May 29: Budget for the upcoming fiscal year (FY) 2023-24 is being presented before the Federal Parliament.…
May 29: Budget for the upcoming fiscal year (FY) 2023-24 is being presented before the Federal Parliament.…
The Council of Ministers passed the budget for the upcoming fiscal year 2023/24. During a Cabinet meeting held at Singha Durbar on Monday, the budget figure was approved, as confirmed by a…
May 29: The Economic Survey 2079/80 presented by Finance Minister Dr Prakash Sharan Mahat in the Federal Parliament on Sunday indicates that the country's economy is still in…
May 29: Nepal Stock Exchange (NEPSE) is preparing to increase its paid-up capital by Rs 2 billion.…
May 29: The Economic Survey of the government has revealed that the performance of all industries except hydropower is disappointing compared to the…
May 29: Today marks 70 years since humans first set foot atop Mt Everest (8,848 meters), the highest mountain in the…
May 29: Citizens’ access to finance has increased in the country of late, according to the Economic Survey 2022/23 report released by the government on…
May 29: Broadband Internet service has reached all local level offices and 6,743 ward offices as of mid-March…
May 29: The 16th Republic Day is being marked nationwide by organizing several programmes…
Following the successful merger, United Insurance Company (Nepal) Limited and Ajod Insurance Limited have started their joint transaction under the name ‘United Ajod Insurance Company Limited’ from…
President Ram Chandra Paudel has pardoned prison sentence of Resham Chaudhary, the Tikapur murder convict and leader of the Nagarik Unmukti Party. Chaudhary, who has been serving a life imprisonment term, will now see his sentence…
Finance Minister Dr Prakash Sharan Mahat has presented the Economic Survey of Fiscal Year 2022/23 and the Annual Situation Review of Public Corporations, 2023 in the separate meetings of the House of Representatives (HoR) and the National Assembly…
The number of individuals obtaining labour permits for overseas employment in the country has surpassed 5.5…
May 28: The agriculture and livestock insurance programme initiated by the government a decade ago to attract farmers to agriculture and animal husbandry is mired in…
May 28: An earthquake with its epicentre at Golche of Sindhupalchowk was recorded on Sunday…
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', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">May 29: Budget for the upcoming fiscal year (FY) 2023-24 is being presented before the Federal Parliament. Finance Minister Dr Prakash Sharan Mahat is presenting the annual estimates of the government's revenue and expenditure for the upcoming fiscal year before a joint session of the Federal Parliament. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Prior to this, a meeting of the Council of Ministers endorsed the budget details, granting permission for its presentation in the House. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">With the commencement of the House session, Speaker Devraj Ghimire invited the finance minister to make the budget statement in the parliament. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The Constitution states that finance minister shall present before the Federal Parliament an estimate of revenues and expenditures under clause (1) on the 15th day of Jeth (May 29) each year. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">In Nepal's history, the first budget speech was held on February 4, 1952 following the restoration of democracy. It was announced by the then Finance Minister Subarna Shumser Rana and its size was equivalent to Rs 52.5 million. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2023-05-29', 'modified' => '2023-05-29', 'keywords' => '', 'description' => '', 'sortorder' => '17746', 'image' => '20230529051948_RS-KTM-DrMahatb.jpg', 'article_date' => '2023-05-29 17:19:19', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '18014', 'article_category_id' => '1', 'title' => ' Cabinet Passes Budget for Fiscal Year 2023/24 ', 'sub_title' => '', 'summary' => 'The Council of Ministers passed the budget for the upcoming fiscal year 2023/24. During a Cabinet meeting held at Singha Durbar on Monday, the budget figure was approved, as confirmed by a minister.', 'content' => '<p><span style="font-size:18px">May 29: The Council of Ministers passed the budget for the upcoming fiscal year 2023/24. During a Cabinet meeting held at Singha Durbar on Monday, the budget figure was approved, as confirmed by a minister.</span></p> <p><span style="font-size:18px">Dr. Prakash Sharan Mahat, the Finance Minister, will soon present the budget for the upcoming fiscal year in parliament. The government has made a budget of Rs 1,700 billion for the next fiscal year.</span></p> <p><span style="font-size:18px">According to constitutional provisions, the budge should be announced on 15th of Jestha.</span><br /> </p> ', 'published' => true, 'created' => '2023-05-29', 'modified' => '2023-05-29', 'keywords' => '', 'description' => '', 'sortorder' => '17745', 'image' => '20230529043652_collage.jpg', 'article_date' => '2023-05-29 16:35:30', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 2 => array( 'Article' => array( 'id' => '18012', 'article_category_id' => '1', 'title' => 'Economy Still in Trouble: Economic Survey', 'sub_title' => 'Government to Announce New Budget Today', 'summary' => 'May 29: The Economic Survey 2079/80 presented by Finance Minister Dr Prakash Sharan Mahat in the Federal Parliament on Sunday indicates that the country's economy is still in trouble.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">May 29: The Economic Survey 2079/80 presented by Finance Minister Dr Prakash Sharan Mahat in the Federal Parliament on Sunday indicates that the country's economy is still in trouble.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">It is estimated that the expansion of Nepal's economy will be low in the current fiscal year (FY), Finance Minister Dr Mahat said while unveiling the survey report.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">The economic growth rate of Nepal is estimated to drop to 2.16 percent in the current year due to the decline in industrial production including that of the construction, wholesale and retail businesses. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">Last year's economic growth rate was 5.46 percent. The survey said that the overall inflation remained high, especially due to the increase in the price of petroleum products due to the Russia-Ukraine war.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">As the capital expenditure of all three levels of government has not increased, there hasn’t been any improvement in capital formation, job creation, production and productivity growth. Despite the increase in annual rice production, the lack of winter rainfall adversely affected the winter crops this year. The slowdown in wholesale and retail trade, construction and real estate business, and the decline in overall economic activities is estimated to contract the growth of the industry and service sectors. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">Finance Minister Mahat said, "It seems that the government should formulate an economic policy and implement it to restore the confidence of the general public and the private sector."</span></span></span></span></p> <p><strong><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">Changes in the structure of economy</span></span></span></span></strong></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">The survey showed that the structure of Nepal's economy is changing. The contribution of the agricultural sector to the GDP is decreasing and that of the non-agricultural sector is increasing. It is estimated that the contribution of the agricultural sector to the gross domestic product will be 24.1 percent and the contribution of the non-agricultural sector will be 75.9 percent.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">In the current fiscal year, the ratio of government sector consumption to GDP is estimated to be the lowest in the last decade. By mid-March of the current fiscal year, the ratio of government and private sector consumption is estimated to be 5.4 and 86.3 percent, respectively, and the share of non-profit organizations will be 1.9 percent.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">There has been no significant change in the consumption structure of the government sector, private sector and non-profit organizations. In the current year, it is estimated that the consumption of the government sector will decrease and the consumption of the private sector and non-profit organizations will increase.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">As the ratio of total national savings to gross domestic product is gradually decreasing with the onset of Covid-19, it is seen that it will increase normally in the fiscal current year. In the current FY, the total national savings is estimated to be 31.7 percent of the GDP. Last year, this ratio was 29 percent.</span></span></span></span></p> <p><strong><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">Highest Inflation in 6 years</span></span></span></span></strong></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">This year, inflation is expected to be the highest in the last six years. The economic survey released by the government has shown that inflation in Nepal has been increasing gradually from 2018 to 2023.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">The price hike based on consumer prices was 4.1 percent in 2018. Currently, it is 7.8 percent.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">The data shows that inflation was 4.1 percent in 2018, 4.6 percent in 2019, 6.1 percent in 2020, 3.6 percent in 2021, 6.3 percent in 2022 and 7.8 percent in 2023.</span></span></span></span></p> <p><strong><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">15.1</span></span><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif""> percent of Nepalese below poverty line</span></span></span></span></strong></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">According to the Economic Survey, a total of 15.1 percent of Nepal's population is below the absolute poverty line. Based on the Nepal Living Standards Survey 2010/11, the National Planning Commission has stated that 15.1 percent of the total population is currently in abject poverty.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">The poverty figures differ regionally. Absolute poverty is the highest in Karnali province at 39.5 percent while the lowest is in Bagmati province at 7 percent. After Karnali, 25.3 percent of the population in Sudurpaschim Province and 24.2 percent in Madhesh Province are in poverty.</span></span></span></span></p> <p><strong><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">The new budget is brought in moderation</span></span></span></span></strong></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">The government is preparing to announce the budget for the next fiscal year (FY 2023/24) at a time when the country's economy is in a difficult situation.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">Finance Minister Dr Mahat is scheduled to announce the budget in a joint meeting of the House of Representatives and the National Assembly at 4 pm today (May 29). Due to the pressure on resources, the budget is going to be smaller in size for the next FY than the current fiscal year.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">The National Planning Commission has fixed the ceiling of Rs 1688 billion for the upcoming FY’s budget.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">According to sources at the Ministry of Finance, the budget has been prepared accordingly.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">According to sources, many new programs will not be introduced this time due to the pressure on resources in the budget. The government will not emphasize on any new programme as the finance minister has made it clear through the policies and programmes that the government will give continuity to the old programmes and projects.</span></span></span></span></p> <p> </p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-05-29', 'modified' => '2023-05-29', 'keywords' => '', 'description' => '', 'sortorder' => '17744', 'image' => '20230529030614_Budget.jpg', 'article_date' => '2023-05-29 15:04:39', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '18013', 'article_category_id' => '1', 'title' => 'NEPSE to Increase its Paid-up Capital to Rs 3 Billion', 'sub_title' => '', 'summary' => 'May 29: Nepal Stock Exchange (NEPSE) is preparing to increase its paid-up capital by Rs 2 billion. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">May 29: Nepal Stock Exchange (NEPSE) is preparing to increase its paid-up capital by Rs 2 billion. NEPSE currently has a paid-up capital of Rs 1 billion and plans to increase it to Rs 3 billion to meet the new criteria set by the Securities Board of Nepal (SEBON).</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The Securities Board of Nepal (SEBON) amended the Securities Market Operation Regulations, 2064 for the second time to introduce a new stock exchange. As per the new provision, the paid-up capital of the stock exchange company should be Rs 3 billion.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">In the regulation, a shareholder of the stock exchange can only hold a maximum of 15 percent of the total capital, at least 30 percent of the shares must be issued to the general public within 2 years of operation, and the trading system used by the stock exchange must be used in at least three foreign stock exchanges. The Board implemented the second amendment to the Securities Market Operation Regulations, 2064 from September 11.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to NEPSE’s information officer Murahari Parajuli, although the provision is not mandatory for NEPSE, which has been in operation before the implementation of the revised regulations, it is necessary to increase the capital to become competitive.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">NEPSE believes that by maintaining the financial and technical success achieved so far, it can become a competitive market operator moving forward with new equipment and technology. According to Parajuli, NEPSE has sent suggestions to the Ministry of Finance for structural changes in NEPSE, including changes in capital structure, modern multi-asset trading technology and arrangement of trading tools according to market demand.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to Parajuli, the Government of Nepal owns 58.66% shares of Nepse, Nepal Rastra Bank 14.60%, Employees Provident Fund 10%, Rastriya Banijya Bank 6.12%, Laxmi Bank 5%, Prabhu Bank 5% and others 0.62%. In the current situation, when the actual valuation of the company's shares is done, NEPSE claims that its value will be worth Rs 50 billion. If the government offloads some shares, it is estimated that the government will receive a large sum of money including foreign currency.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">In recent years, stock exchanges around the world have been integrated with strategic partners and companies with good corporate governance and the trend of selling shares to the general public has started, so NEPSE also wants to follow the same process.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">NEPSE has planned to sell the IPO to the general public at the premium rate. In order to increasse the paid-up capital to Rs 3 billion, NEPSE will issue 90 million shares to the general public including employees. Likewise, NEPSE plans to sell 21.77 percent shares to domestic organizations with good corporate governance and 15 percent to foreign strategic partners.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">As NEPSE prepares to become a competitor with the new stock exchange, the license distribution process of the new stock exchange is in confusion. A meeting of the Council of Ministers on May 19 decided to hold the process for the time being saying that it is necessary to distribute the license of the new stock exchange only after further study.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-05-29', 'modified' => '2023-05-29', 'keywords' => '', 'description' => '', 'sortorder' => '17743', 'image' => '20230529030811_20201127025255_1606433377.Clipboard03.jpg', 'article_date' => '2023-05-29 15:07:29', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '18011', 'article_category_id' => '1', 'title' => 'Industries other than Hydropower Plants in a Pathetic State', 'sub_title' => '', 'summary' => 'May 29: The Economic Survey of the government has revealed that the performance of all industries except hydropower is disappointing compared to the past.', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">May 29: The Economic Survey of the government has revealed that the performance of all industries except hydropower is disappointing compared to the past.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">It is estimated that the growth rate of the total value added in the mining and quarrying sector will be 1.1 percent in the current fiscal year (FY). Last year, this growth rate was 8.8 percent. Thus, the contribution of the mining and quarrying sector to the total value addition will be 0.51 percent.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Similarly, it is estimated that the growth rate of the total value addition of the manufacturing industry will be negative by 2 percent, which was 6.7 percent last year. Thus, the contribution of manufacturing industry to the total value addition will be 5.3 percent. Similarly the growth rate of the total value addition in the construction sector is estimated to be negative by 2.6 percent, which was 7 percent last year. In this way, the contribution of the construction sector to the total value addition will be 5.5 percent.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">It is estimated that the growth rate of the total value addition of water supply, sewage, waste management and recycling activities will be 2.2 percent. The contribution of this sector to the total value addition will be 0.46 percent. The sector of electricity, gas and steam and air conditioning supply services however will be positive. It is estimated that the growth rate of the total value addition of this sector will be 19.4 percent in the current year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The Economic Survey has summarized that the industries in many sectors have been affected due to the slowdown in economic activities, reduction in production, laxity in construction work. The survey has made it clear that the hydropower sector seems to be positive after the completion of construction of some hydropower projects.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Kamalesh Kumar Agrawal, senior vice president of Nepal Chamber of Commerce, says that competitiveness should be increased to raise the status of industries. Agrawal said, “The current need is to enable the domestic industries so that they can compete in the market. For this, tax concessions should be given to the industries as well as investment-friendly legislation should be created. It is also necessary to reduce the price of electricity.” </span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-05-29', 'modified' => '2023-05-29', 'keywords' => '', 'description' => '', 'sortorder' => '17742', 'image' => '20230529020338_indus.jpg', 'article_date' => '2023-05-29 14:02:46', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '18010', 'article_category_id' => '1', 'title' => 'Nepal Marks 70 Years of Ascent of Mt Everest', 'sub_title' => '', 'summary' => 'May 29: Today marks 70 years since humans first set foot atop Mt Everest (8,848 meters), the highest mountain in the world.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">May 29: Today marks 70 years since humans first set foot atop Mt Everest (8,848 meters), the highest mountain in the world.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">New Zealander Sir Edmund Hillary and his local guide Tenzing Norgay Sherpa first scaled Everest on May 29, 1953.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Commemorating this remarkable feat, Nepal is observing the platinum jubilee celebration to mark the 70th anniversary of the first ascent of Everest.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Officials of Nepal Mountaineering Association (NMA) say that the celebration is being marked in a grand manner today. People who have climbed Everest have been invited from across the world and are being honoured on this occasion, said Mohan Lamsal, an official of NMA.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Former chairman and chief advisor to the NMA, Ang Chhiring Sherpa, said a special programme is being organized at Khumjung valley of Solukhumbu to mark the event. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The programme is scheduled to be attended by Tenzing Norgay's son Jamling Tenjing Sherpa and Hillary's son Peter Hillary. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Sherpa believes that the platinum jubilee celebration will bring a new wave in Nepal's tourism industry, as this event is being covered by the international media. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Nepal is a home to eight peaks of over 8,000 meters including Mt Everest. So far, some 7,000 people – Nepalis and foreigners – have reached atop Mt Everest. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">There is also a record keeping competition among the climbers. Kamirita Sherpa has scaled Everest for 28 times, including twice this season. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">However, there are also mounting concerns of pollution on Everest and other peaks due to human activities. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Nepalese Army is conducting the Clean Mountain Campaign 2023 with the objective of collecting 35,000 kg of garbage from various peaks this season.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Another matter of concern is the traffic jam on Everest as the Department of Tourism has issued the highest number of permits – 478 – for climbers to scale Everest this season in 70 years of history. They include 103 women and 376 men from 47 mountaineering teams, added the department. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">At least ten people, including six foreigners and four Sherpas, have already died while climbing Everest this season.</span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-05-29', 'modified' => '2023-05-29', 'keywords' => '', 'description' => '', 'sortorder' => '17741', 'image' => '20230529012016_everest.jpg', 'article_date' => '2023-05-29 13:19:33', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '18009', 'article_category_id' => '1', 'title' => 'Access to Finance Increasing: Economic Survey', 'sub_title' => 'Nearly 50 million depositors’ Account Registered in Nepal', 'summary' => 'May 29: Citizens’ access to finance has increased in the country of late, according to the Economic Survey 2022/23 report released by the government on Sunday. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">May 29: Citizens’ access to finance has increased in the country of late, according to the Economic Survey 2022/23 report released by the government on Sunday. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The survey shows that merger of banks are also on the rise and the expansion of banking and financial institutions is also taking place, thereby ensuring citizen's access to finance.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">As of mid-March 2023, the number of depositors’ accounts stood at 49,205,000 while the number of credit account was 1.8 million. According to the Economic Survey, there are 20.6 million mobile banking users in the country while as many as 1.7 million people have subscribed to internet banking service. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The merger and acquisition of bank has not discouraged digital banking, states the survey report unveiled by Finance Minister Prakash Sharan Mahat. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif""> Similarly, the number of people opting for digital payment via QR Code also increased significantly in the review period. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Currently, <span style="font-family:"Arial Unicode MS","sans-serif"">there are 21 commercial banks, 17 development banks, 17 finance companies, 64 micro finances and one infrastructure development bank to make up a total of 120 banking and financial institutions. Likewise, there are 31,373 cooperatives in Nepal, the report states.</span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The number of insurance companies including re-insurance company stands at 36. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">In terms of the property of financial system and liability, banking sector occupies significant size of 86.6 percent, added the report. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2023-05-29', 'modified' => '2023-05-29', 'keywords' => '', 'description' => '', 'sortorder' => '17740', 'image' => '20230529122200_Banks - Copy.jpg', 'article_date' => '2023-05-29 12:21:17', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '18007', 'article_category_id' => '1', 'title' => 'Broadband Internet Service in 6,743 Wards ', 'sub_title' => '', 'summary' => 'May 29: Broadband Internet service has reached all local level offices and 6,743 ward offices as of mid-March 2023.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">May 29: Broadband Internet service has reached all local level offices and 6,743 ward offices as of mid-March 2023. According to the economic survey of the current fiscal year presented in parliament by Finance Minister Dr Prakash Sharan Mahat on Sunday, broadband internet connection has been completed in 4,390 health centers and 5,318 community schools. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Free Wi-Fi hotspots are available in religious and tourist places including Baraha Chettra, Annapurna Circuit, Muktinath Temple Complex, Janaki Temple Complex, Pathibhara Temple, Halesi Temple, Gadhimai Temple Complex in Bara. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, the access to digital television has reached 72.0 per cent of households in the review period. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The Economic Survey states that 7,944 newspapers have been registered in different languages until the same period with news/articles being published weekly in 38 different languages by the state-owned Gorkhapatra daily. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2023-05-29', 'modified' => '2023-05-29', 'keywords' => '', 'description' => '', 'sortorder' => '17738', 'image' => '20230529114445_20221013013456_20210831104852_20210221040652_20191021115126_adsfjjj.jpg', 'article_date' => '2023-05-29 11:43:49', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '18006', 'article_category_id' => '1', 'title' => '16th Republic Day being Marked Today ', 'sub_title' => '', 'summary' => 'May 29: The 16th Republic Day is being marked nationwide by organizing several programmes today.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">May 29: The 16th Republic Day is being marked nationwide by organizing several programmes today. The first-ever people-elected Constituent Assembly had proclaimed the federal democratic republican governance system in the country by officially abolishing the autocratic monarchy on May 28, 2008. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The Republic Day is celebrated across the nation on Jetha 15 (May 29) every year in commemoration of the day the republican system was proclaimed on the backing of the historic people's movement of 2006 AD. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The republic day is being marked commemorating the commencement of democratic republican system resting all state power on the people. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">On 24 April 2006, the then King Gyanendra Shah had reinstated the parliament that was dissolved on 22 May 2002. The republic system was set up in the country on the backing of the 2006 April Uprising. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2023-05-29', 'modified' => '2023-05-29', 'keywords' => '', 'description' => '', 'sortorder' => '17737', 'image' => '20230529112009_PRO_KTM_HELICOPTER-6F8A2129.jpg', 'article_date' => '2023-05-29 11:19:24', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '18005', 'article_category_id' => '222', 'title' => 'United Insurance and Ajod Insurance Begin Joint Transaction ', 'sub_title' => '', 'summary' => 'Following the successful merger, United Insurance Company (Nepal) Limited and Ajod Insurance Limited have started their joint transaction under the name ‘United Ajod Insurance Company Limited’ from Sunday.', 'content' => '<p><span style="font-size:18px">May 29: Following the successful merger, United Insurance Company (Nepal) Limited and Ajod Insurance Limited have started their joint transaction under the name ‘United Ajod Insurance Company Limited’ from Sunday. The merged company has declared its aim to rank within best five non-life insurance companies within the next four years.</span></p> <p><span style="font-size:18px">During a special ceremony held in Kathmandu on Sunday, the Chairman of the Insurance Board, Surya Prasad Silwal, handed the insurance operation license to the new company's Chairman, Aajad Shrestha.</span></p> <p><span style="font-size:18px">Addressing the ceremony, Chairman Silwal emphasized the need for insurance companies to enhance customer trust. He suggested that the merged company strive to provide excellent services.</span></p> <p><span style="font-size:18px">Silwal also emphasized the importance of establishing a system for prompt and easy payment of claims up to the specified amount and maintaining good governance and transparency.</span></p> <p><span style="font-size:18px">Former Chairman of United Insurance Company (Nepal) Limited, Rabibhakta Shrestha, said that the companies had merged to provide quality services and reduce the costs. Shrestha said that the company aims to invest in new sectors and provide high returns to investors and quality services to policyholders.</span></p> <p><span style="font-size:18px">Chairman of United Ajod Insurance Limited, Aajad Shrestha, highlighted the company's goal to become one of the top five non-life insurance companies by providing competitive rates, quality services, and new products within four years. He emphasized the need for a fast and reliable service flow, focusing on customer satisfaction and prompt claim settlements.</span></p> <p><span style="font-size:18px">Following the merger, the company’s paid-up capital has reached Rs 1.90 billion. The company has Rs 59.67 crore in reserve fund, while the insurance fund stands at Rs 72.64 crore. </span></p> <p><span style="font-size:18px">Additionally, the company has a total of 100 branches across the country and has a workforce of 581 employees. <br /> The number of policies issued by the company stands at 192,825, with a total premium of Rs 2.39 billion. </span></p> <p> </p> ', 'published' => true, 'created' => '2023-05-29', 'modified' => '2023-05-29', 'keywords' => '', 'description' => '', 'sortorder' => '17736', 'image' => '20230529063205_collage (22).jpg', 'article_date' => '2023-05-29 06:29:06', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 10 => array( 'Article' => array( 'id' => '18004', 'article_category_id' => '1', 'title' => 'President Pardons Resham Chaudhary ', 'sub_title' => '', 'summary' => 'President Ram Chandra Paudel has pardoned prison sentence of Resham Chaudhary, the Tikapur murder convict and leader of the Nagarik Unmukti Party. Chaudhary, who has been serving a life imprisonment term, will now see his sentence commuted.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">May 29: President Ram Chandra Paudel has pardoned prison sentence of Resham Chaudhary, the Tikapur murder convict and leader of the Nagarik Unmukti Party. Chaudhary, who has been serving a life imprisonment term, will now see his sentence commuted.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">President Paudel granted pardons to Chaudhary and 19 other individuals at the Council of Ministers' recommendation on the auspicious occasion of Republic Day. </span></span><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">President Paudel is pardoning a total of 501 individuals in accordance with the government's recommendations on the Republic Day.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">Chaudhary and others were pardoned in accordance with Article 276 of the Constitution, Section 37 of the Criminal Offences Act of 2017, and Section 12 of the Senior Citizens Act of 2006. </span></span><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">Following the pardon, Resham Chaudhary will be released on Monday. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">Chaudhary was proved guilty in the murder of some police personnel in Tikapur of Kailali in 2015. He has been serving his life sentence at Dillibazar Prison in Kathmandu.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">The Supreme Court had upheld the decision of the Dipayal High Court to sentence Tikapur carnage convict Resham Chaudhary to life imprisonment.</span></span></p> ', 'published' => true, 'created' => '2023-05-29', 'modified' => '2023-05-29', 'keywords' => '', 'description' => '', 'sortorder' => '17735', 'image' => '20230529060335_collage (20).jpg', 'article_date' => '2023-05-29 06:01:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 11 => array( 'Article' => array( 'id' => '18003', 'article_category_id' => '274', 'title' => 'Economic Survey for FY 2022/23 Presented in Parliament', 'sub_title' => '', 'summary' => 'Finance Minister Dr Prakash Sharan Mahat has presented the Economic Survey of Fiscal Year 2022/23 and the Annual Situation Review of Public Corporations, 2023 in the separate meetings of the House of Representatives (HoR) and the National Assembly today.', 'content' => '<p><br /> <span style="font-size:18px">May 28: Finance Minister Dr Prakash Sharan Mahat has presented the Economic Survey of Fiscal Year 2022/23 and the Annual Situation Review of Public Corporations, 2023 in the separate meetings of the House of Representatives (HoR) and the National Assembly today.</span></p> <p><span style="font-size:18px">Tabling the Economic Survey, the Finance Minister said that the world economy was in crisis in 2023 and its impact was felt in Nepal's economy also.</span></p> <p><span style="font-size:18px">"There was a contraction in the overall economic activities including the wholesale and retail business, construction and the production of production-based industries due to the international economic situation and structural problems. It is estimated that the country's economic growth rate will be around 2.16 per cent in the current fiscal year as a result of this," he said.</span></p> <p><span style="font-size:18px">The Finance Minister said a strain was seen in resource management as well due to the slowdown in economic activities owing to the contraction in the import of goods and decrease in the overall demand.</span></p> <p><span style="font-size:18px">He pointed out that the problem was also because of the rise in the prices of petroleum products, food grains and raw materials in the world market. </span></p> <p><span style="font-size:18px">Minister Mahat maintained that positive indications have also been seen in the economy like the balance of payment was in surplus, the foreign currency reserve has gone up and tourist arrivals have increased, among others. </span></p> <p><span style="font-size:18px">According to the Economic Survey, the federal government has constructed 34,100 kilometres road and the total installed power capacity has reached 2,666 megawatts, student enrollment has increased at basic level, the net maternal mortality rate and infant mortality rate have gone down, and 95 per cent of the population has access to basic drinking water and electricity service. </span></p> <p><span style="font-size:18px">Also today, the Finance Minister presented in the HoR a report on the status of present performance and financial situation of public corporations along with an analysis of the problems and challenges.</span></p> <p><span style="font-size:18px">"Although the public corporations played a significant role in the country's economic, social and infrastructure development in the past, their overall financial situation is not satisfactory due to the shortcomings, especially seen in the operation and management, over time," he added.</span></p> <p><span style="font-size:18px">As the Finance Minister shared on the occasion, 25 out of the 44 public corporations having the government's investments are in profit while the government's shares and loan investments as of July 16, 2022 has reached Rs 618 billion. </span></p> <p><span style="font-size:18px">The government has acquired profit equivalent to Rs 6.16 billion from the public corporations in the last fiscal year, which is only one percent of the investment. ---RSS </span></p> ', 'published' => true, 'created' => '2023-05-28', 'modified' => '2023-05-29', 'keywords' => '', 'description' => '', 'sortorder' => '17734', 'image' => '20230528064754_collage (6).jpg', 'article_date' => '2023-05-28 18:45:42', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 12 => array( 'Article' => array( 'id' => '18002', 'article_category_id' => '275', 'title' => 'Over 5.5 Million Labour Permits Issued for Overseas Employment in the Country', 'sub_title' => '', 'summary' => 'The number of individuals obtaining labour permits for overseas employment in the country has surpassed 5.5 million.', 'content' => '<p> </p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">May 28: The number of individuals obtaining labour permits for overseas employment in the country has surpassed 5.5 million. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the economic survey report unveiled in the Federal Parliament on Sunday, a grand total of 5,526,704 labour permits have been granted until the month of Falgun 2079.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""> Furthermore, during the current fiscal year, up until mid-March, as many as 337,144 labour permits were issued for foreign employment.</span></span></p> ', 'published' => true, 'created' => '2023-05-28', 'modified' => '2023-05-29', 'keywords' => '', 'description' => '', 'sortorder' => '17733', 'image' => '20230528045216_collage (4).jpg', 'article_date' => '2023-05-28 16:51:18', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 13 => array( 'Article' => array( 'id' => '18001', 'article_category_id' => '1', 'title' => 'Dispute related to Livestock and Agriculture Insurance: Who is to blame?', 'sub_title' => '', 'summary' => 'May 28: The agriculture and livestock insurance programme initiated by the government a decade ago to attract farmers to agriculture and animal husbandry is mired in controversy.', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">May 28: The agriculture and livestock insurance programme initiated by the government a decade ago to attract farmers to agriculture and animal husbandry is mired in controversy.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The insurance companies have stopped issuing insurance policies under this scheme since May 21 after the government failed to release funds to the companies in this regard.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The interest shown by people in agriculture and animal husbandry since the last few years might wither away if the insurance scheme is stopped.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Since banks do not invest in agriculture without insurance, the development of the agricultural sector will be hindered as well.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The program came to a halt following a dispute between the insurance companies and the Ministry of Agriculture and Livestock Development (MOALD), which had been backing the insurance policies for various crops and livestock. However, the government is yet to officially announce the closure of the program. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Ashok Khadka, general secretary of Nepal Insurers’ Association (NIA) and chief executive officer of Neco Insurance Limited, said that 16 companies that issue such insurance have already stopped issuing the policies.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""> “NIA issued a statement on May 15 and decided to suspend all insurance work from May 21 if they did not receive the subsidy amount for agriculture and livestock insurance from the government,” said Khadka. He claimed that the 'ego' of the employees of the MOALD compelled them to stop the insurance program.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The government had launched the Agriculture and Livestock Insurance on January 14, 2013 with the aim of attracting the youth towards agriculture and animal husbandry. Two years ago, the government increased the subsidy to 80 percent from the initial subsidy of 50 percent. After the government decided to bear 80 percent of the insurance premium, the interest of farmers across the country towards agriculture and livestock insurance increased. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">According to the latest data of the Nepal Insurance Authority, up to 150,000 insurance policies are being issued annually. Punam Gyawali, deputy director and head of the agriculture insurance branch of the authority said that 143,711 insurance policies cover damages worth Rs 41.17 billion were issued from July to April of the current fiscal year. The insurance premium for the policies is Rs 1.86 billion. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">There is a provision for the government to bear 80 percent of the cost and provide subsidy to the insurance companies. Accordingly, the government should provide subsidies of Rs 1.48 billion to the insurance companies.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The government initially instructed the insurance companies to implement the program. As the number of insurers increases, it is seen that disputes are increasing. Now, the MOALD has stopped payments to insurance companies, claiming that there were many mistakes in the insurance policies issued for agriculture and livestock. According to the insurance companies, the government is yet to release Rs 2.94 billion as the subsidy to the insurance companies for agriculture and livestock insurance scheme.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Government officials on the other hand claimed that there are discrepancies in the records maintained by the insurance companies. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">If agricultural technicians make the wrong assessment, the Ministry of Agriculture has the right to take action against them, insists government officials.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""> Punam Gyawali of MOALD says that the insurance documents issued by the insurance companies show plenty of human errors.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">She said, “When an insurance policy is issued, the insurance fee should be Rs 100,000, but it was found to be as high as Rs 1 million because an extra zero was added by the companies.”</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Agriculture officials claim that there were errors in many insurance documents. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-05-28', 'modified' => '2023-05-28', 'keywords' => '', 'description' => '', 'sortorder' => '17732', 'image' => '20230528040459_20230324011925_paddyyy-transformed.jpeg', 'article_date' => '2023-05-28 16:04:17', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '18000', 'article_category_id' => '1', 'title' => 'Earthquake Jolts Sindhupalchowk ', 'sub_title' => '', 'summary' => 'May 28: An earthquake with its epicentre at Golche of Sindhupalchowk was recorded on Sunday afternoon. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">May 28: An earthquake with its epicentre at Golche of Sindhupalchowk was recorded on Sunday afternoon. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The National Earthquake Monitoring and Research Center, Lainchaur said a tremor measuring 3.9 on the Richter scale with epicentre around Golche of Sindhupalchowk occurred at 1.19 pm today (May 28). </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Prior to this, an earthquake measuring 4.5 on the Richter scale with its epicentre in Daulichaur of Bajhang was recorded on May 24. Earthquakes have been frequently taking place in the western and eastern parts of the country of late. The mountainous and hill regions of the country are considered to be earthquake-prone regions. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2023-05-28', 'modified' => '2023-05-28', 'keywords' => '', 'description' => '', 'sortorder' => '17731', 'image' => '20230528025157_earth.jpg', 'article_date' => '2023-05-28 14:51:11', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ) ) $current_user = null $logged_in = falseinclude - APP/View/Elements/side_bar.ctp, line 60 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
Warning (2): simplexml_load_file() [<a href='http://php.net/function.simplexml-load-file'>function.simplexml-load-file</a>]: I/O warning : failed to load external entity "" [APP/View/Elements/side_bar.ctp, line 60]file not found!Code Context// $file = 'http://aabhiyan:QUVLg8Wzs2F7G9N7@nepalstock.com.np/api/indexdata.xml';if(!$xml = simplexml_load_file($file)){$viewFile = '/var/www/html/newbusinessage.com/app/View/Elements/side_bar.ctp' $dataForView = array( 'articles' => array( (int) 0 => array( 'Article' => array( [maximum depth reached] ) ), (int) 1 => array( 'Article' => array( [maximum depth reached] ) ), (int) 2 => array( 'Article' => array( [maximum depth reached] ) ), (int) 3 => array( 'Article' => array( [maximum depth reached] ) ), (int) 4 => array( 'Article' => array( [maximum depth reached] ) ), (int) 5 => array( 'Article' => array( [maximum depth reached] ) ), (int) 6 => array( 'Article' => array( [maximum depth reached] ) ), (int) 7 => array( 'Article' => array( [maximum depth reached] ) ), (int) 8 => array( 'Article' => array( [maximum depth reached] ) ), (int) 9 => array( 'Article' => array( [maximum depth reached] ) ), (int) 10 => array( 'Article' => array( [maximum depth reached] ) ), (int) 11 => array( 'Article' => array( [maximum depth reached] ) ), (int) 12 => array( 'Article' => array( [maximum depth reached] ) ), (int) 13 => array( 'Article' => array( [maximum depth reached] ) ), (int) 14 => array( 'Article' => array( [maximum depth reached] ) ) ), 'current_user' => null, 'logged_in' => false ) $articles = array( (int) 0 => array( 'Article' => array( 'id' => '18015', 'article_category_id' => '1', 'title' => 'Budget for New Fiscal Year being Presented Before House ', 'sub_title' => '', 'summary' => 'May 29: Budget for the upcoming fiscal year (FY) 2023-24 is being presented before the Federal Parliament. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">May 29: Budget for the upcoming fiscal year (FY) 2023-24 is being presented before the Federal Parliament. Finance Minister Dr Prakash Sharan Mahat is presenting the annual estimates of the government's revenue and expenditure for the upcoming fiscal year before a joint session of the Federal Parliament. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Prior to this, a meeting of the Council of Ministers endorsed the budget details, granting permission for its presentation in the House. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">With the commencement of the House session, Speaker Devraj Ghimire invited the finance minister to make the budget statement in the parliament. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The Constitution states that finance minister shall present before the Federal Parliament an estimate of revenues and expenditures under clause (1) on the 15th day of Jeth (May 29) each year. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">In Nepal's history, the first budget speech was held on February 4, 1952 following the restoration of democracy. It was announced by the then Finance Minister Subarna Shumser Rana and its size was equivalent to Rs 52.5 million. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2023-05-29', 'modified' => '2023-05-29', 'keywords' => '', 'description' => '', 'sortorder' => '17746', 'image' => '20230529051948_RS-KTM-DrMahatb.jpg', 'article_date' => '2023-05-29 17:19:19', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '18014', 'article_category_id' => '1', 'title' => ' Cabinet Passes Budget for Fiscal Year 2023/24 ', 'sub_title' => '', 'summary' => 'The Council of Ministers passed the budget for the upcoming fiscal year 2023/24. During a Cabinet meeting held at Singha Durbar on Monday, the budget figure was approved, as confirmed by a minister.', 'content' => '<p><span style="font-size:18px">May 29: The Council of Ministers passed the budget for the upcoming fiscal year 2023/24. During a Cabinet meeting held at Singha Durbar on Monday, the budget figure was approved, as confirmed by a minister.</span></p> <p><span style="font-size:18px">Dr. Prakash Sharan Mahat, the Finance Minister, will soon present the budget for the upcoming fiscal year in parliament. The government has made a budget of Rs 1,700 billion for the next fiscal year.</span></p> <p><span style="font-size:18px">According to constitutional provisions, the budge should be announced on 15th of Jestha.</span><br /> </p> ', 'published' => true, 'created' => '2023-05-29', 'modified' => '2023-05-29', 'keywords' => '', 'description' => '', 'sortorder' => '17745', 'image' => '20230529043652_collage.jpg', 'article_date' => '2023-05-29 16:35:30', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 2 => array( 'Article' => array( 'id' => '18012', 'article_category_id' => '1', 'title' => 'Economy Still in Trouble: Economic Survey', 'sub_title' => 'Government to Announce New Budget Today', 'summary' => 'May 29: The Economic Survey 2079/80 presented by Finance Minister Dr Prakash Sharan Mahat in the Federal Parliament on Sunday indicates that the country's economy is still in trouble.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">May 29: The Economic Survey 2079/80 presented by Finance Minister Dr Prakash Sharan Mahat in the Federal Parliament on Sunday indicates that the country's economy is still in trouble.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">It is estimated that the expansion of Nepal's economy will be low in the current fiscal year (FY), Finance Minister Dr Mahat said while unveiling the survey report.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">The economic growth rate of Nepal is estimated to drop to 2.16 percent in the current year due to the decline in industrial production including that of the construction, wholesale and retail businesses. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">Last year's economic growth rate was 5.46 percent. The survey said that the overall inflation remained high, especially due to the increase in the price of petroleum products due to the Russia-Ukraine war.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">As the capital expenditure of all three levels of government has not increased, there hasn’t been any improvement in capital formation, job creation, production and productivity growth. Despite the increase in annual rice production, the lack of winter rainfall adversely affected the winter crops this year. The slowdown in wholesale and retail trade, construction and real estate business, and the decline in overall economic activities is estimated to contract the growth of the industry and service sectors. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">Finance Minister Mahat said, "It seems that the government should formulate an economic policy and implement it to restore the confidence of the general public and the private sector."</span></span></span></span></p> <p><strong><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">Changes in the structure of economy</span></span></span></span></strong></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">The survey showed that the structure of Nepal's economy is changing. The contribution of the agricultural sector to the GDP is decreasing and that of the non-agricultural sector is increasing. It is estimated that the contribution of the agricultural sector to the gross domestic product will be 24.1 percent and the contribution of the non-agricultural sector will be 75.9 percent.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">In the current fiscal year, the ratio of government sector consumption to GDP is estimated to be the lowest in the last decade. By mid-March of the current fiscal year, the ratio of government and private sector consumption is estimated to be 5.4 and 86.3 percent, respectively, and the share of non-profit organizations will be 1.9 percent.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">There has been no significant change in the consumption structure of the government sector, private sector and non-profit organizations. In the current year, it is estimated that the consumption of the government sector will decrease and the consumption of the private sector and non-profit organizations will increase.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">As the ratio of total national savings to gross domestic product is gradually decreasing with the onset of Covid-19, it is seen that it will increase normally in the fiscal current year. In the current FY, the total national savings is estimated to be 31.7 percent of the GDP. Last year, this ratio was 29 percent.</span></span></span></span></p> <p><strong><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">Highest Inflation in 6 years</span></span></span></span></strong></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">This year, inflation is expected to be the highest in the last six years. The economic survey released by the government has shown that inflation in Nepal has been increasing gradually from 2018 to 2023.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">The price hike based on consumer prices was 4.1 percent in 2018. Currently, it is 7.8 percent.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">The data shows that inflation was 4.1 percent in 2018, 4.6 percent in 2019, 6.1 percent in 2020, 3.6 percent in 2021, 6.3 percent in 2022 and 7.8 percent in 2023.</span></span></span></span></p> <p><strong><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">15.1</span></span><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif""> percent of Nepalese below poverty line</span></span></span></span></strong></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">According to the Economic Survey, a total of 15.1 percent of Nepal's population is below the absolute poverty line. Based on the Nepal Living Standards Survey 2010/11, the National Planning Commission has stated that 15.1 percent of the total population is currently in abject poverty.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">The poverty figures differ regionally. Absolute poverty is the highest in Karnali province at 39.5 percent while the lowest is in Bagmati province at 7 percent. After Karnali, 25.3 percent of the population in Sudurpaschim Province and 24.2 percent in Madhesh Province are in poverty.</span></span></span></span></p> <p><strong><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">The new budget is brought in moderation</span></span></span></span></strong></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">The government is preparing to announce the budget for the next fiscal year (FY 2023/24) at a time when the country's economy is in a difficult situation.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">Finance Minister Dr Mahat is scheduled to announce the budget in a joint meeting of the House of Representatives and the National Assembly at 4 pm today (May 29). Due to the pressure on resources, the budget is going to be smaller in size for the next FY than the current fiscal year.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">The National Planning Commission has fixed the ceiling of Rs 1688 billion for the upcoming FY’s budget.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">According to sources at the Ministry of Finance, the budget has been prepared accordingly.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">According to sources, many new programs will not be introduced this time due to the pressure on resources in the budget. The government will not emphasize on any new programme as the finance minister has made it clear through the policies and programmes that the government will give continuity to the old programmes and projects.</span></span></span></span></p> <p> </p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-05-29', 'modified' => '2023-05-29', 'keywords' => '', 'description' => '', 'sortorder' => '17744', 'image' => '20230529030614_Budget.jpg', 'article_date' => '2023-05-29 15:04:39', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '18013', 'article_category_id' => '1', 'title' => 'NEPSE to Increase its Paid-up Capital to Rs 3 Billion', 'sub_title' => '', 'summary' => 'May 29: Nepal Stock Exchange (NEPSE) is preparing to increase its paid-up capital by Rs 2 billion. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">May 29: Nepal Stock Exchange (NEPSE) is preparing to increase its paid-up capital by Rs 2 billion. NEPSE currently has a paid-up capital of Rs 1 billion and plans to increase it to Rs 3 billion to meet the new criteria set by the Securities Board of Nepal (SEBON).</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The Securities Board of Nepal (SEBON) amended the Securities Market Operation Regulations, 2064 for the second time to introduce a new stock exchange. As per the new provision, the paid-up capital of the stock exchange company should be Rs 3 billion.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">In the regulation, a shareholder of the stock exchange can only hold a maximum of 15 percent of the total capital, at least 30 percent of the shares must be issued to the general public within 2 years of operation, and the trading system used by the stock exchange must be used in at least three foreign stock exchanges. The Board implemented the second amendment to the Securities Market Operation Regulations, 2064 from September 11.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to NEPSE’s information officer Murahari Parajuli, although the provision is not mandatory for NEPSE, which has been in operation before the implementation of the revised regulations, it is necessary to increase the capital to become competitive.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">NEPSE believes that by maintaining the financial and technical success achieved so far, it can become a competitive market operator moving forward with new equipment and technology. According to Parajuli, NEPSE has sent suggestions to the Ministry of Finance for structural changes in NEPSE, including changes in capital structure, modern multi-asset trading technology and arrangement of trading tools according to market demand.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to Parajuli, the Government of Nepal owns 58.66% shares of Nepse, Nepal Rastra Bank 14.60%, Employees Provident Fund 10%, Rastriya Banijya Bank 6.12%, Laxmi Bank 5%, Prabhu Bank 5% and others 0.62%. In the current situation, when the actual valuation of the company's shares is done, NEPSE claims that its value will be worth Rs 50 billion. If the government offloads some shares, it is estimated that the government will receive a large sum of money including foreign currency.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">In recent years, stock exchanges around the world have been integrated with strategic partners and companies with good corporate governance and the trend of selling shares to the general public has started, so NEPSE also wants to follow the same process.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">NEPSE has planned to sell the IPO to the general public at the premium rate. In order to increasse the paid-up capital to Rs 3 billion, NEPSE will issue 90 million shares to the general public including employees. Likewise, NEPSE plans to sell 21.77 percent shares to domestic organizations with good corporate governance and 15 percent to foreign strategic partners.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">As NEPSE prepares to become a competitor with the new stock exchange, the license distribution process of the new stock exchange is in confusion. A meeting of the Council of Ministers on May 19 decided to hold the process for the time being saying that it is necessary to distribute the license of the new stock exchange only after further study.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-05-29', 'modified' => '2023-05-29', 'keywords' => '', 'description' => '', 'sortorder' => '17743', 'image' => '20230529030811_20201127025255_1606433377.Clipboard03.jpg', 'article_date' => '2023-05-29 15:07:29', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '18011', 'article_category_id' => '1', 'title' => 'Industries other than Hydropower Plants in a Pathetic State', 'sub_title' => '', 'summary' => 'May 29: The Economic Survey of the government has revealed that the performance of all industries except hydropower is disappointing compared to the past.', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">May 29: The Economic Survey of the government has revealed that the performance of all industries except hydropower is disappointing compared to the past.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">It is estimated that the growth rate of the total value added in the mining and quarrying sector will be 1.1 percent in the current fiscal year (FY). Last year, this growth rate was 8.8 percent. Thus, the contribution of the mining and quarrying sector to the total value addition will be 0.51 percent.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Similarly, it is estimated that the growth rate of the total value addition of the manufacturing industry will be negative by 2 percent, which was 6.7 percent last year. Thus, the contribution of manufacturing industry to the total value addition will be 5.3 percent. Similarly the growth rate of the total value addition in the construction sector is estimated to be negative by 2.6 percent, which was 7 percent last year. In this way, the contribution of the construction sector to the total value addition will be 5.5 percent.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">It is estimated that the growth rate of the total value addition of water supply, sewage, waste management and recycling activities will be 2.2 percent. The contribution of this sector to the total value addition will be 0.46 percent. The sector of electricity, gas and steam and air conditioning supply services however will be positive. It is estimated that the growth rate of the total value addition of this sector will be 19.4 percent in the current year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The Economic Survey has summarized that the industries in many sectors have been affected due to the slowdown in economic activities, reduction in production, laxity in construction work. The survey has made it clear that the hydropower sector seems to be positive after the completion of construction of some hydropower projects.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Kamalesh Kumar Agrawal, senior vice president of Nepal Chamber of Commerce, says that competitiveness should be increased to raise the status of industries. Agrawal said, “The current need is to enable the domestic industries so that they can compete in the market. For this, tax concessions should be given to the industries as well as investment-friendly legislation should be created. It is also necessary to reduce the price of electricity.” </span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-05-29', 'modified' => '2023-05-29', 'keywords' => '', 'description' => '', 'sortorder' => '17742', 'image' => '20230529020338_indus.jpg', 'article_date' => '2023-05-29 14:02:46', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '18010', 'article_category_id' => '1', 'title' => 'Nepal Marks 70 Years of Ascent of Mt Everest', 'sub_title' => '', 'summary' => 'May 29: Today marks 70 years since humans first set foot atop Mt Everest (8,848 meters), the highest mountain in the world.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">May 29: Today marks 70 years since humans first set foot atop Mt Everest (8,848 meters), the highest mountain in the world.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">New Zealander Sir Edmund Hillary and his local guide Tenzing Norgay Sherpa first scaled Everest on May 29, 1953.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Commemorating this remarkable feat, Nepal is observing the platinum jubilee celebration to mark the 70th anniversary of the first ascent of Everest.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Officials of Nepal Mountaineering Association (NMA) say that the celebration is being marked in a grand manner today. People who have climbed Everest have been invited from across the world and are being honoured on this occasion, said Mohan Lamsal, an official of NMA.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Former chairman and chief advisor to the NMA, Ang Chhiring Sherpa, said a special programme is being organized at Khumjung valley of Solukhumbu to mark the event. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The programme is scheduled to be attended by Tenzing Norgay's son Jamling Tenjing Sherpa and Hillary's son Peter Hillary. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Sherpa believes that the platinum jubilee celebration will bring a new wave in Nepal's tourism industry, as this event is being covered by the international media. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Nepal is a home to eight peaks of over 8,000 meters including Mt Everest. So far, some 7,000 people – Nepalis and foreigners – have reached atop Mt Everest. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">There is also a record keeping competition among the climbers. Kamirita Sherpa has scaled Everest for 28 times, including twice this season. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">However, there are also mounting concerns of pollution on Everest and other peaks due to human activities. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Nepalese Army is conducting the Clean Mountain Campaign 2023 with the objective of collecting 35,000 kg of garbage from various peaks this season.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Another matter of concern is the traffic jam on Everest as the Department of Tourism has issued the highest number of permits – 478 – for climbers to scale Everest this season in 70 years of history. They include 103 women and 376 men from 47 mountaineering teams, added the department. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">At least ten people, including six foreigners and four Sherpas, have already died while climbing Everest this season.</span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-05-29', 'modified' => '2023-05-29', 'keywords' => '', 'description' => '', 'sortorder' => '17741', 'image' => '20230529012016_everest.jpg', 'article_date' => '2023-05-29 13:19:33', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '18009', 'article_category_id' => '1', 'title' => 'Access to Finance Increasing: Economic Survey', 'sub_title' => 'Nearly 50 million depositors’ Account Registered in Nepal', 'summary' => 'May 29: Citizens’ access to finance has increased in the country of late, according to the Economic Survey 2022/23 report released by the government on Sunday. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">May 29: Citizens’ access to finance has increased in the country of late, according to the Economic Survey 2022/23 report released by the government on Sunday. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The survey shows that merger of banks are also on the rise and the expansion of banking and financial institutions is also taking place, thereby ensuring citizen's access to finance.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">As of mid-March 2023, the number of depositors’ accounts stood at 49,205,000 while the number of credit account was 1.8 million. According to the Economic Survey, there are 20.6 million mobile banking users in the country while as many as 1.7 million people have subscribed to internet banking service. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The merger and acquisition of bank has not discouraged digital banking, states the survey report unveiled by Finance Minister Prakash Sharan Mahat. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif""> Similarly, the number of people opting for digital payment via QR Code also increased significantly in the review period. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Currently, <span style="font-family:"Arial Unicode MS","sans-serif"">there are 21 commercial banks, 17 development banks, 17 finance companies, 64 micro finances and one infrastructure development bank to make up a total of 120 banking and financial institutions. Likewise, there are 31,373 cooperatives in Nepal, the report states.</span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The number of insurance companies including re-insurance company stands at 36. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">In terms of the property of financial system and liability, banking sector occupies significant size of 86.6 percent, added the report. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2023-05-29', 'modified' => '2023-05-29', 'keywords' => '', 'description' => '', 'sortorder' => '17740', 'image' => '20230529122200_Banks - Copy.jpg', 'article_date' => '2023-05-29 12:21:17', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '18007', 'article_category_id' => '1', 'title' => 'Broadband Internet Service in 6,743 Wards ', 'sub_title' => '', 'summary' => 'May 29: Broadband Internet service has reached all local level offices and 6,743 ward offices as of mid-March 2023.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">May 29: Broadband Internet service has reached all local level offices and 6,743 ward offices as of mid-March 2023. According to the economic survey of the current fiscal year presented in parliament by Finance Minister Dr Prakash Sharan Mahat on Sunday, broadband internet connection has been completed in 4,390 health centers and 5,318 community schools. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Free Wi-Fi hotspots are available in religious and tourist places including Baraha Chettra, Annapurna Circuit, Muktinath Temple Complex, Janaki Temple Complex, Pathibhara Temple, Halesi Temple, Gadhimai Temple Complex in Bara. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, the access to digital television has reached 72.0 per cent of households in the review period. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The Economic Survey states that 7,944 newspapers have been registered in different languages until the same period with news/articles being published weekly in 38 different languages by the state-owned Gorkhapatra daily. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2023-05-29', 'modified' => '2023-05-29', 'keywords' => '', 'description' => '', 'sortorder' => '17738', 'image' => '20230529114445_20221013013456_20210831104852_20210221040652_20191021115126_adsfjjj.jpg', 'article_date' => '2023-05-29 11:43:49', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '18006', 'article_category_id' => '1', 'title' => '16th Republic Day being Marked Today ', 'sub_title' => '', 'summary' => 'May 29: The 16th Republic Day is being marked nationwide by organizing several programmes today.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">May 29: The 16th Republic Day is being marked nationwide by organizing several programmes today. The first-ever people-elected Constituent Assembly had proclaimed the federal democratic republican governance system in the country by officially abolishing the autocratic monarchy on May 28, 2008. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The Republic Day is celebrated across the nation on Jetha 15 (May 29) every year in commemoration of the day the republican system was proclaimed on the backing of the historic people's movement of 2006 AD. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The republic day is being marked commemorating the commencement of democratic republican system resting all state power on the people. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">On 24 April 2006, the then King Gyanendra Shah had reinstated the parliament that was dissolved on 22 May 2002. The republic system was set up in the country on the backing of the 2006 April Uprising. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2023-05-29', 'modified' => '2023-05-29', 'keywords' => '', 'description' => '', 'sortorder' => '17737', 'image' => '20230529112009_PRO_KTM_HELICOPTER-6F8A2129.jpg', 'article_date' => '2023-05-29 11:19:24', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '18005', 'article_category_id' => '222', 'title' => 'United Insurance and Ajod Insurance Begin Joint Transaction ', 'sub_title' => '', 'summary' => 'Following the successful merger, United Insurance Company (Nepal) Limited and Ajod Insurance Limited have started their joint transaction under the name ‘United Ajod Insurance Company Limited’ from Sunday.', 'content' => '<p><span style="font-size:18px">May 29: Following the successful merger, United Insurance Company (Nepal) Limited and Ajod Insurance Limited have started their joint transaction under the name ‘United Ajod Insurance Company Limited’ from Sunday. The merged company has declared its aim to rank within best five non-life insurance companies within the next four years.</span></p> <p><span style="font-size:18px">During a special ceremony held in Kathmandu on Sunday, the Chairman of the Insurance Board, Surya Prasad Silwal, handed the insurance operation license to the new company's Chairman, Aajad Shrestha.</span></p> <p><span style="font-size:18px">Addressing the ceremony, Chairman Silwal emphasized the need for insurance companies to enhance customer trust. He suggested that the merged company strive to provide excellent services.</span></p> <p><span style="font-size:18px">Silwal also emphasized the importance of establishing a system for prompt and easy payment of claims up to the specified amount and maintaining good governance and transparency.</span></p> <p><span style="font-size:18px">Former Chairman of United Insurance Company (Nepal) Limited, Rabibhakta Shrestha, said that the companies had merged to provide quality services and reduce the costs. Shrestha said that the company aims to invest in new sectors and provide high returns to investors and quality services to policyholders.</span></p> <p><span style="font-size:18px">Chairman of United Ajod Insurance Limited, Aajad Shrestha, highlighted the company's goal to become one of the top five non-life insurance companies by providing competitive rates, quality services, and new products within four years. He emphasized the need for a fast and reliable service flow, focusing on customer satisfaction and prompt claim settlements.</span></p> <p><span style="font-size:18px">Following the merger, the company’s paid-up capital has reached Rs 1.90 billion. The company has Rs 59.67 crore in reserve fund, while the insurance fund stands at Rs 72.64 crore. </span></p> <p><span style="font-size:18px">Additionally, the company has a total of 100 branches across the country and has a workforce of 581 employees. <br /> The number of policies issued by the company stands at 192,825, with a total premium of Rs 2.39 billion. </span></p> <p> </p> ', 'published' => true, 'created' => '2023-05-29', 'modified' => '2023-05-29', 'keywords' => '', 'description' => '', 'sortorder' => '17736', 'image' => '20230529063205_collage (22).jpg', 'article_date' => '2023-05-29 06:29:06', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 10 => array( 'Article' => array( 'id' => '18004', 'article_category_id' => '1', 'title' => 'President Pardons Resham Chaudhary ', 'sub_title' => '', 'summary' => 'President Ram Chandra Paudel has pardoned prison sentence of Resham Chaudhary, the Tikapur murder convict and leader of the Nagarik Unmukti Party. Chaudhary, who has been serving a life imprisonment term, will now see his sentence commuted.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">May 29: President Ram Chandra Paudel has pardoned prison sentence of Resham Chaudhary, the Tikapur murder convict and leader of the Nagarik Unmukti Party. Chaudhary, who has been serving a life imprisonment term, will now see his sentence commuted.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">President Paudel granted pardons to Chaudhary and 19 other individuals at the Council of Ministers' recommendation on the auspicious occasion of Republic Day. </span></span><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">President Paudel is pardoning a total of 501 individuals in accordance with the government's recommendations on the Republic Day.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">Chaudhary and others were pardoned in accordance with Article 276 of the Constitution, Section 37 of the Criminal Offences Act of 2017, and Section 12 of the Senior Citizens Act of 2006. </span></span><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">Following the pardon, Resham Chaudhary will be released on Monday. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">Chaudhary was proved guilty in the murder of some police personnel in Tikapur of Kailali in 2015. He has been serving his life sentence at Dillibazar Prison in Kathmandu.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">The Supreme Court had upheld the decision of the Dipayal High Court to sentence Tikapur carnage convict Resham Chaudhary to life imprisonment.</span></span></p> ', 'published' => true, 'created' => '2023-05-29', 'modified' => '2023-05-29', 'keywords' => '', 'description' => '', 'sortorder' => '17735', 'image' => '20230529060335_collage (20).jpg', 'article_date' => '2023-05-29 06:01:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 11 => array( 'Article' => array( 'id' => '18003', 'article_category_id' => '274', 'title' => 'Economic Survey for FY 2022/23 Presented in Parliament', 'sub_title' => '', 'summary' => 'Finance Minister Dr Prakash Sharan Mahat has presented the Economic Survey of Fiscal Year 2022/23 and the Annual Situation Review of Public Corporations, 2023 in the separate meetings of the House of Representatives (HoR) and the National Assembly today.', 'content' => '<p><br /> <span style="font-size:18px">May 28: Finance Minister Dr Prakash Sharan Mahat has presented the Economic Survey of Fiscal Year 2022/23 and the Annual Situation Review of Public Corporations, 2023 in the separate meetings of the House of Representatives (HoR) and the National Assembly today.</span></p> <p><span style="font-size:18px">Tabling the Economic Survey, the Finance Minister said that the world economy was in crisis in 2023 and its impact was felt in Nepal's economy also.</span></p> <p><span style="font-size:18px">"There was a contraction in the overall economic activities including the wholesale and retail business, construction and the production of production-based industries due to the international economic situation and structural problems. It is estimated that the country's economic growth rate will be around 2.16 per cent in the current fiscal year as a result of this," he said.</span></p> <p><span style="font-size:18px">The Finance Minister said a strain was seen in resource management as well due to the slowdown in economic activities owing to the contraction in the import of goods and decrease in the overall demand.</span></p> <p><span style="font-size:18px">He pointed out that the problem was also because of the rise in the prices of petroleum products, food grains and raw materials in the world market. </span></p> <p><span style="font-size:18px">Minister Mahat maintained that positive indications have also been seen in the economy like the balance of payment was in surplus, the foreign currency reserve has gone up and tourist arrivals have increased, among others. </span></p> <p><span style="font-size:18px">According to the Economic Survey, the federal government has constructed 34,100 kilometres road and the total installed power capacity has reached 2,666 megawatts, student enrollment has increased at basic level, the net maternal mortality rate and infant mortality rate have gone down, and 95 per cent of the population has access to basic drinking water and electricity service. </span></p> <p><span style="font-size:18px">Also today, the Finance Minister presented in the HoR a report on the status of present performance and financial situation of public corporations along with an analysis of the problems and challenges.</span></p> <p><span style="font-size:18px">"Although the public corporations played a significant role in the country's economic, social and infrastructure development in the past, their overall financial situation is not satisfactory due to the shortcomings, especially seen in the operation and management, over time," he added.</span></p> <p><span style="font-size:18px">As the Finance Minister shared on the occasion, 25 out of the 44 public corporations having the government's investments are in profit while the government's shares and loan investments as of July 16, 2022 has reached Rs 618 billion. </span></p> <p><span style="font-size:18px">The government has acquired profit equivalent to Rs 6.16 billion from the public corporations in the last fiscal year, which is only one percent of the investment. ---RSS </span></p> ', 'published' => true, 'created' => '2023-05-28', 'modified' => '2023-05-29', 'keywords' => '', 'description' => '', 'sortorder' => '17734', 'image' => '20230528064754_collage (6).jpg', 'article_date' => '2023-05-28 18:45:42', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 12 => array( 'Article' => array( 'id' => '18002', 'article_category_id' => '275', 'title' => 'Over 5.5 Million Labour Permits Issued for Overseas Employment in the Country', 'sub_title' => '', 'summary' => 'The number of individuals obtaining labour permits for overseas employment in the country has surpassed 5.5 million.', 'content' => '<p> </p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">May 28: The number of individuals obtaining labour permits for overseas employment in the country has surpassed 5.5 million. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the economic survey report unveiled in the Federal Parliament on Sunday, a grand total of 5,526,704 labour permits have been granted until the month of Falgun 2079.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""> Furthermore, during the current fiscal year, up until mid-March, as many as 337,144 labour permits were issued for foreign employment.</span></span></p> ', 'published' => true, 'created' => '2023-05-28', 'modified' => '2023-05-29', 'keywords' => '', 'description' => '', 'sortorder' => '17733', 'image' => '20230528045216_collage (4).jpg', 'article_date' => '2023-05-28 16:51:18', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 13 => array( 'Article' => array( 'id' => '18001', 'article_category_id' => '1', 'title' => 'Dispute related to Livestock and Agriculture Insurance: Who is to blame?', 'sub_title' => '', 'summary' => 'May 28: The agriculture and livestock insurance programme initiated by the government a decade ago to attract farmers to agriculture and animal husbandry is mired in controversy.', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">May 28: The agriculture and livestock insurance programme initiated by the government a decade ago to attract farmers to agriculture and animal husbandry is mired in controversy.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The insurance companies have stopped issuing insurance policies under this scheme since May 21 after the government failed to release funds to the companies in this regard.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The interest shown by people in agriculture and animal husbandry since the last few years might wither away if the insurance scheme is stopped.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Since banks do not invest in agriculture without insurance, the development of the agricultural sector will be hindered as well.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The program came to a halt following a dispute between the insurance companies and the Ministry of Agriculture and Livestock Development (MOALD), which had been backing the insurance policies for various crops and livestock. However, the government is yet to officially announce the closure of the program. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Ashok Khadka, general secretary of Nepal Insurers’ Association (NIA) and chief executive officer of Neco Insurance Limited, said that 16 companies that issue such insurance have already stopped issuing the policies.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""> “NIA issued a statement on May 15 and decided to suspend all insurance work from May 21 if they did not receive the subsidy amount for agriculture and livestock insurance from the government,” said Khadka. He claimed that the 'ego' of the employees of the MOALD compelled them to stop the insurance program.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The government had launched the Agriculture and Livestock Insurance on January 14, 2013 with the aim of attracting the youth towards agriculture and animal husbandry. Two years ago, the government increased the subsidy to 80 percent from the initial subsidy of 50 percent. After the government decided to bear 80 percent of the insurance premium, the interest of farmers across the country towards agriculture and livestock insurance increased. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">According to the latest data of the Nepal Insurance Authority, up to 150,000 insurance policies are being issued annually. Punam Gyawali, deputy director and head of the agriculture insurance branch of the authority said that 143,711 insurance policies cover damages worth Rs 41.17 billion were issued from July to April of the current fiscal year. The insurance premium for the policies is Rs 1.86 billion. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">There is a provision for the government to bear 80 percent of the cost and provide subsidy to the insurance companies. Accordingly, the government should provide subsidies of Rs 1.48 billion to the insurance companies.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The government initially instructed the insurance companies to implement the program. As the number of insurers increases, it is seen that disputes are increasing. Now, the MOALD has stopped payments to insurance companies, claiming that there were many mistakes in the insurance policies issued for agriculture and livestock. According to the insurance companies, the government is yet to release Rs 2.94 billion as the subsidy to the insurance companies for agriculture and livestock insurance scheme.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Government officials on the other hand claimed that there are discrepancies in the records maintained by the insurance companies. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">If agricultural technicians make the wrong assessment, the Ministry of Agriculture has the right to take action against them, insists government officials.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""> Punam Gyawali of MOALD says that the insurance documents issued by the insurance companies show plenty of human errors.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">She said, “When an insurance policy is issued, the insurance fee should be Rs 100,000, but it was found to be as high as Rs 1 million because an extra zero was added by the companies.”</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Agriculture officials claim that there were errors in many insurance documents. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-05-28', 'modified' => '2023-05-28', 'keywords' => '', 'description' => '', 'sortorder' => '17732', 'image' => '20230528040459_20230324011925_paddyyy-transformed.jpeg', 'article_date' => '2023-05-28 16:04:17', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '18000', 'article_category_id' => '1', 'title' => 'Earthquake Jolts Sindhupalchowk ', 'sub_title' => '', 'summary' => 'May 28: An earthquake with its epicentre at Golche of Sindhupalchowk was recorded on Sunday afternoon. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">May 28: An earthquake with its epicentre at Golche of Sindhupalchowk was recorded on Sunday afternoon. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The National Earthquake Monitoring and Research Center, Lainchaur said a tremor measuring 3.9 on the Richter scale with epicentre around Golche of Sindhupalchowk occurred at 1.19 pm today (May 28). </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Prior to this, an earthquake measuring 4.5 on the Richter scale with its epicentre in Daulichaur of Bajhang was recorded on May 24. Earthquakes have been frequently taking place in the western and eastern parts of the country of late. The mountainous and hill regions of the country are considered to be earthquake-prone regions. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2023-05-28', 'modified' => '2023-05-28', 'keywords' => '', 'description' => '', 'sortorder' => '17731', 'image' => '20230528025157_earth.jpg', 'article_date' => '2023-05-28 14:51:11', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ) ) $current_user = null $logged_in = falsesimplexml_load_file - [internal], line ?? include - APP/View/Elements/side_bar.ctp, line 60 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
Notice (8): Undefined variable: file [APP/View/Elements/side_bar.ctp, line 133]Code Context// $file = 'http://aabhiyan:QUVLg8Wzs2F7G9N7@nepalstock.com.np/api/subindexdata.xml';if(!$xml = simplexml_load_file($file)){$viewFile = '/var/www/html/newbusinessage.com/app/View/Elements/side_bar.ctp' $dataForView = array( 'articles' => array( (int) 0 => array( 'Article' => array( [maximum depth reached] ) ), (int) 1 => array( 'Article' => array( [maximum depth reached] ) ), (int) 2 => array( 'Article' => array( [maximum depth reached] ) ), (int) 3 => array( 'Article' => array( [maximum depth reached] ) ), (int) 4 => array( 'Article' => array( [maximum depth reached] ) ), (int) 5 => array( 'Article' => array( [maximum depth reached] ) ), (int) 6 => array( 'Article' => array( [maximum depth reached] ) ), (int) 7 => array( 'Article' => array( [maximum depth reached] ) ), (int) 8 => array( 'Article' => array( [maximum depth reached] ) ), (int) 9 => array( 'Article' => array( [maximum depth reached] ) ), (int) 10 => array( 'Article' => array( [maximum depth reached] ) ), (int) 11 => array( 'Article' => array( [maximum depth reached] ) ), (int) 12 => array( 'Article' => array( [maximum depth reached] ) ), (int) 13 => array( 'Article' => array( [maximum depth reached] ) ), (int) 14 => array( 'Article' => array( [maximum depth reached] ) ) ), 'current_user' => null, 'logged_in' => false ) $articles = array( (int) 0 => array( 'Article' => array( 'id' => '18015', 'article_category_id' => '1', 'title' => 'Budget for New Fiscal Year being Presented Before House ', 'sub_title' => '', 'summary' => 'May 29: Budget for the upcoming fiscal year (FY) 2023-24 is being presented before the Federal Parliament. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">May 29: Budget for the upcoming fiscal year (FY) 2023-24 is being presented before the Federal Parliament. Finance Minister Dr Prakash Sharan Mahat is presenting the annual estimates of the government's revenue and expenditure for the upcoming fiscal year before a joint session of the Federal Parliament. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Prior to this, a meeting of the Council of Ministers endorsed the budget details, granting permission for its presentation in the House. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">With the commencement of the House session, Speaker Devraj Ghimire invited the finance minister to make the budget statement in the parliament. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The Constitution states that finance minister shall present before the Federal Parliament an estimate of revenues and expenditures under clause (1) on the 15th day of Jeth (May 29) each year. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">In Nepal's history, the first budget speech was held on February 4, 1952 following the restoration of democracy. It was announced by the then Finance Minister Subarna Shumser Rana and its size was equivalent to Rs 52.5 million. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2023-05-29', 'modified' => '2023-05-29', 'keywords' => '', 'description' => '', 'sortorder' => '17746', 'image' => '20230529051948_RS-KTM-DrMahatb.jpg', 'article_date' => '2023-05-29 17:19:19', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '18014', 'article_category_id' => '1', 'title' => ' Cabinet Passes Budget for Fiscal Year 2023/24 ', 'sub_title' => '', 'summary' => 'The Council of Ministers passed the budget for the upcoming fiscal year 2023/24. During a Cabinet meeting held at Singha Durbar on Monday, the budget figure was approved, as confirmed by a minister.', 'content' => '<p><span style="font-size:18px">May 29: The Council of Ministers passed the budget for the upcoming fiscal year 2023/24. During a Cabinet meeting held at Singha Durbar on Monday, the budget figure was approved, as confirmed by a minister.</span></p> <p><span style="font-size:18px">Dr. Prakash Sharan Mahat, the Finance Minister, will soon present the budget for the upcoming fiscal year in parliament. The government has made a budget of Rs 1,700 billion for the next fiscal year.</span></p> <p><span style="font-size:18px">According to constitutional provisions, the budge should be announced on 15th of Jestha.</span><br /> </p> ', 'published' => true, 'created' => '2023-05-29', 'modified' => '2023-05-29', 'keywords' => '', 'description' => '', 'sortorder' => '17745', 'image' => '20230529043652_collage.jpg', 'article_date' => '2023-05-29 16:35:30', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 2 => array( 'Article' => array( 'id' => '18012', 'article_category_id' => '1', 'title' => 'Economy Still in Trouble: Economic Survey', 'sub_title' => 'Government to Announce New Budget Today', 'summary' => 'May 29: The Economic Survey 2079/80 presented by Finance Minister Dr Prakash Sharan Mahat in the Federal Parliament on Sunday indicates that the country's economy is still in trouble.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">May 29: The Economic Survey 2079/80 presented by Finance Minister Dr Prakash Sharan Mahat in the Federal Parliament on Sunday indicates that the country's economy is still in trouble.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">It is estimated that the expansion of Nepal's economy will be low in the current fiscal year (FY), Finance Minister Dr Mahat said while unveiling the survey report.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">The economic growth rate of Nepal is estimated to drop to 2.16 percent in the current year due to the decline in industrial production including that of the construction, wholesale and retail businesses. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">Last year's economic growth rate was 5.46 percent. The survey said that the overall inflation remained high, especially due to the increase in the price of petroleum products due to the Russia-Ukraine war.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">As the capital expenditure of all three levels of government has not increased, there hasn’t been any improvement in capital formation, job creation, production and productivity growth. Despite the increase in annual rice production, the lack of winter rainfall adversely affected the winter crops this year. The slowdown in wholesale and retail trade, construction and real estate business, and the decline in overall economic activities is estimated to contract the growth of the industry and service sectors. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">Finance Minister Mahat said, "It seems that the government should formulate an economic policy and implement it to restore the confidence of the general public and the private sector."</span></span></span></span></p> <p><strong><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">Changes in the structure of economy</span></span></span></span></strong></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">The survey showed that the structure of Nepal's economy is changing. The contribution of the agricultural sector to the GDP is decreasing and that of the non-agricultural sector is increasing. It is estimated that the contribution of the agricultural sector to the gross domestic product will be 24.1 percent and the contribution of the non-agricultural sector will be 75.9 percent.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">In the current fiscal year, the ratio of government sector consumption to GDP is estimated to be the lowest in the last decade. By mid-March of the current fiscal year, the ratio of government and private sector consumption is estimated to be 5.4 and 86.3 percent, respectively, and the share of non-profit organizations will be 1.9 percent.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">There has been no significant change in the consumption structure of the government sector, private sector and non-profit organizations. In the current year, it is estimated that the consumption of the government sector will decrease and the consumption of the private sector and non-profit organizations will increase.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">As the ratio of total national savings to gross domestic product is gradually decreasing with the onset of Covid-19, it is seen that it will increase normally in the fiscal current year. In the current FY, the total national savings is estimated to be 31.7 percent of the GDP. Last year, this ratio was 29 percent.</span></span></span></span></p> <p><strong><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">Highest Inflation in 6 years</span></span></span></span></strong></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">This year, inflation is expected to be the highest in the last six years. The economic survey released by the government has shown that inflation in Nepal has been increasing gradually from 2018 to 2023.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">The price hike based on consumer prices was 4.1 percent in 2018. Currently, it is 7.8 percent.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">The data shows that inflation was 4.1 percent in 2018, 4.6 percent in 2019, 6.1 percent in 2020, 3.6 percent in 2021, 6.3 percent in 2022 and 7.8 percent in 2023.</span></span></span></span></p> <p><strong><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">15.1</span></span><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif""> percent of Nepalese below poverty line</span></span></span></span></strong></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">According to the Economic Survey, a total of 15.1 percent of Nepal's population is below the absolute poverty line. Based on the Nepal Living Standards Survey 2010/11, the National Planning Commission has stated that 15.1 percent of the total population is currently in abject poverty.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">The poverty figures differ regionally. Absolute poverty is the highest in Karnali province at 39.5 percent while the lowest is in Bagmati province at 7 percent. After Karnali, 25.3 percent of the population in Sudurpaschim Province and 24.2 percent in Madhesh Province are in poverty.</span></span></span></span></p> <p><strong><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">The new budget is brought in moderation</span></span></span></span></strong></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">The government is preparing to announce the budget for the next fiscal year (FY 2023/24) at a time when the country's economy is in a difficult situation.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">Finance Minister Dr Mahat is scheduled to announce the budget in a joint meeting of the House of Representatives and the National Assembly at 4 pm today (May 29). Due to the pressure on resources, the budget is going to be smaller in size for the next FY than the current fiscal year.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">The National Planning Commission has fixed the ceiling of Rs 1688 billion for the upcoming FY’s budget.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">According to sources at the Ministry of Finance, the budget has been prepared accordingly.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">According to sources, many new programs will not be introduced this time due to the pressure on resources in the budget. The government will not emphasize on any new programme as the finance minister has made it clear through the policies and programmes that the government will give continuity to the old programmes and projects.</span></span></span></span></p> <p> </p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-05-29', 'modified' => '2023-05-29', 'keywords' => '', 'description' => '', 'sortorder' => '17744', 'image' => '20230529030614_Budget.jpg', 'article_date' => '2023-05-29 15:04:39', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '18013', 'article_category_id' => '1', 'title' => 'NEPSE to Increase its Paid-up Capital to Rs 3 Billion', 'sub_title' => '', 'summary' => 'May 29: Nepal Stock Exchange (NEPSE) is preparing to increase its paid-up capital by Rs 2 billion. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">May 29: Nepal Stock Exchange (NEPSE) is preparing to increase its paid-up capital by Rs 2 billion. NEPSE currently has a paid-up capital of Rs 1 billion and plans to increase it to Rs 3 billion to meet the new criteria set by the Securities Board of Nepal (SEBON).</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The Securities Board of Nepal (SEBON) amended the Securities Market Operation Regulations, 2064 for the second time to introduce a new stock exchange. As per the new provision, the paid-up capital of the stock exchange company should be Rs 3 billion.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">In the regulation, a shareholder of the stock exchange can only hold a maximum of 15 percent of the total capital, at least 30 percent of the shares must be issued to the general public within 2 years of operation, and the trading system used by the stock exchange must be used in at least three foreign stock exchanges. The Board implemented the second amendment to the Securities Market Operation Regulations, 2064 from September 11.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to NEPSE’s information officer Murahari Parajuli, although the provision is not mandatory for NEPSE, which has been in operation before the implementation of the revised regulations, it is necessary to increase the capital to become competitive.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">NEPSE believes that by maintaining the financial and technical success achieved so far, it can become a competitive market operator moving forward with new equipment and technology. According to Parajuli, NEPSE has sent suggestions to the Ministry of Finance for structural changes in NEPSE, including changes in capital structure, modern multi-asset trading technology and arrangement of trading tools according to market demand.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to Parajuli, the Government of Nepal owns 58.66% shares of Nepse, Nepal Rastra Bank 14.60%, Employees Provident Fund 10%, Rastriya Banijya Bank 6.12%, Laxmi Bank 5%, Prabhu Bank 5% and others 0.62%. In the current situation, when the actual valuation of the company's shares is done, NEPSE claims that its value will be worth Rs 50 billion. If the government offloads some shares, it is estimated that the government will receive a large sum of money including foreign currency.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">In recent years, stock exchanges around the world have been integrated with strategic partners and companies with good corporate governance and the trend of selling shares to the general public has started, so NEPSE also wants to follow the same process.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">NEPSE has planned to sell the IPO to the general public at the premium rate. In order to increasse the paid-up capital to Rs 3 billion, NEPSE will issue 90 million shares to the general public including employees. Likewise, NEPSE plans to sell 21.77 percent shares to domestic organizations with good corporate governance and 15 percent to foreign strategic partners.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">As NEPSE prepares to become a competitor with the new stock exchange, the license distribution process of the new stock exchange is in confusion. A meeting of the Council of Ministers on May 19 decided to hold the process for the time being saying that it is necessary to distribute the license of the new stock exchange only after further study.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-05-29', 'modified' => '2023-05-29', 'keywords' => '', 'description' => '', 'sortorder' => '17743', 'image' => '20230529030811_20201127025255_1606433377.Clipboard03.jpg', 'article_date' => '2023-05-29 15:07:29', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '18011', 'article_category_id' => '1', 'title' => 'Industries other than Hydropower Plants in a Pathetic State', 'sub_title' => '', 'summary' => 'May 29: The Economic Survey of the government has revealed that the performance of all industries except hydropower is disappointing compared to the past.', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">May 29: The Economic Survey of the government has revealed that the performance of all industries except hydropower is disappointing compared to the past.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">It is estimated that the growth rate of the total value added in the mining and quarrying sector will be 1.1 percent in the current fiscal year (FY). Last year, this growth rate was 8.8 percent. Thus, the contribution of the mining and quarrying sector to the total value addition will be 0.51 percent.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Similarly, it is estimated that the growth rate of the total value addition of the manufacturing industry will be negative by 2 percent, which was 6.7 percent last year. Thus, the contribution of manufacturing industry to the total value addition will be 5.3 percent. Similarly the growth rate of the total value addition in the construction sector is estimated to be negative by 2.6 percent, which was 7 percent last year. In this way, the contribution of the construction sector to the total value addition will be 5.5 percent.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">It is estimated that the growth rate of the total value addition of water supply, sewage, waste management and recycling activities will be 2.2 percent. The contribution of this sector to the total value addition will be 0.46 percent. The sector of electricity, gas and steam and air conditioning supply services however will be positive. It is estimated that the growth rate of the total value addition of this sector will be 19.4 percent in the current year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The Economic Survey has summarized that the industries in many sectors have been affected due to the slowdown in economic activities, reduction in production, laxity in construction work. The survey has made it clear that the hydropower sector seems to be positive after the completion of construction of some hydropower projects.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Kamalesh Kumar Agrawal, senior vice president of Nepal Chamber of Commerce, says that competitiveness should be increased to raise the status of industries. Agrawal said, “The current need is to enable the domestic industries so that they can compete in the market. For this, tax concessions should be given to the industries as well as investment-friendly legislation should be created. It is also necessary to reduce the price of electricity.” </span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-05-29', 'modified' => '2023-05-29', 'keywords' => '', 'description' => '', 'sortorder' => '17742', 'image' => '20230529020338_indus.jpg', 'article_date' => '2023-05-29 14:02:46', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '18010', 'article_category_id' => '1', 'title' => 'Nepal Marks 70 Years of Ascent of Mt Everest', 'sub_title' => '', 'summary' => 'May 29: Today marks 70 years since humans first set foot atop Mt Everest (8,848 meters), the highest mountain in the world.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">May 29: Today marks 70 years since humans first set foot atop Mt Everest (8,848 meters), the highest mountain in the world.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">New Zealander Sir Edmund Hillary and his local guide Tenzing Norgay Sherpa first scaled Everest on May 29, 1953.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Commemorating this remarkable feat, Nepal is observing the platinum jubilee celebration to mark the 70th anniversary of the first ascent of Everest.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Officials of Nepal Mountaineering Association (NMA) say that the celebration is being marked in a grand manner today. People who have climbed Everest have been invited from across the world and are being honoured on this occasion, said Mohan Lamsal, an official of NMA.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Former chairman and chief advisor to the NMA, Ang Chhiring Sherpa, said a special programme is being organized at Khumjung valley of Solukhumbu to mark the event. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The programme is scheduled to be attended by Tenzing Norgay's son Jamling Tenjing Sherpa and Hillary's son Peter Hillary. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Sherpa believes that the platinum jubilee celebration will bring a new wave in Nepal's tourism industry, as this event is being covered by the international media. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Nepal is a home to eight peaks of over 8,000 meters including Mt Everest. So far, some 7,000 people – Nepalis and foreigners – have reached atop Mt Everest. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">There is also a record keeping competition among the climbers. Kamirita Sherpa has scaled Everest for 28 times, including twice this season. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">However, there are also mounting concerns of pollution on Everest and other peaks due to human activities. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Nepalese Army is conducting the Clean Mountain Campaign 2023 with the objective of collecting 35,000 kg of garbage from various peaks this season.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Another matter of concern is the traffic jam on Everest as the Department of Tourism has issued the highest number of permits – 478 – for climbers to scale Everest this season in 70 years of history. They include 103 women and 376 men from 47 mountaineering teams, added the department. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">At least ten people, including six foreigners and four Sherpas, have already died while climbing Everest this season.</span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-05-29', 'modified' => '2023-05-29', 'keywords' => '', 'description' => '', 'sortorder' => '17741', 'image' => '20230529012016_everest.jpg', 'article_date' => '2023-05-29 13:19:33', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '18009', 'article_category_id' => '1', 'title' => 'Access to Finance Increasing: Economic Survey', 'sub_title' => 'Nearly 50 million depositors’ Account Registered in Nepal', 'summary' => 'May 29: Citizens’ access to finance has increased in the country of late, according to the Economic Survey 2022/23 report released by the government on Sunday. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">May 29: Citizens’ access to finance has increased in the country of late, according to the Economic Survey 2022/23 report released by the government on Sunday. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The survey shows that merger of banks are also on the rise and the expansion of banking and financial institutions is also taking place, thereby ensuring citizen's access to finance.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">As of mid-March 2023, the number of depositors’ accounts stood at 49,205,000 while the number of credit account was 1.8 million. According to the Economic Survey, there are 20.6 million mobile banking users in the country while as many as 1.7 million people have subscribed to internet banking service. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The merger and acquisition of bank has not discouraged digital banking, states the survey report unveiled by Finance Minister Prakash Sharan Mahat. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif""> Similarly, the number of people opting for digital payment via QR Code also increased significantly in the review period. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Currently, <span style="font-family:"Arial Unicode MS","sans-serif"">there are 21 commercial banks, 17 development banks, 17 finance companies, 64 micro finances and one infrastructure development bank to make up a total of 120 banking and financial institutions. Likewise, there are 31,373 cooperatives in Nepal, the report states.</span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The number of insurance companies including re-insurance company stands at 36. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">In terms of the property of financial system and liability, banking sector occupies significant size of 86.6 percent, added the report. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2023-05-29', 'modified' => '2023-05-29', 'keywords' => '', 'description' => '', 'sortorder' => '17740', 'image' => '20230529122200_Banks - Copy.jpg', 'article_date' => '2023-05-29 12:21:17', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '18007', 'article_category_id' => '1', 'title' => 'Broadband Internet Service in 6,743 Wards ', 'sub_title' => '', 'summary' => 'May 29: Broadband Internet service has reached all local level offices and 6,743 ward offices as of mid-March 2023.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">May 29: Broadband Internet service has reached all local level offices and 6,743 ward offices as of mid-March 2023. According to the economic survey of the current fiscal year presented in parliament by Finance Minister Dr Prakash Sharan Mahat on Sunday, broadband internet connection has been completed in 4,390 health centers and 5,318 community schools. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Free Wi-Fi hotspots are available in religious and tourist places including Baraha Chettra, Annapurna Circuit, Muktinath Temple Complex, Janaki Temple Complex, Pathibhara Temple, Halesi Temple, Gadhimai Temple Complex in Bara. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, the access to digital television has reached 72.0 per cent of households in the review period. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The Economic Survey states that 7,944 newspapers have been registered in different languages until the same period with news/articles being published weekly in 38 different languages by the state-owned Gorkhapatra daily. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2023-05-29', 'modified' => '2023-05-29', 'keywords' => '', 'description' => '', 'sortorder' => '17738', 'image' => '20230529114445_20221013013456_20210831104852_20210221040652_20191021115126_adsfjjj.jpg', 'article_date' => '2023-05-29 11:43:49', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '18006', 'article_category_id' => '1', 'title' => '16th Republic Day being Marked Today ', 'sub_title' => '', 'summary' => 'May 29: The 16th Republic Day is being marked nationwide by organizing several programmes today.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">May 29: The 16th Republic Day is being marked nationwide by organizing several programmes today. The first-ever people-elected Constituent Assembly had proclaimed the federal democratic republican governance system in the country by officially abolishing the autocratic monarchy on May 28, 2008. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The Republic Day is celebrated across the nation on Jetha 15 (May 29) every year in commemoration of the day the republican system was proclaimed on the backing of the historic people's movement of 2006 AD. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The republic day is being marked commemorating the commencement of democratic republican system resting all state power on the people. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">On 24 April 2006, the then King Gyanendra Shah had reinstated the parliament that was dissolved on 22 May 2002. The republic system was set up in the country on the backing of the 2006 April Uprising. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2023-05-29', 'modified' => '2023-05-29', 'keywords' => '', 'description' => '', 'sortorder' => '17737', 'image' => '20230529112009_PRO_KTM_HELICOPTER-6F8A2129.jpg', 'article_date' => '2023-05-29 11:19:24', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '18005', 'article_category_id' => '222', 'title' => 'United Insurance and Ajod Insurance Begin Joint Transaction ', 'sub_title' => '', 'summary' => 'Following the successful merger, United Insurance Company (Nepal) Limited and Ajod Insurance Limited have started their joint transaction under the name ‘United Ajod Insurance Company Limited’ from Sunday.', 'content' => '<p><span style="font-size:18px">May 29: Following the successful merger, United Insurance Company (Nepal) Limited and Ajod Insurance Limited have started their joint transaction under the name ‘United Ajod Insurance Company Limited’ from Sunday. The merged company has declared its aim to rank within best five non-life insurance companies within the next four years.</span></p> <p><span style="font-size:18px">During a special ceremony held in Kathmandu on Sunday, the Chairman of the Insurance Board, Surya Prasad Silwal, handed the insurance operation license to the new company's Chairman, Aajad Shrestha.</span></p> <p><span style="font-size:18px">Addressing the ceremony, Chairman Silwal emphasized the need for insurance companies to enhance customer trust. He suggested that the merged company strive to provide excellent services.</span></p> <p><span style="font-size:18px">Silwal also emphasized the importance of establishing a system for prompt and easy payment of claims up to the specified amount and maintaining good governance and transparency.</span></p> <p><span style="font-size:18px">Former Chairman of United Insurance Company (Nepal) Limited, Rabibhakta Shrestha, said that the companies had merged to provide quality services and reduce the costs. Shrestha said that the company aims to invest in new sectors and provide high returns to investors and quality services to policyholders.</span></p> <p><span style="font-size:18px">Chairman of United Ajod Insurance Limited, Aajad Shrestha, highlighted the company's goal to become one of the top five non-life insurance companies by providing competitive rates, quality services, and new products within four years. He emphasized the need for a fast and reliable service flow, focusing on customer satisfaction and prompt claim settlements.</span></p> <p><span style="font-size:18px">Following the merger, the company’s paid-up capital has reached Rs 1.90 billion. The company has Rs 59.67 crore in reserve fund, while the insurance fund stands at Rs 72.64 crore. </span></p> <p><span style="font-size:18px">Additionally, the company has a total of 100 branches across the country and has a workforce of 581 employees. <br /> The number of policies issued by the company stands at 192,825, with a total premium of Rs 2.39 billion. </span></p> <p> </p> ', 'published' => true, 'created' => '2023-05-29', 'modified' => '2023-05-29', 'keywords' => '', 'description' => '', 'sortorder' => '17736', 'image' => '20230529063205_collage (22).jpg', 'article_date' => '2023-05-29 06:29:06', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 10 => array( 'Article' => array( 'id' => '18004', 'article_category_id' => '1', 'title' => 'President Pardons Resham Chaudhary ', 'sub_title' => '', 'summary' => 'President Ram Chandra Paudel has pardoned prison sentence of Resham Chaudhary, the Tikapur murder convict and leader of the Nagarik Unmukti Party. Chaudhary, who has been serving a life imprisonment term, will now see his sentence commuted.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">May 29: President Ram Chandra Paudel has pardoned prison sentence of Resham Chaudhary, the Tikapur murder convict and leader of the Nagarik Unmukti Party. Chaudhary, who has been serving a life imprisonment term, will now see his sentence commuted.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">President Paudel granted pardons to Chaudhary and 19 other individuals at the Council of Ministers' recommendation on the auspicious occasion of Republic Day. </span></span><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">President Paudel is pardoning a total of 501 individuals in accordance with the government's recommendations on the Republic Day.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">Chaudhary and others were pardoned in accordance with Article 276 of the Constitution, Section 37 of the Criminal Offences Act of 2017, and Section 12 of the Senior Citizens Act of 2006. </span></span><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">Following the pardon, Resham Chaudhary will be released on Monday. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">Chaudhary was proved guilty in the murder of some police personnel in Tikapur of Kailali in 2015. He has been serving his life sentence at Dillibazar Prison in Kathmandu.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">The Supreme Court had upheld the decision of the Dipayal High Court to sentence Tikapur carnage convict Resham Chaudhary to life imprisonment.</span></span></p> ', 'published' => true, 'created' => '2023-05-29', 'modified' => '2023-05-29', 'keywords' => '', 'description' => '', 'sortorder' => '17735', 'image' => '20230529060335_collage (20).jpg', 'article_date' => '2023-05-29 06:01:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 11 => array( 'Article' => array( 'id' => '18003', 'article_category_id' => '274', 'title' => 'Economic Survey for FY 2022/23 Presented in Parliament', 'sub_title' => '', 'summary' => 'Finance Minister Dr Prakash Sharan Mahat has presented the Economic Survey of Fiscal Year 2022/23 and the Annual Situation Review of Public Corporations, 2023 in the separate meetings of the House of Representatives (HoR) and the National Assembly today.', 'content' => '<p><br /> <span style="font-size:18px">May 28: Finance Minister Dr Prakash Sharan Mahat has presented the Economic Survey of Fiscal Year 2022/23 and the Annual Situation Review of Public Corporations, 2023 in the separate meetings of the House of Representatives (HoR) and the National Assembly today.</span></p> <p><span style="font-size:18px">Tabling the Economic Survey, the Finance Minister said that the world economy was in crisis in 2023 and its impact was felt in Nepal's economy also.</span></p> <p><span style="font-size:18px">"There was a contraction in the overall economic activities including the wholesale and retail business, construction and the production of production-based industries due to the international economic situation and structural problems. It is estimated that the country's economic growth rate will be around 2.16 per cent in the current fiscal year as a result of this," he said.</span></p> <p><span style="font-size:18px">The Finance Minister said a strain was seen in resource management as well due to the slowdown in economic activities owing to the contraction in the import of goods and decrease in the overall demand.</span></p> <p><span style="font-size:18px">He pointed out that the problem was also because of the rise in the prices of petroleum products, food grains and raw materials in the world market. </span></p> <p><span style="font-size:18px">Minister Mahat maintained that positive indications have also been seen in the economy like the balance of payment was in surplus, the foreign currency reserve has gone up and tourist arrivals have increased, among others. </span></p> <p><span style="font-size:18px">According to the Economic Survey, the federal government has constructed 34,100 kilometres road and the total installed power capacity has reached 2,666 megawatts, student enrollment has increased at basic level, the net maternal mortality rate and infant mortality rate have gone down, and 95 per cent of the population has access to basic drinking water and electricity service. </span></p> <p><span style="font-size:18px">Also today, the Finance Minister presented in the HoR a report on the status of present performance and financial situation of public corporations along with an analysis of the problems and challenges.</span></p> <p><span style="font-size:18px">"Although the public corporations played a significant role in the country's economic, social and infrastructure development in the past, their overall financial situation is not satisfactory due to the shortcomings, especially seen in the operation and management, over time," he added.</span></p> <p><span style="font-size:18px">As the Finance Minister shared on the occasion, 25 out of the 44 public corporations having the government's investments are in profit while the government's shares and loan investments as of July 16, 2022 has reached Rs 618 billion. </span></p> <p><span style="font-size:18px">The government has acquired profit equivalent to Rs 6.16 billion from the public corporations in the last fiscal year, which is only one percent of the investment. ---RSS </span></p> ', 'published' => true, 'created' => '2023-05-28', 'modified' => '2023-05-29', 'keywords' => '', 'description' => '', 'sortorder' => '17734', 'image' => '20230528064754_collage (6).jpg', 'article_date' => '2023-05-28 18:45:42', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 12 => array( 'Article' => array( 'id' => '18002', 'article_category_id' => '275', 'title' => 'Over 5.5 Million Labour Permits Issued for Overseas Employment in the Country', 'sub_title' => '', 'summary' => 'The number of individuals obtaining labour permits for overseas employment in the country has surpassed 5.5 million.', 'content' => '<p> </p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">May 28: The number of individuals obtaining labour permits for overseas employment in the country has surpassed 5.5 million. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the economic survey report unveiled in the Federal Parliament on Sunday, a grand total of 5,526,704 labour permits have been granted until the month of Falgun 2079.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""> Furthermore, during the current fiscal year, up until mid-March, as many as 337,144 labour permits were issued for foreign employment.</span></span></p> ', 'published' => true, 'created' => '2023-05-28', 'modified' => '2023-05-29', 'keywords' => '', 'description' => '', 'sortorder' => '17733', 'image' => '20230528045216_collage (4).jpg', 'article_date' => '2023-05-28 16:51:18', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 13 => array( 'Article' => array( 'id' => '18001', 'article_category_id' => '1', 'title' => 'Dispute related to Livestock and Agriculture Insurance: Who is to blame?', 'sub_title' => '', 'summary' => 'May 28: The agriculture and livestock insurance programme initiated by the government a decade ago to attract farmers to agriculture and animal husbandry is mired in controversy.', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">May 28: The agriculture and livestock insurance programme initiated by the government a decade ago to attract farmers to agriculture and animal husbandry is mired in controversy.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The insurance companies have stopped issuing insurance policies under this scheme since May 21 after the government failed to release funds to the companies in this regard.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The interest shown by people in agriculture and animal husbandry since the last few years might wither away if the insurance scheme is stopped.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Since banks do not invest in agriculture without insurance, the development of the agricultural sector will be hindered as well.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The program came to a halt following a dispute between the insurance companies and the Ministry of Agriculture and Livestock Development (MOALD), which had been backing the insurance policies for various crops and livestock. However, the government is yet to officially announce the closure of the program. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Ashok Khadka, general secretary of Nepal Insurers’ Association (NIA) and chief executive officer of Neco Insurance Limited, said that 16 companies that issue such insurance have already stopped issuing the policies.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""> “NIA issued a statement on May 15 and decided to suspend all insurance work from May 21 if they did not receive the subsidy amount for agriculture and livestock insurance from the government,” said Khadka. He claimed that the 'ego' of the employees of the MOALD compelled them to stop the insurance program.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The government had launched the Agriculture and Livestock Insurance on January 14, 2013 with the aim of attracting the youth towards agriculture and animal husbandry. Two years ago, the government increased the subsidy to 80 percent from the initial subsidy of 50 percent. After the government decided to bear 80 percent of the insurance premium, the interest of farmers across the country towards agriculture and livestock insurance increased. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">According to the latest data of the Nepal Insurance Authority, up to 150,000 insurance policies are being issued annually. Punam Gyawali, deputy director and head of the agriculture insurance branch of the authority said that 143,711 insurance policies cover damages worth Rs 41.17 billion were issued from July to April of the current fiscal year. The insurance premium for the policies is Rs 1.86 billion. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">There is a provision for the government to bear 80 percent of the cost and provide subsidy to the insurance companies. Accordingly, the government should provide subsidies of Rs 1.48 billion to the insurance companies.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The government initially instructed the insurance companies to implement the program. As the number of insurers increases, it is seen that disputes are increasing. Now, the MOALD has stopped payments to insurance companies, claiming that there were many mistakes in the insurance policies issued for agriculture and livestock. According to the insurance companies, the government is yet to release Rs 2.94 billion as the subsidy to the insurance companies for agriculture and livestock insurance scheme.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Government officials on the other hand claimed that there are discrepancies in the records maintained by the insurance companies. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">If agricultural technicians make the wrong assessment, the Ministry of Agriculture has the right to take action against them, insists government officials.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""> Punam Gyawali of MOALD says that the insurance documents issued by the insurance companies show plenty of human errors.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">She said, “When an insurance policy is issued, the insurance fee should be Rs 100,000, but it was found to be as high as Rs 1 million because an extra zero was added by the companies.”</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Agriculture officials claim that there were errors in many insurance documents. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-05-28', 'modified' => '2023-05-28', 'keywords' => '', 'description' => '', 'sortorder' => '17732', 'image' => '20230528040459_20230324011925_paddyyy-transformed.jpeg', 'article_date' => '2023-05-28 16:04:17', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '18000', 'article_category_id' => '1', 'title' => 'Earthquake Jolts Sindhupalchowk ', 'sub_title' => '', 'summary' => 'May 28: An earthquake with its epicentre at Golche of Sindhupalchowk was recorded on Sunday afternoon. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">May 28: An earthquake with its epicentre at Golche of Sindhupalchowk was recorded on Sunday afternoon. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The National Earthquake Monitoring and Research Center, Lainchaur said a tremor measuring 3.9 on the Richter scale with epicentre around Golche of Sindhupalchowk occurred at 1.19 pm today (May 28). </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Prior to this, an earthquake measuring 4.5 on the Richter scale with its epicentre in Daulichaur of Bajhang was recorded on May 24. Earthquakes have been frequently taking place in the western and eastern parts of the country of late. The mountainous and hill regions of the country are considered to be earthquake-prone regions. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2023-05-28', 'modified' => '2023-05-28', 'keywords' => '', 'description' => '', 'sortorder' => '17731', 'image' => '20230528025157_earth.jpg', 'article_date' => '2023-05-28 14:51:11', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ) ) $current_user = null $logged_in = false $xml = falseinclude - APP/View/Elements/side_bar.ctp, line 133 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
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', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">May 29: Budget for the upcoming fiscal year (FY) 2023-24 is being presented before the Federal Parliament. Finance Minister Dr Prakash Sharan Mahat is presenting the annual estimates of the government's revenue and expenditure for the upcoming fiscal year before a joint session of the Federal Parliament. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Prior to this, a meeting of the Council of Ministers endorsed the budget details, granting permission for its presentation in the House. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">With the commencement of the House session, Speaker Devraj Ghimire invited the finance minister to make the budget statement in the parliament. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The Constitution states that finance minister shall present before the Federal Parliament an estimate of revenues and expenditures under clause (1) on the 15th day of Jeth (May 29) each year. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">In Nepal's history, the first budget speech was held on February 4, 1952 following the restoration of democracy. It was announced by the then Finance Minister Subarna Shumser Rana and its size was equivalent to Rs 52.5 million. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2023-05-29', 'modified' => '2023-05-29', 'keywords' => '', 'description' => '', 'sortorder' => '17746', 'image' => '20230529051948_RS-KTM-DrMahatb.jpg', 'article_date' => '2023-05-29 17:19:19', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '18014', 'article_category_id' => '1', 'title' => ' Cabinet Passes Budget for Fiscal Year 2023/24 ', 'sub_title' => '', 'summary' => 'The Council of Ministers passed the budget for the upcoming fiscal year 2023/24. During a Cabinet meeting held at Singha Durbar on Monday, the budget figure was approved, as confirmed by a minister.', 'content' => '<p><span style="font-size:18px">May 29: The Council of Ministers passed the budget for the upcoming fiscal year 2023/24. During a Cabinet meeting held at Singha Durbar on Monday, the budget figure was approved, as confirmed by a minister.</span></p> <p><span style="font-size:18px">Dr. Prakash Sharan Mahat, the Finance Minister, will soon present the budget for the upcoming fiscal year in parliament. The government has made a budget of Rs 1,700 billion for the next fiscal year.</span></p> <p><span style="font-size:18px">According to constitutional provisions, the budge should be announced on 15th of Jestha.</span><br /> </p> ', 'published' => true, 'created' => '2023-05-29', 'modified' => '2023-05-29', 'keywords' => '', 'description' => '', 'sortorder' => '17745', 'image' => '20230529043652_collage.jpg', 'article_date' => '2023-05-29 16:35:30', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 2 => array( 'Article' => array( 'id' => '18012', 'article_category_id' => '1', 'title' => 'Economy Still in Trouble: Economic Survey', 'sub_title' => 'Government to Announce New Budget Today', 'summary' => 'May 29: The Economic Survey 2079/80 presented by Finance Minister Dr Prakash Sharan Mahat in the Federal Parliament on Sunday indicates that the country's economy is still in trouble.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">May 29: The Economic Survey 2079/80 presented by Finance Minister Dr Prakash Sharan Mahat in the Federal Parliament on Sunday indicates that the country's economy is still in trouble.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">It is estimated that the expansion of Nepal's economy will be low in the current fiscal year (FY), Finance Minister Dr Mahat said while unveiling the survey report.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">The economic growth rate of Nepal is estimated to drop to 2.16 percent in the current year due to the decline in industrial production including that of the construction, wholesale and retail businesses. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">Last year's economic growth rate was 5.46 percent. The survey said that the overall inflation remained high, especially due to the increase in the price of petroleum products due to the Russia-Ukraine war.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">As the capital expenditure of all three levels of government has not increased, there hasn’t been any improvement in capital formation, job creation, production and productivity growth. Despite the increase in annual rice production, the lack of winter rainfall adversely affected the winter crops this year. The slowdown in wholesale and retail trade, construction and real estate business, and the decline in overall economic activities is estimated to contract the growth of the industry and service sectors. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">Finance Minister Mahat said, "It seems that the government should formulate an economic policy and implement it to restore the confidence of the general public and the private sector."</span></span></span></span></p> <p><strong><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">Changes in the structure of economy</span></span></span></span></strong></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">The survey showed that the structure of Nepal's economy is changing. The contribution of the agricultural sector to the GDP is decreasing and that of the non-agricultural sector is increasing. It is estimated that the contribution of the agricultural sector to the gross domestic product will be 24.1 percent and the contribution of the non-agricultural sector will be 75.9 percent.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">In the current fiscal year, the ratio of government sector consumption to GDP is estimated to be the lowest in the last decade. By mid-March of the current fiscal year, the ratio of government and private sector consumption is estimated to be 5.4 and 86.3 percent, respectively, and the share of non-profit organizations will be 1.9 percent.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">There has been no significant change in the consumption structure of the government sector, private sector and non-profit organizations. In the current year, it is estimated that the consumption of the government sector will decrease and the consumption of the private sector and non-profit organizations will increase.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">As the ratio of total national savings to gross domestic product is gradually decreasing with the onset of Covid-19, it is seen that it will increase normally in the fiscal current year. In the current FY, the total national savings is estimated to be 31.7 percent of the GDP. Last year, this ratio was 29 percent.</span></span></span></span></p> <p><strong><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">Highest Inflation in 6 years</span></span></span></span></strong></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">This year, inflation is expected to be the highest in the last six years. The economic survey released by the government has shown that inflation in Nepal has been increasing gradually from 2018 to 2023.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">The price hike based on consumer prices was 4.1 percent in 2018. Currently, it is 7.8 percent.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">The data shows that inflation was 4.1 percent in 2018, 4.6 percent in 2019, 6.1 percent in 2020, 3.6 percent in 2021, 6.3 percent in 2022 and 7.8 percent in 2023.</span></span></span></span></p> <p><strong><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">15.1</span></span><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif""> percent of Nepalese below poverty line</span></span></span></span></strong></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">According to the Economic Survey, a total of 15.1 percent of Nepal's population is below the absolute poverty line. Based on the Nepal Living Standards Survey 2010/11, the National Planning Commission has stated that 15.1 percent of the total population is currently in abject poverty.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">The poverty figures differ regionally. Absolute poverty is the highest in Karnali province at 39.5 percent while the lowest is in Bagmati province at 7 percent. After Karnali, 25.3 percent of the population in Sudurpaschim Province and 24.2 percent in Madhesh Province are in poverty.</span></span></span></span></p> <p><strong><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">The new budget is brought in moderation</span></span></span></span></strong></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">The government is preparing to announce the budget for the next fiscal year (FY 2023/24) at a time when the country's economy is in a difficult situation.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">Finance Minister Dr Mahat is scheduled to announce the budget in a joint meeting of the House of Representatives and the National Assembly at 4 pm today (May 29). Due to the pressure on resources, the budget is going to be smaller in size for the next FY than the current fiscal year.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">The National Planning Commission has fixed the ceiling of Rs 1688 billion for the upcoming FY’s budget.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">According to sources at the Ministry of Finance, the budget has been prepared accordingly.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">According to sources, many new programs will not be introduced this time due to the pressure on resources in the budget. The government will not emphasize on any new programme as the finance minister has made it clear through the policies and programmes that the government will give continuity to the old programmes and projects.</span></span></span></span></p> <p> </p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-05-29', 'modified' => '2023-05-29', 'keywords' => '', 'description' => '', 'sortorder' => '17744', 'image' => '20230529030614_Budget.jpg', 'article_date' => '2023-05-29 15:04:39', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '18013', 'article_category_id' => '1', 'title' => 'NEPSE to Increase its Paid-up Capital to Rs 3 Billion', 'sub_title' => '', 'summary' => 'May 29: Nepal Stock Exchange (NEPSE) is preparing to increase its paid-up capital by Rs 2 billion. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">May 29: Nepal Stock Exchange (NEPSE) is preparing to increase its paid-up capital by Rs 2 billion. NEPSE currently has a paid-up capital of Rs 1 billion and plans to increase it to Rs 3 billion to meet the new criteria set by the Securities Board of Nepal (SEBON).</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The Securities Board of Nepal (SEBON) amended the Securities Market Operation Regulations, 2064 for the second time to introduce a new stock exchange. As per the new provision, the paid-up capital of the stock exchange company should be Rs 3 billion.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">In the regulation, a shareholder of the stock exchange can only hold a maximum of 15 percent of the total capital, at least 30 percent of the shares must be issued to the general public within 2 years of operation, and the trading system used by the stock exchange must be used in at least three foreign stock exchanges. The Board implemented the second amendment to the Securities Market Operation Regulations, 2064 from September 11.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to NEPSE’s information officer Murahari Parajuli, although the provision is not mandatory for NEPSE, which has been in operation before the implementation of the revised regulations, it is necessary to increase the capital to become competitive.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">NEPSE believes that by maintaining the financial and technical success achieved so far, it can become a competitive market operator moving forward with new equipment and technology. According to Parajuli, NEPSE has sent suggestions to the Ministry of Finance for structural changes in NEPSE, including changes in capital structure, modern multi-asset trading technology and arrangement of trading tools according to market demand.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to Parajuli, the Government of Nepal owns 58.66% shares of Nepse, Nepal Rastra Bank 14.60%, Employees Provident Fund 10%, Rastriya Banijya Bank 6.12%, Laxmi Bank 5%, Prabhu Bank 5% and others 0.62%. In the current situation, when the actual valuation of the company's shares is done, NEPSE claims that its value will be worth Rs 50 billion. If the government offloads some shares, it is estimated that the government will receive a large sum of money including foreign currency.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">In recent years, stock exchanges around the world have been integrated with strategic partners and companies with good corporate governance and the trend of selling shares to the general public has started, so NEPSE also wants to follow the same process.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">NEPSE has planned to sell the IPO to the general public at the premium rate. In order to increasse the paid-up capital to Rs 3 billion, NEPSE will issue 90 million shares to the general public including employees. Likewise, NEPSE plans to sell 21.77 percent shares to domestic organizations with good corporate governance and 15 percent to foreign strategic partners.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">As NEPSE prepares to become a competitor with the new stock exchange, the license distribution process of the new stock exchange is in confusion. A meeting of the Council of Ministers on May 19 decided to hold the process for the time being saying that it is necessary to distribute the license of the new stock exchange only after further study.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-05-29', 'modified' => '2023-05-29', 'keywords' => '', 'description' => '', 'sortorder' => '17743', 'image' => '20230529030811_20201127025255_1606433377.Clipboard03.jpg', 'article_date' => '2023-05-29 15:07:29', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '18011', 'article_category_id' => '1', 'title' => 'Industries other than Hydropower Plants in a Pathetic State', 'sub_title' => '', 'summary' => 'May 29: The Economic Survey of the government has revealed that the performance of all industries except hydropower is disappointing compared to the past.', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">May 29: The Economic Survey of the government has revealed that the performance of all industries except hydropower is disappointing compared to the past.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">It is estimated that the growth rate of the total value added in the mining and quarrying sector will be 1.1 percent in the current fiscal year (FY). Last year, this growth rate was 8.8 percent. Thus, the contribution of the mining and quarrying sector to the total value addition will be 0.51 percent.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Similarly, it is estimated that the growth rate of the total value addition of the manufacturing industry will be negative by 2 percent, which was 6.7 percent last year. Thus, the contribution of manufacturing industry to the total value addition will be 5.3 percent. Similarly the growth rate of the total value addition in the construction sector is estimated to be negative by 2.6 percent, which was 7 percent last year. In this way, the contribution of the construction sector to the total value addition will be 5.5 percent.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">It is estimated that the growth rate of the total value addition of water supply, sewage, waste management and recycling activities will be 2.2 percent. The contribution of this sector to the total value addition will be 0.46 percent. The sector of electricity, gas and steam and air conditioning supply services however will be positive. It is estimated that the growth rate of the total value addition of this sector will be 19.4 percent in the current year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The Economic Survey has summarized that the industries in many sectors have been affected due to the slowdown in economic activities, reduction in production, laxity in construction work. The survey has made it clear that the hydropower sector seems to be positive after the completion of construction of some hydropower projects.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Kamalesh Kumar Agrawal, senior vice president of Nepal Chamber of Commerce, says that competitiveness should be increased to raise the status of industries. Agrawal said, “The current need is to enable the domestic industries so that they can compete in the market. For this, tax concessions should be given to the industries as well as investment-friendly legislation should be created. It is also necessary to reduce the price of electricity.” </span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-05-29', 'modified' => '2023-05-29', 'keywords' => '', 'description' => '', 'sortorder' => '17742', 'image' => '20230529020338_indus.jpg', 'article_date' => '2023-05-29 14:02:46', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '18010', 'article_category_id' => '1', 'title' => 'Nepal Marks 70 Years of Ascent of Mt Everest', 'sub_title' => '', 'summary' => 'May 29: Today marks 70 years since humans first set foot atop Mt Everest (8,848 meters), the highest mountain in the world.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">May 29: Today marks 70 years since humans first set foot atop Mt Everest (8,848 meters), the highest mountain in the world.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">New Zealander Sir Edmund Hillary and his local guide Tenzing Norgay Sherpa first scaled Everest on May 29, 1953.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Commemorating this remarkable feat, Nepal is observing the platinum jubilee celebration to mark the 70th anniversary of the first ascent of Everest.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Officials of Nepal Mountaineering Association (NMA) say that the celebration is being marked in a grand manner today. People who have climbed Everest have been invited from across the world and are being honoured on this occasion, said Mohan Lamsal, an official of NMA.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Former chairman and chief advisor to the NMA, Ang Chhiring Sherpa, said a special programme is being organized at Khumjung valley of Solukhumbu to mark the event. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The programme is scheduled to be attended by Tenzing Norgay's son Jamling Tenjing Sherpa and Hillary's son Peter Hillary. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Sherpa believes that the platinum jubilee celebration will bring a new wave in Nepal's tourism industry, as this event is being covered by the international media. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Nepal is a home to eight peaks of over 8,000 meters including Mt Everest. So far, some 7,000 people – Nepalis and foreigners – have reached atop Mt Everest. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">There is also a record keeping competition among the climbers. Kamirita Sherpa has scaled Everest for 28 times, including twice this season. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">However, there are also mounting concerns of pollution on Everest and other peaks due to human activities. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Nepalese Army is conducting the Clean Mountain Campaign 2023 with the objective of collecting 35,000 kg of garbage from various peaks this season.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Another matter of concern is the traffic jam on Everest as the Department of Tourism has issued the highest number of permits – 478 – for climbers to scale Everest this season in 70 years of history. They include 103 women and 376 men from 47 mountaineering teams, added the department. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">At least ten people, including six foreigners and four Sherpas, have already died while climbing Everest this season.</span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-05-29', 'modified' => '2023-05-29', 'keywords' => '', 'description' => '', 'sortorder' => '17741', 'image' => '20230529012016_everest.jpg', 'article_date' => '2023-05-29 13:19:33', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '18009', 'article_category_id' => '1', 'title' => 'Access to Finance Increasing: Economic Survey', 'sub_title' => 'Nearly 50 million depositors’ Account Registered in Nepal', 'summary' => 'May 29: Citizens’ access to finance has increased in the country of late, according to the Economic Survey 2022/23 report released by the government on Sunday. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">May 29: Citizens’ access to finance has increased in the country of late, according to the Economic Survey 2022/23 report released by the government on Sunday. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The survey shows that merger of banks are also on the rise and the expansion of banking and financial institutions is also taking place, thereby ensuring citizen's access to finance.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">As of mid-March 2023, the number of depositors’ accounts stood at 49,205,000 while the number of credit account was 1.8 million. According to the Economic Survey, there are 20.6 million mobile banking users in the country while as many as 1.7 million people have subscribed to internet banking service. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The merger and acquisition of bank has not discouraged digital banking, states the survey report unveiled by Finance Minister Prakash Sharan Mahat. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif""> Similarly, the number of people opting for digital payment via QR Code also increased significantly in the review period. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Currently, <span style="font-family:"Arial Unicode MS","sans-serif"">there are 21 commercial banks, 17 development banks, 17 finance companies, 64 micro finances and one infrastructure development bank to make up a total of 120 banking and financial institutions. Likewise, there are 31,373 cooperatives in Nepal, the report states.</span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The number of insurance companies including re-insurance company stands at 36. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">In terms of the property of financial system and liability, banking sector occupies significant size of 86.6 percent, added the report. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2023-05-29', 'modified' => '2023-05-29', 'keywords' => '', 'description' => '', 'sortorder' => '17740', 'image' => '20230529122200_Banks - Copy.jpg', 'article_date' => '2023-05-29 12:21:17', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '18007', 'article_category_id' => '1', 'title' => 'Broadband Internet Service in 6,743 Wards ', 'sub_title' => '', 'summary' => 'May 29: Broadband Internet service has reached all local level offices and 6,743 ward offices as of mid-March 2023.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">May 29: Broadband Internet service has reached all local level offices and 6,743 ward offices as of mid-March 2023. According to the economic survey of the current fiscal year presented in parliament by Finance Minister Dr Prakash Sharan Mahat on Sunday, broadband internet connection has been completed in 4,390 health centers and 5,318 community schools. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Free Wi-Fi hotspots are available in religious and tourist places including Baraha Chettra, Annapurna Circuit, Muktinath Temple Complex, Janaki Temple Complex, Pathibhara Temple, Halesi Temple, Gadhimai Temple Complex in Bara. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, the access to digital television has reached 72.0 per cent of households in the review period. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The Economic Survey states that 7,944 newspapers have been registered in different languages until the same period with news/articles being published weekly in 38 different languages by the state-owned Gorkhapatra daily. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2023-05-29', 'modified' => '2023-05-29', 'keywords' => '', 'description' => '', 'sortorder' => '17738', 'image' => '20230529114445_20221013013456_20210831104852_20210221040652_20191021115126_adsfjjj.jpg', 'article_date' => '2023-05-29 11:43:49', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '18006', 'article_category_id' => '1', 'title' => '16th Republic Day being Marked Today ', 'sub_title' => '', 'summary' => 'May 29: The 16th Republic Day is being marked nationwide by organizing several programmes today.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">May 29: The 16th Republic Day is being marked nationwide by organizing several programmes today. The first-ever people-elected Constituent Assembly had proclaimed the federal democratic republican governance system in the country by officially abolishing the autocratic monarchy on May 28, 2008. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The Republic Day is celebrated across the nation on Jetha 15 (May 29) every year in commemoration of the day the republican system was proclaimed on the backing of the historic people's movement of 2006 AD. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The republic day is being marked commemorating the commencement of democratic republican system resting all state power on the people. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">On 24 April 2006, the then King Gyanendra Shah had reinstated the parliament that was dissolved on 22 May 2002. The republic system was set up in the country on the backing of the 2006 April Uprising. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2023-05-29', 'modified' => '2023-05-29', 'keywords' => '', 'description' => '', 'sortorder' => '17737', 'image' => '20230529112009_PRO_KTM_HELICOPTER-6F8A2129.jpg', 'article_date' => '2023-05-29 11:19:24', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '18005', 'article_category_id' => '222', 'title' => 'United Insurance and Ajod Insurance Begin Joint Transaction ', 'sub_title' => '', 'summary' => 'Following the successful merger, United Insurance Company (Nepal) Limited and Ajod Insurance Limited have started their joint transaction under the name ‘United Ajod Insurance Company Limited’ from Sunday.', 'content' => '<p><span style="font-size:18px">May 29: Following the successful merger, United Insurance Company (Nepal) Limited and Ajod Insurance Limited have started their joint transaction under the name ‘United Ajod Insurance Company Limited’ from Sunday. The merged company has declared its aim to rank within best five non-life insurance companies within the next four years.</span></p> <p><span style="font-size:18px">During a special ceremony held in Kathmandu on Sunday, the Chairman of the Insurance Board, Surya Prasad Silwal, handed the insurance operation license to the new company's Chairman, Aajad Shrestha.</span></p> <p><span style="font-size:18px">Addressing the ceremony, Chairman Silwal emphasized the need for insurance companies to enhance customer trust. He suggested that the merged company strive to provide excellent services.</span></p> <p><span style="font-size:18px">Silwal also emphasized the importance of establishing a system for prompt and easy payment of claims up to the specified amount and maintaining good governance and transparency.</span></p> <p><span style="font-size:18px">Former Chairman of United Insurance Company (Nepal) Limited, Rabibhakta Shrestha, said that the companies had merged to provide quality services and reduce the costs. Shrestha said that the company aims to invest in new sectors and provide high returns to investors and quality services to policyholders.</span></p> <p><span style="font-size:18px">Chairman of United Ajod Insurance Limited, Aajad Shrestha, highlighted the company's goal to become one of the top five non-life insurance companies by providing competitive rates, quality services, and new products within four years. He emphasized the need for a fast and reliable service flow, focusing on customer satisfaction and prompt claim settlements.</span></p> <p><span style="font-size:18px">Following the merger, the company’s paid-up capital has reached Rs 1.90 billion. The company has Rs 59.67 crore in reserve fund, while the insurance fund stands at Rs 72.64 crore. </span></p> <p><span style="font-size:18px">Additionally, the company has a total of 100 branches across the country and has a workforce of 581 employees. <br /> The number of policies issued by the company stands at 192,825, with a total premium of Rs 2.39 billion. </span></p> <p> </p> ', 'published' => true, 'created' => '2023-05-29', 'modified' => '2023-05-29', 'keywords' => '', 'description' => '', 'sortorder' => '17736', 'image' => '20230529063205_collage (22).jpg', 'article_date' => '2023-05-29 06:29:06', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 10 => array( 'Article' => array( 'id' => '18004', 'article_category_id' => '1', 'title' => 'President Pardons Resham Chaudhary ', 'sub_title' => '', 'summary' => 'President Ram Chandra Paudel has pardoned prison sentence of Resham Chaudhary, the Tikapur murder convict and leader of the Nagarik Unmukti Party. Chaudhary, who has been serving a life imprisonment term, will now see his sentence commuted.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">May 29: President Ram Chandra Paudel has pardoned prison sentence of Resham Chaudhary, the Tikapur murder convict and leader of the Nagarik Unmukti Party. Chaudhary, who has been serving a life imprisonment term, will now see his sentence commuted.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">President Paudel granted pardons to Chaudhary and 19 other individuals at the Council of Ministers' recommendation on the auspicious occasion of Republic Day. </span></span><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">President Paudel is pardoning a total of 501 individuals in accordance with the government's recommendations on the Republic Day.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">Chaudhary and others were pardoned in accordance with Article 276 of the Constitution, Section 37 of the Criminal Offences Act of 2017, and Section 12 of the Senior Citizens Act of 2006. </span></span><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">Following the pardon, Resham Chaudhary will be released on Monday. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">Chaudhary was proved guilty in the murder of some police personnel in Tikapur of Kailali in 2015. He has been serving his life sentence at Dillibazar Prison in Kathmandu.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">The Supreme Court had upheld the decision of the Dipayal High Court to sentence Tikapur carnage convict Resham Chaudhary to life imprisonment.</span></span></p> ', 'published' => true, 'created' => '2023-05-29', 'modified' => '2023-05-29', 'keywords' => '', 'description' => '', 'sortorder' => '17735', 'image' => '20230529060335_collage (20).jpg', 'article_date' => '2023-05-29 06:01:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 11 => array( 'Article' => array( 'id' => '18003', 'article_category_id' => '274', 'title' => 'Economic Survey for FY 2022/23 Presented in Parliament', 'sub_title' => '', 'summary' => 'Finance Minister Dr Prakash Sharan Mahat has presented the Economic Survey of Fiscal Year 2022/23 and the Annual Situation Review of Public Corporations, 2023 in the separate meetings of the House of Representatives (HoR) and the National Assembly today.', 'content' => '<p><br /> <span style="font-size:18px">May 28: Finance Minister Dr Prakash Sharan Mahat has presented the Economic Survey of Fiscal Year 2022/23 and the Annual Situation Review of Public Corporations, 2023 in the separate meetings of the House of Representatives (HoR) and the National Assembly today.</span></p> <p><span style="font-size:18px">Tabling the Economic Survey, the Finance Minister said that the world economy was in crisis in 2023 and its impact was felt in Nepal's economy also.</span></p> <p><span style="font-size:18px">"There was a contraction in the overall economic activities including the wholesale and retail business, construction and the production of production-based industries due to the international economic situation and structural problems. It is estimated that the country's economic growth rate will be around 2.16 per cent in the current fiscal year as a result of this," he said.</span></p> <p><span style="font-size:18px">The Finance Minister said a strain was seen in resource management as well due to the slowdown in economic activities owing to the contraction in the import of goods and decrease in the overall demand.</span></p> <p><span style="font-size:18px">He pointed out that the problem was also because of the rise in the prices of petroleum products, food grains and raw materials in the world market. </span></p> <p><span style="font-size:18px">Minister Mahat maintained that positive indications have also been seen in the economy like the balance of payment was in surplus, the foreign currency reserve has gone up and tourist arrivals have increased, among others. </span></p> <p><span style="font-size:18px">According to the Economic Survey, the federal government has constructed 34,100 kilometres road and the total installed power capacity has reached 2,666 megawatts, student enrollment has increased at basic level, the net maternal mortality rate and infant mortality rate have gone down, and 95 per cent of the population has access to basic drinking water and electricity service. </span></p> <p><span style="font-size:18px">Also today, the Finance Minister presented in the HoR a report on the status of present performance and financial situation of public corporations along with an analysis of the problems and challenges.</span></p> <p><span style="font-size:18px">"Although the public corporations played a significant role in the country's economic, social and infrastructure development in the past, their overall financial situation is not satisfactory due to the shortcomings, especially seen in the operation and management, over time," he added.</span></p> <p><span style="font-size:18px">As the Finance Minister shared on the occasion, 25 out of the 44 public corporations having the government's investments are in profit while the government's shares and loan investments as of July 16, 2022 has reached Rs 618 billion. </span></p> <p><span style="font-size:18px">The government has acquired profit equivalent to Rs 6.16 billion from the public corporations in the last fiscal year, which is only one percent of the investment. ---RSS </span></p> ', 'published' => true, 'created' => '2023-05-28', 'modified' => '2023-05-29', 'keywords' => '', 'description' => '', 'sortorder' => '17734', 'image' => '20230528064754_collage (6).jpg', 'article_date' => '2023-05-28 18:45:42', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 12 => array( 'Article' => array( 'id' => '18002', 'article_category_id' => '275', 'title' => 'Over 5.5 Million Labour Permits Issued for Overseas Employment in the Country', 'sub_title' => '', 'summary' => 'The number of individuals obtaining labour permits for overseas employment in the country has surpassed 5.5 million.', 'content' => '<p> </p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">May 28: The number of individuals obtaining labour permits for overseas employment in the country has surpassed 5.5 million. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the economic survey report unveiled in the Federal Parliament on Sunday, a grand total of 5,526,704 labour permits have been granted until the month of Falgun 2079.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""> Furthermore, during the current fiscal year, up until mid-March, as many as 337,144 labour permits were issued for foreign employment.</span></span></p> ', 'published' => true, 'created' => '2023-05-28', 'modified' => '2023-05-29', 'keywords' => '', 'description' => '', 'sortorder' => '17733', 'image' => '20230528045216_collage (4).jpg', 'article_date' => '2023-05-28 16:51:18', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 13 => array( 'Article' => array( 'id' => '18001', 'article_category_id' => '1', 'title' => 'Dispute related to Livestock and Agriculture Insurance: Who is to blame?', 'sub_title' => '', 'summary' => 'May 28: The agriculture and livestock insurance programme initiated by the government a decade ago to attract farmers to agriculture and animal husbandry is mired in controversy.', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">May 28: The agriculture and livestock insurance programme initiated by the government a decade ago to attract farmers to agriculture and animal husbandry is mired in controversy.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The insurance companies have stopped issuing insurance policies under this scheme since May 21 after the government failed to release funds to the companies in this regard.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The interest shown by people in agriculture and animal husbandry since the last few years might wither away if the insurance scheme is stopped.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Since banks do not invest in agriculture without insurance, the development of the agricultural sector will be hindered as well.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The program came to a halt following a dispute between the insurance companies and the Ministry of Agriculture and Livestock Development (MOALD), which had been backing the insurance policies for various crops and livestock. However, the government is yet to officially announce the closure of the program. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Ashok Khadka, general secretary of Nepal Insurers’ Association (NIA) and chief executive officer of Neco Insurance Limited, said that 16 companies that issue such insurance have already stopped issuing the policies.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""> “NIA issued a statement on May 15 and decided to suspend all insurance work from May 21 if they did not receive the subsidy amount for agriculture and livestock insurance from the government,” said Khadka. He claimed that the 'ego' of the employees of the MOALD compelled them to stop the insurance program.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The government had launched the Agriculture and Livestock Insurance on January 14, 2013 with the aim of attracting the youth towards agriculture and animal husbandry. Two years ago, the government increased the subsidy to 80 percent from the initial subsidy of 50 percent. After the government decided to bear 80 percent of the insurance premium, the interest of farmers across the country towards agriculture and livestock insurance increased. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">According to the latest data of the Nepal Insurance Authority, up to 150,000 insurance policies are being issued annually. Punam Gyawali, deputy director and head of the agriculture insurance branch of the authority said that 143,711 insurance policies cover damages worth Rs 41.17 billion were issued from July to April of the current fiscal year. The insurance premium for the policies is Rs 1.86 billion. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">There is a provision for the government to bear 80 percent of the cost and provide subsidy to the insurance companies. Accordingly, the government should provide subsidies of Rs 1.48 billion to the insurance companies.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The government initially instructed the insurance companies to implement the program. As the number of insurers increases, it is seen that disputes are increasing. Now, the MOALD has stopped payments to insurance companies, claiming that there were many mistakes in the insurance policies issued for agriculture and livestock. According to the insurance companies, the government is yet to release Rs 2.94 billion as the subsidy to the insurance companies for agriculture and livestock insurance scheme.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Government officials on the other hand claimed that there are discrepancies in the records maintained by the insurance companies. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">If agricultural technicians make the wrong assessment, the Ministry of Agriculture has the right to take action against them, insists government officials.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""> Punam Gyawali of MOALD says that the insurance documents issued by the insurance companies show plenty of human errors.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">She said, “When an insurance policy is issued, the insurance fee should be Rs 100,000, but it was found to be as high as Rs 1 million because an extra zero was added by the companies.”</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Agriculture officials claim that there were errors in many insurance documents. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-05-28', 'modified' => '2023-05-28', 'keywords' => '', 'description' => '', 'sortorder' => '17732', 'image' => '20230528040459_20230324011925_paddyyy-transformed.jpeg', 'article_date' => '2023-05-28 16:04:17', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '18000', 'article_category_id' => '1', 'title' => 'Earthquake Jolts Sindhupalchowk ', 'sub_title' => '', 'summary' => 'May 28: An earthquake with its epicentre at Golche of Sindhupalchowk was recorded on Sunday afternoon. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">May 28: An earthquake with its epicentre at Golche of Sindhupalchowk was recorded on Sunday afternoon. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The National Earthquake Monitoring and Research Center, Lainchaur said a tremor measuring 3.9 on the Richter scale with epicentre around Golche of Sindhupalchowk occurred at 1.19 pm today (May 28). </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Prior to this, an earthquake measuring 4.5 on the Richter scale with its epicentre in Daulichaur of Bajhang was recorded on May 24. Earthquakes have been frequently taking place in the western and eastern parts of the country of late. The mountainous and hill regions of the country are considered to be earthquake-prone regions. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2023-05-28', 'modified' => '2023-05-28', 'keywords' => '', 'description' => '', 'sortorder' => '17731', 'image' => '20230528025157_earth.jpg', 'article_date' => '2023-05-28 14:51:11', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ) ) $current_user = null $logged_in = false $xml = falsesimplexml_load_file - [internal], line ?? include - APP/View/Elements/side_bar.ctp, line 133 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
| Currency | Unit |
Buy | Sell |
| U.S. Dollar | 1 | 121.23 | 121.83 |
| European Euro | 1 | 131.65 | 132.31 |
| UK Pound Sterling | 1 | 142.47 | 143.18 |
| Swiss Franc | 1 | 124.29 | 124.90 |
| Australian Dollar | 1 | 71.69 | 72.05 |
| Canadian Dollar | 1 | 83.90 | 84.32 |
| Japanese Yen | 10 | 10.94 | 11.00 |
| Chinese Yuan | 1 | 17.17 | 17.26 |
| Saudi Arabian Riyal | 1 | 32.27 | 32.43 |
| UAE Dirham | 1 | 33.01 | 33.17 |
| Malaysian Ringgit | 1 | 27.36 | 27.50 |
| South Korean Won | 100 | 9.77 | 9.82 |
Update: 2020-03-25 | Source: Nepal Rastra Bank (NRB)
| Fine Gold | 1 tola | 77000.00 |
| Tejabi Gold | 1 tola | 76700.00 |
| Silver | 1 tola | 720.00 |
Update : 2020-03-25
Source: Federation of Nepal Gold and Silver Dealers' Association
| Petrol | 1 Liter | 106.00 |
| Diesel | 1 Liter | 95.00 |
| Kerosene | 1 Liter | 95.00 |
| LP Gas | 1 Cylinder | 1375.00 |
Update : 2020-03-25
