March 12: Stakeholders have emphasized that microfinance companies and cooperatives should not be viewed from the same point of view.…
March 12: Stakeholders have emphasized that microfinance companies and cooperatives should not be viewed from the same point of view.…
March 12: US regulators on Friday shut down Silicon Valley Bank (SVB) and took control of its customer deposits in the largest failure of a US bank since…
March 12: The conflict of interest between the Annapurna Conservation Area Project (ACAP) and the local governments within the jurisdiction of ACAP over the utilization of natural resources and other issues have resulted in a situation in which the people’s representatives have demanded the termination of the…
March 12: There is a possibility of light rain with thunder and lightning due to the effect of the westerly winds…
Despite the price rise, cardamom export has witnessed a sharp spike this fiscal year. Following increase of demand and price due to the fall of cardamom’s output in India, export of black gold from Nepal has seen colossal…
March 10: Nepal exported cement worth around Rs 170 million in the first seven months of the current fiscal…
Rigo, a premium Human Resources and Accounting Software Development Company in Nepal, has rolled out a new edition of accounting system. New edition of the accounting system has occupied a remarkable position in the Nepali accounting software…
March 10: At a time when the movement against interest rates is intensifying, it has been revealed that the interest rates charged by banks and financial institutions (BFIs) have become highest in 10 years.…
With an aim to ensure more productions, the Vyas Municipality in Tanahun district has provided as many as six metric tonnes of improved corn seeds to the farmers in…
March 10: British Foreign, Commonwealth and Development Minister of State (Indo-Pacific) Anne Marie Trevelyan, has visited the 900 MW Arun III hydropower project under construction in…
March 10: The Civil Aviation Authority of Nepal (CAAN) has directed Shree Airlines to ground all the aircraft of the company until security checks of the engines. …
March 10: The retail business, which involves the sale of daily essentials to the general public, has slowed down due to the latest financial situation of the…
March 10: President-elect Ram Chandra Paudel has expressed his commitment to remain impartial and neutral while executing his role as the…
Sanima Middle Tamor Hydropower Limited is issuing its Initial Public Offering (IPO) to the general public from Friday(March…
March 9: Senior leader of the Nepali Congress Ram Chandra Poudel has been elected as the new president of Nepal on…
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', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">March 12: Stakeholders have emphasized that microfinance companies and cooperatives should not be viewed from the same point of view. Speaking on the occasion of the 22nd foundation day of Small Farmers Development Microfinance Financial Institution, the speakers said that all microfinance and cooperatives are not problematic. Similarly, they said, if the production and productivity of the agricultural sector can be increased and attention can be paid to the storage, processing and marketing of agricultural products, the path to economic development will be opened.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Speaking at the program, Shri Krishna Upadhyay, the former chairman of the Agricultural Development Bank, pointed out the need to pay attention not only to investment in the agricultural sector but also to the marketing of the products. He emphasized that the government should identify such cooperatives and implement agricultural programs to boost the enthusiasm of farmers who are members of agricultural cooperatives that have done good work in rural areas.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">"Cooperatives are not necessarily problematic all the time," he said, adding, There are also cooperatives that have potential and have proven themselves to be successful." </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">He emphasized the need to end the practice of looking at cooperatives and microfinance from the same point of view.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Khem Bahadur Pathak, president of Farmers Development Microfinance Financial Institution, expressed dissatisfaction with the analysis that all microfinance companies are facing problems. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">He clarified that there is no problem in the institutions as stated in the market. He said that they are working on the economic and social transformation of Raute, Kusunda, Musahar, Bankaria, Dalits, minorities and women who are backward in the community through the small farmers’ program.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">In the program, the Chief Executive Officer of the Agricultural Development Bank, Gobinda Gurung, pointed out the need to work more on motivating farmers to start production, processing, storing and connecting to the market.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Likewise, the Chief Executive Officer of Farmers Development Microfinance Financial Institution, Shivram Prasad Koirala emphasized that the institution should be evaluated by looking at the work done by microfinance. </span></span></span></p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-03-12', 'modified' => '2023-03-12', 'keywords' => '', 'description' => '', 'sortorder' => '16979', 'image' => '20230312024826_Micro_finance.jpg', 'article_date' => '2023-03-12 14:47:38', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '17240', 'article_category_id' => '1', 'title' => 'Silicon Valley Bank is Largest Bank Failure since 2008 Financial Crisis', 'sub_title' => '', 'summary' => 'March 12: US regulators on Friday shut down Silicon Valley Bank (SVB) and took control of its customer deposits in the largest failure of a US bank since 2008.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">AGENCIES</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">March 12: US regulators on Friday shut down Silicon Valley Bank (SVB) and took control of its customer deposits in the largest failure of a US bank since 2008.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the BBC, the moves came as the firm, a key tech lender, was scrambling to raise money to plug a loss from the sale of assets affected by higher interest rates.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Its troubles prompted a rush of customer withdrawals and sparked fears about the state of the banking sector.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Reuters reported that the sudden collapse shook global markets and left billions of dollars belonging to companies and investors stranded.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The lender was ranked as the 16th biggest in the US at the end of last year, with about $209 billion in assets, the news agency added. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Silicon Valley Bank faced "inadequate liquidity and insolvency", BBC quoted banking regulators in California, where the firm has its headquarters, as saying during the takeover.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">As it tried to raise capital to offset fleeing deposits, the bank lost $1.8 billion on Treasury bonds whose values were torpedoed by the Fed rate hikes, according to Reuters.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“Silicon Valley Bank's failure is the largest since Washington Mutual went bust in 2008, a hallmark event that triggered a financial crisis that hobbled the economy for years. The 2008 crash prompted tougher rules in the United States and beyond.”</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The genesis of SVB's collapse lies in a rising interest rate environment, Reuters further said adding, as higher interest rates caused the market for initial public offerings to shut down for many startups and made private fundraising more costly, some SVB clients started pulling money out.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“To fund the redemptions, SVB sold a $21 billion bond portfolio consisting mostly of U.S. Treasuries on Wednesday, and said it would sell $2.25 billion in common equity and preferred convertible stock to fill its funding hole. By Friday, the collapsing stock price had made its capital raise untenable and sources said the bank tried to look at other options, including a sale, until regulators stepped in and shut the bank down.”</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The last FDIC-insured institution to close was Almena State Bank in Kansas, on October 23, 2020.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to Reuters, the problems at SVB underscore how a campaign by the U.S. Federal Reserve and other central banks to fight inflation by ending the era of cheap money is exposing vulnerabilities in the market. Some analysts forecast more pain for the sector as the episode spread concern about hidden risks in the banking sector and its vulnerability to the rising cost of money.</span></span></p> <p> </p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-03-12', 'modified' => '2023-03-12', 'keywords' => '', 'description' => '', 'sortorder' => '16978', 'image' => '20230312012548_Banks - Copy.jpg', 'article_date' => '2023-03-12 13:24:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '17239', 'article_category_id' => '1', 'title' => 'Conservation Efforts of ACAP Hindering Development Works: Local Governments', 'sub_title' => '', 'summary' => 'March 12: The conflict of interest between the Annapurna Conservation Area Project (ACAP) and the local governments within the jurisdiction of ACAP over the utilization of natural resources and other issues have resulted in a situation in which the people’s representatives have demanded the termination of the project.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">March 12: The conflict of interest between the Annapurna Conservation Area Project (ACAP) and the local governments within the jurisdiction of ACAP over the utilization of natural resources and other issues have resulted in a situation in which the people’s representatives have demanded the termination of the project.</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"">ACAP is an integrated and community-based conservation and development approach undertaken by the National Trust for Nature Conservation (NTNC) which spreads across 15 municipalities in five districts including Kaski, Manang, Mustang, Lamjung and Myagdi. </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 representatives of the local units complain that the conservation efforts of the ACAP has hindered development works.</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 policies of ACAP has been hindering development works,” Chairperson of Thasang Rural Municipality, Pradeep Gauchan, told the state-owned RSS.</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"">According to Gauchan, the construction of a 15-bed hospital in the rural municipality has been obstructed due to the ACAP policies, which do not allow chopping down of trees. </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"">All of the local units within the Annapurna Conservation Area Project (ACAP) have demanded that they be allowed to use the ACAP area. </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"">A total of 15 municipal chiefs and deputy chiefs of the local units, which fall under the ACAP, put forth a six-point demand towards this end at a coordination meeting held in Machhapuchhre Rural Municipality of Kaski on Saturday, RSS reported. </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"">Chairperson of Machhapuchhre Rural Municipality Meen Bahadur Gurung said that the term of ACAP should not be extended. Gurung was of the view that the area of ACAP should now be used by the concerned local levels. </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""> Likewise, Chair of Kaholasonthar Rural Municipality of Lamjung, Surya Prasad Gurung, said that the main source of income for the local government is natural resources, so it is a problem when ACAP keeps the income from natural resources. </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"">Vice-chair of Machhapuchhre Rural Municipality, Sita Adhikari, said that all the 15 municipal chiefs and deputy chiefs had to meet to form a common opinion because of many problems resulting from the ACAP. </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 meeting has decided to submit a memorandum to the federal and provincial governments to resolve the problems in revenue collection due to ACAP and its regulations. </span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-03-12', 'modified' => '2023-03-12', 'keywords' => '', 'description' => '', 'sortorder' => '16977', 'image' => '20230312115358_20221009114613_Annapurna-Circuit-6-1600x1067.jpeg', 'article_date' => '2023-03-12 11:53:09', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '17238', 'article_category_id' => '1', 'title' => 'Chances of Rain with Thunder and Lightning Today ', 'sub_title' => '', 'summary' => 'March 12: There is a possibility of light rain with thunder and lightning due to the effect of the westerly winds today. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">March 12: There is a possibility of light rain with thunder and lightning due to the effect of the westerly winds today. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to Barun Paudel, senior meteorologist at the Weather Forecast Division of the Department of Hydrology and Meteorology, the pre-monsoon season is active leading to light rainfall with thunder and lightning in the past few days. The months of March, April and May are considered pre-monsoon. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The westerly wind is active with the sun shining throughout the day, leading to light rain with thunder and lightning in the evening. Therefore, there is a possibility of light rainfall in the hill areas of the country in the evening today, Paudel said. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The weather forecast bulletin issued by the division also states that the weather will be generally clear in the hill areas of the country today afternoon. The minimum temperature of Kathmandu today was recorded at 10 degrees Celsius and the maximum temperature is expected to be 25 degrees Celsius. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2023-03-12', 'modified' => '2023-03-12', 'keywords' => '', 'description' => '', 'sortorder' => '16976', 'image' => '20230312112059_rainfallll.jpg', 'article_date' => '2023-03-12 11:20:14', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '17237', 'article_category_id' => '274', 'title' => 'Cardamom Export Sees Huge Surge ', 'sub_title' => '', 'summary' => 'Despite the price rise, cardamom export has witnessed a sharp spike this fiscal year. Following increase of demand and price due to the fall of cardamom’s output in India, export of black gold from Nepal has seen colossal hike. ', 'content' => '<p><span style="font-size:18px">March 12: Despite the price rise, cardamom export has witnessed a sharp spike this fiscal year. Following increase of demand and price due to the fall of cardamom’s output in India, export of black gold from Nepal has seen colossal hike. </span></p> <p><span style="font-size:18px">According to the data at Trade and Export Promotion Center, cardamom export has increased by 85 percent as per value in the first seven months of the current fiscal year.</span></p> <p><span style="font-size:18px">Federation of Large Cardamom Entrepreneurs of Nepal (FLCEN) said that with the rise of demand the price of the cardamom had increased by Rs 13,000 per mann(traditional measurement tool). Forty kilograms constitute one mann. The price increase has also led the export to increase. </span></p> <p><span style="font-size:18px">Nepal exported 2,996 metric tons of cardamom worth Rs 2.64 billion in the first seven months of the last fiscal year. On the contrary, country exported 6,117 metric tons of the cardamom worth Rs 4.89 billion in the first seven months of the current fiscal year.</span></p> <p><span style="font-size:18px">Federation of Large Cardamom Entrepreneurs of Nepal (FLCEN) Chairman Nirmal Bhattarai said that production of spice crop had declined both in Nepal and India this year. India, which had produced 50,000 sacks of cardamom last year, produced only 20,000 sacks of cardamom this year. Though Nepal had produced 1,20,000 sacks of cardamom last year, the country produced just 1,0,5000 sacks of cardamom this year.</span></p> <p><span style="font-size:18px">Since India’s production had increased last year, Nepal’s export was not enthusiastic. “Nepal’s cardamom export went up massively due to the export of stock cardamom and this year’s production simultaneously,” said Bhattarai.</span></p> <p><span style="font-size:18px">In the last four months, the price of JJ(number one) cardamom jumped up from Rs 27,000 to Rs 40,000 per mann. Likewise, the value of SD(number two) increased from Rs 26,000 to Rs 39,000 per mann. The price of number of cardamom rose from Rs 25,000 to Rs 38,000. </span></p> <p><span style="font-size:18px">In spite of rise of export price, cardamom farmers have not been able to take benefit. At the time of cardamom harvesting, the price of number one cardamom was Rs 27,000 per mann. The cash crop had reached the hands of middlemen before the price had inflated, according to Bhattarai.</span></p> <p><span style="font-size:18px">Of spices grown in Nepal, ginger ranks in the first place in terms of output and area of cultivation. Cardamom ranks in the last place. Cardamom is cultivated in 1,700 hectares of the land in Nepal.</span></p> <p><span style="font-size:18px">National Center for Potato, Vegetable, and Spice Crops Development’s Senior Crop Development Officer Rajan Pariyar said that export might have risen as the stock from the last year had come at a time in the market. </span></p> <p><span style="font-size:18px">“Traders exported cardamom they owned, causing the export to go up sharply,” Pariyar stated. Nepal’s cardamom export has found its market in Gulf countries from this year, apart from India and Pakistan.</span></p> <p><span style="font-size:18px">Nepal has received export certificate(halal) for cardamom export to Gulf countries including Qatar. </span></p> ', 'published' => true, 'created' => '2023-03-12', 'modified' => '2023-03-12', 'keywords' => '', 'description' => '', 'sortorder' => '16975', 'image' => '20230312070817_collage (20).jpg', 'article_date' => '2023-03-12 06:56:10', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 5 => array( 'Article' => array( 'id' => '17236', 'article_category_id' => '1', 'title' => 'Nepal Exports Cement worth Rs 170 Million in Seven Months ', 'sub_title' => '', 'summary' => 'March 10: Nepal exported cement worth around Rs 170 million in the first seven months of the current fiscal year. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">March 10: Nepal exported cement worth around Rs 170 million in the first seven months of the current fiscal year. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Data released by the Department of Customs on Friday show that Nepal exported cement and clinker equivalent to Rs 167 million 33 thousand in the review period. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">In the seven months' period, clinker worth Rs 106.37 million and cement worth Rs 60.65 million was exported. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The department said 151,158 tonnes of clinker and 153,493 tonnes cement has been exported during this period. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Two Nepali cement industries have been exporting Nepali brand cement to India. The 'Tansen' brand cement is being exported since July 8, 2022 and the 'Arghakhanchi' brand cement since October 17, 2022. The Nepali cement is exported to various markets in India. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Manager of Arghakhanchi Cement Industry Rajesh Agrawal said that although the export declined during big festivals, it has now started to peak. -- RSS </span></span></span><br /> </p> ', 'published' => true, 'created' => '2023-03-10', 'modified' => '2023-03-10', 'keywords' => '', 'description' => '', 'sortorder' => '16974', 'image' => '20230310064553_20220927024152_cementtttt.jpg', 'article_date' => '2023-03-10 18:45:09', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '17235', 'article_category_id' => '237', 'title' => 'Rigo Accounting Software Getting Popular In Nepal ', 'sub_title' => '', 'summary' => 'Rigo, a premium Human Resources and Accounting Software Development Company in Nepal, has rolled out a new edition of accounting system. New edition of the accounting system has occupied a remarkable position in the Nepali accounting software market.', 'content' => '<p><br /> <span style="font-size:18px">March 10: Rigo, a premium Human Resources and Accounting Software Development Company in Nepal, has rolled out a new edition of accounting system. New edition of the accounting system has occupied a remarkable position in the Nepali accounting software market.</span></p> <p><span style="font-size:18px">With Rigo ERP Solution, the company has been helping manage the accounting system and human resource department of hundreds of corporate houses and organizations.</span></p> <p><span style="font-size:18px">The company was established by Nepali chartered accountants and computer engineers in 2010. <br /> Since its inception, Rigo has been providing softwares in latest platforms with local compliance. The softwares are made complying with industry standards. </span></p> <p><span style="font-size:18px">Rigo has provided Executive Mobile Application along with NFRS and other features through Rigo ERP’s new edition. Rigo has also made Retail POS available targeting retail businesses and small entrepreneurs. </span></p> <p><span style="font-size:18px">“Rigo’s E-billing software is listed on the Inland Revenue Department (IRD) Nepal,” said Rigo Technologies’ Chief Executive Director Mukund Pokhrel. </span></p> <p><span style="font-size:18px">With the increased use and demand for domestic online accounting system among small and medium entrepreneurs, Rigo has rolled out its latest version to make its services easy and convenient. </span><br /> </p> ', 'published' => true, 'created' => '2023-03-10', 'modified' => '2023-03-10', 'keywords' => '', 'description' => '', 'sortorder' => '16973', 'image' => '20230310053705_collage - 2023-03-10T164107.320.jpg', 'article_date' => '2023-03-10 17:33:29', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 7 => array( 'Article' => array( 'id' => '17234', 'article_category_id' => '1', 'title' => 'Interest on Loan Highest in Ten Years', 'sub_title' => '', 'summary' => 'March 10: At a time when the movement against interest rates is intensifying, it has been revealed that the interest rates charged by banks and financial institutions (BFIs) have become highest in 10 years. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">March 10: At a time when the movement against interest rates is intensifying, it has been revealed that the interest rates charged by banks and financial institutions (BFIs) have become highest in 10 years. Due to the tight monetary policy taken by Nepal Rastra Bank (NRB), the average interest on loan of commercial banks is close to 13 percent.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">NRB adopted strict policy after inflation increased due to the Covid-19 pandemic and Russia-Ukraine tension along with decline in foreign exchange reserves.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">As soon as the pandemic subsided, the interest rates of the banks started to rise from last year after the banks became aggressive in extending loans. In December 2022, the average interest on loans of commercial banks was 9.44 percent, which reached double digits since January. With the tightening of monetary policy by NRB in the current fiscal year (FY), the cost of banks' capital increased, increasing the interest on loans.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">In order to discourage credit consumption, NRB announced that the bank rate has been increased by 1.5 percentage points to 8.5 percent, the policy rate from 5.5 percent to 7 percent, and the deposit collection rate from 4 percent to 5.5 percent through monetary policy of the current year.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">After the high interest rate was heavily criticized, NRB announced to reduce the spread rate of the banks through the first quarter review of the monetary policy of the current year. As per the instructions of NRB, commercial banks have been told to reduce the spread rate to 4.2 percent from April 2023. From June 2023, commercial banks should maintain a spread rate of 4 percent.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">NRB also reduced the overnight repo interest rate by 1.5 percentage points to 7.5 percent. NRB expects that the cost of capital of banks will decrease along with the interest rate.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The businessmen are conducting pressure programs to reduce the interest rate saying that the banks charge high interest rates to earn more profit and due to this they are unable to pay the loan. On the other hand, the bankers are claiming that interest rates are automatically rising because the banks’ costs are increasing as they do not have enough investable capital.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Former Governor of NRB Dipendra Bahadur Chhetri interprets the interest rate controversy as a product of the government's policy and the practice of banks. He said that even if the market determines the interest rate, there is a dispute because of the intervention of NRB and the carteling of banks.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">After the lack of liquidity in the banking system, there was an unhealthy competition among banks to attract deposits by raising interest rates. NRB intervened after commercial banks increased the interest rate on personal savings to 12 percent. According to the instructions issued by NRB, the banks can reduce the interest rate only by 10 percent compared to the previous month. However, the umbrella organizations of BFIs have been determining interest rates through the association by mutual agreement.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Narayan Prasad Pokharel, Assistant Spokesperson of NRB says that it is necessary to regulate the interest rate market. He said, “If NRB had not intervened, the commercial bank's interest rate would have reached 18 percent by now.”</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">President of Nepal Bankers Association, Sunil KC, claims that a gentleman’s agreement has been reached to keep the interest rate at one level and create an environment of healthy competition.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-03-10', 'modified' => '2023-03-10', 'keywords' => '', 'description' => '', 'sortorder' => '16972', 'image' => '20230310040459_interest-rates-e1541025967190.jpg', 'article_date' => '2023-03-10 16:02:56', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '17233', 'article_category_id' => '277', 'title' => 'Tanahun Farmers Get Improved Maize Seeds ', 'sub_title' => '', 'summary' => 'With an aim to ensure more productions, the Vyas Municipality in Tanahun district has provided as many as six metric tonnes of improved corn seeds to the farmers in grant.', 'content' => '<p> </p> <p><span style="font-size:18px">March 10: With an aim to ensure more productions, the Vyas Municipality in Tanahun district has provided as many as six metric tonnes of improved corn seeds to the farmers in grant.</span></p> <p><span style="font-size:18px">The farmers were provided the maize seeds with 50 per cent in grant. Section Officer of Agriculture Section of the municipality Pratima Bagale said farmers from all 14 wards in the municipality were given improved maize seeds of Arun-2, Rampur Composite, Manakamana-3 and other improved seeds. </span></p> <p><span style="font-size:18px">"So far, we have distributed six metric tonnes of corn seeds. The distribution is ongoing," Bagale said. Bagale said that the move is aimed at making the farmers self-reliant and attract people them towards commercial farming. </span></p> <p><span style="font-size:18px">Prior to this, the municipality had distributed 22 metric tonnes of potato seeds. The municipality is also planning to distribute the beehives to some 100 beekeepers. ---RSS</span><br /> </p> ', 'published' => true, 'created' => '2023-03-10', 'modified' => '2023-03-10', 'keywords' => '', 'description' => '', 'sortorder' => '16971', 'image' => '20230310034843_collage - 2023-03-10T154225.264.jpg', 'article_date' => '2023-03-10 15:46:57', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 9 => array( 'Article' => array( 'id' => '17232', 'article_category_id' => '1', 'title' => 'UK State Minister Visits Arun III Hydropower Project Site', 'sub_title' => '', 'summary' => 'March 10: British Foreign, Commonwealth and Development Minister of State (Indo-Pacific) Anne Marie Trevelyan, has visited the 900 MW Arun III hydropower project under construction in Sankhuwasabha.', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">March 10: British Foreign, Commonwealth and Development Minister of State (Indo-Pacific) Anne Marie Trevelyan, has visited the 900 MW Arun III hydropower project under construction in Sankhuwasabha. While observing the power house and transformer bay of the project, she said that Nepal is moving towards achieving great success in clean and renewable energy production. She said that Nepal will gain a competitive advantage in hydropower production and that Nepal has an important role in reducing carbon emissions through regional trade in clean and renewable energy.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">On the occasion, Sushil Bhatta, CEO of the Investment Board said that the Arun-III hydropower project is a milestone in the development of Nepal's energy sector. He said that the board facilitated all the necessary steps to continue project implementation even during the difficult times of the Covid-19 pandemic.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Similarly, Joint Secretary of the Ministry of Energy, Water Resources and Irrigation Madhu Prasad Bhetuwal said that the large hydropower projects under construction in Nepal will play an important role in addressing the demand for electricity in this region. He pointed out the need to speed up the construction of international transmission lines between South Asian countries to make regional electricity trade worthwhile.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Arun-III hydropower project is being developed by SJVN Arun III Power Development Company, which is mainly owned by Indian developer company SJVN. Arun Dhiman, CEO of the company informed the high-level visiting team about the progress of the project. According to him, the physical progress towards production of the project so far is 61.2 percent. The company is constructing a 253 km long inland transmission line of 400 KV capacity from the project's power house to Sitamarhi in India, which is targeted for completion by 2023.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-03-10', 'modified' => '2023-03-10', 'keywords' => '', 'description' => '', 'sortorder' => '16970', 'image' => '20230310030408_1678403346.jpg', 'article_date' => '2023-03-10 15:03:13', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '17231', 'article_category_id' => '1', 'title' => 'Flights of Shree Airlines Grounded until Security Inspection', 'sub_title' => '', 'summary' => 'March 10: The Civil Aviation Authority of Nepal (CAAN) has directed Shree Airlines to ground all the aircraft of the company until security checks of the engines. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">March 10: The Civil Aviation Authority of Nepal (CAAN) has directed Shree Airlines to ground all the aircraft of the company until security checks of the engines. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the state-owned RSS, CAAN Spokesperson Jagannath Niraula said that the aviation regulatory body has decided to allow Shree Airlines to operate flights only after a thorough inspection of the engines. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Niraula made it clear that the aircraft of the Shree Airlines would conduct flights only after security inspection from the technicians of CAAN, RSS reported. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"The planes of Shree Airlines would get permission to fly only after the CAAN's technicians give permission after the security inspection of the engines. The planes are grounded after the incident of Thursday," RSS quoted Niraula as saying. </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"">A Sreee Airlines aircraft bound for Bhairahawa from Kathmandu had made an emergency landing on Thursday after one of its engines caught fire and the aircraft had to return back to Kathmandu from Dhading.</span> No passengers or crew members were injured in the incident.<br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Manager of Shree Airlines Anil Manandhar said that the passengers of Shree Airlines had to suffer due to the sudden notice of the CAAN. He argued that the airline company had already scheduled 14 flights for Friday when they received the letter from CAAN to ground the aircraft.</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"">CAAN on the other hand maintained that the security of passengers is of utmost priority.</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"">Aviation safety has become a hot topic in Nepal due to its poor record. A Yeti Airlines aircraft with 72 people on board had crashed in Pokhara on January 15 while making a final approach for landing. A preliminary report of air crash investigation had revealed that the engines of the ill-fated aircraft had no thrust causing the aircraft to stall. All 72 people on board the aircraft were killed. Following the incident, the regulatory body is under intense pressure to ensure safety of the aviation sector in Nepal.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-03-10', 'modified' => '2023-03-10', 'keywords' => '', 'description' => '', 'sortorder' => '16969', 'image' => '20230310115020_20230309033900_1678336935.jpg', 'article_date' => '2023-03-10 11:49:28', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '17230', 'article_category_id' => '1', 'title' => 'Retail Business Slows Down', 'sub_title' => '', 'summary' => 'March 10: The retail business, which involves the sale of daily essentials to the general public, has slowed down due to the latest financial situation of the country.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Nirmala UI","sans-serif"">March 10: The retail business, which involves the sale of daily essentials to the general public, has slowed down due to the latest financial situation of the country.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Nirmala UI","sans-serif"">The retail businessmen shared their experience that the consumers have stopped buying non-essential goods. They say that the business has declined a lot compared to the past as only basic necessities are sold.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Nirmala UI","sans-serif"">The prices of consumer goods have skyrocketed mainly because of the hike in transportation cost after the price of petroleum products increased in the international market following Ukraine’s invasion by Russia on February 24 last year when the global economy was still battling the impacts of the Covid-19 pandemic.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Nirmala UI","sans-serif"">The trend of price hike is rising steadily.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Nirmala UI","sans-serif"">The decline in purchasing power of the general public seems to have had a toll on the retail business.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Nirmala UI","sans-serif"">Bir Bahadur Karki, a grocery shop owner, says that the retail business is not running enthusiastically of late. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Nirmala UI","sans-serif"">“There is not much business these days. The income of consumers has decreased and there is a short-supply of money. In this context, how can the consumers spend money and how will our business run?'' he said.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Nirmala UI","sans-serif"">Businessmen accept that the price of goods has increased sharply. They say that the prices of both domestically-produced and imported goods have increased. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Nirmala UI","sans-serif"">Businessmen say that there has been a sharp rise in the prices of many items such as biscuits, shampoo, cashew nuts, cumin seeds, cardamom among others. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Nirmala UI","sans-serif"">"We are buying goods at a high price. We need to sell them with some profit margin," Aryan Shah, a retail businessman, told New Business Age.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Nirmala UI","sans-serif"">Shopkeepers who sell food say that although the price of food grains have remained almost stable for some time, sales have decreased. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Nirmala UI","sans-serif"">“The prices have not increased. Prices of rice, oil and other commodities have instead decreased compared to the previous month. However, the business is declining,'' said Naval Kishore Goyal, a food trader.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Nirmala UI","sans-serif"">According to him, consumers say that they have no income and therefore they lack money. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Nirmala UI","sans-serif"">Businessmen are saying that they have not been able to collect the money for the goods sold on credit. Devendra Bhakta Shrestha, president of the Nepal Food Groceries and Wholesalers Association, a representative organization of grocers, says that the grocery business is in crisis now. "Sales are going down but the main problem is not being able to collect money from the market," he said.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Nirmala UI","sans-serif"">According to Shrestha, the retail businessmen say that they are not getting money from the cooperatives. “In this context, how will they pay the credit?" </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Nirmala UI","sans-serif"">He urged the government to improve the environment for getting money from the cooperatives. Retailers are complaining that cooperatives have not given the money they have deposited due to lack of liquidity.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-03-10', 'modified' => '2023-03-10', 'keywords' => '', 'description' => '', 'sortorder' => '16968', 'image' => '20230310101203_fair price shoppp.jpg', 'article_date' => '2023-03-10 10:11:28', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '17229', 'article_category_id' => '1', 'title' => 'Constitutional Responsibilities are my Guiding Principles: President-Elect Paudel ', 'sub_title' => '', 'summary' => 'March 10: President-elect Ram Chandra Paudel has expressed his commitment to remain impartial and neutral while executing his role as the president.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">March 10: President-elect Ram Chandra Paudel has expressed his commitment to remain impartial and neutral while executing his role as the president. He also said that he will follow the due process of law in his work execution. After being elected as the new president of Nepal on Thursday, Paudel said he is aware of the role of the president. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Extending a message of gratitude to all after his election to the coveted post, Paudel vowed to get engaged in the national campaign for sustainable peace, good-governance, development and prosperity by internalizing the letter and spirit of the constitution while discharging his duty as the president. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"Constitutional responsibilities for promotion of Nepal's national unity, defence of sovereignty, and implementation and protection of the constitution shall be my guiding principles," according to the President-elect Paudel. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">In the message issued on Thursday night, President-elect Paudel extended a heartfelt tribute to all martyrs who lost their lives in different movements, struggles and campaigns waged for the establishment and restoration of democracy. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, Paudel also expressed his gratitude to former Speaker Subas Chandra Nembang for the friendly competition in the presidential election, Nembang's political party and the voters as well. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong><span style="font-family:"Arial Unicode MS","sans-serif"">President-elect thanks PM Dahal, NC President Deuba and CPN (US) Chair Nepal</span></strong> <br /> <span style="font-family:"Arial Unicode MS","sans-serif"">President-elect Ram Chandra Paudel met Prime Minister Pushpa Kamal Dahal at the latter's official residence in Baluwatar on Thursday and thanked him for the support. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">During the meeting, President-elect Paudel thanked Prime Minister Dahal, who is also the chair of CPN (Maoist Centre), while the Prime Minister congratulated Paudel and extended his best wishes for a successful tenure, according to the Prime Minister's Secretariat. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, Paudel met with Nepali Congress President and former Prime Minister Sher Bahadur Deuba and CPN (Unified Socialist) Chairperson and former Prime Minister Madhav Kumar Nepal. President-elect Paudel visited Deuba at his residence in Dhumbarahi and Nepal at his residence in Koteshwar. </span><br /> <strong><span style="font-family:"Arial Unicode MS","sans-serif"">Newly elected President Paudel receives certificate of election</span></strong> <br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Paudel, a senior leader of Nepali Congress, was earlier awarded a certificate for being elected to the post of president. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Chief Election Commissioner Dinesh Kumar Thapalia handed over the certificate of election to Paudel at the Federal Parliament Building in New Baneshwar on Thursday. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">On the occasion, Election Officer Mahesh Sharma Paudel announced the results of the election, sharing that leader Ram Chandra Paudel was elected to the post of the president. </span><br /> <br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Prime Minister Pushpa Kamal Dahal, President of Nepali Congress and former Prime Minister Sher Bahadur Deuba, Chairperson of CPN (Unified Socialist) and former Prime Minister Madhav Kumar Nepal, Chairperson of Loktantrik Samajbadi Party Mahanth Thakur, Chair of Nagarik Unmukti Party Ranjita Shrestha, Chair of Janamat Party CK Raut, election commissioners, leaders and workers of various political parties were present on the occasion. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">In the presidential election held on Thursday, Paudel received 33,802 votes and his competitor, Subash Chandra Nembang, received 15,518 votes. </span></span></span><br /> </p> <p> </p> ', 'published' => true, 'created' => '2023-03-10', 'modified' => '2023-03-10', 'keywords' => '', 'description' => '', 'sortorder' => '16967', 'image' => '20230310094747_RSS-IMG_0311.jpg', 'article_date' => '2023-03-10 09:43:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '17228', 'article_category_id' => '1', 'title' => 'Sanima Middle Tamor Hydropower Opens Sale Of IPO to General Public ', 'sub_title' => '', 'summary' => 'Sanima Middle Tamor Hydropower Limited is issuing its Initial Public Offering (IPO) to the general public from Friday(March 10).', 'content' => '<p><span style="font-size:18px">March 10: Sanima Middle Tamor Hydropower Limited is issuing its Initial Public Offering (IPO) to the general public from Friday(March 10). In the first phase, the hydropower company had issued IPO to the locals of the project-affected areas and district and Nepali citizens employed overseas.</span></p> <p><span style="font-size:18px">Following the allotment of the shares issued in the first phase, the hydropower is issuing shares to the general public in the second phase. The company had set aside 15 per cent shares, i.e., 49,98,750 shares of issued capital of worth Rs 3,33,25,00000 to the general public. </span></p> <p><span style="font-size:18px">Of total shares set aside for the general public, ten percent shares, i.e. 4,99,875 units of shares were issued and allotted to the migrant workers. Likewise, five percent, i.e. 2,49,936 units of shares have been allotted to the mutual fund schemes.</span></p> <p><span style="font-size:18px">The hydropower is selling as many as 42, 48,938 units of shares to the general public from Friday.Interest individuals can apply for a minimum of 10 and a maximum of 20,000 units of shares. If fully subscribed, the offering will close on March. If the IPO remains under-subscribed, the deadline to apply will extend until March 24. </span></p> <p><span style="font-size:18px">Sanima Capital Limited is the issue and sales manager. Interested individuals can apply for the IPO from all C-ASBA approved banks and financial institutions by Securities Board of Nepal (SEBON). One can also for the IPO through MeroShare.</span></p> <p><span style="font-size:18px">Sanima Middle Tamor is constructing Middle Tamor Hydropower Project with the installed capacity of 73 megawatt in Taplejung district. The company is issuing IPO to collect the money for the under-construction project.</span></p> <p><span style="font-size:18px">The total estimated cost for the hydropower project is Rs 13.33 billion. The company’s estimated per megawatt cost is over Rs 183.26 million. More than 74 percent work of the hydropower project has been completed so far.</span></p> <p><br /> </p> ', 'published' => true, 'created' => '2023-03-10', 'modified' => '2023-03-10', 'keywords' => '', 'description' => '', 'sortorder' => '16966', 'image' => '20230310054012_collage - 2023-03-08T172116.161.jpg', 'article_date' => '2023-03-10 05:36:46', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 14 => array( 'Article' => array( 'id' => '17227', 'article_category_id' => '1', 'title' => 'Ram Chandra Poudel Elected the New President of Nepal', 'sub_title' => '', 'summary' => 'March 9: Senior leader of the Nepali Congress Ram Chandra Poudel has been elected as the new president of Nepal on Thursday.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">March 9: Senior leader of the Nepali Congress Ram Chandra Poudel has been elected as the new president of Nepal on Thursday. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Poudel, a common candidate of the nine-party alliance, received 33,802 votes from the electoral college of 882 voters representing the Federal Parliament and the provincial assemblies.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The NC candidate secured majority votes to defeat CPN-UML candidate Subas Nembang to the coveted post.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Paudel has become the third president of Nepal after the country adopted federalism following the 2006 people’s movement. Ram Baran Yadav was elected the first president of Nepal while his successor Bidya Devi Bhandari, the outgoing president, assumed the ceremonial role for two terms.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Poudel was proposed for the presidential candidate by NC President Sher Bahadur Deuba, CPN (Unified Socialist) Chairperson Madhav Kumar Nepal, CPN (Maoist Centre) Senior Vice-Chairperson Narayankaji Shrestha, Janata Samajwadi Party leader Ashok Kumar Rai and Abdul Khan of the Janamat Party. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Likewise, Poudel's candidacy for the presidential bid was seconded by Chairperson of Lokatantrik Samajwadi Party Nepal, Mahantha Thakur; Vice-President of Nepali Congress, Purna Bahadur Khadka; Chairperson of Nagarik Unmukti Party, Ranjita Shrestha; Chairman of Rastriya Janamorcha, Chitra Bahadur KC; and Chief Whip of CPN (Maoist Centre), Hitraj Pandey.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">President Poudel was elected a Member of the House of Representatives from Tanahu-1 in the November 20 election last year.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">He was also elected as the member of parliament from Tanahu in 2048 BS, 2051 BS, 2056 BS, 2064 BS and 2070 BS. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Poudel had already served as the deputy prime minister and minister for home affairs and led the Ministry of Local Development, Ministry of Agriculture, and the Ministry of Communications and Information in the past. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">He has also served as the Speaker of the HoR. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Born in 2001 BS at Bahunpokhara of Risti Rural Municipality in Tanahu district, Poudel forayed into politics at the age of 16. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">He is the founding member of the Nepal Student Union, which was established in 2027 BS and was elected to the central committee member of the party for the first time in 2034 BS. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Similarly, Poudel became the vice-president and acting president of the party. He was also awarded with the 'Order of the Rising Sun (2020)' presented by the government of Japan. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">He has written dozens of books and published seminal articles on contemporary issues. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Nine political parties, including Nepali Congress – the largest party in the House of Representatives, CPN (Maoist Centre) and CPN (Unified Socialist) backed Paudel’s bid to become the new president. The other parties voting for Paudel include Janata Samajwadi Party Nepal, Loktantrik Samajwadi Party Nepal, Janamat Party, Nagarik Unmukti Party, Rastriya Janamorcha and Nepal Samajwadi Party.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif""><strong>Voting</strong></span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The voting for the presidential election was held at the Parliament Building at New Baneshwar from at 10 am to 3 pm this afternoon, said assistant returning officer Amrita Kumari Sharma. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif""><strong>Eligible voters</strong></span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The electoral college comprising of the members of the Federal Parliament and provincial assemblies cast their votes to elect the president. There were a total of 882 eligible voters in the Federal Parliament and the seven provincial assemblies. Among them, 332 belonged to the Federal Parliament (the House of Representatives and the National Assembly) and 550 under the provincial assemblies. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">But only 313 members of the federal parliament and 518 members of the provincial assemblies cast their votes during the presidential election. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Paudel received votes from 214 lawmakers of the Federal Parliament and 352 provincial assembly members. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif""><strong>Who did not vote?</strong></span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Fifteen federal parliament members including 14 of the Rastriya Prajatantra Party (RPP) and one from the Nepal Workers and Peasants Party (NWPP) remained neutral and did not vote for any of the two candidates. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Likewise, six federal parliament lawmakers did not take part in the voting due to various other reasons. They are Chandra Bhandari who is undergoing health treatment in India, Barshaman Pun who is under medical treatment in China, Laxmi Koiri who has a court case against him, Tek Bahadur Gurung who has been suspended, Rabi Lamichhane whose parliamentary seat has fallen vacant after his removal from the post and Sahanaz Rahman who passed away. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif""><strong>Weightage of vote</strong></span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The vote of a Federal Parliament MP has the weight of 79 votes, and that of Province Assembly member is 48. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Based on this, the total vote share of 332 MPs of the Federal Parliament (the position of one MP has been vacant) is 26,228 and the total number of votes of the members of the provincial assembly is 26,400. That makes the total number of votes in the presidential election 52,628. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">On this basis, more than 26,314 votes were required to be elected as the president. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif""><strong>Ceremonial Role</strong></span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">According to the Constitution of Nepal, the president has a ceremonial role and is entrusted with the responsibility to protect and abide by the constitution. The country adopted the presidential system following the establishment of republic through the People’s Movement of 2006.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">According to the constitution, no person shall be elected to the Office of President more than twice. </span></span></p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-03-09', 'modified' => '2023-03-09', 'keywords' => '', 'description' => '', 'sortorder' => '16965', 'image' => '20230309063812_1678361137.jpg', 'article_date' => '2023-03-09 18:37:32', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ) ) $current_user = null $logged_in = falseinclude - APP/View/Elements/side_bar.ctp, line 60 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
Warning (2): simplexml_load_file() [<a href='http://php.net/function.simplexml-load-file'>function.simplexml-load-file</a>]: I/O warning : failed to load external entity "" [APP/View/Elements/side_bar.ctp, line 60]file not found!Code Context// $file = 'http://aabhiyan:QUVLg8Wzs2F7G9N7@nepalstock.com.np/api/indexdata.xml';if(!$xml = simplexml_load_file($file)){$viewFile = '/var/www/html/newbusinessage.com/app/View/Elements/side_bar.ctp' $dataForView = array( 'articles' => array( (int) 0 => array( 'Article' => array( [maximum depth reached] ) ), (int) 1 => array( 'Article' => array( [maximum depth reached] ) ), (int) 2 => array( 'Article' => array( [maximum depth reached] ) ), (int) 3 => array( 'Article' => array( [maximum depth reached] ) ), (int) 4 => array( 'Article' => array( [maximum depth reached] ) ), (int) 5 => array( 'Article' => array( [maximum depth reached] ) ), (int) 6 => array( 'Article' => array( [maximum depth reached] ) ), (int) 7 => array( 'Article' => array( [maximum depth reached] ) ), (int) 8 => array( 'Article' => array( [maximum depth reached] ) ), (int) 9 => array( 'Article' => array( [maximum depth reached] ) ), (int) 10 => array( 'Article' => array( [maximum depth reached] ) ), (int) 11 => array( 'Article' => array( [maximum depth reached] ) ), (int) 12 => array( 'Article' => array( [maximum depth reached] ) ), (int) 13 => array( 'Article' => array( [maximum depth reached] ) ), (int) 14 => array( 'Article' => array( [maximum depth reached] ) ) ), 'current_user' => null, 'logged_in' => false ) $articles = array( (int) 0 => array( 'Article' => array( 'id' => '17241', 'article_category_id' => '1', 'title' => '‘Let's not Look at Microfinance and Cooperatives from the Same Point of View’', 'sub_title' => '', 'summary' => 'March 12: Stakeholders have emphasized that microfinance companies and cooperatives should not be viewed from the same point of view. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">March 12: Stakeholders have emphasized that microfinance companies and cooperatives should not be viewed from the same point of view. Speaking on the occasion of the 22nd foundation day of Small Farmers Development Microfinance Financial Institution, the speakers said that all microfinance and cooperatives are not problematic. Similarly, they said, if the production and productivity of the agricultural sector can be increased and attention can be paid to the storage, processing and marketing of agricultural products, the path to economic development will be opened.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Speaking at the program, Shri Krishna Upadhyay, the former chairman of the Agricultural Development Bank, pointed out the need to pay attention not only to investment in the agricultural sector but also to the marketing of the products. He emphasized that the government should identify such cooperatives and implement agricultural programs to boost the enthusiasm of farmers who are members of agricultural cooperatives that have done good work in rural areas.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">"Cooperatives are not necessarily problematic all the time," he said, adding, There are also cooperatives that have potential and have proven themselves to be successful." </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">He emphasized the need to end the practice of looking at cooperatives and microfinance from the same point of view.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Khem Bahadur Pathak, president of Farmers Development Microfinance Financial Institution, expressed dissatisfaction with the analysis that all microfinance companies are facing problems. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">He clarified that there is no problem in the institutions as stated in the market. He said that they are working on the economic and social transformation of Raute, Kusunda, Musahar, Bankaria, Dalits, minorities and women who are backward in the community through the small farmers’ program.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">In the program, the Chief Executive Officer of the Agricultural Development Bank, Gobinda Gurung, pointed out the need to work more on motivating farmers to start production, processing, storing and connecting to the market.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Likewise, the Chief Executive Officer of Farmers Development Microfinance Financial Institution, Shivram Prasad Koirala emphasized that the institution should be evaluated by looking at the work done by microfinance. </span></span></span></p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-03-12', 'modified' => '2023-03-12', 'keywords' => '', 'description' => '', 'sortorder' => '16979', 'image' => '20230312024826_Micro_finance.jpg', 'article_date' => '2023-03-12 14:47:38', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '17240', 'article_category_id' => '1', 'title' => 'Silicon Valley Bank is Largest Bank Failure since 2008 Financial Crisis', 'sub_title' => '', 'summary' => 'March 12: US regulators on Friday shut down Silicon Valley Bank (SVB) and took control of its customer deposits in the largest failure of a US bank since 2008.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">AGENCIES</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">March 12: US regulators on Friday shut down Silicon Valley Bank (SVB) and took control of its customer deposits in the largest failure of a US bank since 2008.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the BBC, the moves came as the firm, a key tech lender, was scrambling to raise money to plug a loss from the sale of assets affected by higher interest rates.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Its troubles prompted a rush of customer withdrawals and sparked fears about the state of the banking sector.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Reuters reported that the sudden collapse shook global markets and left billions of dollars belonging to companies and investors stranded.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The lender was ranked as the 16th biggest in the US at the end of last year, with about $209 billion in assets, the news agency added. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Silicon Valley Bank faced "inadequate liquidity and insolvency", BBC quoted banking regulators in California, where the firm has its headquarters, as saying during the takeover.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">As it tried to raise capital to offset fleeing deposits, the bank lost $1.8 billion on Treasury bonds whose values were torpedoed by the Fed rate hikes, according to Reuters.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“Silicon Valley Bank's failure is the largest since Washington Mutual went bust in 2008, a hallmark event that triggered a financial crisis that hobbled the economy for years. The 2008 crash prompted tougher rules in the United States and beyond.”</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The genesis of SVB's collapse lies in a rising interest rate environment, Reuters further said adding, as higher interest rates caused the market for initial public offerings to shut down for many startups and made private fundraising more costly, some SVB clients started pulling money out.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“To fund the redemptions, SVB sold a $21 billion bond portfolio consisting mostly of U.S. Treasuries on Wednesday, and said it would sell $2.25 billion in common equity and preferred convertible stock to fill its funding hole. By Friday, the collapsing stock price had made its capital raise untenable and sources said the bank tried to look at other options, including a sale, until regulators stepped in and shut the bank down.”</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The last FDIC-insured institution to close was Almena State Bank in Kansas, on October 23, 2020.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to Reuters, the problems at SVB underscore how a campaign by the U.S. Federal Reserve and other central banks to fight inflation by ending the era of cheap money is exposing vulnerabilities in the market. Some analysts forecast more pain for the sector as the episode spread concern about hidden risks in the banking sector and its vulnerability to the rising cost of money.</span></span></p> <p> </p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-03-12', 'modified' => '2023-03-12', 'keywords' => '', 'description' => '', 'sortorder' => '16978', 'image' => '20230312012548_Banks - Copy.jpg', 'article_date' => '2023-03-12 13:24:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '17239', 'article_category_id' => '1', 'title' => 'Conservation Efforts of ACAP Hindering Development Works: Local Governments', 'sub_title' => '', 'summary' => 'March 12: The conflict of interest between the Annapurna Conservation Area Project (ACAP) and the local governments within the jurisdiction of ACAP over the utilization of natural resources and other issues have resulted in a situation in which the people’s representatives have demanded the termination of the project.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">March 12: The conflict of interest between the Annapurna Conservation Area Project (ACAP) and the local governments within the jurisdiction of ACAP over the utilization of natural resources and other issues have resulted in a situation in which the people’s representatives have demanded the termination of the project.</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"">ACAP is an integrated and community-based conservation and development approach undertaken by the National Trust for Nature Conservation (NTNC) which spreads across 15 municipalities in five districts including Kaski, Manang, Mustang, Lamjung and Myagdi. </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 representatives of the local units complain that the conservation efforts of the ACAP has hindered development works.</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 policies of ACAP has been hindering development works,” Chairperson of Thasang Rural Municipality, Pradeep Gauchan, told the state-owned RSS.</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"">According to Gauchan, the construction of a 15-bed hospital in the rural municipality has been obstructed due to the ACAP policies, which do not allow chopping down of trees. </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"">All of the local units within the Annapurna Conservation Area Project (ACAP) have demanded that they be allowed to use the ACAP area. </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"">A total of 15 municipal chiefs and deputy chiefs of the local units, which fall under the ACAP, put forth a six-point demand towards this end at a coordination meeting held in Machhapuchhre Rural Municipality of Kaski on Saturday, RSS reported. </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"">Chairperson of Machhapuchhre Rural Municipality Meen Bahadur Gurung said that the term of ACAP should not be extended. Gurung was of the view that the area of ACAP should now be used by the concerned local levels. </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""> Likewise, Chair of Kaholasonthar Rural Municipality of Lamjung, Surya Prasad Gurung, said that the main source of income for the local government is natural resources, so it is a problem when ACAP keeps the income from natural resources. </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"">Vice-chair of Machhapuchhre Rural Municipality, Sita Adhikari, said that all the 15 municipal chiefs and deputy chiefs had to meet to form a common opinion because of many problems resulting from the ACAP. </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 meeting has decided to submit a memorandum to the federal and provincial governments to resolve the problems in revenue collection due to ACAP and its regulations. </span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-03-12', 'modified' => '2023-03-12', 'keywords' => '', 'description' => '', 'sortorder' => '16977', 'image' => '20230312115358_20221009114613_Annapurna-Circuit-6-1600x1067.jpeg', 'article_date' => '2023-03-12 11:53:09', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '17238', 'article_category_id' => '1', 'title' => 'Chances of Rain with Thunder and Lightning Today ', 'sub_title' => '', 'summary' => 'March 12: There is a possibility of light rain with thunder and lightning due to the effect of the westerly winds today. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">March 12: There is a possibility of light rain with thunder and lightning due to the effect of the westerly winds today. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to Barun Paudel, senior meteorologist at the Weather Forecast Division of the Department of Hydrology and Meteorology, the pre-monsoon season is active leading to light rainfall with thunder and lightning in the past few days. The months of March, April and May are considered pre-monsoon. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The westerly wind is active with the sun shining throughout the day, leading to light rain with thunder and lightning in the evening. Therefore, there is a possibility of light rainfall in the hill areas of the country in the evening today, Paudel said. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The weather forecast bulletin issued by the division also states that the weather will be generally clear in the hill areas of the country today afternoon. The minimum temperature of Kathmandu today was recorded at 10 degrees Celsius and the maximum temperature is expected to be 25 degrees Celsius. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2023-03-12', 'modified' => '2023-03-12', 'keywords' => '', 'description' => '', 'sortorder' => '16976', 'image' => '20230312112059_rainfallll.jpg', 'article_date' => '2023-03-12 11:20:14', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '17237', 'article_category_id' => '274', 'title' => 'Cardamom Export Sees Huge Surge ', 'sub_title' => '', 'summary' => 'Despite the price rise, cardamom export has witnessed a sharp spike this fiscal year. Following increase of demand and price due to the fall of cardamom’s output in India, export of black gold from Nepal has seen colossal hike. ', 'content' => '<p><span style="font-size:18px">March 12: Despite the price rise, cardamom export has witnessed a sharp spike this fiscal year. Following increase of demand and price due to the fall of cardamom’s output in India, export of black gold from Nepal has seen colossal hike. </span></p> <p><span style="font-size:18px">According to the data at Trade and Export Promotion Center, cardamom export has increased by 85 percent as per value in the first seven months of the current fiscal year.</span></p> <p><span style="font-size:18px">Federation of Large Cardamom Entrepreneurs of Nepal (FLCEN) said that with the rise of demand the price of the cardamom had increased by Rs 13,000 per mann(traditional measurement tool). Forty kilograms constitute one mann. The price increase has also led the export to increase. </span></p> <p><span style="font-size:18px">Nepal exported 2,996 metric tons of cardamom worth Rs 2.64 billion in the first seven months of the last fiscal year. On the contrary, country exported 6,117 metric tons of the cardamom worth Rs 4.89 billion in the first seven months of the current fiscal year.</span></p> <p><span style="font-size:18px">Federation of Large Cardamom Entrepreneurs of Nepal (FLCEN) Chairman Nirmal Bhattarai said that production of spice crop had declined both in Nepal and India this year. India, which had produced 50,000 sacks of cardamom last year, produced only 20,000 sacks of cardamom this year. Though Nepal had produced 1,20,000 sacks of cardamom last year, the country produced just 1,0,5000 sacks of cardamom this year.</span></p> <p><span style="font-size:18px">Since India’s production had increased last year, Nepal’s export was not enthusiastic. “Nepal’s cardamom export went up massively due to the export of stock cardamom and this year’s production simultaneously,” said Bhattarai.</span></p> <p><span style="font-size:18px">In the last four months, the price of JJ(number one) cardamom jumped up from Rs 27,000 to Rs 40,000 per mann. Likewise, the value of SD(number two) increased from Rs 26,000 to Rs 39,000 per mann. The price of number of cardamom rose from Rs 25,000 to Rs 38,000. </span></p> <p><span style="font-size:18px">In spite of rise of export price, cardamom farmers have not been able to take benefit. At the time of cardamom harvesting, the price of number one cardamom was Rs 27,000 per mann. The cash crop had reached the hands of middlemen before the price had inflated, according to Bhattarai.</span></p> <p><span style="font-size:18px">Of spices grown in Nepal, ginger ranks in the first place in terms of output and area of cultivation. Cardamom ranks in the last place. Cardamom is cultivated in 1,700 hectares of the land in Nepal.</span></p> <p><span style="font-size:18px">National Center for Potato, Vegetable, and Spice Crops Development’s Senior Crop Development Officer Rajan Pariyar said that export might have risen as the stock from the last year had come at a time in the market. </span></p> <p><span style="font-size:18px">“Traders exported cardamom they owned, causing the export to go up sharply,” Pariyar stated. Nepal’s cardamom export has found its market in Gulf countries from this year, apart from India and Pakistan.</span></p> <p><span style="font-size:18px">Nepal has received export certificate(halal) for cardamom export to Gulf countries including Qatar. </span></p> ', 'published' => true, 'created' => '2023-03-12', 'modified' => '2023-03-12', 'keywords' => '', 'description' => '', 'sortorder' => '16975', 'image' => '20230312070817_collage (20).jpg', 'article_date' => '2023-03-12 06:56:10', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 5 => array( 'Article' => array( 'id' => '17236', 'article_category_id' => '1', 'title' => 'Nepal Exports Cement worth Rs 170 Million in Seven Months ', 'sub_title' => '', 'summary' => 'March 10: Nepal exported cement worth around Rs 170 million in the first seven months of the current fiscal year. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">March 10: Nepal exported cement worth around Rs 170 million in the first seven months of the current fiscal year. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Data released by the Department of Customs on Friday show that Nepal exported cement and clinker equivalent to Rs 167 million 33 thousand in the review period. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">In the seven months' period, clinker worth Rs 106.37 million and cement worth Rs 60.65 million was exported. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The department said 151,158 tonnes of clinker and 153,493 tonnes cement has been exported during this period. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Two Nepali cement industries have been exporting Nepali brand cement to India. The 'Tansen' brand cement is being exported since July 8, 2022 and the 'Arghakhanchi' brand cement since October 17, 2022. The Nepali cement is exported to various markets in India. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Manager of Arghakhanchi Cement Industry Rajesh Agrawal said that although the export declined during big festivals, it has now started to peak. -- RSS </span></span></span><br /> </p> ', 'published' => true, 'created' => '2023-03-10', 'modified' => '2023-03-10', 'keywords' => '', 'description' => '', 'sortorder' => '16974', 'image' => '20230310064553_20220927024152_cementtttt.jpg', 'article_date' => '2023-03-10 18:45:09', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '17235', 'article_category_id' => '237', 'title' => 'Rigo Accounting Software Getting Popular In Nepal ', 'sub_title' => '', 'summary' => 'Rigo, a premium Human Resources and Accounting Software Development Company in Nepal, has rolled out a new edition of accounting system. New edition of the accounting system has occupied a remarkable position in the Nepali accounting software market.', 'content' => '<p><br /> <span style="font-size:18px">March 10: Rigo, a premium Human Resources and Accounting Software Development Company in Nepal, has rolled out a new edition of accounting system. New edition of the accounting system has occupied a remarkable position in the Nepali accounting software market.</span></p> <p><span style="font-size:18px">With Rigo ERP Solution, the company has been helping manage the accounting system and human resource department of hundreds of corporate houses and organizations.</span></p> <p><span style="font-size:18px">The company was established by Nepali chartered accountants and computer engineers in 2010. <br /> Since its inception, Rigo has been providing softwares in latest platforms with local compliance. The softwares are made complying with industry standards. </span></p> <p><span style="font-size:18px">Rigo has provided Executive Mobile Application along with NFRS and other features through Rigo ERP’s new edition. Rigo has also made Retail POS available targeting retail businesses and small entrepreneurs. </span></p> <p><span style="font-size:18px">“Rigo’s E-billing software is listed on the Inland Revenue Department (IRD) Nepal,” said Rigo Technologies’ Chief Executive Director Mukund Pokhrel. </span></p> <p><span style="font-size:18px">With the increased use and demand for domestic online accounting system among small and medium entrepreneurs, Rigo has rolled out its latest version to make its services easy and convenient. </span><br /> </p> ', 'published' => true, 'created' => '2023-03-10', 'modified' => '2023-03-10', 'keywords' => '', 'description' => '', 'sortorder' => '16973', 'image' => '20230310053705_collage - 2023-03-10T164107.320.jpg', 'article_date' => '2023-03-10 17:33:29', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 7 => array( 'Article' => array( 'id' => '17234', 'article_category_id' => '1', 'title' => 'Interest on Loan Highest in Ten Years', 'sub_title' => '', 'summary' => 'March 10: At a time when the movement against interest rates is intensifying, it has been revealed that the interest rates charged by banks and financial institutions (BFIs) have become highest in 10 years. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">March 10: At a time when the movement against interest rates is intensifying, it has been revealed that the interest rates charged by banks and financial institutions (BFIs) have become highest in 10 years. Due to the tight monetary policy taken by Nepal Rastra Bank (NRB), the average interest on loan of commercial banks is close to 13 percent.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">NRB adopted strict policy after inflation increased due to the Covid-19 pandemic and Russia-Ukraine tension along with decline in foreign exchange reserves.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">As soon as the pandemic subsided, the interest rates of the banks started to rise from last year after the banks became aggressive in extending loans. In December 2022, the average interest on loans of commercial banks was 9.44 percent, which reached double digits since January. With the tightening of monetary policy by NRB in the current fiscal year (FY), the cost of banks' capital increased, increasing the interest on loans.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">In order to discourage credit consumption, NRB announced that the bank rate has been increased by 1.5 percentage points to 8.5 percent, the policy rate from 5.5 percent to 7 percent, and the deposit collection rate from 4 percent to 5.5 percent through monetary policy of the current year.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">After the high interest rate was heavily criticized, NRB announced to reduce the spread rate of the banks through the first quarter review of the monetary policy of the current year. As per the instructions of NRB, commercial banks have been told to reduce the spread rate to 4.2 percent from April 2023. From June 2023, commercial banks should maintain a spread rate of 4 percent.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">NRB also reduced the overnight repo interest rate by 1.5 percentage points to 7.5 percent. NRB expects that the cost of capital of banks will decrease along with the interest rate.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The businessmen are conducting pressure programs to reduce the interest rate saying that the banks charge high interest rates to earn more profit and due to this they are unable to pay the loan. On the other hand, the bankers are claiming that interest rates are automatically rising because the banks’ costs are increasing as they do not have enough investable capital.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Former Governor of NRB Dipendra Bahadur Chhetri interprets the interest rate controversy as a product of the government's policy and the practice of banks. He said that even if the market determines the interest rate, there is a dispute because of the intervention of NRB and the carteling of banks.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">After the lack of liquidity in the banking system, there was an unhealthy competition among banks to attract deposits by raising interest rates. NRB intervened after commercial banks increased the interest rate on personal savings to 12 percent. According to the instructions issued by NRB, the banks can reduce the interest rate only by 10 percent compared to the previous month. However, the umbrella organizations of BFIs have been determining interest rates through the association by mutual agreement.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Narayan Prasad Pokharel, Assistant Spokesperson of NRB says that it is necessary to regulate the interest rate market. He said, “If NRB had not intervened, the commercial bank's interest rate would have reached 18 percent by now.”</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">President of Nepal Bankers Association, Sunil KC, claims that a gentleman’s agreement has been reached to keep the interest rate at one level and create an environment of healthy competition.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-03-10', 'modified' => '2023-03-10', 'keywords' => '', 'description' => '', 'sortorder' => '16972', 'image' => '20230310040459_interest-rates-e1541025967190.jpg', 'article_date' => '2023-03-10 16:02:56', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '17233', 'article_category_id' => '277', 'title' => 'Tanahun Farmers Get Improved Maize Seeds ', 'sub_title' => '', 'summary' => 'With an aim to ensure more productions, the Vyas Municipality in Tanahun district has provided as many as six metric tonnes of improved corn seeds to the farmers in grant.', 'content' => '<p> </p> <p><span style="font-size:18px">March 10: With an aim to ensure more productions, the Vyas Municipality in Tanahun district has provided as many as six metric tonnes of improved corn seeds to the farmers in grant.</span></p> <p><span style="font-size:18px">The farmers were provided the maize seeds with 50 per cent in grant. Section Officer of Agriculture Section of the municipality Pratima Bagale said farmers from all 14 wards in the municipality were given improved maize seeds of Arun-2, Rampur Composite, Manakamana-3 and other improved seeds. </span></p> <p><span style="font-size:18px">"So far, we have distributed six metric tonnes of corn seeds. The distribution is ongoing," Bagale said. Bagale said that the move is aimed at making the farmers self-reliant and attract people them towards commercial farming. </span></p> <p><span style="font-size:18px">Prior to this, the municipality had distributed 22 metric tonnes of potato seeds. The municipality is also planning to distribute the beehives to some 100 beekeepers. ---RSS</span><br /> </p> ', 'published' => true, 'created' => '2023-03-10', 'modified' => '2023-03-10', 'keywords' => '', 'description' => '', 'sortorder' => '16971', 'image' => '20230310034843_collage - 2023-03-10T154225.264.jpg', 'article_date' => '2023-03-10 15:46:57', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 9 => array( 'Article' => array( 'id' => '17232', 'article_category_id' => '1', 'title' => 'UK State Minister Visits Arun III Hydropower Project Site', 'sub_title' => '', 'summary' => 'March 10: British Foreign, Commonwealth and Development Minister of State (Indo-Pacific) Anne Marie Trevelyan, has visited the 900 MW Arun III hydropower project under construction in Sankhuwasabha.', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">March 10: British Foreign, Commonwealth and Development Minister of State (Indo-Pacific) Anne Marie Trevelyan, has visited the 900 MW Arun III hydropower project under construction in Sankhuwasabha. While observing the power house and transformer bay of the project, she said that Nepal is moving towards achieving great success in clean and renewable energy production. She said that Nepal will gain a competitive advantage in hydropower production and that Nepal has an important role in reducing carbon emissions through regional trade in clean and renewable energy.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">On the occasion, Sushil Bhatta, CEO of the Investment Board said that the Arun-III hydropower project is a milestone in the development of Nepal's energy sector. He said that the board facilitated all the necessary steps to continue project implementation even during the difficult times of the Covid-19 pandemic.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Similarly, Joint Secretary of the Ministry of Energy, Water Resources and Irrigation Madhu Prasad Bhetuwal said that the large hydropower projects under construction in Nepal will play an important role in addressing the demand for electricity in this region. He pointed out the need to speed up the construction of international transmission lines between South Asian countries to make regional electricity trade worthwhile.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Arun-III hydropower project is being developed by SJVN Arun III Power Development Company, which is mainly owned by Indian developer company SJVN. Arun Dhiman, CEO of the company informed the high-level visiting team about the progress of the project. According to him, the physical progress towards production of the project so far is 61.2 percent. The company is constructing a 253 km long inland transmission line of 400 KV capacity from the project's power house to Sitamarhi in India, which is targeted for completion by 2023.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-03-10', 'modified' => '2023-03-10', 'keywords' => '', 'description' => '', 'sortorder' => '16970', 'image' => '20230310030408_1678403346.jpg', 'article_date' => '2023-03-10 15:03:13', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '17231', 'article_category_id' => '1', 'title' => 'Flights of Shree Airlines Grounded until Security Inspection', 'sub_title' => '', 'summary' => 'March 10: The Civil Aviation Authority of Nepal (CAAN) has directed Shree Airlines to ground all the aircraft of the company until security checks of the engines. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">March 10: The Civil Aviation Authority of Nepal (CAAN) has directed Shree Airlines to ground all the aircraft of the company until security checks of the engines. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the state-owned RSS, CAAN Spokesperson Jagannath Niraula said that the aviation regulatory body has decided to allow Shree Airlines to operate flights only after a thorough inspection of the engines. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Niraula made it clear that the aircraft of the Shree Airlines would conduct flights only after security inspection from the technicians of CAAN, RSS reported. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"The planes of Shree Airlines would get permission to fly only after the CAAN's technicians give permission after the security inspection of the engines. The planes are grounded after the incident of Thursday," RSS quoted Niraula as saying. </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"">A Sreee Airlines aircraft bound for Bhairahawa from Kathmandu had made an emergency landing on Thursday after one of its engines caught fire and the aircraft had to return back to Kathmandu from Dhading.</span> No passengers or crew members were injured in the incident.<br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Manager of Shree Airlines Anil Manandhar said that the passengers of Shree Airlines had to suffer due to the sudden notice of the CAAN. He argued that the airline company had already scheduled 14 flights for Friday when they received the letter from CAAN to ground the aircraft.</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"">CAAN on the other hand maintained that the security of passengers is of utmost priority.</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"">Aviation safety has become a hot topic in Nepal due to its poor record. A Yeti Airlines aircraft with 72 people on board had crashed in Pokhara on January 15 while making a final approach for landing. A preliminary report of air crash investigation had revealed that the engines of the ill-fated aircraft had no thrust causing the aircraft to stall. All 72 people on board the aircraft were killed. Following the incident, the regulatory body is under intense pressure to ensure safety of the aviation sector in Nepal.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-03-10', 'modified' => '2023-03-10', 'keywords' => '', 'description' => '', 'sortorder' => '16969', 'image' => '20230310115020_20230309033900_1678336935.jpg', 'article_date' => '2023-03-10 11:49:28', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '17230', 'article_category_id' => '1', 'title' => 'Retail Business Slows Down', 'sub_title' => '', 'summary' => 'March 10: The retail business, which involves the sale of daily essentials to the general public, has slowed down due to the latest financial situation of the country.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Nirmala UI","sans-serif"">March 10: The retail business, which involves the sale of daily essentials to the general public, has slowed down due to the latest financial situation of the country.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Nirmala UI","sans-serif"">The retail businessmen shared their experience that the consumers have stopped buying non-essential goods. They say that the business has declined a lot compared to the past as only basic necessities are sold.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Nirmala UI","sans-serif"">The prices of consumer goods have skyrocketed mainly because of the hike in transportation cost after the price of petroleum products increased in the international market following Ukraine’s invasion by Russia on February 24 last year when the global economy was still battling the impacts of the Covid-19 pandemic.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Nirmala UI","sans-serif"">The trend of price hike is rising steadily.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Nirmala UI","sans-serif"">The decline in purchasing power of the general public seems to have had a toll on the retail business.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Nirmala UI","sans-serif"">Bir Bahadur Karki, a grocery shop owner, says that the retail business is not running enthusiastically of late. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Nirmala UI","sans-serif"">“There is not much business these days. The income of consumers has decreased and there is a short-supply of money. In this context, how can the consumers spend money and how will our business run?'' he said.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Nirmala UI","sans-serif"">Businessmen accept that the price of goods has increased sharply. They say that the prices of both domestically-produced and imported goods have increased. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Nirmala UI","sans-serif"">Businessmen say that there has been a sharp rise in the prices of many items such as biscuits, shampoo, cashew nuts, cumin seeds, cardamom among others. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Nirmala UI","sans-serif"">"We are buying goods at a high price. We need to sell them with some profit margin," Aryan Shah, a retail businessman, told New Business Age.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Nirmala UI","sans-serif"">Shopkeepers who sell food say that although the price of food grains have remained almost stable for some time, sales have decreased. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Nirmala UI","sans-serif"">“The prices have not increased. Prices of rice, oil and other commodities have instead decreased compared to the previous month. However, the business is declining,'' said Naval Kishore Goyal, a food trader.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Nirmala UI","sans-serif"">According to him, consumers say that they have no income and therefore they lack money. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Nirmala UI","sans-serif"">Businessmen are saying that they have not been able to collect the money for the goods sold on credit. Devendra Bhakta Shrestha, president of the Nepal Food Groceries and Wholesalers Association, a representative organization of grocers, says that the grocery business is in crisis now. "Sales are going down but the main problem is not being able to collect money from the market," he said.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Nirmala UI","sans-serif"">According to Shrestha, the retail businessmen say that they are not getting money from the cooperatives. “In this context, how will they pay the credit?" </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Nirmala UI","sans-serif"">He urged the government to improve the environment for getting money from the cooperatives. Retailers are complaining that cooperatives have not given the money they have deposited due to lack of liquidity.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-03-10', 'modified' => '2023-03-10', 'keywords' => '', 'description' => '', 'sortorder' => '16968', 'image' => '20230310101203_fair price shoppp.jpg', 'article_date' => '2023-03-10 10:11:28', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '17229', 'article_category_id' => '1', 'title' => 'Constitutional Responsibilities are my Guiding Principles: President-Elect Paudel ', 'sub_title' => '', 'summary' => 'March 10: President-elect Ram Chandra Paudel has expressed his commitment to remain impartial and neutral while executing his role as the president.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">March 10: President-elect Ram Chandra Paudel has expressed his commitment to remain impartial and neutral while executing his role as the president. He also said that he will follow the due process of law in his work execution. After being elected as the new president of Nepal on Thursday, Paudel said he is aware of the role of the president. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Extending a message of gratitude to all after his election to the coveted post, Paudel vowed to get engaged in the national campaign for sustainable peace, good-governance, development and prosperity by internalizing the letter and spirit of the constitution while discharging his duty as the president. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"Constitutional responsibilities for promotion of Nepal's national unity, defence of sovereignty, and implementation and protection of the constitution shall be my guiding principles," according to the President-elect Paudel. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">In the message issued on Thursday night, President-elect Paudel extended a heartfelt tribute to all martyrs who lost their lives in different movements, struggles and campaigns waged for the establishment and restoration of democracy. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, Paudel also expressed his gratitude to former Speaker Subas Chandra Nembang for the friendly competition in the presidential election, Nembang's political party and the voters as well. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong><span style="font-family:"Arial Unicode MS","sans-serif"">President-elect thanks PM Dahal, NC President Deuba and CPN (US) Chair Nepal</span></strong> <br /> <span style="font-family:"Arial Unicode MS","sans-serif"">President-elect Ram Chandra Paudel met Prime Minister Pushpa Kamal Dahal at the latter's official residence in Baluwatar on Thursday and thanked him for the support. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">During the meeting, President-elect Paudel thanked Prime Minister Dahal, who is also the chair of CPN (Maoist Centre), while the Prime Minister congratulated Paudel and extended his best wishes for a successful tenure, according to the Prime Minister's Secretariat. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, Paudel met with Nepali Congress President and former Prime Minister Sher Bahadur Deuba and CPN (Unified Socialist) Chairperson and former Prime Minister Madhav Kumar Nepal. President-elect Paudel visited Deuba at his residence in Dhumbarahi and Nepal at his residence in Koteshwar. </span><br /> <strong><span style="font-family:"Arial Unicode MS","sans-serif"">Newly elected President Paudel receives certificate of election</span></strong> <br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Paudel, a senior leader of Nepali Congress, was earlier awarded a certificate for being elected to the post of president. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Chief Election Commissioner Dinesh Kumar Thapalia handed over the certificate of election to Paudel at the Federal Parliament Building in New Baneshwar on Thursday. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">On the occasion, Election Officer Mahesh Sharma Paudel announced the results of the election, sharing that leader Ram Chandra Paudel was elected to the post of the president. </span><br /> <br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Prime Minister Pushpa Kamal Dahal, President of Nepali Congress and former Prime Minister Sher Bahadur Deuba, Chairperson of CPN (Unified Socialist) and former Prime Minister Madhav Kumar Nepal, Chairperson of Loktantrik Samajbadi Party Mahanth Thakur, Chair of Nagarik Unmukti Party Ranjita Shrestha, Chair of Janamat Party CK Raut, election commissioners, leaders and workers of various political parties were present on the occasion. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">In the presidential election held on Thursday, Paudel received 33,802 votes and his competitor, Subash Chandra Nembang, received 15,518 votes. </span></span></span><br /> </p> <p> </p> ', 'published' => true, 'created' => '2023-03-10', 'modified' => '2023-03-10', 'keywords' => '', 'description' => '', 'sortorder' => '16967', 'image' => '20230310094747_RSS-IMG_0311.jpg', 'article_date' => '2023-03-10 09:43:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '17228', 'article_category_id' => '1', 'title' => 'Sanima Middle Tamor Hydropower Opens Sale Of IPO to General Public ', 'sub_title' => '', 'summary' => 'Sanima Middle Tamor Hydropower Limited is issuing its Initial Public Offering (IPO) to the general public from Friday(March 10).', 'content' => '<p><span style="font-size:18px">March 10: Sanima Middle Tamor Hydropower Limited is issuing its Initial Public Offering (IPO) to the general public from Friday(March 10). In the first phase, the hydropower company had issued IPO to the locals of the project-affected areas and district and Nepali citizens employed overseas.</span></p> <p><span style="font-size:18px">Following the allotment of the shares issued in the first phase, the hydropower is issuing shares to the general public in the second phase. The company had set aside 15 per cent shares, i.e., 49,98,750 shares of issued capital of worth Rs 3,33,25,00000 to the general public. </span></p> <p><span style="font-size:18px">Of total shares set aside for the general public, ten percent shares, i.e. 4,99,875 units of shares were issued and allotted to the migrant workers. Likewise, five percent, i.e. 2,49,936 units of shares have been allotted to the mutual fund schemes.</span></p> <p><span style="font-size:18px">The hydropower is selling as many as 42, 48,938 units of shares to the general public from Friday.Interest individuals can apply for a minimum of 10 and a maximum of 20,000 units of shares. If fully subscribed, the offering will close on March. If the IPO remains under-subscribed, the deadline to apply will extend until March 24. </span></p> <p><span style="font-size:18px">Sanima Capital Limited is the issue and sales manager. Interested individuals can apply for the IPO from all C-ASBA approved banks and financial institutions by Securities Board of Nepal (SEBON). One can also for the IPO through MeroShare.</span></p> <p><span style="font-size:18px">Sanima Middle Tamor is constructing Middle Tamor Hydropower Project with the installed capacity of 73 megawatt in Taplejung district. The company is issuing IPO to collect the money for the under-construction project.</span></p> <p><span style="font-size:18px">The total estimated cost for the hydropower project is Rs 13.33 billion. The company’s estimated per megawatt cost is over Rs 183.26 million. More than 74 percent work of the hydropower project has been completed so far.</span></p> <p><br /> </p> ', 'published' => true, 'created' => '2023-03-10', 'modified' => '2023-03-10', 'keywords' => '', 'description' => '', 'sortorder' => '16966', 'image' => '20230310054012_collage - 2023-03-08T172116.161.jpg', 'article_date' => '2023-03-10 05:36:46', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 14 => array( 'Article' => array( 'id' => '17227', 'article_category_id' => '1', 'title' => 'Ram Chandra Poudel Elected the New President of Nepal', 'sub_title' => '', 'summary' => 'March 9: Senior leader of the Nepali Congress Ram Chandra Poudel has been elected as the new president of Nepal on Thursday.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">March 9: Senior leader of the Nepali Congress Ram Chandra Poudel has been elected as the new president of Nepal on Thursday. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Poudel, a common candidate of the nine-party alliance, received 33,802 votes from the electoral college of 882 voters representing the Federal Parliament and the provincial assemblies.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The NC candidate secured majority votes to defeat CPN-UML candidate Subas Nembang to the coveted post.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Paudel has become the third president of Nepal after the country adopted federalism following the 2006 people’s movement. Ram Baran Yadav was elected the first president of Nepal while his successor Bidya Devi Bhandari, the outgoing president, assumed the ceremonial role for two terms.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Poudel was proposed for the presidential candidate by NC President Sher Bahadur Deuba, CPN (Unified Socialist) Chairperson Madhav Kumar Nepal, CPN (Maoist Centre) Senior Vice-Chairperson Narayankaji Shrestha, Janata Samajwadi Party leader Ashok Kumar Rai and Abdul Khan of the Janamat Party. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Likewise, Poudel's candidacy for the presidential bid was seconded by Chairperson of Lokatantrik Samajwadi Party Nepal, Mahantha Thakur; Vice-President of Nepali Congress, Purna Bahadur Khadka; Chairperson of Nagarik Unmukti Party, Ranjita Shrestha; Chairman of Rastriya Janamorcha, Chitra Bahadur KC; and Chief Whip of CPN (Maoist Centre), Hitraj Pandey.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">President Poudel was elected a Member of the House of Representatives from Tanahu-1 in the November 20 election last year.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">He was also elected as the member of parliament from Tanahu in 2048 BS, 2051 BS, 2056 BS, 2064 BS and 2070 BS. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Poudel had already served as the deputy prime minister and minister for home affairs and led the Ministry of Local Development, Ministry of Agriculture, and the Ministry of Communications and Information in the past. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">He has also served as the Speaker of the HoR. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Born in 2001 BS at Bahunpokhara of Risti Rural Municipality in Tanahu district, Poudel forayed into politics at the age of 16. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">He is the founding member of the Nepal Student Union, which was established in 2027 BS and was elected to the central committee member of the party for the first time in 2034 BS. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Similarly, Poudel became the vice-president and acting president of the party. He was also awarded with the 'Order of the Rising Sun (2020)' presented by the government of Japan. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">He has written dozens of books and published seminal articles on contemporary issues. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Nine political parties, including Nepali Congress – the largest party in the House of Representatives, CPN (Maoist Centre) and CPN (Unified Socialist) backed Paudel’s bid to become the new president. The other parties voting for Paudel include Janata Samajwadi Party Nepal, Loktantrik Samajwadi Party Nepal, Janamat Party, Nagarik Unmukti Party, Rastriya Janamorcha and Nepal Samajwadi Party.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif""><strong>Voting</strong></span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The voting for the presidential election was held at the Parliament Building at New Baneshwar from at 10 am to 3 pm this afternoon, said assistant returning officer Amrita Kumari Sharma. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif""><strong>Eligible voters</strong></span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The electoral college comprising of the members of the Federal Parliament and provincial assemblies cast their votes to elect the president. There were a total of 882 eligible voters in the Federal Parliament and the seven provincial assemblies. Among them, 332 belonged to the Federal Parliament (the House of Representatives and the National Assembly) and 550 under the provincial assemblies. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">But only 313 members of the federal parliament and 518 members of the provincial assemblies cast their votes during the presidential election. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Paudel received votes from 214 lawmakers of the Federal Parliament and 352 provincial assembly members. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif""><strong>Who did not vote?</strong></span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Fifteen federal parliament members including 14 of the Rastriya Prajatantra Party (RPP) and one from the Nepal Workers and Peasants Party (NWPP) remained neutral and did not vote for any of the two candidates. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Likewise, six federal parliament lawmakers did not take part in the voting due to various other reasons. They are Chandra Bhandari who is undergoing health treatment in India, Barshaman Pun who is under medical treatment in China, Laxmi Koiri who has a court case against him, Tek Bahadur Gurung who has been suspended, Rabi Lamichhane whose parliamentary seat has fallen vacant after his removal from the post and Sahanaz Rahman who passed away. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif""><strong>Weightage of vote</strong></span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The vote of a Federal Parliament MP has the weight of 79 votes, and that of Province Assembly member is 48. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Based on this, the total vote share of 332 MPs of the Federal Parliament (the position of one MP has been vacant) is 26,228 and the total number of votes of the members of the provincial assembly is 26,400. That makes the total number of votes in the presidential election 52,628. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">On this basis, more than 26,314 votes were required to be elected as the president. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif""><strong>Ceremonial Role</strong></span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">According to the Constitution of Nepal, the president has a ceremonial role and is entrusted with the responsibility to protect and abide by the constitution. The country adopted the presidential system following the establishment of republic through the People’s Movement of 2006.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">According to the constitution, no person shall be elected to the Office of President more than twice. </span></span></p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-03-09', 'modified' => '2023-03-09', 'keywords' => '', 'description' => '', 'sortorder' => '16965', 'image' => '20230309063812_1678361137.jpg', 'article_date' => '2023-03-09 18:37:32', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ) ) $current_user = null $logged_in = falsesimplexml_load_file - [internal], line ?? include - APP/View/Elements/side_bar.ctp, line 60 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
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', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">March 12: Stakeholders have emphasized that microfinance companies and cooperatives should not be viewed from the same point of view. Speaking on the occasion of the 22nd foundation day of Small Farmers Development Microfinance Financial Institution, the speakers said that all microfinance and cooperatives are not problematic. Similarly, they said, if the production and productivity of the agricultural sector can be increased and attention can be paid to the storage, processing and marketing of agricultural products, the path to economic development will be opened.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Speaking at the program, Shri Krishna Upadhyay, the former chairman of the Agricultural Development Bank, pointed out the need to pay attention not only to investment in the agricultural sector but also to the marketing of the products. He emphasized that the government should identify such cooperatives and implement agricultural programs to boost the enthusiasm of farmers who are members of agricultural cooperatives that have done good work in rural areas.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">"Cooperatives are not necessarily problematic all the time," he said, adding, There are also cooperatives that have potential and have proven themselves to be successful." </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">He emphasized the need to end the practice of looking at cooperatives and microfinance from the same point of view.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Khem Bahadur Pathak, president of Farmers Development Microfinance Financial Institution, expressed dissatisfaction with the analysis that all microfinance companies are facing problems. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">He clarified that there is no problem in the institutions as stated in the market. He said that they are working on the economic and social transformation of Raute, Kusunda, Musahar, Bankaria, Dalits, minorities and women who are backward in the community through the small farmers’ program.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">In the program, the Chief Executive Officer of the Agricultural Development Bank, Gobinda Gurung, pointed out the need to work more on motivating farmers to start production, processing, storing and connecting to the market.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Likewise, the Chief Executive Officer of Farmers Development Microfinance Financial Institution, Shivram Prasad Koirala emphasized that the institution should be evaluated by looking at the work done by microfinance. </span></span></span></p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-03-12', 'modified' => '2023-03-12', 'keywords' => '', 'description' => '', 'sortorder' => '16979', 'image' => '20230312024826_Micro_finance.jpg', 'article_date' => '2023-03-12 14:47:38', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '17240', 'article_category_id' => '1', 'title' => 'Silicon Valley Bank is Largest Bank Failure since 2008 Financial Crisis', 'sub_title' => '', 'summary' => 'March 12: US regulators on Friday shut down Silicon Valley Bank (SVB) and took control of its customer deposits in the largest failure of a US bank since 2008.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">AGENCIES</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">March 12: US regulators on Friday shut down Silicon Valley Bank (SVB) and took control of its customer deposits in the largest failure of a US bank since 2008.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the BBC, the moves came as the firm, a key tech lender, was scrambling to raise money to plug a loss from the sale of assets affected by higher interest rates.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Its troubles prompted a rush of customer withdrawals and sparked fears about the state of the banking sector.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Reuters reported that the sudden collapse shook global markets and left billions of dollars belonging to companies and investors stranded.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The lender was ranked as the 16th biggest in the US at the end of last year, with about $209 billion in assets, the news agency added. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Silicon Valley Bank faced "inadequate liquidity and insolvency", BBC quoted banking regulators in California, where the firm has its headquarters, as saying during the takeover.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">As it tried to raise capital to offset fleeing deposits, the bank lost $1.8 billion on Treasury bonds whose values were torpedoed by the Fed rate hikes, according to Reuters.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“Silicon Valley Bank's failure is the largest since Washington Mutual went bust in 2008, a hallmark event that triggered a financial crisis that hobbled the economy for years. The 2008 crash prompted tougher rules in the United States and beyond.”</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The genesis of SVB's collapse lies in a rising interest rate environment, Reuters further said adding, as higher interest rates caused the market for initial public offerings to shut down for many startups and made private fundraising more costly, some SVB clients started pulling money out.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“To fund the redemptions, SVB sold a $21 billion bond portfolio consisting mostly of U.S. Treasuries on Wednesday, and said it would sell $2.25 billion in common equity and preferred convertible stock to fill its funding hole. By Friday, the collapsing stock price had made its capital raise untenable and sources said the bank tried to look at other options, including a sale, until regulators stepped in and shut the bank down.”</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The last FDIC-insured institution to close was Almena State Bank in Kansas, on October 23, 2020.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to Reuters, the problems at SVB underscore how a campaign by the U.S. Federal Reserve and other central banks to fight inflation by ending the era of cheap money is exposing vulnerabilities in the market. Some analysts forecast more pain for the sector as the episode spread concern about hidden risks in the banking sector and its vulnerability to the rising cost of money.</span></span></p> <p> </p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-03-12', 'modified' => '2023-03-12', 'keywords' => '', 'description' => '', 'sortorder' => '16978', 'image' => '20230312012548_Banks - Copy.jpg', 'article_date' => '2023-03-12 13:24:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '17239', 'article_category_id' => '1', 'title' => 'Conservation Efforts of ACAP Hindering Development Works: Local Governments', 'sub_title' => '', 'summary' => 'March 12: The conflict of interest between the Annapurna Conservation Area Project (ACAP) and the local governments within the jurisdiction of ACAP over the utilization of natural resources and other issues have resulted in a situation in which the people’s representatives have demanded the termination of the project.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">March 12: The conflict of interest between the Annapurna Conservation Area Project (ACAP) and the local governments within the jurisdiction of ACAP over the utilization of natural resources and other issues have resulted in a situation in which the people’s representatives have demanded the termination of the project.</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"">ACAP is an integrated and community-based conservation and development approach undertaken by the National Trust for Nature Conservation (NTNC) which spreads across 15 municipalities in five districts including Kaski, Manang, Mustang, Lamjung and Myagdi. </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 representatives of the local units complain that the conservation efforts of the ACAP has hindered development works.</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 policies of ACAP has been hindering development works,” Chairperson of Thasang Rural Municipality, Pradeep Gauchan, told the state-owned RSS.</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"">According to Gauchan, the construction of a 15-bed hospital in the rural municipality has been obstructed due to the ACAP policies, which do not allow chopping down of trees. </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"">All of the local units within the Annapurna Conservation Area Project (ACAP) have demanded that they be allowed to use the ACAP area. </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"">A total of 15 municipal chiefs and deputy chiefs of the local units, which fall under the ACAP, put forth a six-point demand towards this end at a coordination meeting held in Machhapuchhre Rural Municipality of Kaski on Saturday, RSS reported. </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"">Chairperson of Machhapuchhre Rural Municipality Meen Bahadur Gurung said that the term of ACAP should not be extended. Gurung was of the view that the area of ACAP should now be used by the concerned local levels. </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""> Likewise, Chair of Kaholasonthar Rural Municipality of Lamjung, Surya Prasad Gurung, said that the main source of income for the local government is natural resources, so it is a problem when ACAP keeps the income from natural resources. </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"">Vice-chair of Machhapuchhre Rural Municipality, Sita Adhikari, said that all the 15 municipal chiefs and deputy chiefs had to meet to form a common opinion because of many problems resulting from the ACAP. </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 meeting has decided to submit a memorandum to the federal and provincial governments to resolve the problems in revenue collection due to ACAP and its regulations. </span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-03-12', 'modified' => '2023-03-12', 'keywords' => '', 'description' => '', 'sortorder' => '16977', 'image' => '20230312115358_20221009114613_Annapurna-Circuit-6-1600x1067.jpeg', 'article_date' => '2023-03-12 11:53:09', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '17238', 'article_category_id' => '1', 'title' => 'Chances of Rain with Thunder and Lightning Today ', 'sub_title' => '', 'summary' => 'March 12: There is a possibility of light rain with thunder and lightning due to the effect of the westerly winds today. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">March 12: There is a possibility of light rain with thunder and lightning due to the effect of the westerly winds today. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to Barun Paudel, senior meteorologist at the Weather Forecast Division of the Department of Hydrology and Meteorology, the pre-monsoon season is active leading to light rainfall with thunder and lightning in the past few days. The months of March, April and May are considered pre-monsoon. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The westerly wind is active with the sun shining throughout the day, leading to light rain with thunder and lightning in the evening. Therefore, there is a possibility of light rainfall in the hill areas of the country in the evening today, Paudel said. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The weather forecast bulletin issued by the division also states that the weather will be generally clear in the hill areas of the country today afternoon. The minimum temperature of Kathmandu today was recorded at 10 degrees Celsius and the maximum temperature is expected to be 25 degrees Celsius. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2023-03-12', 'modified' => '2023-03-12', 'keywords' => '', 'description' => '', 'sortorder' => '16976', 'image' => '20230312112059_rainfallll.jpg', 'article_date' => '2023-03-12 11:20:14', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '17237', 'article_category_id' => '274', 'title' => 'Cardamom Export Sees Huge Surge ', 'sub_title' => '', 'summary' => 'Despite the price rise, cardamom export has witnessed a sharp spike this fiscal year. Following increase of demand and price due to the fall of cardamom’s output in India, export of black gold from Nepal has seen colossal hike. ', 'content' => '<p><span style="font-size:18px">March 12: Despite the price rise, cardamom export has witnessed a sharp spike this fiscal year. Following increase of demand and price due to the fall of cardamom’s output in India, export of black gold from Nepal has seen colossal hike. </span></p> <p><span style="font-size:18px">According to the data at Trade and Export Promotion Center, cardamom export has increased by 85 percent as per value in the first seven months of the current fiscal year.</span></p> <p><span style="font-size:18px">Federation of Large Cardamom Entrepreneurs of Nepal (FLCEN) said that with the rise of demand the price of the cardamom had increased by Rs 13,000 per mann(traditional measurement tool). Forty kilograms constitute one mann. The price increase has also led the export to increase. </span></p> <p><span style="font-size:18px">Nepal exported 2,996 metric tons of cardamom worth Rs 2.64 billion in the first seven months of the last fiscal year. On the contrary, country exported 6,117 metric tons of the cardamom worth Rs 4.89 billion in the first seven months of the current fiscal year.</span></p> <p><span style="font-size:18px">Federation of Large Cardamom Entrepreneurs of Nepal (FLCEN) Chairman Nirmal Bhattarai said that production of spice crop had declined both in Nepal and India this year. India, which had produced 50,000 sacks of cardamom last year, produced only 20,000 sacks of cardamom this year. Though Nepal had produced 1,20,000 sacks of cardamom last year, the country produced just 1,0,5000 sacks of cardamom this year.</span></p> <p><span style="font-size:18px">Since India’s production had increased last year, Nepal’s export was not enthusiastic. “Nepal’s cardamom export went up massively due to the export of stock cardamom and this year’s production simultaneously,” said Bhattarai.</span></p> <p><span style="font-size:18px">In the last four months, the price of JJ(number one) cardamom jumped up from Rs 27,000 to Rs 40,000 per mann. Likewise, the value of SD(number two) increased from Rs 26,000 to Rs 39,000 per mann. The price of number of cardamom rose from Rs 25,000 to Rs 38,000. </span></p> <p><span style="font-size:18px">In spite of rise of export price, cardamom farmers have not been able to take benefit. At the time of cardamom harvesting, the price of number one cardamom was Rs 27,000 per mann. The cash crop had reached the hands of middlemen before the price had inflated, according to Bhattarai.</span></p> <p><span style="font-size:18px">Of spices grown in Nepal, ginger ranks in the first place in terms of output and area of cultivation. Cardamom ranks in the last place. Cardamom is cultivated in 1,700 hectares of the land in Nepal.</span></p> <p><span style="font-size:18px">National Center for Potato, Vegetable, and Spice Crops Development’s Senior Crop Development Officer Rajan Pariyar said that export might have risen as the stock from the last year had come at a time in the market. </span></p> <p><span style="font-size:18px">“Traders exported cardamom they owned, causing the export to go up sharply,” Pariyar stated. Nepal’s cardamom export has found its market in Gulf countries from this year, apart from India and Pakistan.</span></p> <p><span style="font-size:18px">Nepal has received export certificate(halal) for cardamom export to Gulf countries including Qatar. </span></p> ', 'published' => true, 'created' => '2023-03-12', 'modified' => '2023-03-12', 'keywords' => '', 'description' => '', 'sortorder' => '16975', 'image' => '20230312070817_collage (20).jpg', 'article_date' => '2023-03-12 06:56:10', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 5 => array( 'Article' => array( 'id' => '17236', 'article_category_id' => '1', 'title' => 'Nepal Exports Cement worth Rs 170 Million in Seven Months ', 'sub_title' => '', 'summary' => 'March 10: Nepal exported cement worth around Rs 170 million in the first seven months of the current fiscal year. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">March 10: Nepal exported cement worth around Rs 170 million in the first seven months of the current fiscal year. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Data released by the Department of Customs on Friday show that Nepal exported cement and clinker equivalent to Rs 167 million 33 thousand in the review period. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">In the seven months' period, clinker worth Rs 106.37 million and cement worth Rs 60.65 million was exported. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The department said 151,158 tonnes of clinker and 153,493 tonnes cement has been exported during this period. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Two Nepali cement industries have been exporting Nepali brand cement to India. The 'Tansen' brand cement is being exported since July 8, 2022 and the 'Arghakhanchi' brand cement since October 17, 2022. The Nepali cement is exported to various markets in India. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Manager of Arghakhanchi Cement Industry Rajesh Agrawal said that although the export declined during big festivals, it has now started to peak. -- RSS </span></span></span><br /> </p> ', 'published' => true, 'created' => '2023-03-10', 'modified' => '2023-03-10', 'keywords' => '', 'description' => '', 'sortorder' => '16974', 'image' => '20230310064553_20220927024152_cementtttt.jpg', 'article_date' => '2023-03-10 18:45:09', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '17235', 'article_category_id' => '237', 'title' => 'Rigo Accounting Software Getting Popular In Nepal ', 'sub_title' => '', 'summary' => 'Rigo, a premium Human Resources and Accounting Software Development Company in Nepal, has rolled out a new edition of accounting system. New edition of the accounting system has occupied a remarkable position in the Nepali accounting software market.', 'content' => '<p><br /> <span style="font-size:18px">March 10: Rigo, a premium Human Resources and Accounting Software Development Company in Nepal, has rolled out a new edition of accounting system. New edition of the accounting system has occupied a remarkable position in the Nepali accounting software market.</span></p> <p><span style="font-size:18px">With Rigo ERP Solution, the company has been helping manage the accounting system and human resource department of hundreds of corporate houses and organizations.</span></p> <p><span style="font-size:18px">The company was established by Nepali chartered accountants and computer engineers in 2010. <br /> Since its inception, Rigo has been providing softwares in latest platforms with local compliance. The softwares are made complying with industry standards. </span></p> <p><span style="font-size:18px">Rigo has provided Executive Mobile Application along with NFRS and other features through Rigo ERP’s new edition. Rigo has also made Retail POS available targeting retail businesses and small entrepreneurs. </span></p> <p><span style="font-size:18px">“Rigo’s E-billing software is listed on the Inland Revenue Department (IRD) Nepal,” said Rigo Technologies’ Chief Executive Director Mukund Pokhrel. </span></p> <p><span style="font-size:18px">With the increased use and demand for domestic online accounting system among small and medium entrepreneurs, Rigo has rolled out its latest version to make its services easy and convenient. </span><br /> </p> ', 'published' => true, 'created' => '2023-03-10', 'modified' => '2023-03-10', 'keywords' => '', 'description' => '', 'sortorder' => '16973', 'image' => '20230310053705_collage - 2023-03-10T164107.320.jpg', 'article_date' => '2023-03-10 17:33:29', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 7 => array( 'Article' => array( 'id' => '17234', 'article_category_id' => '1', 'title' => 'Interest on Loan Highest in Ten Years', 'sub_title' => '', 'summary' => 'March 10: At a time when the movement against interest rates is intensifying, it has been revealed that the interest rates charged by banks and financial institutions (BFIs) have become highest in 10 years. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">March 10: At a time when the movement against interest rates is intensifying, it has been revealed that the interest rates charged by banks and financial institutions (BFIs) have become highest in 10 years. Due to the tight monetary policy taken by Nepal Rastra Bank (NRB), the average interest on loan of commercial banks is close to 13 percent.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">NRB adopted strict policy after inflation increased due to the Covid-19 pandemic and Russia-Ukraine tension along with decline in foreign exchange reserves.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">As soon as the pandemic subsided, the interest rates of the banks started to rise from last year after the banks became aggressive in extending loans. In December 2022, the average interest on loans of commercial banks was 9.44 percent, which reached double digits since January. With the tightening of monetary policy by NRB in the current fiscal year (FY), the cost of banks' capital increased, increasing the interest on loans.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">In order to discourage credit consumption, NRB announced that the bank rate has been increased by 1.5 percentage points to 8.5 percent, the policy rate from 5.5 percent to 7 percent, and the deposit collection rate from 4 percent to 5.5 percent through monetary policy of the current year.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">After the high interest rate was heavily criticized, NRB announced to reduce the spread rate of the banks through the first quarter review of the monetary policy of the current year. As per the instructions of NRB, commercial banks have been told to reduce the spread rate to 4.2 percent from April 2023. From June 2023, commercial banks should maintain a spread rate of 4 percent.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">NRB also reduced the overnight repo interest rate by 1.5 percentage points to 7.5 percent. NRB expects that the cost of capital of banks will decrease along with the interest rate.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The businessmen are conducting pressure programs to reduce the interest rate saying that the banks charge high interest rates to earn more profit and due to this they are unable to pay the loan. On the other hand, the bankers are claiming that interest rates are automatically rising because the banks’ costs are increasing as they do not have enough investable capital.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Former Governor of NRB Dipendra Bahadur Chhetri interprets the interest rate controversy as a product of the government's policy and the practice of banks. He said that even if the market determines the interest rate, there is a dispute because of the intervention of NRB and the carteling of banks.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">After the lack of liquidity in the banking system, there was an unhealthy competition among banks to attract deposits by raising interest rates. NRB intervened after commercial banks increased the interest rate on personal savings to 12 percent. According to the instructions issued by NRB, the banks can reduce the interest rate only by 10 percent compared to the previous month. However, the umbrella organizations of BFIs have been determining interest rates through the association by mutual agreement.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Narayan Prasad Pokharel, Assistant Spokesperson of NRB says that it is necessary to regulate the interest rate market. He said, “If NRB had not intervened, the commercial bank's interest rate would have reached 18 percent by now.”</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">President of Nepal Bankers Association, Sunil KC, claims that a gentleman’s agreement has been reached to keep the interest rate at one level and create an environment of healthy competition.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-03-10', 'modified' => '2023-03-10', 'keywords' => '', 'description' => '', 'sortorder' => '16972', 'image' => '20230310040459_interest-rates-e1541025967190.jpg', 'article_date' => '2023-03-10 16:02:56', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '17233', 'article_category_id' => '277', 'title' => 'Tanahun Farmers Get Improved Maize Seeds ', 'sub_title' => '', 'summary' => 'With an aim to ensure more productions, the Vyas Municipality in Tanahun district has provided as many as six metric tonnes of improved corn seeds to the farmers in grant.', 'content' => '<p> </p> <p><span style="font-size:18px">March 10: With an aim to ensure more productions, the Vyas Municipality in Tanahun district has provided as many as six metric tonnes of improved corn seeds to the farmers in grant.</span></p> <p><span style="font-size:18px">The farmers were provided the maize seeds with 50 per cent in grant. Section Officer of Agriculture Section of the municipality Pratima Bagale said farmers from all 14 wards in the municipality were given improved maize seeds of Arun-2, Rampur Composite, Manakamana-3 and other improved seeds. </span></p> <p><span style="font-size:18px">"So far, we have distributed six metric tonnes of corn seeds. The distribution is ongoing," Bagale said. Bagale said that the move is aimed at making the farmers self-reliant and attract people them towards commercial farming. </span></p> <p><span style="font-size:18px">Prior to this, the municipality had distributed 22 metric tonnes of potato seeds. The municipality is also planning to distribute the beehives to some 100 beekeepers. ---RSS</span><br /> </p> ', 'published' => true, 'created' => '2023-03-10', 'modified' => '2023-03-10', 'keywords' => '', 'description' => '', 'sortorder' => '16971', 'image' => '20230310034843_collage - 2023-03-10T154225.264.jpg', 'article_date' => '2023-03-10 15:46:57', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 9 => array( 'Article' => array( 'id' => '17232', 'article_category_id' => '1', 'title' => 'UK State Minister Visits Arun III Hydropower Project Site', 'sub_title' => '', 'summary' => 'March 10: British Foreign, Commonwealth and Development Minister of State (Indo-Pacific) Anne Marie Trevelyan, has visited the 900 MW Arun III hydropower project under construction in Sankhuwasabha.', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">March 10: British Foreign, Commonwealth and Development Minister of State (Indo-Pacific) Anne Marie Trevelyan, has visited the 900 MW Arun III hydropower project under construction in Sankhuwasabha. While observing the power house and transformer bay of the project, she said that Nepal is moving towards achieving great success in clean and renewable energy production. She said that Nepal will gain a competitive advantage in hydropower production and that Nepal has an important role in reducing carbon emissions through regional trade in clean and renewable energy.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">On the occasion, Sushil Bhatta, CEO of the Investment Board said that the Arun-III hydropower project is a milestone in the development of Nepal's energy sector. He said that the board facilitated all the necessary steps to continue project implementation even during the difficult times of the Covid-19 pandemic.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Similarly, Joint Secretary of the Ministry of Energy, Water Resources and Irrigation Madhu Prasad Bhetuwal said that the large hydropower projects under construction in Nepal will play an important role in addressing the demand for electricity in this region. He pointed out the need to speed up the construction of international transmission lines between South Asian countries to make regional electricity trade worthwhile.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Arun-III hydropower project is being developed by SJVN Arun III Power Development Company, which is mainly owned by Indian developer company SJVN. Arun Dhiman, CEO of the company informed the high-level visiting team about the progress of the project. According to him, the physical progress towards production of the project so far is 61.2 percent. The company is constructing a 253 km long inland transmission line of 400 KV capacity from the project's power house to Sitamarhi in India, which is targeted for completion by 2023.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-03-10', 'modified' => '2023-03-10', 'keywords' => '', 'description' => '', 'sortorder' => '16970', 'image' => '20230310030408_1678403346.jpg', 'article_date' => '2023-03-10 15:03:13', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '17231', 'article_category_id' => '1', 'title' => 'Flights of Shree Airlines Grounded until Security Inspection', 'sub_title' => '', 'summary' => 'March 10: The Civil Aviation Authority of Nepal (CAAN) has directed Shree Airlines to ground all the aircraft of the company until security checks of the engines. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">March 10: The Civil Aviation Authority of Nepal (CAAN) has directed Shree Airlines to ground all the aircraft of the company until security checks of the engines. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the state-owned RSS, CAAN Spokesperson Jagannath Niraula said that the aviation regulatory body has decided to allow Shree Airlines to operate flights only after a thorough inspection of the engines. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Niraula made it clear that the aircraft of the Shree Airlines would conduct flights only after security inspection from the technicians of CAAN, RSS reported. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"The planes of Shree Airlines would get permission to fly only after the CAAN's technicians give permission after the security inspection of the engines. The planes are grounded after the incident of Thursday," RSS quoted Niraula as saying. </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"">A Sreee Airlines aircraft bound for Bhairahawa from Kathmandu had made an emergency landing on Thursday after one of its engines caught fire and the aircraft had to return back to Kathmandu from Dhading.</span> No passengers or crew members were injured in the incident.<br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Manager of Shree Airlines Anil Manandhar said that the passengers of Shree Airlines had to suffer due to the sudden notice of the CAAN. He argued that the airline company had already scheduled 14 flights for Friday when they received the letter from CAAN to ground the aircraft.</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"">CAAN on the other hand maintained that the security of passengers is of utmost priority.</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"">Aviation safety has become a hot topic in Nepal due to its poor record. A Yeti Airlines aircraft with 72 people on board had crashed in Pokhara on January 15 while making a final approach for landing. A preliminary report of air crash investigation had revealed that the engines of the ill-fated aircraft had no thrust causing the aircraft to stall. All 72 people on board the aircraft were killed. Following the incident, the regulatory body is under intense pressure to ensure safety of the aviation sector in Nepal.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-03-10', 'modified' => '2023-03-10', 'keywords' => '', 'description' => '', 'sortorder' => '16969', 'image' => '20230310115020_20230309033900_1678336935.jpg', 'article_date' => '2023-03-10 11:49:28', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '17230', 'article_category_id' => '1', 'title' => 'Retail Business Slows Down', 'sub_title' => '', 'summary' => 'March 10: The retail business, which involves the sale of daily essentials to the general public, has slowed down due to the latest financial situation of the country.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Nirmala UI","sans-serif"">March 10: The retail business, which involves the sale of daily essentials to the general public, has slowed down due to the latest financial situation of the country.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Nirmala UI","sans-serif"">The retail businessmen shared their experience that the consumers have stopped buying non-essential goods. They say that the business has declined a lot compared to the past as only basic necessities are sold.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Nirmala UI","sans-serif"">The prices of consumer goods have skyrocketed mainly because of the hike in transportation cost after the price of petroleum products increased in the international market following Ukraine’s invasion by Russia on February 24 last year when the global economy was still battling the impacts of the Covid-19 pandemic.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Nirmala UI","sans-serif"">The trend of price hike is rising steadily.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Nirmala UI","sans-serif"">The decline in purchasing power of the general public seems to have had a toll on the retail business.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Nirmala UI","sans-serif"">Bir Bahadur Karki, a grocery shop owner, says that the retail business is not running enthusiastically of late. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Nirmala UI","sans-serif"">“There is not much business these days. The income of consumers has decreased and there is a short-supply of money. In this context, how can the consumers spend money and how will our business run?'' he said.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Nirmala UI","sans-serif"">Businessmen accept that the price of goods has increased sharply. They say that the prices of both domestically-produced and imported goods have increased. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Nirmala UI","sans-serif"">Businessmen say that there has been a sharp rise in the prices of many items such as biscuits, shampoo, cashew nuts, cumin seeds, cardamom among others. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Nirmala UI","sans-serif"">"We are buying goods at a high price. We need to sell them with some profit margin," Aryan Shah, a retail businessman, told New Business Age.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Nirmala UI","sans-serif"">Shopkeepers who sell food say that although the price of food grains have remained almost stable for some time, sales have decreased. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Nirmala UI","sans-serif"">“The prices have not increased. Prices of rice, oil and other commodities have instead decreased compared to the previous month. However, the business is declining,'' said Naval Kishore Goyal, a food trader.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Nirmala UI","sans-serif"">According to him, consumers say that they have no income and therefore they lack money. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Nirmala UI","sans-serif"">Businessmen are saying that they have not been able to collect the money for the goods sold on credit. Devendra Bhakta Shrestha, president of the Nepal Food Groceries and Wholesalers Association, a representative organization of grocers, says that the grocery business is in crisis now. "Sales are going down but the main problem is not being able to collect money from the market," he said.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Nirmala UI","sans-serif"">According to Shrestha, the retail businessmen say that they are not getting money from the cooperatives. “In this context, how will they pay the credit?" </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Nirmala UI","sans-serif"">He urged the government to improve the environment for getting money from the cooperatives. Retailers are complaining that cooperatives have not given the money they have deposited due to lack of liquidity.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-03-10', 'modified' => '2023-03-10', 'keywords' => '', 'description' => '', 'sortorder' => '16968', 'image' => '20230310101203_fair price shoppp.jpg', 'article_date' => '2023-03-10 10:11:28', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '17229', 'article_category_id' => '1', 'title' => 'Constitutional Responsibilities are my Guiding Principles: President-Elect Paudel ', 'sub_title' => '', 'summary' => 'March 10: President-elect Ram Chandra Paudel has expressed his commitment to remain impartial and neutral while executing his role as the president.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">March 10: President-elect Ram Chandra Paudel has expressed his commitment to remain impartial and neutral while executing his role as the president. He also said that he will follow the due process of law in his work execution. After being elected as the new president of Nepal on Thursday, Paudel said he is aware of the role of the president. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Extending a message of gratitude to all after his election to the coveted post, Paudel vowed to get engaged in the national campaign for sustainable peace, good-governance, development and prosperity by internalizing the letter and spirit of the constitution while discharging his duty as the president. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"Constitutional responsibilities for promotion of Nepal's national unity, defence of sovereignty, and implementation and protection of the constitution shall be my guiding principles," according to the President-elect Paudel. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">In the message issued on Thursday night, President-elect Paudel extended a heartfelt tribute to all martyrs who lost their lives in different movements, struggles and campaigns waged for the establishment and restoration of democracy. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, Paudel also expressed his gratitude to former Speaker Subas Chandra Nembang for the friendly competition in the presidential election, Nembang's political party and the voters as well. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong><span style="font-family:"Arial Unicode MS","sans-serif"">President-elect thanks PM Dahal, NC President Deuba and CPN (US) Chair Nepal</span></strong> <br /> <span style="font-family:"Arial Unicode MS","sans-serif"">President-elect Ram Chandra Paudel met Prime Minister Pushpa Kamal Dahal at the latter's official residence in Baluwatar on Thursday and thanked him for the support. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">During the meeting, President-elect Paudel thanked Prime Minister Dahal, who is also the chair of CPN (Maoist Centre), while the Prime Minister congratulated Paudel and extended his best wishes for a successful tenure, according to the Prime Minister's Secretariat. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, Paudel met with Nepali Congress President and former Prime Minister Sher Bahadur Deuba and CPN (Unified Socialist) Chairperson and former Prime Minister Madhav Kumar Nepal. President-elect Paudel visited Deuba at his residence in Dhumbarahi and Nepal at his residence in Koteshwar. </span><br /> <strong><span style="font-family:"Arial Unicode MS","sans-serif"">Newly elected President Paudel receives certificate of election</span></strong> <br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Paudel, a senior leader of Nepali Congress, was earlier awarded a certificate for being elected to the post of president. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Chief Election Commissioner Dinesh Kumar Thapalia handed over the certificate of election to Paudel at the Federal Parliament Building in New Baneshwar on Thursday. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">On the occasion, Election Officer Mahesh Sharma Paudel announced the results of the election, sharing that leader Ram Chandra Paudel was elected to the post of the president. </span><br /> <br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Prime Minister Pushpa Kamal Dahal, President of Nepali Congress and former Prime Minister Sher Bahadur Deuba, Chairperson of CPN (Unified Socialist) and former Prime Minister Madhav Kumar Nepal, Chairperson of Loktantrik Samajbadi Party Mahanth Thakur, Chair of Nagarik Unmukti Party Ranjita Shrestha, Chair of Janamat Party CK Raut, election commissioners, leaders and workers of various political parties were present on the occasion. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">In the presidential election held on Thursday, Paudel received 33,802 votes and his competitor, Subash Chandra Nembang, received 15,518 votes. </span></span></span><br /> </p> <p> </p> ', 'published' => true, 'created' => '2023-03-10', 'modified' => '2023-03-10', 'keywords' => '', 'description' => '', 'sortorder' => '16967', 'image' => '20230310094747_RSS-IMG_0311.jpg', 'article_date' => '2023-03-10 09:43:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '17228', 'article_category_id' => '1', 'title' => 'Sanima Middle Tamor Hydropower Opens Sale Of IPO to General Public ', 'sub_title' => '', 'summary' => 'Sanima Middle Tamor Hydropower Limited is issuing its Initial Public Offering (IPO) to the general public from Friday(March 10).', 'content' => '<p><span style="font-size:18px">March 10: Sanima Middle Tamor Hydropower Limited is issuing its Initial Public Offering (IPO) to the general public from Friday(March 10). In the first phase, the hydropower company had issued IPO to the locals of the project-affected areas and district and Nepali citizens employed overseas.</span></p> <p><span style="font-size:18px">Following the allotment of the shares issued in the first phase, the hydropower is issuing shares to the general public in the second phase. The company had set aside 15 per cent shares, i.e., 49,98,750 shares of issued capital of worth Rs 3,33,25,00000 to the general public. </span></p> <p><span style="font-size:18px">Of total shares set aside for the general public, ten percent shares, i.e. 4,99,875 units of shares were issued and allotted to the migrant workers. Likewise, five percent, i.e. 2,49,936 units of shares have been allotted to the mutual fund schemes.</span></p> <p><span style="font-size:18px">The hydropower is selling as many as 42, 48,938 units of shares to the general public from Friday.Interest individuals can apply for a minimum of 10 and a maximum of 20,000 units of shares. If fully subscribed, the offering will close on March. If the IPO remains under-subscribed, the deadline to apply will extend until March 24. </span></p> <p><span style="font-size:18px">Sanima Capital Limited is the issue and sales manager. Interested individuals can apply for the IPO from all C-ASBA approved banks and financial institutions by Securities Board of Nepal (SEBON). One can also for the IPO through MeroShare.</span></p> <p><span style="font-size:18px">Sanima Middle Tamor is constructing Middle Tamor Hydropower Project with the installed capacity of 73 megawatt in Taplejung district. The company is issuing IPO to collect the money for the under-construction project.</span></p> <p><span style="font-size:18px">The total estimated cost for the hydropower project is Rs 13.33 billion. The company’s estimated per megawatt cost is over Rs 183.26 million. More than 74 percent work of the hydropower project has been completed so far.</span></p> <p><br /> </p> ', 'published' => true, 'created' => '2023-03-10', 'modified' => '2023-03-10', 'keywords' => '', 'description' => '', 'sortorder' => '16966', 'image' => '20230310054012_collage - 2023-03-08T172116.161.jpg', 'article_date' => '2023-03-10 05:36:46', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 14 => array( 'Article' => array( 'id' => '17227', 'article_category_id' => '1', 'title' => 'Ram Chandra Poudel Elected the New President of Nepal', 'sub_title' => '', 'summary' => 'March 9: Senior leader of the Nepali Congress Ram Chandra Poudel has been elected as the new president of Nepal on Thursday.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">March 9: Senior leader of the Nepali Congress Ram Chandra Poudel has been elected as the new president of Nepal on Thursday. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Poudel, a common candidate of the nine-party alliance, received 33,802 votes from the electoral college of 882 voters representing the Federal Parliament and the provincial assemblies.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The NC candidate secured majority votes to defeat CPN-UML candidate Subas Nembang to the coveted post.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Paudel has become the third president of Nepal after the country adopted federalism following the 2006 people’s movement. Ram Baran Yadav was elected the first president of Nepal while his successor Bidya Devi Bhandari, the outgoing president, assumed the ceremonial role for two terms.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Poudel was proposed for the presidential candidate by NC President Sher Bahadur Deuba, CPN (Unified Socialist) Chairperson Madhav Kumar Nepal, CPN (Maoist Centre) Senior Vice-Chairperson Narayankaji Shrestha, Janata Samajwadi Party leader Ashok Kumar Rai and Abdul Khan of the Janamat Party. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Likewise, Poudel's candidacy for the presidential bid was seconded by Chairperson of Lokatantrik Samajwadi Party Nepal, Mahantha Thakur; Vice-President of Nepali Congress, Purna Bahadur Khadka; Chairperson of Nagarik Unmukti Party, Ranjita Shrestha; Chairman of Rastriya Janamorcha, Chitra Bahadur KC; and Chief Whip of CPN (Maoist Centre), Hitraj Pandey.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">President Poudel was elected a Member of the House of Representatives from Tanahu-1 in the November 20 election last year.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">He was also elected as the member of parliament from Tanahu in 2048 BS, 2051 BS, 2056 BS, 2064 BS and 2070 BS. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Poudel had already served as the deputy prime minister and minister for home affairs and led the Ministry of Local Development, Ministry of Agriculture, and the Ministry of Communications and Information in the past. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">He has also served as the Speaker of the HoR. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Born in 2001 BS at Bahunpokhara of Risti Rural Municipality in Tanahu district, Poudel forayed into politics at the age of 16. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">He is the founding member of the Nepal Student Union, which was established in 2027 BS and was elected to the central committee member of the party for the first time in 2034 BS. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Similarly, Poudel became the vice-president and acting president of the party. He was also awarded with the 'Order of the Rising Sun (2020)' presented by the government of Japan. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">He has written dozens of books and published seminal articles on contemporary issues. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Nine political parties, including Nepali Congress – the largest party in the House of Representatives, CPN (Maoist Centre) and CPN (Unified Socialist) backed Paudel’s bid to become the new president. The other parties voting for Paudel include Janata Samajwadi Party Nepal, Loktantrik Samajwadi Party Nepal, Janamat Party, Nagarik Unmukti Party, Rastriya Janamorcha and Nepal Samajwadi Party.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif""><strong>Voting</strong></span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The voting for the presidential election was held at the Parliament Building at New Baneshwar from at 10 am to 3 pm this afternoon, said assistant returning officer Amrita Kumari Sharma. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif""><strong>Eligible voters</strong></span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The electoral college comprising of the members of the Federal Parliament and provincial assemblies cast their votes to elect the president. There were a total of 882 eligible voters in the Federal Parliament and the seven provincial assemblies. Among them, 332 belonged to the Federal Parliament (the House of Representatives and the National Assembly) and 550 under the provincial assemblies. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">But only 313 members of the federal parliament and 518 members of the provincial assemblies cast their votes during the presidential election. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Paudel received votes from 214 lawmakers of the Federal Parliament and 352 provincial assembly members. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif""><strong>Who did not vote?</strong></span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Fifteen federal parliament members including 14 of the Rastriya Prajatantra Party (RPP) and one from the Nepal Workers and Peasants Party (NWPP) remained neutral and did not vote for any of the two candidates. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Likewise, six federal parliament lawmakers did not take part in the voting due to various other reasons. They are Chandra Bhandari who is undergoing health treatment in India, Barshaman Pun who is under medical treatment in China, Laxmi Koiri who has a court case against him, Tek Bahadur Gurung who has been suspended, Rabi Lamichhane whose parliamentary seat has fallen vacant after his removal from the post and Sahanaz Rahman who passed away. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif""><strong>Weightage of vote</strong></span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The vote of a Federal Parliament MP has the weight of 79 votes, and that of Province Assembly member is 48. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Based on this, the total vote share of 332 MPs of the Federal Parliament (the position of one MP has been vacant) is 26,228 and the total number of votes of the members of the provincial assembly is 26,400. That makes the total number of votes in the presidential election 52,628. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">On this basis, more than 26,314 votes were required to be elected as the president. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif""><strong>Ceremonial Role</strong></span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">According to the Constitution of Nepal, the president has a ceremonial role and is entrusted with the responsibility to protect and abide by the constitution. The country adopted the presidential system following the establishment of republic through the People’s Movement of 2006.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">According to the constitution, no person shall be elected to the Office of President more than twice. </span></span></p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-03-09', 'modified' => '2023-03-09', 'keywords' => '', 'description' => '', 'sortorder' => '16965', 'image' => '20230309063812_1678361137.jpg', 'article_date' => '2023-03-09 18:37:32', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ) ) $current_user = null $logged_in = false $xml = falseinclude - APP/View/Elements/side_bar.ctp, line 133 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
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', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">March 12: Stakeholders have emphasized that microfinance companies and cooperatives should not be viewed from the same point of view. Speaking on the occasion of the 22nd foundation day of Small Farmers Development Microfinance Financial Institution, the speakers said that all microfinance and cooperatives are not problematic. Similarly, they said, if the production and productivity of the agricultural sector can be increased and attention can be paid to the storage, processing and marketing of agricultural products, the path to economic development will be opened.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Speaking at the program, Shri Krishna Upadhyay, the former chairman of the Agricultural Development Bank, pointed out the need to pay attention not only to investment in the agricultural sector but also to the marketing of the products. He emphasized that the government should identify such cooperatives and implement agricultural programs to boost the enthusiasm of farmers who are members of agricultural cooperatives that have done good work in rural areas.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">"Cooperatives are not necessarily problematic all the time," he said, adding, There are also cooperatives that have potential and have proven themselves to be successful." </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">He emphasized the need to end the practice of looking at cooperatives and microfinance from the same point of view.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Khem Bahadur Pathak, president of Farmers Development Microfinance Financial Institution, expressed dissatisfaction with the analysis that all microfinance companies are facing problems. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">He clarified that there is no problem in the institutions as stated in the market. He said that they are working on the economic and social transformation of Raute, Kusunda, Musahar, Bankaria, Dalits, minorities and women who are backward in the community through the small farmers’ program.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">In the program, the Chief Executive Officer of the Agricultural Development Bank, Gobinda Gurung, pointed out the need to work more on motivating farmers to start production, processing, storing and connecting to the market.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Likewise, the Chief Executive Officer of Farmers Development Microfinance Financial Institution, Shivram Prasad Koirala emphasized that the institution should be evaluated by looking at the work done by microfinance. </span></span></span></p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-03-12', 'modified' => '2023-03-12', 'keywords' => '', 'description' => '', 'sortorder' => '16979', 'image' => '20230312024826_Micro_finance.jpg', 'article_date' => '2023-03-12 14:47:38', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '17240', 'article_category_id' => '1', 'title' => 'Silicon Valley Bank is Largest Bank Failure since 2008 Financial Crisis', 'sub_title' => '', 'summary' => 'March 12: US regulators on Friday shut down Silicon Valley Bank (SVB) and took control of its customer deposits in the largest failure of a US bank since 2008.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">AGENCIES</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">March 12: US regulators on Friday shut down Silicon Valley Bank (SVB) and took control of its customer deposits in the largest failure of a US bank since 2008.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the BBC, the moves came as the firm, a key tech lender, was scrambling to raise money to plug a loss from the sale of assets affected by higher interest rates.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Its troubles prompted a rush of customer withdrawals and sparked fears about the state of the banking sector.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Reuters reported that the sudden collapse shook global markets and left billions of dollars belonging to companies and investors stranded.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The lender was ranked as the 16th biggest in the US at the end of last year, with about $209 billion in assets, the news agency added. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Silicon Valley Bank faced "inadequate liquidity and insolvency", BBC quoted banking regulators in California, where the firm has its headquarters, as saying during the takeover.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">As it tried to raise capital to offset fleeing deposits, the bank lost $1.8 billion on Treasury bonds whose values were torpedoed by the Fed rate hikes, according to Reuters.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“Silicon Valley Bank's failure is the largest since Washington Mutual went bust in 2008, a hallmark event that triggered a financial crisis that hobbled the economy for years. The 2008 crash prompted tougher rules in the United States and beyond.”</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The genesis of SVB's collapse lies in a rising interest rate environment, Reuters further said adding, as higher interest rates caused the market for initial public offerings to shut down for many startups and made private fundraising more costly, some SVB clients started pulling money out.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“To fund the redemptions, SVB sold a $21 billion bond portfolio consisting mostly of U.S. Treasuries on Wednesday, and said it would sell $2.25 billion in common equity and preferred convertible stock to fill its funding hole. By Friday, the collapsing stock price had made its capital raise untenable and sources said the bank tried to look at other options, including a sale, until regulators stepped in and shut the bank down.”</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The last FDIC-insured institution to close was Almena State Bank in Kansas, on October 23, 2020.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to Reuters, the problems at SVB underscore how a campaign by the U.S. Federal Reserve and other central banks to fight inflation by ending the era of cheap money is exposing vulnerabilities in the market. Some analysts forecast more pain for the sector as the episode spread concern about hidden risks in the banking sector and its vulnerability to the rising cost of money.</span></span></p> <p> </p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-03-12', 'modified' => '2023-03-12', 'keywords' => '', 'description' => '', 'sortorder' => '16978', 'image' => '20230312012548_Banks - Copy.jpg', 'article_date' => '2023-03-12 13:24:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '17239', 'article_category_id' => '1', 'title' => 'Conservation Efforts of ACAP Hindering Development Works: Local Governments', 'sub_title' => '', 'summary' => 'March 12: The conflict of interest between the Annapurna Conservation Area Project (ACAP) and the local governments within the jurisdiction of ACAP over the utilization of natural resources and other issues have resulted in a situation in which the people’s representatives have demanded the termination of the project.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">March 12: The conflict of interest between the Annapurna Conservation Area Project (ACAP) and the local governments within the jurisdiction of ACAP over the utilization of natural resources and other issues have resulted in a situation in which the people’s representatives have demanded the termination of the project.</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"">ACAP is an integrated and community-based conservation and development approach undertaken by the National Trust for Nature Conservation (NTNC) which spreads across 15 municipalities in five districts including Kaski, Manang, Mustang, Lamjung and Myagdi. </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 representatives of the local units complain that the conservation efforts of the ACAP has hindered development works.</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 policies of ACAP has been hindering development works,” Chairperson of Thasang Rural Municipality, Pradeep Gauchan, told the state-owned RSS.</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"">According to Gauchan, the construction of a 15-bed hospital in the rural municipality has been obstructed due to the ACAP policies, which do not allow chopping down of trees. </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"">All of the local units within the Annapurna Conservation Area Project (ACAP) have demanded that they be allowed to use the ACAP area. </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"">A total of 15 municipal chiefs and deputy chiefs of the local units, which fall under the ACAP, put forth a six-point demand towards this end at a coordination meeting held in Machhapuchhre Rural Municipality of Kaski on Saturday, RSS reported. </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"">Chairperson of Machhapuchhre Rural Municipality Meen Bahadur Gurung said that the term of ACAP should not be extended. Gurung was of the view that the area of ACAP should now be used by the concerned local levels. </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""> Likewise, Chair of Kaholasonthar Rural Municipality of Lamjung, Surya Prasad Gurung, said that the main source of income for the local government is natural resources, so it is a problem when ACAP keeps the income from natural resources. </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"">Vice-chair of Machhapuchhre Rural Municipality, Sita Adhikari, said that all the 15 municipal chiefs and deputy chiefs had to meet to form a common opinion because of many problems resulting from the ACAP. </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 meeting has decided to submit a memorandum to the federal and provincial governments to resolve the problems in revenue collection due to ACAP and its regulations. </span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-03-12', 'modified' => '2023-03-12', 'keywords' => '', 'description' => '', 'sortorder' => '16977', 'image' => '20230312115358_20221009114613_Annapurna-Circuit-6-1600x1067.jpeg', 'article_date' => '2023-03-12 11:53:09', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '17238', 'article_category_id' => '1', 'title' => 'Chances of Rain with Thunder and Lightning Today ', 'sub_title' => '', 'summary' => 'March 12: There is a possibility of light rain with thunder and lightning due to the effect of the westerly winds today. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">March 12: There is a possibility of light rain with thunder and lightning due to the effect of the westerly winds today. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to Barun Paudel, senior meteorologist at the Weather Forecast Division of the Department of Hydrology and Meteorology, the pre-monsoon season is active leading to light rainfall with thunder and lightning in the past few days. The months of March, April and May are considered pre-monsoon. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The westerly wind is active with the sun shining throughout the day, leading to light rain with thunder and lightning in the evening. Therefore, there is a possibility of light rainfall in the hill areas of the country in the evening today, Paudel said. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The weather forecast bulletin issued by the division also states that the weather will be generally clear in the hill areas of the country today afternoon. The minimum temperature of Kathmandu today was recorded at 10 degrees Celsius and the maximum temperature is expected to be 25 degrees Celsius. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2023-03-12', 'modified' => '2023-03-12', 'keywords' => '', 'description' => '', 'sortorder' => '16976', 'image' => '20230312112059_rainfallll.jpg', 'article_date' => '2023-03-12 11:20:14', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '17237', 'article_category_id' => '274', 'title' => 'Cardamom Export Sees Huge Surge ', 'sub_title' => '', 'summary' => 'Despite the price rise, cardamom export has witnessed a sharp spike this fiscal year. Following increase of demand and price due to the fall of cardamom’s output in India, export of black gold from Nepal has seen colossal hike. ', 'content' => '<p><span style="font-size:18px">March 12: Despite the price rise, cardamom export has witnessed a sharp spike this fiscal year. Following increase of demand and price due to the fall of cardamom’s output in India, export of black gold from Nepal has seen colossal hike. </span></p> <p><span style="font-size:18px">According to the data at Trade and Export Promotion Center, cardamom export has increased by 85 percent as per value in the first seven months of the current fiscal year.</span></p> <p><span style="font-size:18px">Federation of Large Cardamom Entrepreneurs of Nepal (FLCEN) said that with the rise of demand the price of the cardamom had increased by Rs 13,000 per mann(traditional measurement tool). Forty kilograms constitute one mann. The price increase has also led the export to increase. </span></p> <p><span style="font-size:18px">Nepal exported 2,996 metric tons of cardamom worth Rs 2.64 billion in the first seven months of the last fiscal year. On the contrary, country exported 6,117 metric tons of the cardamom worth Rs 4.89 billion in the first seven months of the current fiscal year.</span></p> <p><span style="font-size:18px">Federation of Large Cardamom Entrepreneurs of Nepal (FLCEN) Chairman Nirmal Bhattarai said that production of spice crop had declined both in Nepal and India this year. India, which had produced 50,000 sacks of cardamom last year, produced only 20,000 sacks of cardamom this year. Though Nepal had produced 1,20,000 sacks of cardamom last year, the country produced just 1,0,5000 sacks of cardamom this year.</span></p> <p><span style="font-size:18px">Since India’s production had increased last year, Nepal’s export was not enthusiastic. “Nepal’s cardamom export went up massively due to the export of stock cardamom and this year’s production simultaneously,” said Bhattarai.</span></p> <p><span style="font-size:18px">In the last four months, the price of JJ(number one) cardamom jumped up from Rs 27,000 to Rs 40,000 per mann. Likewise, the value of SD(number two) increased from Rs 26,000 to Rs 39,000 per mann. The price of number of cardamom rose from Rs 25,000 to Rs 38,000. </span></p> <p><span style="font-size:18px">In spite of rise of export price, cardamom farmers have not been able to take benefit. At the time of cardamom harvesting, the price of number one cardamom was Rs 27,000 per mann. The cash crop had reached the hands of middlemen before the price had inflated, according to Bhattarai.</span></p> <p><span style="font-size:18px">Of spices grown in Nepal, ginger ranks in the first place in terms of output and area of cultivation. Cardamom ranks in the last place. Cardamom is cultivated in 1,700 hectares of the land in Nepal.</span></p> <p><span style="font-size:18px">National Center for Potato, Vegetable, and Spice Crops Development’s Senior Crop Development Officer Rajan Pariyar said that export might have risen as the stock from the last year had come at a time in the market. </span></p> <p><span style="font-size:18px">“Traders exported cardamom they owned, causing the export to go up sharply,” Pariyar stated. Nepal’s cardamom export has found its market in Gulf countries from this year, apart from India and Pakistan.</span></p> <p><span style="font-size:18px">Nepal has received export certificate(halal) for cardamom export to Gulf countries including Qatar. </span></p> ', 'published' => true, 'created' => '2023-03-12', 'modified' => '2023-03-12', 'keywords' => '', 'description' => '', 'sortorder' => '16975', 'image' => '20230312070817_collage (20).jpg', 'article_date' => '2023-03-12 06:56:10', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 5 => array( 'Article' => array( 'id' => '17236', 'article_category_id' => '1', 'title' => 'Nepal Exports Cement worth Rs 170 Million in Seven Months ', 'sub_title' => '', 'summary' => 'March 10: Nepal exported cement worth around Rs 170 million in the first seven months of the current fiscal year. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">March 10: Nepal exported cement worth around Rs 170 million in the first seven months of the current fiscal year. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Data released by the Department of Customs on Friday show that Nepal exported cement and clinker equivalent to Rs 167 million 33 thousand in the review period. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">In the seven months' period, clinker worth Rs 106.37 million and cement worth Rs 60.65 million was exported. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The department said 151,158 tonnes of clinker and 153,493 tonnes cement has been exported during this period. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Two Nepali cement industries have been exporting Nepali brand cement to India. The 'Tansen' brand cement is being exported since July 8, 2022 and the 'Arghakhanchi' brand cement since October 17, 2022. The Nepali cement is exported to various markets in India. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Manager of Arghakhanchi Cement Industry Rajesh Agrawal said that although the export declined during big festivals, it has now started to peak. -- RSS </span></span></span><br /> </p> ', 'published' => true, 'created' => '2023-03-10', 'modified' => '2023-03-10', 'keywords' => '', 'description' => '', 'sortorder' => '16974', 'image' => '20230310064553_20220927024152_cementtttt.jpg', 'article_date' => '2023-03-10 18:45:09', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '17235', 'article_category_id' => '237', 'title' => 'Rigo Accounting Software Getting Popular In Nepal ', 'sub_title' => '', 'summary' => 'Rigo, a premium Human Resources and Accounting Software Development Company in Nepal, has rolled out a new edition of accounting system. New edition of the accounting system has occupied a remarkable position in the Nepali accounting software market.', 'content' => '<p><br /> <span style="font-size:18px">March 10: Rigo, a premium Human Resources and Accounting Software Development Company in Nepal, has rolled out a new edition of accounting system. New edition of the accounting system has occupied a remarkable position in the Nepali accounting software market.</span></p> <p><span style="font-size:18px">With Rigo ERP Solution, the company has been helping manage the accounting system and human resource department of hundreds of corporate houses and organizations.</span></p> <p><span style="font-size:18px">The company was established by Nepali chartered accountants and computer engineers in 2010. <br /> Since its inception, Rigo has been providing softwares in latest platforms with local compliance. The softwares are made complying with industry standards. </span></p> <p><span style="font-size:18px">Rigo has provided Executive Mobile Application along with NFRS and other features through Rigo ERP’s new edition. Rigo has also made Retail POS available targeting retail businesses and small entrepreneurs. </span></p> <p><span style="font-size:18px">“Rigo’s E-billing software is listed on the Inland Revenue Department (IRD) Nepal,” said Rigo Technologies’ Chief Executive Director Mukund Pokhrel. </span></p> <p><span style="font-size:18px">With the increased use and demand for domestic online accounting system among small and medium entrepreneurs, Rigo has rolled out its latest version to make its services easy and convenient. </span><br /> </p> ', 'published' => true, 'created' => '2023-03-10', 'modified' => '2023-03-10', 'keywords' => '', 'description' => '', 'sortorder' => '16973', 'image' => '20230310053705_collage - 2023-03-10T164107.320.jpg', 'article_date' => '2023-03-10 17:33:29', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 7 => array( 'Article' => array( 'id' => '17234', 'article_category_id' => '1', 'title' => 'Interest on Loan Highest in Ten Years', 'sub_title' => '', 'summary' => 'March 10: At a time when the movement against interest rates is intensifying, it has been revealed that the interest rates charged by banks and financial institutions (BFIs) have become highest in 10 years. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">March 10: At a time when the movement against interest rates is intensifying, it has been revealed that the interest rates charged by banks and financial institutions (BFIs) have become highest in 10 years. Due to the tight monetary policy taken by Nepal Rastra Bank (NRB), the average interest on loan of commercial banks is close to 13 percent.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">NRB adopted strict policy after inflation increased due to the Covid-19 pandemic and Russia-Ukraine tension along with decline in foreign exchange reserves.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">As soon as the pandemic subsided, the interest rates of the banks started to rise from last year after the banks became aggressive in extending loans. In December 2022, the average interest on loans of commercial banks was 9.44 percent, which reached double digits since January. With the tightening of monetary policy by NRB in the current fiscal year (FY), the cost of banks' capital increased, increasing the interest on loans.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">In order to discourage credit consumption, NRB announced that the bank rate has been increased by 1.5 percentage points to 8.5 percent, the policy rate from 5.5 percent to 7 percent, and the deposit collection rate from 4 percent to 5.5 percent through monetary policy of the current year.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">After the high interest rate was heavily criticized, NRB announced to reduce the spread rate of the banks through the first quarter review of the monetary policy of the current year. As per the instructions of NRB, commercial banks have been told to reduce the spread rate to 4.2 percent from April 2023. From June 2023, commercial banks should maintain a spread rate of 4 percent.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">NRB also reduced the overnight repo interest rate by 1.5 percentage points to 7.5 percent. NRB expects that the cost of capital of banks will decrease along with the interest rate.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The businessmen are conducting pressure programs to reduce the interest rate saying that the banks charge high interest rates to earn more profit and due to this they are unable to pay the loan. On the other hand, the bankers are claiming that interest rates are automatically rising because the banks’ costs are increasing as they do not have enough investable capital.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Former Governor of NRB Dipendra Bahadur Chhetri interprets the interest rate controversy as a product of the government's policy and the practice of banks. He said that even if the market determines the interest rate, there is a dispute because of the intervention of NRB and the carteling of banks.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">After the lack of liquidity in the banking system, there was an unhealthy competition among banks to attract deposits by raising interest rates. NRB intervened after commercial banks increased the interest rate on personal savings to 12 percent. According to the instructions issued by NRB, the banks can reduce the interest rate only by 10 percent compared to the previous month. However, the umbrella organizations of BFIs have been determining interest rates through the association by mutual agreement.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Narayan Prasad Pokharel, Assistant Spokesperson of NRB says that it is necessary to regulate the interest rate market. He said, “If NRB had not intervened, the commercial bank's interest rate would have reached 18 percent by now.”</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">President of Nepal Bankers Association, Sunil KC, claims that a gentleman’s agreement has been reached to keep the interest rate at one level and create an environment of healthy competition.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-03-10', 'modified' => '2023-03-10', 'keywords' => '', 'description' => '', 'sortorder' => '16972', 'image' => '20230310040459_interest-rates-e1541025967190.jpg', 'article_date' => '2023-03-10 16:02:56', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '17233', 'article_category_id' => '277', 'title' => 'Tanahun Farmers Get Improved Maize Seeds ', 'sub_title' => '', 'summary' => 'With an aim to ensure more productions, the Vyas Municipality in Tanahun district has provided as many as six metric tonnes of improved corn seeds to the farmers in grant.', 'content' => '<p> </p> <p><span style="font-size:18px">March 10: With an aim to ensure more productions, the Vyas Municipality in Tanahun district has provided as many as six metric tonnes of improved corn seeds to the farmers in grant.</span></p> <p><span style="font-size:18px">The farmers were provided the maize seeds with 50 per cent in grant. Section Officer of Agriculture Section of the municipality Pratima Bagale said farmers from all 14 wards in the municipality were given improved maize seeds of Arun-2, Rampur Composite, Manakamana-3 and other improved seeds. </span></p> <p><span style="font-size:18px">"So far, we have distributed six metric tonnes of corn seeds. The distribution is ongoing," Bagale said. Bagale said that the move is aimed at making the farmers self-reliant and attract people them towards commercial farming. </span></p> <p><span style="font-size:18px">Prior to this, the municipality had distributed 22 metric tonnes of potato seeds. The municipality is also planning to distribute the beehives to some 100 beekeepers. ---RSS</span><br /> </p> ', 'published' => true, 'created' => '2023-03-10', 'modified' => '2023-03-10', 'keywords' => '', 'description' => '', 'sortorder' => '16971', 'image' => '20230310034843_collage - 2023-03-10T154225.264.jpg', 'article_date' => '2023-03-10 15:46:57', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 9 => array( 'Article' => array( 'id' => '17232', 'article_category_id' => '1', 'title' => 'UK State Minister Visits Arun III Hydropower Project Site', 'sub_title' => '', 'summary' => 'March 10: British Foreign, Commonwealth and Development Minister of State (Indo-Pacific) Anne Marie Trevelyan, has visited the 900 MW Arun III hydropower project under construction in Sankhuwasabha.', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">March 10: British Foreign, Commonwealth and Development Minister of State (Indo-Pacific) Anne Marie Trevelyan, has visited the 900 MW Arun III hydropower project under construction in Sankhuwasabha. While observing the power house and transformer bay of the project, she said that Nepal is moving towards achieving great success in clean and renewable energy production. She said that Nepal will gain a competitive advantage in hydropower production and that Nepal has an important role in reducing carbon emissions through regional trade in clean and renewable energy.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">On the occasion, Sushil Bhatta, CEO of the Investment Board said that the Arun-III hydropower project is a milestone in the development of Nepal's energy sector. He said that the board facilitated all the necessary steps to continue project implementation even during the difficult times of the Covid-19 pandemic.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Similarly, Joint Secretary of the Ministry of Energy, Water Resources and Irrigation Madhu Prasad Bhetuwal said that the large hydropower projects under construction in Nepal will play an important role in addressing the demand for electricity in this region. He pointed out the need to speed up the construction of international transmission lines between South Asian countries to make regional electricity trade worthwhile.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Arun-III hydropower project is being developed by SJVN Arun III Power Development Company, which is mainly owned by Indian developer company SJVN. Arun Dhiman, CEO of the company informed the high-level visiting team about the progress of the project. According to him, the physical progress towards production of the project so far is 61.2 percent. The company is constructing a 253 km long inland transmission line of 400 KV capacity from the project's power house to Sitamarhi in India, which is targeted for completion by 2023.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-03-10', 'modified' => '2023-03-10', 'keywords' => '', 'description' => '', 'sortorder' => '16970', 'image' => '20230310030408_1678403346.jpg', 'article_date' => '2023-03-10 15:03:13', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '17231', 'article_category_id' => '1', 'title' => 'Flights of Shree Airlines Grounded until Security Inspection', 'sub_title' => '', 'summary' => 'March 10: The Civil Aviation Authority of Nepal (CAAN) has directed Shree Airlines to ground all the aircraft of the company until security checks of the engines. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">March 10: The Civil Aviation Authority of Nepal (CAAN) has directed Shree Airlines to ground all the aircraft of the company until security checks of the engines. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the state-owned RSS, CAAN Spokesperson Jagannath Niraula said that the aviation regulatory body has decided to allow Shree Airlines to operate flights only after a thorough inspection of the engines. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Niraula made it clear that the aircraft of the Shree Airlines would conduct flights only after security inspection from the technicians of CAAN, RSS reported. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"The planes of Shree Airlines would get permission to fly only after the CAAN's technicians give permission after the security inspection of the engines. The planes are grounded after the incident of Thursday," RSS quoted Niraula as saying. </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"">A Sreee Airlines aircraft bound for Bhairahawa from Kathmandu had made an emergency landing on Thursday after one of its engines caught fire and the aircraft had to return back to Kathmandu from Dhading.</span> No passengers or crew members were injured in the incident.<br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Manager of Shree Airlines Anil Manandhar said that the passengers of Shree Airlines had to suffer due to the sudden notice of the CAAN. He argued that the airline company had already scheduled 14 flights for Friday when they received the letter from CAAN to ground the aircraft.</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"">CAAN on the other hand maintained that the security of passengers is of utmost priority.</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"">Aviation safety has become a hot topic in Nepal due to its poor record. A Yeti Airlines aircraft with 72 people on board had crashed in Pokhara on January 15 while making a final approach for landing. A preliminary report of air crash investigation had revealed that the engines of the ill-fated aircraft had no thrust causing the aircraft to stall. All 72 people on board the aircraft were killed. Following the incident, the regulatory body is under intense pressure to ensure safety of the aviation sector in Nepal.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-03-10', 'modified' => '2023-03-10', 'keywords' => '', 'description' => '', 'sortorder' => '16969', 'image' => '20230310115020_20230309033900_1678336935.jpg', 'article_date' => '2023-03-10 11:49:28', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '17230', 'article_category_id' => '1', 'title' => 'Retail Business Slows Down', 'sub_title' => '', 'summary' => 'March 10: The retail business, which involves the sale of daily essentials to the general public, has slowed down due to the latest financial situation of the country.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Nirmala UI","sans-serif"">March 10: The retail business, which involves the sale of daily essentials to the general public, has slowed down due to the latest financial situation of the country.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Nirmala UI","sans-serif"">The retail businessmen shared their experience that the consumers have stopped buying non-essential goods. They say that the business has declined a lot compared to the past as only basic necessities are sold.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Nirmala UI","sans-serif"">The prices of consumer goods have skyrocketed mainly because of the hike in transportation cost after the price of petroleum products increased in the international market following Ukraine’s invasion by Russia on February 24 last year when the global economy was still battling the impacts of the Covid-19 pandemic.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Nirmala UI","sans-serif"">The trend of price hike is rising steadily.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Nirmala UI","sans-serif"">The decline in purchasing power of the general public seems to have had a toll on the retail business.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Nirmala UI","sans-serif"">Bir Bahadur Karki, a grocery shop owner, says that the retail business is not running enthusiastically of late. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Nirmala UI","sans-serif"">“There is not much business these days. The income of consumers has decreased and there is a short-supply of money. In this context, how can the consumers spend money and how will our business run?'' he said.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Nirmala UI","sans-serif"">Businessmen accept that the price of goods has increased sharply. They say that the prices of both domestically-produced and imported goods have increased. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Nirmala UI","sans-serif"">Businessmen say that there has been a sharp rise in the prices of many items such as biscuits, shampoo, cashew nuts, cumin seeds, cardamom among others. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Nirmala UI","sans-serif"">"We are buying goods at a high price. We need to sell them with some profit margin," Aryan Shah, a retail businessman, told New Business Age.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Nirmala UI","sans-serif"">Shopkeepers who sell food say that although the price of food grains have remained almost stable for some time, sales have decreased. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Nirmala UI","sans-serif"">“The prices have not increased. Prices of rice, oil and other commodities have instead decreased compared to the previous month. However, the business is declining,'' said Naval Kishore Goyal, a food trader.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Nirmala UI","sans-serif"">According to him, consumers say that they have no income and therefore they lack money. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Nirmala UI","sans-serif"">Businessmen are saying that they have not been able to collect the money for the goods sold on credit. Devendra Bhakta Shrestha, president of the Nepal Food Groceries and Wholesalers Association, a representative organization of grocers, says that the grocery business is in crisis now. "Sales are going down but the main problem is not being able to collect money from the market," he said.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Nirmala UI","sans-serif"">According to Shrestha, the retail businessmen say that they are not getting money from the cooperatives. “In this context, how will they pay the credit?" </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Nirmala UI","sans-serif"">He urged the government to improve the environment for getting money from the cooperatives. Retailers are complaining that cooperatives have not given the money they have deposited due to lack of liquidity.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-03-10', 'modified' => '2023-03-10', 'keywords' => '', 'description' => '', 'sortorder' => '16968', 'image' => '20230310101203_fair price shoppp.jpg', 'article_date' => '2023-03-10 10:11:28', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '17229', 'article_category_id' => '1', 'title' => 'Constitutional Responsibilities are my Guiding Principles: President-Elect Paudel ', 'sub_title' => '', 'summary' => 'March 10: President-elect Ram Chandra Paudel has expressed his commitment to remain impartial and neutral while executing his role as the president.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">March 10: President-elect Ram Chandra Paudel has expressed his commitment to remain impartial and neutral while executing his role as the president. He also said that he will follow the due process of law in his work execution. After being elected as the new president of Nepal on Thursday, Paudel said he is aware of the role of the president. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Extending a message of gratitude to all after his election to the coveted post, Paudel vowed to get engaged in the national campaign for sustainable peace, good-governance, development and prosperity by internalizing the letter and spirit of the constitution while discharging his duty as the president. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"Constitutional responsibilities for promotion of Nepal's national unity, defence of sovereignty, and implementation and protection of the constitution shall be my guiding principles," according to the President-elect Paudel. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">In the message issued on Thursday night, President-elect Paudel extended a heartfelt tribute to all martyrs who lost their lives in different movements, struggles and campaigns waged for the establishment and restoration of democracy. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, Paudel also expressed his gratitude to former Speaker Subas Chandra Nembang for the friendly competition in the presidential election, Nembang's political party and the voters as well. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong><span style="font-family:"Arial Unicode MS","sans-serif"">President-elect thanks PM Dahal, NC President Deuba and CPN (US) Chair Nepal</span></strong> <br /> <span style="font-family:"Arial Unicode MS","sans-serif"">President-elect Ram Chandra Paudel met Prime Minister Pushpa Kamal Dahal at the latter's official residence in Baluwatar on Thursday and thanked him for the support. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">During the meeting, President-elect Paudel thanked Prime Minister Dahal, who is also the chair of CPN (Maoist Centre), while the Prime Minister congratulated Paudel and extended his best wishes for a successful tenure, according to the Prime Minister's Secretariat. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, Paudel met with Nepali Congress President and former Prime Minister Sher Bahadur Deuba and CPN (Unified Socialist) Chairperson and former Prime Minister Madhav Kumar Nepal. President-elect Paudel visited Deuba at his residence in Dhumbarahi and Nepal at his residence in Koteshwar. </span><br /> <strong><span style="font-family:"Arial Unicode MS","sans-serif"">Newly elected President Paudel receives certificate of election</span></strong> <br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Paudel, a senior leader of Nepali Congress, was earlier awarded a certificate for being elected to the post of president. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Chief Election Commissioner Dinesh Kumar Thapalia handed over the certificate of election to Paudel at the Federal Parliament Building in New Baneshwar on Thursday. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">On the occasion, Election Officer Mahesh Sharma Paudel announced the results of the election, sharing that leader Ram Chandra Paudel was elected to the post of the president. </span><br /> <br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Prime Minister Pushpa Kamal Dahal, President of Nepali Congress and former Prime Minister Sher Bahadur Deuba, Chairperson of CPN (Unified Socialist) and former Prime Minister Madhav Kumar Nepal, Chairperson of Loktantrik Samajbadi Party Mahanth Thakur, Chair of Nagarik Unmukti Party Ranjita Shrestha, Chair of Janamat Party CK Raut, election commissioners, leaders and workers of various political parties were present on the occasion. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">In the presidential election held on Thursday, Paudel received 33,802 votes and his competitor, Subash Chandra Nembang, received 15,518 votes. </span></span></span><br /> </p> <p> </p> ', 'published' => true, 'created' => '2023-03-10', 'modified' => '2023-03-10', 'keywords' => '', 'description' => '', 'sortorder' => '16967', 'image' => '20230310094747_RSS-IMG_0311.jpg', 'article_date' => '2023-03-10 09:43:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '17228', 'article_category_id' => '1', 'title' => 'Sanima Middle Tamor Hydropower Opens Sale Of IPO to General Public ', 'sub_title' => '', 'summary' => 'Sanima Middle Tamor Hydropower Limited is issuing its Initial Public Offering (IPO) to the general public from Friday(March 10).', 'content' => '<p><span style="font-size:18px">March 10: Sanima Middle Tamor Hydropower Limited is issuing its Initial Public Offering (IPO) to the general public from Friday(March 10). In the first phase, the hydropower company had issued IPO to the locals of the project-affected areas and district and Nepali citizens employed overseas.</span></p> <p><span style="font-size:18px">Following the allotment of the shares issued in the first phase, the hydropower is issuing shares to the general public in the second phase. The company had set aside 15 per cent shares, i.e., 49,98,750 shares of issued capital of worth Rs 3,33,25,00000 to the general public. </span></p> <p><span style="font-size:18px">Of total shares set aside for the general public, ten percent shares, i.e. 4,99,875 units of shares were issued and allotted to the migrant workers. Likewise, five percent, i.e. 2,49,936 units of shares have been allotted to the mutual fund schemes.</span></p> <p><span style="font-size:18px">The hydropower is selling as many as 42, 48,938 units of shares to the general public from Friday.Interest individuals can apply for a minimum of 10 and a maximum of 20,000 units of shares. If fully subscribed, the offering will close on March. If the IPO remains under-subscribed, the deadline to apply will extend until March 24. </span></p> <p><span style="font-size:18px">Sanima Capital Limited is the issue and sales manager. Interested individuals can apply for the IPO from all C-ASBA approved banks and financial institutions by Securities Board of Nepal (SEBON). One can also for the IPO through MeroShare.</span></p> <p><span style="font-size:18px">Sanima Middle Tamor is constructing Middle Tamor Hydropower Project with the installed capacity of 73 megawatt in Taplejung district. The company is issuing IPO to collect the money for the under-construction project.</span></p> <p><span style="font-size:18px">The total estimated cost for the hydropower project is Rs 13.33 billion. The company’s estimated per megawatt cost is over Rs 183.26 million. More than 74 percent work of the hydropower project has been completed so far.</span></p> <p><br /> </p> ', 'published' => true, 'created' => '2023-03-10', 'modified' => '2023-03-10', 'keywords' => '', 'description' => '', 'sortorder' => '16966', 'image' => '20230310054012_collage - 2023-03-08T172116.161.jpg', 'article_date' => '2023-03-10 05:36:46', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 14 => array( 'Article' => array( 'id' => '17227', 'article_category_id' => '1', 'title' => 'Ram Chandra Poudel Elected the New President of Nepal', 'sub_title' => '', 'summary' => 'March 9: Senior leader of the Nepali Congress Ram Chandra Poudel has been elected as the new president of Nepal on Thursday.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">March 9: Senior leader of the Nepali Congress Ram Chandra Poudel has been elected as the new president of Nepal on Thursday. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Poudel, a common candidate of the nine-party alliance, received 33,802 votes from the electoral college of 882 voters representing the Federal Parliament and the provincial assemblies.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The NC candidate secured majority votes to defeat CPN-UML candidate Subas Nembang to the coveted post.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Paudel has become the third president of Nepal after the country adopted federalism following the 2006 people’s movement. Ram Baran Yadav was elected the first president of Nepal while his successor Bidya Devi Bhandari, the outgoing president, assumed the ceremonial role for two terms.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Poudel was proposed for the presidential candidate by NC President Sher Bahadur Deuba, CPN (Unified Socialist) Chairperson Madhav Kumar Nepal, CPN (Maoist Centre) Senior Vice-Chairperson Narayankaji Shrestha, Janata Samajwadi Party leader Ashok Kumar Rai and Abdul Khan of the Janamat Party. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Likewise, Poudel's candidacy for the presidential bid was seconded by Chairperson of Lokatantrik Samajwadi Party Nepal, Mahantha Thakur; Vice-President of Nepali Congress, Purna Bahadur Khadka; Chairperson of Nagarik Unmukti Party, Ranjita Shrestha; Chairman of Rastriya Janamorcha, Chitra Bahadur KC; and Chief Whip of CPN (Maoist Centre), Hitraj Pandey.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">President Poudel was elected a Member of the House of Representatives from Tanahu-1 in the November 20 election last year.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">He was also elected as the member of parliament from Tanahu in 2048 BS, 2051 BS, 2056 BS, 2064 BS and 2070 BS. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Poudel had already served as the deputy prime minister and minister for home affairs and led the Ministry of Local Development, Ministry of Agriculture, and the Ministry of Communications and Information in the past. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">He has also served as the Speaker of the HoR. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Born in 2001 BS at Bahunpokhara of Risti Rural Municipality in Tanahu district, Poudel forayed into politics at the age of 16. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">He is the founding member of the Nepal Student Union, which was established in 2027 BS and was elected to the central committee member of the party for the first time in 2034 BS. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Similarly, Poudel became the vice-president and acting president of the party. He was also awarded with the 'Order of the Rising Sun (2020)' presented by the government of Japan. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">He has written dozens of books and published seminal articles on contemporary issues. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Nine political parties, including Nepali Congress – the largest party in the House of Representatives, CPN (Maoist Centre) and CPN (Unified Socialist) backed Paudel’s bid to become the new president. The other parties voting for Paudel include Janata Samajwadi Party Nepal, Loktantrik Samajwadi Party Nepal, Janamat Party, Nagarik Unmukti Party, Rastriya Janamorcha and Nepal Samajwadi Party.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif""><strong>Voting</strong></span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The voting for the presidential election was held at the Parliament Building at New Baneshwar from at 10 am to 3 pm this afternoon, said assistant returning officer Amrita Kumari Sharma. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif""><strong>Eligible voters</strong></span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The electoral college comprising of the members of the Federal Parliament and provincial assemblies cast their votes to elect the president. There were a total of 882 eligible voters in the Federal Parliament and the seven provincial assemblies. Among them, 332 belonged to the Federal Parliament (the House of Representatives and the National Assembly) and 550 under the provincial assemblies. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">But only 313 members of the federal parliament and 518 members of the provincial assemblies cast their votes during the presidential election. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Paudel received votes from 214 lawmakers of the Federal Parliament and 352 provincial assembly members. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif""><strong>Who did not vote?</strong></span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Fifteen federal parliament members including 14 of the Rastriya Prajatantra Party (RPP) and one from the Nepal Workers and Peasants Party (NWPP) remained neutral and did not vote for any of the two candidates. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Likewise, six federal parliament lawmakers did not take part in the voting due to various other reasons. They are Chandra Bhandari who is undergoing health treatment in India, Barshaman Pun who is under medical treatment in China, Laxmi Koiri who has a court case against him, Tek Bahadur Gurung who has been suspended, Rabi Lamichhane whose parliamentary seat has fallen vacant after his removal from the post and Sahanaz Rahman who passed away. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif""><strong>Weightage of vote</strong></span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The vote of a Federal Parliament MP has the weight of 79 votes, and that of Province Assembly member is 48. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Based on this, the total vote share of 332 MPs of the Federal Parliament (the position of one MP has been vacant) is 26,228 and the total number of votes of the members of the provincial assembly is 26,400. That makes the total number of votes in the presidential election 52,628. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">On this basis, more than 26,314 votes were required to be elected as the president. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif""><strong>Ceremonial Role</strong></span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">According to the Constitution of Nepal, the president has a ceremonial role and is entrusted with the responsibility to protect and abide by the constitution. The country adopted the presidential system following the establishment of republic through the People’s Movement of 2006.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">According to the constitution, no person shall be elected to the Office of President more than twice. </span></span></p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-03-09', 'modified' => '2023-03-09', 'keywords' => '', 'description' => '', 'sortorder' => '16965', 'image' => '20230309063812_1678361137.jpg', 'article_date' => '2023-03-09 18:37:32', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ) ) $current_user = null $logged_in = false $xml = falsesimplexml_load_file - [internal], line ?? include - APP/View/Elements/side_bar.ctp, line 133 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
| Currency | Unit |
Buy | Sell |
| U.S. Dollar | 1 | 121.23 | 121.83 |
| European Euro | 1 | 131.65 | 132.31 |
| UK Pound Sterling | 1 | 142.47 | 143.18 |
| Swiss Franc | 1 | 124.29 | 124.90 |
| Australian Dollar | 1 | 71.69 | 72.05 |
| Canadian Dollar | 1 | 83.90 | 84.32 |
| Japanese Yen | 10 | 10.94 | 11.00 |
| Chinese Yuan | 1 | 17.17 | 17.26 |
| Saudi Arabian Riyal | 1 | 32.27 | 32.43 |
| UAE Dirham | 1 | 33.01 | 33.17 |
| Malaysian Ringgit | 1 | 27.36 | 27.50 |
| South Korean Won | 100 | 9.77 | 9.82 |
Update: 2020-03-25 | Source: Nepal Rastra Bank (NRB)
| Fine Gold | 1 tola | 77000.00 |
| Tejabi Gold | 1 tola | 76700.00 |
| Silver | 1 tola | 720.00 |
Update : 2020-03-25
Source: Federation of Nepal Gold and Silver Dealers' Association
| Petrol | 1 Liter | 106.00 |
| Diesel | 1 Liter | 95.00 |
| Kerosene | 1 Liter | 95.00 |
| LP Gas | 1 Cylinder | 1375.00 |
Update : 2020-03-25
