The licenses of two manpower agencies have been revoked by the government due to their failure to provide compensation to individuals who were left stranded…
The licenses of two manpower agencies have been revoked by the government due to their failure to provide compensation to individuals who were left stranded…
August 9: Koshi Province produced 14,561 metric tons of betel nuts in the last fiscal…
The Nepal Stock Exchange (NEPSE) index increased by 41.06 points, or 2.03 percent, and closed at 2060.91 on the fourth trading day of the week on Wednesday. The index had dropped up to 2,000 points in the first hour of trading when the market…
August 9: The government is preparing to operate express bus service from Bhaktapur’s Suryabinayak to Ratnapark in Kathmandu from upcoming September.…
August 9: The Simbu Hydropower Plant, constructed by the Sanjen Hydropower Company, has started generating…
August 9: The Ministry of Physical Infrastructure and Transport backtracked from its decision to build an alternative to Mugling-Narayanghat road across the Trishuli…
August 9: Surya Nepal, a cigarette and incense manufacturing company, made an operating profit of Rs 125 billion in five years.…
August 9: Stakeholders have expressed discontent on the proposed arrangements regarding private schools in the bill that the government is set to present at the federal parliament to mend and integrate school…
August 9: Commercial banks have lowered the spread rate for deposits and loans as per the instructions of Nepal Rastra Bank…
Sadhwi International, an authorized dealer of Suzuki cars for Chitwan, has unveiled Suzuki SUVs, Jimny and Fronx in Chitwan. CG Motocorp and CG NXTGEN, the authorized distributors of Suzuki cars in Nepal had opened booking for both models on July 14,…
The President of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI), Chandra Prasad Dhakal, and the Chinese Ambassador to Nepal, Chen Song, held a meeting to explore opportunities for enhanced collaboration between the two nations on…
August 8: The government has decided to approve the National Cyber Security Policy,…
Two-way traffic has resumed on the Narayangadh-Muglin road section. The two-way traffic has resumed from 2:20 pm after clearing the landslide that occurred at 5:20 am this…
August 8: A delegation of the Confederation of Nepalese Industries (CNI) held discussion with Minister for Culture, Tourism and Civil Aviation, Sudan Kirati, regarding the issues related with tourism industry of the…
August 8: Although the government has directed cooperatives with an annual turnover of more than Rs 100 million to report about money laundering through the GoAML, only a handful of such organisations have been found associated to the GoAML…
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Square Group Manpower Company, were found guilty of violating the professional code of conduct. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The agencies failed to fulfill their contractual obligations by not ensuring jobs for the individuals as specified in the contract, which resulted in them being stranded overseas.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The decision to revoke their licenses was made in accordance with the Foreign Employment Act of 2064 BS (2007). </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The Department of Foreign Employment's spokesperson and director, Kavi Raj Upreti, said that two agencies had been instructed by the Department to compensate the affected individuals within a certain timeframe, but they did not comply.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">A group of 17 individuals who had been assisted by these agencies to secure employment as bike riders in the UAE filed complaints with the Department. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">They reported that the agencies had not fulfilled their contractual commitments, leading to them not being provided with the promised jobs. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">As a result of these violations, the government took the step to revoke the licenses of Deluxe HR Solution and D. Square Group Manpower Company. (RSS)</span></span></p> ', 'published' => true, 'created' => '2023-08-10', 'modified' => '2023-08-10', 'keywords' => '', 'description' => '', 'sortorder' => '18423', 'image' => '20230810054224_collage (5).jpg', 'article_date' => '2023-08-10 05:40:35', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 1 => array( 'Article' => array( 'id' => '18693', 'article_category_id' => '1', 'title' => 'Koshi Province Produced over 14,000 Metric Tons of Betel Nuts', 'sub_title' => '', 'summary' => 'August 9: Koshi Province produced 14,561 metric tons of betel nuts in the last fiscal year.', 'content' => '<p><span style="font-size:18px">August 9: Koshi Province produced 14,561 metric tons of betel nuts in the last fiscal year.</span></p> <p><span style="font-size:18px">According to the data of the Ministry of Industry, Agriculture and Cooperatives of Koshi Province, Jhapa district alone produced 10,370 metric tons of betel nuts during the review year.</span></p> <p><span style="font-size:18px">Cultivation of betel nuts was done in 2,770 hectares of land in Jhapa in FY 2022/23. The cultivation of betel nuts is increasing rapidly in the district.</span></p> <p><span style="font-size:18px">After Jhapa, Morang is the district which produced the most betel nuts. Betel nuts were cultivated in 905 hectares of land in Morang. Last year, this district produced 2,946 metric tons of betel nuts.</span></p> <p><span style="font-size:18px">Similarly, Ilam produced 610 metric tons of betel nut in 209 hectares of land in the last season, followed by Sunsari, which produced 525 metric tons of betel nuts in 135 hectares.</span></p> <p><span style="font-size:18px">The ministry informed that betel nuts were cultivated in 35 hectares of land in Udayapur. This district produced 109 metric tons of betel nut last year.</span></p> <p><span style="font-size:18px">Commercial farming of betel nuts is being done in a total of 4,054 hectares in land in Jhapa, Morang, Sunsari, Udayapur and Ilam.</span></p> <p><span style="font-size:18px">According to Abhimanyu Adhikari, an agricultural expert of the ministry, more than two-thirds of the total betel nuts produced in Koshi province came from Jhapa. That's why Jhapa is also called the capital of betel nuts.</span></p> <p><span style="font-size:18px">Jhapa is also famed for the production of rice and tea, along with betel nuts, an important cash crop.</span></p> <p><span style="font-size:18px">Betel nuts are considered to have medicinal properties, and are also used in religious activities and for wedding to death rituals.</span></p> ', 'published' => true, 'created' => '2023-08-09', 'modified' => '2023-08-09', 'keywords' => '', 'description' => '', 'sortorder' => '18422', 'image' => '20230809053841_20230809033802_1691570866.supari_aayat_khulaidai_d57UD5s5Ih.jpg', 'article_date' => '2023-08-09 17:38:15', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '18692', 'article_category_id' => '1', 'title' => 'NEPSE Index Gains Massive 41 Points to Close at 2060.91', 'sub_title' => '', 'summary' => ' The Nepal Stock Exchange (NEPSE) index increased by 41.06 points, or 2.03 percent, and closed at 2060.91 on the fourth trading day of the week on Wednesday. The index had dropped up to 2,000 points in the first hour of trading when the market opened.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">August 9: The Nepal Stock Exchange (NEPSE) index increased by 41.06 points, or 2.03 percent, and closed at 2060.91 on the fourth trading day of the week on Wednesday. The index had dropped up to 2,000 points in the first hour of trading when the market opened.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The market, which was on downward trend since Nepal Rastra Bank issued the monetary policy for the fiscal year 2023/2024, witnessed a substantial increase today. The index that had reached above 2200 points had dropped for the 12 twelve ever since the monetary policy was issued by the central bank.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Since the market has fallen to the demand zone, investors and traders had increased their purchase. Since the volume has not gone up significantly, analysts have advised to watch tomorrow’s market for the confirmation of the bounce back. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The sensitive index increased by 1.94 percent, Float index surged by 1.95 percent, and Sensitive Float Index by 1.77 percent respectively. </span></span></p> <p><span style="font-size:20px">During the day's trading, a total of 265 scrips exchanged hands through 77,501 transactions. The volume of shares traded amounted to 5,010,716, with a turnover of Rs. 1.88 billion. Among the stocks, IME Life Insurance Company Limited (ILI) shares traded the most and had the highest turnover, with an amount of Rs. 15.5 crores, and closed at a market price of Rs. 589.</span></p> <p><span style="font-size:20px">In terms of individual stock performance, Himalayan Laghubitta Bittiya Sanstha Limited (HLBSL) recorded the highest gain of 9.83% for the day.</span></p> <p><span style="font-size:20px">On the other hand, Century Debenture 2088 (CCBD88) witnessed the highest decline of 9.99%.</span></p> <p><span style="font-size:20px">Only "Mutual Fund" closed in the red. The "Hotel and Tourism" sector had the highest gain, increasing by 3.50%.</span></p> <p><span style="font-size:20px">However, the "Mutual Fund" sector registered the loss by 0.41 percent.</span></p> ', 'published' => true, 'created' => '2023-08-09', 'modified' => '2023-08-09', 'keywords' => '', 'description' => '', 'sortorder' => '18421', 'image' => '20230809050359_collage (4).jpg', 'article_date' => '2023-08-09 17:00:44', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 3 => array( 'Article' => array( 'id' => '18690', 'article_category_id' => '1', 'title' => 'DoTM Preparing to Launch Express Bus Service from Suryabinayak to Ratnapark', 'sub_title' => '', 'summary' => 'August 9: The government is preparing to operate express bus service from Bhaktapur’s Suryabinayak to Ratnapark in Kathmandu from upcoming September. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">August 9: The government is preparing to operate express bus service from Bhaktapur’s Suryabinayak to Ratnapark in Kathmandu from upcoming September. Although the government is planning to launch the service from September 18, the plan is likely to be delayed by a few days as the preparation has been hampered by the rainfall, said officials at the some works could not be done due to rain, but it may start after a few Department of Transport Management(DoTM).</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">DoTM Spokesperson Ishwar Datta Paneru said that the Department of Roads (DoR) has to complete its work on the Suryabinayak-Ratnapark Expressway first, and only after that the DoTM and other agencies will begin their work. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">He said that the DoR will estimate the required section of the road and prepare the 'road marking'. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">“After the road marking is completed, other works will not take much time,” said Paneru.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">He added that the transport entrepreneurs are ready to provide vehicles and the traffic police will do the needful work. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">"First of all, the works related to the road should be done. After that, a meeting will be held and a decision will be taken as to when the implementation will be done," said Paneru.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Looking at the current progress, the bus service to kick off on September 18 is less likely, said spokesperson Paneru. Due to the rainy season, the DoR has had some problems to complete its work. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Although the service will be launched in September, it is most likely to be done 8 to 10 days later than the earlier target, said Paneru.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The date from which the bus service will start depends on the work progress of the Department of Roads. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">He said that the DoTM will work on coordination, cooperation and regulation. He said that preparations have been made to allocate lanes on both sides of the road for the express service.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The government had announced to make arrangement for the operation of express bus service as passengers were struggling to reach their destination on time through public transport due to heavy traffic. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">In the first phase, express buses will be operated from Bhaktapur's Suryabinayak to Ratnapark. The department said that it can be operated on other routes in the future.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The ministry is going to start fast bus service by selecting buses from private companies with good condition and capacity. For now, the express bus service will be operated from 9 am to 11 am and from 4 pm to 6 pm during peak traffic hours, the ministry said. For that, about 25 buses with more than 40 seats will be put into operation.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-08-09', 'modified' => '2023-08-09', 'keywords' => '', 'description' => '', 'sortorder' => '18419', 'image' => '20230809032120_1691571338.jpg', 'article_date' => '2023-08-09 15:20:43', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '18689', 'article_category_id' => '1', 'title' => 'Upper Sanjen Hydropower Project begins Production ', 'sub_title' => '', 'summary' => 'August 9: The Simbu Hydropower Plant, constructed by the Sanjen Hydropower Company, has started generating electricity. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">August 9: The Simbu Hydropower Plant, constructed by the Sanjen Hydropower Company, has started generating electricity. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The hydropower project with 14.8 MW capacity, which was constructed in Rasuwa’s Simbu, also known as Upper Sanjen, has started producing energy since August 5. The energy produced from the hydropower project has been connected to the national transmission grid. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to managing director of Sanjen Hydropower Company, Sunil Kumar Dhungel, the construction of the Upper Sanjen Hydropower Project had started in 2013. Ten years on, it has now started production and the produced energy has been sent to the central storage through the national transmission line of the Chilime Hydropower, added Dhungel. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The project is expected to generate 88.5 million units of energy annually with a total income of Rs 400 million per year, Dhungel further said. The power house is built at an altitude of 2,180 meters from the sea level. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2023-08-09', 'modified' => '2023-08-09', 'keywords' => '', 'description' => '', 'sortorder' => '18418', 'image' => '20230809024237_SUHEP-2.jpg', 'article_date' => '2023-08-09 14:41:57', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '18688', 'article_category_id' => '1', 'title' => 'Govt Backtracks its Decision to Build Alternative to Mugling-Narayanghat Road due to Lack of Budget', 'sub_title' => '', 'summary' => 'August 9: The Ministry of Physical Infrastructure and Transport backtracked from its decision to build an alternative to Mugling-Narayanghat road across the Trishuli river.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">August 9: The Ministry of Physical Infrastructure and Transport backtracked from its decision to build an alternative to Mugling-Narayanghat road across the Trishuli river.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">The plan forwarded by the ministry to use the road across the Trishuli river due to the frequent disruption of the main road has been put on hold due to lack of budget.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">The Mugling-Narayanghat road section, a vital road link to the capital, has been frequently obstructed by landslides during the rainy season.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">The proposed plan requires budget for construction of road infrastructure as well as compensation for land acquisition.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">The Ministry of Physical Infrastructure and Transport withdrew its decision to implement this road construction project after the Ministry of Finance did not ensure the resources saying that the government will have to spend more money on compensation than the construction of the road.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">Joint Secretary Arjun Jung Thapa informed New Business Age that about Rs 20 billion will be needed to build the proposed road and give compensation. However, due to a lack of budget, the ministry has now 'dropped' the road construction plan, he said.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">Although the World Bank had pledged to support the construction of this 37-kilometre (km) road, the government on its part had to contribute for the distribution of compensation. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">Thapa said that the ministry backtracked its decision to implement the plan after it was estimated that more that Rs 10 billion would be required for compensation. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">"The government is not in a position to build roads by spending billions of rupees on compensation," said Thapa.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">The Department of Roads has already prepared a preliminary design for this road. Although the design has been prepared in collaboration with the rural municipality of the concerned area, no further work has been done on the track plan.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">Thapa said that the cost is expected to be much higher because more motorable bridges will have to be built on this road. </span></span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-08-09', 'modified' => '2023-08-09', 'keywords' => '', 'description' => '', 'sortorder' => '18417', 'image' => '20230809020507_20221214094754_20210307101257_20210203120420_20200611120202_WB Road Project.jpg', 'article_date' => '2023-08-09 14:04:32', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '18687', 'article_category_id' => '1', 'title' => 'Operational Profit of Surya Nepal Stands at Rs 125 Billion in 5 Years', 'sub_title' => '', 'summary' => 'August 9: Surya Nepal, a cigarette and incense manufacturing company, made an operating profit of Rs 125 billion in five years. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">August 9: Surya Nepal, a cigarette and incense manufacturing company, made an operating profit of Rs 125 billion in five years. According to the rating company Care Ratings, Surya Nepal made an operational profit of Rs 24.47 billion in 2020, Rs 24.49 billion in 2021 and Rs 27.1 billion in 2022.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">Despite the increase in tax on tobacco products, the company sold cigarettes worth Rs 26.98 billion in the fiscal year 2022 as it introduced new brands of cigarettes in the market. The company declared a dividend of Rs 10.40 billion that year. The company has a short-term loan of Rs 5.75 billion. Care Ratings has given 'A One Plus' rating to the loan of the company.</span></span></span></p> <p> </p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><strong><span style="font-size:14.0pt">Share structure of the company</span></strong></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">Established in 1986, ITC Limited has the largest share of 59 percent in this company. The market capitalization of India-based ITC Limited is USD 58 billion as of March 2023. Founded in 1910, the company manufactures cigarettes, branded packaged foods, education and stationery. The company also has investments in agricultural business and information technology. Nepali individual and institutional investors own 39 percent and British American Tobacco (Investment) Limited holds the remaining 2 percent shares.</span></span></span></p> <p> </p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><strong><span style="font-size:14.0pt">Company products</span></strong></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">The company produces cigarettes, match sticks, incense sticks and confectionery, while it has also invested in the hotel business. A five-star hotel is under construction on 72 ropanis of land belonging to the company in Budhanilkantha, Kathmandu.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">According to consumer taste and preference, the company has been producing and selling cigarettes under the brands like Surya Legend, Surya 24 Karat, Surya Luxury Kings, Shikhar Filter Kings, Shikhar Ice Juice, Naulo, Khukuri Filter, Pilot Filter, Bijuli and Chautari. The company has more than 100 distributors across the country.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">Sanjeev Puri is the chairman of the company, who is also the chairman and managing director of ITC Limited. Meanwhile, managing director of Surya Nepal is Ravi K Raivaram.</span></span></span></p> <p> </p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><strong><span style="font-size:14.0pt">At the top of the highest tax paying company</span></strong></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">According to the Inland Revenue Department, the government collected excise duty worth Rs 92.66 billion from cigarettes and bidi in 5 years. Ever since the department started honoring big tax payers, Surya Nepal has been in the list of companies paying the highest income tax.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">The department has been honoring big tax payers every year since the year 2069 BS. Surya Nepal has been among the companies that pay more income tax every year since the fiscal year (FY) 2068/69.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-08-09', 'modified' => '2023-08-09', 'keywords' => '', 'description' => '', 'sortorder' => '18416', 'image' => '20230809010825_20230222120715_snw.jpg', 'article_date' => '2023-08-09 13:07:46', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '18686', 'article_category_id' => '1', 'title' => 'Education Bill Draws Flak for Lack of Consultation with Stakeholders ', 'sub_title' => '', 'summary' => 'August 9: Stakeholders have expressed discontent on the proposed arrangements regarding private schools in the bill that the government is set to present at the federal parliament to mend and integrate school education. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">August 9: Stakeholders have expressed discontent on the proposed arrangements regarding private schools in the bill that the government is set to present at the federal parliament to mend and integrate school education. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Organizing a joint press conference on Tuesday, the private school operators’ organizations demanded amendment to the draft bill acknowledging their right to private property. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Speakers expressed displeasure over some of the provisions in the bill during the press conference jointly organized by Private and Boarding Schools' Organization Nepal (PABSON), National Private and Boarding Schools' Association Nepal (NPABSON) and Higher Institutions and Secondary Schools Association (HISSAN). </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">They said the provisions of the draft bill were prejudiced, anti-constitutional, impractical and ill-advised. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">A meeting of the Council of Ministers held on August 1 had decided to endorse the bill and table it at the parliament. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The organizations have shown their grave concern on the provisions of the bill, including transformation of the schools with private investment into the educational trustees (guthi) within five years. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The press release jointly issued by PABSON Chairperson DK Dhungana, N-PANSON Chairperson Pandab Hamal and HISSAN Chairperson Ramesh Silwal states that they would resort protest programmes, including submitting memorandum to the local government units, district administration offices, education development and coordination unit and province ministries; stage demonstration against the draft bill and hold interaction/discussion with stakeholders if their demands were not addressed. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The organizations have warned to launch stern protests if the government did not pay attention to their demands. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2023-08-09', 'modified' => '2023-08-09', 'keywords' => '', 'description' => '', 'sortorder' => '18415', 'image' => '20230809120052_20220530033850_education-icon-graduation-hat-vector-2498629.jpg', 'article_date' => '2023-08-09 12:00:03', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '18685', 'article_category_id' => '1', 'title' => 'Commercial Banks Reduce Spread Rate', 'sub_title' => '', 'summary' => 'August 9: Commercial banks have lowered the spread rate for deposits and loans as per the instructions of Nepal Rastra Bank (NRB).', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">August 9: Commercial banks have lowered the spread rate for deposits and loans as per the instructions of Nepal Rastra Bank (NRB).</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Amid criticism that the banks were making maximum profit, the central bank announced the reduction of the spread rate through the first quarterly review of the monetary policy of the last fiscal year (FY). The NRB also issued instructions to the banks to implement the decision. As per the instructions, the banks have maintained the spread rate within the prescribed limits.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">According to the financial statements published by the banks, </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">12</span></span> <span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">out of the </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">20</span></span> <span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">commercial banks reduced the spread rate to less than </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">4</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent in mid-June to mid-July of last fiscal year (FY 2022/23). The central bank had instructed the commercial banks to reduce the spread rate from </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">4.4</span></span> <span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">percent to </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">4</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Issuing a circular in early December last year, the NRB had instructed commercial banks to maintain the spread rate at </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">4.2</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent from mid-March and </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">4</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent from mid-June this year</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The banks that opted for merger or acquisition were given exemption even if the spread rate limit exceeded by 1 percentage point until mid-July.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">According to the financial statements of the banks, the spread rate of Citizens Bank, Sanima Bank and Standard Chartered Bank remains at </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">4</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent. Similarly, the lowest percentage of spread rate is maintained by the Agricultural Development Bank at </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">3.94</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The spread rate of Nepal Investment Mega Bank, Kumari Bank, Global IME Bank, Prabhu Bank, Himalayan Bank and Laxmi Sunrise Bank, which merged in the previous year, along with Nabil Bank, which acquired Nepal Bangladesh Bank in the previous fiscal year, is more than </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">4 </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">percent. As the concession given to these banks is now over, they have to bring the spread rate within </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">4 </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">percent by mid-October.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-08-09', 'modified' => '2023-08-09', 'keywords' => '', 'description' => '', 'sortorder' => '18414', 'image' => '20230809112813_bankkkkkkk.jpg', 'article_date' => '2023-08-09 11:27:29', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '18684', 'article_category_id' => '266', 'title' => 'Suzuki Unveils Jimny and Fronx SUVs in Chitwan', 'sub_title' => '', 'summary' => 'Sadhwi International, an authorized dealer of Suzuki cars for Chitwan, has unveiled Suzuki SUVs, Jimny and Fronx in Chitwan. CG Motocorp and CG NXTGEN, the authorized distributors of Suzuki cars in Nepal had opened booking for both models on July 14, 2023.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">August 9: Sadhwi International, an authorized dealer of Suzuki cars for Chitwan, has unveiled Suzuki SUVs, Jimny and Fronx in Chitwan. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">CG Motocorp and CG NXTGEN, the authorized distributors of Suzuki cars in Nepal had opened booking for both models on July 14, 2023. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Suraj Raj Joshi, the Managing Director of Sadhwi International Pvt. Ltd. in Chitwan, said that initial price of the Suzuki Jimny is Rs 5,999,000, while the price of the Suzuki FRONX is Rs 3,999,000.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif"> Suzuki Jimny car is globally popular and has garnered significant interest since it has been designed with ample angle and ground clearance.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The 'Face of New SUV' Suzuki FRONX is highly attractive and sporty. FRONX comes in premium design with new-age features, and modern safety amenities, alluring customers. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif"> </span></span></p> ', 'published' => true, 'created' => '2023-08-09', 'modified' => '2023-08-09', 'keywords' => '', 'description' => '', 'sortorder' => '18413', 'image' => '20230809061921_collage (2).jpg', 'article_date' => '2023-08-09 06:17:54', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 10 => array( 'Article' => array( 'id' => '18683', 'article_category_id' => '1', 'title' => 'Nepal Has Huge Potential for Chinese Investment and Tourists: FNCCI President Dhakal', 'sub_title' => '', 'summary' => 'The President of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI), Chandra Prasad Dhakal, and the Chinese Ambassador to Nepal, Chen Song, held a meeting to explore opportunities for enhanced collaboration between the two nations on Tuesday.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">August 9: The President of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI), Chandra Prasad Dhakal, and the Chinese Ambassador to Nepal, Chen Song, held a meeting to explore opportunities for enhanced collaboration between the two nations on Tuesday. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif"> The meeting took place at the FNCCI office, during which President Dhakal highlighted Nepal's promising potential as an attractive hub for Chinese investment and tourism.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">President Dhakal emphasized that Nepal's manufacturing, energy, and tourism infrastructure sectors offer substantial prospects for Chinese foreign investment. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Dhakal underscored the importance of establishing direct flights connecting China's major cities with Nepal's international airports to boost tourism. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">He urged Ambassador Song to consider prioritizing Nepal as a primary destination for Chinese tourists. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Similarly, President Dhakal requested support from the Chinese embassy in Nepal to facilitate visits for micro entrepreneurs to China.</span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif"> He also drew attention to the prospect of Chinese banks entering Nepal's banking sector for financial collaboration between the two nations.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">President Dhakal appealed to Ambassador Song to take steps to reopen Tatopani Check Point, which has been non-operational for an extended period. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">In response, Ambassador Song said that Chinese investors are interested in sectors such as manufacturing, agriculture, and energy in Nepal. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Song stressed the importance of creating a favorable environment in Nepal to encourage and support foreign investments. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">He highlighted the significance of policies that ensure stability and ease of business transactions, citing China's own success story as a global manufacturing leader due to foreign investments.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Furthermore, Ambassador Song shared that discussions are underway regarding the resumption of the Tatopani Check Point and the potential entry of Chinese banks into Nepal's financial sector.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-08-09', 'modified' => '2023-08-09', 'keywords' => '', 'description' => '', 'sortorder' => '18412', 'image' => '20230809055130_collage (1).jpg', 'article_date' => '2023-08-09 05:49:17', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 11 => array( 'Article' => array( 'id' => '18682', 'article_category_id' => '1', 'title' => 'Government to Endorse National Cyber Security Policy, 2080 ', 'sub_title' => '', 'summary' => 'August 8: The government has decided to approve the National Cyber Security Policy, 2080.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">August 8: The government has decided to approve the National Cyber Security Policy, 2080.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Minister for Communications and Information Technology and government spokesperson, Rekha Sharma confirmed that a meeting of the Council of Ministers held at the Office of the Prime Minister and Council of Ministers (OPMCM) on Tuesday decided to approve the policy.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The decision comes in the wake of increase in cases of violence through the digital platform in the absence of related laws. The records with the Nepal Police show that the number of cyber bullies have surged since 2014.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Cases of data breaching of e-commerce business, hacking of ATM system and social media as well as cyber-bullying have increased in the last few years reportedly due to the loopholes in the cyber security system in the country.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The police have been handling the cases of cybercrimes under the Electronic Transaction Act 2008 in the absence of related laws in Nepal.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The newly-formed policy is expected to address these issues.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Likewise, the cabinet meeting also decided to give approval for tabling the Banking Offense and Punishment (Second Amendment) Bill in the parliament.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The government has also decided to permit the Nepal Rastra Bank (NRB) to mint 150 million pieces of five rupees denomination coins. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""> </span></span></p> ', 'published' => true, 'created' => '2023-08-08', 'modified' => '2023-08-08', 'keywords' => '', 'description' => '', 'sortorder' => '18411', 'image' => '20230808100419_389-cyber-security.jpg', 'article_date' => '2023-08-08 22:03:46', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '18681', 'article_category_id' => '1', 'title' => 'Two-way Traffic Resumes along Narayangadh-Muglin Road Section', 'sub_title' => '', 'summary' => 'Two-way traffic has resumed on the Narayangadh-Muglin road section. The two-way traffic has resumed from 2:20 pm after clearing the landslide that occurred at 5:20 am this morning.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">August 8: Two-way traffic has resumed on the Narayangadh-Muglin road section. The two-way traffic has resumed from 2:20 pm after clearing the landslide that occurred at 5:20 am this morning. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Vehicular movement was disrupted due to landslide at Kalikhola and Topekhola of Ichchhakamana rural municipality-6. Although one-way traffic was resumed on this section of the highway from 11:00 am, it has now come into full operation from this afternoon. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Chief of the District Police Office, Chitwan, Superintendent of Police Rameshwor Karki, said vehicles that were stranded due to landslide are now heading to their destinations. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">One-way traffic resumed in Tanahu</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Meanwhile, one-way traffic has resumed along Prithvi highway, which was obstructed from today morning after the rains led to a cave-in near Chirkane of Byas municipality-12, according to the District Police Office, Tanahu. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Deputy Superintendent of Police, Mohan Bahadur Khand, shared that only small vehicles operating and there is no situation for movement of large-size vehicles. The road was caved-in following the incessant rainfall as road expansion activities were underway along Muglin-Pokhara section.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Similarly, under construction Abukhaireni-Jamune-Kotre road section has also been obstructed due to rain, said Chief of the District Traffic Police Office, Tanahu, Rajeev Bista. (RSS)</span></span></p> ', 'published' => true, 'created' => '2023-08-08', 'modified' => '2023-08-08', 'keywords' => '', 'description' => '', 'sortorder' => '18410', 'image' => '20230808062138_collage (3).jpg', 'article_date' => '2023-08-08 18:20:22', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 13 => array( 'Article' => array( 'id' => '18680', 'article_category_id' => '1', 'title' => 'CNI Requests Govt to Take Initiative to Remove Nepal from EU's Air Safety List ', 'sub_title' => '', 'summary' => 'August 8: A delegation of the Confederation of Nepalese Industries (CNI) held discussion with Minister for Culture, Tourism and Civil Aviation, Sudan Kirati, regarding the issues related with tourism industry of the country. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">August 8: A delegation of the Confederation of Nepalese Industries (CNI) held discussion with Minister for Culture, Tourism and Civil Aviation, Sudan Kirati, regarding the issues related with tourism industry of the country. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">They discussed the issues regarding steps to be taken for tourism promotion, short-term and long-term policy-level reforms along with initiatives to remove Nepal from the European Union's air safety list. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">During the discussion held at the Tourism Ministry, CNI President Rajesh Kumar Agrawal laid emphasis on cooperation and collaboration between the government and the private sector for the development of tourism industry, as tourism is an important source of earning foreign currencies. He said initiatives should be taken immediately to re-establish direct air connectivity with Europe. Agrawal urged the government to take initiatives to remove Nepal from EU air safety blacklist as soon as possible as tourists from Europe are among the biggest spenders. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Sharing that the CNI has formed a tourism committee keeping tourism industry in high-priority, he expressed commitment that the CNI would carry out activities working closely with the ministry. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">CNI has drawn the ministry's attention in the context of challenges seen due to shortage of air routes for the successful operation of Pokhara International Airport and the Gautam Buddha International Airport. It has also drawn the attention of the government on the need of developing and promoting Nepal as a filming destination, and of timely completion of the upgrading work of approach roads to tourist sites. CNI also raised concerns over the imposition of VAT on air tickets. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">During the discussions, Minister Kirati said that initiatives are being made to remove Nepal from the EU's security risk list and positive news on this is expected soon. He assured that the government will move ahead in a steadfast manner for restoring air connectivity with the European Union. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">He added that he has expressed his objection on the topic of imposition of VAT on air tickets in the context of Nepal becoming expensive as a tourism destination. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The Minister for Culture, Tourism and Civil Aviation said preparations are being made to purchase some planes to be operated in 'trunk routes' for providing service to the remote areas of the country and narrow-body airplanes for international flights to make Nepal Airlines Corporation competitive. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">He asserted that the ministry would collaborate with the Confederation for the development of the tourism industry. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2023-08-08', 'modified' => '2023-08-08', 'keywords' => '', 'description' => '', 'sortorder' => '18409', 'image' => '20230808040708_naccccc.jpg', 'article_date' => '2023-08-08 16:05:47', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '18679', 'article_category_id' => '1', 'title' => 'Cooperatives Reluctant to join GoAML Software', 'sub_title' => '', 'summary' => 'August 8: Although the government has directed cooperatives with an annual turnover of more than Rs 100 million to report about money laundering through the GoAML, only a handful of such organisations have been found associated to the GoAML software.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">August 8: Although the government has directed cooperatives with an annual turnover of more than Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">100</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> million to report about money laundering through the goAML software developed by the United Nations Office on Drugs and Crime Control (UNODC) as a response to money laundering and terrorist financing, only a handful of such organisations have been found to be associated with the GoAML software.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Although there are around </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">3,000</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> cooperatives with an annual turnover of more than Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">100</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> million, only </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">400</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> were affiliated to GoAML as of last fiscal year.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">As the number of cooperatives affiliated to GoAML has remained discouraging, the Department of Cooperatives under the federal government on Monday issued instructions to the cooperatives to join the GoML system.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The department said that it instructed the cooperatives to join the system following repeated request from the Financial Information Unit of Nepal Rastra Bank to bring the cooperatives under the GoAML system.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The department, for the first time in December 2077, had instructed the cooperatives with a turnover of more than Rs 100 million to connect to the GoAML software of the Financial Information Unit of NRB and report suspicious transactions. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">However, the cooperatives have been refusing to give information about possible money laundering. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Deputy Registrar of the Department of Cooperatives Tolraj Upadhyay said that despite the department's constant warnings, the cooperatives failed to comply with the directive. Upadhyay said that the department would monitor and take action against such cooperatives.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Membership in GoAML is mandatory for banks and financial institutions, insurance companies, share brokers, remittance companies and other companies, but in the case of cooperatives, it is mandatory only for organizations with a turnover of more than Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">100</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> million.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">According to the anti-money laundering directive, if a person transacts more than Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">1</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> million in a day or several times a day, the cooperative organization must send the details of such transaction to the Information Center. Similarly, no matter how much money is transacted, if it is suspicious, there is a provision to report it to the center. Last year, the department took action against more than half a dozen organizations for not following the guidelines.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">International organizations related to money laundering have been putting pressure on Nepal to tighten regulations on money laundering saying that there is risk of money laundering in cooperatives. For this reason, the government has also started preparations to create another tier of regulator for monitoring cooperatives.</span></span></span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-08-08', 'modified' => '2023-08-08', 'keywords' => 'goAML, money, laundering, NRB, Nepal, Rastra, Bank, cooperatives', 'description' => '', 'sortorder' => '18408', 'image' => '20230808034130_go.jpg', 'article_date' => '2023-08-08 15:32:39', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, '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' => '18694', 'article_category_id' => '1', 'title' => 'Licenses of Two Manpower Agencies Revoked Over Failure to Provide Compensation', 'sub_title' => '', 'summary' => 'The licenses of two manpower agencies have been revoked by the government due to their failure to provide compensation to individuals who were left stranded abroad.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">August 10: The licenses of two manpower agencies have been revoked by the government due to their failure to provide compensation to individuals who were left stranded abroad. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The agencies, Deluxe HR Solution and D. Square Group Manpower Company, were found guilty of violating the professional code of conduct. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The agencies failed to fulfill their contractual obligations by not ensuring jobs for the individuals as specified in the contract, which resulted in them being stranded overseas.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The decision to revoke their licenses was made in accordance with the Foreign Employment Act of 2064 BS (2007). </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The Department of Foreign Employment's spokesperson and director, Kavi Raj Upreti, said that two agencies had been instructed by the Department to compensate the affected individuals within a certain timeframe, but they did not comply.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">A group of 17 individuals who had been assisted by these agencies to secure employment as bike riders in the UAE filed complaints with the Department. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">They reported that the agencies had not fulfilled their contractual commitments, leading to them not being provided with the promised jobs. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">As a result of these violations, the government took the step to revoke the licenses of Deluxe HR Solution and D. Square Group Manpower Company. (RSS)</span></span></p> ', 'published' => true, 'created' => '2023-08-10', 'modified' => '2023-08-10', 'keywords' => '', 'description' => '', 'sortorder' => '18423', 'image' => '20230810054224_collage (5).jpg', 'article_date' => '2023-08-10 05:40:35', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 1 => array( 'Article' => array( 'id' => '18693', 'article_category_id' => '1', 'title' => 'Koshi Province Produced over 14,000 Metric Tons of Betel Nuts', 'sub_title' => '', 'summary' => 'August 9: Koshi Province produced 14,561 metric tons of betel nuts in the last fiscal year.', 'content' => '<p><span style="font-size:18px">August 9: Koshi Province produced 14,561 metric tons of betel nuts in the last fiscal year.</span></p> <p><span style="font-size:18px">According to the data of the Ministry of Industry, Agriculture and Cooperatives of Koshi Province, Jhapa district alone produced 10,370 metric tons of betel nuts during the review year.</span></p> <p><span style="font-size:18px">Cultivation of betel nuts was done in 2,770 hectares of land in Jhapa in FY 2022/23. The cultivation of betel nuts is increasing rapidly in the district.</span></p> <p><span style="font-size:18px">After Jhapa, Morang is the district which produced the most betel nuts. Betel nuts were cultivated in 905 hectares of land in Morang. Last year, this district produced 2,946 metric tons of betel nuts.</span></p> <p><span style="font-size:18px">Similarly, Ilam produced 610 metric tons of betel nut in 209 hectares of land in the last season, followed by Sunsari, which produced 525 metric tons of betel nuts in 135 hectares.</span></p> <p><span style="font-size:18px">The ministry informed that betel nuts were cultivated in 35 hectares of land in Udayapur. This district produced 109 metric tons of betel nut last year.</span></p> <p><span style="font-size:18px">Commercial farming of betel nuts is being done in a total of 4,054 hectares in land in Jhapa, Morang, Sunsari, Udayapur and Ilam.</span></p> <p><span style="font-size:18px">According to Abhimanyu Adhikari, an agricultural expert of the ministry, more than two-thirds of the total betel nuts produced in Koshi province came from Jhapa. That's why Jhapa is also called the capital of betel nuts.</span></p> <p><span style="font-size:18px">Jhapa is also famed for the production of rice and tea, along with betel nuts, an important cash crop.</span></p> <p><span style="font-size:18px">Betel nuts are considered to have medicinal properties, and are also used in religious activities and for wedding to death rituals.</span></p> ', 'published' => true, 'created' => '2023-08-09', 'modified' => '2023-08-09', 'keywords' => '', 'description' => '', 'sortorder' => '18422', 'image' => '20230809053841_20230809033802_1691570866.supari_aayat_khulaidai_d57UD5s5Ih.jpg', 'article_date' => '2023-08-09 17:38:15', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '18692', 'article_category_id' => '1', 'title' => 'NEPSE Index Gains Massive 41 Points to Close at 2060.91', 'sub_title' => '', 'summary' => ' The Nepal Stock Exchange (NEPSE) index increased by 41.06 points, or 2.03 percent, and closed at 2060.91 on the fourth trading day of the week on Wednesday. The index had dropped up to 2,000 points in the first hour of trading when the market opened.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">August 9: The Nepal Stock Exchange (NEPSE) index increased by 41.06 points, or 2.03 percent, and closed at 2060.91 on the fourth trading day of the week on Wednesday. The index had dropped up to 2,000 points in the first hour of trading when the market opened.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The market, which was on downward trend since Nepal Rastra Bank issued the monetary policy for the fiscal year 2023/2024, witnessed a substantial increase today. The index that had reached above 2200 points had dropped for the 12 twelve ever since the monetary policy was issued by the central bank.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Since the market has fallen to the demand zone, investors and traders had increased their purchase. Since the volume has not gone up significantly, analysts have advised to watch tomorrow’s market for the confirmation of the bounce back. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The sensitive index increased by 1.94 percent, Float index surged by 1.95 percent, and Sensitive Float Index by 1.77 percent respectively. </span></span></p> <p><span style="font-size:20px">During the day's trading, a total of 265 scrips exchanged hands through 77,501 transactions. The volume of shares traded amounted to 5,010,716, with a turnover of Rs. 1.88 billion. Among the stocks, IME Life Insurance Company Limited (ILI) shares traded the most and had the highest turnover, with an amount of Rs. 15.5 crores, and closed at a market price of Rs. 589.</span></p> <p><span style="font-size:20px">In terms of individual stock performance, Himalayan Laghubitta Bittiya Sanstha Limited (HLBSL) recorded the highest gain of 9.83% for the day.</span></p> <p><span style="font-size:20px">On the other hand, Century Debenture 2088 (CCBD88) witnessed the highest decline of 9.99%.</span></p> <p><span style="font-size:20px">Only "Mutual Fund" closed in the red. The "Hotel and Tourism" sector had the highest gain, increasing by 3.50%.</span></p> <p><span style="font-size:20px">However, the "Mutual Fund" sector registered the loss by 0.41 percent.</span></p> ', 'published' => true, 'created' => '2023-08-09', 'modified' => '2023-08-09', 'keywords' => '', 'description' => '', 'sortorder' => '18421', 'image' => '20230809050359_collage (4).jpg', 'article_date' => '2023-08-09 17:00:44', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 3 => array( 'Article' => array( 'id' => '18690', 'article_category_id' => '1', 'title' => 'DoTM Preparing to Launch Express Bus Service from Suryabinayak to Ratnapark', 'sub_title' => '', 'summary' => 'August 9: The government is preparing to operate express bus service from Bhaktapur’s Suryabinayak to Ratnapark in Kathmandu from upcoming September. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">August 9: The government is preparing to operate express bus service from Bhaktapur’s Suryabinayak to Ratnapark in Kathmandu from upcoming September. Although the government is planning to launch the service from September 18, the plan is likely to be delayed by a few days as the preparation has been hampered by the rainfall, said officials at the some works could not be done due to rain, but it may start after a few Department of Transport Management(DoTM).</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">DoTM Spokesperson Ishwar Datta Paneru said that the Department of Roads (DoR) has to complete its work on the Suryabinayak-Ratnapark Expressway first, and only after that the DoTM and other agencies will begin their work. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">He said that the DoR will estimate the required section of the road and prepare the 'road marking'. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">“After the road marking is completed, other works will not take much time,” said Paneru.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">He added that the transport entrepreneurs are ready to provide vehicles and the traffic police will do the needful work. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">"First of all, the works related to the road should be done. After that, a meeting will be held and a decision will be taken as to when the implementation will be done," said Paneru.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Looking at the current progress, the bus service to kick off on September 18 is less likely, said spokesperson Paneru. Due to the rainy season, the DoR has had some problems to complete its work. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Although the service will be launched in September, it is most likely to be done 8 to 10 days later than the earlier target, said Paneru.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The date from which the bus service will start depends on the work progress of the Department of Roads. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">He said that the DoTM will work on coordination, cooperation and regulation. He said that preparations have been made to allocate lanes on both sides of the road for the express service.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The government had announced to make arrangement for the operation of express bus service as passengers were struggling to reach their destination on time through public transport due to heavy traffic. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">In the first phase, express buses will be operated from Bhaktapur's Suryabinayak to Ratnapark. The department said that it can be operated on other routes in the future.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The ministry is going to start fast bus service by selecting buses from private companies with good condition and capacity. For now, the express bus service will be operated from 9 am to 11 am and from 4 pm to 6 pm during peak traffic hours, the ministry said. For that, about 25 buses with more than 40 seats will be put into operation.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-08-09', 'modified' => '2023-08-09', 'keywords' => '', 'description' => '', 'sortorder' => '18419', 'image' => '20230809032120_1691571338.jpg', 'article_date' => '2023-08-09 15:20:43', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '18689', 'article_category_id' => '1', 'title' => 'Upper Sanjen Hydropower Project begins Production ', 'sub_title' => '', 'summary' => 'August 9: The Simbu Hydropower Plant, constructed by the Sanjen Hydropower Company, has started generating electricity. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">August 9: The Simbu Hydropower Plant, constructed by the Sanjen Hydropower Company, has started generating electricity. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The hydropower project with 14.8 MW capacity, which was constructed in Rasuwa’s Simbu, also known as Upper Sanjen, has started producing energy since August 5. The energy produced from the hydropower project has been connected to the national transmission grid. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to managing director of Sanjen Hydropower Company, Sunil Kumar Dhungel, the construction of the Upper Sanjen Hydropower Project had started in 2013. Ten years on, it has now started production and the produced energy has been sent to the central storage through the national transmission line of the Chilime Hydropower, added Dhungel. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The project is expected to generate 88.5 million units of energy annually with a total income of Rs 400 million per year, Dhungel further said. The power house is built at an altitude of 2,180 meters from the sea level. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2023-08-09', 'modified' => '2023-08-09', 'keywords' => '', 'description' => '', 'sortorder' => '18418', 'image' => '20230809024237_SUHEP-2.jpg', 'article_date' => '2023-08-09 14:41:57', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '18688', 'article_category_id' => '1', 'title' => 'Govt Backtracks its Decision to Build Alternative to Mugling-Narayanghat Road due to Lack of Budget', 'sub_title' => '', 'summary' => 'August 9: The Ministry of Physical Infrastructure and Transport backtracked from its decision to build an alternative to Mugling-Narayanghat road across the Trishuli river.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">August 9: The Ministry of Physical Infrastructure and Transport backtracked from its decision to build an alternative to Mugling-Narayanghat road across the Trishuli river.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">The plan forwarded by the ministry to use the road across the Trishuli river due to the frequent disruption of the main road has been put on hold due to lack of budget.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">The Mugling-Narayanghat road section, a vital road link to the capital, has been frequently obstructed by landslides during the rainy season.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">The proposed plan requires budget for construction of road infrastructure as well as compensation for land acquisition.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">The Ministry of Physical Infrastructure and Transport withdrew its decision to implement this road construction project after the Ministry of Finance did not ensure the resources saying that the government will have to spend more money on compensation than the construction of the road.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">Joint Secretary Arjun Jung Thapa informed New Business Age that about Rs 20 billion will be needed to build the proposed road and give compensation. However, due to a lack of budget, the ministry has now 'dropped' the road construction plan, he said.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">Although the World Bank had pledged to support the construction of this 37-kilometre (km) road, the government on its part had to contribute for the distribution of compensation. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">Thapa said that the ministry backtracked its decision to implement the plan after it was estimated that more that Rs 10 billion would be required for compensation. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">"The government is not in a position to build roads by spending billions of rupees on compensation," said Thapa.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">The Department of Roads has already prepared a preliminary design for this road. Although the design has been prepared in collaboration with the rural municipality of the concerned area, no further work has been done on the track plan.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">Thapa said that the cost is expected to be much higher because more motorable bridges will have to be built on this road. </span></span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-08-09', 'modified' => '2023-08-09', 'keywords' => '', 'description' => '', 'sortorder' => '18417', 'image' => '20230809020507_20221214094754_20210307101257_20210203120420_20200611120202_WB Road Project.jpg', 'article_date' => '2023-08-09 14:04:32', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '18687', 'article_category_id' => '1', 'title' => 'Operational Profit of Surya Nepal Stands at Rs 125 Billion in 5 Years', 'sub_title' => '', 'summary' => 'August 9: Surya Nepal, a cigarette and incense manufacturing company, made an operating profit of Rs 125 billion in five years. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">August 9: Surya Nepal, a cigarette and incense manufacturing company, made an operating profit of Rs 125 billion in five years. According to the rating company Care Ratings, Surya Nepal made an operational profit of Rs 24.47 billion in 2020, Rs 24.49 billion in 2021 and Rs 27.1 billion in 2022.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">Despite the increase in tax on tobacco products, the company sold cigarettes worth Rs 26.98 billion in the fiscal year 2022 as it introduced new brands of cigarettes in the market. The company declared a dividend of Rs 10.40 billion that year. The company has a short-term loan of Rs 5.75 billion. Care Ratings has given 'A One Plus' rating to the loan of the company.</span></span></span></p> <p> </p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><strong><span style="font-size:14.0pt">Share structure of the company</span></strong></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">Established in 1986, ITC Limited has the largest share of 59 percent in this company. The market capitalization of India-based ITC Limited is USD 58 billion as of March 2023. Founded in 1910, the company manufactures cigarettes, branded packaged foods, education and stationery. The company also has investments in agricultural business and information technology. Nepali individual and institutional investors own 39 percent and British American Tobacco (Investment) Limited holds the remaining 2 percent shares.</span></span></span></p> <p> </p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><strong><span style="font-size:14.0pt">Company products</span></strong></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">The company produces cigarettes, match sticks, incense sticks and confectionery, while it has also invested in the hotel business. A five-star hotel is under construction on 72 ropanis of land belonging to the company in Budhanilkantha, Kathmandu.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">According to consumer taste and preference, the company has been producing and selling cigarettes under the brands like Surya Legend, Surya 24 Karat, Surya Luxury Kings, Shikhar Filter Kings, Shikhar Ice Juice, Naulo, Khukuri Filter, Pilot Filter, Bijuli and Chautari. The company has more than 100 distributors across the country.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">Sanjeev Puri is the chairman of the company, who is also the chairman and managing director of ITC Limited. Meanwhile, managing director of Surya Nepal is Ravi K Raivaram.</span></span></span></p> <p> </p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><strong><span style="font-size:14.0pt">At the top of the highest tax paying company</span></strong></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">According to the Inland Revenue Department, the government collected excise duty worth Rs 92.66 billion from cigarettes and bidi in 5 years. Ever since the department started honoring big tax payers, Surya Nepal has been in the list of companies paying the highest income tax.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">The department has been honoring big tax payers every year since the year 2069 BS. Surya Nepal has been among the companies that pay more income tax every year since the fiscal year (FY) 2068/69.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-08-09', 'modified' => '2023-08-09', 'keywords' => '', 'description' => '', 'sortorder' => '18416', 'image' => '20230809010825_20230222120715_snw.jpg', 'article_date' => '2023-08-09 13:07:46', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '18686', 'article_category_id' => '1', 'title' => 'Education Bill Draws Flak for Lack of Consultation with Stakeholders ', 'sub_title' => '', 'summary' => 'August 9: Stakeholders have expressed discontent on the proposed arrangements regarding private schools in the bill that the government is set to present at the federal parliament to mend and integrate school education. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">August 9: Stakeholders have expressed discontent on the proposed arrangements regarding private schools in the bill that the government is set to present at the federal parliament to mend and integrate school education. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Organizing a joint press conference on Tuesday, the private school operators’ organizations demanded amendment to the draft bill acknowledging their right to private property. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Speakers expressed displeasure over some of the provisions in the bill during the press conference jointly organized by Private and Boarding Schools' Organization Nepal (PABSON), National Private and Boarding Schools' Association Nepal (NPABSON) and Higher Institutions and Secondary Schools Association (HISSAN). </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">They said the provisions of the draft bill were prejudiced, anti-constitutional, impractical and ill-advised. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">A meeting of the Council of Ministers held on August 1 had decided to endorse the bill and table it at the parliament. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The organizations have shown their grave concern on the provisions of the bill, including transformation of the schools with private investment into the educational trustees (guthi) within five years. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The press release jointly issued by PABSON Chairperson DK Dhungana, N-PANSON Chairperson Pandab Hamal and HISSAN Chairperson Ramesh Silwal states that they would resort protest programmes, including submitting memorandum to the local government units, district administration offices, education development and coordination unit and province ministries; stage demonstration against the draft bill and hold interaction/discussion with stakeholders if their demands were not addressed. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The organizations have warned to launch stern protests if the government did not pay attention to their demands. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2023-08-09', 'modified' => '2023-08-09', 'keywords' => '', 'description' => '', 'sortorder' => '18415', 'image' => '20230809120052_20220530033850_education-icon-graduation-hat-vector-2498629.jpg', 'article_date' => '2023-08-09 12:00:03', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '18685', 'article_category_id' => '1', 'title' => 'Commercial Banks Reduce Spread Rate', 'sub_title' => '', 'summary' => 'August 9: Commercial banks have lowered the spread rate for deposits and loans as per the instructions of Nepal Rastra Bank (NRB).', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">August 9: Commercial banks have lowered the spread rate for deposits and loans as per the instructions of Nepal Rastra Bank (NRB).</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Amid criticism that the banks were making maximum profit, the central bank announced the reduction of the spread rate through the first quarterly review of the monetary policy of the last fiscal year (FY). The NRB also issued instructions to the banks to implement the decision. As per the instructions, the banks have maintained the spread rate within the prescribed limits.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">According to the financial statements published by the banks, </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">12</span></span> <span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">out of the </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">20</span></span> <span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">commercial banks reduced the spread rate to less than </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">4</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent in mid-June to mid-July of last fiscal year (FY 2022/23). The central bank had instructed the commercial banks to reduce the spread rate from </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">4.4</span></span> <span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">percent to </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">4</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Issuing a circular in early December last year, the NRB had instructed commercial banks to maintain the spread rate at </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">4.2</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent from mid-March and </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">4</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent from mid-June this year</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The banks that opted for merger or acquisition were given exemption even if the spread rate limit exceeded by 1 percentage point until mid-July.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">According to the financial statements of the banks, the spread rate of Citizens Bank, Sanima Bank and Standard Chartered Bank remains at </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">4</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent. Similarly, the lowest percentage of spread rate is maintained by the Agricultural Development Bank at </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">3.94</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The spread rate of Nepal Investment Mega Bank, Kumari Bank, Global IME Bank, Prabhu Bank, Himalayan Bank and Laxmi Sunrise Bank, which merged in the previous year, along with Nabil Bank, which acquired Nepal Bangladesh Bank in the previous fiscal year, is more than </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">4 </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">percent. As the concession given to these banks is now over, they have to bring the spread rate within </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">4 </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">percent by mid-October.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-08-09', 'modified' => '2023-08-09', 'keywords' => '', 'description' => '', 'sortorder' => '18414', 'image' => '20230809112813_bankkkkkkk.jpg', 'article_date' => '2023-08-09 11:27:29', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '18684', 'article_category_id' => '266', 'title' => 'Suzuki Unveils Jimny and Fronx SUVs in Chitwan', 'sub_title' => '', 'summary' => 'Sadhwi International, an authorized dealer of Suzuki cars for Chitwan, has unveiled Suzuki SUVs, Jimny and Fronx in Chitwan. CG Motocorp and CG NXTGEN, the authorized distributors of Suzuki cars in Nepal had opened booking for both models on July 14, 2023.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">August 9: Sadhwi International, an authorized dealer of Suzuki cars for Chitwan, has unveiled Suzuki SUVs, Jimny and Fronx in Chitwan. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">CG Motocorp and CG NXTGEN, the authorized distributors of Suzuki cars in Nepal had opened booking for both models on July 14, 2023. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Suraj Raj Joshi, the Managing Director of Sadhwi International Pvt. Ltd. in Chitwan, said that initial price of the Suzuki Jimny is Rs 5,999,000, while the price of the Suzuki FRONX is Rs 3,999,000.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif"> Suzuki Jimny car is globally popular and has garnered significant interest since it has been designed with ample angle and ground clearance.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The 'Face of New SUV' Suzuki FRONX is highly attractive and sporty. FRONX comes in premium design with new-age features, and modern safety amenities, alluring customers. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif"> </span></span></p> ', 'published' => true, 'created' => '2023-08-09', 'modified' => '2023-08-09', 'keywords' => '', 'description' => '', 'sortorder' => '18413', 'image' => '20230809061921_collage (2).jpg', 'article_date' => '2023-08-09 06:17:54', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 10 => array( 'Article' => array( 'id' => '18683', 'article_category_id' => '1', 'title' => 'Nepal Has Huge Potential for Chinese Investment and Tourists: FNCCI President Dhakal', 'sub_title' => '', 'summary' => 'The President of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI), Chandra Prasad Dhakal, and the Chinese Ambassador to Nepal, Chen Song, held a meeting to explore opportunities for enhanced collaboration between the two nations on Tuesday.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">August 9: The President of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI), Chandra Prasad Dhakal, and the Chinese Ambassador to Nepal, Chen Song, held a meeting to explore opportunities for enhanced collaboration between the two nations on Tuesday. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif"> The meeting took place at the FNCCI office, during which President Dhakal highlighted Nepal's promising potential as an attractive hub for Chinese investment and tourism.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">President Dhakal emphasized that Nepal's manufacturing, energy, and tourism infrastructure sectors offer substantial prospects for Chinese foreign investment. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Dhakal underscored the importance of establishing direct flights connecting China's major cities with Nepal's international airports to boost tourism. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">He urged Ambassador Song to consider prioritizing Nepal as a primary destination for Chinese tourists. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Similarly, President Dhakal requested support from the Chinese embassy in Nepal to facilitate visits for micro entrepreneurs to China.</span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif"> He also drew attention to the prospect of Chinese banks entering Nepal's banking sector for financial collaboration between the two nations.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">President Dhakal appealed to Ambassador Song to take steps to reopen Tatopani Check Point, which has been non-operational for an extended period. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">In response, Ambassador Song said that Chinese investors are interested in sectors such as manufacturing, agriculture, and energy in Nepal. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Song stressed the importance of creating a favorable environment in Nepal to encourage and support foreign investments. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">He highlighted the significance of policies that ensure stability and ease of business transactions, citing China's own success story as a global manufacturing leader due to foreign investments.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Furthermore, Ambassador Song shared that discussions are underway regarding the resumption of the Tatopani Check Point and the potential entry of Chinese banks into Nepal's financial sector.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-08-09', 'modified' => '2023-08-09', 'keywords' => '', 'description' => '', 'sortorder' => '18412', 'image' => '20230809055130_collage (1).jpg', 'article_date' => '2023-08-09 05:49:17', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 11 => array( 'Article' => array( 'id' => '18682', 'article_category_id' => '1', 'title' => 'Government to Endorse National Cyber Security Policy, 2080 ', 'sub_title' => '', 'summary' => 'August 8: The government has decided to approve the National Cyber Security Policy, 2080.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">August 8: The government has decided to approve the National Cyber Security Policy, 2080.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Minister for Communications and Information Technology and government spokesperson, Rekha Sharma confirmed that a meeting of the Council of Ministers held at the Office of the Prime Minister and Council of Ministers (OPMCM) on Tuesday decided to approve the policy.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The decision comes in the wake of increase in cases of violence through the digital platform in the absence of related laws. The records with the Nepal Police show that the number of cyber bullies have surged since 2014.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Cases of data breaching of e-commerce business, hacking of ATM system and social media as well as cyber-bullying have increased in the last few years reportedly due to the loopholes in the cyber security system in the country.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The police have been handling the cases of cybercrimes under the Electronic Transaction Act 2008 in the absence of related laws in Nepal.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The newly-formed policy is expected to address these issues.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Likewise, the cabinet meeting also decided to give approval for tabling the Banking Offense and Punishment (Second Amendment) Bill in the parliament.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The government has also decided to permit the Nepal Rastra Bank (NRB) to mint 150 million pieces of five rupees denomination coins. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""> </span></span></p> ', 'published' => true, 'created' => '2023-08-08', 'modified' => '2023-08-08', 'keywords' => '', 'description' => '', 'sortorder' => '18411', 'image' => '20230808100419_389-cyber-security.jpg', 'article_date' => '2023-08-08 22:03:46', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '18681', 'article_category_id' => '1', 'title' => 'Two-way Traffic Resumes along Narayangadh-Muglin Road Section', 'sub_title' => '', 'summary' => 'Two-way traffic has resumed on the Narayangadh-Muglin road section. The two-way traffic has resumed from 2:20 pm after clearing the landslide that occurred at 5:20 am this morning.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">August 8: Two-way traffic has resumed on the Narayangadh-Muglin road section. The two-way traffic has resumed from 2:20 pm after clearing the landslide that occurred at 5:20 am this morning. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Vehicular movement was disrupted due to landslide at Kalikhola and Topekhola of Ichchhakamana rural municipality-6. Although one-way traffic was resumed on this section of the highway from 11:00 am, it has now come into full operation from this afternoon. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Chief of the District Police Office, Chitwan, Superintendent of Police Rameshwor Karki, said vehicles that were stranded due to landslide are now heading to their destinations. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">One-way traffic resumed in Tanahu</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Meanwhile, one-way traffic has resumed along Prithvi highway, which was obstructed from today morning after the rains led to a cave-in near Chirkane of Byas municipality-12, according to the District Police Office, Tanahu. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Deputy Superintendent of Police, Mohan Bahadur Khand, shared that only small vehicles operating and there is no situation for movement of large-size vehicles. The road was caved-in following the incessant rainfall as road expansion activities were underway along Muglin-Pokhara section.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Similarly, under construction Abukhaireni-Jamune-Kotre road section has also been obstructed due to rain, said Chief of the District Traffic Police Office, Tanahu, Rajeev Bista. (RSS)</span></span></p> ', 'published' => true, 'created' => '2023-08-08', 'modified' => '2023-08-08', 'keywords' => '', 'description' => '', 'sortorder' => '18410', 'image' => '20230808062138_collage (3).jpg', 'article_date' => '2023-08-08 18:20:22', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 13 => array( 'Article' => array( 'id' => '18680', 'article_category_id' => '1', 'title' => 'CNI Requests Govt to Take Initiative to Remove Nepal from EU's Air Safety List ', 'sub_title' => '', 'summary' => 'August 8: A delegation of the Confederation of Nepalese Industries (CNI) held discussion with Minister for Culture, Tourism and Civil Aviation, Sudan Kirati, regarding the issues related with tourism industry of the country. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">August 8: A delegation of the Confederation of Nepalese Industries (CNI) held discussion with Minister for Culture, Tourism and Civil Aviation, Sudan Kirati, regarding the issues related with tourism industry of the country. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">They discussed the issues regarding steps to be taken for tourism promotion, short-term and long-term policy-level reforms along with initiatives to remove Nepal from the European Union's air safety list. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">During the discussion held at the Tourism Ministry, CNI President Rajesh Kumar Agrawal laid emphasis on cooperation and collaboration between the government and the private sector for the development of tourism industry, as tourism is an important source of earning foreign currencies. He said initiatives should be taken immediately to re-establish direct air connectivity with Europe. Agrawal urged the government to take initiatives to remove Nepal from EU air safety blacklist as soon as possible as tourists from Europe are among the biggest spenders. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Sharing that the CNI has formed a tourism committee keeping tourism industry in high-priority, he expressed commitment that the CNI would carry out activities working closely with the ministry. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">CNI has drawn the ministry's attention in the context of challenges seen due to shortage of air routes for the successful operation of Pokhara International Airport and the Gautam Buddha International Airport. It has also drawn the attention of the government on the need of developing and promoting Nepal as a filming destination, and of timely completion of the upgrading work of approach roads to tourist sites. CNI also raised concerns over the imposition of VAT on air tickets. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">During the discussions, Minister Kirati said that initiatives are being made to remove Nepal from the EU's security risk list and positive news on this is expected soon. He assured that the government will move ahead in a steadfast manner for restoring air connectivity with the European Union. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">He added that he has expressed his objection on the topic of imposition of VAT on air tickets in the context of Nepal becoming expensive as a tourism destination. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The Minister for Culture, Tourism and Civil Aviation said preparations are being made to purchase some planes to be operated in 'trunk routes' for providing service to the remote areas of the country and narrow-body airplanes for international flights to make Nepal Airlines Corporation competitive. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">He asserted that the ministry would collaborate with the Confederation for the development of the tourism industry. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2023-08-08', 'modified' => '2023-08-08', 'keywords' => '', 'description' => '', 'sortorder' => '18409', 'image' => '20230808040708_naccccc.jpg', 'article_date' => '2023-08-08 16:05:47', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '18679', 'article_category_id' => '1', 'title' => 'Cooperatives Reluctant to join GoAML Software', 'sub_title' => '', 'summary' => 'August 8: Although the government has directed cooperatives with an annual turnover of more than Rs 100 million to report about money laundering through the GoAML, only a handful of such organisations have been found associated to the GoAML software.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">August 8: Although the government has directed cooperatives with an annual turnover of more than Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">100</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> million to report about money laundering through the goAML software developed by the United Nations Office on Drugs and Crime Control (UNODC) as a response to money laundering and terrorist financing, only a handful of such organisations have been found to be associated with the GoAML software.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Although there are around </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">3,000</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> cooperatives with an annual turnover of more than Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">100</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> million, only </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">400</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> were affiliated to GoAML as of last fiscal year.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">As the number of cooperatives affiliated to GoAML has remained discouraging, the Department of Cooperatives under the federal government on Monday issued instructions to the cooperatives to join the GoML system.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The department said that it instructed the cooperatives to join the system following repeated request from the Financial Information Unit of Nepal Rastra Bank to bring the cooperatives under the GoAML system.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The department, for the first time in December 2077, had instructed the cooperatives with a turnover of more than Rs 100 million to connect to the GoAML software of the Financial Information Unit of NRB and report suspicious transactions. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">However, the cooperatives have been refusing to give information about possible money laundering. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Deputy Registrar of the Department of Cooperatives Tolraj Upadhyay said that despite the department's constant warnings, the cooperatives failed to comply with the directive. Upadhyay said that the department would monitor and take action against such cooperatives.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Membership in GoAML is mandatory for banks and financial institutions, insurance companies, share brokers, remittance companies and other companies, but in the case of cooperatives, it is mandatory only for organizations with a turnover of more than Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">100</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> million.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">According to the anti-money laundering directive, if a person transacts more than Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">1</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> million in a day or several times a day, the cooperative organization must send the details of such transaction to the Information Center. Similarly, no matter how much money is transacted, if it is suspicious, there is a provision to report it to the center. Last year, the department took action against more than half a dozen organizations for not following the guidelines.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">International organizations related to money laundering have been putting pressure on Nepal to tighten regulations on money laundering saying that there is risk of money laundering in cooperatives. For this reason, the government has also started preparations to create another tier of regulator for monitoring cooperatives.</span></span></span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-08-08', 'modified' => '2023-08-08', 'keywords' => 'goAML, money, laundering, NRB, Nepal, Rastra, Bank, cooperatives', 'description' => '', 'sortorder' => '18408', 'image' => '20230808034130_go.jpg', 'article_date' => '2023-08-08 15:32:39', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, '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' => '18694', 'article_category_id' => '1', 'title' => 'Licenses of Two Manpower Agencies Revoked Over Failure to Provide Compensation', 'sub_title' => '', 'summary' => 'The licenses of two manpower agencies have been revoked by the government due to their failure to provide compensation to individuals who were left stranded abroad.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">August 10: The licenses of two manpower agencies have been revoked by the government due to their failure to provide compensation to individuals who were left stranded abroad. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The agencies, Deluxe HR Solution and D. Square Group Manpower Company, were found guilty of violating the professional code of conduct. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The agencies failed to fulfill their contractual obligations by not ensuring jobs for the individuals as specified in the contract, which resulted in them being stranded overseas.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The decision to revoke their licenses was made in accordance with the Foreign Employment Act of 2064 BS (2007). </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The Department of Foreign Employment's spokesperson and director, Kavi Raj Upreti, said that two agencies had been instructed by the Department to compensate the affected individuals within a certain timeframe, but they did not comply.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">A group of 17 individuals who had been assisted by these agencies to secure employment as bike riders in the UAE filed complaints with the Department. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">They reported that the agencies had not fulfilled their contractual commitments, leading to them not being provided with the promised jobs. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">As a result of these violations, the government took the step to revoke the licenses of Deluxe HR Solution and D. Square Group Manpower Company. (RSS)</span></span></p> ', 'published' => true, 'created' => '2023-08-10', 'modified' => '2023-08-10', 'keywords' => '', 'description' => '', 'sortorder' => '18423', 'image' => '20230810054224_collage (5).jpg', 'article_date' => '2023-08-10 05:40:35', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 1 => array( 'Article' => array( 'id' => '18693', 'article_category_id' => '1', 'title' => 'Koshi Province Produced over 14,000 Metric Tons of Betel Nuts', 'sub_title' => '', 'summary' => 'August 9: Koshi Province produced 14,561 metric tons of betel nuts in the last fiscal year.', 'content' => '<p><span style="font-size:18px">August 9: Koshi Province produced 14,561 metric tons of betel nuts in the last fiscal year.</span></p> <p><span style="font-size:18px">According to the data of the Ministry of Industry, Agriculture and Cooperatives of Koshi Province, Jhapa district alone produced 10,370 metric tons of betel nuts during the review year.</span></p> <p><span style="font-size:18px">Cultivation of betel nuts was done in 2,770 hectares of land in Jhapa in FY 2022/23. The cultivation of betel nuts is increasing rapidly in the district.</span></p> <p><span style="font-size:18px">After Jhapa, Morang is the district which produced the most betel nuts. Betel nuts were cultivated in 905 hectares of land in Morang. Last year, this district produced 2,946 metric tons of betel nuts.</span></p> <p><span style="font-size:18px">Similarly, Ilam produced 610 metric tons of betel nut in 209 hectares of land in the last season, followed by Sunsari, which produced 525 metric tons of betel nuts in 135 hectares.</span></p> <p><span style="font-size:18px">The ministry informed that betel nuts were cultivated in 35 hectares of land in Udayapur. This district produced 109 metric tons of betel nut last year.</span></p> <p><span style="font-size:18px">Commercial farming of betel nuts is being done in a total of 4,054 hectares in land in Jhapa, Morang, Sunsari, Udayapur and Ilam.</span></p> <p><span style="font-size:18px">According to Abhimanyu Adhikari, an agricultural expert of the ministry, more than two-thirds of the total betel nuts produced in Koshi province came from Jhapa. That's why Jhapa is also called the capital of betel nuts.</span></p> <p><span style="font-size:18px">Jhapa is also famed for the production of rice and tea, along with betel nuts, an important cash crop.</span></p> <p><span style="font-size:18px">Betel nuts are considered to have medicinal properties, and are also used in religious activities and for wedding to death rituals.</span></p> ', 'published' => true, 'created' => '2023-08-09', 'modified' => '2023-08-09', 'keywords' => '', 'description' => '', 'sortorder' => '18422', 'image' => '20230809053841_20230809033802_1691570866.supari_aayat_khulaidai_d57UD5s5Ih.jpg', 'article_date' => '2023-08-09 17:38:15', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '18692', 'article_category_id' => '1', 'title' => 'NEPSE Index Gains Massive 41 Points to Close at 2060.91', 'sub_title' => '', 'summary' => ' The Nepal Stock Exchange (NEPSE) index increased by 41.06 points, or 2.03 percent, and closed at 2060.91 on the fourth trading day of the week on Wednesday. The index had dropped up to 2,000 points in the first hour of trading when the market opened.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">August 9: The Nepal Stock Exchange (NEPSE) index increased by 41.06 points, or 2.03 percent, and closed at 2060.91 on the fourth trading day of the week on Wednesday. The index had dropped up to 2,000 points in the first hour of trading when the market opened.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The market, which was on downward trend since Nepal Rastra Bank issued the monetary policy for the fiscal year 2023/2024, witnessed a substantial increase today. The index that had reached above 2200 points had dropped for the 12 twelve ever since the monetary policy was issued by the central bank.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Since the market has fallen to the demand zone, investors and traders had increased their purchase. Since the volume has not gone up significantly, analysts have advised to watch tomorrow’s market for the confirmation of the bounce back. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The sensitive index increased by 1.94 percent, Float index surged by 1.95 percent, and Sensitive Float Index by 1.77 percent respectively. </span></span></p> <p><span style="font-size:20px">During the day's trading, a total of 265 scrips exchanged hands through 77,501 transactions. The volume of shares traded amounted to 5,010,716, with a turnover of Rs. 1.88 billion. Among the stocks, IME Life Insurance Company Limited (ILI) shares traded the most and had the highest turnover, with an amount of Rs. 15.5 crores, and closed at a market price of Rs. 589.</span></p> <p><span style="font-size:20px">In terms of individual stock performance, Himalayan Laghubitta Bittiya Sanstha Limited (HLBSL) recorded the highest gain of 9.83% for the day.</span></p> <p><span style="font-size:20px">On the other hand, Century Debenture 2088 (CCBD88) witnessed the highest decline of 9.99%.</span></p> <p><span style="font-size:20px">Only "Mutual Fund" closed in the red. The "Hotel and Tourism" sector had the highest gain, increasing by 3.50%.</span></p> <p><span style="font-size:20px">However, the "Mutual Fund" sector registered the loss by 0.41 percent.</span></p> ', 'published' => true, 'created' => '2023-08-09', 'modified' => '2023-08-09', 'keywords' => '', 'description' => '', 'sortorder' => '18421', 'image' => '20230809050359_collage (4).jpg', 'article_date' => '2023-08-09 17:00:44', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 3 => array( 'Article' => array( 'id' => '18690', 'article_category_id' => '1', 'title' => 'DoTM Preparing to Launch Express Bus Service from Suryabinayak to Ratnapark', 'sub_title' => '', 'summary' => 'August 9: The government is preparing to operate express bus service from Bhaktapur’s Suryabinayak to Ratnapark in Kathmandu from upcoming September. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">August 9: The government is preparing to operate express bus service from Bhaktapur’s Suryabinayak to Ratnapark in Kathmandu from upcoming September. Although the government is planning to launch the service from September 18, the plan is likely to be delayed by a few days as the preparation has been hampered by the rainfall, said officials at the some works could not be done due to rain, but it may start after a few Department of Transport Management(DoTM).</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">DoTM Spokesperson Ishwar Datta Paneru said that the Department of Roads (DoR) has to complete its work on the Suryabinayak-Ratnapark Expressway first, and only after that the DoTM and other agencies will begin their work. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">He said that the DoR will estimate the required section of the road and prepare the 'road marking'. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">“After the road marking is completed, other works will not take much time,” said Paneru.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">He added that the transport entrepreneurs are ready to provide vehicles and the traffic police will do the needful work. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">"First of all, the works related to the road should be done. After that, a meeting will be held and a decision will be taken as to when the implementation will be done," said Paneru.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Looking at the current progress, the bus service to kick off on September 18 is less likely, said spokesperson Paneru. Due to the rainy season, the DoR has had some problems to complete its work. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Although the service will be launched in September, it is most likely to be done 8 to 10 days later than the earlier target, said Paneru.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The date from which the bus service will start depends on the work progress of the Department of Roads. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">He said that the DoTM will work on coordination, cooperation and regulation. He said that preparations have been made to allocate lanes on both sides of the road for the express service.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The government had announced to make arrangement for the operation of express bus service as passengers were struggling to reach their destination on time through public transport due to heavy traffic. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">In the first phase, express buses will be operated from Bhaktapur's Suryabinayak to Ratnapark. The department said that it can be operated on other routes in the future.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The ministry is going to start fast bus service by selecting buses from private companies with good condition and capacity. For now, the express bus service will be operated from 9 am to 11 am and from 4 pm to 6 pm during peak traffic hours, the ministry said. For that, about 25 buses with more than 40 seats will be put into operation.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-08-09', 'modified' => '2023-08-09', 'keywords' => '', 'description' => '', 'sortorder' => '18419', 'image' => '20230809032120_1691571338.jpg', 'article_date' => '2023-08-09 15:20:43', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '18689', 'article_category_id' => '1', 'title' => 'Upper Sanjen Hydropower Project begins Production ', 'sub_title' => '', 'summary' => 'August 9: The Simbu Hydropower Plant, constructed by the Sanjen Hydropower Company, has started generating electricity. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">August 9: The Simbu Hydropower Plant, constructed by the Sanjen Hydropower Company, has started generating electricity. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The hydropower project with 14.8 MW capacity, which was constructed in Rasuwa’s Simbu, also known as Upper Sanjen, has started producing energy since August 5. The energy produced from the hydropower project has been connected to the national transmission grid. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to managing director of Sanjen Hydropower Company, Sunil Kumar Dhungel, the construction of the Upper Sanjen Hydropower Project had started in 2013. Ten years on, it has now started production and the produced energy has been sent to the central storage through the national transmission line of the Chilime Hydropower, added Dhungel. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The project is expected to generate 88.5 million units of energy annually with a total income of Rs 400 million per year, Dhungel further said. The power house is built at an altitude of 2,180 meters from the sea level. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2023-08-09', 'modified' => '2023-08-09', 'keywords' => '', 'description' => '', 'sortorder' => '18418', 'image' => '20230809024237_SUHEP-2.jpg', 'article_date' => '2023-08-09 14:41:57', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '18688', 'article_category_id' => '1', 'title' => 'Govt Backtracks its Decision to Build Alternative to Mugling-Narayanghat Road due to Lack of Budget', 'sub_title' => '', 'summary' => 'August 9: The Ministry of Physical Infrastructure and Transport backtracked from its decision to build an alternative to Mugling-Narayanghat road across the Trishuli river.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">August 9: The Ministry of Physical Infrastructure and Transport backtracked from its decision to build an alternative to Mugling-Narayanghat road across the Trishuli river.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">The plan forwarded by the ministry to use the road across the Trishuli river due to the frequent disruption of the main road has been put on hold due to lack of budget.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">The Mugling-Narayanghat road section, a vital road link to the capital, has been frequently obstructed by landslides during the rainy season.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">The proposed plan requires budget for construction of road infrastructure as well as compensation for land acquisition.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">The Ministry of Physical Infrastructure and Transport withdrew its decision to implement this road construction project after the Ministry of Finance did not ensure the resources saying that the government will have to spend more money on compensation than the construction of the road.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">Joint Secretary Arjun Jung Thapa informed New Business Age that about Rs 20 billion will be needed to build the proposed road and give compensation. However, due to a lack of budget, the ministry has now 'dropped' the road construction plan, he said.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">Although the World Bank had pledged to support the construction of this 37-kilometre (km) road, the government on its part had to contribute for the distribution of compensation. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">Thapa said that the ministry backtracked its decision to implement the plan after it was estimated that more that Rs 10 billion would be required for compensation. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">"The government is not in a position to build roads by spending billions of rupees on compensation," said Thapa.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">The Department of Roads has already prepared a preliminary design for this road. Although the design has been prepared in collaboration with the rural municipality of the concerned area, no further work has been done on the track plan.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">Thapa said that the cost is expected to be much higher because more motorable bridges will have to be built on this road. </span></span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-08-09', 'modified' => '2023-08-09', 'keywords' => '', 'description' => '', 'sortorder' => '18417', 'image' => '20230809020507_20221214094754_20210307101257_20210203120420_20200611120202_WB Road Project.jpg', 'article_date' => '2023-08-09 14:04:32', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '18687', 'article_category_id' => '1', 'title' => 'Operational Profit of Surya Nepal Stands at Rs 125 Billion in 5 Years', 'sub_title' => '', 'summary' => 'August 9: Surya Nepal, a cigarette and incense manufacturing company, made an operating profit of Rs 125 billion in five years. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">August 9: Surya Nepal, a cigarette and incense manufacturing company, made an operating profit of Rs 125 billion in five years. According to the rating company Care Ratings, Surya Nepal made an operational profit of Rs 24.47 billion in 2020, Rs 24.49 billion in 2021 and Rs 27.1 billion in 2022.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">Despite the increase in tax on tobacco products, the company sold cigarettes worth Rs 26.98 billion in the fiscal year 2022 as it introduced new brands of cigarettes in the market. The company declared a dividend of Rs 10.40 billion that year. The company has a short-term loan of Rs 5.75 billion. Care Ratings has given 'A One Plus' rating to the loan of the company.</span></span></span></p> <p> </p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><strong><span style="font-size:14.0pt">Share structure of the company</span></strong></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">Established in 1986, ITC Limited has the largest share of 59 percent in this company. The market capitalization of India-based ITC Limited is USD 58 billion as of March 2023. Founded in 1910, the company manufactures cigarettes, branded packaged foods, education and stationery. The company also has investments in agricultural business and information technology. Nepali individual and institutional investors own 39 percent and British American Tobacco (Investment) Limited holds the remaining 2 percent shares.</span></span></span></p> <p> </p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><strong><span style="font-size:14.0pt">Company products</span></strong></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">The company produces cigarettes, match sticks, incense sticks and confectionery, while it has also invested in the hotel business. A five-star hotel is under construction on 72 ropanis of land belonging to the company in Budhanilkantha, Kathmandu.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">According to consumer taste and preference, the company has been producing and selling cigarettes under the brands like Surya Legend, Surya 24 Karat, Surya Luxury Kings, Shikhar Filter Kings, Shikhar Ice Juice, Naulo, Khukuri Filter, Pilot Filter, Bijuli and Chautari. The company has more than 100 distributors across the country.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">Sanjeev Puri is the chairman of the company, who is also the chairman and managing director of ITC Limited. Meanwhile, managing director of Surya Nepal is Ravi K Raivaram.</span></span></span></p> <p> </p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><strong><span style="font-size:14.0pt">At the top of the highest tax paying company</span></strong></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">According to the Inland Revenue Department, the government collected excise duty worth Rs 92.66 billion from cigarettes and bidi in 5 years. Ever since the department started honoring big tax payers, Surya Nepal has been in the list of companies paying the highest income tax.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">The department has been honoring big tax payers every year since the year 2069 BS. Surya Nepal has been among the companies that pay more income tax every year since the fiscal year (FY) 2068/69.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-08-09', 'modified' => '2023-08-09', 'keywords' => '', 'description' => '', 'sortorder' => '18416', 'image' => '20230809010825_20230222120715_snw.jpg', 'article_date' => '2023-08-09 13:07:46', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '18686', 'article_category_id' => '1', 'title' => 'Education Bill Draws Flak for Lack of Consultation with Stakeholders ', 'sub_title' => '', 'summary' => 'August 9: Stakeholders have expressed discontent on the proposed arrangements regarding private schools in the bill that the government is set to present at the federal parliament to mend and integrate school education. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">August 9: Stakeholders have expressed discontent on the proposed arrangements regarding private schools in the bill that the government is set to present at the federal parliament to mend and integrate school education. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Organizing a joint press conference on Tuesday, the private school operators’ organizations demanded amendment to the draft bill acknowledging their right to private property. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Speakers expressed displeasure over some of the provisions in the bill during the press conference jointly organized by Private and Boarding Schools' Organization Nepal (PABSON), National Private and Boarding Schools' Association Nepal (NPABSON) and Higher Institutions and Secondary Schools Association (HISSAN). </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">They said the provisions of the draft bill were prejudiced, anti-constitutional, impractical and ill-advised. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">A meeting of the Council of Ministers held on August 1 had decided to endorse the bill and table it at the parliament. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The organizations have shown their grave concern on the provisions of the bill, including transformation of the schools with private investment into the educational trustees (guthi) within five years. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The press release jointly issued by PABSON Chairperson DK Dhungana, N-PANSON Chairperson Pandab Hamal and HISSAN Chairperson Ramesh Silwal states that they would resort protest programmes, including submitting memorandum to the local government units, district administration offices, education development and coordination unit and province ministries; stage demonstration against the draft bill and hold interaction/discussion with stakeholders if their demands were not addressed. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The organizations have warned to launch stern protests if the government did not pay attention to their demands. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2023-08-09', 'modified' => '2023-08-09', 'keywords' => '', 'description' => '', 'sortorder' => '18415', 'image' => '20230809120052_20220530033850_education-icon-graduation-hat-vector-2498629.jpg', 'article_date' => '2023-08-09 12:00:03', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '18685', 'article_category_id' => '1', 'title' => 'Commercial Banks Reduce Spread Rate', 'sub_title' => '', 'summary' => 'August 9: Commercial banks have lowered the spread rate for deposits and loans as per the instructions of Nepal Rastra Bank (NRB).', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">August 9: Commercial banks have lowered the spread rate for deposits and loans as per the instructions of Nepal Rastra Bank (NRB).</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Amid criticism that the banks were making maximum profit, the central bank announced the reduction of the spread rate through the first quarterly review of the monetary policy of the last fiscal year (FY). The NRB also issued instructions to the banks to implement the decision. As per the instructions, the banks have maintained the spread rate within the prescribed limits.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">According to the financial statements published by the banks, </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">12</span></span> <span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">out of the </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">20</span></span> <span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">commercial banks reduced the spread rate to less than </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">4</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent in mid-June to mid-July of last fiscal year (FY 2022/23). The central bank had instructed the commercial banks to reduce the spread rate from </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">4.4</span></span> <span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">percent to </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">4</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Issuing a circular in early December last year, the NRB had instructed commercial banks to maintain the spread rate at </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">4.2</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent from mid-March and </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">4</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent from mid-June this year</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The banks that opted for merger or acquisition were given exemption even if the spread rate limit exceeded by 1 percentage point until mid-July.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">According to the financial statements of the banks, the spread rate of Citizens Bank, Sanima Bank and Standard Chartered Bank remains at </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">4</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent. Similarly, the lowest percentage of spread rate is maintained by the Agricultural Development Bank at </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">3.94</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The spread rate of Nepal Investment Mega Bank, Kumari Bank, Global IME Bank, Prabhu Bank, Himalayan Bank and Laxmi Sunrise Bank, which merged in the previous year, along with Nabil Bank, which acquired Nepal Bangladesh Bank in the previous fiscal year, is more than </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">4 </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">percent. As the concession given to these banks is now over, they have to bring the spread rate within </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">4 </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">percent by mid-October.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-08-09', 'modified' => '2023-08-09', 'keywords' => '', 'description' => '', 'sortorder' => '18414', 'image' => '20230809112813_bankkkkkkk.jpg', 'article_date' => '2023-08-09 11:27:29', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '18684', 'article_category_id' => '266', 'title' => 'Suzuki Unveils Jimny and Fronx SUVs in Chitwan', 'sub_title' => '', 'summary' => 'Sadhwi International, an authorized dealer of Suzuki cars for Chitwan, has unveiled Suzuki SUVs, Jimny and Fronx in Chitwan. CG Motocorp and CG NXTGEN, the authorized distributors of Suzuki cars in Nepal had opened booking for both models on July 14, 2023.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">August 9: Sadhwi International, an authorized dealer of Suzuki cars for Chitwan, has unveiled Suzuki SUVs, Jimny and Fronx in Chitwan. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">CG Motocorp and CG NXTGEN, the authorized distributors of Suzuki cars in Nepal had opened booking for both models on July 14, 2023. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Suraj Raj Joshi, the Managing Director of Sadhwi International Pvt. Ltd. in Chitwan, said that initial price of the Suzuki Jimny is Rs 5,999,000, while the price of the Suzuki FRONX is Rs 3,999,000.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif"> Suzuki Jimny car is globally popular and has garnered significant interest since it has been designed with ample angle and ground clearance.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The 'Face of New SUV' Suzuki FRONX is highly attractive and sporty. FRONX comes in premium design with new-age features, and modern safety amenities, alluring customers. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif"> </span></span></p> ', 'published' => true, 'created' => '2023-08-09', 'modified' => '2023-08-09', 'keywords' => '', 'description' => '', 'sortorder' => '18413', 'image' => '20230809061921_collage (2).jpg', 'article_date' => '2023-08-09 06:17:54', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 10 => array( 'Article' => array( 'id' => '18683', 'article_category_id' => '1', 'title' => 'Nepal Has Huge Potential for Chinese Investment and Tourists: FNCCI President Dhakal', 'sub_title' => '', 'summary' => 'The President of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI), Chandra Prasad Dhakal, and the Chinese Ambassador to Nepal, Chen Song, held a meeting to explore opportunities for enhanced collaboration between the two nations on Tuesday.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">August 9: The President of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI), Chandra Prasad Dhakal, and the Chinese Ambassador to Nepal, Chen Song, held a meeting to explore opportunities for enhanced collaboration between the two nations on Tuesday. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif"> The meeting took place at the FNCCI office, during which President Dhakal highlighted Nepal's promising potential as an attractive hub for Chinese investment and tourism.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">President Dhakal emphasized that Nepal's manufacturing, energy, and tourism infrastructure sectors offer substantial prospects for Chinese foreign investment. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Dhakal underscored the importance of establishing direct flights connecting China's major cities with Nepal's international airports to boost tourism. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">He urged Ambassador Song to consider prioritizing Nepal as a primary destination for Chinese tourists. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Similarly, President Dhakal requested support from the Chinese embassy in Nepal to facilitate visits for micro entrepreneurs to China.</span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif"> He also drew attention to the prospect of Chinese banks entering Nepal's banking sector for financial collaboration between the two nations.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">President Dhakal appealed to Ambassador Song to take steps to reopen Tatopani Check Point, which has been non-operational for an extended period. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">In response, Ambassador Song said that Chinese investors are interested in sectors such as manufacturing, agriculture, and energy in Nepal. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Song stressed the importance of creating a favorable environment in Nepal to encourage and support foreign investments. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">He highlighted the significance of policies that ensure stability and ease of business transactions, citing China's own success story as a global manufacturing leader due to foreign investments.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Furthermore, Ambassador Song shared that discussions are underway regarding the resumption of the Tatopani Check Point and the potential entry of Chinese banks into Nepal's financial sector.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-08-09', 'modified' => '2023-08-09', 'keywords' => '', 'description' => '', 'sortorder' => '18412', 'image' => '20230809055130_collage (1).jpg', 'article_date' => '2023-08-09 05:49:17', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 11 => array( 'Article' => array( 'id' => '18682', 'article_category_id' => '1', 'title' => 'Government to Endorse National Cyber Security Policy, 2080 ', 'sub_title' => '', 'summary' => 'August 8: The government has decided to approve the National Cyber Security Policy, 2080.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">August 8: The government has decided to approve the National Cyber Security Policy, 2080.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Minister for Communications and Information Technology and government spokesperson, Rekha Sharma confirmed that a meeting of the Council of Ministers held at the Office of the Prime Minister and Council of Ministers (OPMCM) on Tuesday decided to approve the policy.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The decision comes in the wake of increase in cases of violence through the digital platform in the absence of related laws. The records with the Nepal Police show that the number of cyber bullies have surged since 2014.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Cases of data breaching of e-commerce business, hacking of ATM system and social media as well as cyber-bullying have increased in the last few years reportedly due to the loopholes in the cyber security system in the country.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The police have been handling the cases of cybercrimes under the Electronic Transaction Act 2008 in the absence of related laws in Nepal.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The newly-formed policy is expected to address these issues.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Likewise, the cabinet meeting also decided to give approval for tabling the Banking Offense and Punishment (Second Amendment) Bill in the parliament.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The government has also decided to permit the Nepal Rastra Bank (NRB) to mint 150 million pieces of five rupees denomination coins. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""> </span></span></p> ', 'published' => true, 'created' => '2023-08-08', 'modified' => '2023-08-08', 'keywords' => '', 'description' => '', 'sortorder' => '18411', 'image' => '20230808100419_389-cyber-security.jpg', 'article_date' => '2023-08-08 22:03:46', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '18681', 'article_category_id' => '1', 'title' => 'Two-way Traffic Resumes along Narayangadh-Muglin Road Section', 'sub_title' => '', 'summary' => 'Two-way traffic has resumed on the Narayangadh-Muglin road section. The two-way traffic has resumed from 2:20 pm after clearing the landslide that occurred at 5:20 am this morning.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">August 8: Two-way traffic has resumed on the Narayangadh-Muglin road section. The two-way traffic has resumed from 2:20 pm after clearing the landslide that occurred at 5:20 am this morning. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Vehicular movement was disrupted due to landslide at Kalikhola and Topekhola of Ichchhakamana rural municipality-6. Although one-way traffic was resumed on this section of the highway from 11:00 am, it has now come into full operation from this afternoon. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Chief of the District Police Office, Chitwan, Superintendent of Police Rameshwor Karki, said vehicles that were stranded due to landslide are now heading to their destinations. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">One-way traffic resumed in Tanahu</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Meanwhile, one-way traffic has resumed along Prithvi highway, which was obstructed from today morning after the rains led to a cave-in near Chirkane of Byas municipality-12, according to the District Police Office, Tanahu. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Deputy Superintendent of Police, Mohan Bahadur Khand, shared that only small vehicles operating and there is no situation for movement of large-size vehicles. The road was caved-in following the incessant rainfall as road expansion activities were underway along Muglin-Pokhara section.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Similarly, under construction Abukhaireni-Jamune-Kotre road section has also been obstructed due to rain, said Chief of the District Traffic Police Office, Tanahu, Rajeev Bista. (RSS)</span></span></p> ', 'published' => true, 'created' => '2023-08-08', 'modified' => '2023-08-08', 'keywords' => '', 'description' => '', 'sortorder' => '18410', 'image' => '20230808062138_collage (3).jpg', 'article_date' => '2023-08-08 18:20:22', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 13 => array( 'Article' => array( 'id' => '18680', 'article_category_id' => '1', 'title' => 'CNI Requests Govt to Take Initiative to Remove Nepal from EU's Air Safety List ', 'sub_title' => '', 'summary' => 'August 8: A delegation of the Confederation of Nepalese Industries (CNI) held discussion with Minister for Culture, Tourism and Civil Aviation, Sudan Kirati, regarding the issues related with tourism industry of the country. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">August 8: A delegation of the Confederation of Nepalese Industries (CNI) held discussion with Minister for Culture, Tourism and Civil Aviation, Sudan Kirati, regarding the issues related with tourism industry of the country. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">They discussed the issues regarding steps to be taken for tourism promotion, short-term and long-term policy-level reforms along with initiatives to remove Nepal from the European Union's air safety list. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">During the discussion held at the Tourism Ministry, CNI President Rajesh Kumar Agrawal laid emphasis on cooperation and collaboration between the government and the private sector for the development of tourism industry, as tourism is an important source of earning foreign currencies. He said initiatives should be taken immediately to re-establish direct air connectivity with Europe. Agrawal urged the government to take initiatives to remove Nepal from EU air safety blacklist as soon as possible as tourists from Europe are among the biggest spenders. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Sharing that the CNI has formed a tourism committee keeping tourism industry in high-priority, he expressed commitment that the CNI would carry out activities working closely with the ministry. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">CNI has drawn the ministry's attention in the context of challenges seen due to shortage of air routes for the successful operation of Pokhara International Airport and the Gautam Buddha International Airport. It has also drawn the attention of the government on the need of developing and promoting Nepal as a filming destination, and of timely completion of the upgrading work of approach roads to tourist sites. CNI also raised concerns over the imposition of VAT on air tickets. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">During the discussions, Minister Kirati said that initiatives are being made to remove Nepal from the EU's security risk list and positive news on this is expected soon. He assured that the government will move ahead in a steadfast manner for restoring air connectivity with the European Union. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">He added that he has expressed his objection on the topic of imposition of VAT on air tickets in the context of Nepal becoming expensive as a tourism destination. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The Minister for Culture, Tourism and Civil Aviation said preparations are being made to purchase some planes to be operated in 'trunk routes' for providing service to the remote areas of the country and narrow-body airplanes for international flights to make Nepal Airlines Corporation competitive. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">He asserted that the ministry would collaborate with the Confederation for the development of the tourism industry. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2023-08-08', 'modified' => '2023-08-08', 'keywords' => '', 'description' => '', 'sortorder' => '18409', 'image' => '20230808040708_naccccc.jpg', 'article_date' => '2023-08-08 16:05:47', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '18679', 'article_category_id' => '1', 'title' => 'Cooperatives Reluctant to join GoAML Software', 'sub_title' => '', 'summary' => 'August 8: Although the government has directed cooperatives with an annual turnover of more than Rs 100 million to report about money laundering through the GoAML, only a handful of such organisations have been found associated to the GoAML software.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">August 8: Although the government has directed cooperatives with an annual turnover of more than Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">100</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> million to report about money laundering through the goAML software developed by the United Nations Office on Drugs and Crime Control (UNODC) as a response to money laundering and terrorist financing, only a handful of such organisations have been found to be associated with the GoAML software.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Although there are around </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">3,000</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> cooperatives with an annual turnover of more than Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">100</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> million, only </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">400</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> were affiliated to GoAML as of last fiscal year.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">As the number of cooperatives affiliated to GoAML has remained discouraging, the Department of Cooperatives under the federal government on Monday issued instructions to the cooperatives to join the GoML system.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The department said that it instructed the cooperatives to join the system following repeated request from the Financial Information Unit of Nepal Rastra Bank to bring the cooperatives under the GoAML system.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The department, for the first time in December 2077, had instructed the cooperatives with a turnover of more than Rs 100 million to connect to the GoAML software of the Financial Information Unit of NRB and report suspicious transactions. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">However, the cooperatives have been refusing to give information about possible money laundering. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Deputy Registrar of the Department of Cooperatives Tolraj Upadhyay said that despite the department's constant warnings, the cooperatives failed to comply with the directive. Upadhyay said that the department would monitor and take action against such cooperatives.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Membership in GoAML is mandatory for banks and financial institutions, insurance companies, share brokers, remittance companies and other companies, but in the case of cooperatives, it is mandatory only for organizations with a turnover of more than Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">100</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> million.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">According to the anti-money laundering directive, if a person transacts more than Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">1</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> million in a day or several times a day, the cooperative organization must send the details of such transaction to the Information Center. Similarly, no matter how much money is transacted, if it is suspicious, there is a provision to report it to the center. Last year, the department took action against more than half a dozen organizations for not following the guidelines.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">International organizations related to money laundering have been putting pressure on Nepal to tighten regulations on money laundering saying that there is risk of money laundering in cooperatives. For this reason, the government has also started preparations to create another tier of regulator for monitoring cooperatives.</span></span></span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-08-08', 'modified' => '2023-08-08', 'keywords' => 'goAML, money, laundering, NRB, Nepal, Rastra, Bank, cooperatives', 'description' => '', 'sortorder' => '18408', 'image' => '20230808034130_go.jpg', 'article_date' => '2023-08-08 15:32:39', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ) ) $current_user = null $logged_in = false $xml = falseinclude - APP/View/Elements/side_bar.ctp, line 133 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
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Square Group Manpower Company, were found guilty of violating the professional code of conduct. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The agencies failed to fulfill their contractual obligations by not ensuring jobs for the individuals as specified in the contract, which resulted in them being stranded overseas.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The decision to revoke their licenses was made in accordance with the Foreign Employment Act of 2064 BS (2007). </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The Department of Foreign Employment's spokesperson and director, Kavi Raj Upreti, said that two agencies had been instructed by the Department to compensate the affected individuals within a certain timeframe, but they did not comply.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">A group of 17 individuals who had been assisted by these agencies to secure employment as bike riders in the UAE filed complaints with the Department. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">They reported that the agencies had not fulfilled their contractual commitments, leading to them not being provided with the promised jobs. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">As a result of these violations, the government took the step to revoke the licenses of Deluxe HR Solution and D. Square Group Manpower Company. (RSS)</span></span></p> ', 'published' => true, 'created' => '2023-08-10', 'modified' => '2023-08-10', 'keywords' => '', 'description' => '', 'sortorder' => '18423', 'image' => '20230810054224_collage (5).jpg', 'article_date' => '2023-08-10 05:40:35', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 1 => array( 'Article' => array( 'id' => '18693', 'article_category_id' => '1', 'title' => 'Koshi Province Produced over 14,000 Metric Tons of Betel Nuts', 'sub_title' => '', 'summary' => 'August 9: Koshi Province produced 14,561 metric tons of betel nuts in the last fiscal year.', 'content' => '<p><span style="font-size:18px">August 9: Koshi Province produced 14,561 metric tons of betel nuts in the last fiscal year.</span></p> <p><span style="font-size:18px">According to the data of the Ministry of Industry, Agriculture and Cooperatives of Koshi Province, Jhapa district alone produced 10,370 metric tons of betel nuts during the review year.</span></p> <p><span style="font-size:18px">Cultivation of betel nuts was done in 2,770 hectares of land in Jhapa in FY 2022/23. The cultivation of betel nuts is increasing rapidly in the district.</span></p> <p><span style="font-size:18px">After Jhapa, Morang is the district which produced the most betel nuts. Betel nuts were cultivated in 905 hectares of land in Morang. Last year, this district produced 2,946 metric tons of betel nuts.</span></p> <p><span style="font-size:18px">Similarly, Ilam produced 610 metric tons of betel nut in 209 hectares of land in the last season, followed by Sunsari, which produced 525 metric tons of betel nuts in 135 hectares.</span></p> <p><span style="font-size:18px">The ministry informed that betel nuts were cultivated in 35 hectares of land in Udayapur. This district produced 109 metric tons of betel nut last year.</span></p> <p><span style="font-size:18px">Commercial farming of betel nuts is being done in a total of 4,054 hectares in land in Jhapa, Morang, Sunsari, Udayapur and Ilam.</span></p> <p><span style="font-size:18px">According to Abhimanyu Adhikari, an agricultural expert of the ministry, more than two-thirds of the total betel nuts produced in Koshi province came from Jhapa. That's why Jhapa is also called the capital of betel nuts.</span></p> <p><span style="font-size:18px">Jhapa is also famed for the production of rice and tea, along with betel nuts, an important cash crop.</span></p> <p><span style="font-size:18px">Betel nuts are considered to have medicinal properties, and are also used in religious activities and for wedding to death rituals.</span></p> ', 'published' => true, 'created' => '2023-08-09', 'modified' => '2023-08-09', 'keywords' => '', 'description' => '', 'sortorder' => '18422', 'image' => '20230809053841_20230809033802_1691570866.supari_aayat_khulaidai_d57UD5s5Ih.jpg', 'article_date' => '2023-08-09 17:38:15', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '18692', 'article_category_id' => '1', 'title' => 'NEPSE Index Gains Massive 41 Points to Close at 2060.91', 'sub_title' => '', 'summary' => ' The Nepal Stock Exchange (NEPSE) index increased by 41.06 points, or 2.03 percent, and closed at 2060.91 on the fourth trading day of the week on Wednesday. The index had dropped up to 2,000 points in the first hour of trading when the market opened.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">August 9: The Nepal Stock Exchange (NEPSE) index increased by 41.06 points, or 2.03 percent, and closed at 2060.91 on the fourth trading day of the week on Wednesday. The index had dropped up to 2,000 points in the first hour of trading when the market opened.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The market, which was on downward trend since Nepal Rastra Bank issued the monetary policy for the fiscal year 2023/2024, witnessed a substantial increase today. The index that had reached above 2200 points had dropped for the 12 twelve ever since the monetary policy was issued by the central bank.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Since the market has fallen to the demand zone, investors and traders had increased their purchase. Since the volume has not gone up significantly, analysts have advised to watch tomorrow’s market for the confirmation of the bounce back. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The sensitive index increased by 1.94 percent, Float index surged by 1.95 percent, and Sensitive Float Index by 1.77 percent respectively. </span></span></p> <p><span style="font-size:20px">During the day's trading, a total of 265 scrips exchanged hands through 77,501 transactions. The volume of shares traded amounted to 5,010,716, with a turnover of Rs. 1.88 billion. Among the stocks, IME Life Insurance Company Limited (ILI) shares traded the most and had the highest turnover, with an amount of Rs. 15.5 crores, and closed at a market price of Rs. 589.</span></p> <p><span style="font-size:20px">In terms of individual stock performance, Himalayan Laghubitta Bittiya Sanstha Limited (HLBSL) recorded the highest gain of 9.83% for the day.</span></p> <p><span style="font-size:20px">On the other hand, Century Debenture 2088 (CCBD88) witnessed the highest decline of 9.99%.</span></p> <p><span style="font-size:20px">Only "Mutual Fund" closed in the red. The "Hotel and Tourism" sector had the highest gain, increasing by 3.50%.</span></p> <p><span style="font-size:20px">However, the "Mutual Fund" sector registered the loss by 0.41 percent.</span></p> ', 'published' => true, 'created' => '2023-08-09', 'modified' => '2023-08-09', 'keywords' => '', 'description' => '', 'sortorder' => '18421', 'image' => '20230809050359_collage (4).jpg', 'article_date' => '2023-08-09 17:00:44', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 3 => array( 'Article' => array( 'id' => '18690', 'article_category_id' => '1', 'title' => 'DoTM Preparing to Launch Express Bus Service from Suryabinayak to Ratnapark', 'sub_title' => '', 'summary' => 'August 9: The government is preparing to operate express bus service from Bhaktapur’s Suryabinayak to Ratnapark in Kathmandu from upcoming September. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">August 9: The government is preparing to operate express bus service from Bhaktapur’s Suryabinayak to Ratnapark in Kathmandu from upcoming September. Although the government is planning to launch the service from September 18, the plan is likely to be delayed by a few days as the preparation has been hampered by the rainfall, said officials at the some works could not be done due to rain, but it may start after a few Department of Transport Management(DoTM).</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">DoTM Spokesperson Ishwar Datta Paneru said that the Department of Roads (DoR) has to complete its work on the Suryabinayak-Ratnapark Expressway first, and only after that the DoTM and other agencies will begin their work. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">He said that the DoR will estimate the required section of the road and prepare the 'road marking'. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">“After the road marking is completed, other works will not take much time,” said Paneru.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">He added that the transport entrepreneurs are ready to provide vehicles and the traffic police will do the needful work. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">"First of all, the works related to the road should be done. After that, a meeting will be held and a decision will be taken as to when the implementation will be done," said Paneru.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Looking at the current progress, the bus service to kick off on September 18 is less likely, said spokesperson Paneru. Due to the rainy season, the DoR has had some problems to complete its work. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Although the service will be launched in September, it is most likely to be done 8 to 10 days later than the earlier target, said Paneru.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The date from which the bus service will start depends on the work progress of the Department of Roads. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">He said that the DoTM will work on coordination, cooperation and regulation. He said that preparations have been made to allocate lanes on both sides of the road for the express service.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The government had announced to make arrangement for the operation of express bus service as passengers were struggling to reach their destination on time through public transport due to heavy traffic. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">In the first phase, express buses will be operated from Bhaktapur's Suryabinayak to Ratnapark. The department said that it can be operated on other routes in the future.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The ministry is going to start fast bus service by selecting buses from private companies with good condition and capacity. For now, the express bus service will be operated from 9 am to 11 am and from 4 pm to 6 pm during peak traffic hours, the ministry said. For that, about 25 buses with more than 40 seats will be put into operation.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-08-09', 'modified' => '2023-08-09', 'keywords' => '', 'description' => '', 'sortorder' => '18419', 'image' => '20230809032120_1691571338.jpg', 'article_date' => '2023-08-09 15:20:43', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '18689', 'article_category_id' => '1', 'title' => 'Upper Sanjen Hydropower Project begins Production ', 'sub_title' => '', 'summary' => 'August 9: The Simbu Hydropower Plant, constructed by the Sanjen Hydropower Company, has started generating electricity. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">August 9: The Simbu Hydropower Plant, constructed by the Sanjen Hydropower Company, has started generating electricity. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The hydropower project with 14.8 MW capacity, which was constructed in Rasuwa’s Simbu, also known as Upper Sanjen, has started producing energy since August 5. The energy produced from the hydropower project has been connected to the national transmission grid. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to managing director of Sanjen Hydropower Company, Sunil Kumar Dhungel, the construction of the Upper Sanjen Hydropower Project had started in 2013. Ten years on, it has now started production and the produced energy has been sent to the central storage through the national transmission line of the Chilime Hydropower, added Dhungel. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The project is expected to generate 88.5 million units of energy annually with a total income of Rs 400 million per year, Dhungel further said. The power house is built at an altitude of 2,180 meters from the sea level. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2023-08-09', 'modified' => '2023-08-09', 'keywords' => '', 'description' => '', 'sortorder' => '18418', 'image' => '20230809024237_SUHEP-2.jpg', 'article_date' => '2023-08-09 14:41:57', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '18688', 'article_category_id' => '1', 'title' => 'Govt Backtracks its Decision to Build Alternative to Mugling-Narayanghat Road due to Lack of Budget', 'sub_title' => '', 'summary' => 'August 9: The Ministry of Physical Infrastructure and Transport backtracked from its decision to build an alternative to Mugling-Narayanghat road across the Trishuli river.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">August 9: The Ministry of Physical Infrastructure and Transport backtracked from its decision to build an alternative to Mugling-Narayanghat road across the Trishuli river.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">The plan forwarded by the ministry to use the road across the Trishuli river due to the frequent disruption of the main road has been put on hold due to lack of budget.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">The Mugling-Narayanghat road section, a vital road link to the capital, has been frequently obstructed by landslides during the rainy season.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">The proposed plan requires budget for construction of road infrastructure as well as compensation for land acquisition.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">The Ministry of Physical Infrastructure and Transport withdrew its decision to implement this road construction project after the Ministry of Finance did not ensure the resources saying that the government will have to spend more money on compensation than the construction of the road.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">Joint Secretary Arjun Jung Thapa informed New Business Age that about Rs 20 billion will be needed to build the proposed road and give compensation. However, due to a lack of budget, the ministry has now 'dropped' the road construction plan, he said.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">Although the World Bank had pledged to support the construction of this 37-kilometre (km) road, the government on its part had to contribute for the distribution of compensation. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">Thapa said that the ministry backtracked its decision to implement the plan after it was estimated that more that Rs 10 billion would be required for compensation. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">"The government is not in a position to build roads by spending billions of rupees on compensation," said Thapa.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">The Department of Roads has already prepared a preliminary design for this road. Although the design has been prepared in collaboration with the rural municipality of the concerned area, no further work has been done on the track plan.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">Thapa said that the cost is expected to be much higher because more motorable bridges will have to be built on this road. </span></span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-08-09', 'modified' => '2023-08-09', 'keywords' => '', 'description' => '', 'sortorder' => '18417', 'image' => '20230809020507_20221214094754_20210307101257_20210203120420_20200611120202_WB Road Project.jpg', 'article_date' => '2023-08-09 14:04:32', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '18687', 'article_category_id' => '1', 'title' => 'Operational Profit of Surya Nepal Stands at Rs 125 Billion in 5 Years', 'sub_title' => '', 'summary' => 'August 9: Surya Nepal, a cigarette and incense manufacturing company, made an operating profit of Rs 125 billion in five years. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">August 9: Surya Nepal, a cigarette and incense manufacturing company, made an operating profit of Rs 125 billion in five years. According to the rating company Care Ratings, Surya Nepal made an operational profit of Rs 24.47 billion in 2020, Rs 24.49 billion in 2021 and Rs 27.1 billion in 2022.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">Despite the increase in tax on tobacco products, the company sold cigarettes worth Rs 26.98 billion in the fiscal year 2022 as it introduced new brands of cigarettes in the market. The company declared a dividend of Rs 10.40 billion that year. The company has a short-term loan of Rs 5.75 billion. Care Ratings has given 'A One Plus' rating to the loan of the company.</span></span></span></p> <p> </p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><strong><span style="font-size:14.0pt">Share structure of the company</span></strong></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">Established in 1986, ITC Limited has the largest share of 59 percent in this company. The market capitalization of India-based ITC Limited is USD 58 billion as of March 2023. Founded in 1910, the company manufactures cigarettes, branded packaged foods, education and stationery. The company also has investments in agricultural business and information technology. Nepali individual and institutional investors own 39 percent and British American Tobacco (Investment) Limited holds the remaining 2 percent shares.</span></span></span></p> <p> </p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><strong><span style="font-size:14.0pt">Company products</span></strong></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">The company produces cigarettes, match sticks, incense sticks and confectionery, while it has also invested in the hotel business. A five-star hotel is under construction on 72 ropanis of land belonging to the company in Budhanilkantha, Kathmandu.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">According to consumer taste and preference, the company has been producing and selling cigarettes under the brands like Surya Legend, Surya 24 Karat, Surya Luxury Kings, Shikhar Filter Kings, Shikhar Ice Juice, Naulo, Khukuri Filter, Pilot Filter, Bijuli and Chautari. The company has more than 100 distributors across the country.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">Sanjeev Puri is the chairman of the company, who is also the chairman and managing director of ITC Limited. Meanwhile, managing director of Surya Nepal is Ravi K Raivaram.</span></span></span></p> <p> </p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><strong><span style="font-size:14.0pt">At the top of the highest tax paying company</span></strong></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">According to the Inland Revenue Department, the government collected excise duty worth Rs 92.66 billion from cigarettes and bidi in 5 years. Ever since the department started honoring big tax payers, Surya Nepal has been in the list of companies paying the highest income tax.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">The department has been honoring big tax payers every year since the year 2069 BS. Surya Nepal has been among the companies that pay more income tax every year since the fiscal year (FY) 2068/69.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-08-09', 'modified' => '2023-08-09', 'keywords' => '', 'description' => '', 'sortorder' => '18416', 'image' => '20230809010825_20230222120715_snw.jpg', 'article_date' => '2023-08-09 13:07:46', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '18686', 'article_category_id' => '1', 'title' => 'Education Bill Draws Flak for Lack of Consultation with Stakeholders ', 'sub_title' => '', 'summary' => 'August 9: Stakeholders have expressed discontent on the proposed arrangements regarding private schools in the bill that the government is set to present at the federal parliament to mend and integrate school education. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">August 9: Stakeholders have expressed discontent on the proposed arrangements regarding private schools in the bill that the government is set to present at the federal parliament to mend and integrate school education. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Organizing a joint press conference on Tuesday, the private school operators’ organizations demanded amendment to the draft bill acknowledging their right to private property. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Speakers expressed displeasure over some of the provisions in the bill during the press conference jointly organized by Private and Boarding Schools' Organization Nepal (PABSON), National Private and Boarding Schools' Association Nepal (NPABSON) and Higher Institutions and Secondary Schools Association (HISSAN). </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">They said the provisions of the draft bill were prejudiced, anti-constitutional, impractical and ill-advised. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">A meeting of the Council of Ministers held on August 1 had decided to endorse the bill and table it at the parliament. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The organizations have shown their grave concern on the provisions of the bill, including transformation of the schools with private investment into the educational trustees (guthi) within five years. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The press release jointly issued by PABSON Chairperson DK Dhungana, N-PANSON Chairperson Pandab Hamal and HISSAN Chairperson Ramesh Silwal states that they would resort protest programmes, including submitting memorandum to the local government units, district administration offices, education development and coordination unit and province ministries; stage demonstration against the draft bill and hold interaction/discussion with stakeholders if their demands were not addressed. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The organizations have warned to launch stern protests if the government did not pay attention to their demands. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2023-08-09', 'modified' => '2023-08-09', 'keywords' => '', 'description' => '', 'sortorder' => '18415', 'image' => '20230809120052_20220530033850_education-icon-graduation-hat-vector-2498629.jpg', 'article_date' => '2023-08-09 12:00:03', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '18685', 'article_category_id' => '1', 'title' => 'Commercial Banks Reduce Spread Rate', 'sub_title' => '', 'summary' => 'August 9: Commercial banks have lowered the spread rate for deposits and loans as per the instructions of Nepal Rastra Bank (NRB).', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">August 9: Commercial banks have lowered the spread rate for deposits and loans as per the instructions of Nepal Rastra Bank (NRB).</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Amid criticism that the banks were making maximum profit, the central bank announced the reduction of the spread rate through the first quarterly review of the monetary policy of the last fiscal year (FY). The NRB also issued instructions to the banks to implement the decision. As per the instructions, the banks have maintained the spread rate within the prescribed limits.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">According to the financial statements published by the banks, </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">12</span></span> <span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">out of the </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">20</span></span> <span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">commercial banks reduced the spread rate to less than </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">4</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent in mid-June to mid-July of last fiscal year (FY 2022/23). The central bank had instructed the commercial banks to reduce the spread rate from </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">4.4</span></span> <span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">percent to </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">4</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Issuing a circular in early December last year, the NRB had instructed commercial banks to maintain the spread rate at </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">4.2</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent from mid-March and </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">4</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent from mid-June this year</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The banks that opted for merger or acquisition were given exemption even if the spread rate limit exceeded by 1 percentage point until mid-July.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">According to the financial statements of the banks, the spread rate of Citizens Bank, Sanima Bank and Standard Chartered Bank remains at </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">4</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent. Similarly, the lowest percentage of spread rate is maintained by the Agricultural Development Bank at </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">3.94</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The spread rate of Nepal Investment Mega Bank, Kumari Bank, Global IME Bank, Prabhu Bank, Himalayan Bank and Laxmi Sunrise Bank, which merged in the previous year, along with Nabil Bank, which acquired Nepal Bangladesh Bank in the previous fiscal year, is more than </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">4 </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">percent. As the concession given to these banks is now over, they have to bring the spread rate within </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">4 </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">percent by mid-October.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-08-09', 'modified' => '2023-08-09', 'keywords' => '', 'description' => '', 'sortorder' => '18414', 'image' => '20230809112813_bankkkkkkk.jpg', 'article_date' => '2023-08-09 11:27:29', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '18684', 'article_category_id' => '266', 'title' => 'Suzuki Unveils Jimny and Fronx SUVs in Chitwan', 'sub_title' => '', 'summary' => 'Sadhwi International, an authorized dealer of Suzuki cars for Chitwan, has unveiled Suzuki SUVs, Jimny and Fronx in Chitwan. CG Motocorp and CG NXTGEN, the authorized distributors of Suzuki cars in Nepal had opened booking for both models on July 14, 2023.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">August 9: Sadhwi International, an authorized dealer of Suzuki cars for Chitwan, has unveiled Suzuki SUVs, Jimny and Fronx in Chitwan. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">CG Motocorp and CG NXTGEN, the authorized distributors of Suzuki cars in Nepal had opened booking for both models on July 14, 2023. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Suraj Raj Joshi, the Managing Director of Sadhwi International Pvt. Ltd. in Chitwan, said that initial price of the Suzuki Jimny is Rs 5,999,000, while the price of the Suzuki FRONX is Rs 3,999,000.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif"> Suzuki Jimny car is globally popular and has garnered significant interest since it has been designed with ample angle and ground clearance.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The 'Face of New SUV' Suzuki FRONX is highly attractive and sporty. FRONX comes in premium design with new-age features, and modern safety amenities, alluring customers. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif"> </span></span></p> ', 'published' => true, 'created' => '2023-08-09', 'modified' => '2023-08-09', 'keywords' => '', 'description' => '', 'sortorder' => '18413', 'image' => '20230809061921_collage (2).jpg', 'article_date' => '2023-08-09 06:17:54', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 10 => array( 'Article' => array( 'id' => '18683', 'article_category_id' => '1', 'title' => 'Nepal Has Huge Potential for Chinese Investment and Tourists: FNCCI President Dhakal', 'sub_title' => '', 'summary' => 'The President of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI), Chandra Prasad Dhakal, and the Chinese Ambassador to Nepal, Chen Song, held a meeting to explore opportunities for enhanced collaboration between the two nations on Tuesday.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">August 9: The President of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI), Chandra Prasad Dhakal, and the Chinese Ambassador to Nepal, Chen Song, held a meeting to explore opportunities for enhanced collaboration between the two nations on Tuesday. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif"> The meeting took place at the FNCCI office, during which President Dhakal highlighted Nepal's promising potential as an attractive hub for Chinese investment and tourism.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">President Dhakal emphasized that Nepal's manufacturing, energy, and tourism infrastructure sectors offer substantial prospects for Chinese foreign investment. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Dhakal underscored the importance of establishing direct flights connecting China's major cities with Nepal's international airports to boost tourism. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">He urged Ambassador Song to consider prioritizing Nepal as a primary destination for Chinese tourists. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Similarly, President Dhakal requested support from the Chinese embassy in Nepal to facilitate visits for micro entrepreneurs to China.</span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif"> He also drew attention to the prospect of Chinese banks entering Nepal's banking sector for financial collaboration between the two nations.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">President Dhakal appealed to Ambassador Song to take steps to reopen Tatopani Check Point, which has been non-operational for an extended period. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">In response, Ambassador Song said that Chinese investors are interested in sectors such as manufacturing, agriculture, and energy in Nepal. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Song stressed the importance of creating a favorable environment in Nepal to encourage and support foreign investments. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">He highlighted the significance of policies that ensure stability and ease of business transactions, citing China's own success story as a global manufacturing leader due to foreign investments.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Furthermore, Ambassador Song shared that discussions are underway regarding the resumption of the Tatopani Check Point and the potential entry of Chinese banks into Nepal's financial sector.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-08-09', 'modified' => '2023-08-09', 'keywords' => '', 'description' => '', 'sortorder' => '18412', 'image' => '20230809055130_collage (1).jpg', 'article_date' => '2023-08-09 05:49:17', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 11 => array( 'Article' => array( 'id' => '18682', 'article_category_id' => '1', 'title' => 'Government to Endorse National Cyber Security Policy, 2080 ', 'sub_title' => '', 'summary' => 'August 8: The government has decided to approve the National Cyber Security Policy, 2080.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">August 8: The government has decided to approve the National Cyber Security Policy, 2080.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Minister for Communications and Information Technology and government spokesperson, Rekha Sharma confirmed that a meeting of the Council of Ministers held at the Office of the Prime Minister and Council of Ministers (OPMCM) on Tuesday decided to approve the policy.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The decision comes in the wake of increase in cases of violence through the digital platform in the absence of related laws. The records with the Nepal Police show that the number of cyber bullies have surged since 2014.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Cases of data breaching of e-commerce business, hacking of ATM system and social media as well as cyber-bullying have increased in the last few years reportedly due to the loopholes in the cyber security system in the country.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The police have been handling the cases of cybercrimes under the Electronic Transaction Act 2008 in the absence of related laws in Nepal.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The newly-formed policy is expected to address these issues.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Likewise, the cabinet meeting also decided to give approval for tabling the Banking Offense and Punishment (Second Amendment) Bill in the parliament.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The government has also decided to permit the Nepal Rastra Bank (NRB) to mint 150 million pieces of five rupees denomination coins. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""> </span></span></p> ', 'published' => true, 'created' => '2023-08-08', 'modified' => '2023-08-08', 'keywords' => '', 'description' => '', 'sortorder' => '18411', 'image' => '20230808100419_389-cyber-security.jpg', 'article_date' => '2023-08-08 22:03:46', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '18681', 'article_category_id' => '1', 'title' => 'Two-way Traffic Resumes along Narayangadh-Muglin Road Section', 'sub_title' => '', 'summary' => 'Two-way traffic has resumed on the Narayangadh-Muglin road section. The two-way traffic has resumed from 2:20 pm after clearing the landslide that occurred at 5:20 am this morning.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">August 8: Two-way traffic has resumed on the Narayangadh-Muglin road section. The two-way traffic has resumed from 2:20 pm after clearing the landslide that occurred at 5:20 am this morning. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Vehicular movement was disrupted due to landslide at Kalikhola and Topekhola of Ichchhakamana rural municipality-6. Although one-way traffic was resumed on this section of the highway from 11:00 am, it has now come into full operation from this afternoon. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Chief of the District Police Office, Chitwan, Superintendent of Police Rameshwor Karki, said vehicles that were stranded due to landslide are now heading to their destinations. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">One-way traffic resumed in Tanahu</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Meanwhile, one-way traffic has resumed along Prithvi highway, which was obstructed from today morning after the rains led to a cave-in near Chirkane of Byas municipality-12, according to the District Police Office, Tanahu. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Deputy Superintendent of Police, Mohan Bahadur Khand, shared that only small vehicles operating and there is no situation for movement of large-size vehicles. The road was caved-in following the incessant rainfall as road expansion activities were underway along Muglin-Pokhara section.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Similarly, under construction Abukhaireni-Jamune-Kotre road section has also been obstructed due to rain, said Chief of the District Traffic Police Office, Tanahu, Rajeev Bista. (RSS)</span></span></p> ', 'published' => true, 'created' => '2023-08-08', 'modified' => '2023-08-08', 'keywords' => '', 'description' => '', 'sortorder' => '18410', 'image' => '20230808062138_collage (3).jpg', 'article_date' => '2023-08-08 18:20:22', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 13 => array( 'Article' => array( 'id' => '18680', 'article_category_id' => '1', 'title' => 'CNI Requests Govt to Take Initiative to Remove Nepal from EU's Air Safety List ', 'sub_title' => '', 'summary' => 'August 8: A delegation of the Confederation of Nepalese Industries (CNI) held discussion with Minister for Culture, Tourism and Civil Aviation, Sudan Kirati, regarding the issues related with tourism industry of the country. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">August 8: A delegation of the Confederation of Nepalese Industries (CNI) held discussion with Minister for Culture, Tourism and Civil Aviation, Sudan Kirati, regarding the issues related with tourism industry of the country. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">They discussed the issues regarding steps to be taken for tourism promotion, short-term and long-term policy-level reforms along with initiatives to remove Nepal from the European Union's air safety list. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">During the discussion held at the Tourism Ministry, CNI President Rajesh Kumar Agrawal laid emphasis on cooperation and collaboration between the government and the private sector for the development of tourism industry, as tourism is an important source of earning foreign currencies. He said initiatives should be taken immediately to re-establish direct air connectivity with Europe. Agrawal urged the government to take initiatives to remove Nepal from EU air safety blacklist as soon as possible as tourists from Europe are among the biggest spenders. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Sharing that the CNI has formed a tourism committee keeping tourism industry in high-priority, he expressed commitment that the CNI would carry out activities working closely with the ministry. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">CNI has drawn the ministry's attention in the context of challenges seen due to shortage of air routes for the successful operation of Pokhara International Airport and the Gautam Buddha International Airport. It has also drawn the attention of the government on the need of developing and promoting Nepal as a filming destination, and of timely completion of the upgrading work of approach roads to tourist sites. CNI also raised concerns over the imposition of VAT on air tickets. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">During the discussions, Minister Kirati said that initiatives are being made to remove Nepal from the EU's security risk list and positive news on this is expected soon. He assured that the government will move ahead in a steadfast manner for restoring air connectivity with the European Union. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">He added that he has expressed his objection on the topic of imposition of VAT on air tickets in the context of Nepal becoming expensive as a tourism destination. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The Minister for Culture, Tourism and Civil Aviation said preparations are being made to purchase some planes to be operated in 'trunk routes' for providing service to the remote areas of the country and narrow-body airplanes for international flights to make Nepal Airlines Corporation competitive. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">He asserted that the ministry would collaborate with the Confederation for the development of the tourism industry. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2023-08-08', 'modified' => '2023-08-08', 'keywords' => '', 'description' => '', 'sortorder' => '18409', 'image' => '20230808040708_naccccc.jpg', 'article_date' => '2023-08-08 16:05:47', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '18679', 'article_category_id' => '1', 'title' => 'Cooperatives Reluctant to join GoAML Software', 'sub_title' => '', 'summary' => 'August 8: Although the government has directed cooperatives with an annual turnover of more than Rs 100 million to report about money laundering through the GoAML, only a handful of such organisations have been found associated to the GoAML software.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">August 8: Although the government has directed cooperatives with an annual turnover of more than Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">100</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> million to report about money laundering through the goAML software developed by the United Nations Office on Drugs and Crime Control (UNODC) as a response to money laundering and terrorist financing, only a handful of such organisations have been found to be associated with the GoAML software.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Although there are around </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">3,000</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> cooperatives with an annual turnover of more than Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">100</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> million, only </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">400</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> were affiliated to GoAML as of last fiscal year.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">As the number of cooperatives affiliated to GoAML has remained discouraging, the Department of Cooperatives under the federal government on Monday issued instructions to the cooperatives to join the GoML system.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The department said that it instructed the cooperatives to join the system following repeated request from the Financial Information Unit of Nepal Rastra Bank to bring the cooperatives under the GoAML system.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The department, for the first time in December 2077, had instructed the cooperatives with a turnover of more than Rs 100 million to connect to the GoAML software of the Financial Information Unit of NRB and report suspicious transactions. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">However, the cooperatives have been refusing to give information about possible money laundering. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Deputy Registrar of the Department of Cooperatives Tolraj Upadhyay said that despite the department's constant warnings, the cooperatives failed to comply with the directive. Upadhyay said that the department would monitor and take action against such cooperatives.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Membership in GoAML is mandatory for banks and financial institutions, insurance companies, share brokers, remittance companies and other companies, but in the case of cooperatives, it is mandatory only for organizations with a turnover of more than Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">100</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> million.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">According to the anti-money laundering directive, if a person transacts more than Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">1</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> million in a day or several times a day, the cooperative organization must send the details of such transaction to the Information Center. Similarly, no matter how much money is transacted, if it is suspicious, there is a provision to report it to the center. Last year, the department took action against more than half a dozen organizations for not following the guidelines.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">International organizations related to money laundering have been putting pressure on Nepal to tighten regulations on money laundering saying that there is risk of money laundering in cooperatives. For this reason, the government has also started preparations to create another tier of regulator for monitoring cooperatives.</span></span></span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-08-08', 'modified' => '2023-08-08', 'keywords' => 'goAML, money, laundering, NRB, Nepal, Rastra, Bank, cooperatives', 'description' => '', 'sortorder' => '18408', 'image' => '20230808034130_go.jpg', 'article_date' => '2023-08-08 15:32:39', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, '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
