KATHMANDU, August 12: Himalaya Airlines, a Nepal-China joint venture and Nepal’s only private international airline, is set to resume its direct flights to Kuwait starting August 20,…
KATHMANDU, August 12: Himalaya Airlines, a Nepal-China joint venture and Nepal’s only private international airline, is set to resume its direct flights to Kuwait starting August 20,…
The Nepal Stock Exchange (NEPSE) continued its bullish trend on Monday, gaining 70.81 points, or 2.47%, to close at 2931.65. This marks a record turnover of Rs 27.42 billion on the second trading day of the…
KATHMANDU, August 12: A sharp disagreement has emerged among parliamentarians over whether to impose a statute of limitations on corruption…
Gold and silver prices slightly declined in Nepali market on…
KATHMANDU, August 12: The government-appointed expert panel submitted the draft of the Labour Migration Policy to the Minister for Labour, Employment, and Social Security, Sarad Singh Bhandari, on…
KATHMANDU, August 12: The United States snatched top spot in the 2024 Olympics from the jaws of China as their women's basketball team earned a thrilling victory over hosts France to win the final gold on offer in…
KATHMANDU, August 12: Minister for Culture, Tourism, and Civil Aviation, Badri Prasad Pande, met with Defense Minister Manbir Rai and Acting Chief of the Nepalese Army, Ashok Sigdel, on Sunday to discuss aviation safety…
Hindenburg Research, citing whistleblower documents, has levelled allegations against the chairperson of the Securities and Exchange Board of India (SEBI) Madhabi Puri Buch and her husband Dhaval Buch of having a stake in some offshore funds related to India’s Adani…
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The Nepal Stock Exchange (NEPSE) experienced significant growth on Sunday, with the index rising by 94.46 points (3.41%) to close at…
KATHMANDU, August 11: A high-ranking official from the state-owned Dairy Development Corporation (DDC) has revealed that powdered milk worth over one and a half billion rupees s about to expire due to unsold…
An ‘unnatural’ surge in share prices of companies such as Nepal Finance Limited (NFS), which has not been able to distribute a dividend to its investors for the past 14 years, has deepened the suspicions that attempts are being made to artificially hike share…
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Internet service providers (ISPs) in Nepal have yet to pay over Rs 1 billion in bandwidth dues to Indian companies for several…
KATHMANDU, August 11: As many as 34 people were killed in human-wildlife conflict in the last fiscal year, according to the Ministry of Forests and…
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The return flight from Kuwait (H9 572) will depart at 04:15 AM local time, landing in Kathmandu at 11:50 AM local time.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">Himalaya Airlines was recognized as the "Leading New International Airline in South Asia" in 2017 and certified as an IOSA Operator and IATA member in 2023.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">“We prioritize safety, On-Time Performance (OTP), and customer service,” the company said. The airline also became the first in Nepal to introduce Automated External Defibrillators (AEDs) on all its aircraft, further solidifying its commitment to passenger safety, the statement said.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">Bookings for flights to and from Kuwait are now open </span>and passengers can make reservations through Himalaya Airlines’ sales office, Caesars Travel Group in Kuwait, the nearest travel agency, or online via the airline’s website and mobile application.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-12', 'modified' => '2024-08-12', 'keywords' => '', 'description' => '', 'sortorder' => '21544', 'image' => '20240812020321_20240110090529_20231119112252_g576szqpnac61.jpg', 'article_date' => '2024-08-12 14:02:54', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '21818', 'article_category_id' => '1', 'title' => 'NEPSE Achieves Record Turnover of Rs 27.42 Billion with a 70.81-Point Surge', 'sub_title' => '', 'summary' => 'The Nepal Stock Exchange (NEPSE) continued its bullish trend on Monday, gaining 70.81 points, or 2.47%, to close at 2931.65. This marks a record turnover of Rs 27.42 billion on the second trading day of the week.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">August 12: The Nepal Stock Exchange (NEPSE) continued its bullish trend on Monday, gaining 70.81 points, or 2.47%, to close at 2931.65. This marks a record turnover of Rs 27.42 billion on the second trading day of the week.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The market's recent surge is attributed to renewed investor confidence, driven by positive sentiments from the Prime Minister, Finance Minister, and the flexible monetary policies of Nepal Rastra Bank.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif""> Analysts and seasoned investors have highlighted these factors as key contributors to the sustained growth in NEPSE.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">During Monday’s trading session, 339 stocks were exchanged in 283,047 transactions, amounting to a total of 64,876,217 shares traded. </span></span><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Himalayan Reinsurance Limited (HRL) topped the turnover chart with transactions totaling Rs 1.22 billion.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Seven companies, including Himalayan Life Insurance (HLI), Rasuwagadhi Hydropower Limited (RHL), and Joshi Hydropower (JOSHI), each saw their shares hit the upper circuit limit, gaining 10%.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif""> On the flip side, Kutheli Bukhari Small Hydropower Limited (KBSH) experienced the steepest decline, dropping 10% to close at Rs 2208.10 per share.</span></span><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The Sensitive Index rose by 2.10%, while the Float Index and Sensitive Float Index both increased by 2.47%. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Sector-wise, all indices closed in the green, except for the Investment Index and Manufacturing and Processing Index.</span></span><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif""> The Life Insurance sector led the gains with a 5.85% increase, while the Mutual Fund Index saw the smallest gain at 0.93%. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The Manufacturing and Processing sector was the only one to decline, losing 1.19%.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-12', 'modified' => '2024-08-12', 'keywords' => '', 'description' => '', 'sortorder' => '21543', 'image' => '20240812034128_collage (96).jpg', 'article_date' => '2024-08-12 15:39:32', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 2 => array( 'Article' => array( 'id' => '21816', 'article_category_id' => '1', 'title' => 'MPs Divided Over Proposed Five-Year Statute of Limitations for Corruption Cases', 'sub_title' => '', 'summary' => 'KATHMANDU, August 12: A sharp disagreement has emerged among parliamentarians over whether to impose a statute of limitations on corruption cases.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">KATHMANDU, August 12: A sharp disagreement has emerged among parliamentarians over whether to impose a statute of limitations on corruption cases. The debate took place in the State Affairs and Good Governance Committee under the House of Representatives, where discussions were held on a proposal to amend the Prevention of Corruption Act, 2059.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">One group of MPs argued that public officials should be subject to investigation for corruption throughout their lifetime, while another group contended that if a corruption case is not investigated within a certain period, the individual should be granted immunity. The proposed bill includes a provision that a corruption case must be initiated within five years from the date the offense is discovered. Currently, there is no such statute of limitations in the law.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">MP and former minister Arjun Narasinh KC strongly opposed the five-year statute of limitations, stating that it could serve to protect corrupt individuals. He emphasized the need for a provision allowing for lifetime prosecution of those involved in corruption, arguing that imposing a statute of limitations would undermine public trust and national integrity.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Concerns were also raised about the potential for influential individuals to delay investigations, thereby benefiting from the proposed statute of limitations. Past instances where leaders and officials were acquitted due to the statute of limitations were cited as examples of the risks associated with such a provision.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Rastriya Swatantra Party MP Sobhita Gautam suggested that penalties for corruption should be classified based on the amount involved, with increasing prison terms for larger sums of money. She proposed sentences ranging from 8 to 20 years, depending on the scale of corruption.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">On the other hand, MP Shyam Kumar Ghimire argued against the need for stricter penalties, suggesting that corruption cannot be eradicated solely through harsh punishments. He pointed to the example of China, where severe penalties, including the death penalty, have not eliminated corruption. MP Nagina Yadav also supported the idea of a statute of limitations, arguing that the government should not have the unlimited right to investigate individuals or organizations indefinitely.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The State Affairs and Good Governance Committee has called for a meeting on August 15 to further discuss the bill. Home Minister Ramesh Lekhak, Chief Secretary Liladevi Gadtaula, and Chief Commissioner of the Commission for the Investigation of Abuse of Authority Prem Kumar Rai have been invited to participate in the discussions.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><strong>Parliament Committee Seeks Details of Taragaon Development Committee’s Assets</strong></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">A committee of the House of Representatives has directed the Taragaon Development Committee to submit details of its movable and immovable assets. The International Relations and Tourism Committee issued this instruction in response to concerns about the management and ownership of the five-star hotel Taragaon Regency Hotels (Hyatt) in Bouddha, Kathmandu.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The committee, chaired by Culture, Tourism, and Civil Aviation Minister Badri Prasad Pandey, held a meeting on Sunday with officials from the Taragaon Development Committee and the Taragaon Regency Hotels. During the meeting, Minister Pandey expressed concern that the government's ownership stake in the hotel has declined over time. While the government's share was originally 39.77% at the time of the lease agreement, it has now decreased to 9.01%.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The committee has instructed the ministry to revise the agreement between the Taragaon Development Committee and the hotel regarding the utilization of assets and to submit an action plan addressing the issues. The Taragaon Development Committee currently owns 304 ropani (approximately 15.4 hectares) of land in Boudha, Kathmandu, with the hotel occupying 150 ropani (approximately 7.6 hectares) under a Public-Private Partnership (PPP) model since 1992. The decreasing share of the government in the hotel has been a source of dispute between the committee and the hotel management since last year.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-12', 'modified' => '2024-08-12', 'keywords' => '', 'description' => '', 'sortorder' => '21542', 'image' => '20240812015714_blank eight by six.jpg', 'article_date' => '2024-08-12 13:56:38', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '21815', 'article_category_id' => '1', 'title' => 'Gold, Silver Prices Decline Slightly', 'sub_title' => '', 'summary' => 'Gold and silver prices slightly declined in Nepali market on Monday.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">NewBiz Report</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">KATHMANDU, August 12</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Gold and silver prices slightly declined in Nepali market on Monday.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">While the precious yellow metal’s price dropped by Rs 100 per tola (11.66 grams) on the second trading day of the week, following a rise of Rs 700 per tola on Sunday, that of Silver came down by Rs 5 per tola. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Fine gold is being traded at Rs 148,700 per tola, down from Rs 148,800 per tola on Sunday, according to the Federation of Nepal Gold and Silver Dealers' Association.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Similarly, silver is being traded at Rs 1,715 per tola on Monday.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-12', 'modified' => '2024-08-12', 'keywords' => '', 'description' => '', 'sortorder' => '21541', 'image' => '20240812013942_20240801032633_cd5483b7.jpeg', 'article_date' => '2024-08-12 13:38:47', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '21814', 'article_category_id' => '1', 'title' => 'Expert Panel Hands Over Draft of Labour Migration Policy to Govt', 'sub_title' => '', 'summary' => 'KATHMANDU, August 12: The government-appointed expert panel submitted the draft of the Labour Migration Policy to the Minister for Labour, Employment, and Social Security, Sarad Singh Bhandari, on Sunday.', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">KATHMANDU, August 12: The government-appointed expert panel submitted the draft of the Labour Migration Policy to the Minister for Labour, Employment, and Social Security, Sarad Singh Bhandari, on Sunday.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Coordinator of the expert panel, Dr. Ganesh Gurung, presented the report, explaining that the national policy draft was developed with a vision of ensuring safe, secure, and dignified labour migration, while also focusing on internal employment and prosperity.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Upon receiving the draft, Minister Bhandari expressed confidence in its potential to shape the national labour migration policy. He pledged to implement the draft as part of the government's policy framework and commended the team for addressing the challenges facing the labour migration sector.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Minister Bhandari emphasized the need for the policy to prioritize orderly labour migration, support the reintegration of returnees, and develop human resources to meet global market demands. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">"Thousands of people are going abroad every day. This won't be stopped by speeches or blame games. The alternative to employment is better employment. Nepali migrants deserve respect and decent wages. We must focus on our foreign migration and foreign policy to achieve this," he remarked.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The draft, prepared over nine months by the Gurung-led team, includes six policies, 24 strategies, and 113 procedures to address those strategies.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">During the handover, Dr. Gurung highlighted that the policy aims to make foreign labour migration a choice for Nepalis by creating opportunities for self-employment within the country. -- RSS</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-12', 'modified' => '2024-08-12', 'keywords' => '', 'description' => '', 'sortorder' => '21540', 'image' => '20240812013619_20240118121412_20220329081003_labour.jpg', 'article_date' => '2024-08-12 13:35:33', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '21812', 'article_category_id' => '1', 'title' => 'USA Tops Medal Tally in Paris Olympics after Winning Last Gold', 'sub_title' => '', 'summary' => 'KATHMANDU, August 12: The United States snatched top spot in the 2024 Olympics from the jaws of China as their women's basketball team earned a thrilling victory over hosts France to win the final gold on offer in Paris.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">KATHMANDU, August 12: The United States snatched top spot in the 2024 Olympics from the jaws of China as their women's basketball team earned a thrilling victory over hosts France to win the final gold on offer in Paris.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the BBC, the fearsome US team were in danger of one of the all-time Olympic upsets but won 67-66 to take gold as the US moved level with China's tally of 40 golds in the medal table.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">However, with the American team securing 44 silver medals compared to China's 27, and a total of 126 medals against China's 91, they lead the medal table for the fourth consecutive time.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Japan finished third with 20 gold, 12 silver and 13 bronze medals, according to media reports.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">In a repeat match-up of Saturday's men's final that was won by the star-studded US at France's expense, Team USA trailed 53-51 with five minutes to play, BBC added.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“The occasion provided one last taste of the atmosphere of wild home support in the French capital. LeBron James, the NBA superstar and men's gold medallist for the US, was courtside, while French President Emmanuel Macron was in the stands in support of the hosts,” reports the BBC.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The US edged back in front and in a dramatic finale, with the lead at 67-64, Gabby Williams sank a buzzer-beater for France, but it was judged to have come from inches inside the three-point line and that meant the USA won by a point, BBC added. - Agencies</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-12', 'modified' => '2024-08-12', 'keywords' => '', 'description' => '', 'sortorder' => '21538', 'image' => '20240812115210_J5DJ6MJPY5N2TBH23N55PZBBXU.jpg', 'article_date' => '2024-08-12 11:51:29', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '21811', 'article_category_id' => '1', 'title' => 'Tourism Minister Discusses Aviation Safety with Defense Minister and Nepalese Army', 'sub_title' => 'Army proposed installing ultramodern technology for early weather warnings to reduce air accidents', 'summary' => 'KATHMANDU, August 12: Minister for Culture, Tourism, and Civil Aviation, Badri Prasad Pande, met with Defense Minister Manbir Rai and Acting Chief of the Nepalese Army, Ashok Sigdel, on Sunday to discuss aviation safety concerns.', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">KATHMANDU, August 12: Minister for Culture, Tourism, and Civil Aviation, Badri Prasad Pande, met with Defense Minister Manbir Rai and Acting Chief of the Nepalese Army, Ashok Sigdel, on Sunday to discuss aviation safety concerns.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">During the meeting at the ministry, the three focused on the training and management of aviation safety within the Nepalese Army and explored ways to replicate best practices. The Nepalese Army proposed installing ultramodern technology for early weather warnings to reduce air accidents, highlighting the challenges posed by Nepal's geographical diversity and erratic weather patterns.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The discussion was prompted by two recent air accidents that occurred within a span of two weeks. Minister Pande's secretariat revealed that he was advised to form a joint committee with representatives from the Civil Aviation Authority of Nepal, the International Civil Aviation Organization, and the Nepalese Army for regular discussions, studies, research, and monitoring.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Minister Pande praised the Nepalese Army's air services but emphasized the importance of ensuring safety in civil aviation as well. Nepalese Army officials noted that while laws and systems for flight security exist, their implementation requires more attention. They also shared that the army has its own air safety guidelines. -- RSS</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-12', 'modified' => '2024-08-12', 'keywords' => '', 'description' => '', 'sortorder' => '21537', 'image' => '20240812112843_blank eight by six.jpg', 'article_date' => '2024-08-12 11:27:58', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '21810', 'article_category_id' => '1', 'title' => 'Hindenburg Research Alleges SEBI Chief of having Stakes in Offshore Funds', 'sub_title' => '', 'summary' => 'Hindenburg Research, citing whistleblower documents, has levelled allegations against the chairperson of the Securities and Exchange Board of India (SEBI) Madhabi Puri Buch and her husband Dhaval Buch of having a stake in some offshore funds related to India’s Adani Group.', 'content' => '<p><span style="font-size:18px">NewBiz Report</span></p> <p><span style="font-size:18px">KATHMANDU, August 12</span></p> <p><span style="font-size:18px">Hindenburg Research, citing whistleblower documents, has levelled allegations against the chairperson of the Securities and Exchange Board of India (SEBI) Madhabi Puri Buch and her husband Dhaval Buch of having a stake in some offshore funds related to India’s Adani Group.</span></p> <p><span style="font-size:18px">The United States-based short seller made the allegations through a new report published on Saturday, </span></p> <p><span style="font-size:18px">However, Bush, her husband and the Adani group have denied the accusation, calling it baseless.</span></p> <p><span style="font-size:18px">“Our life and finances are an open book,” reads the joint statement issued by the couple. “All disclosures as required have already been furnished to SEBI over the years.”</span></p> <p><span style="font-size:18px">The Adani Group said that the allegations were malicious, mischievous and manipulative.</span></p> <p><span style="font-size:18px">“The latest allegations by Hindenburg are malicious, mischievous and manipulative selections of publicly available information to arrive at predetermined conclusions for personal profiteering with wanton disregard for facts and the law,” reads the statement issued by the group. “We completely reject these allegations against the Adani Group which are a recycling of discredited claims that have been thoroughly investigated, proven to be baseless and already dismissed by the Hon’ble Supreme Court in January 2024.”</span></p> <p><span style="font-size:18px">The new report comes 18 months after the Hindenburg Research accused Adani Group of the improper use of tax havens and stock manipulation. </span></p> <p><span style="font-size:18px">Besides starting the inquiry against the Adani Group, India's share market regulator had also sent an ‘show-cause’ notice to Hindenburg Research alleging it violated India’s rules by using non-public information. </span></p> <p><span style="font-size:18px">Hindenburg Research argued that nearly 18 months after the publication of the original report and enough evidence against the Indian conglomerate’s unlawful activities, SEBI did not take any public action against the group.</span></p> <p><span style="font-size:18px">The Adani Group, which comprises 10 publicly traded companies operating in various sectors such as ports, transport and energy among others, is considered to have close ties with the ruling Bharatiya Janata Party (BJP).</span></p> <p> </p> <p><br /> </p> ', 'published' => true, 'created' => '2024-08-12', 'modified' => '2024-08-12', 'keywords' => '', 'description' => '', 'sortorder' => '21536', 'image' => '20240812105106_202723-opnayvcpvx-1723345168.jpg', 'article_date' => '2024-08-12 10:49:55', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '21809', 'article_category_id' => '1', 'title' => 'Power Leakage Reduced by Half in Eight Years', 'sub_title' => '', 'summary' => '', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">KATHMANDU, August 12: </span></span></span></span><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The Nepal Electricity Authority (NEA) has succeeded in reducing the leakage of electricity through the transmission and distribution system by half over the last eight years.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Nearly 26% electricity used to leak from the system until the fiscal year 2015/16, according to the NEA. It has been brought down to nearly 13% in the last year, 2023/24, added the state-owned electricity utility.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Of the total, 3.33% leakage has been through the transmission lines and 9.40% through the distribution system. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Kulman Ghising, managing director of NEA, claimed that Nepal’s leakage ratio was lower than that of the neighboring countries. He further said that the NEA made around Rs 12 billion annually in additional income from leakage control in the review period.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“The campaign conducted to control technical and non-technical leakage has paid off and the leakage of electricity towards distribution has decreased significantly,” said Ghising.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">According to NEA, the earnings are being invested in system expansion and improvement, aiming to bring down the leakage to a single digit. -- RSS</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-08-12', 'modified' => '2024-08-12', 'keywords' => '', 'description' => '', 'sortorder' => '21535', 'image' => '20240812104231_NEA update.jpg', 'article_date' => '2024-08-12 10:40:55', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '21808', 'article_category_id' => '1', 'title' => 'NEPSE Sees Massive Growth with Record Turnover of Rs 25.77 Billion', 'sub_title' => '', 'summary' => 'The Nepal Stock Exchange (NEPSE) experienced significant growth on Sunday, with the index rising by 94.46 points (3.41%) to close at 2,860.84.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">August 11: The Nepal Stock Exchange (NEPSE) experienced significant growth on Sunday, with the index rising by 94.46 points (3.41%) to close at 2,860.84. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Today’s surge on the secondary benchmark index was accompanied by a record turnover of Rs 25.77 billion, marking a historic day for the market.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Market experts and seasoned investors attributed this substantial rise to positive investor sentiment following the formation of a coalition government by the Nepali Congress and CPPN-UML.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif"> Additionally, the excess liquidity in the banking system and renewed enthusiasm among investors contributed to the market's strong performance. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">During today’s trading session, 330 scrips were exchanged through 275,207 transactions on NEPSE. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">A total of 60,321,323 shares were traded, resulting in the record turnover of Rs 25.77 billion. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Himalayan Reinsurance Limited (HRL) led in turnover, with transactions amounting to Rs 1.52 billion. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Meanwhile, nine companies, including National Hydropower Company (NHPC), Upper Tamakoshi Hydropower Limited (UPPER), and Nerude Mirmire Laghubitta Sanstha Limited (NMLBBL), each saw their shares gain 10%, hitting the upper circuit limit for the day.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Conversely, Kutheli Bukhari Small Hydropower Limited (KBSH) experienced the day's steepest loss, declining by 10% to close at Rs 2,453 per share. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The Sensitive Index increased by 3.76%, while the Float Index and Sensitive Float Index rose by 3.53% and 3.56%, respectively.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif"> All sector indices closed in the green, with the Microfinance Index recording the highest gain of 4.53%, while the Mutual Fund Index posted the smallest increase at 0.01%.</span></span></p> ', 'published' => true, 'created' => '2024-08-11', 'modified' => '2024-08-11', 'keywords' => '', 'description' => '', 'sortorder' => '21534', 'image' => '20240811044211_collage (6).jpg', 'article_date' => '2024-08-11 16:40:44', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 10 => array( 'Article' => array( 'id' => '21807', 'article_category_id' => '1', 'title' => 'DDC's Stock of Dairy Products worth Over Rs 1.5 Billion about to Expire', 'sub_title' => '', 'summary' => 'KATHMANDU, August 11: A high-ranking official from the state-owned Dairy Development Corporation (DDC) has revealed that powdered milk worth over one and a half billion rupees s about to expire due to unsold stock.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">KATHMANDU, August 11: A high-ranking official from the state-owned Dairy Development Corporation (DDC) has revealed that powdered milk worth over one and a half billion rupees s about to expire due to unsold stock. Recently, the DDC issued two calls for proposals to sell these dairy products at a discounted rate, fearing they would soon expire. These proposals aimed to sell the dairy products in bulk.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">Due to the large quantities of unsold dairy products, both the DDC and private sector dairies have been unable to pay approximately Rs 4 billion in arrears to farmers. Reportedly, the DDC alone owes farmers around Rs 2 billion.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">Sources indicate that 983 metric tons of powdered milk and 777 metric tons of fresh milk have reached their expiration dates. Currently, the market value of these milk products is estimated at Rs1.52 billion.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">"The shelf life of powdered milk and butter is 18 months from the date of production," said a senior official from the DDC, "But the shelf life of these products in our inventory is now only 5 to 6 months. If we don't sell them soon, they will go to waste." Despite issuing two public notices, reducing the maximum retail price, and setting a 1-month deadline, the DDC has been unable to sell the products.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">On June 10, the DDC called for proposals to sell 200 tons of butter in 15 kg blocks and 300 tons of powdered milk in 25 kg bags.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">"We reduced the price of powdered milk from Rs 700 per kg to Rs 600 per kg, and raw butter from Rs 1000 per kg to Rs 800 per kg," the official added.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">Powdered milk is mainly used by dairy or biscuit industries, but the open border with India allows cheaper imports, diverting traders' attention and leaving the DDC's stock unsold.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">Despite the large quantities of leftover powdered milk and butter, the DDC has struggled to sell them quickly. Private dairies, on the other hand, have been more proactive. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">Sumit Kedia, owner of Sitaram Gokul Milks, noted that due to his policy of selling older dairy products promptly, his industry’s products have not reached the point of expiry. "A month ago, our industry had dairy products worth Rs 40 million in stock. We sold products worth Rs 10 million in the last month," he said.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">Most private dairies, however, have been slow to pay farmers, citing unsold powdered milk and butter as the reason. The DDC's inability to sell products and pay its dues has compounded the issue. The DDC and other dairy industries had signed an agreement with farmers' organizations to clear all dues by July 11, 2023. However, farmers report that payments have not yet been made.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">Farmers' organizations argue that since the DDC, which owes the most, hasn't paid its dues, private sector dairies are using this as an excuse not to pay.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">The DDC has recently requested a loan of Rs 600 million from the government to cover its dues, as it is unable to do so from its income. Acting Deputy General Manager of DDC, Rajendra Prasad Adhikari, mentioned that although the Ministry of Agriculture and Livestock Development sent a letter to the Ministry of Finance over a month ago seeking loan approval, the proposal has yet to be approved. "This has caused a delay in payments," he said.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">As the stockpile of dairy products continues to grow, the DDC is facing a shortage of storage space. According to a deputy general manager, the increasing inventory of products, especially powdered milk and butter, is causing storage problems.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">The DDC currently stores milk products in Balaju, Kharipati, Hetauda, Lumbini, Nepalgunj, Dhangadhi, Janakpur, and Biratnagar milk distribution units. However, as all these warehouses are now full, the DDC has had to rent additional storage space from other dairy industries. According to Rajiv Khanal, head of DDC's Hetauda project, there are 5 warehouses for storing raw and powdered milk, with a capacity of up to 450,000 metric tons. However, these warehouses are now full, leaving no space to store more products.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-11', 'modified' => '2024-08-12', 'keywords' => '', 'description' => '', 'sortorder' => '21533', 'image' => '20240811025413_20210930041809_20181231125436_aaaa.jpg', 'article_date' => '2024-08-11 14:52:19', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '21806', 'article_category_id' => '1', 'title' => '‘Unnatural’ Surge in Share Prices of Companies with Poor Financial Records Raises Suspicions', 'sub_title' => ' The trend of stock market players attracting many investors towards such companies through media campaigns for their vested interest is on the rise, some investors claim', 'summary' => 'An ‘unnatural’ surge in share prices of companies such as Nepal Finance Limited (NFS), which has not been able to distribute a dividend to its investors for the past 14 years, has deepened the suspicions that attempts are being made to artificially hike share prices.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">PRAJITA BUDHATHOKI<br /> KATHMANDU, August 11</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">An ‘unnatural’ surge in share prices of companies such as Nepal Finance Limited (NFS), which has not been able to distribute a dividend to its investors for the past 14 years, has deepened the suspicions that attempts are being made to artificially hike share prices.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Besides NFS, the stakeholders have deemed the rise in share price of Kutheli Bukhari Small Hydropower Limited (KBSH) ‘unnatural’ as well.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">While the per unit share prices of other finance companies stand below Rs 1,000, that of NFS reached Rs 2,049 last Thursday, the last trading day of the week. It is the most expensive share price among the finance companies. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Until a month ago, the per unit share price of NFS was Rs 970. But, it has reached as high as Rs 2,154 since then.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The current share price of Goodwill Finance Company Limited (GFCL), which ranks second among the finance companies in terms of share prices, is Rs 836 per unit.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">NFS, which is Nepal’s first finance company from the private sector, has not been able to distribute a dividend to its investors since the fiscal year 2010/11. The company had distributed a 23.16% dividend, including 22% bonus and 1.16% cash, in that fiscal year. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The company also saw a decline in its net profit from around Rs 20 million in fiscal year 2022/23 to around Rs 18 million in the last fiscal year, 2023/24.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The unaudited financial statement of the company for the fourth quarter of the last fiscal year shows that it is not in a position to distribute dividends as it has a negative retained earnings of around Rs 208 million. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Similarly, its earnings per share (EPS) and net worth per share are Rs 2.48 and Rs 137.52, respectively.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Lawmakers have also raised questions in the parliament for the steep growth in share price of NFS in a short time without any strong basis.</span></span></span></span></p> <p> </p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Like NFS, the share price of KBSH also saw a sharp growth to Rs 2,726 per unit last Thursday. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Earlier on June 30, a day before the NEPSE index started showing the continuous upward trend, it was Rs 1,450 per unit, </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">When KBSH got listed in the secondary market on August 20 last year, its minimum and maximum trading prices were fixed at Rs 159.67 and Rs 479.09, respectively.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">It currently ranks first among hydropower companies in terms of share prices.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">While the company is yet to release its financial statement of the fourth quarter of the last fiscal year, its third quarterly report had shown net profit of over Rs 14 million.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Investor Dambaru Ballav Ghimire blames the increasing trend of stock market players influencing the share transactions of specific companies for such ‘unnatural’ hikes in share prices of companies with poor financial records.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“Many investors are at a risk of being trapped as the trend of market players attracting their investments to a certain company through a media campaign has increased,” Ghimire said. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Nepal Stock Exchange (NEPSE) has also accepted that there has been an ‘unnatural’ share price hike of some companies.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Murahari Parajuli, information officer at NEPSE, said that there have been activities through social media to artificially hike share prices. “We need a law to stop such activities,” Parajuli said. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“Many countries have made it compulsory to acquire a licence to become a share market analyst,” Parajuli added. “Such analysts are prohibited from participating in share transactions of the company which they analyse to prevent the conflict of interest. We need a similar provision in Nepal.”</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Many investors, through social media, have accused one of the big investors Dipendra Agrawal of being active in creation of ‘unnatural’ demand.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Agrawal, who is often found active on the social media platform Clubhouse advising investors, told the New Business Age that his documents were taken away by the Securities Board of Nepal (SEBON).</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">He, however, claimed that he has only been involved in sharing his knowledge and experience and has no role in hiking share prices ‘unnaturally’.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“I am not a director of any company,” Agrawal said. “As an investor myself, I share my experience with other investors with the intention of helping them to easily make investment-related decisions.”</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-11', 'modified' => '2024-08-11', 'keywords' => '', 'description' => '', 'sortorder' => '21532', 'image' => '20240811024534_hqdefault.jpg', 'article_date' => '2024-08-11 14:44:26', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '21805', 'article_category_id' => '1', 'title' => 'Price of Gold Surges, Silver’s Drops', 'sub_title' => 'Fine gold is being traded at Rs 148,800 per tola on Sunday, up from Rs 148,100 per tola last Friday', 'summary' => '', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">NewBiz Report</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">KATHMANDU, August 11</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The price of gold increased in the Nepali market on Sunday, while the price of silver saw a decline</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Gold surged by Rs 700 per tola (11.66 grams) on the first trading day of the week, following a rise of Rs 1,500 per tola on Friday.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">According to the Federation of Nepal Gold and Silver Dealers' Association, the price of fine gold is now Rs 148,800 per tola, up from Rs 148,100 per tola on Friday.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">In contrast, the price of silver decreased to Rs 1,720 per tola on Sunday, from Rs 1,730 per tola on Friday.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Last Monday, the price of gold had reached an all-time high in the domestic market when fine gold was traded at Rs 150,000 per tola.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-11', 'modified' => '2024-08-11', 'keywords' => '', 'description' => '', 'sortorder' => '21531', 'image' => '20240811023024_20240801032633_cd5483b7.jpeg', 'article_date' => '2024-08-11 14:29:18', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '21804', 'article_category_id' => '1', 'title' => 'ISPs Owe Over Rs 1 Billion in Bandwidth Dues Amid Tax Dispute', 'sub_title' => '', 'summary' => 'Internet service providers (ISPs) in Nepal have yet to pay over Rs 1 billion in bandwidth dues to Indian companies for several months.', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">Bijaya Damase, </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">KATHMANDU, August 11</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Internet service providers (ISPs) in Nepal have yet to pay over Rs 1 billion in bandwidth dues to Indian companies for several months. This delay is primarily due to a tax dispute between the government and the ISPs. As a result, the government has not provided foreign exchange facility to many such companies for the past one and a half years. As the dispute lingers on, payments to international internet bandwidth providers remain outstanding.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Subash Khadka, the Chief Executive Officer of the Internet Service Providers Association of Nepal (ISPAN), stated that the Nepal Telecommunications Authority and the Ministry of Communication and Information Technology have not provided the foreign currency exchange facility to them for 16 months. This delay has led to a significant backlog in payments to upstream service providers. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">According to Khadka, Nepali ISPs owe more than Rs 1 billion to international bandwidth providers. He also said that bandwidth providers had previously suspended services due to non-payment, and there is a risk of this happening again. In a conversation with New Business Age, Khadka expressed frustration, saying, “Despite informing the ministry and authorities several times, the internet is always at risk of being cut off due to the lack of urgency in addressing this issue.”</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">On May 2, 2024, Airtel, an Indian company, stopped providing bandwidth to Nepali ISPs due to non-payment. However, after discussions at the government level, Airtel resumed the service. Currently, 13 ISPs in Nepal import internet bandwidth from abroad, and they have expressed concerns that they are unable to make payments because the government has not recommended the foreign currency exchange facility.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Government officials, however, argue that they are issuing foreign exchange facility, claiming that ISPs are misrepresenting the situation. According to Section 32 of the Telecommunication Act, 2053, and Rule 26 of the Telecommunication Regulations, 2054, ISPs are required to pay a 4% royalty on their total annual income. Additionally, under Regulation 5 (1) of the Rural Telecommunication Development Fund Regulations, 2068, ISPs must contribute 2% to the Rural Telecommunication Development Fund.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Spokesman Santosh Paudel stated that ISPs who have paid their dues are provided with the foreign exchange facility without interruption. However, he noted that recommendations cannot be given to companies that fail to comply with the rules and do not pay the required royalties to the government. Paudel added that some companies have had their recommendations withheld due to their failure to settle the dues despite repeated reminders.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">A senior official from Worldlink, a leading ISP, mentioned that ISPs and network service providers have been regularly paying royalties and contributing to the Rural Telecommunication Development Fund (RTDF). However, due to confusion, royalties on non-telecom services like maintenance charges and certain RTDF dues have not been paid. The official added that although a court order has been issued regarding this matter, the full text of the order has yet to be released, leaving the payments pending. The Telecommunication Authority claims that ISPs owe approximately Rs 3 billion in such taxes.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The issue reached the Supreme Court through a parliamentary committee, and three months ago, the court ordered ISPs to pay the taxes. Worldlink's petition filed at the Supreme Court, arguing that they should not pay the taxes determined by the government, was dismissed on May 12, 2024. ISPs are now hesitating to make the payments, citing the lack of clarity in the court order. With the legal avenues nearly exhausted, ISPs are considering raising demands such as installment facilities and interest waivers from the government. However, officials have indicated that the government is not inclined to grant any such concessions.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-11', 'modified' => '2024-08-11', 'keywords' => '', 'description' => '', 'sortorder' => '21530', 'image' => '20240811014122_20240507022836_20230907105804_internet.jpg', 'article_date' => '2024-08-11 13:40:36', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '21803', 'article_category_id' => '1', 'title' => '34 Killed in Last FY in Human-Wildlife Conflicts', 'sub_title' => 'Experts recommend better management of food sources for wild animals in their habitat to reduce their encroachment into human settlements', 'summary' => 'KATHMANDU, August 11: As many as 34 people were killed in human-wildlife conflict in the last fiscal year, according to the Ministry of Forests and Environment.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">KATHMANDU, August 11: As many as 34 people were killed in human-wildlife conflict in the last fiscal year, according to the Ministry of Forests and Environment.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Last week alone, a woman in Kanchanpur lost her life while a person in Chitwan was injured in tiger attacks.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The woman was reportedly cutting grass in a sugarcane field when the incident occurred.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The Agriculture, Cooperative, and Natural Resources Committee of the House of Representatives held discussions with the Ministry of Forests and Environment and other relevant government agencies on Wednesday on minimising the increasing human-wildlife conflict.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Lawmakers also raised concerns about the need for improved management of wild animals in rural areas, citing increasing difficulty for farmers to protect their crops.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">While elephants and tigers pose the most risk to humans, other animals contribute greatly to destruction of crops, according to Sindhu Prasad Dhungana, director general at the Department of National Parks and Wildlife Conservation.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“There are about 16 wild animals that cause damage to humans, agriculture, and livestock,” said Dhungana. “It is important to create wildlife-friendly infrastructure, manage tiger habitats and increase their food species.”</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">According to the ministry, it spends Rs 150 million annually to compensate for damages from human-wildlife conflict.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The ministry provides Rs 1 million in compensation to the families of individuals killed by wild animals and between Rs 20,000 and Rs 500,000 to those who sustain injuries, depending on the circumstances.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Experts recommend better management of food sources for wild animals in their habitat to reduce their encroachment into human settlements.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Lack of manpower for wildlife management has made the matters worse.</span></span><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif""> --</span></span><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">RSS</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-08-11', 'modified' => '2024-08-11', 'keywords' => '', 'description' => '', 'sortorder' => '21529', 'image' => '20240811120437_hwc.jpg', 'article_date' => '2024-08-11 12:03:45', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ) ) $current_user = null $logged_in = falseinclude - APP/View/Elements/side_bar.ctp, line 60 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - 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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' => '21817', 'article_category_id' => '1', 'title' => 'Himalaya Airlines Resuming Direct Flights to Kuwait from August 20', 'sub_title' => '', 'summary' => 'KATHMANDU, August 12: Himalaya Airlines, a Nepal-China joint venture and Nepal’s only private international airline, is set to resume its direct flights to Kuwait starting August 20, 2024.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">KATHMANDU, August 12: Himalaya Airlines, a Nepal-China joint venture and Nepal’s only private international airline, is set to resume its direct flights to Kuwait starting August 20, 2024.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">The airline in a statement wrote that the decision follows a strong demand from Nepali expatriates living and working in Kuwait as well as reflecting </span>its commitment to serving the needs of its passengers.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">Established in 2014, Himalaya Airlines operates with the dual objectives of promoting people-to-people contact between Nepal and other countries while boosting Nepal’s trade and tourism industries, the statement added.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">The airline's young fleet consists of four aircraft, including three Airbus 320-214s and one Airbus 319-115, serving prominent destinations across the Middle East and South Asia.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">In a move to</span> enhance its operations in Kuwait, Himalaya Airlines has appointed Caesars Travel Group as its General Sales Agent (GSA).</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">Initially, the airline will operate one weekly flight on the Kathmandu-Kuwait-Kathmandu sector, with plans to increase frequency based on demand, the statement reads.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">The Kathmandu-Kuwait flight (H9 571) </span>is scheduled to depart from Kathmandu at 00:40 AM local time, arriving in Kuwait at 03:15 AM local time. The return flight from Kuwait (H9 572) will depart at 04:15 AM local time, landing in Kathmandu at 11:50 AM local time.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">Himalaya Airlines was recognized as the "Leading New International Airline in South Asia" in 2017 and certified as an IOSA Operator and IATA member in 2023.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">“We prioritize safety, On-Time Performance (OTP), and customer service,” the company said. The airline also became the first in Nepal to introduce Automated External Defibrillators (AEDs) on all its aircraft, further solidifying its commitment to passenger safety, the statement said.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">Bookings for flights to and from Kuwait are now open </span>and passengers can make reservations through Himalaya Airlines’ sales office, Caesars Travel Group in Kuwait, the nearest travel agency, or online via the airline’s website and mobile application.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-12', 'modified' => '2024-08-12', 'keywords' => '', 'description' => '', 'sortorder' => '21544', 'image' => '20240812020321_20240110090529_20231119112252_g576szqpnac61.jpg', 'article_date' => '2024-08-12 14:02:54', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '21818', 'article_category_id' => '1', 'title' => 'NEPSE Achieves Record Turnover of Rs 27.42 Billion with a 70.81-Point Surge', 'sub_title' => '', 'summary' => 'The Nepal Stock Exchange (NEPSE) continued its bullish trend on Monday, gaining 70.81 points, or 2.47%, to close at 2931.65. This marks a record turnover of Rs 27.42 billion on the second trading day of the week.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">August 12: The Nepal Stock Exchange (NEPSE) continued its bullish trend on Monday, gaining 70.81 points, or 2.47%, to close at 2931.65. This marks a record turnover of Rs 27.42 billion on the second trading day of the week.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The market's recent surge is attributed to renewed investor confidence, driven by positive sentiments from the Prime Minister, Finance Minister, and the flexible monetary policies of Nepal Rastra Bank.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif""> Analysts and seasoned investors have highlighted these factors as key contributors to the sustained growth in NEPSE.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">During Monday’s trading session, 339 stocks were exchanged in 283,047 transactions, amounting to a total of 64,876,217 shares traded. </span></span><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Himalayan Reinsurance Limited (HRL) topped the turnover chart with transactions totaling Rs 1.22 billion.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Seven companies, including Himalayan Life Insurance (HLI), Rasuwagadhi Hydropower Limited (RHL), and Joshi Hydropower (JOSHI), each saw their shares hit the upper circuit limit, gaining 10%.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif""> On the flip side, Kutheli Bukhari Small Hydropower Limited (KBSH) experienced the steepest decline, dropping 10% to close at Rs 2208.10 per share.</span></span><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The Sensitive Index rose by 2.10%, while the Float Index and Sensitive Float Index both increased by 2.47%. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Sector-wise, all indices closed in the green, except for the Investment Index and Manufacturing and Processing Index.</span></span><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif""> The Life Insurance sector led the gains with a 5.85% increase, while the Mutual Fund Index saw the smallest gain at 0.93%. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The Manufacturing and Processing sector was the only one to decline, losing 1.19%.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-12', 'modified' => '2024-08-12', 'keywords' => '', 'description' => '', 'sortorder' => '21543', 'image' => '20240812034128_collage (96).jpg', 'article_date' => '2024-08-12 15:39:32', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 2 => array( 'Article' => array( 'id' => '21816', 'article_category_id' => '1', 'title' => 'MPs Divided Over Proposed Five-Year Statute of Limitations for Corruption Cases', 'sub_title' => '', 'summary' => 'KATHMANDU, August 12: A sharp disagreement has emerged among parliamentarians over whether to impose a statute of limitations on corruption cases.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">KATHMANDU, August 12: A sharp disagreement has emerged among parliamentarians over whether to impose a statute of limitations on corruption cases. The debate took place in the State Affairs and Good Governance Committee under the House of Representatives, where discussions were held on a proposal to amend the Prevention of Corruption Act, 2059.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">One group of MPs argued that public officials should be subject to investigation for corruption throughout their lifetime, while another group contended that if a corruption case is not investigated within a certain period, the individual should be granted immunity. The proposed bill includes a provision that a corruption case must be initiated within five years from the date the offense is discovered. Currently, there is no such statute of limitations in the law.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">MP and former minister Arjun Narasinh KC strongly opposed the five-year statute of limitations, stating that it could serve to protect corrupt individuals. He emphasized the need for a provision allowing for lifetime prosecution of those involved in corruption, arguing that imposing a statute of limitations would undermine public trust and national integrity.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Concerns were also raised about the potential for influential individuals to delay investigations, thereby benefiting from the proposed statute of limitations. Past instances where leaders and officials were acquitted due to the statute of limitations were cited as examples of the risks associated with such a provision.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Rastriya Swatantra Party MP Sobhita Gautam suggested that penalties for corruption should be classified based on the amount involved, with increasing prison terms for larger sums of money. She proposed sentences ranging from 8 to 20 years, depending on the scale of corruption.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">On the other hand, MP Shyam Kumar Ghimire argued against the need for stricter penalties, suggesting that corruption cannot be eradicated solely through harsh punishments. He pointed to the example of China, where severe penalties, including the death penalty, have not eliminated corruption. MP Nagina Yadav also supported the idea of a statute of limitations, arguing that the government should not have the unlimited right to investigate individuals or organizations indefinitely.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The State Affairs and Good Governance Committee has called for a meeting on August 15 to further discuss the bill. Home Minister Ramesh Lekhak, Chief Secretary Liladevi Gadtaula, and Chief Commissioner of the Commission for the Investigation of Abuse of Authority Prem Kumar Rai have been invited to participate in the discussions.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><strong>Parliament Committee Seeks Details of Taragaon Development Committee’s Assets</strong></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">A committee of the House of Representatives has directed the Taragaon Development Committee to submit details of its movable and immovable assets. The International Relations and Tourism Committee issued this instruction in response to concerns about the management and ownership of the five-star hotel Taragaon Regency Hotels (Hyatt) in Bouddha, Kathmandu.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The committee, chaired by Culture, Tourism, and Civil Aviation Minister Badri Prasad Pandey, held a meeting on Sunday with officials from the Taragaon Development Committee and the Taragaon Regency Hotels. During the meeting, Minister Pandey expressed concern that the government's ownership stake in the hotel has declined over time. While the government's share was originally 39.77% at the time of the lease agreement, it has now decreased to 9.01%.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The committee has instructed the ministry to revise the agreement between the Taragaon Development Committee and the hotel regarding the utilization of assets and to submit an action plan addressing the issues. The Taragaon Development Committee currently owns 304 ropani (approximately 15.4 hectares) of land in Boudha, Kathmandu, with the hotel occupying 150 ropani (approximately 7.6 hectares) under a Public-Private Partnership (PPP) model since 1992. The decreasing share of the government in the hotel has been a source of dispute between the committee and the hotel management since last year.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-12', 'modified' => '2024-08-12', 'keywords' => '', 'description' => '', 'sortorder' => '21542', 'image' => '20240812015714_blank eight by six.jpg', 'article_date' => '2024-08-12 13:56:38', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '21815', 'article_category_id' => '1', 'title' => 'Gold, Silver Prices Decline Slightly', 'sub_title' => '', 'summary' => 'Gold and silver prices slightly declined in Nepali market on Monday.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">NewBiz Report</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">KATHMANDU, August 12</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Gold and silver prices slightly declined in Nepali market on Monday.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">While the precious yellow metal’s price dropped by Rs 100 per tola (11.66 grams) on the second trading day of the week, following a rise of Rs 700 per tola on Sunday, that of Silver came down by Rs 5 per tola. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Fine gold is being traded at Rs 148,700 per tola, down from Rs 148,800 per tola on Sunday, according to the Federation of Nepal Gold and Silver Dealers' Association.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Similarly, silver is being traded at Rs 1,715 per tola on Monday.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-12', 'modified' => '2024-08-12', 'keywords' => '', 'description' => '', 'sortorder' => '21541', 'image' => '20240812013942_20240801032633_cd5483b7.jpeg', 'article_date' => '2024-08-12 13:38:47', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '21814', 'article_category_id' => '1', 'title' => 'Expert Panel Hands Over Draft of Labour Migration Policy to Govt', 'sub_title' => '', 'summary' => 'KATHMANDU, August 12: The government-appointed expert panel submitted the draft of the Labour Migration Policy to the Minister for Labour, Employment, and Social Security, Sarad Singh Bhandari, on Sunday.', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">KATHMANDU, August 12: The government-appointed expert panel submitted the draft of the Labour Migration Policy to the Minister for Labour, Employment, and Social Security, Sarad Singh Bhandari, on Sunday.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Coordinator of the expert panel, Dr. Ganesh Gurung, presented the report, explaining that the national policy draft was developed with a vision of ensuring safe, secure, and dignified labour migration, while also focusing on internal employment and prosperity.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Upon receiving the draft, Minister Bhandari expressed confidence in its potential to shape the national labour migration policy. He pledged to implement the draft as part of the government's policy framework and commended the team for addressing the challenges facing the labour migration sector.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Minister Bhandari emphasized the need for the policy to prioritize orderly labour migration, support the reintegration of returnees, and develop human resources to meet global market demands. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">"Thousands of people are going abroad every day. This won't be stopped by speeches or blame games. The alternative to employment is better employment. Nepali migrants deserve respect and decent wages. We must focus on our foreign migration and foreign policy to achieve this," he remarked.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The draft, prepared over nine months by the Gurung-led team, includes six policies, 24 strategies, and 113 procedures to address those strategies.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">During the handover, Dr. Gurung highlighted that the policy aims to make foreign labour migration a choice for Nepalis by creating opportunities for self-employment within the country. -- RSS</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-12', 'modified' => '2024-08-12', 'keywords' => '', 'description' => '', 'sortorder' => '21540', 'image' => '20240812013619_20240118121412_20220329081003_labour.jpg', 'article_date' => '2024-08-12 13:35:33', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '21812', 'article_category_id' => '1', 'title' => 'USA Tops Medal Tally in Paris Olympics after Winning Last Gold', 'sub_title' => '', 'summary' => 'KATHMANDU, August 12: The United States snatched top spot in the 2024 Olympics from the jaws of China as their women's basketball team earned a thrilling victory over hosts France to win the final gold on offer in Paris.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">KATHMANDU, August 12: The United States snatched top spot in the 2024 Olympics from the jaws of China as their women's basketball team earned a thrilling victory over hosts France to win the final gold on offer in Paris.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the BBC, the fearsome US team were in danger of one of the all-time Olympic upsets but won 67-66 to take gold as the US moved level with China's tally of 40 golds in the medal table.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">However, with the American team securing 44 silver medals compared to China's 27, and a total of 126 medals against China's 91, they lead the medal table for the fourth consecutive time.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Japan finished third with 20 gold, 12 silver and 13 bronze medals, according to media reports.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">In a repeat match-up of Saturday's men's final that was won by the star-studded US at France's expense, Team USA trailed 53-51 with five minutes to play, BBC added.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“The occasion provided one last taste of the atmosphere of wild home support in the French capital. LeBron James, the NBA superstar and men's gold medallist for the US, was courtside, while French President Emmanuel Macron was in the stands in support of the hosts,” reports the BBC.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The US edged back in front and in a dramatic finale, with the lead at 67-64, Gabby Williams sank a buzzer-beater for France, but it was judged to have come from inches inside the three-point line and that meant the USA won by a point, BBC added. - Agencies</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-12', 'modified' => '2024-08-12', 'keywords' => '', 'description' => '', 'sortorder' => '21538', 'image' => '20240812115210_J5DJ6MJPY5N2TBH23N55PZBBXU.jpg', 'article_date' => '2024-08-12 11:51:29', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '21811', 'article_category_id' => '1', 'title' => 'Tourism Minister Discusses Aviation Safety with Defense Minister and Nepalese Army', 'sub_title' => 'Army proposed installing ultramodern technology for early weather warnings to reduce air accidents', 'summary' => 'KATHMANDU, August 12: Minister for Culture, Tourism, and Civil Aviation, Badri Prasad Pande, met with Defense Minister Manbir Rai and Acting Chief of the Nepalese Army, Ashok Sigdel, on Sunday to discuss aviation safety concerns.', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">KATHMANDU, August 12: Minister for Culture, Tourism, and Civil Aviation, Badri Prasad Pande, met with Defense Minister Manbir Rai and Acting Chief of the Nepalese Army, Ashok Sigdel, on Sunday to discuss aviation safety concerns.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">During the meeting at the ministry, the three focused on the training and management of aviation safety within the Nepalese Army and explored ways to replicate best practices. The Nepalese Army proposed installing ultramodern technology for early weather warnings to reduce air accidents, highlighting the challenges posed by Nepal's geographical diversity and erratic weather patterns.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The discussion was prompted by two recent air accidents that occurred within a span of two weeks. Minister Pande's secretariat revealed that he was advised to form a joint committee with representatives from the Civil Aviation Authority of Nepal, the International Civil Aviation Organization, and the Nepalese Army for regular discussions, studies, research, and monitoring.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Minister Pande praised the Nepalese Army's air services but emphasized the importance of ensuring safety in civil aviation as well. Nepalese Army officials noted that while laws and systems for flight security exist, their implementation requires more attention. They also shared that the army has its own air safety guidelines. -- RSS</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-12', 'modified' => '2024-08-12', 'keywords' => '', 'description' => '', 'sortorder' => '21537', 'image' => '20240812112843_blank eight by six.jpg', 'article_date' => '2024-08-12 11:27:58', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '21810', 'article_category_id' => '1', 'title' => 'Hindenburg Research Alleges SEBI Chief of having Stakes in Offshore Funds', 'sub_title' => '', 'summary' => 'Hindenburg Research, citing whistleblower documents, has levelled allegations against the chairperson of the Securities and Exchange Board of India (SEBI) Madhabi Puri Buch and her husband Dhaval Buch of having a stake in some offshore funds related to India’s Adani Group.', 'content' => '<p><span style="font-size:18px">NewBiz Report</span></p> <p><span style="font-size:18px">KATHMANDU, August 12</span></p> <p><span style="font-size:18px">Hindenburg Research, citing whistleblower documents, has levelled allegations against the chairperson of the Securities and Exchange Board of India (SEBI) Madhabi Puri Buch and her husband Dhaval Buch of having a stake in some offshore funds related to India’s Adani Group.</span></p> <p><span style="font-size:18px">The United States-based short seller made the allegations through a new report published on Saturday, </span></p> <p><span style="font-size:18px">However, Bush, her husband and the Adani group have denied the accusation, calling it baseless.</span></p> <p><span style="font-size:18px">“Our life and finances are an open book,” reads the joint statement issued by the couple. “All disclosures as required have already been furnished to SEBI over the years.”</span></p> <p><span style="font-size:18px">The Adani Group said that the allegations were malicious, mischievous and manipulative.</span></p> <p><span style="font-size:18px">“The latest allegations by Hindenburg are malicious, mischievous and manipulative selections of publicly available information to arrive at predetermined conclusions for personal profiteering with wanton disregard for facts and the law,” reads the statement issued by the group. “We completely reject these allegations against the Adani Group which are a recycling of discredited claims that have been thoroughly investigated, proven to be baseless and already dismissed by the Hon’ble Supreme Court in January 2024.”</span></p> <p><span style="font-size:18px">The new report comes 18 months after the Hindenburg Research accused Adani Group of the improper use of tax havens and stock manipulation. </span></p> <p><span style="font-size:18px">Besides starting the inquiry against the Adani Group, India's share market regulator had also sent an ‘show-cause’ notice to Hindenburg Research alleging it violated India’s rules by using non-public information. </span></p> <p><span style="font-size:18px">Hindenburg Research argued that nearly 18 months after the publication of the original report and enough evidence against the Indian conglomerate’s unlawful activities, SEBI did not take any public action against the group.</span></p> <p><span style="font-size:18px">The Adani Group, which comprises 10 publicly traded companies operating in various sectors such as ports, transport and energy among others, is considered to have close ties with the ruling Bharatiya Janata Party (BJP).</span></p> <p> </p> <p><br /> </p> ', 'published' => true, 'created' => '2024-08-12', 'modified' => '2024-08-12', 'keywords' => '', 'description' => '', 'sortorder' => '21536', 'image' => '20240812105106_202723-opnayvcpvx-1723345168.jpg', 'article_date' => '2024-08-12 10:49:55', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '21809', 'article_category_id' => '1', 'title' => 'Power Leakage Reduced by Half in Eight Years', 'sub_title' => '', 'summary' => '', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">KATHMANDU, August 12: </span></span></span></span><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The Nepal Electricity Authority (NEA) has succeeded in reducing the leakage of electricity through the transmission and distribution system by half over the last eight years.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Nearly 26% electricity used to leak from the system until the fiscal year 2015/16, according to the NEA. It has been brought down to nearly 13% in the last year, 2023/24, added the state-owned electricity utility.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Of the total, 3.33% leakage has been through the transmission lines and 9.40% through the distribution system. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Kulman Ghising, managing director of NEA, claimed that Nepal’s leakage ratio was lower than that of the neighboring countries. He further said that the NEA made around Rs 12 billion annually in additional income from leakage control in the review period.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“The campaign conducted to control technical and non-technical leakage has paid off and the leakage of electricity towards distribution has decreased significantly,” said Ghising.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">According to NEA, the earnings are being invested in system expansion and improvement, aiming to bring down the leakage to a single digit. -- RSS</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-08-12', 'modified' => '2024-08-12', 'keywords' => '', 'description' => '', 'sortorder' => '21535', 'image' => '20240812104231_NEA update.jpg', 'article_date' => '2024-08-12 10:40:55', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '21808', 'article_category_id' => '1', 'title' => 'NEPSE Sees Massive Growth with Record Turnover of Rs 25.77 Billion', 'sub_title' => '', 'summary' => 'The Nepal Stock Exchange (NEPSE) experienced significant growth on Sunday, with the index rising by 94.46 points (3.41%) to close at 2,860.84.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">August 11: The Nepal Stock Exchange (NEPSE) experienced significant growth on Sunday, with the index rising by 94.46 points (3.41%) to close at 2,860.84. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Today’s surge on the secondary benchmark index was accompanied by a record turnover of Rs 25.77 billion, marking a historic day for the market.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Market experts and seasoned investors attributed this substantial rise to positive investor sentiment following the formation of a coalition government by the Nepali Congress and CPPN-UML.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif"> Additionally, the excess liquidity in the banking system and renewed enthusiasm among investors contributed to the market's strong performance. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">During today’s trading session, 330 scrips were exchanged through 275,207 transactions on NEPSE. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">A total of 60,321,323 shares were traded, resulting in the record turnover of Rs 25.77 billion. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Himalayan Reinsurance Limited (HRL) led in turnover, with transactions amounting to Rs 1.52 billion. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Meanwhile, nine companies, including National Hydropower Company (NHPC), Upper Tamakoshi Hydropower Limited (UPPER), and Nerude Mirmire Laghubitta Sanstha Limited (NMLBBL), each saw their shares gain 10%, hitting the upper circuit limit for the day.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Conversely, Kutheli Bukhari Small Hydropower Limited (KBSH) experienced the day's steepest loss, declining by 10% to close at Rs 2,453 per share. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The Sensitive Index increased by 3.76%, while the Float Index and Sensitive Float Index rose by 3.53% and 3.56%, respectively.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif"> All sector indices closed in the green, with the Microfinance Index recording the highest gain of 4.53%, while the Mutual Fund Index posted the smallest increase at 0.01%.</span></span></p> ', 'published' => true, 'created' => '2024-08-11', 'modified' => '2024-08-11', 'keywords' => '', 'description' => '', 'sortorder' => '21534', 'image' => '20240811044211_collage (6).jpg', 'article_date' => '2024-08-11 16:40:44', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 10 => array( 'Article' => array( 'id' => '21807', 'article_category_id' => '1', 'title' => 'DDC's Stock of Dairy Products worth Over Rs 1.5 Billion about to Expire', 'sub_title' => '', 'summary' => 'KATHMANDU, August 11: A high-ranking official from the state-owned Dairy Development Corporation (DDC) has revealed that powdered milk worth over one and a half billion rupees s about to expire due to unsold stock.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">KATHMANDU, August 11: A high-ranking official from the state-owned Dairy Development Corporation (DDC) has revealed that powdered milk worth over one and a half billion rupees s about to expire due to unsold stock. Recently, the DDC issued two calls for proposals to sell these dairy products at a discounted rate, fearing they would soon expire. These proposals aimed to sell the dairy products in bulk.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">Due to the large quantities of unsold dairy products, both the DDC and private sector dairies have been unable to pay approximately Rs 4 billion in arrears to farmers. Reportedly, the DDC alone owes farmers around Rs 2 billion.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">Sources indicate that 983 metric tons of powdered milk and 777 metric tons of fresh milk have reached their expiration dates. Currently, the market value of these milk products is estimated at Rs1.52 billion.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">"The shelf life of powdered milk and butter is 18 months from the date of production," said a senior official from the DDC, "But the shelf life of these products in our inventory is now only 5 to 6 months. If we don't sell them soon, they will go to waste." Despite issuing two public notices, reducing the maximum retail price, and setting a 1-month deadline, the DDC has been unable to sell the products.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">On June 10, the DDC called for proposals to sell 200 tons of butter in 15 kg blocks and 300 tons of powdered milk in 25 kg bags.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">"We reduced the price of powdered milk from Rs 700 per kg to Rs 600 per kg, and raw butter from Rs 1000 per kg to Rs 800 per kg," the official added.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">Powdered milk is mainly used by dairy or biscuit industries, but the open border with India allows cheaper imports, diverting traders' attention and leaving the DDC's stock unsold.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">Despite the large quantities of leftover powdered milk and butter, the DDC has struggled to sell them quickly. Private dairies, on the other hand, have been more proactive. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">Sumit Kedia, owner of Sitaram Gokul Milks, noted that due to his policy of selling older dairy products promptly, his industry’s products have not reached the point of expiry. "A month ago, our industry had dairy products worth Rs 40 million in stock. We sold products worth Rs 10 million in the last month," he said.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">Most private dairies, however, have been slow to pay farmers, citing unsold powdered milk and butter as the reason. The DDC's inability to sell products and pay its dues has compounded the issue. The DDC and other dairy industries had signed an agreement with farmers' organizations to clear all dues by July 11, 2023. However, farmers report that payments have not yet been made.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">Farmers' organizations argue that since the DDC, which owes the most, hasn't paid its dues, private sector dairies are using this as an excuse not to pay.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">The DDC has recently requested a loan of Rs 600 million from the government to cover its dues, as it is unable to do so from its income. Acting Deputy General Manager of DDC, Rajendra Prasad Adhikari, mentioned that although the Ministry of Agriculture and Livestock Development sent a letter to the Ministry of Finance over a month ago seeking loan approval, the proposal has yet to be approved. "This has caused a delay in payments," he said.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">As the stockpile of dairy products continues to grow, the DDC is facing a shortage of storage space. According to a deputy general manager, the increasing inventory of products, especially powdered milk and butter, is causing storage problems.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">The DDC currently stores milk products in Balaju, Kharipati, Hetauda, Lumbini, Nepalgunj, Dhangadhi, Janakpur, and Biratnagar milk distribution units. However, as all these warehouses are now full, the DDC has had to rent additional storage space from other dairy industries. According to Rajiv Khanal, head of DDC's Hetauda project, there are 5 warehouses for storing raw and powdered milk, with a capacity of up to 450,000 metric tons. However, these warehouses are now full, leaving no space to store more products.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-11', 'modified' => '2024-08-12', 'keywords' => '', 'description' => '', 'sortorder' => '21533', 'image' => '20240811025413_20210930041809_20181231125436_aaaa.jpg', 'article_date' => '2024-08-11 14:52:19', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '21806', 'article_category_id' => '1', 'title' => '‘Unnatural’ Surge in Share Prices of Companies with Poor Financial Records Raises Suspicions', 'sub_title' => ' The trend of stock market players attracting many investors towards such companies through media campaigns for their vested interest is on the rise, some investors claim', 'summary' => 'An ‘unnatural’ surge in share prices of companies such as Nepal Finance Limited (NFS), which has not been able to distribute a dividend to its investors for the past 14 years, has deepened the suspicions that attempts are being made to artificially hike share prices.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">PRAJITA BUDHATHOKI<br /> KATHMANDU, August 11</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">An ‘unnatural’ surge in share prices of companies such as Nepal Finance Limited (NFS), which has not been able to distribute a dividend to its investors for the past 14 years, has deepened the suspicions that attempts are being made to artificially hike share prices.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Besides NFS, the stakeholders have deemed the rise in share price of Kutheli Bukhari Small Hydropower Limited (KBSH) ‘unnatural’ as well.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">While the per unit share prices of other finance companies stand below Rs 1,000, that of NFS reached Rs 2,049 last Thursday, the last trading day of the week. It is the most expensive share price among the finance companies. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Until a month ago, the per unit share price of NFS was Rs 970. But, it has reached as high as Rs 2,154 since then.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The current share price of Goodwill Finance Company Limited (GFCL), which ranks second among the finance companies in terms of share prices, is Rs 836 per unit.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">NFS, which is Nepal’s first finance company from the private sector, has not been able to distribute a dividend to its investors since the fiscal year 2010/11. The company had distributed a 23.16% dividend, including 22% bonus and 1.16% cash, in that fiscal year. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The company also saw a decline in its net profit from around Rs 20 million in fiscal year 2022/23 to around Rs 18 million in the last fiscal year, 2023/24.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The unaudited financial statement of the company for the fourth quarter of the last fiscal year shows that it is not in a position to distribute dividends as it has a negative retained earnings of around Rs 208 million. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Similarly, its earnings per share (EPS) and net worth per share are Rs 2.48 and Rs 137.52, respectively.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Lawmakers have also raised questions in the parliament for the steep growth in share price of NFS in a short time without any strong basis.</span></span></span></span></p> <p> </p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Like NFS, the share price of KBSH also saw a sharp growth to Rs 2,726 per unit last Thursday. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Earlier on June 30, a day before the NEPSE index started showing the continuous upward trend, it was Rs 1,450 per unit, </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">When KBSH got listed in the secondary market on August 20 last year, its minimum and maximum trading prices were fixed at Rs 159.67 and Rs 479.09, respectively.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">It currently ranks first among hydropower companies in terms of share prices.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">While the company is yet to release its financial statement of the fourth quarter of the last fiscal year, its third quarterly report had shown net profit of over Rs 14 million.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Investor Dambaru Ballav Ghimire blames the increasing trend of stock market players influencing the share transactions of specific companies for such ‘unnatural’ hikes in share prices of companies with poor financial records.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“Many investors are at a risk of being trapped as the trend of market players attracting their investments to a certain company through a media campaign has increased,” Ghimire said. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Nepal Stock Exchange (NEPSE) has also accepted that there has been an ‘unnatural’ share price hike of some companies.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Murahari Parajuli, information officer at NEPSE, said that there have been activities through social media to artificially hike share prices. “We need a law to stop such activities,” Parajuli said. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“Many countries have made it compulsory to acquire a licence to become a share market analyst,” Parajuli added. “Such analysts are prohibited from participating in share transactions of the company which they analyse to prevent the conflict of interest. We need a similar provision in Nepal.”</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Many investors, through social media, have accused one of the big investors Dipendra Agrawal of being active in creation of ‘unnatural’ demand.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Agrawal, who is often found active on the social media platform Clubhouse advising investors, told the New Business Age that his documents were taken away by the Securities Board of Nepal (SEBON).</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">He, however, claimed that he has only been involved in sharing his knowledge and experience and has no role in hiking share prices ‘unnaturally’.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“I am not a director of any company,” Agrawal said. “As an investor myself, I share my experience with other investors with the intention of helping them to easily make investment-related decisions.”</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-11', 'modified' => '2024-08-11', 'keywords' => '', 'description' => '', 'sortorder' => '21532', 'image' => '20240811024534_hqdefault.jpg', 'article_date' => '2024-08-11 14:44:26', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '21805', 'article_category_id' => '1', 'title' => 'Price of Gold Surges, Silver’s Drops', 'sub_title' => 'Fine gold is being traded at Rs 148,800 per tola on Sunday, up from Rs 148,100 per tola last Friday', 'summary' => '', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">NewBiz Report</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">KATHMANDU, August 11</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The price of gold increased in the Nepali market on Sunday, while the price of silver saw a decline</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Gold surged by Rs 700 per tola (11.66 grams) on the first trading day of the week, following a rise of Rs 1,500 per tola on Friday.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">According to the Federation of Nepal Gold and Silver Dealers' Association, the price of fine gold is now Rs 148,800 per tola, up from Rs 148,100 per tola on Friday.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">In contrast, the price of silver decreased to Rs 1,720 per tola on Sunday, from Rs 1,730 per tola on Friday.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Last Monday, the price of gold had reached an all-time high in the domestic market when fine gold was traded at Rs 150,000 per tola.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-11', 'modified' => '2024-08-11', 'keywords' => '', 'description' => '', 'sortorder' => '21531', 'image' => '20240811023024_20240801032633_cd5483b7.jpeg', 'article_date' => '2024-08-11 14:29:18', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '21804', 'article_category_id' => '1', 'title' => 'ISPs Owe Over Rs 1 Billion in Bandwidth Dues Amid Tax Dispute', 'sub_title' => '', 'summary' => 'Internet service providers (ISPs) in Nepal have yet to pay over Rs 1 billion in bandwidth dues to Indian companies for several months.', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">Bijaya Damase, </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">KATHMANDU, August 11</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Internet service providers (ISPs) in Nepal have yet to pay over Rs 1 billion in bandwidth dues to Indian companies for several months. This delay is primarily due to a tax dispute between the government and the ISPs. As a result, the government has not provided foreign exchange facility to many such companies for the past one and a half years. As the dispute lingers on, payments to international internet bandwidth providers remain outstanding.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Subash Khadka, the Chief Executive Officer of the Internet Service Providers Association of Nepal (ISPAN), stated that the Nepal Telecommunications Authority and the Ministry of Communication and Information Technology have not provided the foreign currency exchange facility to them for 16 months. This delay has led to a significant backlog in payments to upstream service providers. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">According to Khadka, Nepali ISPs owe more than Rs 1 billion to international bandwidth providers. He also said that bandwidth providers had previously suspended services due to non-payment, and there is a risk of this happening again. In a conversation with New Business Age, Khadka expressed frustration, saying, “Despite informing the ministry and authorities several times, the internet is always at risk of being cut off due to the lack of urgency in addressing this issue.”</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">On May 2, 2024, Airtel, an Indian company, stopped providing bandwidth to Nepali ISPs due to non-payment. However, after discussions at the government level, Airtel resumed the service. Currently, 13 ISPs in Nepal import internet bandwidth from abroad, and they have expressed concerns that they are unable to make payments because the government has not recommended the foreign currency exchange facility.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Government officials, however, argue that they are issuing foreign exchange facility, claiming that ISPs are misrepresenting the situation. According to Section 32 of the Telecommunication Act, 2053, and Rule 26 of the Telecommunication Regulations, 2054, ISPs are required to pay a 4% royalty on their total annual income. Additionally, under Regulation 5 (1) of the Rural Telecommunication Development Fund Regulations, 2068, ISPs must contribute 2% to the Rural Telecommunication Development Fund.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Spokesman Santosh Paudel stated that ISPs who have paid their dues are provided with the foreign exchange facility without interruption. However, he noted that recommendations cannot be given to companies that fail to comply with the rules and do not pay the required royalties to the government. Paudel added that some companies have had their recommendations withheld due to their failure to settle the dues despite repeated reminders.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">A senior official from Worldlink, a leading ISP, mentioned that ISPs and network service providers have been regularly paying royalties and contributing to the Rural Telecommunication Development Fund (RTDF). However, due to confusion, royalties on non-telecom services like maintenance charges and certain RTDF dues have not been paid. The official added that although a court order has been issued regarding this matter, the full text of the order has yet to be released, leaving the payments pending. The Telecommunication Authority claims that ISPs owe approximately Rs 3 billion in such taxes.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The issue reached the Supreme Court through a parliamentary committee, and three months ago, the court ordered ISPs to pay the taxes. Worldlink's petition filed at the Supreme Court, arguing that they should not pay the taxes determined by the government, was dismissed on May 12, 2024. ISPs are now hesitating to make the payments, citing the lack of clarity in the court order. With the legal avenues nearly exhausted, ISPs are considering raising demands such as installment facilities and interest waivers from the government. However, officials have indicated that the government is not inclined to grant any such concessions.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-11', 'modified' => '2024-08-11', 'keywords' => '', 'description' => '', 'sortorder' => '21530', 'image' => '20240811014122_20240507022836_20230907105804_internet.jpg', 'article_date' => '2024-08-11 13:40:36', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '21803', 'article_category_id' => '1', 'title' => '34 Killed in Last FY in Human-Wildlife Conflicts', 'sub_title' => 'Experts recommend better management of food sources for wild animals in their habitat to reduce their encroachment into human settlements', 'summary' => 'KATHMANDU, August 11: As many as 34 people were killed in human-wildlife conflict in the last fiscal year, according to the Ministry of Forests and Environment.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">KATHMANDU, August 11: As many as 34 people were killed in human-wildlife conflict in the last fiscal year, according to the Ministry of Forests and Environment.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Last week alone, a woman in Kanchanpur lost her life while a person in Chitwan was injured in tiger attacks.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The woman was reportedly cutting grass in a sugarcane field when the incident occurred.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The Agriculture, Cooperative, and Natural Resources Committee of the House of Representatives held discussions with the Ministry of Forests and Environment and other relevant government agencies on Wednesday on minimising the increasing human-wildlife conflict.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Lawmakers also raised concerns about the need for improved management of wild animals in rural areas, citing increasing difficulty for farmers to protect their crops.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">While elephants and tigers pose the most risk to humans, other animals contribute greatly to destruction of crops, according to Sindhu Prasad Dhungana, director general at the Department of National Parks and Wildlife Conservation.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“There are about 16 wild animals that cause damage to humans, agriculture, and livestock,” said Dhungana. “It is important to create wildlife-friendly infrastructure, manage tiger habitats and increase their food species.”</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">According to the ministry, it spends Rs 150 million annually to compensate for damages from human-wildlife conflict.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The ministry provides Rs 1 million in compensation to the families of individuals killed by wild animals and between Rs 20,000 and Rs 500,000 to those who sustain injuries, depending on the circumstances.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Experts recommend better management of food sources for wild animals in their habitat to reduce their encroachment into human settlements.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Lack of manpower for wildlife management has made the matters worse.</span></span><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif""> --</span></span><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">RSS</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-08-11', 'modified' => '2024-08-11', 'keywords' => '', 'description' => '', 'sortorder' => '21529', 'image' => '20240811120437_hwc.jpg', 'article_date' => '2024-08-11 12:03:45', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ) ) $current_user = null $logged_in = falsesimplexml_load_file - [internal], line ?? include - APP/View/Elements/side_bar.ctp, line 60 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - 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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' => '21817', 'article_category_id' => '1', 'title' => 'Himalaya Airlines Resuming Direct Flights to Kuwait from August 20', 'sub_title' => '', 'summary' => 'KATHMANDU, August 12: Himalaya Airlines, a Nepal-China joint venture and Nepal’s only private international airline, is set to resume its direct flights to Kuwait starting August 20, 2024.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">KATHMANDU, August 12: Himalaya Airlines, a Nepal-China joint venture and Nepal’s only private international airline, is set to resume its direct flights to Kuwait starting August 20, 2024.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">The airline in a statement wrote that the decision follows a strong demand from Nepali expatriates living and working in Kuwait as well as reflecting </span>its commitment to serving the needs of its passengers.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">Established in 2014, Himalaya Airlines operates with the dual objectives of promoting people-to-people contact between Nepal and other countries while boosting Nepal’s trade and tourism industries, the statement added.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">The airline's young fleet consists of four aircraft, including three Airbus 320-214s and one Airbus 319-115, serving prominent destinations across the Middle East and South Asia.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">In a move to</span> enhance its operations in Kuwait, Himalaya Airlines has appointed Caesars Travel Group as its General Sales Agent (GSA).</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">Initially, the airline will operate one weekly flight on the Kathmandu-Kuwait-Kathmandu sector, with plans to increase frequency based on demand, the statement reads.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">The Kathmandu-Kuwait flight (H9 571) </span>is scheduled to depart from Kathmandu at 00:40 AM local time, arriving in Kuwait at 03:15 AM local time. The return flight from Kuwait (H9 572) will depart at 04:15 AM local time, landing in Kathmandu at 11:50 AM local time.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">Himalaya Airlines was recognized as the "Leading New International Airline in South Asia" in 2017 and certified as an IOSA Operator and IATA member in 2023.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">“We prioritize safety, On-Time Performance (OTP), and customer service,” the company said. The airline also became the first in Nepal to introduce Automated External Defibrillators (AEDs) on all its aircraft, further solidifying its commitment to passenger safety, the statement said.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">Bookings for flights to and from Kuwait are now open </span>and passengers can make reservations through Himalaya Airlines’ sales office, Caesars Travel Group in Kuwait, the nearest travel agency, or online via the airline’s website and mobile application.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-12', 'modified' => '2024-08-12', 'keywords' => '', 'description' => '', 'sortorder' => '21544', 'image' => '20240812020321_20240110090529_20231119112252_g576szqpnac61.jpg', 'article_date' => '2024-08-12 14:02:54', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '21818', 'article_category_id' => '1', 'title' => 'NEPSE Achieves Record Turnover of Rs 27.42 Billion with a 70.81-Point Surge', 'sub_title' => '', 'summary' => 'The Nepal Stock Exchange (NEPSE) continued its bullish trend on Monday, gaining 70.81 points, or 2.47%, to close at 2931.65. This marks a record turnover of Rs 27.42 billion on the second trading day of the week.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">August 12: The Nepal Stock Exchange (NEPSE) continued its bullish trend on Monday, gaining 70.81 points, or 2.47%, to close at 2931.65. This marks a record turnover of Rs 27.42 billion on the second trading day of the week.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The market's recent surge is attributed to renewed investor confidence, driven by positive sentiments from the Prime Minister, Finance Minister, and the flexible monetary policies of Nepal Rastra Bank.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif""> Analysts and seasoned investors have highlighted these factors as key contributors to the sustained growth in NEPSE.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">During Monday’s trading session, 339 stocks were exchanged in 283,047 transactions, amounting to a total of 64,876,217 shares traded. </span></span><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Himalayan Reinsurance Limited (HRL) topped the turnover chart with transactions totaling Rs 1.22 billion.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Seven companies, including Himalayan Life Insurance (HLI), Rasuwagadhi Hydropower Limited (RHL), and Joshi Hydropower (JOSHI), each saw their shares hit the upper circuit limit, gaining 10%.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif""> On the flip side, Kutheli Bukhari Small Hydropower Limited (KBSH) experienced the steepest decline, dropping 10% to close at Rs 2208.10 per share.</span></span><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The Sensitive Index rose by 2.10%, while the Float Index and Sensitive Float Index both increased by 2.47%. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Sector-wise, all indices closed in the green, except for the Investment Index and Manufacturing and Processing Index.</span></span><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif""> The Life Insurance sector led the gains with a 5.85% increase, while the Mutual Fund Index saw the smallest gain at 0.93%. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The Manufacturing and Processing sector was the only one to decline, losing 1.19%.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-12', 'modified' => '2024-08-12', 'keywords' => '', 'description' => '', 'sortorder' => '21543', 'image' => '20240812034128_collage (96).jpg', 'article_date' => '2024-08-12 15:39:32', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 2 => array( 'Article' => array( 'id' => '21816', 'article_category_id' => '1', 'title' => 'MPs Divided Over Proposed Five-Year Statute of Limitations for Corruption Cases', 'sub_title' => '', 'summary' => 'KATHMANDU, August 12: A sharp disagreement has emerged among parliamentarians over whether to impose a statute of limitations on corruption cases.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">KATHMANDU, August 12: A sharp disagreement has emerged among parliamentarians over whether to impose a statute of limitations on corruption cases. The debate took place in the State Affairs and Good Governance Committee under the House of Representatives, where discussions were held on a proposal to amend the Prevention of Corruption Act, 2059.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">One group of MPs argued that public officials should be subject to investigation for corruption throughout their lifetime, while another group contended that if a corruption case is not investigated within a certain period, the individual should be granted immunity. The proposed bill includes a provision that a corruption case must be initiated within five years from the date the offense is discovered. Currently, there is no such statute of limitations in the law.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">MP and former minister Arjun Narasinh KC strongly opposed the five-year statute of limitations, stating that it could serve to protect corrupt individuals. He emphasized the need for a provision allowing for lifetime prosecution of those involved in corruption, arguing that imposing a statute of limitations would undermine public trust and national integrity.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Concerns were also raised about the potential for influential individuals to delay investigations, thereby benefiting from the proposed statute of limitations. Past instances where leaders and officials were acquitted due to the statute of limitations were cited as examples of the risks associated with such a provision.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Rastriya Swatantra Party MP Sobhita Gautam suggested that penalties for corruption should be classified based on the amount involved, with increasing prison terms for larger sums of money. She proposed sentences ranging from 8 to 20 years, depending on the scale of corruption.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">On the other hand, MP Shyam Kumar Ghimire argued against the need for stricter penalties, suggesting that corruption cannot be eradicated solely through harsh punishments. He pointed to the example of China, where severe penalties, including the death penalty, have not eliminated corruption. MP Nagina Yadav also supported the idea of a statute of limitations, arguing that the government should not have the unlimited right to investigate individuals or organizations indefinitely.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The State Affairs and Good Governance Committee has called for a meeting on August 15 to further discuss the bill. Home Minister Ramesh Lekhak, Chief Secretary Liladevi Gadtaula, and Chief Commissioner of the Commission for the Investigation of Abuse of Authority Prem Kumar Rai have been invited to participate in the discussions.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><strong>Parliament Committee Seeks Details of Taragaon Development Committee’s Assets</strong></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">A committee of the House of Representatives has directed the Taragaon Development Committee to submit details of its movable and immovable assets. The International Relations and Tourism Committee issued this instruction in response to concerns about the management and ownership of the five-star hotel Taragaon Regency Hotels (Hyatt) in Bouddha, Kathmandu.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The committee, chaired by Culture, Tourism, and Civil Aviation Minister Badri Prasad Pandey, held a meeting on Sunday with officials from the Taragaon Development Committee and the Taragaon Regency Hotels. During the meeting, Minister Pandey expressed concern that the government's ownership stake in the hotel has declined over time. While the government's share was originally 39.77% at the time of the lease agreement, it has now decreased to 9.01%.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The committee has instructed the ministry to revise the agreement between the Taragaon Development Committee and the hotel regarding the utilization of assets and to submit an action plan addressing the issues. The Taragaon Development Committee currently owns 304 ropani (approximately 15.4 hectares) of land in Boudha, Kathmandu, with the hotel occupying 150 ropani (approximately 7.6 hectares) under a Public-Private Partnership (PPP) model since 1992. The decreasing share of the government in the hotel has been a source of dispute between the committee and the hotel management since last year.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-12', 'modified' => '2024-08-12', 'keywords' => '', 'description' => '', 'sortorder' => '21542', 'image' => '20240812015714_blank eight by six.jpg', 'article_date' => '2024-08-12 13:56:38', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '21815', 'article_category_id' => '1', 'title' => 'Gold, Silver Prices Decline Slightly', 'sub_title' => '', 'summary' => 'Gold and silver prices slightly declined in Nepali market on Monday.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">NewBiz Report</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">KATHMANDU, August 12</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Gold and silver prices slightly declined in Nepali market on Monday.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">While the precious yellow metal’s price dropped by Rs 100 per tola (11.66 grams) on the second trading day of the week, following a rise of Rs 700 per tola on Sunday, that of Silver came down by Rs 5 per tola. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Fine gold is being traded at Rs 148,700 per tola, down from Rs 148,800 per tola on Sunday, according to the Federation of Nepal Gold and Silver Dealers' Association.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Similarly, silver is being traded at Rs 1,715 per tola on Monday.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-12', 'modified' => '2024-08-12', 'keywords' => '', 'description' => '', 'sortorder' => '21541', 'image' => '20240812013942_20240801032633_cd5483b7.jpeg', 'article_date' => '2024-08-12 13:38:47', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '21814', 'article_category_id' => '1', 'title' => 'Expert Panel Hands Over Draft of Labour Migration Policy to Govt', 'sub_title' => '', 'summary' => 'KATHMANDU, August 12: The government-appointed expert panel submitted the draft of the Labour Migration Policy to the Minister for Labour, Employment, and Social Security, Sarad Singh Bhandari, on Sunday.', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">KATHMANDU, August 12: The government-appointed expert panel submitted the draft of the Labour Migration Policy to the Minister for Labour, Employment, and Social Security, Sarad Singh Bhandari, on Sunday.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Coordinator of the expert panel, Dr. Ganesh Gurung, presented the report, explaining that the national policy draft was developed with a vision of ensuring safe, secure, and dignified labour migration, while also focusing on internal employment and prosperity.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Upon receiving the draft, Minister Bhandari expressed confidence in its potential to shape the national labour migration policy. He pledged to implement the draft as part of the government's policy framework and commended the team for addressing the challenges facing the labour migration sector.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Minister Bhandari emphasized the need for the policy to prioritize orderly labour migration, support the reintegration of returnees, and develop human resources to meet global market demands. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">"Thousands of people are going abroad every day. This won't be stopped by speeches or blame games. The alternative to employment is better employment. Nepali migrants deserve respect and decent wages. We must focus on our foreign migration and foreign policy to achieve this," he remarked.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The draft, prepared over nine months by the Gurung-led team, includes six policies, 24 strategies, and 113 procedures to address those strategies.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">During the handover, Dr. Gurung highlighted that the policy aims to make foreign labour migration a choice for Nepalis by creating opportunities for self-employment within the country. -- RSS</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-12', 'modified' => '2024-08-12', 'keywords' => '', 'description' => '', 'sortorder' => '21540', 'image' => '20240812013619_20240118121412_20220329081003_labour.jpg', 'article_date' => '2024-08-12 13:35:33', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '21812', 'article_category_id' => '1', 'title' => 'USA Tops Medal Tally in Paris Olympics after Winning Last Gold', 'sub_title' => '', 'summary' => 'KATHMANDU, August 12: The United States snatched top spot in the 2024 Olympics from the jaws of China as their women's basketball team earned a thrilling victory over hosts France to win the final gold on offer in Paris.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">KATHMANDU, August 12: The United States snatched top spot in the 2024 Olympics from the jaws of China as their women's basketball team earned a thrilling victory over hosts France to win the final gold on offer in Paris.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the BBC, the fearsome US team were in danger of one of the all-time Olympic upsets but won 67-66 to take gold as the US moved level with China's tally of 40 golds in the medal table.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">However, with the American team securing 44 silver medals compared to China's 27, and a total of 126 medals against China's 91, they lead the medal table for the fourth consecutive time.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Japan finished third with 20 gold, 12 silver and 13 bronze medals, according to media reports.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">In a repeat match-up of Saturday's men's final that was won by the star-studded US at France's expense, Team USA trailed 53-51 with five minutes to play, BBC added.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“The occasion provided one last taste of the atmosphere of wild home support in the French capital. LeBron James, the NBA superstar and men's gold medallist for the US, was courtside, while French President Emmanuel Macron was in the stands in support of the hosts,” reports the BBC.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The US edged back in front and in a dramatic finale, with the lead at 67-64, Gabby Williams sank a buzzer-beater for France, but it was judged to have come from inches inside the three-point line and that meant the USA won by a point, BBC added. - Agencies</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-12', 'modified' => '2024-08-12', 'keywords' => '', 'description' => '', 'sortorder' => '21538', 'image' => '20240812115210_J5DJ6MJPY5N2TBH23N55PZBBXU.jpg', 'article_date' => '2024-08-12 11:51:29', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '21811', 'article_category_id' => '1', 'title' => 'Tourism Minister Discusses Aviation Safety with Defense Minister and Nepalese Army', 'sub_title' => 'Army proposed installing ultramodern technology for early weather warnings to reduce air accidents', 'summary' => 'KATHMANDU, August 12: Minister for Culture, Tourism, and Civil Aviation, Badri Prasad Pande, met with Defense Minister Manbir Rai and Acting Chief of the Nepalese Army, Ashok Sigdel, on Sunday to discuss aviation safety concerns.', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">KATHMANDU, August 12: Minister for Culture, Tourism, and Civil Aviation, Badri Prasad Pande, met with Defense Minister Manbir Rai and Acting Chief of the Nepalese Army, Ashok Sigdel, on Sunday to discuss aviation safety concerns.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">During the meeting at the ministry, the three focused on the training and management of aviation safety within the Nepalese Army and explored ways to replicate best practices. The Nepalese Army proposed installing ultramodern technology for early weather warnings to reduce air accidents, highlighting the challenges posed by Nepal's geographical diversity and erratic weather patterns.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The discussion was prompted by two recent air accidents that occurred within a span of two weeks. Minister Pande's secretariat revealed that he was advised to form a joint committee with representatives from the Civil Aviation Authority of Nepal, the International Civil Aviation Organization, and the Nepalese Army for regular discussions, studies, research, and monitoring.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Minister Pande praised the Nepalese Army's air services but emphasized the importance of ensuring safety in civil aviation as well. Nepalese Army officials noted that while laws and systems for flight security exist, their implementation requires more attention. They also shared that the army has its own air safety guidelines. -- RSS</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-12', 'modified' => '2024-08-12', 'keywords' => '', 'description' => '', 'sortorder' => '21537', 'image' => '20240812112843_blank eight by six.jpg', 'article_date' => '2024-08-12 11:27:58', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '21810', 'article_category_id' => '1', 'title' => 'Hindenburg Research Alleges SEBI Chief of having Stakes in Offshore Funds', 'sub_title' => '', 'summary' => 'Hindenburg Research, citing whistleblower documents, has levelled allegations against the chairperson of the Securities and Exchange Board of India (SEBI) Madhabi Puri Buch and her husband Dhaval Buch of having a stake in some offshore funds related to India’s Adani Group.', 'content' => '<p><span style="font-size:18px">NewBiz Report</span></p> <p><span style="font-size:18px">KATHMANDU, August 12</span></p> <p><span style="font-size:18px">Hindenburg Research, citing whistleblower documents, has levelled allegations against the chairperson of the Securities and Exchange Board of India (SEBI) Madhabi Puri Buch and her husband Dhaval Buch of having a stake in some offshore funds related to India’s Adani Group.</span></p> <p><span style="font-size:18px">The United States-based short seller made the allegations through a new report published on Saturday, </span></p> <p><span style="font-size:18px">However, Bush, her husband and the Adani group have denied the accusation, calling it baseless.</span></p> <p><span style="font-size:18px">“Our life and finances are an open book,” reads the joint statement issued by the couple. “All disclosures as required have already been furnished to SEBI over the years.”</span></p> <p><span style="font-size:18px">The Adani Group said that the allegations were malicious, mischievous and manipulative.</span></p> <p><span style="font-size:18px">“The latest allegations by Hindenburg are malicious, mischievous and manipulative selections of publicly available information to arrive at predetermined conclusions for personal profiteering with wanton disregard for facts and the law,” reads the statement issued by the group. “We completely reject these allegations against the Adani Group which are a recycling of discredited claims that have been thoroughly investigated, proven to be baseless and already dismissed by the Hon’ble Supreme Court in January 2024.”</span></p> <p><span style="font-size:18px">The new report comes 18 months after the Hindenburg Research accused Adani Group of the improper use of tax havens and stock manipulation. </span></p> <p><span style="font-size:18px">Besides starting the inquiry against the Adani Group, India's share market regulator had also sent an ‘show-cause’ notice to Hindenburg Research alleging it violated India’s rules by using non-public information. </span></p> <p><span style="font-size:18px">Hindenburg Research argued that nearly 18 months after the publication of the original report and enough evidence against the Indian conglomerate’s unlawful activities, SEBI did not take any public action against the group.</span></p> <p><span style="font-size:18px">The Adani Group, which comprises 10 publicly traded companies operating in various sectors such as ports, transport and energy among others, is considered to have close ties with the ruling Bharatiya Janata Party (BJP).</span></p> <p> </p> <p><br /> </p> ', 'published' => true, 'created' => '2024-08-12', 'modified' => '2024-08-12', 'keywords' => '', 'description' => '', 'sortorder' => '21536', 'image' => '20240812105106_202723-opnayvcpvx-1723345168.jpg', 'article_date' => '2024-08-12 10:49:55', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '21809', 'article_category_id' => '1', 'title' => 'Power Leakage Reduced by Half in Eight Years', 'sub_title' => '', 'summary' => '', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">KATHMANDU, August 12: </span></span></span></span><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The Nepal Electricity Authority (NEA) has succeeded in reducing the leakage of electricity through the transmission and distribution system by half over the last eight years.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Nearly 26% electricity used to leak from the system until the fiscal year 2015/16, according to the NEA. It has been brought down to nearly 13% in the last year, 2023/24, added the state-owned electricity utility.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Of the total, 3.33% leakage has been through the transmission lines and 9.40% through the distribution system. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Kulman Ghising, managing director of NEA, claimed that Nepal’s leakage ratio was lower than that of the neighboring countries. He further said that the NEA made around Rs 12 billion annually in additional income from leakage control in the review period.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“The campaign conducted to control technical and non-technical leakage has paid off and the leakage of electricity towards distribution has decreased significantly,” said Ghising.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">According to NEA, the earnings are being invested in system expansion and improvement, aiming to bring down the leakage to a single digit. -- RSS</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-08-12', 'modified' => '2024-08-12', 'keywords' => '', 'description' => '', 'sortorder' => '21535', 'image' => '20240812104231_NEA update.jpg', 'article_date' => '2024-08-12 10:40:55', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '21808', 'article_category_id' => '1', 'title' => 'NEPSE Sees Massive Growth with Record Turnover of Rs 25.77 Billion', 'sub_title' => '', 'summary' => 'The Nepal Stock Exchange (NEPSE) experienced significant growth on Sunday, with the index rising by 94.46 points (3.41%) to close at 2,860.84.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">August 11: The Nepal Stock Exchange (NEPSE) experienced significant growth on Sunday, with the index rising by 94.46 points (3.41%) to close at 2,860.84. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Today’s surge on the secondary benchmark index was accompanied by a record turnover of Rs 25.77 billion, marking a historic day for the market.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Market experts and seasoned investors attributed this substantial rise to positive investor sentiment following the formation of a coalition government by the Nepali Congress and CPPN-UML.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif"> Additionally, the excess liquidity in the banking system and renewed enthusiasm among investors contributed to the market's strong performance. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">During today’s trading session, 330 scrips were exchanged through 275,207 transactions on NEPSE. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">A total of 60,321,323 shares were traded, resulting in the record turnover of Rs 25.77 billion. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Himalayan Reinsurance Limited (HRL) led in turnover, with transactions amounting to Rs 1.52 billion. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Meanwhile, nine companies, including National Hydropower Company (NHPC), Upper Tamakoshi Hydropower Limited (UPPER), and Nerude Mirmire Laghubitta Sanstha Limited (NMLBBL), each saw their shares gain 10%, hitting the upper circuit limit for the day.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Conversely, Kutheli Bukhari Small Hydropower Limited (KBSH) experienced the day's steepest loss, declining by 10% to close at Rs 2,453 per share. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The Sensitive Index increased by 3.76%, while the Float Index and Sensitive Float Index rose by 3.53% and 3.56%, respectively.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif"> All sector indices closed in the green, with the Microfinance Index recording the highest gain of 4.53%, while the Mutual Fund Index posted the smallest increase at 0.01%.</span></span></p> ', 'published' => true, 'created' => '2024-08-11', 'modified' => '2024-08-11', 'keywords' => '', 'description' => '', 'sortorder' => '21534', 'image' => '20240811044211_collage (6).jpg', 'article_date' => '2024-08-11 16:40:44', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 10 => array( 'Article' => array( 'id' => '21807', 'article_category_id' => '1', 'title' => 'DDC's Stock of Dairy Products worth Over Rs 1.5 Billion about to Expire', 'sub_title' => '', 'summary' => 'KATHMANDU, August 11: A high-ranking official from the state-owned Dairy Development Corporation (DDC) has revealed that powdered milk worth over one and a half billion rupees s about to expire due to unsold stock.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">KATHMANDU, August 11: A high-ranking official from the state-owned Dairy Development Corporation (DDC) has revealed that powdered milk worth over one and a half billion rupees s about to expire due to unsold stock. Recently, the DDC issued two calls for proposals to sell these dairy products at a discounted rate, fearing they would soon expire. These proposals aimed to sell the dairy products in bulk.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">Due to the large quantities of unsold dairy products, both the DDC and private sector dairies have been unable to pay approximately Rs 4 billion in arrears to farmers. Reportedly, the DDC alone owes farmers around Rs 2 billion.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">Sources indicate that 983 metric tons of powdered milk and 777 metric tons of fresh milk have reached their expiration dates. Currently, the market value of these milk products is estimated at Rs1.52 billion.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">"The shelf life of powdered milk and butter is 18 months from the date of production," said a senior official from the DDC, "But the shelf life of these products in our inventory is now only 5 to 6 months. If we don't sell them soon, they will go to waste." Despite issuing two public notices, reducing the maximum retail price, and setting a 1-month deadline, the DDC has been unable to sell the products.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">On June 10, the DDC called for proposals to sell 200 tons of butter in 15 kg blocks and 300 tons of powdered milk in 25 kg bags.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">"We reduced the price of powdered milk from Rs 700 per kg to Rs 600 per kg, and raw butter from Rs 1000 per kg to Rs 800 per kg," the official added.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">Powdered milk is mainly used by dairy or biscuit industries, but the open border with India allows cheaper imports, diverting traders' attention and leaving the DDC's stock unsold.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">Despite the large quantities of leftover powdered milk and butter, the DDC has struggled to sell them quickly. Private dairies, on the other hand, have been more proactive. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">Sumit Kedia, owner of Sitaram Gokul Milks, noted that due to his policy of selling older dairy products promptly, his industry’s products have not reached the point of expiry. "A month ago, our industry had dairy products worth Rs 40 million in stock. We sold products worth Rs 10 million in the last month," he said.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">Most private dairies, however, have been slow to pay farmers, citing unsold powdered milk and butter as the reason. The DDC's inability to sell products and pay its dues has compounded the issue. The DDC and other dairy industries had signed an agreement with farmers' organizations to clear all dues by July 11, 2023. However, farmers report that payments have not yet been made.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">Farmers' organizations argue that since the DDC, which owes the most, hasn't paid its dues, private sector dairies are using this as an excuse not to pay.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">The DDC has recently requested a loan of Rs 600 million from the government to cover its dues, as it is unable to do so from its income. Acting Deputy General Manager of DDC, Rajendra Prasad Adhikari, mentioned that although the Ministry of Agriculture and Livestock Development sent a letter to the Ministry of Finance over a month ago seeking loan approval, the proposal has yet to be approved. "This has caused a delay in payments," he said.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">As the stockpile of dairy products continues to grow, the DDC is facing a shortage of storage space. According to a deputy general manager, the increasing inventory of products, especially powdered milk and butter, is causing storage problems.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">The DDC currently stores milk products in Balaju, Kharipati, Hetauda, Lumbini, Nepalgunj, Dhangadhi, Janakpur, and Biratnagar milk distribution units. However, as all these warehouses are now full, the DDC has had to rent additional storage space from other dairy industries. According to Rajiv Khanal, head of DDC's Hetauda project, there are 5 warehouses for storing raw and powdered milk, with a capacity of up to 450,000 metric tons. However, these warehouses are now full, leaving no space to store more products.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-11', 'modified' => '2024-08-12', 'keywords' => '', 'description' => '', 'sortorder' => '21533', 'image' => '20240811025413_20210930041809_20181231125436_aaaa.jpg', 'article_date' => '2024-08-11 14:52:19', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '21806', 'article_category_id' => '1', 'title' => '‘Unnatural’ Surge in Share Prices of Companies with Poor Financial Records Raises Suspicions', 'sub_title' => ' The trend of stock market players attracting many investors towards such companies through media campaigns for their vested interest is on the rise, some investors claim', 'summary' => 'An ‘unnatural’ surge in share prices of companies such as Nepal Finance Limited (NFS), which has not been able to distribute a dividend to its investors for the past 14 years, has deepened the suspicions that attempts are being made to artificially hike share prices.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">PRAJITA BUDHATHOKI<br /> KATHMANDU, August 11</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">An ‘unnatural’ surge in share prices of companies such as Nepal Finance Limited (NFS), which has not been able to distribute a dividend to its investors for the past 14 years, has deepened the suspicions that attempts are being made to artificially hike share prices.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Besides NFS, the stakeholders have deemed the rise in share price of Kutheli Bukhari Small Hydropower Limited (KBSH) ‘unnatural’ as well.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">While the per unit share prices of other finance companies stand below Rs 1,000, that of NFS reached Rs 2,049 last Thursday, the last trading day of the week. It is the most expensive share price among the finance companies. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Until a month ago, the per unit share price of NFS was Rs 970. But, it has reached as high as Rs 2,154 since then.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The current share price of Goodwill Finance Company Limited (GFCL), which ranks second among the finance companies in terms of share prices, is Rs 836 per unit.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">NFS, which is Nepal’s first finance company from the private sector, has not been able to distribute a dividend to its investors since the fiscal year 2010/11. The company had distributed a 23.16% dividend, including 22% bonus and 1.16% cash, in that fiscal year. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The company also saw a decline in its net profit from around Rs 20 million in fiscal year 2022/23 to around Rs 18 million in the last fiscal year, 2023/24.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The unaudited financial statement of the company for the fourth quarter of the last fiscal year shows that it is not in a position to distribute dividends as it has a negative retained earnings of around Rs 208 million. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Similarly, its earnings per share (EPS) and net worth per share are Rs 2.48 and Rs 137.52, respectively.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Lawmakers have also raised questions in the parliament for the steep growth in share price of NFS in a short time without any strong basis.</span></span></span></span></p> <p> </p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Like NFS, the share price of KBSH also saw a sharp growth to Rs 2,726 per unit last Thursday. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Earlier on June 30, a day before the NEPSE index started showing the continuous upward trend, it was Rs 1,450 per unit, </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">When KBSH got listed in the secondary market on August 20 last year, its minimum and maximum trading prices were fixed at Rs 159.67 and Rs 479.09, respectively.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">It currently ranks first among hydropower companies in terms of share prices.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">While the company is yet to release its financial statement of the fourth quarter of the last fiscal year, its third quarterly report had shown net profit of over Rs 14 million.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Investor Dambaru Ballav Ghimire blames the increasing trend of stock market players influencing the share transactions of specific companies for such ‘unnatural’ hikes in share prices of companies with poor financial records.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“Many investors are at a risk of being trapped as the trend of market players attracting their investments to a certain company through a media campaign has increased,” Ghimire said. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Nepal Stock Exchange (NEPSE) has also accepted that there has been an ‘unnatural’ share price hike of some companies.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Murahari Parajuli, information officer at NEPSE, said that there have been activities through social media to artificially hike share prices. “We need a law to stop such activities,” Parajuli said. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“Many countries have made it compulsory to acquire a licence to become a share market analyst,” Parajuli added. “Such analysts are prohibited from participating in share transactions of the company which they analyse to prevent the conflict of interest. We need a similar provision in Nepal.”</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Many investors, through social media, have accused one of the big investors Dipendra Agrawal of being active in creation of ‘unnatural’ demand.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Agrawal, who is often found active on the social media platform Clubhouse advising investors, told the New Business Age that his documents were taken away by the Securities Board of Nepal (SEBON).</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">He, however, claimed that he has only been involved in sharing his knowledge and experience and has no role in hiking share prices ‘unnaturally’.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“I am not a director of any company,” Agrawal said. “As an investor myself, I share my experience with other investors with the intention of helping them to easily make investment-related decisions.”</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-11', 'modified' => '2024-08-11', 'keywords' => '', 'description' => '', 'sortorder' => '21532', 'image' => '20240811024534_hqdefault.jpg', 'article_date' => '2024-08-11 14:44:26', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '21805', 'article_category_id' => '1', 'title' => 'Price of Gold Surges, Silver’s Drops', 'sub_title' => 'Fine gold is being traded at Rs 148,800 per tola on Sunday, up from Rs 148,100 per tola last Friday', 'summary' => '', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">NewBiz Report</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">KATHMANDU, August 11</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The price of gold increased in the Nepali market on Sunday, while the price of silver saw a decline</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Gold surged by Rs 700 per tola (11.66 grams) on the first trading day of the week, following a rise of Rs 1,500 per tola on Friday.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">According to the Federation of Nepal Gold and Silver Dealers' Association, the price of fine gold is now Rs 148,800 per tola, up from Rs 148,100 per tola on Friday.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">In contrast, the price of silver decreased to Rs 1,720 per tola on Sunday, from Rs 1,730 per tola on Friday.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Last Monday, the price of gold had reached an all-time high in the domestic market when fine gold was traded at Rs 150,000 per tola.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-11', 'modified' => '2024-08-11', 'keywords' => '', 'description' => '', 'sortorder' => '21531', 'image' => '20240811023024_20240801032633_cd5483b7.jpeg', 'article_date' => '2024-08-11 14:29:18', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '21804', 'article_category_id' => '1', 'title' => 'ISPs Owe Over Rs 1 Billion in Bandwidth Dues Amid Tax Dispute', 'sub_title' => '', 'summary' => 'Internet service providers (ISPs) in Nepal have yet to pay over Rs 1 billion in bandwidth dues to Indian companies for several months.', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">Bijaya Damase, </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">KATHMANDU, August 11</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Internet service providers (ISPs) in Nepal have yet to pay over Rs 1 billion in bandwidth dues to Indian companies for several months. This delay is primarily due to a tax dispute between the government and the ISPs. As a result, the government has not provided foreign exchange facility to many such companies for the past one and a half years. As the dispute lingers on, payments to international internet bandwidth providers remain outstanding.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Subash Khadka, the Chief Executive Officer of the Internet Service Providers Association of Nepal (ISPAN), stated that the Nepal Telecommunications Authority and the Ministry of Communication and Information Technology have not provided the foreign currency exchange facility to them for 16 months. This delay has led to a significant backlog in payments to upstream service providers. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">According to Khadka, Nepali ISPs owe more than Rs 1 billion to international bandwidth providers. He also said that bandwidth providers had previously suspended services due to non-payment, and there is a risk of this happening again. In a conversation with New Business Age, Khadka expressed frustration, saying, “Despite informing the ministry and authorities several times, the internet is always at risk of being cut off due to the lack of urgency in addressing this issue.”</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">On May 2, 2024, Airtel, an Indian company, stopped providing bandwidth to Nepali ISPs due to non-payment. However, after discussions at the government level, Airtel resumed the service. Currently, 13 ISPs in Nepal import internet bandwidth from abroad, and they have expressed concerns that they are unable to make payments because the government has not recommended the foreign currency exchange facility.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Government officials, however, argue that they are issuing foreign exchange facility, claiming that ISPs are misrepresenting the situation. According to Section 32 of the Telecommunication Act, 2053, and Rule 26 of the Telecommunication Regulations, 2054, ISPs are required to pay a 4% royalty on their total annual income. Additionally, under Regulation 5 (1) of the Rural Telecommunication Development Fund Regulations, 2068, ISPs must contribute 2% to the Rural Telecommunication Development Fund.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Spokesman Santosh Paudel stated that ISPs who have paid their dues are provided with the foreign exchange facility without interruption. However, he noted that recommendations cannot be given to companies that fail to comply with the rules and do not pay the required royalties to the government. Paudel added that some companies have had their recommendations withheld due to their failure to settle the dues despite repeated reminders.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">A senior official from Worldlink, a leading ISP, mentioned that ISPs and network service providers have been regularly paying royalties and contributing to the Rural Telecommunication Development Fund (RTDF). However, due to confusion, royalties on non-telecom services like maintenance charges and certain RTDF dues have not been paid. The official added that although a court order has been issued regarding this matter, the full text of the order has yet to be released, leaving the payments pending. The Telecommunication Authority claims that ISPs owe approximately Rs 3 billion in such taxes.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The issue reached the Supreme Court through a parliamentary committee, and three months ago, the court ordered ISPs to pay the taxes. Worldlink's petition filed at the Supreme Court, arguing that they should not pay the taxes determined by the government, was dismissed on May 12, 2024. ISPs are now hesitating to make the payments, citing the lack of clarity in the court order. With the legal avenues nearly exhausted, ISPs are considering raising demands such as installment facilities and interest waivers from the government. However, officials have indicated that the government is not inclined to grant any such concessions.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-11', 'modified' => '2024-08-11', 'keywords' => '', 'description' => '', 'sortorder' => '21530', 'image' => '20240811014122_20240507022836_20230907105804_internet.jpg', 'article_date' => '2024-08-11 13:40:36', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '21803', 'article_category_id' => '1', 'title' => '34 Killed in Last FY in Human-Wildlife Conflicts', 'sub_title' => 'Experts recommend better management of food sources for wild animals in their habitat to reduce their encroachment into human settlements', 'summary' => 'KATHMANDU, August 11: As many as 34 people were killed in human-wildlife conflict in the last fiscal year, according to the Ministry of Forests and Environment.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">KATHMANDU, August 11: As many as 34 people were killed in human-wildlife conflict in the last fiscal year, according to the Ministry of Forests and Environment.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Last week alone, a woman in Kanchanpur lost her life while a person in Chitwan was injured in tiger attacks.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The woman was reportedly cutting grass in a sugarcane field when the incident occurred.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The Agriculture, Cooperative, and Natural Resources Committee of the House of Representatives held discussions with the Ministry of Forests and Environment and other relevant government agencies on Wednesday on minimising the increasing human-wildlife conflict.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Lawmakers also raised concerns about the need for improved management of wild animals in rural areas, citing increasing difficulty for farmers to protect their crops.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">While elephants and tigers pose the most risk to humans, other animals contribute greatly to destruction of crops, according to Sindhu Prasad Dhungana, director general at the Department of National Parks and Wildlife Conservation.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“There are about 16 wild animals that cause damage to humans, agriculture, and livestock,” said Dhungana. “It is important to create wildlife-friendly infrastructure, manage tiger habitats and increase their food species.”</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">According to the ministry, it spends Rs 150 million annually to compensate for damages from human-wildlife conflict.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The ministry provides Rs 1 million in compensation to the families of individuals killed by wild animals and between Rs 20,000 and Rs 500,000 to those who sustain injuries, depending on the circumstances.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Experts recommend better management of food sources for wild animals in their habitat to reduce their encroachment into human settlements.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Lack of manpower for wildlife management has made the matters worse.</span></span><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif""> --</span></span><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">RSS</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-08-11', 'modified' => '2024-08-11', 'keywords' => '', 'description' => '', 'sortorder' => '21529', 'image' => '20240811120437_hwc.jpg', 'article_date' => '2024-08-11 12:03:45', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ) ) $current_user = null $logged_in = false $xml = falseinclude - APP/View/Elements/side_bar.ctp, line 133 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 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The return flight from Kuwait (H9 572) will depart at 04:15 AM local time, landing in Kathmandu at 11:50 AM local time.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">Himalaya Airlines was recognized as the "Leading New International Airline in South Asia" in 2017 and certified as an IOSA Operator and IATA member in 2023.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">“We prioritize safety, On-Time Performance (OTP), and customer service,” the company said. The airline also became the first in Nepal to introduce Automated External Defibrillators (AEDs) on all its aircraft, further solidifying its commitment to passenger safety, the statement said.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">Bookings for flights to and from Kuwait are now open </span>and passengers can make reservations through Himalaya Airlines’ sales office, Caesars Travel Group in Kuwait, the nearest travel agency, or online via the airline’s website and mobile application.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-12', 'modified' => '2024-08-12', 'keywords' => '', 'description' => '', 'sortorder' => '21544', 'image' => '20240812020321_20240110090529_20231119112252_g576szqpnac61.jpg', 'article_date' => '2024-08-12 14:02:54', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '21818', 'article_category_id' => '1', 'title' => 'NEPSE Achieves Record Turnover of Rs 27.42 Billion with a 70.81-Point Surge', 'sub_title' => '', 'summary' => 'The Nepal Stock Exchange (NEPSE) continued its bullish trend on Monday, gaining 70.81 points, or 2.47%, to close at 2931.65. This marks a record turnover of Rs 27.42 billion on the second trading day of the week.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">August 12: The Nepal Stock Exchange (NEPSE) continued its bullish trend on Monday, gaining 70.81 points, or 2.47%, to close at 2931.65. This marks a record turnover of Rs 27.42 billion on the second trading day of the week.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The market's recent surge is attributed to renewed investor confidence, driven by positive sentiments from the Prime Minister, Finance Minister, and the flexible monetary policies of Nepal Rastra Bank.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif""> Analysts and seasoned investors have highlighted these factors as key contributors to the sustained growth in NEPSE.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">During Monday’s trading session, 339 stocks were exchanged in 283,047 transactions, amounting to a total of 64,876,217 shares traded. </span></span><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Himalayan Reinsurance Limited (HRL) topped the turnover chart with transactions totaling Rs 1.22 billion.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Seven companies, including Himalayan Life Insurance (HLI), Rasuwagadhi Hydropower Limited (RHL), and Joshi Hydropower (JOSHI), each saw their shares hit the upper circuit limit, gaining 10%.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif""> On the flip side, Kutheli Bukhari Small Hydropower Limited (KBSH) experienced the steepest decline, dropping 10% to close at Rs 2208.10 per share.</span></span><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The Sensitive Index rose by 2.10%, while the Float Index and Sensitive Float Index both increased by 2.47%. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Sector-wise, all indices closed in the green, except for the Investment Index and Manufacturing and Processing Index.</span></span><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif""> The Life Insurance sector led the gains with a 5.85% increase, while the Mutual Fund Index saw the smallest gain at 0.93%. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The Manufacturing and Processing sector was the only one to decline, losing 1.19%.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-12', 'modified' => '2024-08-12', 'keywords' => '', 'description' => '', 'sortorder' => '21543', 'image' => '20240812034128_collage (96).jpg', 'article_date' => '2024-08-12 15:39:32', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 2 => array( 'Article' => array( 'id' => '21816', 'article_category_id' => '1', 'title' => 'MPs Divided Over Proposed Five-Year Statute of Limitations for Corruption Cases', 'sub_title' => '', 'summary' => 'KATHMANDU, August 12: A sharp disagreement has emerged among parliamentarians over whether to impose a statute of limitations on corruption cases.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">KATHMANDU, August 12: A sharp disagreement has emerged among parliamentarians over whether to impose a statute of limitations on corruption cases. The debate took place in the State Affairs and Good Governance Committee under the House of Representatives, where discussions were held on a proposal to amend the Prevention of Corruption Act, 2059.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">One group of MPs argued that public officials should be subject to investigation for corruption throughout their lifetime, while another group contended that if a corruption case is not investigated within a certain period, the individual should be granted immunity. The proposed bill includes a provision that a corruption case must be initiated within five years from the date the offense is discovered. Currently, there is no such statute of limitations in the law.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">MP and former minister Arjun Narasinh KC strongly opposed the five-year statute of limitations, stating that it could serve to protect corrupt individuals. He emphasized the need for a provision allowing for lifetime prosecution of those involved in corruption, arguing that imposing a statute of limitations would undermine public trust and national integrity.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Concerns were also raised about the potential for influential individuals to delay investigations, thereby benefiting from the proposed statute of limitations. Past instances where leaders and officials were acquitted due to the statute of limitations were cited as examples of the risks associated with such a provision.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Rastriya Swatantra Party MP Sobhita Gautam suggested that penalties for corruption should be classified based on the amount involved, with increasing prison terms for larger sums of money. She proposed sentences ranging from 8 to 20 years, depending on the scale of corruption.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">On the other hand, MP Shyam Kumar Ghimire argued against the need for stricter penalties, suggesting that corruption cannot be eradicated solely through harsh punishments. He pointed to the example of China, where severe penalties, including the death penalty, have not eliminated corruption. MP Nagina Yadav also supported the idea of a statute of limitations, arguing that the government should not have the unlimited right to investigate individuals or organizations indefinitely.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The State Affairs and Good Governance Committee has called for a meeting on August 15 to further discuss the bill. Home Minister Ramesh Lekhak, Chief Secretary Liladevi Gadtaula, and Chief Commissioner of the Commission for the Investigation of Abuse of Authority Prem Kumar Rai have been invited to participate in the discussions.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><strong>Parliament Committee Seeks Details of Taragaon Development Committee’s Assets</strong></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">A committee of the House of Representatives has directed the Taragaon Development Committee to submit details of its movable and immovable assets. The International Relations and Tourism Committee issued this instruction in response to concerns about the management and ownership of the five-star hotel Taragaon Regency Hotels (Hyatt) in Bouddha, Kathmandu.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The committee, chaired by Culture, Tourism, and Civil Aviation Minister Badri Prasad Pandey, held a meeting on Sunday with officials from the Taragaon Development Committee and the Taragaon Regency Hotels. During the meeting, Minister Pandey expressed concern that the government's ownership stake in the hotel has declined over time. While the government's share was originally 39.77% at the time of the lease agreement, it has now decreased to 9.01%.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The committee has instructed the ministry to revise the agreement between the Taragaon Development Committee and the hotel regarding the utilization of assets and to submit an action plan addressing the issues. The Taragaon Development Committee currently owns 304 ropani (approximately 15.4 hectares) of land in Boudha, Kathmandu, with the hotel occupying 150 ropani (approximately 7.6 hectares) under a Public-Private Partnership (PPP) model since 1992. The decreasing share of the government in the hotel has been a source of dispute between the committee and the hotel management since last year.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-12', 'modified' => '2024-08-12', 'keywords' => '', 'description' => '', 'sortorder' => '21542', 'image' => '20240812015714_blank eight by six.jpg', 'article_date' => '2024-08-12 13:56:38', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '21815', 'article_category_id' => '1', 'title' => 'Gold, Silver Prices Decline Slightly', 'sub_title' => '', 'summary' => 'Gold and silver prices slightly declined in Nepali market on Monday.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">NewBiz Report</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">KATHMANDU, August 12</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Gold and silver prices slightly declined in Nepali market on Monday.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">While the precious yellow metal’s price dropped by Rs 100 per tola (11.66 grams) on the second trading day of the week, following a rise of Rs 700 per tola on Sunday, that of Silver came down by Rs 5 per tola. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Fine gold is being traded at Rs 148,700 per tola, down from Rs 148,800 per tola on Sunday, according to the Federation of Nepal Gold and Silver Dealers' Association.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Similarly, silver is being traded at Rs 1,715 per tola on Monday.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-12', 'modified' => '2024-08-12', 'keywords' => '', 'description' => '', 'sortorder' => '21541', 'image' => '20240812013942_20240801032633_cd5483b7.jpeg', 'article_date' => '2024-08-12 13:38:47', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '21814', 'article_category_id' => '1', 'title' => 'Expert Panel Hands Over Draft of Labour Migration Policy to Govt', 'sub_title' => '', 'summary' => 'KATHMANDU, August 12: The government-appointed expert panel submitted the draft of the Labour Migration Policy to the Minister for Labour, Employment, and Social Security, Sarad Singh Bhandari, on Sunday.', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">KATHMANDU, August 12: The government-appointed expert panel submitted the draft of the Labour Migration Policy to the Minister for Labour, Employment, and Social Security, Sarad Singh Bhandari, on Sunday.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Coordinator of the expert panel, Dr. Ganesh Gurung, presented the report, explaining that the national policy draft was developed with a vision of ensuring safe, secure, and dignified labour migration, while also focusing on internal employment and prosperity.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Upon receiving the draft, Minister Bhandari expressed confidence in its potential to shape the national labour migration policy. He pledged to implement the draft as part of the government's policy framework and commended the team for addressing the challenges facing the labour migration sector.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Minister Bhandari emphasized the need for the policy to prioritize orderly labour migration, support the reintegration of returnees, and develop human resources to meet global market demands. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">"Thousands of people are going abroad every day. This won't be stopped by speeches or blame games. The alternative to employment is better employment. Nepali migrants deserve respect and decent wages. We must focus on our foreign migration and foreign policy to achieve this," he remarked.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The draft, prepared over nine months by the Gurung-led team, includes six policies, 24 strategies, and 113 procedures to address those strategies.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">During the handover, Dr. Gurung highlighted that the policy aims to make foreign labour migration a choice for Nepalis by creating opportunities for self-employment within the country. -- RSS</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-12', 'modified' => '2024-08-12', 'keywords' => '', 'description' => '', 'sortorder' => '21540', 'image' => '20240812013619_20240118121412_20220329081003_labour.jpg', 'article_date' => '2024-08-12 13:35:33', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '21812', 'article_category_id' => '1', 'title' => 'USA Tops Medal Tally in Paris Olympics after Winning Last Gold', 'sub_title' => '', 'summary' => 'KATHMANDU, August 12: The United States snatched top spot in the 2024 Olympics from the jaws of China as their women's basketball team earned a thrilling victory over hosts France to win the final gold on offer in Paris.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">KATHMANDU, August 12: The United States snatched top spot in the 2024 Olympics from the jaws of China as their women's basketball team earned a thrilling victory over hosts France to win the final gold on offer in Paris.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the BBC, the fearsome US team were in danger of one of the all-time Olympic upsets but won 67-66 to take gold as the US moved level with China's tally of 40 golds in the medal table.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">However, with the American team securing 44 silver medals compared to China's 27, and a total of 126 medals against China's 91, they lead the medal table for the fourth consecutive time.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Japan finished third with 20 gold, 12 silver and 13 bronze medals, according to media reports.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">In a repeat match-up of Saturday's men's final that was won by the star-studded US at France's expense, Team USA trailed 53-51 with five minutes to play, BBC added.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“The occasion provided one last taste of the atmosphere of wild home support in the French capital. LeBron James, the NBA superstar and men's gold medallist for the US, was courtside, while French President Emmanuel Macron was in the stands in support of the hosts,” reports the BBC.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The US edged back in front and in a dramatic finale, with the lead at 67-64, Gabby Williams sank a buzzer-beater for France, but it was judged to have come from inches inside the three-point line and that meant the USA won by a point, BBC added. - Agencies</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-12', 'modified' => '2024-08-12', 'keywords' => '', 'description' => '', 'sortorder' => '21538', 'image' => '20240812115210_J5DJ6MJPY5N2TBH23N55PZBBXU.jpg', 'article_date' => '2024-08-12 11:51:29', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '21811', 'article_category_id' => '1', 'title' => 'Tourism Minister Discusses Aviation Safety with Defense Minister and Nepalese Army', 'sub_title' => 'Army proposed installing ultramodern technology for early weather warnings to reduce air accidents', 'summary' => 'KATHMANDU, August 12: Minister for Culture, Tourism, and Civil Aviation, Badri Prasad Pande, met with Defense Minister Manbir Rai and Acting Chief of the Nepalese Army, Ashok Sigdel, on Sunday to discuss aviation safety concerns.', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">KATHMANDU, August 12: Minister for Culture, Tourism, and Civil Aviation, Badri Prasad Pande, met with Defense Minister Manbir Rai and Acting Chief of the Nepalese Army, Ashok Sigdel, on Sunday to discuss aviation safety concerns.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">During the meeting at the ministry, the three focused on the training and management of aviation safety within the Nepalese Army and explored ways to replicate best practices. The Nepalese Army proposed installing ultramodern technology for early weather warnings to reduce air accidents, highlighting the challenges posed by Nepal's geographical diversity and erratic weather patterns.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The discussion was prompted by two recent air accidents that occurred within a span of two weeks. Minister Pande's secretariat revealed that he was advised to form a joint committee with representatives from the Civil Aviation Authority of Nepal, the International Civil Aviation Organization, and the Nepalese Army for regular discussions, studies, research, and monitoring.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Minister Pande praised the Nepalese Army's air services but emphasized the importance of ensuring safety in civil aviation as well. Nepalese Army officials noted that while laws and systems for flight security exist, their implementation requires more attention. They also shared that the army has its own air safety guidelines. -- RSS</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-12', 'modified' => '2024-08-12', 'keywords' => '', 'description' => '', 'sortorder' => '21537', 'image' => '20240812112843_blank eight by six.jpg', 'article_date' => '2024-08-12 11:27:58', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '21810', 'article_category_id' => '1', 'title' => 'Hindenburg Research Alleges SEBI Chief of having Stakes in Offshore Funds', 'sub_title' => '', 'summary' => 'Hindenburg Research, citing whistleblower documents, has levelled allegations against the chairperson of the Securities and Exchange Board of India (SEBI) Madhabi Puri Buch and her husband Dhaval Buch of having a stake in some offshore funds related to India’s Adani Group.', 'content' => '<p><span style="font-size:18px">NewBiz Report</span></p> <p><span style="font-size:18px">KATHMANDU, August 12</span></p> <p><span style="font-size:18px">Hindenburg Research, citing whistleblower documents, has levelled allegations against the chairperson of the Securities and Exchange Board of India (SEBI) Madhabi Puri Buch and her husband Dhaval Buch of having a stake in some offshore funds related to India’s Adani Group.</span></p> <p><span style="font-size:18px">The United States-based short seller made the allegations through a new report published on Saturday, </span></p> <p><span style="font-size:18px">However, Bush, her husband and the Adani group have denied the accusation, calling it baseless.</span></p> <p><span style="font-size:18px">“Our life and finances are an open book,” reads the joint statement issued by the couple. “All disclosures as required have already been furnished to SEBI over the years.”</span></p> <p><span style="font-size:18px">The Adani Group said that the allegations were malicious, mischievous and manipulative.</span></p> <p><span style="font-size:18px">“The latest allegations by Hindenburg are malicious, mischievous and manipulative selections of publicly available information to arrive at predetermined conclusions for personal profiteering with wanton disregard for facts and the law,” reads the statement issued by the group. “We completely reject these allegations against the Adani Group which are a recycling of discredited claims that have been thoroughly investigated, proven to be baseless and already dismissed by the Hon’ble Supreme Court in January 2024.”</span></p> <p><span style="font-size:18px">The new report comes 18 months after the Hindenburg Research accused Adani Group of the improper use of tax havens and stock manipulation. </span></p> <p><span style="font-size:18px">Besides starting the inquiry against the Adani Group, India's share market regulator had also sent an ‘show-cause’ notice to Hindenburg Research alleging it violated India’s rules by using non-public information. </span></p> <p><span style="font-size:18px">Hindenburg Research argued that nearly 18 months after the publication of the original report and enough evidence against the Indian conglomerate’s unlawful activities, SEBI did not take any public action against the group.</span></p> <p><span style="font-size:18px">The Adani Group, which comprises 10 publicly traded companies operating in various sectors such as ports, transport and energy among others, is considered to have close ties with the ruling Bharatiya Janata Party (BJP).</span></p> <p> </p> <p><br /> </p> ', 'published' => true, 'created' => '2024-08-12', 'modified' => '2024-08-12', 'keywords' => '', 'description' => '', 'sortorder' => '21536', 'image' => '20240812105106_202723-opnayvcpvx-1723345168.jpg', 'article_date' => '2024-08-12 10:49:55', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '21809', 'article_category_id' => '1', 'title' => 'Power Leakage Reduced by Half in Eight Years', 'sub_title' => '', 'summary' => '', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">KATHMANDU, August 12: </span></span></span></span><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The Nepal Electricity Authority (NEA) has succeeded in reducing the leakage of electricity through the transmission and distribution system by half over the last eight years.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Nearly 26% electricity used to leak from the system until the fiscal year 2015/16, according to the NEA. It has been brought down to nearly 13% in the last year, 2023/24, added the state-owned electricity utility.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Of the total, 3.33% leakage has been through the transmission lines and 9.40% through the distribution system. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Kulman Ghising, managing director of NEA, claimed that Nepal’s leakage ratio was lower than that of the neighboring countries. He further said that the NEA made around Rs 12 billion annually in additional income from leakage control in the review period.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“The campaign conducted to control technical and non-technical leakage has paid off and the leakage of electricity towards distribution has decreased significantly,” said Ghising.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">According to NEA, the earnings are being invested in system expansion and improvement, aiming to bring down the leakage to a single digit. -- RSS</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-08-12', 'modified' => '2024-08-12', 'keywords' => '', 'description' => '', 'sortorder' => '21535', 'image' => '20240812104231_NEA update.jpg', 'article_date' => '2024-08-12 10:40:55', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '21808', 'article_category_id' => '1', 'title' => 'NEPSE Sees Massive Growth with Record Turnover of Rs 25.77 Billion', 'sub_title' => '', 'summary' => 'The Nepal Stock Exchange (NEPSE) experienced significant growth on Sunday, with the index rising by 94.46 points (3.41%) to close at 2,860.84.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">August 11: The Nepal Stock Exchange (NEPSE) experienced significant growth on Sunday, with the index rising by 94.46 points (3.41%) to close at 2,860.84. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Today’s surge on the secondary benchmark index was accompanied by a record turnover of Rs 25.77 billion, marking a historic day for the market.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Market experts and seasoned investors attributed this substantial rise to positive investor sentiment following the formation of a coalition government by the Nepali Congress and CPPN-UML.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif"> Additionally, the excess liquidity in the banking system and renewed enthusiasm among investors contributed to the market's strong performance. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">During today’s trading session, 330 scrips were exchanged through 275,207 transactions on NEPSE. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">A total of 60,321,323 shares were traded, resulting in the record turnover of Rs 25.77 billion. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Himalayan Reinsurance Limited (HRL) led in turnover, with transactions amounting to Rs 1.52 billion. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Meanwhile, nine companies, including National Hydropower Company (NHPC), Upper Tamakoshi Hydropower Limited (UPPER), and Nerude Mirmire Laghubitta Sanstha Limited (NMLBBL), each saw their shares gain 10%, hitting the upper circuit limit for the day.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Conversely, Kutheli Bukhari Small Hydropower Limited (KBSH) experienced the day's steepest loss, declining by 10% to close at Rs 2,453 per share. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The Sensitive Index increased by 3.76%, while the Float Index and Sensitive Float Index rose by 3.53% and 3.56%, respectively.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif"> All sector indices closed in the green, with the Microfinance Index recording the highest gain of 4.53%, while the Mutual Fund Index posted the smallest increase at 0.01%.</span></span></p> ', 'published' => true, 'created' => '2024-08-11', 'modified' => '2024-08-11', 'keywords' => '', 'description' => '', 'sortorder' => '21534', 'image' => '20240811044211_collage (6).jpg', 'article_date' => '2024-08-11 16:40:44', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 10 => array( 'Article' => array( 'id' => '21807', 'article_category_id' => '1', 'title' => 'DDC's Stock of Dairy Products worth Over Rs 1.5 Billion about to Expire', 'sub_title' => '', 'summary' => 'KATHMANDU, August 11: A high-ranking official from the state-owned Dairy Development Corporation (DDC) has revealed that powdered milk worth over one and a half billion rupees s about to expire due to unsold stock.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">KATHMANDU, August 11: A high-ranking official from the state-owned Dairy Development Corporation (DDC) has revealed that powdered milk worth over one and a half billion rupees s about to expire due to unsold stock. Recently, the DDC issued two calls for proposals to sell these dairy products at a discounted rate, fearing they would soon expire. These proposals aimed to sell the dairy products in bulk.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">Due to the large quantities of unsold dairy products, both the DDC and private sector dairies have been unable to pay approximately Rs 4 billion in arrears to farmers. Reportedly, the DDC alone owes farmers around Rs 2 billion.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">Sources indicate that 983 metric tons of powdered milk and 777 metric tons of fresh milk have reached their expiration dates. Currently, the market value of these milk products is estimated at Rs1.52 billion.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">"The shelf life of powdered milk and butter is 18 months from the date of production," said a senior official from the DDC, "But the shelf life of these products in our inventory is now only 5 to 6 months. If we don't sell them soon, they will go to waste." Despite issuing two public notices, reducing the maximum retail price, and setting a 1-month deadline, the DDC has been unable to sell the products.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">On June 10, the DDC called for proposals to sell 200 tons of butter in 15 kg blocks and 300 tons of powdered milk in 25 kg bags.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">"We reduced the price of powdered milk from Rs 700 per kg to Rs 600 per kg, and raw butter from Rs 1000 per kg to Rs 800 per kg," the official added.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">Powdered milk is mainly used by dairy or biscuit industries, but the open border with India allows cheaper imports, diverting traders' attention and leaving the DDC's stock unsold.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">Despite the large quantities of leftover powdered milk and butter, the DDC has struggled to sell them quickly. Private dairies, on the other hand, have been more proactive. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">Sumit Kedia, owner of Sitaram Gokul Milks, noted that due to his policy of selling older dairy products promptly, his industry’s products have not reached the point of expiry. "A month ago, our industry had dairy products worth Rs 40 million in stock. We sold products worth Rs 10 million in the last month," he said.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">Most private dairies, however, have been slow to pay farmers, citing unsold powdered milk and butter as the reason. The DDC's inability to sell products and pay its dues has compounded the issue. The DDC and other dairy industries had signed an agreement with farmers' organizations to clear all dues by July 11, 2023. However, farmers report that payments have not yet been made.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">Farmers' organizations argue that since the DDC, which owes the most, hasn't paid its dues, private sector dairies are using this as an excuse not to pay.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">The DDC has recently requested a loan of Rs 600 million from the government to cover its dues, as it is unable to do so from its income. Acting Deputy General Manager of DDC, Rajendra Prasad Adhikari, mentioned that although the Ministry of Agriculture and Livestock Development sent a letter to the Ministry of Finance over a month ago seeking loan approval, the proposal has yet to be approved. "This has caused a delay in payments," he said.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">As the stockpile of dairy products continues to grow, the DDC is facing a shortage of storage space. According to a deputy general manager, the increasing inventory of products, especially powdered milk and butter, is causing storage problems.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">The DDC currently stores milk products in Balaju, Kharipati, Hetauda, Lumbini, Nepalgunj, Dhangadhi, Janakpur, and Biratnagar milk distribution units. However, as all these warehouses are now full, the DDC has had to rent additional storage space from other dairy industries. According to Rajiv Khanal, head of DDC's Hetauda project, there are 5 warehouses for storing raw and powdered milk, with a capacity of up to 450,000 metric tons. However, these warehouses are now full, leaving no space to store more products.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-11', 'modified' => '2024-08-12', 'keywords' => '', 'description' => '', 'sortorder' => '21533', 'image' => '20240811025413_20210930041809_20181231125436_aaaa.jpg', 'article_date' => '2024-08-11 14:52:19', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '21806', 'article_category_id' => '1', 'title' => '‘Unnatural’ Surge in Share Prices of Companies with Poor Financial Records Raises Suspicions', 'sub_title' => ' The trend of stock market players attracting many investors towards such companies through media campaigns for their vested interest is on the rise, some investors claim', 'summary' => 'An ‘unnatural’ surge in share prices of companies such as Nepal Finance Limited (NFS), which has not been able to distribute a dividend to its investors for the past 14 years, has deepened the suspicions that attempts are being made to artificially hike share prices.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">PRAJITA BUDHATHOKI<br /> KATHMANDU, August 11</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">An ‘unnatural’ surge in share prices of companies such as Nepal Finance Limited (NFS), which has not been able to distribute a dividend to its investors for the past 14 years, has deepened the suspicions that attempts are being made to artificially hike share prices.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Besides NFS, the stakeholders have deemed the rise in share price of Kutheli Bukhari Small Hydropower Limited (KBSH) ‘unnatural’ as well.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">While the per unit share prices of other finance companies stand below Rs 1,000, that of NFS reached Rs 2,049 last Thursday, the last trading day of the week. It is the most expensive share price among the finance companies. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Until a month ago, the per unit share price of NFS was Rs 970. But, it has reached as high as Rs 2,154 since then.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The current share price of Goodwill Finance Company Limited (GFCL), which ranks second among the finance companies in terms of share prices, is Rs 836 per unit.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">NFS, which is Nepal’s first finance company from the private sector, has not been able to distribute a dividend to its investors since the fiscal year 2010/11. The company had distributed a 23.16% dividend, including 22% bonus and 1.16% cash, in that fiscal year. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The company also saw a decline in its net profit from around Rs 20 million in fiscal year 2022/23 to around Rs 18 million in the last fiscal year, 2023/24.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The unaudited financial statement of the company for the fourth quarter of the last fiscal year shows that it is not in a position to distribute dividends as it has a negative retained earnings of around Rs 208 million. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Similarly, its earnings per share (EPS) and net worth per share are Rs 2.48 and Rs 137.52, respectively.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Lawmakers have also raised questions in the parliament for the steep growth in share price of NFS in a short time without any strong basis.</span></span></span></span></p> <p> </p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Like NFS, the share price of KBSH also saw a sharp growth to Rs 2,726 per unit last Thursday. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Earlier on June 30, a day before the NEPSE index started showing the continuous upward trend, it was Rs 1,450 per unit, </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">When KBSH got listed in the secondary market on August 20 last year, its minimum and maximum trading prices were fixed at Rs 159.67 and Rs 479.09, respectively.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">It currently ranks first among hydropower companies in terms of share prices.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">While the company is yet to release its financial statement of the fourth quarter of the last fiscal year, its third quarterly report had shown net profit of over Rs 14 million.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Investor Dambaru Ballav Ghimire blames the increasing trend of stock market players influencing the share transactions of specific companies for such ‘unnatural’ hikes in share prices of companies with poor financial records.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“Many investors are at a risk of being trapped as the trend of market players attracting their investments to a certain company through a media campaign has increased,” Ghimire said. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Nepal Stock Exchange (NEPSE) has also accepted that there has been an ‘unnatural’ share price hike of some companies.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Murahari Parajuli, information officer at NEPSE, said that there have been activities through social media to artificially hike share prices. “We need a law to stop such activities,” Parajuli said. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“Many countries have made it compulsory to acquire a licence to become a share market analyst,” Parajuli added. “Such analysts are prohibited from participating in share transactions of the company which they analyse to prevent the conflict of interest. We need a similar provision in Nepal.”</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Many investors, through social media, have accused one of the big investors Dipendra Agrawal of being active in creation of ‘unnatural’ demand.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Agrawal, who is often found active on the social media platform Clubhouse advising investors, told the New Business Age that his documents were taken away by the Securities Board of Nepal (SEBON).</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">He, however, claimed that he has only been involved in sharing his knowledge and experience and has no role in hiking share prices ‘unnaturally’.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“I am not a director of any company,” Agrawal said. “As an investor myself, I share my experience with other investors with the intention of helping them to easily make investment-related decisions.”</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-11', 'modified' => '2024-08-11', 'keywords' => '', 'description' => '', 'sortorder' => '21532', 'image' => '20240811024534_hqdefault.jpg', 'article_date' => '2024-08-11 14:44:26', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '21805', 'article_category_id' => '1', 'title' => 'Price of Gold Surges, Silver’s Drops', 'sub_title' => 'Fine gold is being traded at Rs 148,800 per tola on Sunday, up from Rs 148,100 per tola last Friday', 'summary' => '', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">NewBiz Report</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">KATHMANDU, August 11</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The price of gold increased in the Nepali market on Sunday, while the price of silver saw a decline</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Gold surged by Rs 700 per tola (11.66 grams) on the first trading day of the week, following a rise of Rs 1,500 per tola on Friday.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">According to the Federation of Nepal Gold and Silver Dealers' Association, the price of fine gold is now Rs 148,800 per tola, up from Rs 148,100 per tola on Friday.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">In contrast, the price of silver decreased to Rs 1,720 per tola on Sunday, from Rs 1,730 per tola on Friday.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Last Monday, the price of gold had reached an all-time high in the domestic market when fine gold was traded at Rs 150,000 per tola.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-11', 'modified' => '2024-08-11', 'keywords' => '', 'description' => '', 'sortorder' => '21531', 'image' => '20240811023024_20240801032633_cd5483b7.jpeg', 'article_date' => '2024-08-11 14:29:18', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '21804', 'article_category_id' => '1', 'title' => 'ISPs Owe Over Rs 1 Billion in Bandwidth Dues Amid Tax Dispute', 'sub_title' => '', 'summary' => 'Internet service providers (ISPs) in Nepal have yet to pay over Rs 1 billion in bandwidth dues to Indian companies for several months.', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">Bijaya Damase, </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">KATHMANDU, August 11</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Internet service providers (ISPs) in Nepal have yet to pay over Rs 1 billion in bandwidth dues to Indian companies for several months. This delay is primarily due to a tax dispute between the government and the ISPs. As a result, the government has not provided foreign exchange facility to many such companies for the past one and a half years. As the dispute lingers on, payments to international internet bandwidth providers remain outstanding.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Subash Khadka, the Chief Executive Officer of the Internet Service Providers Association of Nepal (ISPAN), stated that the Nepal Telecommunications Authority and the Ministry of Communication and Information Technology have not provided the foreign currency exchange facility to them for 16 months. This delay has led to a significant backlog in payments to upstream service providers. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">According to Khadka, Nepali ISPs owe more than Rs 1 billion to international bandwidth providers. He also said that bandwidth providers had previously suspended services due to non-payment, and there is a risk of this happening again. In a conversation with New Business Age, Khadka expressed frustration, saying, “Despite informing the ministry and authorities several times, the internet is always at risk of being cut off due to the lack of urgency in addressing this issue.”</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">On May 2, 2024, Airtel, an Indian company, stopped providing bandwidth to Nepali ISPs due to non-payment. However, after discussions at the government level, Airtel resumed the service. Currently, 13 ISPs in Nepal import internet bandwidth from abroad, and they have expressed concerns that they are unable to make payments because the government has not recommended the foreign currency exchange facility.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Government officials, however, argue that they are issuing foreign exchange facility, claiming that ISPs are misrepresenting the situation. According to Section 32 of the Telecommunication Act, 2053, and Rule 26 of the Telecommunication Regulations, 2054, ISPs are required to pay a 4% royalty on their total annual income. Additionally, under Regulation 5 (1) of the Rural Telecommunication Development Fund Regulations, 2068, ISPs must contribute 2% to the Rural Telecommunication Development Fund.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Spokesman Santosh Paudel stated that ISPs who have paid their dues are provided with the foreign exchange facility without interruption. However, he noted that recommendations cannot be given to companies that fail to comply with the rules and do not pay the required royalties to the government. Paudel added that some companies have had their recommendations withheld due to their failure to settle the dues despite repeated reminders.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">A senior official from Worldlink, a leading ISP, mentioned that ISPs and network service providers have been regularly paying royalties and contributing to the Rural Telecommunication Development Fund (RTDF). However, due to confusion, royalties on non-telecom services like maintenance charges and certain RTDF dues have not been paid. The official added that although a court order has been issued regarding this matter, the full text of the order has yet to be released, leaving the payments pending. The Telecommunication Authority claims that ISPs owe approximately Rs 3 billion in such taxes.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The issue reached the Supreme Court through a parliamentary committee, and three months ago, the court ordered ISPs to pay the taxes. Worldlink's petition filed at the Supreme Court, arguing that they should not pay the taxes determined by the government, was dismissed on May 12, 2024. ISPs are now hesitating to make the payments, citing the lack of clarity in the court order. With the legal avenues nearly exhausted, ISPs are considering raising demands such as installment facilities and interest waivers from the government. However, officials have indicated that the government is not inclined to grant any such concessions.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-11', 'modified' => '2024-08-11', 'keywords' => '', 'description' => '', 'sortorder' => '21530', 'image' => '20240811014122_20240507022836_20230907105804_internet.jpg', 'article_date' => '2024-08-11 13:40:36', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '21803', 'article_category_id' => '1', 'title' => '34 Killed in Last FY in Human-Wildlife Conflicts', 'sub_title' => 'Experts recommend better management of food sources for wild animals in their habitat to reduce their encroachment into human settlements', 'summary' => 'KATHMANDU, August 11: As many as 34 people were killed in human-wildlife conflict in the last fiscal year, according to the Ministry of Forests and Environment.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">KATHMANDU, August 11: As many as 34 people were killed in human-wildlife conflict in the last fiscal year, according to the Ministry of Forests and Environment.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Last week alone, a woman in Kanchanpur lost her life while a person in Chitwan was injured in tiger attacks.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The woman was reportedly cutting grass in a sugarcane field when the incident occurred.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The Agriculture, Cooperative, and Natural Resources Committee of the House of Representatives held discussions with the Ministry of Forests and Environment and other relevant government agencies on Wednesday on minimising the increasing human-wildlife conflict.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Lawmakers also raised concerns about the need for improved management of wild animals in rural areas, citing increasing difficulty for farmers to protect their crops.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">While elephants and tigers pose the most risk to humans, other animals contribute greatly to destruction of crops, according to Sindhu Prasad Dhungana, director general at the Department of National Parks and Wildlife Conservation.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“There are about 16 wild animals that cause damage to humans, agriculture, and livestock,” said Dhungana. “It is important to create wildlife-friendly infrastructure, manage tiger habitats and increase their food species.”</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">According to the ministry, it spends Rs 150 million annually to compensate for damages from human-wildlife conflict.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The ministry provides Rs 1 million in compensation to the families of individuals killed by wild animals and between Rs 20,000 and Rs 500,000 to those who sustain injuries, depending on the circumstances.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Experts recommend better management of food sources for wild animals in their habitat to reduce their encroachment into human settlements.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Lack of manpower for wildlife management has made the matters worse.</span></span><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif""> --</span></span><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">RSS</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-08-11', 'modified' => '2024-08-11', 'keywords' => '', 'description' => '', 'sortorder' => '21529', 'image' => '20240811120437_hwc.jpg', 'article_date' => '2024-08-11 12:03:45', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ) ) $current_user = null $logged_in = false $xml = falsesimplexml_load_file - [internal], line ?? include - APP/View/Elements/side_bar.ctp, line 133 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - 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| 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
