Article' => array( 'id' => '21541', 'article_category_id' => '1', 'title' => 'Industrialists Announce not to Use Electricity Supplied by NEA', 'sub_title' => '', 'summary' => 'KATHMANDU: After the Nepal Electricity Authority (NEA) cut off electricity to half a dozen industries due to a dispute over arrears related to dedicated feeder and trunk line fees, industrialists announced that they will not consume NEA's electricity.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">KATHMANDU: After the Nepal Electricity Authority (NEA) cut off electricity to half a dozen industries due to a dispute over arrears related to dedicated feeder and trunk line fees, industrialists announced that they will not consume NEA's electricity. In a press release issued on Sunday, the "Victims and Oppressed Industrialists Group" stated that until NEA provides uninterrupted and continuous electricity supply to all industries whose supply has been cut, none of the other industries will consume electricity from NEA.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">On Tuesday, NEA cut the lines of Reliance Spinning Mills, Ghorahi Cement, and Arghakhanchi Cement. On Wednesday, the-state-owned utility also cut the lines of Jagdamba Synthetic and Hulas Steel, and on Thursday, Jagdamba Steel's electricity was also disconnected. The NEA claims that more than five dozen industries still owe dues.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The industrialists in the statement argued that no industry will take electricity supply from NEA until the current dispute is resolved according to the recommendations given by the Lal Commission and the directives from the Cabinet.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">“Industries are ready to pay the tariff if NEA issues a bill with evidence to the industry,” the statement reads, adding, "It is regrettable that the authority's leadership is cutting power in a way that undermines the self-esteem of industrialists when they ask for the basis and reason for it."</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">A committee headed by former justice Girish Chandra Lal recommended that NEA should collect only limited arrears based on evidence, a recommendation that the Council of Ministers decided to implement. The industrialists have argued that they have not paid the arrears as demanded by the NEA because it has only sent bills without proof. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The NEA has decided to give industrialists 28 months to pay the arrears in installments, but the industrialists have refused to consume the electricity supplied by the NEA.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to NEA, industrialists owe Rs 8.25 billion including Rs 6.658 billion fee and a 25% fine for the use of electricity through dedicated feeders and trunk lines from January 2072 to May 2075. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">On Wednesday, the NEA Board of Directors decided to provide a long-term installment facility to industrialists for the payment of the outstanding amount. NEA sent a letter to 61 industries on June 24, ordering them to pay the dues within 15 days. After none of the industrialists cleared the dues within the given deadline, NEA cut the lines of six industries at different stages. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Manoj Silwal, the Deputy Executive Director of NEA, said the installment facility was provided considering the financial burden on industries to pay the amount at once. He told New Business Age, "Even though we have cut the lines of six industries, the remaining 55 industries have not come to pay the amount. This also indicates they are in a difficult financial situation. Some industrialists are still contacting us and requesting installment facilities. Therefore, the authority is in favor of providing facilities for those who intend to pay."</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">However, industrialists claim they have not demanded installment facilities from the authority. Shashikant Agarwal, the owner of Reliance Spinning Mills, told New Business Age that they would not pay the amount to the authority, regardless of the time given for installment facilities.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to the industrialists, NEA went against the Lal Commission's decision and issued the bills. NEA sources have said that the Lal Commission's report is not in the interest of NEA and favors only the industrialists.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-15', 'modified' => '2024-07-15', 'keywords' => '', 'description' => '', 'sortorder' => '21267', 'image' => '20240715013859_bc571904.jpeg', 'article_date' => '2024-07-15 13:38:18', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '21540', 'article_category_id' => '1', 'title' => 'Respite for Banks as NRB Announces Concessions in Credit Risk Management', 'sub_title' => '', 'summary' => 'KATHMANDU: Nepal Rastra Bank (NRB) has reduced the amount that banks and financial institutions must set aside for loan loss provisioning, providing relief to the banking sector. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">KATHMANDU: Nepal Rastra Bank (NRB) has reduced the amount that banks and financial institutions must set aside for loan loss provisioning, providing relief to the banking sector. In the third quarterly review of the monetary policy for the current financial year (FY 2080/81) in the third week of May, the central bank announced that banks could reduce provisioning for loans classified in the good category from 1.25 percent to 1.20 percent. By the fourth week, NRB issued instructions to implement the new provisioning. Consequently, the overall provisioning amount of banks has decreased.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the NRB, banks and financial institutions had set aside a total of Rs 77.79 billion for provisioning as of mid-June of the current year. This figure represents a 0.91 percent decrease compared to Rs 78.50 billion set aside until mid-May.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Due to the slowdown in economic activities, bad loans have increased as banks have struggled to recover the loans. Banks have been demanding concessions in provisioning due to the rise in bad loans. Before the Covid-19 pandemic, only 1 percent provisioning was required for good loans. This rate was increased to 1.30 percent during the pandemic but was reduced to 1.25 percent last year and further decreased to 1.20 percent in May of this year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Sunil KC, President of the Nepal Bankers Association, stated that the central bank had increased provisioning due to the heightened risk during the Covid-19 pandemic and that they had been suggesting a return to previous levels. Banks and financial institutions now have to set aside 1.20 percent of the loan amount for provisioning as soon as they disburse loans. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Additionally, if a loan is overdue for more than one month, banks must set aside 5 percent of the loan amount for provisioning. The central bank has mandated 25 percent provisioning for loans overdue for 3 to 6 months, 50 percent provisioning for loans overdue for 6 months to one year, and 100 percent provisioning for loans overdue for more than one year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to Nepal Rastra Bank, banks and financial institutions earned a net profit of Rs 61.95 billion by mid-June of this year. During this period, commercial banks made a net profit of Rs 56.45 billion, development banks Rs 4.95 billion, and finance companies Rs 540 million. Compared to last year, the profit of banks is 16 percent lower this year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Banks have been unable to extend credit flow in proportion to the increase in deposits, affecting their income. The rise in bad loans has also impacted banks’ profits. Due to non-recovery of loans, the distributable profit of 10 commercial banks was negative in the third quarter of the current year.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-15', 'modified' => '2024-07-15', 'keywords' => '', 'description' => '', 'sortorder' => '21266', 'image' => '20240715012550_Banks - Copy.jpg', 'article_date' => '2024-07-15 13:25:07', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '21539', 'article_category_id' => '1', 'title' => 'Newly-Appointed Prime Minister Oli Takes Oath of Office', 'sub_title' => '', 'summary' => 'KATHMANDU: President Ram Chandra Paudel administered the oath of office and secrecy to newly-appointed Prime Minister KP Sharma Oli today. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">KATHMANDU: President Ram Chandra Paudel administered the oath of office and secrecy to newly-appointed Prime Minister KP Sharma Oli today, July 15. The ceremony took place this morning at Rashtrapati Bhawan, Sheetal Niwas.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The event was attended by Vice President Ram Sahay Prasad Yadav, Chief Justice Bishwambhar Prasad Shrestha, Speaker Devraj Ghimire, National Assembly Chairman Narayan Prasad Dahal, outgoing Prime Minister Pushpa Kamal Dahal, former prime ministers Sher Bahadur Deuba, Jhalanath Khanal, and Dr. Baburam Bhattarai, leaders of various political parties, MPs, senior government officials, chiefs of the security bodies, heads and representatives of Nepal-based diplomatic missions, and distinguished persons from various walks of life.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">President Paudel appointed CPN (UML) Chair Oli to the post of Prime Minister on July 14 in accordance with Article 76 (2) of the Constitution of Nepal. Oli has the support of the Nepali Congress, the largest party, and the UML, the second largest party, in the House of Representatives, the lower chamber of the Federal Parliament.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Chair Oli was appointed Prime Minister following an agreement between the Nepali Congress and the UML on July 1 to form a new government. -- RSS</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-15', 'modified' => '2024-07-15', 'keywords' => '', 'description' => '', 'sortorder' => '21265', 'image' => '20240715124736_PRO-KTM-31066A4498copy.jpg', 'article_date' => '2024-07-15 12:46:30', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '21538', 'article_category_id' => '1', 'title' => 'Floods Damage Indrawati III Hydropower Project', 'sub_title' => '', 'summary' => 'Sindhupalchok: Floods in the Yangri and Indrawati rivers last night damaged the 7.5 MW Indrawati III Hydropower Project.', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Sindhupalchok</span>: Floods in the Yangri and Indrawati rivers last night damaged the 7.5 MW Indrawati III Hydropower Project. The dam in Tipeni of Panchpokhari has been filled with sand, and the substation and power house have suffered damage, according to Tashi Lama, chair of Panchpokhari Thangpal Rural Municipality. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">As a result, power supply in most parts of constituency number 2 of the district has been interrupted. Additionally, the road from Khaldekhola to Tipeni has been blocked.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Local resident Galbo Samden reported that the bridge connecting Chinde Jatan, along with the Yangri bridge, were also swept away by the flood. The Yangri and Indrawati rivers have washed away agricultural land along the riverbanks. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The Bailey bridge built last year in Melamchi, which connects Melamchi, Indrawati, and Panchpokhari, is also at risk. Similarly, the newly constructed bus park, playground, and covered hall under construction in Melamchi are said to be at risk of flooding.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-15', 'modified' => '2024-07-15', 'keywords' => '', 'description' => '', 'sortorder' => '21264', 'image' => '20240715114813_hydro.jpg', 'article_date' => '2024-07-15 11:47:32', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '21537', 'article_category_id' => '1', 'title' => 'Private Sector Expects Stability and Economic Reform During Oli’s Tenure', 'sub_title' => '', 'summary' => 'KATHMANDU: With the formation of a new government in collaboration between the Nepali Congress and the CPN (UML), UML Chairman KP Sharma Oli was appointed as prime minister on Sunday.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">BIJAY DAMASE</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">KATHMANDU: With the formation of a new government in collaboration between the Nepali Congress and the CPN (UML), UML Chairman KP Sharma Oli was appointed as prime minister on Sunday. President Ram Chandra Paudel appointed Oli as Prime Minister on Sunday (July 14) according to Article 76 (2) of the Constitution. As the newly appointed Prime Minister prepares to take oath on Monday (today), the private sector is optimistic about the new government.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The stock market has reflected this optimism. On Sunday, the NEPSE index increased by 52.97 points. "The stock market has already welcomed the new government," Hemraj Dhakal, Vice President of the Federation of Nepalese Chamber of Commerce and Industries (FNCCI), told New Business Age. He added, "The private sector expects political stability."</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">FNCCI Vice President Dhakal expressed hope that the coalition of the two major political parties would revitalize the economy. He believes the new government will have the ability to make decisive economic reforms due to the collaboration of major parties. Historically, no government in Nepal has lasted five years since the political change of 1990. The KP Oli-led government formed after the 2017 election did not last five years due to internal strife within the then Nepal Communist Party, despite having an overwhelming majority. The private sector has long complained about the lack of a predictable investment environment due to frequent government changes and shifting policies.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">A 2014 study report by the Millennium Challenge Corporation, an American international aid organization, highlighted political instability as a major obstacle to Nepal's economic development. The report also cited the lack of electricity, high transportation costs, and strict labor laws as significant challenges. While there have been improvements in electricity supply and labor laws, political instability and high transportation costs remain major obstacles. With the new government formed through a coalition of two major parties, industrialists and businessmen hope for better political stability and a more favorable investment environment.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Rajesh Agrawal, President of the Confederation of Nepalese Industries (CNI), stated that the formation of the new government will increase confidence in the market. He noted that the power equation between the two political parties is well-suited to providing a solid direction for the economy and strengthening it. He highlighted several economic challenges, including a slowdown in economic activities, a shrinking real estate market, industrial businesses operating at only 30 to 40 percent capacity, high bank interest rates, and a stagnant capital market. Businessmen have had to bear the instability caused by frequent government changes every 4-6 months, he said, adding, "The new power equation has made us optimistic about political stability and a stable government." </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Agrawal suggested that the government take immediate steps to stabilize the economy for the next three years and make tough decisions to keep it running.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">When the government failed to pay construction workers, it not only affected them but also impacted the suppliers and manufacturers of construction materials. The government is one of the main buyers of industrial products. Industrialists have also reported that industries have not been able to operate at maximum capacity due to weak market demand. Despite large remittance inflows, there has not been a corresponding increase in market demand, affecting production.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to the National Statistics Office, the economy is projected to grow by 3.87 percent in the current fiscal year. The office estimates that the manufacturing industry and construction sector will shrink while the wholesale and retail trade sector will grow moderately.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Agrawal emphasized the need for policy reforms to make the economy sustainable. Although the Pushpa Kamal Dahal-led government announced a new reform program in the budget for the next fiscal year, there is uncertainty about whether the new government will adopt the budget. The budget for the current year 2080/81 was introduced by former Finance Minister Dr. Prakash Sharan Mahat, and the budget for the upcoming year 2081/82 was presented by Finance Minister Barshman Pun.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Kamlesh Agrawal, President of the Nepal Chamber of Commerce, stated that he is always hopeful when a new government comes into power, but that hope often turns into disappointment. However, he is more optimistic about the government formed by the two major parties in parliament.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">"If the two big parties form a government together, it will bring stability," he told New Business Age. He believes that frequent government changes disrupt previous policies and disturb the investment environment. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span></p> ', 'published' => true, 'created' => '2024-07-15', 'modified' => '2024-07-15', 'keywords' => '', 'description' => '', 'sortorder' => '21263', 'image' => '20240715105532_1661323579_kpanddeuba-1200x560_20220824130259.jpg', 'article_date' => '2024-07-15 10:54:55', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '21536', 'article_category_id' => '1', 'title' => 'Monsoon-Induced Disaster Death Toll Climbs to 108', 'sub_title' => '', 'summary' => 'KATHMANDU: A total of 108 people have died due to monsoon-induced disasters, including floods, landslides, and inundations in different parts of the country so far this year. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">KATHMANDU: A total of 108 people have died due to monsoon-induced disasters, including floods, landslides, and inundations in different parts of the country so far this year. According to the Nepal Police headquarters, the death toll in the monsoon season, which began on June 10, has reached 108 as of July 14.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">Among the deceased, two were from Kathmandu Valley, 19 from Koshi Province, five from Madhesh Province, nine from Bagmati Province, 38 from Gandaki Province, 23 from Lumbini Province, four from Karnali Province, and eight from Sudurpaschim Province.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">In addition, 119 people were injured in these incidents: eight in Kathmandu Valley, 31 in Koshi Province, nine in Madhesh Province, seven in Bagmati Province, 28 in Gandaki Province, nine in Lumbini Province, 16 in Karnali Province, and 11 in Sudurpaschim Province.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">Nepal Police reported that 53 people affected by floods and landslides have been rescued, while six people are still missing. During this period, a total of 182 houses were inundated due to floods. Additionally, 203 houses, 75 sheds, 41 bridges, one school, and two government offices were damaged. -- RSS</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-15', 'modified' => '2024-07-15', 'keywords' => '', 'description' => '', 'sortorder' => '21262', 'image' => '20240715101234_KDN_Dang-20240706_171042.jpg', 'article_date' => '2024-07-15 10:11:55', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '21535', 'article_category_id' => '1', 'title' => 'Manakamana Cable Car to Remain Closed for 50 Days', 'sub_title' => '', 'summary' => 'MUGLIN: The Manakamana Cable Car will be closed for the next 50 days starting from today (July 15). ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">MUGLIN: The Manakamana Cable Car will be closed for the next 50 days starting from today (July 15). The operator, Manakamana Darshan Pvt Ltd, announced that the closure is necessary to upgrade the system from analog to digital technology. Ujjwal Sherchan, Deputy General Manager of Manakamana Darshan Pvt Ltd, stated that the main metal cable, in use for 26 years, will also be replaced.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">Technicians from the Austrian company Doppelmayr are handling the upgrades and maintenance. The project includes several stages of modernization to ensure the system meets current standards.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">Operating since 1998 (2055 BS), the Manakamana cable car has provided convenience to pilgrims visiting the Manakamana temple, a prominent religious site in Sahid Lakhan Rural Municipality of Gorkha. During the closure, the restaurant at the bottom station in Ichchakamana-4 Kurintar, Chitwan, will remain open. -- RSS</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-15', 'modified' => '2024-07-15', 'keywords' => '', 'description' => '', 'sortorder' => '21261', 'image' => '20240715092846_20240616051409_collage (13).jpg', 'article_date' => '2024-07-15 09:28:05', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ) ) $current_user = null $logged_in = false $xml = falseinclude - APP/View/Elements/side_bar.ctp, line 133 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
Warning (2): simplexml_load_file() [<a href='http://php.net/function.simplexml-load-file'>function.simplexml-load-file</a>]: I/O warning : failed to load external entity "" [APP/View/Elements/side_bar.ctp, line 133]file not found!Code Context// $file = 'http://aabhiyan:QUVLg8Wzs2F7G9N7@nepalstock.com.np/api/subindexdata.xml';if(!$xml = simplexml_load_file($file)){$viewFile = '/var/www/html/newbusinessage.com/app/View/Elements/side_bar.ctp' $dataForView = array( 'articles' => array( (int) 0 => array( 'Article' => array( [maximum depth reached] ) ), (int) 1 => array( 'Article' => array( [maximum depth reached] ) ), (int) 2 => array( 'Article' => array( [maximum depth reached] ) ), (int) 3 => array( 'Article' => array( [maximum depth reached] ) ), (int) 4 => array( 'Article' => array( [maximum depth reached] ) ), (int) 5 => array( 'Article' => array( [maximum depth reached] ) ), (int) 6 => array( 'Article' => array( [maximum depth reached] ) ), (int) 7 => array( 'Article' => array( [maximum depth reached] ) ), (int) 8 => array( 'Article' => array( [maximum depth reached] ) ), (int) 9 => array( 'Article' => array( [maximum depth reached] ) ), (int) 10 => array( 'Article' => array( [maximum depth reached] ) ), (int) 11 => array( 'Article' => array( [maximum depth reached] ) ), (int) 12 => array( 'Article' => array( [maximum depth reached] ) ), (int) 13 => array( 'Article' => array( [maximum depth reached] ) ), (int) 14 => array( 'Article' => array( [maximum depth reached] ) ) ), 'current_user' => null, 'logged_in' => false ) $articles = array( (int) 0 => array( 'Article' => array( 'id' => '21551', 'article_category_id' => '1', 'title' => 'Tourism Policy to be Updated Timely: Minister Pande', 'sub_title' => '', 'summary' => 'KATHMANDU: The newly appointed Minister for Culture, Tourism, and Civil Aviation, Badri Pande, has announced that the tourism policy will be updated in a timely manner to contribute to the development of the tourism sector.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">KATHMANDU: The newly appointed Minister for Culture, Tourism, and Civil Aviation, Badri Pande, has announced that the tourism policy will be updated in a timely manner to contribute to the development of the tourism sector.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Minister Pande emphasized that new programs would be launched to attract more tourists by exploring tourism potentials through a revised policy. He made these remarks while assuming office in Singha Durbar on Monday.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">To ensure the policy is relevant, Minister Pande formed a task force coordinated by a joint secretary at the ministry. He expressed confidence that the country would witness tourism development as national politics stabilizes. The tourism sector, which was severely affected by the COVID-19 pandemic, is gradually recovering. According to Minister Pande, formulating and enforcing an effective strategy is crucial to achieving tourism targets.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">He also called for cooperation from the employees, acknowledging their role as the permanent government.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Minister Pande stressed that culture is the essence of the country and requires proper attention and protection. In line with this, he signed a decision to form a task force to study and suggest updates to the Tourism Policy, 2065. This task force is coordinated by Joint Secretary Hemraj Tamang at the ministry.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">He reminded that the effective operation of international airports and the national flag carrier would significantly boost tourism.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Minister Pande is the 41st Tourism Minister of the country. The ministry was first established in 2034 BS with Dr. Harka Gurung as the Minister of State for Tourism.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Born in Bajura district in 2030 BS, Minister Pande is a Nepali Congress lawmaker elected from constituency no. 1 of Bajura in the 2079 BS general election. He has been involved in politics since 2043 BS with his affiliation to the Nepali Congress and has served in various capacities within the party since his student days in politics.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">He holds an MA in Political Science from Tribhuvan University.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-16', 'modified' => '2024-07-16', 'keywords' => '', 'description' => '', 'sortorder' => '21277', 'image' => '20240716081124_Tourist.jpg', 'article_date' => '2024-07-16 08:10:03', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '21550', 'article_category_id' => '1', 'title' => 'Share Prices of Eight Commercial Banks Drop Below Rs 200, Yet Fail to Attract Investors', 'sub_title' => '', 'summary' => 'KATHMANDU: Out of 19 commercial banks listed on the Nepal Stock Exchange (NEPSE), the share prices of eight banks have fallen below Rs 200. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">KATHMANDU: Out of 19 commercial banks listed on the Nepal Stock Exchange (NEPSE), the share prices of eight banks have fallen below Rs 200. According to NEPSE, these banks include Kumari Bank, Prabhu Bank, Nepal Investment Bank, Laxmi Sunrise Bank, Citizens Bank, Global IME Bank, Machhapuchhre Bank, and Himalayan Bank. Among these, Kumari Bank has the lowest share price, which stood at NPR 153 on July 15.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Conversely, Standard Chartered Bank has the highest share price at Rs 583.8, followed by Everest Bank at Rs 602.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Despite the low share prices of these commercial banks, they have not attracted investors. Recently, investors have shown interest in companies with a lower number of shares. Experts attribute the lack of interest in commercial bank shares to their high share volume and poor financial statements.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The latest third-quarter financial statements reveal that the distributable profit of 10 banks is negative, and eight banks did not pay dividends from the profits of the last fiscal year 2079/80. Many banks are unable to provide returns to their shareholders.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Experts suggest that the inability to increase business following mergers has contributed to the decline in commercial banks' share prices. However, some investors believe that this period presents a good opportunity for investment.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-16', 'modified' => '2024-07-16', 'keywords' => '', 'description' => '', 'sortorder' => '21276', 'image' => '20240716080419_bankkkkkkk.jpg', 'article_date' => '2024-07-16 08:03:35', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '21549', 'article_category_id' => '1', 'title' => 'UN says World Population to Peak at 10.3 Billion in the 2080s', 'sub_title' => '', 'summary' => 'NEW YORK: Earth's population will peak in the mid-2080s at around 10.3 billion people, then drop slightly to a level much lower than anticipated a decade ago, AFP reported citing the United Nations.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">NEW YORK: Earth's population will peak in the mid-2080s at around 10.3 billion people, then drop slightly to a level much lower than anticipated a decade ago, AFP reported citing the United Nations.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">According to a news report prepared by AFP, the current population of 8.2 billion people will rise to that maximum over the next 60 years, then dip to 10.2 billion by the end of the century. The findings were based on a report entitled "World Population Prospects 2024" released recently by the UN. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">It said the size of the world's population in 2100 will be six percent lower, or 700 million people fewer, than what was anticipated in June 2013.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">"The demographic landscape has evolved greatly in recent years," said Li Junhua, UN Under-Secretary-General for Economic and Social Affairs.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">He said the unexpected population peak stems from several factors that include lower levels of fertility in some of the world's largest countries, especially China.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">He said this lower maximum will also come earlier than previously calculated and this is a hopeful sign as the world fights global warming: fewer humans accounting for less aggregate consumption would mean less pressure on the environment.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">"However, slower population growth will not eliminate the need to reduce the average impact attributable to the activities of each individual person," AFP quoted the official as saying.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">More than a quarter, or 28 percent, of the world's population now lives in one of 63 countries or areas where the population has already peaked, including China, Russia, Japan and Germany, the report said.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Nearly 50 other countries should join that group over the next 30 years, including Brazil, Iran and Turkey.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">But population growth will continue in more than 120 countries beyond 2054. These include India, Indonesia, Nigeria, Pakistan and the United States, said the UN.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">A rise in global life expectancy -- interrupted by the Covid pandemic -- has resumed, with an average of 73.3 years of longevity in 2024. It will average 77.4 years in 2054.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">So the world's population will get more and more gray. By the late 2070s, the number of people aged 65 or older is projected to be 2.2 billion, surpassing those under 18, the study predicts.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-16', 'modified' => '2024-07-16', 'keywords' => '', 'description' => '', 'sortorder' => '21275', 'image' => '20240716075353_1720894273-926f339d4de923d21b7c68021b58e151.jpg', 'article_date' => '2024-07-16 07:53:15', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '21548', 'article_category_id' => '1', 'title' => 'Contractors Halt Work After Not Getting Paid', 'sub_title' => '', 'summary' => 'KATHMANDU: As the fiscal year 2023/24 comes to an end, contractors have started halting their work due to unpaid bills. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">KATHMANDU: As the fiscal year 2023/24 comes to an end, contractors have started halting their work due to unpaid bills. Ramesh Sharma, chairman of Sharma & Company, reported stopping several projects, including the Nepalganj-Gulariya road section under the Postal Highway, and withdrawing the equipment used on site.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The government had promised to make payments by the end of the current fiscal year after which Sharma's company continued working. However, the lack of payment forced them to cease operations.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to the contractors, the government owes approximately Rs 60 billion. The Department of Roads and other offices have acknowledged their inability to pay the contractors, citing the Ministry of Finance's failure to approve the necessary funds.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The contractors, having not received their payments by the end of the fiscal year, have initiated protests. Some have been compelled to halt ongoing projects.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The Department of Roads’ inability to secure the requested amount from the Ministry of Finance has led to partial payments. The department had requested a transfer of Rs 12.5 billion, but the ministry approved only Rs 6 billion on July 9.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Amit Kumar Sharma, Deputy Spokesperson for the Department, stated that the funds received were allocated for the improvement of Mid-Hill Highway, Postal Highway, North-South Corridor, and constituency roads. As we received less than the requested amount, we could not pay all the bills.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Projects under the Department of Roads, including those related to water supply, irrigation, urban development, and local roads with bridges, have also faced payment issues.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Contractors have threatened to lock offices to secure their payments. Despite positive assurances from the Prime Minister and Minister of Finance, the Federation of Contractors Association of Nepal has announced protests, blaming the delays on part of the employees of the Ministry of Finance.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">At a press conference in Kathmandu on Thursday, Ravi Singh, President of the Federation, stated that thousands of contractors are facing bankruptcy due to the delay in payments. He mentioned that district offices responsible for payments have been locked.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Singh clarified that the Federation did not obstruct the Federal Finance and Physical Infrastructure Ministry. "We have implemented a policy to prevent non-paying offices from proceeding with their work," Singh said. "With a new government being formed, we are holding further discussions on our next strategy."</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-16', 'modified' => '2024-07-16', 'keywords' => '', 'description' => '', 'sortorder' => '21274', 'image' => '20240716075301_20230605035206_fcann.jpg', 'article_date' => '2024-07-16 07:52:24', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '21547', 'article_category_id' => '1', 'title' => 'Education, Health, and Social Sector: Government's Top Priorities, Says PM Oli', 'sub_title' => 'Government to Provide Relief to Families of Those Killed in Floods and Landslides', 'summary' => 'KATHMANDU: Prime Minister KP Sharma Oli has assured that his government would accord top priority to education, health, and social sectors, alongside maintaining good governance. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">KATHMANDU: Prime Minister KP Sharma Oli has assured that his government would accord top priority to education, health, and social sectors, alongside maintaining good governance. Oli, who is also the Chairperson of the CPN (UML), made these remarks during a programme organized by the CPN (UML)'s Kathmandu District Committee to congratulate the newly appointed Prime Minister at his official residence in Baluwatar on Monday.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">PM Oli reiterated that the incumbent government is determined to prioritize good governance and development with support from all parties. The septuagenarian leader, who became the country's 45th Prime Minister on Sunday, also pledged to work towards maintaining cordial relations with both neighboring countries, India and China.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Meanwhile, the government has decided to provide relief to the families of those killed in floods, landslides, and other natural disasters. The decision was made during the first cabinet meeting of the newly-formed government held on Monday. Minister for Communications and Information Technology, Prithvi Subba Gurung, informed the media about the decision after the meeting.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The cabinet meeting also appointed Gurung as the spokesperson for the government. Additionally, the meeting decided to provide relief to the families of those missing in the disasters for 10 days, equal to the relief given to the families of those killed.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">"There was no provision of providing relief in the past to the families of those missing. This is a new arrangement from the government," Gurung added.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The cabinet also decided to provide the relief amount of the second and third installments to the affected families from the Jajarkot earthquake. Spokesperson Gurung also said that the decisions of the cabinet meeting will now be made public only after 24 hours.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Moreover, the cabinet decided to make Nepal a 'street children-free nation' by the end of the fiscal year 2081/082 BS. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Proposals from different ministries currently in the Council of Ministers and various committees will be sent back to the concerned ministries due to the changed political context, he added.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Lastly, the Officiating Chief Secretary of the Office of the Prime Minister, Lila Devi Gadtaula, was assigned the role of Acting Chief Secretary, announced Government Spokesperson and Minister for Communications and Information Technology, Gurung. -- RSS</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-16', 'modified' => '2024-07-16', 'keywords' => 'education, health, social, Oli, government, relief, flood, victims, cabinet, decision, prime, minister', 'description' => '', 'sortorder' => '21273', 'image' => '20240716074114_RS_KTM-1721042911091(1).jpg', 'article_date' => '2024-07-16 07:40:29', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '21546', 'article_category_id' => '1', 'title' => 'NOC Hikes Petrol Price by Rs 4 Per Litre ', 'sub_title' => '', 'summary' => 'KATHMANDU: The Nepal Oil Corporation (NOC) has increased the prices of petroleum products effective from 1:00 am July 16.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">KATHMANDU: The Nepal Oil Corporation (NOC) has increased the prices of petroleum products effective from 1:00 am July 16.</span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the state-owned oil monopoly, the price of petrol has been increased by Rs 4 per litre while that of diesel and kerosene oil by Rs 3 per litre. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">With the price hike, the price of petrol per litre has reached Rs 168.50 and diesel and kerosene oil per litre Rs 157.50 respectively in Charali, Biratnagar, Janakpur, Amalekhgunj, Bhalbari, Nepalgunj, Dhangadhi and Birgunj areas. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The price of petrol has been fixed at Rs 170 per litre while diesel and kerosene oil would be traded at Rs 159 in Surkhet and Dang. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, price of petrol has been set at Rs 171 while diesel and kerosene oil per litre would be sold at Rs 160 in the Kathmandu Valley, Pokhara and Dipayal. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">A meeting of NOC Board of Directors held on Monday decided to hike the price of petrol, diesel and kerosene oil. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the NOC, the price of petroleum products was adjusted in the domestic market with the rise in price of petrol by Rs 4.48 per litre and Rs 2.83 in diesel per litre as per the new purchase price received from Indian Oil Corporation. -- RSS </span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-16', 'modified' => '2024-07-16', 'keywords' => 'NOC, IOC, petrol, diesel, ,price, hike, increase', 'description' => '', 'sortorder' => '21272', 'image' => '20240716072635_20240715103551_Price-Increase.jpg', 'article_date' => '2024-07-16 07:26:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '21545', 'article_category_id' => '1', 'title' => 'Citizens Bank International Conducts Financial Literacy Programme', 'sub_title' => '', 'summary' => 'Citizens Bank International Limited has conducted financial literacy programs through its branch offices in all seven provinces across Nepal.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">July 16: Citizens Bank International Limited has conducted financial literacy programs through its branch offices in all seven provinces across Nepal.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">In a press statement issued on Monday, the bank announced that it conducted these programs through 134 branch offices in the current fiscal year.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Approximately 10,000 people benefited from the programs, with participation from 21 branches in Koshi Province, 6 in Madhesh Province, 47 in Bagmati Province, 13 in Gandaki Province, 30 in Lumbini Province, 9 in Karnali Province, and 8 in Sudurpashchim Province.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The press release highlighted that the program covered topics such as the state of financial literacy and the increasing crimes and risks associated with the development of digital banking. The bank believes that these programs will strengthen the banking system and enhance financial knowledge among participants.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Additionally, Citizens Bank reported completing various initiatives under its corporate social responsibility commitments.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The bank provides modern banking services to approximately 1.8 million customers through its 197 branches, 160 ATMs, 3 extension counters, and 98 branchless banking units spread across 60 districts nationwide.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-16', 'modified' => '2024-07-16', 'keywords' => '', 'description' => '', 'sortorder' => '21271', 'image' => '20240716055149_collage (68).jpg', 'article_date' => '2024-07-16 05:50:16', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 7 => array( 'Article' => array( 'id' => '21543', 'article_category_id' => '1', 'title' => 'NEPSE Slumps by 17.18 Points to Close at 2240.41', 'sub_title' => '', 'summary' => 'The Nepal Stock Exchange (NEPSE) Index fell by 17.18 points, or 0.76%, closing at 2240.41 on Monday, the second trading day of the week.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">July 15: The Nepal Stock Exchange (NEPSE) Index fell by 17.18 points, or 0.76%, closing at 2240.41 on Monday, the second trading day of the week.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">During today's trading session, 322 scrips were traded through 102,372 transactions on NEPSE. A total of 25,079,079 shares were exchanged, resulting in a total turnover of Rs 8.73 billion.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Upper Tamakoshi Hydropower Limited (UPPER) led in turnover with total transactions amounting to Rs 37 crores. Civil Bank Debenture 2088 (CBLD88) and Mandu Hydropower Limited (MANDU) each saw a 10% gain, hitting the positive circuit for the day.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Conversely, Janaki Finance Limited (JFL) experienced the highest loss of 10%, closing at Rs 742 per share.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">In terms of sectoral performance, all sectors closed in the negative territory except for the Hydropower Index, Investment Index, Manufacturing and Processing Index, and Mutual Fund.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The Investment Index recorded the highest gain of 1.70%, while the Development Bank Index posted the maximum loss of 1.89%.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-15', 'modified' => '2024-07-15', 'keywords' => '', 'description' => '', 'sortorder' => '21269', 'image' => '20240715040521_collage (67).jpg', 'article_date' => '2024-07-15 16:03:55', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 8 => array( 'Article' => array( 'id' => '21541', 'article_category_id' => '1', 'title' => 'Industrialists Announce not to Use Electricity Supplied by NEA', 'sub_title' => '', 'summary' => 'KATHMANDU: After the Nepal Electricity Authority (NEA) cut off electricity to half a dozen industries due to a dispute over arrears related to dedicated feeder and trunk line fees, industrialists announced that they will not consume NEA's electricity.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">KATHMANDU: After the Nepal Electricity Authority (NEA) cut off electricity to half a dozen industries due to a dispute over arrears related to dedicated feeder and trunk line fees, industrialists announced that they will not consume NEA's electricity. In a press release issued on Sunday, the "Victims and Oppressed Industrialists Group" stated that until NEA provides uninterrupted and continuous electricity supply to all industries whose supply has been cut, none of the other industries will consume electricity from NEA.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">On Tuesday, NEA cut the lines of Reliance Spinning Mills, Ghorahi Cement, and Arghakhanchi Cement. On Wednesday, the-state-owned utility also cut the lines of Jagdamba Synthetic and Hulas Steel, and on Thursday, Jagdamba Steel's electricity was also disconnected. The NEA claims that more than five dozen industries still owe dues.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The industrialists in the statement argued that no industry will take electricity supply from NEA until the current dispute is resolved according to the recommendations given by the Lal Commission and the directives from the Cabinet.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">“Industries are ready to pay the tariff if NEA issues a bill with evidence to the industry,” the statement reads, adding, "It is regrettable that the authority's leadership is cutting power in a way that undermines the self-esteem of industrialists when they ask for the basis and reason for it."</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">A committee headed by former justice Girish Chandra Lal recommended that NEA should collect only limited arrears based on evidence, a recommendation that the Council of Ministers decided to implement. The industrialists have argued that they have not paid the arrears as demanded by the NEA because it has only sent bills without proof. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The NEA has decided to give industrialists 28 months to pay the arrears in installments, but the industrialists have refused to consume the electricity supplied by the NEA.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to NEA, industrialists owe Rs 8.25 billion including Rs 6.658 billion fee and a 25% fine for the use of electricity through dedicated feeders and trunk lines from January 2072 to May 2075. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">On Wednesday, the NEA Board of Directors decided to provide a long-term installment facility to industrialists for the payment of the outstanding amount. NEA sent a letter to 61 industries on June 24, ordering them to pay the dues within 15 days. After none of the industrialists cleared the dues within the given deadline, NEA cut the lines of six industries at different stages. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Manoj Silwal, the Deputy Executive Director of NEA, said the installment facility was provided considering the financial burden on industries to pay the amount at once. He told New Business Age, "Even though we have cut the lines of six industries, the remaining 55 industries have not come to pay the amount. This also indicates they are in a difficult financial situation. Some industrialists are still contacting us and requesting installment facilities. Therefore, the authority is in favor of providing facilities for those who intend to pay."</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">However, industrialists claim they have not demanded installment facilities from the authority. Shashikant Agarwal, the owner of Reliance Spinning Mills, told New Business Age that they would not pay the amount to the authority, regardless of the time given for installment facilities.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to the industrialists, NEA went against the Lal Commission's decision and issued the bills. NEA sources have said that the Lal Commission's report is not in the interest of NEA and favors only the industrialists.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-15', 'modified' => '2024-07-15', 'keywords' => '', 'description' => '', 'sortorder' => '21267', 'image' => '20240715013859_bc571904.jpeg', 'article_date' => '2024-07-15 13:38:18', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '21540', 'article_category_id' => '1', 'title' => 'Respite for Banks as NRB Announces Concessions in Credit Risk Management', 'sub_title' => '', 'summary' => 'KATHMANDU: Nepal Rastra Bank (NRB) has reduced the amount that banks and financial institutions must set aside for loan loss provisioning, providing relief to the banking sector. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">KATHMANDU: Nepal Rastra Bank (NRB) has reduced the amount that banks and financial institutions must set aside for loan loss provisioning, providing relief to the banking sector. In the third quarterly review of the monetary policy for the current financial year (FY 2080/81) in the third week of May, the central bank announced that banks could reduce provisioning for loans classified in the good category from 1.25 percent to 1.20 percent. By the fourth week, NRB issued instructions to implement the new provisioning. Consequently, the overall provisioning amount of banks has decreased.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the NRB, banks and financial institutions had set aside a total of Rs 77.79 billion for provisioning as of mid-June of the current year. This figure represents a 0.91 percent decrease compared to Rs 78.50 billion set aside until mid-May.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Due to the slowdown in economic activities, bad loans have increased as banks have struggled to recover the loans. Banks have been demanding concessions in provisioning due to the rise in bad loans. Before the Covid-19 pandemic, only 1 percent provisioning was required for good loans. This rate was increased to 1.30 percent during the pandemic but was reduced to 1.25 percent last year and further decreased to 1.20 percent in May of this year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Sunil KC, President of the Nepal Bankers Association, stated that the central bank had increased provisioning due to the heightened risk during the Covid-19 pandemic and that they had been suggesting a return to previous levels. Banks and financial institutions now have to set aside 1.20 percent of the loan amount for provisioning as soon as they disburse loans. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Additionally, if a loan is overdue for more than one month, banks must set aside 5 percent of the loan amount for provisioning. The central bank has mandated 25 percent provisioning for loans overdue for 3 to 6 months, 50 percent provisioning for loans overdue for 6 months to one year, and 100 percent provisioning for loans overdue for more than one year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to Nepal Rastra Bank, banks and financial institutions earned a net profit of Rs 61.95 billion by mid-June of this year. During this period, commercial banks made a net profit of Rs 56.45 billion, development banks Rs 4.95 billion, and finance companies Rs 540 million. Compared to last year, the profit of banks is 16 percent lower this year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Banks have been unable to extend credit flow in proportion to the increase in deposits, affecting their income. The rise in bad loans has also impacted banks’ profits. Due to non-recovery of loans, the distributable profit of 10 commercial banks was negative in the third quarter of the current year.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-15', 'modified' => '2024-07-15', 'keywords' => '', 'description' => '', 'sortorder' => '21266', 'image' => '20240715012550_Banks - Copy.jpg', 'article_date' => '2024-07-15 13:25:07', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '21539', 'article_category_id' => '1', 'title' => 'Newly-Appointed Prime Minister Oli Takes Oath of Office', 'sub_title' => '', 'summary' => 'KATHMANDU: President Ram Chandra Paudel administered the oath of office and secrecy to newly-appointed Prime Minister KP Sharma Oli today. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">KATHMANDU: President Ram Chandra Paudel administered the oath of office and secrecy to newly-appointed Prime Minister KP Sharma Oli today, July 15. The ceremony took place this morning at Rashtrapati Bhawan, Sheetal Niwas.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The event was attended by Vice President Ram Sahay Prasad Yadav, Chief Justice Bishwambhar Prasad Shrestha, Speaker Devraj Ghimire, National Assembly Chairman Narayan Prasad Dahal, outgoing Prime Minister Pushpa Kamal Dahal, former prime ministers Sher Bahadur Deuba, Jhalanath Khanal, and Dr. Baburam Bhattarai, leaders of various political parties, MPs, senior government officials, chiefs of the security bodies, heads and representatives of Nepal-based diplomatic missions, and distinguished persons from various walks of life.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">President Paudel appointed CPN (UML) Chair Oli to the post of Prime Minister on July 14 in accordance with Article 76 (2) of the Constitution of Nepal. Oli has the support of the Nepali Congress, the largest party, and the UML, the second largest party, in the House of Representatives, the lower chamber of the Federal Parliament.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Chair Oli was appointed Prime Minister following an agreement between the Nepali Congress and the UML on July 1 to form a new government. -- RSS</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-15', 'modified' => '2024-07-15', 'keywords' => '', 'description' => '', 'sortorder' => '21265', 'image' => '20240715124736_PRO-KTM-31066A4498copy.jpg', 'article_date' => '2024-07-15 12:46:30', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '21538', 'article_category_id' => '1', 'title' => 'Floods Damage Indrawati III Hydropower Project', 'sub_title' => '', 'summary' => 'Sindhupalchok: Floods in the Yangri and Indrawati rivers last night damaged the 7.5 MW Indrawati III Hydropower Project.', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Sindhupalchok</span>: Floods in the Yangri and Indrawati rivers last night damaged the 7.5 MW Indrawati III Hydropower Project. The dam in Tipeni of Panchpokhari has been filled with sand, and the substation and power house have suffered damage, according to Tashi Lama, chair of Panchpokhari Thangpal Rural Municipality. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">As a result, power supply in most parts of constituency number 2 of the district has been interrupted. Additionally, the road from Khaldekhola to Tipeni has been blocked.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Local resident Galbo Samden reported that the bridge connecting Chinde Jatan, along with the Yangri bridge, were also swept away by the flood. The Yangri and Indrawati rivers have washed away agricultural land along the riverbanks. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The Bailey bridge built last year in Melamchi, which connects Melamchi, Indrawati, and Panchpokhari, is also at risk. Similarly, the newly constructed bus park, playground, and covered hall under construction in Melamchi are said to be at risk of flooding.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-15', 'modified' => '2024-07-15', 'keywords' => '', 'description' => '', 'sortorder' => '21264', 'image' => '20240715114813_hydro.jpg', 'article_date' => '2024-07-15 11:47:32', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '21537', 'article_category_id' => '1', 'title' => 'Private Sector Expects Stability and Economic Reform During Oli’s Tenure', 'sub_title' => '', 'summary' => 'KATHMANDU: With the formation of a new government in collaboration between the Nepali Congress and the CPN (UML), UML Chairman KP Sharma Oli was appointed as prime minister on Sunday.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">BIJAY DAMASE</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">KATHMANDU: With the formation of a new government in collaboration between the Nepali Congress and the CPN (UML), UML Chairman KP Sharma Oli was appointed as prime minister on Sunday. President Ram Chandra Paudel appointed Oli as Prime Minister on Sunday (July 14) according to Article 76 (2) of the Constitution. As the newly appointed Prime Minister prepares to take oath on Monday (today), the private sector is optimistic about the new government.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The stock market has reflected this optimism. On Sunday, the NEPSE index increased by 52.97 points. "The stock market has already welcomed the new government," Hemraj Dhakal, Vice President of the Federation of Nepalese Chamber of Commerce and Industries (FNCCI), told New Business Age. He added, "The private sector expects political stability."</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">FNCCI Vice President Dhakal expressed hope that the coalition of the two major political parties would revitalize the economy. He believes the new government will have the ability to make decisive economic reforms due to the collaboration of major parties. Historically, no government in Nepal has lasted five years since the political change of 1990. The KP Oli-led government formed after the 2017 election did not last five years due to internal strife within the then Nepal Communist Party, despite having an overwhelming majority. The private sector has long complained about the lack of a predictable investment environment due to frequent government changes and shifting policies.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">A 2014 study report by the Millennium Challenge Corporation, an American international aid organization, highlighted political instability as a major obstacle to Nepal's economic development. The report also cited the lack of electricity, high transportation costs, and strict labor laws as significant challenges. While there have been improvements in electricity supply and labor laws, political instability and high transportation costs remain major obstacles. With the new government formed through a coalition of two major parties, industrialists and businessmen hope for better political stability and a more favorable investment environment.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Rajesh Agrawal, President of the Confederation of Nepalese Industries (CNI), stated that the formation of the new government will increase confidence in the market. He noted that the power equation between the two political parties is well-suited to providing a solid direction for the economy and strengthening it. He highlighted several economic challenges, including a slowdown in economic activities, a shrinking real estate market, industrial businesses operating at only 30 to 40 percent capacity, high bank interest rates, and a stagnant capital market. Businessmen have had to bear the instability caused by frequent government changes every 4-6 months, he said, adding, "The new power equation has made us optimistic about political stability and a stable government." </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Agrawal suggested that the government take immediate steps to stabilize the economy for the next three years and make tough decisions to keep it running.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">When the government failed to pay construction workers, it not only affected them but also impacted the suppliers and manufacturers of construction materials. The government is one of the main buyers of industrial products. Industrialists have also reported that industries have not been able to operate at maximum capacity due to weak market demand. Despite large remittance inflows, there has not been a corresponding increase in market demand, affecting production.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to the National Statistics Office, the economy is projected to grow by 3.87 percent in the current fiscal year. The office estimates that the manufacturing industry and construction sector will shrink while the wholesale and retail trade sector will grow moderately.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Agrawal emphasized the need for policy reforms to make the economy sustainable. Although the Pushpa Kamal Dahal-led government announced a new reform program in the budget for the next fiscal year, there is uncertainty about whether the new government will adopt the budget. The budget for the current year 2080/81 was introduced by former Finance Minister Dr. Prakash Sharan Mahat, and the budget for the upcoming year 2081/82 was presented by Finance Minister Barshman Pun.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Kamlesh Agrawal, President of the Nepal Chamber of Commerce, stated that he is always hopeful when a new government comes into power, but that hope often turns into disappointment. However, he is more optimistic about the government formed by the two major parties in parliament.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">"If the two big parties form a government together, it will bring stability," he told New Business Age. He believes that frequent government changes disrupt previous policies and disturb the investment environment. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span></p> ', 'published' => true, 'created' => '2024-07-15', 'modified' => '2024-07-15', 'keywords' => '', 'description' => '', 'sortorder' => '21263', 'image' => '20240715105532_1661323579_kpanddeuba-1200x560_20220824130259.jpg', 'article_date' => '2024-07-15 10:54:55', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '21536', 'article_category_id' => '1', 'title' => 'Monsoon-Induced Disaster Death Toll Climbs to 108', 'sub_title' => '', 'summary' => 'KATHMANDU: A total of 108 people have died due to monsoon-induced disasters, including floods, landslides, and inundations in different parts of the country so far this year. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">KATHMANDU: A total of 108 people have died due to monsoon-induced disasters, including floods, landslides, and inundations in different parts of the country so far this year. According to the Nepal Police headquarters, the death toll in the monsoon season, which began on June 10, has reached 108 as of July 14.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">Among the deceased, two were from Kathmandu Valley, 19 from Koshi Province, five from Madhesh Province, nine from Bagmati Province, 38 from Gandaki Province, 23 from Lumbini Province, four from Karnali Province, and eight from Sudurpaschim Province.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">In addition, 119 people were injured in these incidents: eight in Kathmandu Valley, 31 in Koshi Province, nine in Madhesh Province, seven in Bagmati Province, 28 in Gandaki Province, nine in Lumbini Province, 16 in Karnali Province, and 11 in Sudurpaschim Province.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">Nepal Police reported that 53 people affected by floods and landslides have been rescued, while six people are still missing. During this period, a total of 182 houses were inundated due to floods. Additionally, 203 houses, 75 sheds, 41 bridges, one school, and two government offices were damaged. -- RSS</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-15', 'modified' => '2024-07-15', 'keywords' => '', 'description' => '', 'sortorder' => '21262', 'image' => '20240715101234_KDN_Dang-20240706_171042.jpg', 'article_date' => '2024-07-15 10:11:55', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '21535', 'article_category_id' => '1', 'title' => 'Manakamana Cable Car to Remain Closed for 50 Days', 'sub_title' => '', 'summary' => 'MUGLIN: The Manakamana Cable Car will be closed for the next 50 days starting from today (July 15). ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">MUGLIN: The Manakamana Cable Car will be closed for the next 50 days starting from today (July 15). The operator, Manakamana Darshan Pvt Ltd, announced that the closure is necessary to upgrade the system from analog to digital technology. Ujjwal Sherchan, Deputy General Manager of Manakamana Darshan Pvt Ltd, stated that the main metal cable, in use for 26 years, will also be replaced.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">Technicians from the Austrian company Doppelmayr are handling the upgrades and maintenance. The project includes several stages of modernization to ensure the system meets current standards.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">Operating since 1998 (2055 BS), the Manakamana cable car has provided convenience to pilgrims visiting the Manakamana temple, a prominent religious site in Sahid Lakhan Rural Municipality of Gorkha. During the closure, the restaurant at the bottom station in Ichchakamana-4 Kurintar, Chitwan, will remain open. -- RSS</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-15', 'modified' => '2024-07-15', 'keywords' => '', 'description' => '', 'sortorder' => '21261', 'image' => '20240715092846_20240616051409_collage (13).jpg', 'article_date' => '2024-07-15 09:28:05', '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
