KATHMANDU: Ride-sharing platform inDrive has launched its courier service…
KATHMANDU: Ride-sharing platform inDrive has launched its courier service…
KATHMANDU: The Public Accounts Committee of the Federal Parliament has formed sub-committees to conduct a comprehensive study of the two new international airports in Bhairahawa and…
Kathmandu: The monsoon is becoming more active from Friday…
Kathmandu: The government has made national identity card mandatory for transaction related to real estate.…
The Nepal Stock Exchange (NEPSE) continued its downward trajectory, falling by 8.24 points or 0.40%, and closing at 2051.92 on the last trading day of the week, Thursday. During today's trading session, 333 scrips were exchanged through 50,281 transactions. A total of 8,901,195 units of shares were traded, resulting in a total turnover of Rs 3.71…
Kathmandu: Thirty-three districts in the country have been affected by monsoon-induced disasters from June 10-26, according to the Ministry of Home…
KATHMANDU: The work of the parliamentary committee formed to investigate the embezzlement of cooperatives’ savings has been delayed due to the lack of updated data on business activities of…
Kathmandu: In the second week of June, Tamor Energy Pvt Ltd secured investment for the Upper Tamor Semi Reservoir Hydropower Project, which has a capacity to produce 285 MW of…
KATHMANDU: Laxmi Intercontinental, the authorised dealer of Hyundai cars for Nepal, has unveiled the price of Hyundai Venue produced in Nepal by its sister company Laxmi Motor…
Kathmandu: A total of 44 incidents of natural disaster occurred in the past 36 hours across the country.…
KATHMANDU: The OPEC Fund for International Development has agreed to provide a loan of US$25 million to Global IME Bank Limited.…
BHAKTAPUR: The Examinations Control Office under the National Examinations Board has published the results of this year's Secondary Education Examinations…
The Dhalkebar-Inaruwa section of the 400-KV Hetauda-Dhalkebar-Inaruwa transmission line has officially started operations, enhancing the reliability of Nepal's electricity transmission system and facilitating power exchange between Nepal and…
The Nepal Stock Exchange (NEPSE) continued its downward trend, dropping by 11.60 points (0.56%) to close at 2060.16 on Wednesday, the fourth trading day of the…
KATHMANDU: Sri Laliguras Multi-Purpose Cooperative Organization, which has invested in cow farms, dairy industry, hydropower, hospitals, and colleges, was honored by the National Cooperative Federation with the 'Best Cooperative Business' award in…
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Natalia Makarenko, marketing director of Indrive (APAC), stated that the goods delivery service has been initiated to enhance the company's services while remaining committed to increasing mobility in the Nepali market.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Makarenko mentioned that in 2023, inDrive announced the launch of the delivery service in Nepal amid a recent program.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Issuing a statement, Msksrenko said inDrive’s courier service offers delivery of parcels weighing 20 kg or less, on the same day of booking.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“We are excited to announce the launch of inDrive.Delivery in Nepal. With inDrive.Delivery, we hope to meet the logistic challenges faced by small businesses as well as individuals in Nepal,” she said.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Makarenko also expressed committed towards enhancing mobility in the market of Nepal and added that they are dedicatedly working to make inDrive’s services better and bring more features according to people's need in Nepal. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“Thousands of rides are happening on our platform every day. We are getting positive feedback from passengers in Nepal,” she further said.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to Makarenko, inDrive experienced a 200 percent increase in business in 2023 compared to the previous year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">As of the first half of 2024, inDrive has recorded a 46% increase in rides, she added. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“Our growth metrics reflect the trust our users and drivers place in us. We are dedicated to enhancing our services, ensuring safety, and contributing positively to the communities we serve.”</span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-06-28', 'modified' => '2024-06-28', 'keywords' => '', 'description' => '', 'sortorder' => '21108', 'image' => '20240628125903_c24ca48c.jpeg', 'article_date' => '2024-06-28 12:58:25', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '21381', 'article_category_id' => '1', 'title' => 'Parliamentary Sub-Committees to Study Pokhara and Gautam Buddha International Airports ', 'sub_title' => '', 'summary' => 'KATHMANDU: The Public Accounts Committee of the Federal Parliament has formed sub-committees to conduct a comprehensive study of the two new international airports in Bhairahawa and Pokhara. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">KATHMANDU: The Public Accounts Committee of the Federal Parliament has formed sub-committees to conduct a comprehensive study of the two new international airports in Bhairahawa and Pokhara. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Chairperson of the committee Rishikesh Pokharel shared that two separate parliamentary sub-committees have been formed to study and Gautam Buddha International Airport located in Bhairahawa and the Pokhara International Airport. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">According to him, a 12-member sub-committee has been formed under the coordination of MP Rajendra Prasad Lingden, who is also the president of the Rastriya Prajatantra Party, to study the Pokhara International Airport, and an eight-member sub-committee has been formed under the coordination of MP and UML Secretary Yogesh Bhattarai to study the Gautam Buddha International Airport. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The sub-committees will carry out on-site monitoring to study the two airports to review why the projects of national pride with huge investments are not able to give returns, said the secretary of the committee, Ekram Giri. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The Gautam Buddha International Airport was inaugurated on May 16, 2022, followed by Pokhara International Airport on January 1, 2023. To encourage international flights, the government announced a 100% discount on various fees for airlines flying from these airports for one year. However, this initiative has not succeeded in attracting regular international flights.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><em><span style="font-size:14.0pt">(With inputs from RSS)</span></em></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-28', 'modified' => '2024-06-28', 'keywords' => '', 'description' => '', 'sortorder' => '21107', 'image' => '20240628120723_20230126024419_Gautam Buddha.jpg', 'article_date' => '2024-06-28 12:06:39', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '21380', 'article_category_id' => '1', 'title' => 'Monsoon to Become More Active from Today ', 'sub_title' => '', 'summary' => 'Kathmandu: The monsoon is becoming more active from Friday afternoon. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Kathmandu: The monsoon is becoming more active from Friday afternoon. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The Department of Hydrology and Meteorology issued a monsoon bulletin on Thursday evening, urging all concerned to stay prepared in the wake of rising rainfall from Friday. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Low pressure belt of monsoon has developed and moved north than the average area towards Nepal for some days, thereby causing further rains in the country. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Meteorologist Prativa Manandhar said the weather would be generally cloudy and witness light to moderate rainfall across the country. However, few places are predicted to have heavy rainfall, caused by the monsoon winds. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Few places in Gandaki and Lumbini provinces are seeing heavy rainfall, while it will rain heavily along with lightning in one or two places of Madhes and Karnali Provinces and some places of the rest of the provinces from Friday onwards. -- RSS</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-28', 'modified' => '2024-06-28', 'keywords' => 'monsoon, active, Friday, today, Koshi', 'description' => '', 'sortorder' => '21106', 'image' => '20240628112537_20240610063405_20240604114336_20210626022910_Monsoon.jpeg', 'article_date' => '2024-06-28 11:25:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '21379', 'article_category_id' => '1', 'title' => 'National ID Mandatory for Real Estate Transactions ', 'sub_title' => '', 'summary' => 'Kathmandu: The government has made national identity card mandatory for transaction related to real estate. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Kathmandu: The government has made national identity card mandatory for transaction related to real estate. The Ministry of Home Affairs published a notice in the Nepal Gazette, making national identity cards mandatory for buying and selling land or house with effect from January 14, 2025. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Prior to this, citizenship certificate was required for real estate transaction. The provision has been made with the goal of bringing the national identity card into effect, said Joint Secretary and Spokesperson for the Ministry of Home Affairs, Narayan Prasad Bhattarai. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The ministry has also made the national ID mandatory for services related to banking and financial institutions, social security fund, health insurance, pension, revenue (personal income tax registration), driver's license, company registration and renewal to be applied in different districts. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to Bhattarai, it will be mandatory to submit national identity card to get a SIM card for mobile telephone service from January 14, 2025. </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"">It is now necessary to submit national identity card or a national identity number instead of a citizenship certificate in order to receive public services provided by government agencies, organizations and the private sector, reads the notice issued by the ministry. -- RSS </span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-28', 'modified' => '2024-06-28', 'keywords' => 'national, ID, card, mandatory', 'description' => '', 'sortorder' => '21105', 'image' => '20240628105718_ep1(14).jpg', 'article_date' => '2024-06-28 10:56:25', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '21378', 'article_category_id' => '1', 'title' => 'NEPSE's Downward Trend Continues with Fall of 8.24 Points', 'sub_title' => '', 'summary' => 'The Nepal Stock Exchange (NEPSE) continued its downward trajectory, falling by 8.24 points or 0.40%, and closing at 2051.92 on the last trading day of the week, Thursday. During today's trading session, 333 scrips were exchanged through 50,281 transactions. A total of 8,901,195 units of shares were traded, resulting in a total turnover of Rs 3.71 billion.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">June 27: The Nepal Stock Exchange (NEPSE) continued its downward trajectory, falling by 8.24 points or 0.40%, and closing at 2051.92 on the last trading day of the week, Thursday. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">During today's trading session, 333 scrips were exchanged through 50,281 transactions. A total of 8,901,195 units of shares were traded, resulting in a total turnover of Rs 3.71 billion.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Nepal Finance Limited (NFS) led in turnover with total transactions worth Rs 22 crores. Trishuli Jal Vidhyut Company Limited (TVCL) saw the highest gain of 7.09%, closing at Rs 499.90 per share.</span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif"> Conversely, Nepal Finance Limited (NFS) also experienced the biggest loss of 10.00%, hitting the negative circuit for the day.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">In terms of sector indices, all sectors closed in negative territory except for the Others Index and Mutual Fund, while the Banking Sub-Index remained neutral. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The Finance Index recorded the highest loss of 2.23%, whereas the Others Index achieved the highest gain at 0.95%.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-27', 'modified' => '2024-06-27', 'keywords' => '', 'description' => '', 'sortorder' => '21104', 'image' => '20240627032248_collage (18).jpg', 'article_date' => '2024-06-27 15:21:09', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 5 => array( 'Article' => array( 'id' => '21377', 'article_category_id' => '1', 'title' => 'Monsoon-Induced Disasters Affect 33 Districts, 28 Dead in 16 Days', 'sub_title' => '', 'summary' => 'Kathmandu: Thirty-three districts in the country have been affected by monsoon-induced disasters from June 10-26, according to the Ministry of Home Affairs.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Kathmandu:</span></span></strong><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif""> Thirty-three districts in the country have been affected by monsoon-induced disasters from June 10-26, according to the Ministry of Home Affairs. The most affected districts include Taplejung, Panchthar, Sankhuwasabha, Sindhupalchowk, Rasuwa, Chitwan, Lamjung, Parbat, Myagdi, Nawalparasi East, Gulmi, Dang, and Kaski.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">A total of 147 disaster-related incidents occurred during this period, resulting in 28 deaths. The Ministry reported that 14 people were killed in landslides, 13 by lightning, and one by flooding. Additionally, 12 people were injured, 25 houses were completely destroyed, and 10 houses sustained partial damage due to landslides.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The Secretariat of Home Minister Rabi Lamichhane stated that landslides caused property damage worth more than Rs 6.9 million. There were 68 incidents of lightning, causing 13 deaths, 24 injuries, and property damage exceeding Rs 1.7 million.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Dr. Dijan Bhattarai, spokesperson for the National Disaster Risk Reduction and Management Authority, reported that 18 people were killed in disaster incidents on June 25 and 26 alone. Of these, nine deaths were due to lightning, and the other nine were from flooding and landslides. -- RSS</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-27', 'modified' => '2024-06-27', 'keywords' => '', 'description' => '', 'sortorder' => '21103', 'image' => '20240627014548_NG_Sunsari-IMG_20240626_131533.jpg', 'article_date' => '2024-06-27 13:45:17', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '21376', 'article_category_id' => '1', 'title' => 'Parliamentary Probe into Cooperatives Delayed due to Lack of Data', 'sub_title' => '', 'summary' => 'KATHMANDU: The work of the parliamentary committee formed to investigate the embezzlement of cooperatives’ savings has been delayed due to the lack of updated data on business activities of cooperatives.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">KATHMANDU: The work of the parliamentary committee formed to investigate the embezzlement of cooperatives’ savings has been delayed due to the lack of updated data on business activities of cooperatives. </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:"Times New Roman","serif"">One month after its formation, the committee on Wednesday decided to request documents from nine cooperative organizations under investigation and details of a loan given to the Gorkha Media Network. </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:"Times New Roman","serif"">Committee Chairman Surya Thapa stated that they have written to the Ministry of Land Management, Cooperatives, and Poverty Alleviation to provide the necessary documents and loan details. </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:"Times New Roman","serif"">"We have written to the Federal Ministry of Cooperatives for the necessary documents and data," said Chairman Thapa. "The ministry will coordinate with the relevant agencies and provide the data quickly."</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:"Times New Roman","serif"">The committee, formed on May 28, has the mandate to investigate nine additional institutions besides the 20 already declared problematic cooperatives. It has requested reports from the last annual general meeting, audit reports, details of the board of directors, audit supervision committee reports, and other relevant information from the cooperatives, excluding those already declared problematic.</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:"Times New Roman","serif"">Six of the nine cooperatives from which the committee has demanded details from are associated with GB Rai, who is also the chairman of Gorkha Media Network. The committee was formed after the Nepali Congress demanded a parliamentary inquiry, alleging that Deputy Prime Minister and Home Minister Ravi Lamichhane, who is the managing director of Gorkha Media Network, had withdrawn money from various cooperatives in his name.</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:"Times New Roman","serif"">The cooperatives connected with Rai and Gorkha Media Network include Swarnalakshmi in Kathmandu, Sahara in Chitwan, Sano Paila in Birgunj, Suryadarshan in Pokhara, Supreme in Butwal, and Parity Savings and Loan Cooperative in Nepalgunj. Of these, only Swarnalakshmi in Kathmandu is under the federal government, while the others fall under local and state governments. Additionally, Ideal Yamuna Multi-Purpose Cooperative is under the federal government, Sumeru Savings and Loan Cooperative in Lalitpur is under Bagmati Province, and Image Savings and Loan Cooperative in Baglung is under Gandaki Province.</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:"Times New Roman","serif"">According to sources in the Department of Cooperatives, collecting data on most of the cooperatives requested by the committee is challenging. </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:"Times New Roman","serif"">An official stated that they have some data about organizations that are currently facing police complaints and where cases are ongoing, while gathering information on other cooperatives is difficult. </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:"Times New Roman","serif"">"The government does not currently have data on the status of cooperatives," said the official, adding, "We will collect the data from the relevant regulatory bodies and organizations, but it is quite challenging to do so."</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:"Times New Roman","serif"">To implement federalism in 2018, the government transferred the records of cooperatives to the local level based on their scope of work. Since then, there has been no updated information about the status of the cooperatives. The Cooperative Information System, intended to organize cooperatives’ data and on which the federal government has spent millions, has not been effective.</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:"Times New Roman","serif"">Following the transfer of records, the Department of Cooperatives collected data in collaboration with the seven provinces and local levels from July to October 2020 but has not been able to update it since. </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:"Times New Roman","serif"">When investigation agencies request information about cooperatives, it is provided by the regulatory agencies and organizations at the relevant level. However, sources indicate that record management at the provincial and local levels is disorganized. The unorganized data undermines the effectiveness of the monitoring, studies, research, and planning undertaken by the concerned bodies.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-06-27', 'modified' => '2024-06-27', 'keywords' => '', 'description' => '', 'sortorder' => '21102', 'image' => '20240627014339_f705fed5 (1) - Copy.jpeg', 'article_date' => '2024-06-27 13:43:01', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '21375', 'article_category_id' => '1', 'title' => 'Private Sector’s Participation in Large Hydropower Projects Increasing', 'sub_title' => '', 'summary' => 'Kathmandu: In the second week of June, Tamor Energy Pvt Ltd secured investment for the Upper Tamor Semi Reservoir Hydropower Project, which has a capacity to produce 285 MW of electricity.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Prashant Khadka</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Kathmandu: In the second week of June, Tamor Energy Pvt Ltd secured investment for the Upper Tamor Semi Reservoir Hydropower Project, which has a capacity to produce 285 MW of electricity. This project is being undertaken by investors of the private sector of Nepal who are raising domestic capital. Under the consortium of Everest Bank, various Nepali banks and financial institutions have contributed Rs 38.6 billion in loans to finance the project with an estimated cost of Rs 55.15 billion. The design of the project was developed by a local company, Sanima Hydro and Engineering.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">According to hydropower promoters, private sector investors of Nepal are currently raising investments for over three dozen large projects, with capacities ranging from 70 to 600 megawatts. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Ganesh Karki, president of the Independent Power Producers Association of Nepal (IPPAN), stated that with the support of banks, financial institutions, and the government, the private sector of Nepal now has the capacity to build projects with capacities of 500-600 MW. "Currently, many projects ranging from 100 to 500 megawatts have obtained permits and are in the process of securing financial resources," he said.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">IPPAN has announced preparations for the construction of projects that will generate 5,917 megawatts of electricity through 40 companies with domestic investment, with an estimated investment of over Rs 1065 billion. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Production of electricity in Nepal has significantly increased since the private sector's entry into the country’s hydroelectricity market. Starting from the early 2000s, the private sector of Nepal started investing in electricity generation.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Initially, Nepali investors lacked substantial capital, and banks were not capable of providing large financial resources. Even major business houses were hesitant to invest in hydropower. Pushpajyoti Dhungana, an investor in Upper Tamor, entered the hydropower sector in 2008 by developing the 1 MW Patikhola hydropower project. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">In the early 2000s, the Nepal Electricity Authority (NEA) implemented a policy to sign power purchase agreements for a total of 50 megawatts with independent power producers developing projects ranging from 1 to 10 megawatts.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">After two decades, domestic investors have been able to build projects larger than 100 MW. According to IPPAN President Karki, the increased capacity of investors, the expansion of loans by banks and financial institutions, and binding directives from the central bank have enabled domestic investors to develop large projects. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Until 2000, the government, without private sector’s involvement, was able to produce only 361.5 megawatts of electricity for over nearly 90 years. With private sector’s participation, electricity generation has increased rapidly, and private energy entrepreneurs have gained the ability and experience to undertake relatively larger projects.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">In early 2023, Prime Minister Pushpa Kamal Dahal inaugurated the 86 MW Solukhola hydropower project, the largest private sector hydropower project completed in Nepal till date. Another notable company in this sector is Sahas Urja Limited. Sahas Urja Limited initially began with the 5 MW Ruru hydroelectric project and is now set to build the 341 MW Budhigandaki hydropower project, which it acquired from Times Energy Limited for Rs 2 billion. This will be the largest hydropower project built by the private sector with domestic investment.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Meenraj Kandel, owner of Sahas Urja Limited, stated, "Rather than doubting the capabilities of Nepali investors, the government and the Nepal Electricity Authority should create an enabling environment. Even now, we are capable of building projects up to 500 megawatts." </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">He emphasized that the private sector of Nepal has gained the ability to construct small projects and leverage that experience to build larger ones.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">While the capacity of the Nepali private sector is growing, the government has introduced an electricity bill that allows joint investment between Nepal and foreign government organizations to issue licenses without competition for the construction of hydropower projects exceeding 100 megawatts. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">This has caused frustration among private sector investors. They argue that foreign investors should not be granted licenses for projects up to 500 MW without competition. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">"Our demand is that if foreign investors want to invest in small projects, they should go through the same competitive process as Nepali investors," IPPAN President Karki told New Business Age.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-27', 'modified' => '2024-06-27', 'keywords' => 'hydropower, Nepal, investors, private, sector', 'description' => '', 'sortorder' => '21101', 'image' => '20240627010954_hydro.jpg', 'article_date' => '2024-06-27 13:08:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '21374', 'article_category_id' => '236', 'title' => 'Laxmi Intercontinental Offers Made in Nepal Hyundai Venue at 6.99 Percent Interest', 'sub_title' => '', 'summary' => 'KATHMANDU: Laxmi Intercontinental, the authorised dealer of Hyundai cars for Nepal, has unveiled the price of Hyundai Venue produced in Nepal by its sister company Laxmi Motor Corporation.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">KATHMANDU: Laxmi Intercontinental, the authorised dealer of Hyundai cars for Nepal, has unveiled the price of Hyundai Venue produced in Nepal by its sister company Laxmi Motor Corporation. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Issuing a recent statement, the company said that the price of Hyundai Venue 1.2 (S) has been fixed at Rs 44,96,000 and the price of Hyundai Venue 1.2 (SX) has been fixed at Rs 53,56,000. The company added that both the models produced in Nepal are now available for sale.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The company has also announced a financing scheme at 6.99 percent interest and 10 years of free servicing as well as three years of warranty for purchasing a Hyundai Venue under this plan. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Laxmi Motor Corporation was established in Nepal with the investment of Laxmi Group and technical support from Hyundai Motor Company. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">This is the first time that a vehicle assembling plant has produced a vehicle in Nepal. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The company claims that the structure, quality, performance and other properties of Venue produced in Nepal are the same as vehicles of the same model manufactured by Hyundai Motor Company in South Korea or India.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The aim of the company is to produce vehicles in the domestic market and help industrialize the country. It also aims for import substitution, create jobs, increase domestic revenue, develop skill and technology, consume domestic resources and electricity, contribute to the gross domestic product, and provide vehicles at an affordable price to the consumers, added the statement.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-27', 'modified' => '2024-06-27', 'keywords' => '', 'description' => '', 'sortorder' => '21100', 'image' => '20240627114907_20190823021811_Clipboard01.jpg', 'article_date' => '2024-06-27 11:48:22', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '21372', 'article_category_id' => '1', 'title' => '14 Dead, Two Go Missing in Incidents of Natural Disaster ', 'sub_title' => '', 'summary' => 'Kathmandu: A total of 44 incidents of natural disaster occurred in the past 36 hours across the country. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Kathmandu: A total of 44 incidents of natural disaster occurred in the past 36 hours across the country. According to the National Disaster Risk Reduction and Management Authority, (NDRRMA) 14 people have been confirmed dead and two are missing in such disastrous incidents. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">NDRRMA Spokesperson under-secretary Dr Dijan Bhattarai informed that 10 people sustained injuries in these incidents and property worth over Rs 1.9 million has been destroyed. He informed that roads were blocked in 10 different areas and 14 cattle were killed. </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"">According to the information shared by the NDRRMA on Wednesday evening, eight people were killed by landslides and five sustained injuries. Similarly, lightning killed five individuals and injured three while one person died and two went missing in floods. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Bhattarai said that two people who were injured in the landslide in Sernathumki of Okhaldhunga were rescued via helicopter and brought to Kathmandu for further treatment. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the NDRRMA, Okhaldhunga, Sankhuwasabha, Sunsari, Udayapur, Ilam, Dhankuta, Lamjung, Kaski, Morang, Jhapa, Rolpa, Dailekh and Baglung were badly affected by the disaster on Wednesday. -- RSS </span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-27', 'modified' => '2024-06-27', 'keywords' => '', 'description' => '', 'sortorder' => '21099', 'image' => '20240627105813_SankarShrestha_MalekhuDhading_RSS_12_IMG-20240626-WA0014.jpg', 'article_date' => '2024-06-27 10:57:37', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '21373', 'article_category_id' => '218', 'title' => 'OPEC Fund Provides US$25 Million Loan to Global IME Bank', 'sub_title' => 'The Loan will be Utilized to Support Small Businesses and Enhance Climate Resilience in Nepal', 'summary' => ' KATHMANDU: The OPEC Fund for International Development has agreed to provide a loan of US$25 million to Global IME Bank Limited. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">KATHMANDU: The OPEC Fund for International Development has agreed to provide a loan of US$25 million to Global IME Bank Limited. Issuing a statement on Wednesday, Global IME Bank confirmed that it signed an agreement in this regard with the OPEC Fund.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">As per the agreement, the bank will utilize the loan to increase access to financing for micro, small, and medium enterprises (MSMEs), including women-owned enterprises, as well as climate-smart projects.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">OPEC Fund’s loan will help to address significant financing gaps for MSMEs, which make up 95 percent of Nepal's registered businesses and account for 45 percent of all jobs, said the bank.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">Despite their importance, MSMEs struggle to receive funds and the financing gap for these enterprises is estimated at US$3.6 billion. Additionally, the bank said that the loan will enhance GIBL’s climate finance portfolio, vital for Nepal's efforts to mitigate climate change impacts.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">OPEC Fund President Abdulhamid Alkhalifa expressed happiness to partner with Global IME Bank to bolster support for MSMEs and climate-smart projects in Nepal. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">“These sectors are crucial for sustainable economic growth and resilience against climate change. Our loan will help address the significant financing gaps and promote inclusive development,” the statement quoted Alkhalifa as saying.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">Similarly, Chief Executive Officer of Global IME Bank, Ratna Raj Bajracharya, said this loan agreement reinforces the bank’s commitment to finding local solutions through climate and gender financing to achieve global sustainability and inclusivity goals. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">“We aim to bridge the resource gap in Nepal's green energy sector and address gender disparity by empowering women economically through accessible financing," said Bajracharya, adding, "We are grateful to partner with the OPEC Fund in this endeavor. This collaboration will enhance our support for MSMEs, vital to Nepal's economy, and strengthen our efforts in promoting climate resilience and sustainable development. Together, we can significantly impact Nepal's journey towards a greener and more inclusive future."</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">According to the statement issued by the bank, Nepal ranks 94th globally in CO2 emissions, with half of its greenhouse gas emissions coming from the agriculture sector. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">The country is highly vulnerable to climate change impacts, which disproportionately affect vulnerable communities, added the statement. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">“Increasing access to climate finance is essential for Nepal’s sustainable development, supporting initiatives such as clean transportation, climate-smart agriculture, and solar projects.”</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">The statement added that the OPEC Fund and Nepal have a long-standing partnership focused on driving sustainable development. The OPEC Fund has committed funding to various sectors including banking, energy, agriculture, transportation, and education, it added. </span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-27', 'modified' => '2024-06-27', 'keywords' => 'OPEC, Fund, bank, loan, agreement, Nepal, small, industries, women, entrepreneurship', 'description' => '', 'sortorder' => '21098', 'image' => '20240627111212_IMG-20240626-WA0000.jpg', 'article_date' => '2024-06-27 11:10:22', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '21371', 'article_category_id' => '1', 'title' => 'SEE Results Published; 47.86 Percent Students Pass ', 'sub_title' => '', 'summary' => 'BHAKTAPUR: The Examinations Control Office under the National Examinations Board has published the results of this year's Secondary Education Examinations (SEE). ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">BHAKTAPUR: The Examinations Control Office under the National Examinations Board has published the results of this year's Secondary Education Examinations (SEE). </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the Examination Controller Nandalal Poudel, out of 464,785 students who appeared in the SEE exam, 47.86 per cent passed. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">A total of 242,092 students have passed towards regular category, said Examination Controller Poudel. Out of those who have qualified, 186 have secured GPA 4.</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"">A total of 52.14 per cent candidates who appeared in the examination obtained non-grade (NG). They will have to take the grade increase test again. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Ppoudel informed that the examination of 221 students has been canceled. Examination Controller Poudel said that the results have been published as per the Letter Grading Guidelines- 2078 BS this year. -- RSS </span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-27', 'modified' => '2024-06-27', 'keywords' => '', 'description' => '', 'sortorder' => '21097', 'image' => '20240627103404_20230330064654_IMG_5918_1.jpg', 'article_date' => '2024-06-27 10:33:31', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '21370', 'article_category_id' => '1', 'title' => 'Dhalkebar-Inaruwa Transmission Line Comes into Operation', 'sub_title' => '', 'summary' => 'The Dhalkebar-Inaruwa section of the 400-KV Hetauda-Dhalkebar-Inaruwa transmission line has officially started operations, enhancing the reliability of Nepal's electricity transmission system and facilitating power exchange between Nepal and India.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">June 27: The Dhalkebar-Inaruwa section of the 400-KV Hetauda-Dhalkebar-Inaruwa transmission line has officially started operations, enhancing the reliability of Nepal's electricity transmission system and facilitating power exchange between Nepal and India.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">This 154-kilometer transmission line runs from Dhalkebar in Dhanusha to the Inaruwa sub-station in Bhokraha Narsingh Rural Municipality-4, Sunsari. The activation of the Dhalkebar-Inaruwa section marks the first instance of 400-KV electricity transmission in Nepal.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Kulman Ghising, Executive Director of the Nepal Electricity Authority, hailed this development as a significant milestone for the country's power infrastructure. He emphasized that the new transmission line will improve the quality and reliability of the national grid and boost electricity trade with India.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The transmission line has a capacity to transmit around 4,000 megawatts of electricity. The overall 288-kilometer Hetauda-Dhalkebar-Inaruwa line is being constructed in two phases, with the 134-kilometer Hetauda-Dhalkebar section still under construction.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-27', 'modified' => '2024-06-27', 'keywords' => '', 'description' => '', 'sortorder' => '21096', 'image' => '20240627054414_collage (42).jpg', 'article_date' => '2024-06-27 05:41:55', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 13 => array( 'Article' => array( 'id' => '21369', 'article_category_id' => '1', 'title' => 'NEPSE Sheds 11.60 Points to Close at 2060.16', 'sub_title' => '', 'summary' => 'The Nepal Stock Exchange (NEPSE) continued its downward trend, dropping by 11.60 points (0.56%) to close at 2060.16 on Wednesday, the fourth trading day of the week.', 'content' => '<p> </p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">June 26: The Nepal Stock Exchange (NEPSE) continued its downward trend, dropping by 11.60 points (0.56%) to close at 2060.16 on Wednesday, the fourth trading day of the week.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Today's trading session saw 305 scrips traded through 54,793 transactions. A total of 8,727,164 units of shares were exchanged, resulting in a total turnover of Rs 4.5 billion.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Nepal Finance Limited (NFS) led in turnover, with transactions totaling Rs 16 crores and a market price of Rs 1033 per share. NFS also recorded the highest gain of the day at 9.87%. </span></span><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">In contrast, Sadhana Laghubitta Bittiya Sanstha (SDLBSL) experienced the biggest loss, declining by 6.38% to close at Rs 1215 per share.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Regarding sector indices, all sectors closed in negative territory except for the Finance Index, Mutual Fund, and Trading Index. </span></span><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The Finance Index reported the highest gain of 0.45%, while the Development Bank Index suffered the highest loss of 1.03%.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-26', 'modified' => '2024-06-26', 'keywords' => '', 'description' => '', 'sortorder' => '21095', 'image' => '20240626035454_collage (41).jpg', 'article_date' => '2024-06-26 15:53:32', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 14 => array( 'Article' => array( 'id' => '21368', 'article_category_id' => '1', 'title' => 'Investments in Real Estate and Businesses Risk Cooperatives’ Savings', 'sub_title' => '', 'summary' => 'KATHMANDU: Sri Laliguras Multi-Purpose Cooperative Organization, which has invested in cow farms, dairy industry, hydropower, hospitals, and colleges, was honored by the National Cooperative Federation with the 'Best Cooperative Business' award in 2018.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">KATHMANDU: Sri Laliguras Multi-Purpose Cooperative Organization, which has invested in cow farms, dairy industry, hydropower, hospitals, and colleges, was honored by the National Cooperative Federation with the 'Best Cooperative Business' award in 2018. However, five years later, the organization was unable to return its members' savings, leading the government to declare it problematic in March 2023 and initiate an investigation through the problematic cooperative management committee.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Kedarnath Sharma, involved in the food business, collected more than Rs 15 billion of savings from the general public through Shivshikhar Multipurpose and Tulsi Cooperative.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The cooperative invested heavily to open 37 departmental stores and half dozen companies under the brand 'Shiva Shikhar Mart'. The government declared the organization problematic and took action after it was unable to return the savings.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The Civil Cooperative, founded by real estate businessman Ichharaj Tamang, invested more than Rs 8 billion collected from its members in its housing projects. Now, the organization is unable to return the members' savings.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">These are just a few representative examples of problems seen in the cooperative sector. According to official and informal data, more than 500 cooperative organizations across the country are in trouble as they are unable to return their members' savings. The general public claims that the 20 institutions declared problematic by the federal government have not returned Rs 36.28 billion. In addition, if the funds of other troubled organizations are included, more than Rs 2 billion of the general public is at risk in cooperatives.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to the law, cooperatives cannot make a company a member, give loans, or invest in shares. To reduce the risk in real estate, the regulatory body has also set limits. However, taking advantage of weak laws and monitoring, cooperative operators have been misusing large sums collected from the general public in real estate, as well as in various companies and private businesses. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">When studying the cooperatives in trouble, it seems that they invested a large amount of money in real estate. Although some invested by setting up a company in the director's name, most misused the organization's savings in the name of individuals, families, and relatives. Some cooperatives have put the common people's savings at risk in the name of investing in the production and service sectors. Due to the failure to recover loans and share investments made by cooperatives in department stores, marts, agriculture sector, hospitals, colleges, etc., billions of rupees of common people's savings in those institutions are at risk.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">After it was found that the funds of the organization were misused and invested in personal property and businesses, the Cooperative Reform Suggestion Task Force has already suggested bringing back the money and returning the members' savings. The government has announced plans to amend the law in the next fiscal year's budget to implement these suggestions.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Department's Instructions not Followed</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">After the Nepal Rastra Bank instructed banks to reduce their investment in real estate, the Department of Cooperatives also instructed cooperatives not to invest more than 25 percent in real estate in October 2010. Since investments made by cooperative organizations in companies put depositors' money at risk, cooperatives were also instructed not to invest in private firms and companies. However, due to a lack of effective monitoring and action, cooperatives have put a large amount of public money at risk by making random investments.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Legal Confusion</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Legally, it is not clear what the cooperatives will do with the idea of integrating labor, skill, and capital scattered among landless farmers, skilled workers, low-income, and marginalized groups and using it for their economic, social, and cultural development. Although the government encourages the registration and operation of cooperatives in various agricultural and service sectors, apart from savings and loans, the common people seem to focus only on financial transactions. In the Cooperative Act, 2074, there is a provision that a company established for the purpose of earning profit cannot be a member of a cooperative.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">There is a provision that cooperatives cannot even invest in shares and loans in such organizations. However, since the government could not strictly implement the legal provisions, cooperative owners have been misusing the cooperative's savings by opening companies.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">“The chairman and the directors of cooperatives have been found risking the organizations’ huge savings by taking loans for their own company," said an officer involved in the monitoring of cooperatives.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The Cooperatives Act, 2074 has a mandatory provision that organizations should focus 70% on their main purpose and 30% on savings and loan transactions. However, this provision has not yet been implemented. Multi-purpose, agricultural, and thematic cooperatives are also limited to savings and loan transactions like banks. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to Paritosh Paudyal, director of the National Cooperative Federation, there is a need to ensure that cooperatives dealing in savings and loans cannot engage in other businesses and that cooperatives engaged in other businesses cannot engage in financial transactions.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Lack of Regulation</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Cooperatives have been making risky investments of members' savings against rules and laws, but the regulatory body has been seen as ineffective. The chief executive officer of a cooperative association said that apart from issuing instructions from time to time, the Department of Cooperatives does not take initiatives to stop risky investments by cooperatives and to ensure they return the funds. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">"The officers of the department knew which cooperatives had raised savings and invested in real estate and private businesses. But because they turned a blind eye and pretended not to see it, now they have to face this crisis," he said requesting anonymity.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">At present, the government does not even have real data about the registration and business conditions of cooperatives. Pitambar Ghimire, registrar of the department, says that with the implementation of federalism, the rights of cooperatives have reached the local bodies, weakening their records. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">"The government's role in cooperatives is more of a promoter than a regulator. The benefits of which have been misused by the wrong people," said Ghimire.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">As the savings accumulated in cooperatives started to be at risk, the government has been saying it will establish a separate regulator for cooperatives. It is mentioned in the budget statement of FY 2081/82 that a regulatory body will be established to regulate savings and credit cooperatives.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-26', 'modified' => '2024-06-26', 'keywords' => 'cooperative, savings, risk, investment, real, estate, problematic', 'description' => '', 'sortorder' => '21094', 'image' => '20240626024413_cooerativesssss.jpg', 'article_date' => '2024-06-26 14:42:47', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ) ) $current_user = null $logged_in = falseinclude - APP/View/Elements/side_bar.ctp, line 60 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
Warning (2): simplexml_load_file() [<a href='http://php.net/function.simplexml-load-file'>function.simplexml-load-file</a>]: I/O warning : failed to load external entity "" [APP/View/Elements/side_bar.ctp, line 60]file not found!Code Context// $file = 'http://aabhiyan:QUVLg8Wzs2F7G9N7@nepalstock.com.np/api/indexdata.xml';if(!$xml = simplexml_load_file($file)){$viewFile = '/var/www/html/newbusinessage.com/app/View/Elements/side_bar.ctp' $dataForView = array( 'articles' => array( (int) 0 => array( 'Article' => array( [maximum depth reached] ) ), (int) 1 => array( 'Article' => array( [maximum depth reached] ) ), (int) 2 => array( 'Article' => array( [maximum depth reached] ) ), (int) 3 => array( 'Article' => array( [maximum depth reached] ) ), (int) 4 => array( 'Article' => array( [maximum depth reached] ) ), (int) 5 => array( 'Article' => array( [maximum depth reached] ) ), (int) 6 => array( 'Article' => array( [maximum depth reached] ) ), (int) 7 => array( 'Article' => array( [maximum depth reached] ) ), (int) 8 => array( 'Article' => array( [maximum depth reached] ) ), (int) 9 => array( 'Article' => array( [maximum depth reached] ) ), (int) 10 => array( 'Article' => array( [maximum depth reached] ) ), (int) 11 => array( 'Article' => array( [maximum depth reached] ) ), (int) 12 => array( 'Article' => array( [maximum depth reached] ) ), (int) 13 => array( 'Article' => array( [maximum depth reached] ) ), (int) 14 => array( 'Article' => array( [maximum depth reached] ) ) ), 'current_user' => null, 'logged_in' => false ) $articles = array( (int) 0 => array( 'Article' => array( 'id' => '21382', 'article_category_id' => '274', 'title' => 'inDrive Launches Courier Service in Nepal', 'sub_title' => '', 'summary' => 'KATHMANDU: Ride-sharing platform inDrive has launched its courier service Nepal.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">KATHMANDU: Ride-sharing platform inDrive has launched its courier service Nepal. Natalia Makarenko, marketing director of Indrive (APAC), stated that the goods delivery service has been initiated to enhance the company's services while remaining committed to increasing mobility in the Nepali market.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Makarenko mentioned that in 2023, inDrive announced the launch of the delivery service in Nepal amid a recent program.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Issuing a statement, Msksrenko said inDrive’s courier service offers delivery of parcels weighing 20 kg or less, on the same day of booking.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“We are excited to announce the launch of inDrive.Delivery in Nepal. With inDrive.Delivery, we hope to meet the logistic challenges faced by small businesses as well as individuals in Nepal,” she said.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Makarenko also expressed committed towards enhancing mobility in the market of Nepal and added that they are dedicatedly working to make inDrive’s services better and bring more features according to people's need in Nepal. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“Thousands of rides are happening on our platform every day. We are getting positive feedback from passengers in Nepal,” she further said.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to Makarenko, inDrive experienced a 200 percent increase in business in 2023 compared to the previous year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">As of the first half of 2024, inDrive has recorded a 46% increase in rides, she added. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“Our growth metrics reflect the trust our users and drivers place in us. We are dedicated to enhancing our services, ensuring safety, and contributing positively to the communities we serve.”</span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-06-28', 'modified' => '2024-06-28', 'keywords' => '', 'description' => '', 'sortorder' => '21108', 'image' => '20240628125903_c24ca48c.jpeg', 'article_date' => '2024-06-28 12:58:25', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '21381', 'article_category_id' => '1', 'title' => 'Parliamentary Sub-Committees to Study Pokhara and Gautam Buddha International Airports ', 'sub_title' => '', 'summary' => 'KATHMANDU: The Public Accounts Committee of the Federal Parliament has formed sub-committees to conduct a comprehensive study of the two new international airports in Bhairahawa and Pokhara. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">KATHMANDU: The Public Accounts Committee of the Federal Parliament has formed sub-committees to conduct a comprehensive study of the two new international airports in Bhairahawa and Pokhara. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Chairperson of the committee Rishikesh Pokharel shared that two separate parliamentary sub-committees have been formed to study and Gautam Buddha International Airport located in Bhairahawa and the Pokhara International Airport. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">According to him, a 12-member sub-committee has been formed under the coordination of MP Rajendra Prasad Lingden, who is also the president of the Rastriya Prajatantra Party, to study the Pokhara International Airport, and an eight-member sub-committee has been formed under the coordination of MP and UML Secretary Yogesh Bhattarai to study the Gautam Buddha International Airport. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The sub-committees will carry out on-site monitoring to study the two airports to review why the projects of national pride with huge investments are not able to give returns, said the secretary of the committee, Ekram Giri. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The Gautam Buddha International Airport was inaugurated on May 16, 2022, followed by Pokhara International Airport on January 1, 2023. To encourage international flights, the government announced a 100% discount on various fees for airlines flying from these airports for one year. However, this initiative has not succeeded in attracting regular international flights.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><em><span style="font-size:14.0pt">(With inputs from RSS)</span></em></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-28', 'modified' => '2024-06-28', 'keywords' => '', 'description' => '', 'sortorder' => '21107', 'image' => '20240628120723_20230126024419_Gautam Buddha.jpg', 'article_date' => '2024-06-28 12:06:39', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '21380', 'article_category_id' => '1', 'title' => 'Monsoon to Become More Active from Today ', 'sub_title' => '', 'summary' => 'Kathmandu: The monsoon is becoming more active from Friday afternoon. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Kathmandu: The monsoon is becoming more active from Friday afternoon. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The Department of Hydrology and Meteorology issued a monsoon bulletin on Thursday evening, urging all concerned to stay prepared in the wake of rising rainfall from Friday. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Low pressure belt of monsoon has developed and moved north than the average area towards Nepal for some days, thereby causing further rains in the country. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Meteorologist Prativa Manandhar said the weather would be generally cloudy and witness light to moderate rainfall across the country. However, few places are predicted to have heavy rainfall, caused by the monsoon winds. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Few places in Gandaki and Lumbini provinces are seeing heavy rainfall, while it will rain heavily along with lightning in one or two places of Madhes and Karnali Provinces and some places of the rest of the provinces from Friday onwards. -- RSS</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-28', 'modified' => '2024-06-28', 'keywords' => 'monsoon, active, Friday, today, Koshi', 'description' => '', 'sortorder' => '21106', 'image' => '20240628112537_20240610063405_20240604114336_20210626022910_Monsoon.jpeg', 'article_date' => '2024-06-28 11:25:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '21379', 'article_category_id' => '1', 'title' => 'National ID Mandatory for Real Estate Transactions ', 'sub_title' => '', 'summary' => 'Kathmandu: The government has made national identity card mandatory for transaction related to real estate. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Kathmandu: The government has made national identity card mandatory for transaction related to real estate. The Ministry of Home Affairs published a notice in the Nepal Gazette, making national identity cards mandatory for buying and selling land or house with effect from January 14, 2025. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Prior to this, citizenship certificate was required for real estate transaction. The provision has been made with the goal of bringing the national identity card into effect, said Joint Secretary and Spokesperson for the Ministry of Home Affairs, Narayan Prasad Bhattarai. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The ministry has also made the national ID mandatory for services related to banking and financial institutions, social security fund, health insurance, pension, revenue (personal income tax registration), driver's license, company registration and renewal to be applied in different districts. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to Bhattarai, it will be mandatory to submit national identity card to get a SIM card for mobile telephone service from January 14, 2025. </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"">It is now necessary to submit national identity card or a national identity number instead of a citizenship certificate in order to receive public services provided by government agencies, organizations and the private sector, reads the notice issued by the ministry. -- RSS </span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-28', 'modified' => '2024-06-28', 'keywords' => 'national, ID, card, mandatory', 'description' => '', 'sortorder' => '21105', 'image' => '20240628105718_ep1(14).jpg', 'article_date' => '2024-06-28 10:56:25', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '21378', 'article_category_id' => '1', 'title' => 'NEPSE's Downward Trend Continues with Fall of 8.24 Points', 'sub_title' => '', 'summary' => 'The Nepal Stock Exchange (NEPSE) continued its downward trajectory, falling by 8.24 points or 0.40%, and closing at 2051.92 on the last trading day of the week, Thursday. During today's trading session, 333 scrips were exchanged through 50,281 transactions. A total of 8,901,195 units of shares were traded, resulting in a total turnover of Rs 3.71 billion.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">June 27: The Nepal Stock Exchange (NEPSE) continued its downward trajectory, falling by 8.24 points or 0.40%, and closing at 2051.92 on the last trading day of the week, Thursday. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">During today's trading session, 333 scrips were exchanged through 50,281 transactions. A total of 8,901,195 units of shares were traded, resulting in a total turnover of Rs 3.71 billion.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Nepal Finance Limited (NFS) led in turnover with total transactions worth Rs 22 crores. Trishuli Jal Vidhyut Company Limited (TVCL) saw the highest gain of 7.09%, closing at Rs 499.90 per share.</span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif"> Conversely, Nepal Finance Limited (NFS) also experienced the biggest loss of 10.00%, hitting the negative circuit for the day.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">In terms of sector indices, all sectors closed in negative territory except for the Others Index and Mutual Fund, while the Banking Sub-Index remained neutral. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The Finance Index recorded the highest loss of 2.23%, whereas the Others Index achieved the highest gain at 0.95%.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-27', 'modified' => '2024-06-27', 'keywords' => '', 'description' => '', 'sortorder' => '21104', 'image' => '20240627032248_collage (18).jpg', 'article_date' => '2024-06-27 15:21:09', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 5 => array( 'Article' => array( 'id' => '21377', 'article_category_id' => '1', 'title' => 'Monsoon-Induced Disasters Affect 33 Districts, 28 Dead in 16 Days', 'sub_title' => '', 'summary' => 'Kathmandu: Thirty-three districts in the country have been affected by monsoon-induced disasters from June 10-26, according to the Ministry of Home Affairs.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Kathmandu:</span></span></strong><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif""> Thirty-three districts in the country have been affected by monsoon-induced disasters from June 10-26, according to the Ministry of Home Affairs. The most affected districts include Taplejung, Panchthar, Sankhuwasabha, Sindhupalchowk, Rasuwa, Chitwan, Lamjung, Parbat, Myagdi, Nawalparasi East, Gulmi, Dang, and Kaski.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">A total of 147 disaster-related incidents occurred during this period, resulting in 28 deaths. The Ministry reported that 14 people were killed in landslides, 13 by lightning, and one by flooding. Additionally, 12 people were injured, 25 houses were completely destroyed, and 10 houses sustained partial damage due to landslides.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The Secretariat of Home Minister Rabi Lamichhane stated that landslides caused property damage worth more than Rs 6.9 million. There were 68 incidents of lightning, causing 13 deaths, 24 injuries, and property damage exceeding Rs 1.7 million.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Dr. Dijan Bhattarai, spokesperson for the National Disaster Risk Reduction and Management Authority, reported that 18 people were killed in disaster incidents on June 25 and 26 alone. Of these, nine deaths were due to lightning, and the other nine were from flooding and landslides. -- RSS</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-27', 'modified' => '2024-06-27', 'keywords' => '', 'description' => '', 'sortorder' => '21103', 'image' => '20240627014548_NG_Sunsari-IMG_20240626_131533.jpg', 'article_date' => '2024-06-27 13:45:17', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '21376', 'article_category_id' => '1', 'title' => 'Parliamentary Probe into Cooperatives Delayed due to Lack of Data', 'sub_title' => '', 'summary' => 'KATHMANDU: The work of the parliamentary committee formed to investigate the embezzlement of cooperatives’ savings has been delayed due to the lack of updated data on business activities of cooperatives.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">KATHMANDU: The work of the parliamentary committee formed to investigate the embezzlement of cooperatives’ savings has been delayed due to the lack of updated data on business activities of cooperatives. </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:"Times New Roman","serif"">One month after its formation, the committee on Wednesday decided to request documents from nine cooperative organizations under investigation and details of a loan given to the Gorkha Media Network. </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:"Times New Roman","serif"">Committee Chairman Surya Thapa stated that they have written to the Ministry of Land Management, Cooperatives, and Poverty Alleviation to provide the necessary documents and loan details. </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:"Times New Roman","serif"">"We have written to the Federal Ministry of Cooperatives for the necessary documents and data," said Chairman Thapa. "The ministry will coordinate with the relevant agencies and provide the data quickly."</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:"Times New Roman","serif"">The committee, formed on May 28, has the mandate to investigate nine additional institutions besides the 20 already declared problematic cooperatives. It has requested reports from the last annual general meeting, audit reports, details of the board of directors, audit supervision committee reports, and other relevant information from the cooperatives, excluding those already declared problematic.</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:"Times New Roman","serif"">Six of the nine cooperatives from which the committee has demanded details from are associated with GB Rai, who is also the chairman of Gorkha Media Network. The committee was formed after the Nepali Congress demanded a parliamentary inquiry, alleging that Deputy Prime Minister and Home Minister Ravi Lamichhane, who is the managing director of Gorkha Media Network, had withdrawn money from various cooperatives in his name.</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:"Times New Roman","serif"">The cooperatives connected with Rai and Gorkha Media Network include Swarnalakshmi in Kathmandu, Sahara in Chitwan, Sano Paila in Birgunj, Suryadarshan in Pokhara, Supreme in Butwal, and Parity Savings and Loan Cooperative in Nepalgunj. Of these, only Swarnalakshmi in Kathmandu is under the federal government, while the others fall under local and state governments. Additionally, Ideal Yamuna Multi-Purpose Cooperative is under the federal government, Sumeru Savings and Loan Cooperative in Lalitpur is under Bagmati Province, and Image Savings and Loan Cooperative in Baglung is under Gandaki Province.</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:"Times New Roman","serif"">According to sources in the Department of Cooperatives, collecting data on most of the cooperatives requested by the committee is challenging. </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:"Times New Roman","serif"">An official stated that they have some data about organizations that are currently facing police complaints and where cases are ongoing, while gathering information on other cooperatives is difficult. </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:"Times New Roman","serif"">"The government does not currently have data on the status of cooperatives," said the official, adding, "We will collect the data from the relevant regulatory bodies and organizations, but it is quite challenging to do so."</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:"Times New Roman","serif"">To implement federalism in 2018, the government transferred the records of cooperatives to the local level based on their scope of work. Since then, there has been no updated information about the status of the cooperatives. The Cooperative Information System, intended to organize cooperatives’ data and on which the federal government has spent millions, has not been effective.</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:"Times New Roman","serif"">Following the transfer of records, the Department of Cooperatives collected data in collaboration with the seven provinces and local levels from July to October 2020 but has not been able to update it since. </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:"Times New Roman","serif"">When investigation agencies request information about cooperatives, it is provided by the regulatory agencies and organizations at the relevant level. However, sources indicate that record management at the provincial and local levels is disorganized. The unorganized data undermines the effectiveness of the monitoring, studies, research, and planning undertaken by the concerned bodies.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-06-27', 'modified' => '2024-06-27', 'keywords' => '', 'description' => '', 'sortorder' => '21102', 'image' => '20240627014339_f705fed5 (1) - Copy.jpeg', 'article_date' => '2024-06-27 13:43:01', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '21375', 'article_category_id' => '1', 'title' => 'Private Sector’s Participation in Large Hydropower Projects Increasing', 'sub_title' => '', 'summary' => 'Kathmandu: In the second week of June, Tamor Energy Pvt Ltd secured investment for the Upper Tamor Semi Reservoir Hydropower Project, which has a capacity to produce 285 MW of electricity.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Prashant Khadka</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Kathmandu: In the second week of June, Tamor Energy Pvt Ltd secured investment for the Upper Tamor Semi Reservoir Hydropower Project, which has a capacity to produce 285 MW of electricity. This project is being undertaken by investors of the private sector of Nepal who are raising domestic capital. Under the consortium of Everest Bank, various Nepali banks and financial institutions have contributed Rs 38.6 billion in loans to finance the project with an estimated cost of Rs 55.15 billion. The design of the project was developed by a local company, Sanima Hydro and Engineering.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">According to hydropower promoters, private sector investors of Nepal are currently raising investments for over three dozen large projects, with capacities ranging from 70 to 600 megawatts. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Ganesh Karki, president of the Independent Power Producers Association of Nepal (IPPAN), stated that with the support of banks, financial institutions, and the government, the private sector of Nepal now has the capacity to build projects with capacities of 500-600 MW. "Currently, many projects ranging from 100 to 500 megawatts have obtained permits and are in the process of securing financial resources," he said.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">IPPAN has announced preparations for the construction of projects that will generate 5,917 megawatts of electricity through 40 companies with domestic investment, with an estimated investment of over Rs 1065 billion. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Production of electricity in Nepal has significantly increased since the private sector's entry into the country’s hydroelectricity market. Starting from the early 2000s, the private sector of Nepal started investing in electricity generation.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Initially, Nepali investors lacked substantial capital, and banks were not capable of providing large financial resources. Even major business houses were hesitant to invest in hydropower. Pushpajyoti Dhungana, an investor in Upper Tamor, entered the hydropower sector in 2008 by developing the 1 MW Patikhola hydropower project. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">In the early 2000s, the Nepal Electricity Authority (NEA) implemented a policy to sign power purchase agreements for a total of 50 megawatts with independent power producers developing projects ranging from 1 to 10 megawatts.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">After two decades, domestic investors have been able to build projects larger than 100 MW. According to IPPAN President Karki, the increased capacity of investors, the expansion of loans by banks and financial institutions, and binding directives from the central bank have enabled domestic investors to develop large projects. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Until 2000, the government, without private sector’s involvement, was able to produce only 361.5 megawatts of electricity for over nearly 90 years. With private sector’s participation, electricity generation has increased rapidly, and private energy entrepreneurs have gained the ability and experience to undertake relatively larger projects.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">In early 2023, Prime Minister Pushpa Kamal Dahal inaugurated the 86 MW Solukhola hydropower project, the largest private sector hydropower project completed in Nepal till date. Another notable company in this sector is Sahas Urja Limited. Sahas Urja Limited initially began with the 5 MW Ruru hydroelectric project and is now set to build the 341 MW Budhigandaki hydropower project, which it acquired from Times Energy Limited for Rs 2 billion. This will be the largest hydropower project built by the private sector with domestic investment.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Meenraj Kandel, owner of Sahas Urja Limited, stated, "Rather than doubting the capabilities of Nepali investors, the government and the Nepal Electricity Authority should create an enabling environment. Even now, we are capable of building projects up to 500 megawatts." </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">He emphasized that the private sector of Nepal has gained the ability to construct small projects and leverage that experience to build larger ones.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">While the capacity of the Nepali private sector is growing, the government has introduced an electricity bill that allows joint investment between Nepal and foreign government organizations to issue licenses without competition for the construction of hydropower projects exceeding 100 megawatts. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">This has caused frustration among private sector investors. They argue that foreign investors should not be granted licenses for projects up to 500 MW without competition. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">"Our demand is that if foreign investors want to invest in small projects, they should go through the same competitive process as Nepali investors," IPPAN President Karki told New Business Age.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-27', 'modified' => '2024-06-27', 'keywords' => 'hydropower, Nepal, investors, private, sector', 'description' => '', 'sortorder' => '21101', 'image' => '20240627010954_hydro.jpg', 'article_date' => '2024-06-27 13:08:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '21374', 'article_category_id' => '236', 'title' => 'Laxmi Intercontinental Offers Made in Nepal Hyundai Venue at 6.99 Percent Interest', 'sub_title' => '', 'summary' => 'KATHMANDU: Laxmi Intercontinental, the authorised dealer of Hyundai cars for Nepal, has unveiled the price of Hyundai Venue produced in Nepal by its sister company Laxmi Motor Corporation.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">KATHMANDU: Laxmi Intercontinental, the authorised dealer of Hyundai cars for Nepal, has unveiled the price of Hyundai Venue produced in Nepal by its sister company Laxmi Motor Corporation. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Issuing a recent statement, the company said that the price of Hyundai Venue 1.2 (S) has been fixed at Rs 44,96,000 and the price of Hyundai Venue 1.2 (SX) has been fixed at Rs 53,56,000. The company added that both the models produced in Nepal are now available for sale.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The company has also announced a financing scheme at 6.99 percent interest and 10 years of free servicing as well as three years of warranty for purchasing a Hyundai Venue under this plan. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Laxmi Motor Corporation was established in Nepal with the investment of Laxmi Group and technical support from Hyundai Motor Company. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">This is the first time that a vehicle assembling plant has produced a vehicle in Nepal. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The company claims that the structure, quality, performance and other properties of Venue produced in Nepal are the same as vehicles of the same model manufactured by Hyundai Motor Company in South Korea or India.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The aim of the company is to produce vehicles in the domestic market and help industrialize the country. It also aims for import substitution, create jobs, increase domestic revenue, develop skill and technology, consume domestic resources and electricity, contribute to the gross domestic product, and provide vehicles at an affordable price to the consumers, added the statement.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-27', 'modified' => '2024-06-27', 'keywords' => '', 'description' => '', 'sortorder' => '21100', 'image' => '20240627114907_20190823021811_Clipboard01.jpg', 'article_date' => '2024-06-27 11:48:22', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '21372', 'article_category_id' => '1', 'title' => '14 Dead, Two Go Missing in Incidents of Natural Disaster ', 'sub_title' => '', 'summary' => 'Kathmandu: A total of 44 incidents of natural disaster occurred in the past 36 hours across the country. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Kathmandu: A total of 44 incidents of natural disaster occurred in the past 36 hours across the country. According to the National Disaster Risk Reduction and Management Authority, (NDRRMA) 14 people have been confirmed dead and two are missing in such disastrous incidents. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">NDRRMA Spokesperson under-secretary Dr Dijan Bhattarai informed that 10 people sustained injuries in these incidents and property worth over Rs 1.9 million has been destroyed. He informed that roads were blocked in 10 different areas and 14 cattle were killed. </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"">According to the information shared by the NDRRMA on Wednesday evening, eight people were killed by landslides and five sustained injuries. Similarly, lightning killed five individuals and injured three while one person died and two went missing in floods. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Bhattarai said that two people who were injured in the landslide in Sernathumki of Okhaldhunga were rescued via helicopter and brought to Kathmandu for further treatment. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the NDRRMA, Okhaldhunga, Sankhuwasabha, Sunsari, Udayapur, Ilam, Dhankuta, Lamjung, Kaski, Morang, Jhapa, Rolpa, Dailekh and Baglung were badly affected by the disaster on Wednesday. -- RSS </span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-27', 'modified' => '2024-06-27', 'keywords' => '', 'description' => '', 'sortorder' => '21099', 'image' => '20240627105813_SankarShrestha_MalekhuDhading_RSS_12_IMG-20240626-WA0014.jpg', 'article_date' => '2024-06-27 10:57:37', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '21373', 'article_category_id' => '218', 'title' => 'OPEC Fund Provides US$25 Million Loan to Global IME Bank', 'sub_title' => 'The Loan will be Utilized to Support Small Businesses and Enhance Climate Resilience in Nepal', 'summary' => ' KATHMANDU: The OPEC Fund for International Development has agreed to provide a loan of US$25 million to Global IME Bank Limited. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">KATHMANDU: The OPEC Fund for International Development has agreed to provide a loan of US$25 million to Global IME Bank Limited. Issuing a statement on Wednesday, Global IME Bank confirmed that it signed an agreement in this regard with the OPEC Fund.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">As per the agreement, the bank will utilize the loan to increase access to financing for micro, small, and medium enterprises (MSMEs), including women-owned enterprises, as well as climate-smart projects.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">OPEC Fund’s loan will help to address significant financing gaps for MSMEs, which make up 95 percent of Nepal's registered businesses and account for 45 percent of all jobs, said the bank.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">Despite their importance, MSMEs struggle to receive funds and the financing gap for these enterprises is estimated at US$3.6 billion. Additionally, the bank said that the loan will enhance GIBL’s climate finance portfolio, vital for Nepal's efforts to mitigate climate change impacts.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">OPEC Fund President Abdulhamid Alkhalifa expressed happiness to partner with Global IME Bank to bolster support for MSMEs and climate-smart projects in Nepal. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">“These sectors are crucial for sustainable economic growth and resilience against climate change. Our loan will help address the significant financing gaps and promote inclusive development,” the statement quoted Alkhalifa as saying.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">Similarly, Chief Executive Officer of Global IME Bank, Ratna Raj Bajracharya, said this loan agreement reinforces the bank’s commitment to finding local solutions through climate and gender financing to achieve global sustainability and inclusivity goals. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">“We aim to bridge the resource gap in Nepal's green energy sector and address gender disparity by empowering women economically through accessible financing," said Bajracharya, adding, "We are grateful to partner with the OPEC Fund in this endeavor. This collaboration will enhance our support for MSMEs, vital to Nepal's economy, and strengthen our efforts in promoting climate resilience and sustainable development. Together, we can significantly impact Nepal's journey towards a greener and more inclusive future."</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">According to the statement issued by the bank, Nepal ranks 94th globally in CO2 emissions, with half of its greenhouse gas emissions coming from the agriculture sector. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">The country is highly vulnerable to climate change impacts, which disproportionately affect vulnerable communities, added the statement. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">“Increasing access to climate finance is essential for Nepal’s sustainable development, supporting initiatives such as clean transportation, climate-smart agriculture, and solar projects.”</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">The statement added that the OPEC Fund and Nepal have a long-standing partnership focused on driving sustainable development. The OPEC Fund has committed funding to various sectors including banking, energy, agriculture, transportation, and education, it added. </span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-27', 'modified' => '2024-06-27', 'keywords' => 'OPEC, Fund, bank, loan, agreement, Nepal, small, industries, women, entrepreneurship', 'description' => '', 'sortorder' => '21098', 'image' => '20240627111212_IMG-20240626-WA0000.jpg', 'article_date' => '2024-06-27 11:10:22', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '21371', 'article_category_id' => '1', 'title' => 'SEE Results Published; 47.86 Percent Students Pass ', 'sub_title' => '', 'summary' => 'BHAKTAPUR: The Examinations Control Office under the National Examinations Board has published the results of this year's Secondary Education Examinations (SEE). ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">BHAKTAPUR: The Examinations Control Office under the National Examinations Board has published the results of this year's Secondary Education Examinations (SEE). </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the Examination Controller Nandalal Poudel, out of 464,785 students who appeared in the SEE exam, 47.86 per cent passed. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">A total of 242,092 students have passed towards regular category, said Examination Controller Poudel. Out of those who have qualified, 186 have secured GPA 4.</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"">A total of 52.14 per cent candidates who appeared in the examination obtained non-grade (NG). They will have to take the grade increase test again. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Ppoudel informed that the examination of 221 students has been canceled. Examination Controller Poudel said that the results have been published as per the Letter Grading Guidelines- 2078 BS this year. -- RSS </span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-27', 'modified' => '2024-06-27', 'keywords' => '', 'description' => '', 'sortorder' => '21097', 'image' => '20240627103404_20230330064654_IMG_5918_1.jpg', 'article_date' => '2024-06-27 10:33:31', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '21370', 'article_category_id' => '1', 'title' => 'Dhalkebar-Inaruwa Transmission Line Comes into Operation', 'sub_title' => '', 'summary' => 'The Dhalkebar-Inaruwa section of the 400-KV Hetauda-Dhalkebar-Inaruwa transmission line has officially started operations, enhancing the reliability of Nepal's electricity transmission system and facilitating power exchange between Nepal and India.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">June 27: The Dhalkebar-Inaruwa section of the 400-KV Hetauda-Dhalkebar-Inaruwa transmission line has officially started operations, enhancing the reliability of Nepal's electricity transmission system and facilitating power exchange between Nepal and India.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">This 154-kilometer transmission line runs from Dhalkebar in Dhanusha to the Inaruwa sub-station in Bhokraha Narsingh Rural Municipality-4, Sunsari. The activation of the Dhalkebar-Inaruwa section marks the first instance of 400-KV electricity transmission in Nepal.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Kulman Ghising, Executive Director of the Nepal Electricity Authority, hailed this development as a significant milestone for the country's power infrastructure. He emphasized that the new transmission line will improve the quality and reliability of the national grid and boost electricity trade with India.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The transmission line has a capacity to transmit around 4,000 megawatts of electricity. The overall 288-kilometer Hetauda-Dhalkebar-Inaruwa line is being constructed in two phases, with the 134-kilometer Hetauda-Dhalkebar section still under construction.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-27', 'modified' => '2024-06-27', 'keywords' => '', 'description' => '', 'sortorder' => '21096', 'image' => '20240627054414_collage (42).jpg', 'article_date' => '2024-06-27 05:41:55', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 13 => array( 'Article' => array( 'id' => '21369', 'article_category_id' => '1', 'title' => 'NEPSE Sheds 11.60 Points to Close at 2060.16', 'sub_title' => '', 'summary' => 'The Nepal Stock Exchange (NEPSE) continued its downward trend, dropping by 11.60 points (0.56%) to close at 2060.16 on Wednesday, the fourth trading day of the week.', 'content' => '<p> </p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">June 26: The Nepal Stock Exchange (NEPSE) continued its downward trend, dropping by 11.60 points (0.56%) to close at 2060.16 on Wednesday, the fourth trading day of the week.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Today's trading session saw 305 scrips traded through 54,793 transactions. A total of 8,727,164 units of shares were exchanged, resulting in a total turnover of Rs 4.5 billion.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Nepal Finance Limited (NFS) led in turnover, with transactions totaling Rs 16 crores and a market price of Rs 1033 per share. NFS also recorded the highest gain of the day at 9.87%. </span></span><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">In contrast, Sadhana Laghubitta Bittiya Sanstha (SDLBSL) experienced the biggest loss, declining by 6.38% to close at Rs 1215 per share.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Regarding sector indices, all sectors closed in negative territory except for the Finance Index, Mutual Fund, and Trading Index. </span></span><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The Finance Index reported the highest gain of 0.45%, while the Development Bank Index suffered the highest loss of 1.03%.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-26', 'modified' => '2024-06-26', 'keywords' => '', 'description' => '', 'sortorder' => '21095', 'image' => '20240626035454_collage (41).jpg', 'article_date' => '2024-06-26 15:53:32', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 14 => array( 'Article' => array( 'id' => '21368', 'article_category_id' => '1', 'title' => 'Investments in Real Estate and Businesses Risk Cooperatives’ Savings', 'sub_title' => '', 'summary' => 'KATHMANDU: Sri Laliguras Multi-Purpose Cooperative Organization, which has invested in cow farms, dairy industry, hydropower, hospitals, and colleges, was honored by the National Cooperative Federation with the 'Best Cooperative Business' award in 2018.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">KATHMANDU: Sri Laliguras Multi-Purpose Cooperative Organization, which has invested in cow farms, dairy industry, hydropower, hospitals, and colleges, was honored by the National Cooperative Federation with the 'Best Cooperative Business' award in 2018. However, five years later, the organization was unable to return its members' savings, leading the government to declare it problematic in March 2023 and initiate an investigation through the problematic cooperative management committee.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Kedarnath Sharma, involved in the food business, collected more than Rs 15 billion of savings from the general public through Shivshikhar Multipurpose and Tulsi Cooperative.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The cooperative invested heavily to open 37 departmental stores and half dozen companies under the brand 'Shiva Shikhar Mart'. The government declared the organization problematic and took action after it was unable to return the savings.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The Civil Cooperative, founded by real estate businessman Ichharaj Tamang, invested more than Rs 8 billion collected from its members in its housing projects. Now, the organization is unable to return the members' savings.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">These are just a few representative examples of problems seen in the cooperative sector. According to official and informal data, more than 500 cooperative organizations across the country are in trouble as they are unable to return their members' savings. The general public claims that the 20 institutions declared problematic by the federal government have not returned Rs 36.28 billion. In addition, if the funds of other troubled organizations are included, more than Rs 2 billion of the general public is at risk in cooperatives.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to the law, cooperatives cannot make a company a member, give loans, or invest in shares. To reduce the risk in real estate, the regulatory body has also set limits. However, taking advantage of weak laws and monitoring, cooperative operators have been misusing large sums collected from the general public in real estate, as well as in various companies and private businesses. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">When studying the cooperatives in trouble, it seems that they invested a large amount of money in real estate. Although some invested by setting up a company in the director's name, most misused the organization's savings in the name of individuals, families, and relatives. Some cooperatives have put the common people's savings at risk in the name of investing in the production and service sectors. Due to the failure to recover loans and share investments made by cooperatives in department stores, marts, agriculture sector, hospitals, colleges, etc., billions of rupees of common people's savings in those institutions are at risk.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">After it was found that the funds of the organization were misused and invested in personal property and businesses, the Cooperative Reform Suggestion Task Force has already suggested bringing back the money and returning the members' savings. The government has announced plans to amend the law in the next fiscal year's budget to implement these suggestions.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Department's Instructions not Followed</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">After the Nepal Rastra Bank instructed banks to reduce their investment in real estate, the Department of Cooperatives also instructed cooperatives not to invest more than 25 percent in real estate in October 2010. Since investments made by cooperative organizations in companies put depositors' money at risk, cooperatives were also instructed not to invest in private firms and companies. However, due to a lack of effective monitoring and action, cooperatives have put a large amount of public money at risk by making random investments.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Legal Confusion</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Legally, it is not clear what the cooperatives will do with the idea of integrating labor, skill, and capital scattered among landless farmers, skilled workers, low-income, and marginalized groups and using it for their economic, social, and cultural development. Although the government encourages the registration and operation of cooperatives in various agricultural and service sectors, apart from savings and loans, the common people seem to focus only on financial transactions. In the Cooperative Act, 2074, there is a provision that a company established for the purpose of earning profit cannot be a member of a cooperative.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">There is a provision that cooperatives cannot even invest in shares and loans in such organizations. However, since the government could not strictly implement the legal provisions, cooperative owners have been misusing the cooperative's savings by opening companies.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">“The chairman and the directors of cooperatives have been found risking the organizations’ huge savings by taking loans for their own company," said an officer involved in the monitoring of cooperatives.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The Cooperatives Act, 2074 has a mandatory provision that organizations should focus 70% on their main purpose and 30% on savings and loan transactions. However, this provision has not yet been implemented. Multi-purpose, agricultural, and thematic cooperatives are also limited to savings and loan transactions like banks. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to Paritosh Paudyal, director of the National Cooperative Federation, there is a need to ensure that cooperatives dealing in savings and loans cannot engage in other businesses and that cooperatives engaged in other businesses cannot engage in financial transactions.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Lack of Regulation</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Cooperatives have been making risky investments of members' savings against rules and laws, but the regulatory body has been seen as ineffective. The chief executive officer of a cooperative association said that apart from issuing instructions from time to time, the Department of Cooperatives does not take initiatives to stop risky investments by cooperatives and to ensure they return the funds. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">"The officers of the department knew which cooperatives had raised savings and invested in real estate and private businesses. But because they turned a blind eye and pretended not to see it, now they have to face this crisis," he said requesting anonymity.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">At present, the government does not even have real data about the registration and business conditions of cooperatives. Pitambar Ghimire, registrar of the department, says that with the implementation of federalism, the rights of cooperatives have reached the local bodies, weakening their records. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">"The government's role in cooperatives is more of a promoter than a regulator. The benefits of which have been misused by the wrong people," said Ghimire.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">As the savings accumulated in cooperatives started to be at risk, the government has been saying it will establish a separate regulator for cooperatives. It is mentioned in the budget statement of FY 2081/82 that a regulatory body will be established to regulate savings and credit cooperatives.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-26', 'modified' => '2024-06-26', 'keywords' => 'cooperative, savings, risk, investment, real, estate, problematic', 'description' => '', 'sortorder' => '21094', 'image' => '20240626024413_cooerativesssss.jpg', 'article_date' => '2024-06-26 14:42:47', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ) ) $current_user = null $logged_in = falsesimplexml_load_file - [internal], line ?? include - APP/View/Elements/side_bar.ctp, line 60 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
Notice (8): Undefined variable: file [APP/View/Elements/side_bar.ctp, line 133]Code Context// $file = 'http://aabhiyan:QUVLg8Wzs2F7G9N7@nepalstock.com.np/api/subindexdata.xml';if(!$xml = simplexml_load_file($file)){$viewFile = '/var/www/html/newbusinessage.com/app/View/Elements/side_bar.ctp' $dataForView = array( 'articles' => array( (int) 0 => array( 'Article' => array( [maximum depth reached] ) ), (int) 1 => array( 'Article' => array( [maximum depth reached] ) ), (int) 2 => array( 'Article' => array( [maximum depth reached] ) ), (int) 3 => array( 'Article' => array( [maximum depth reached] ) ), (int) 4 => array( 'Article' => array( [maximum depth reached] ) ), (int) 5 => array( 'Article' => array( [maximum depth reached] ) ), (int) 6 => array( 'Article' => array( [maximum depth reached] ) ), (int) 7 => array( 'Article' => array( [maximum depth reached] ) ), (int) 8 => array( 'Article' => array( [maximum depth reached] ) ), (int) 9 => array( 'Article' => array( [maximum depth reached] ) ), (int) 10 => array( 'Article' => array( [maximum depth reached] ) ), (int) 11 => array( 'Article' => array( [maximum depth reached] ) ), (int) 12 => array( 'Article' => array( [maximum depth reached] ) ), (int) 13 => array( 'Article' => array( [maximum depth reached] ) ), (int) 14 => array( 'Article' => array( [maximum depth reached] ) ) ), 'current_user' => null, 'logged_in' => false ) $articles = array( (int) 0 => array( 'Article' => array( 'id' => '21382', 'article_category_id' => '274', 'title' => 'inDrive Launches Courier Service in Nepal', 'sub_title' => '', 'summary' => 'KATHMANDU: Ride-sharing platform inDrive has launched its courier service Nepal.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">KATHMANDU: Ride-sharing platform inDrive has launched its courier service Nepal. Natalia Makarenko, marketing director of Indrive (APAC), stated that the goods delivery service has been initiated to enhance the company's services while remaining committed to increasing mobility in the Nepali market.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Makarenko mentioned that in 2023, inDrive announced the launch of the delivery service in Nepal amid a recent program.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Issuing a statement, Msksrenko said inDrive’s courier service offers delivery of parcels weighing 20 kg or less, on the same day of booking.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“We are excited to announce the launch of inDrive.Delivery in Nepal. With inDrive.Delivery, we hope to meet the logistic challenges faced by small businesses as well as individuals in Nepal,” she said.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Makarenko also expressed committed towards enhancing mobility in the market of Nepal and added that they are dedicatedly working to make inDrive’s services better and bring more features according to people's need in Nepal. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“Thousands of rides are happening on our platform every day. We are getting positive feedback from passengers in Nepal,” she further said.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to Makarenko, inDrive experienced a 200 percent increase in business in 2023 compared to the previous year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">As of the first half of 2024, inDrive has recorded a 46% increase in rides, she added. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“Our growth metrics reflect the trust our users and drivers place in us. We are dedicated to enhancing our services, ensuring safety, and contributing positively to the communities we serve.”</span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-06-28', 'modified' => '2024-06-28', 'keywords' => '', 'description' => '', 'sortorder' => '21108', 'image' => '20240628125903_c24ca48c.jpeg', 'article_date' => '2024-06-28 12:58:25', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '21381', 'article_category_id' => '1', 'title' => 'Parliamentary Sub-Committees to Study Pokhara and Gautam Buddha International Airports ', 'sub_title' => '', 'summary' => 'KATHMANDU: The Public Accounts Committee of the Federal Parliament has formed sub-committees to conduct a comprehensive study of the two new international airports in Bhairahawa and Pokhara. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">KATHMANDU: The Public Accounts Committee of the Federal Parliament has formed sub-committees to conduct a comprehensive study of the two new international airports in Bhairahawa and Pokhara. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Chairperson of the committee Rishikesh Pokharel shared that two separate parliamentary sub-committees have been formed to study and Gautam Buddha International Airport located in Bhairahawa and the Pokhara International Airport. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">According to him, a 12-member sub-committee has been formed under the coordination of MP Rajendra Prasad Lingden, who is also the president of the Rastriya Prajatantra Party, to study the Pokhara International Airport, and an eight-member sub-committee has been formed under the coordination of MP and UML Secretary Yogesh Bhattarai to study the Gautam Buddha International Airport. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The sub-committees will carry out on-site monitoring to study the two airports to review why the projects of national pride with huge investments are not able to give returns, said the secretary of the committee, Ekram Giri. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The Gautam Buddha International Airport was inaugurated on May 16, 2022, followed by Pokhara International Airport on January 1, 2023. To encourage international flights, the government announced a 100% discount on various fees for airlines flying from these airports for one year. However, this initiative has not succeeded in attracting regular international flights.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><em><span style="font-size:14.0pt">(With inputs from RSS)</span></em></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-28', 'modified' => '2024-06-28', 'keywords' => '', 'description' => '', 'sortorder' => '21107', 'image' => '20240628120723_20230126024419_Gautam Buddha.jpg', 'article_date' => '2024-06-28 12:06:39', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '21380', 'article_category_id' => '1', 'title' => 'Monsoon to Become More Active from Today ', 'sub_title' => '', 'summary' => 'Kathmandu: The monsoon is becoming more active from Friday afternoon. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Kathmandu: The monsoon is becoming more active from Friday afternoon. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The Department of Hydrology and Meteorology issued a monsoon bulletin on Thursday evening, urging all concerned to stay prepared in the wake of rising rainfall from Friday. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Low pressure belt of monsoon has developed and moved north than the average area towards Nepal for some days, thereby causing further rains in the country. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Meteorologist Prativa Manandhar said the weather would be generally cloudy and witness light to moderate rainfall across the country. However, few places are predicted to have heavy rainfall, caused by the monsoon winds. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Few places in Gandaki and Lumbini provinces are seeing heavy rainfall, while it will rain heavily along with lightning in one or two places of Madhes and Karnali Provinces and some places of the rest of the provinces from Friday onwards. -- RSS</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-28', 'modified' => '2024-06-28', 'keywords' => 'monsoon, active, Friday, today, Koshi', 'description' => '', 'sortorder' => '21106', 'image' => '20240628112537_20240610063405_20240604114336_20210626022910_Monsoon.jpeg', 'article_date' => '2024-06-28 11:25:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '21379', 'article_category_id' => '1', 'title' => 'National ID Mandatory for Real Estate Transactions ', 'sub_title' => '', 'summary' => 'Kathmandu: The government has made national identity card mandatory for transaction related to real estate. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Kathmandu: The government has made national identity card mandatory for transaction related to real estate. The Ministry of Home Affairs published a notice in the Nepal Gazette, making national identity cards mandatory for buying and selling land or house with effect from January 14, 2025. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Prior to this, citizenship certificate was required for real estate transaction. The provision has been made with the goal of bringing the national identity card into effect, said Joint Secretary and Spokesperson for the Ministry of Home Affairs, Narayan Prasad Bhattarai. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The ministry has also made the national ID mandatory for services related to banking and financial institutions, social security fund, health insurance, pension, revenue (personal income tax registration), driver's license, company registration and renewal to be applied in different districts. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to Bhattarai, it will be mandatory to submit national identity card to get a SIM card for mobile telephone service from January 14, 2025. </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"">It is now necessary to submit national identity card or a national identity number instead of a citizenship certificate in order to receive public services provided by government agencies, organizations and the private sector, reads the notice issued by the ministry. -- RSS </span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-28', 'modified' => '2024-06-28', 'keywords' => 'national, ID, card, mandatory', 'description' => '', 'sortorder' => '21105', 'image' => '20240628105718_ep1(14).jpg', 'article_date' => '2024-06-28 10:56:25', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '21378', 'article_category_id' => '1', 'title' => 'NEPSE's Downward Trend Continues with Fall of 8.24 Points', 'sub_title' => '', 'summary' => 'The Nepal Stock Exchange (NEPSE) continued its downward trajectory, falling by 8.24 points or 0.40%, and closing at 2051.92 on the last trading day of the week, Thursday. During today's trading session, 333 scrips were exchanged through 50,281 transactions. A total of 8,901,195 units of shares were traded, resulting in a total turnover of Rs 3.71 billion.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">June 27: The Nepal Stock Exchange (NEPSE) continued its downward trajectory, falling by 8.24 points or 0.40%, and closing at 2051.92 on the last trading day of the week, Thursday. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">During today's trading session, 333 scrips were exchanged through 50,281 transactions. A total of 8,901,195 units of shares were traded, resulting in a total turnover of Rs 3.71 billion.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Nepal Finance Limited (NFS) led in turnover with total transactions worth Rs 22 crores. Trishuli Jal Vidhyut Company Limited (TVCL) saw the highest gain of 7.09%, closing at Rs 499.90 per share.</span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif"> Conversely, Nepal Finance Limited (NFS) also experienced the biggest loss of 10.00%, hitting the negative circuit for the day.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">In terms of sector indices, all sectors closed in negative territory except for the Others Index and Mutual Fund, while the Banking Sub-Index remained neutral. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The Finance Index recorded the highest loss of 2.23%, whereas the Others Index achieved the highest gain at 0.95%.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-27', 'modified' => '2024-06-27', 'keywords' => '', 'description' => '', 'sortorder' => '21104', 'image' => '20240627032248_collage (18).jpg', 'article_date' => '2024-06-27 15:21:09', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 5 => array( 'Article' => array( 'id' => '21377', 'article_category_id' => '1', 'title' => 'Monsoon-Induced Disasters Affect 33 Districts, 28 Dead in 16 Days', 'sub_title' => '', 'summary' => 'Kathmandu: Thirty-three districts in the country have been affected by monsoon-induced disasters from June 10-26, according to the Ministry of Home Affairs.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Kathmandu:</span></span></strong><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif""> Thirty-three districts in the country have been affected by monsoon-induced disasters from June 10-26, according to the Ministry of Home Affairs. The most affected districts include Taplejung, Panchthar, Sankhuwasabha, Sindhupalchowk, Rasuwa, Chitwan, Lamjung, Parbat, Myagdi, Nawalparasi East, Gulmi, Dang, and Kaski.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">A total of 147 disaster-related incidents occurred during this period, resulting in 28 deaths. The Ministry reported that 14 people were killed in landslides, 13 by lightning, and one by flooding. Additionally, 12 people were injured, 25 houses were completely destroyed, and 10 houses sustained partial damage due to landslides.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The Secretariat of Home Minister Rabi Lamichhane stated that landslides caused property damage worth more than Rs 6.9 million. There were 68 incidents of lightning, causing 13 deaths, 24 injuries, and property damage exceeding Rs 1.7 million.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Dr. Dijan Bhattarai, spokesperson for the National Disaster Risk Reduction and Management Authority, reported that 18 people were killed in disaster incidents on June 25 and 26 alone. Of these, nine deaths were due to lightning, and the other nine were from flooding and landslides. -- RSS</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-27', 'modified' => '2024-06-27', 'keywords' => '', 'description' => '', 'sortorder' => '21103', 'image' => '20240627014548_NG_Sunsari-IMG_20240626_131533.jpg', 'article_date' => '2024-06-27 13:45:17', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '21376', 'article_category_id' => '1', 'title' => 'Parliamentary Probe into Cooperatives Delayed due to Lack of Data', 'sub_title' => '', 'summary' => 'KATHMANDU: The work of the parliamentary committee formed to investigate the embezzlement of cooperatives’ savings has been delayed due to the lack of updated data on business activities of cooperatives.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">KATHMANDU: The work of the parliamentary committee formed to investigate the embezzlement of cooperatives’ savings has been delayed due to the lack of updated data on business activities of cooperatives. </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:"Times New Roman","serif"">One month after its formation, the committee on Wednesday decided to request documents from nine cooperative organizations under investigation and details of a loan given to the Gorkha Media Network. </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:"Times New Roman","serif"">Committee Chairman Surya Thapa stated that they have written to the Ministry of Land Management, Cooperatives, and Poverty Alleviation to provide the necessary documents and loan details. </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:"Times New Roman","serif"">"We have written to the Federal Ministry of Cooperatives for the necessary documents and data," said Chairman Thapa. "The ministry will coordinate with the relevant agencies and provide the data quickly."</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:"Times New Roman","serif"">The committee, formed on May 28, has the mandate to investigate nine additional institutions besides the 20 already declared problematic cooperatives. It has requested reports from the last annual general meeting, audit reports, details of the board of directors, audit supervision committee reports, and other relevant information from the cooperatives, excluding those already declared problematic.</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:"Times New Roman","serif"">Six of the nine cooperatives from which the committee has demanded details from are associated with GB Rai, who is also the chairman of Gorkha Media Network. The committee was formed after the Nepali Congress demanded a parliamentary inquiry, alleging that Deputy Prime Minister and Home Minister Ravi Lamichhane, who is the managing director of Gorkha Media Network, had withdrawn money from various cooperatives in his name.</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:"Times New Roman","serif"">The cooperatives connected with Rai and Gorkha Media Network include Swarnalakshmi in Kathmandu, Sahara in Chitwan, Sano Paila in Birgunj, Suryadarshan in Pokhara, Supreme in Butwal, and Parity Savings and Loan Cooperative in Nepalgunj. Of these, only Swarnalakshmi in Kathmandu is under the federal government, while the others fall under local and state governments. Additionally, Ideal Yamuna Multi-Purpose Cooperative is under the federal government, Sumeru Savings and Loan Cooperative in Lalitpur is under Bagmati Province, and Image Savings and Loan Cooperative in Baglung is under Gandaki Province.</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:"Times New Roman","serif"">According to sources in the Department of Cooperatives, collecting data on most of the cooperatives requested by the committee is challenging. </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:"Times New Roman","serif"">An official stated that they have some data about organizations that are currently facing police complaints and where cases are ongoing, while gathering information on other cooperatives is difficult. </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:"Times New Roman","serif"">"The government does not currently have data on the status of cooperatives," said the official, adding, "We will collect the data from the relevant regulatory bodies and organizations, but it is quite challenging to do so."</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:"Times New Roman","serif"">To implement federalism in 2018, the government transferred the records of cooperatives to the local level based on their scope of work. Since then, there has been no updated information about the status of the cooperatives. The Cooperative Information System, intended to organize cooperatives’ data and on which the federal government has spent millions, has not been effective.</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:"Times New Roman","serif"">Following the transfer of records, the Department of Cooperatives collected data in collaboration with the seven provinces and local levels from July to October 2020 but has not been able to update it since. </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:"Times New Roman","serif"">When investigation agencies request information about cooperatives, it is provided by the regulatory agencies and organizations at the relevant level. However, sources indicate that record management at the provincial and local levels is disorganized. The unorganized data undermines the effectiveness of the monitoring, studies, research, and planning undertaken by the concerned bodies.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-06-27', 'modified' => '2024-06-27', 'keywords' => '', 'description' => '', 'sortorder' => '21102', 'image' => '20240627014339_f705fed5 (1) - Copy.jpeg', 'article_date' => '2024-06-27 13:43:01', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '21375', 'article_category_id' => '1', 'title' => 'Private Sector’s Participation in Large Hydropower Projects Increasing', 'sub_title' => '', 'summary' => 'Kathmandu: In the second week of June, Tamor Energy Pvt Ltd secured investment for the Upper Tamor Semi Reservoir Hydropower Project, which has a capacity to produce 285 MW of electricity.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Prashant Khadka</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Kathmandu: In the second week of June, Tamor Energy Pvt Ltd secured investment for the Upper Tamor Semi Reservoir Hydropower Project, which has a capacity to produce 285 MW of electricity. This project is being undertaken by investors of the private sector of Nepal who are raising domestic capital. Under the consortium of Everest Bank, various Nepali banks and financial institutions have contributed Rs 38.6 billion in loans to finance the project with an estimated cost of Rs 55.15 billion. The design of the project was developed by a local company, Sanima Hydro and Engineering.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">According to hydropower promoters, private sector investors of Nepal are currently raising investments for over three dozen large projects, with capacities ranging from 70 to 600 megawatts. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Ganesh Karki, president of the Independent Power Producers Association of Nepal (IPPAN), stated that with the support of banks, financial institutions, and the government, the private sector of Nepal now has the capacity to build projects with capacities of 500-600 MW. "Currently, many projects ranging from 100 to 500 megawatts have obtained permits and are in the process of securing financial resources," he said.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">IPPAN has announced preparations for the construction of projects that will generate 5,917 megawatts of electricity through 40 companies with domestic investment, with an estimated investment of over Rs 1065 billion. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Production of electricity in Nepal has significantly increased since the private sector's entry into the country’s hydroelectricity market. Starting from the early 2000s, the private sector of Nepal started investing in electricity generation.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Initially, Nepali investors lacked substantial capital, and banks were not capable of providing large financial resources. Even major business houses were hesitant to invest in hydropower. Pushpajyoti Dhungana, an investor in Upper Tamor, entered the hydropower sector in 2008 by developing the 1 MW Patikhola hydropower project. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">In the early 2000s, the Nepal Electricity Authority (NEA) implemented a policy to sign power purchase agreements for a total of 50 megawatts with independent power producers developing projects ranging from 1 to 10 megawatts.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">After two decades, domestic investors have been able to build projects larger than 100 MW. According to IPPAN President Karki, the increased capacity of investors, the expansion of loans by banks and financial institutions, and binding directives from the central bank have enabled domestic investors to develop large projects. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Until 2000, the government, without private sector’s involvement, was able to produce only 361.5 megawatts of electricity for over nearly 90 years. With private sector’s participation, electricity generation has increased rapidly, and private energy entrepreneurs have gained the ability and experience to undertake relatively larger projects.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">In early 2023, Prime Minister Pushpa Kamal Dahal inaugurated the 86 MW Solukhola hydropower project, the largest private sector hydropower project completed in Nepal till date. Another notable company in this sector is Sahas Urja Limited. Sahas Urja Limited initially began with the 5 MW Ruru hydroelectric project and is now set to build the 341 MW Budhigandaki hydropower project, which it acquired from Times Energy Limited for Rs 2 billion. This will be the largest hydropower project built by the private sector with domestic investment.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Meenraj Kandel, owner of Sahas Urja Limited, stated, "Rather than doubting the capabilities of Nepali investors, the government and the Nepal Electricity Authority should create an enabling environment. Even now, we are capable of building projects up to 500 megawatts." </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">He emphasized that the private sector of Nepal has gained the ability to construct small projects and leverage that experience to build larger ones.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">While the capacity of the Nepali private sector is growing, the government has introduced an electricity bill that allows joint investment between Nepal and foreign government organizations to issue licenses without competition for the construction of hydropower projects exceeding 100 megawatts. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">This has caused frustration among private sector investors. They argue that foreign investors should not be granted licenses for projects up to 500 MW without competition. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">"Our demand is that if foreign investors want to invest in small projects, they should go through the same competitive process as Nepali investors," IPPAN President Karki told New Business Age.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-27', 'modified' => '2024-06-27', 'keywords' => 'hydropower, Nepal, investors, private, sector', 'description' => '', 'sortorder' => '21101', 'image' => '20240627010954_hydro.jpg', 'article_date' => '2024-06-27 13:08:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '21374', 'article_category_id' => '236', 'title' => 'Laxmi Intercontinental Offers Made in Nepal Hyundai Venue at 6.99 Percent Interest', 'sub_title' => '', 'summary' => 'KATHMANDU: Laxmi Intercontinental, the authorised dealer of Hyundai cars for Nepal, has unveiled the price of Hyundai Venue produced in Nepal by its sister company Laxmi Motor Corporation.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">KATHMANDU: Laxmi Intercontinental, the authorised dealer of Hyundai cars for Nepal, has unveiled the price of Hyundai Venue produced in Nepal by its sister company Laxmi Motor Corporation. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Issuing a recent statement, the company said that the price of Hyundai Venue 1.2 (S) has been fixed at Rs 44,96,000 and the price of Hyundai Venue 1.2 (SX) has been fixed at Rs 53,56,000. The company added that both the models produced in Nepal are now available for sale.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The company has also announced a financing scheme at 6.99 percent interest and 10 years of free servicing as well as three years of warranty for purchasing a Hyundai Venue under this plan. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Laxmi Motor Corporation was established in Nepal with the investment of Laxmi Group and technical support from Hyundai Motor Company. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">This is the first time that a vehicle assembling plant has produced a vehicle in Nepal. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The company claims that the structure, quality, performance and other properties of Venue produced in Nepal are the same as vehicles of the same model manufactured by Hyundai Motor Company in South Korea or India.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The aim of the company is to produce vehicles in the domestic market and help industrialize the country. It also aims for import substitution, create jobs, increase domestic revenue, develop skill and technology, consume domestic resources and electricity, contribute to the gross domestic product, and provide vehicles at an affordable price to the consumers, added the statement.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-27', 'modified' => '2024-06-27', 'keywords' => '', 'description' => '', 'sortorder' => '21100', 'image' => '20240627114907_20190823021811_Clipboard01.jpg', 'article_date' => '2024-06-27 11:48:22', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '21372', 'article_category_id' => '1', 'title' => '14 Dead, Two Go Missing in Incidents of Natural Disaster ', 'sub_title' => '', 'summary' => 'Kathmandu: A total of 44 incidents of natural disaster occurred in the past 36 hours across the country. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Kathmandu: A total of 44 incidents of natural disaster occurred in the past 36 hours across the country. According to the National Disaster Risk Reduction and Management Authority, (NDRRMA) 14 people have been confirmed dead and two are missing in such disastrous incidents. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">NDRRMA Spokesperson under-secretary Dr Dijan Bhattarai informed that 10 people sustained injuries in these incidents and property worth over Rs 1.9 million has been destroyed. He informed that roads were blocked in 10 different areas and 14 cattle were killed. </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"">According to the information shared by the NDRRMA on Wednesday evening, eight people were killed by landslides and five sustained injuries. Similarly, lightning killed five individuals and injured three while one person died and two went missing in floods. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Bhattarai said that two people who were injured in the landslide in Sernathumki of Okhaldhunga were rescued via helicopter and brought to Kathmandu for further treatment. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the NDRRMA, Okhaldhunga, Sankhuwasabha, Sunsari, Udayapur, Ilam, Dhankuta, Lamjung, Kaski, Morang, Jhapa, Rolpa, Dailekh and Baglung were badly affected by the disaster on Wednesday. -- RSS </span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-27', 'modified' => '2024-06-27', 'keywords' => '', 'description' => '', 'sortorder' => '21099', 'image' => '20240627105813_SankarShrestha_MalekhuDhading_RSS_12_IMG-20240626-WA0014.jpg', 'article_date' => '2024-06-27 10:57:37', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '21373', 'article_category_id' => '218', 'title' => 'OPEC Fund Provides US$25 Million Loan to Global IME Bank', 'sub_title' => 'The Loan will be Utilized to Support Small Businesses and Enhance Climate Resilience in Nepal', 'summary' => ' KATHMANDU: The OPEC Fund for International Development has agreed to provide a loan of US$25 million to Global IME Bank Limited. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">KATHMANDU: The OPEC Fund for International Development has agreed to provide a loan of US$25 million to Global IME Bank Limited. Issuing a statement on Wednesday, Global IME Bank confirmed that it signed an agreement in this regard with the OPEC Fund.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">As per the agreement, the bank will utilize the loan to increase access to financing for micro, small, and medium enterprises (MSMEs), including women-owned enterprises, as well as climate-smart projects.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">OPEC Fund’s loan will help to address significant financing gaps for MSMEs, which make up 95 percent of Nepal's registered businesses and account for 45 percent of all jobs, said the bank.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">Despite their importance, MSMEs struggle to receive funds and the financing gap for these enterprises is estimated at US$3.6 billion. Additionally, the bank said that the loan will enhance GIBL’s climate finance portfolio, vital for Nepal's efforts to mitigate climate change impacts.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">OPEC Fund President Abdulhamid Alkhalifa expressed happiness to partner with Global IME Bank to bolster support for MSMEs and climate-smart projects in Nepal. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">“These sectors are crucial for sustainable economic growth and resilience against climate change. Our loan will help address the significant financing gaps and promote inclusive development,” the statement quoted Alkhalifa as saying.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">Similarly, Chief Executive Officer of Global IME Bank, Ratna Raj Bajracharya, said this loan agreement reinforces the bank’s commitment to finding local solutions through climate and gender financing to achieve global sustainability and inclusivity goals. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">“We aim to bridge the resource gap in Nepal's green energy sector and address gender disparity by empowering women economically through accessible financing," said Bajracharya, adding, "We are grateful to partner with the OPEC Fund in this endeavor. This collaboration will enhance our support for MSMEs, vital to Nepal's economy, and strengthen our efforts in promoting climate resilience and sustainable development. Together, we can significantly impact Nepal's journey towards a greener and more inclusive future."</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">According to the statement issued by the bank, Nepal ranks 94th globally in CO2 emissions, with half of its greenhouse gas emissions coming from the agriculture sector. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">The country is highly vulnerable to climate change impacts, which disproportionately affect vulnerable communities, added the statement. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">“Increasing access to climate finance is essential for Nepal’s sustainable development, supporting initiatives such as clean transportation, climate-smart agriculture, and solar projects.”</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">The statement added that the OPEC Fund and Nepal have a long-standing partnership focused on driving sustainable development. The OPEC Fund has committed funding to various sectors including banking, energy, agriculture, transportation, and education, it added. </span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-27', 'modified' => '2024-06-27', 'keywords' => 'OPEC, Fund, bank, loan, agreement, Nepal, small, industries, women, entrepreneurship', 'description' => '', 'sortorder' => '21098', 'image' => '20240627111212_IMG-20240626-WA0000.jpg', 'article_date' => '2024-06-27 11:10:22', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '21371', 'article_category_id' => '1', 'title' => 'SEE Results Published; 47.86 Percent Students Pass ', 'sub_title' => '', 'summary' => 'BHAKTAPUR: The Examinations Control Office under the National Examinations Board has published the results of this year's Secondary Education Examinations (SEE). ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">BHAKTAPUR: The Examinations Control Office under the National Examinations Board has published the results of this year's Secondary Education Examinations (SEE). </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the Examination Controller Nandalal Poudel, out of 464,785 students who appeared in the SEE exam, 47.86 per cent passed. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">A total of 242,092 students have passed towards regular category, said Examination Controller Poudel. Out of those who have qualified, 186 have secured GPA 4.</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"">A total of 52.14 per cent candidates who appeared in the examination obtained non-grade (NG). They will have to take the grade increase test again. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Ppoudel informed that the examination of 221 students has been canceled. Examination Controller Poudel said that the results have been published as per the Letter Grading Guidelines- 2078 BS this year. -- RSS </span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-27', 'modified' => '2024-06-27', 'keywords' => '', 'description' => '', 'sortorder' => '21097', 'image' => '20240627103404_20230330064654_IMG_5918_1.jpg', 'article_date' => '2024-06-27 10:33:31', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '21370', 'article_category_id' => '1', 'title' => 'Dhalkebar-Inaruwa Transmission Line Comes into Operation', 'sub_title' => '', 'summary' => 'The Dhalkebar-Inaruwa section of the 400-KV Hetauda-Dhalkebar-Inaruwa transmission line has officially started operations, enhancing the reliability of Nepal's electricity transmission system and facilitating power exchange between Nepal and India.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">June 27: The Dhalkebar-Inaruwa section of the 400-KV Hetauda-Dhalkebar-Inaruwa transmission line has officially started operations, enhancing the reliability of Nepal's electricity transmission system and facilitating power exchange between Nepal and India.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">This 154-kilometer transmission line runs from Dhalkebar in Dhanusha to the Inaruwa sub-station in Bhokraha Narsingh Rural Municipality-4, Sunsari. The activation of the Dhalkebar-Inaruwa section marks the first instance of 400-KV electricity transmission in Nepal.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Kulman Ghising, Executive Director of the Nepal Electricity Authority, hailed this development as a significant milestone for the country's power infrastructure. He emphasized that the new transmission line will improve the quality and reliability of the national grid and boost electricity trade with India.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The transmission line has a capacity to transmit around 4,000 megawatts of electricity. The overall 288-kilometer Hetauda-Dhalkebar-Inaruwa line is being constructed in two phases, with the 134-kilometer Hetauda-Dhalkebar section still under construction.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-27', 'modified' => '2024-06-27', 'keywords' => '', 'description' => '', 'sortorder' => '21096', 'image' => '20240627054414_collage (42).jpg', 'article_date' => '2024-06-27 05:41:55', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 13 => array( 'Article' => array( 'id' => '21369', 'article_category_id' => '1', 'title' => 'NEPSE Sheds 11.60 Points to Close at 2060.16', 'sub_title' => '', 'summary' => 'The Nepal Stock Exchange (NEPSE) continued its downward trend, dropping by 11.60 points (0.56%) to close at 2060.16 on Wednesday, the fourth trading day of the week.', 'content' => '<p> </p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">June 26: The Nepal Stock Exchange (NEPSE) continued its downward trend, dropping by 11.60 points (0.56%) to close at 2060.16 on Wednesday, the fourth trading day of the week.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Today's trading session saw 305 scrips traded through 54,793 transactions. A total of 8,727,164 units of shares were exchanged, resulting in a total turnover of Rs 4.5 billion.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Nepal Finance Limited (NFS) led in turnover, with transactions totaling Rs 16 crores and a market price of Rs 1033 per share. NFS also recorded the highest gain of the day at 9.87%. </span></span><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">In contrast, Sadhana Laghubitta Bittiya Sanstha (SDLBSL) experienced the biggest loss, declining by 6.38% to close at Rs 1215 per share.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Regarding sector indices, all sectors closed in negative territory except for the Finance Index, Mutual Fund, and Trading Index. </span></span><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The Finance Index reported the highest gain of 0.45%, while the Development Bank Index suffered the highest loss of 1.03%.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-26', 'modified' => '2024-06-26', 'keywords' => '', 'description' => '', 'sortorder' => '21095', 'image' => '20240626035454_collage (41).jpg', 'article_date' => '2024-06-26 15:53:32', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 14 => array( 'Article' => array( 'id' => '21368', 'article_category_id' => '1', 'title' => 'Investments in Real Estate and Businesses Risk Cooperatives’ Savings', 'sub_title' => '', 'summary' => 'KATHMANDU: Sri Laliguras Multi-Purpose Cooperative Organization, which has invested in cow farms, dairy industry, hydropower, hospitals, and colleges, was honored by the National Cooperative Federation with the 'Best Cooperative Business' award in 2018.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">KATHMANDU: Sri Laliguras Multi-Purpose Cooperative Organization, which has invested in cow farms, dairy industry, hydropower, hospitals, and colleges, was honored by the National Cooperative Federation with the 'Best Cooperative Business' award in 2018. However, five years later, the organization was unable to return its members' savings, leading the government to declare it problematic in March 2023 and initiate an investigation through the problematic cooperative management committee.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Kedarnath Sharma, involved in the food business, collected more than Rs 15 billion of savings from the general public through Shivshikhar Multipurpose and Tulsi Cooperative.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The cooperative invested heavily to open 37 departmental stores and half dozen companies under the brand 'Shiva Shikhar Mart'. The government declared the organization problematic and took action after it was unable to return the savings.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The Civil Cooperative, founded by real estate businessman Ichharaj Tamang, invested more than Rs 8 billion collected from its members in its housing projects. Now, the organization is unable to return the members' savings.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">These are just a few representative examples of problems seen in the cooperative sector. According to official and informal data, more than 500 cooperative organizations across the country are in trouble as they are unable to return their members' savings. The general public claims that the 20 institutions declared problematic by the federal government have not returned Rs 36.28 billion. In addition, if the funds of other troubled organizations are included, more than Rs 2 billion of the general public is at risk in cooperatives.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to the law, cooperatives cannot make a company a member, give loans, or invest in shares. To reduce the risk in real estate, the regulatory body has also set limits. However, taking advantage of weak laws and monitoring, cooperative operators have been misusing large sums collected from the general public in real estate, as well as in various companies and private businesses. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">When studying the cooperatives in trouble, it seems that they invested a large amount of money in real estate. Although some invested by setting up a company in the director's name, most misused the organization's savings in the name of individuals, families, and relatives. Some cooperatives have put the common people's savings at risk in the name of investing in the production and service sectors. Due to the failure to recover loans and share investments made by cooperatives in department stores, marts, agriculture sector, hospitals, colleges, etc., billions of rupees of common people's savings in those institutions are at risk.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">After it was found that the funds of the organization were misused and invested in personal property and businesses, the Cooperative Reform Suggestion Task Force has already suggested bringing back the money and returning the members' savings. The government has announced plans to amend the law in the next fiscal year's budget to implement these suggestions.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Department's Instructions not Followed</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">After the Nepal Rastra Bank instructed banks to reduce their investment in real estate, the Department of Cooperatives also instructed cooperatives not to invest more than 25 percent in real estate in October 2010. Since investments made by cooperative organizations in companies put depositors' money at risk, cooperatives were also instructed not to invest in private firms and companies. However, due to a lack of effective monitoring and action, cooperatives have put a large amount of public money at risk by making random investments.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Legal Confusion</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Legally, it is not clear what the cooperatives will do with the idea of integrating labor, skill, and capital scattered among landless farmers, skilled workers, low-income, and marginalized groups and using it for their economic, social, and cultural development. Although the government encourages the registration and operation of cooperatives in various agricultural and service sectors, apart from savings and loans, the common people seem to focus only on financial transactions. In the Cooperative Act, 2074, there is a provision that a company established for the purpose of earning profit cannot be a member of a cooperative.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">There is a provision that cooperatives cannot even invest in shares and loans in such organizations. However, since the government could not strictly implement the legal provisions, cooperative owners have been misusing the cooperative's savings by opening companies.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">“The chairman and the directors of cooperatives have been found risking the organizations’ huge savings by taking loans for their own company," said an officer involved in the monitoring of cooperatives.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The Cooperatives Act, 2074 has a mandatory provision that organizations should focus 70% on their main purpose and 30% on savings and loan transactions. However, this provision has not yet been implemented. Multi-purpose, agricultural, and thematic cooperatives are also limited to savings and loan transactions like banks. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to Paritosh Paudyal, director of the National Cooperative Federation, there is a need to ensure that cooperatives dealing in savings and loans cannot engage in other businesses and that cooperatives engaged in other businesses cannot engage in financial transactions.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Lack of Regulation</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Cooperatives have been making risky investments of members' savings against rules and laws, but the regulatory body has been seen as ineffective. The chief executive officer of a cooperative association said that apart from issuing instructions from time to time, the Department of Cooperatives does not take initiatives to stop risky investments by cooperatives and to ensure they return the funds. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">"The officers of the department knew which cooperatives had raised savings and invested in real estate and private businesses. But because they turned a blind eye and pretended not to see it, now they have to face this crisis," he said requesting anonymity.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">At present, the government does not even have real data about the registration and business conditions of cooperatives. Pitambar Ghimire, registrar of the department, says that with the implementation of federalism, the rights of cooperatives have reached the local bodies, weakening their records. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">"The government's role in cooperatives is more of a promoter than a regulator. The benefits of which have been misused by the wrong people," said Ghimire.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">As the savings accumulated in cooperatives started to be at risk, the government has been saying it will establish a separate regulator for cooperatives. It is mentioned in the budget statement of FY 2081/82 that a regulatory body will be established to regulate savings and credit cooperatives.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-26', 'modified' => '2024-06-26', 'keywords' => 'cooperative, savings, risk, investment, real, estate, problematic', 'description' => '', 'sortorder' => '21094', 'image' => '20240626024413_cooerativesssss.jpg', 'article_date' => '2024-06-26 14:42:47', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ) ) $current_user = null $logged_in = false $xml = falseinclude - APP/View/Elements/side_bar.ctp, line 133 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
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Natalia Makarenko, marketing director of Indrive (APAC), stated that the goods delivery service has been initiated to enhance the company's services while remaining committed to increasing mobility in the Nepali market.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Makarenko mentioned that in 2023, inDrive announced the launch of the delivery service in Nepal amid a recent program.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Issuing a statement, Msksrenko said inDrive’s courier service offers delivery of parcels weighing 20 kg or less, on the same day of booking.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“We are excited to announce the launch of inDrive.Delivery in Nepal. With inDrive.Delivery, we hope to meet the logistic challenges faced by small businesses as well as individuals in Nepal,” she said.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Makarenko also expressed committed towards enhancing mobility in the market of Nepal and added that they are dedicatedly working to make inDrive’s services better and bring more features according to people's need in Nepal. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“Thousands of rides are happening on our platform every day. We are getting positive feedback from passengers in Nepal,” she further said.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to Makarenko, inDrive experienced a 200 percent increase in business in 2023 compared to the previous year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">As of the first half of 2024, inDrive has recorded a 46% increase in rides, she added. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“Our growth metrics reflect the trust our users and drivers place in us. We are dedicated to enhancing our services, ensuring safety, and contributing positively to the communities we serve.”</span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-06-28', 'modified' => '2024-06-28', 'keywords' => '', 'description' => '', 'sortorder' => '21108', 'image' => '20240628125903_c24ca48c.jpeg', 'article_date' => '2024-06-28 12:58:25', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '21381', 'article_category_id' => '1', 'title' => 'Parliamentary Sub-Committees to Study Pokhara and Gautam Buddha International Airports ', 'sub_title' => '', 'summary' => 'KATHMANDU: The Public Accounts Committee of the Federal Parliament has formed sub-committees to conduct a comprehensive study of the two new international airports in Bhairahawa and Pokhara. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">KATHMANDU: The Public Accounts Committee of the Federal Parliament has formed sub-committees to conduct a comprehensive study of the two new international airports in Bhairahawa and Pokhara. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Chairperson of the committee Rishikesh Pokharel shared that two separate parliamentary sub-committees have been formed to study and Gautam Buddha International Airport located in Bhairahawa and the Pokhara International Airport. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">According to him, a 12-member sub-committee has been formed under the coordination of MP Rajendra Prasad Lingden, who is also the president of the Rastriya Prajatantra Party, to study the Pokhara International Airport, and an eight-member sub-committee has been formed under the coordination of MP and UML Secretary Yogesh Bhattarai to study the Gautam Buddha International Airport. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The sub-committees will carry out on-site monitoring to study the two airports to review why the projects of national pride with huge investments are not able to give returns, said the secretary of the committee, Ekram Giri. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The Gautam Buddha International Airport was inaugurated on May 16, 2022, followed by Pokhara International Airport on January 1, 2023. To encourage international flights, the government announced a 100% discount on various fees for airlines flying from these airports for one year. However, this initiative has not succeeded in attracting regular international flights.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><em><span style="font-size:14.0pt">(With inputs from RSS)</span></em></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-28', 'modified' => '2024-06-28', 'keywords' => '', 'description' => '', 'sortorder' => '21107', 'image' => '20240628120723_20230126024419_Gautam Buddha.jpg', 'article_date' => '2024-06-28 12:06:39', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '21380', 'article_category_id' => '1', 'title' => 'Monsoon to Become More Active from Today ', 'sub_title' => '', 'summary' => 'Kathmandu: The monsoon is becoming more active from Friday afternoon. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Kathmandu: The monsoon is becoming more active from Friday afternoon. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The Department of Hydrology and Meteorology issued a monsoon bulletin on Thursday evening, urging all concerned to stay prepared in the wake of rising rainfall from Friday. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Low pressure belt of monsoon has developed and moved north than the average area towards Nepal for some days, thereby causing further rains in the country. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Meteorologist Prativa Manandhar said the weather would be generally cloudy and witness light to moderate rainfall across the country. However, few places are predicted to have heavy rainfall, caused by the monsoon winds. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Few places in Gandaki and Lumbini provinces are seeing heavy rainfall, while it will rain heavily along with lightning in one or two places of Madhes and Karnali Provinces and some places of the rest of the provinces from Friday onwards. -- RSS</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-28', 'modified' => '2024-06-28', 'keywords' => 'monsoon, active, Friday, today, Koshi', 'description' => '', 'sortorder' => '21106', 'image' => '20240628112537_20240610063405_20240604114336_20210626022910_Monsoon.jpeg', 'article_date' => '2024-06-28 11:25:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '21379', 'article_category_id' => '1', 'title' => 'National ID Mandatory for Real Estate Transactions ', 'sub_title' => '', 'summary' => 'Kathmandu: The government has made national identity card mandatory for transaction related to real estate. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Kathmandu: The government has made national identity card mandatory for transaction related to real estate. The Ministry of Home Affairs published a notice in the Nepal Gazette, making national identity cards mandatory for buying and selling land or house with effect from January 14, 2025. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Prior to this, citizenship certificate was required for real estate transaction. The provision has been made with the goal of bringing the national identity card into effect, said Joint Secretary and Spokesperson for the Ministry of Home Affairs, Narayan Prasad Bhattarai. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The ministry has also made the national ID mandatory for services related to banking and financial institutions, social security fund, health insurance, pension, revenue (personal income tax registration), driver's license, company registration and renewal to be applied in different districts. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to Bhattarai, it will be mandatory to submit national identity card to get a SIM card for mobile telephone service from January 14, 2025. </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"">It is now necessary to submit national identity card or a national identity number instead of a citizenship certificate in order to receive public services provided by government agencies, organizations and the private sector, reads the notice issued by the ministry. -- RSS </span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-28', 'modified' => '2024-06-28', 'keywords' => 'national, ID, card, mandatory', 'description' => '', 'sortorder' => '21105', 'image' => '20240628105718_ep1(14).jpg', 'article_date' => '2024-06-28 10:56:25', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '21378', 'article_category_id' => '1', 'title' => 'NEPSE's Downward Trend Continues with Fall of 8.24 Points', 'sub_title' => '', 'summary' => 'The Nepal Stock Exchange (NEPSE) continued its downward trajectory, falling by 8.24 points or 0.40%, and closing at 2051.92 on the last trading day of the week, Thursday. During today's trading session, 333 scrips were exchanged through 50,281 transactions. A total of 8,901,195 units of shares were traded, resulting in a total turnover of Rs 3.71 billion.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">June 27: The Nepal Stock Exchange (NEPSE) continued its downward trajectory, falling by 8.24 points or 0.40%, and closing at 2051.92 on the last trading day of the week, Thursday. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">During today's trading session, 333 scrips were exchanged through 50,281 transactions. A total of 8,901,195 units of shares were traded, resulting in a total turnover of Rs 3.71 billion.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Nepal Finance Limited (NFS) led in turnover with total transactions worth Rs 22 crores. Trishuli Jal Vidhyut Company Limited (TVCL) saw the highest gain of 7.09%, closing at Rs 499.90 per share.</span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif"> Conversely, Nepal Finance Limited (NFS) also experienced the biggest loss of 10.00%, hitting the negative circuit for the day.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">In terms of sector indices, all sectors closed in negative territory except for the Others Index and Mutual Fund, while the Banking Sub-Index remained neutral. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The Finance Index recorded the highest loss of 2.23%, whereas the Others Index achieved the highest gain at 0.95%.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-27', 'modified' => '2024-06-27', 'keywords' => '', 'description' => '', 'sortorder' => '21104', 'image' => '20240627032248_collage (18).jpg', 'article_date' => '2024-06-27 15:21:09', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 5 => array( 'Article' => array( 'id' => '21377', 'article_category_id' => '1', 'title' => 'Monsoon-Induced Disasters Affect 33 Districts, 28 Dead in 16 Days', 'sub_title' => '', 'summary' => 'Kathmandu: Thirty-three districts in the country have been affected by monsoon-induced disasters from June 10-26, according to the Ministry of Home Affairs.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Kathmandu:</span></span></strong><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif""> Thirty-three districts in the country have been affected by monsoon-induced disasters from June 10-26, according to the Ministry of Home Affairs. The most affected districts include Taplejung, Panchthar, Sankhuwasabha, Sindhupalchowk, Rasuwa, Chitwan, Lamjung, Parbat, Myagdi, Nawalparasi East, Gulmi, Dang, and Kaski.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">A total of 147 disaster-related incidents occurred during this period, resulting in 28 deaths. The Ministry reported that 14 people were killed in landslides, 13 by lightning, and one by flooding. Additionally, 12 people were injured, 25 houses were completely destroyed, and 10 houses sustained partial damage due to landslides.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The Secretariat of Home Minister Rabi Lamichhane stated that landslides caused property damage worth more than Rs 6.9 million. There were 68 incidents of lightning, causing 13 deaths, 24 injuries, and property damage exceeding Rs 1.7 million.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Dr. Dijan Bhattarai, spokesperson for the National Disaster Risk Reduction and Management Authority, reported that 18 people were killed in disaster incidents on June 25 and 26 alone. Of these, nine deaths were due to lightning, and the other nine were from flooding and landslides. -- RSS</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-27', 'modified' => '2024-06-27', 'keywords' => '', 'description' => '', 'sortorder' => '21103', 'image' => '20240627014548_NG_Sunsari-IMG_20240626_131533.jpg', 'article_date' => '2024-06-27 13:45:17', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '21376', 'article_category_id' => '1', 'title' => 'Parliamentary Probe into Cooperatives Delayed due to Lack of Data', 'sub_title' => '', 'summary' => 'KATHMANDU: The work of the parliamentary committee formed to investigate the embezzlement of cooperatives’ savings has been delayed due to the lack of updated data on business activities of cooperatives.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">KATHMANDU: The work of the parliamentary committee formed to investigate the embezzlement of cooperatives’ savings has been delayed due to the lack of updated data on business activities of cooperatives. </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:"Times New Roman","serif"">One month after its formation, the committee on Wednesday decided to request documents from nine cooperative organizations under investigation and details of a loan given to the Gorkha Media Network. </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:"Times New Roman","serif"">Committee Chairman Surya Thapa stated that they have written to the Ministry of Land Management, Cooperatives, and Poverty Alleviation to provide the necessary documents and loan details. </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:"Times New Roman","serif"">"We have written to the Federal Ministry of Cooperatives for the necessary documents and data," said Chairman Thapa. "The ministry will coordinate with the relevant agencies and provide the data quickly."</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:"Times New Roman","serif"">The committee, formed on May 28, has the mandate to investigate nine additional institutions besides the 20 already declared problematic cooperatives. It has requested reports from the last annual general meeting, audit reports, details of the board of directors, audit supervision committee reports, and other relevant information from the cooperatives, excluding those already declared problematic.</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:"Times New Roman","serif"">Six of the nine cooperatives from which the committee has demanded details from are associated with GB Rai, who is also the chairman of Gorkha Media Network. The committee was formed after the Nepali Congress demanded a parliamentary inquiry, alleging that Deputy Prime Minister and Home Minister Ravi Lamichhane, who is the managing director of Gorkha Media Network, had withdrawn money from various cooperatives in his name.</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:"Times New Roman","serif"">The cooperatives connected with Rai and Gorkha Media Network include Swarnalakshmi in Kathmandu, Sahara in Chitwan, Sano Paila in Birgunj, Suryadarshan in Pokhara, Supreme in Butwal, and Parity Savings and Loan Cooperative in Nepalgunj. Of these, only Swarnalakshmi in Kathmandu is under the federal government, while the others fall under local and state governments. Additionally, Ideal Yamuna Multi-Purpose Cooperative is under the federal government, Sumeru Savings and Loan Cooperative in Lalitpur is under Bagmati Province, and Image Savings and Loan Cooperative in Baglung is under Gandaki Province.</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:"Times New Roman","serif"">According to sources in the Department of Cooperatives, collecting data on most of the cooperatives requested by the committee is challenging. </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:"Times New Roman","serif"">An official stated that they have some data about organizations that are currently facing police complaints and where cases are ongoing, while gathering information on other cooperatives is difficult. </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:"Times New Roman","serif"">"The government does not currently have data on the status of cooperatives," said the official, adding, "We will collect the data from the relevant regulatory bodies and organizations, but it is quite challenging to do so."</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:"Times New Roman","serif"">To implement federalism in 2018, the government transferred the records of cooperatives to the local level based on their scope of work. Since then, there has been no updated information about the status of the cooperatives. The Cooperative Information System, intended to organize cooperatives’ data and on which the federal government has spent millions, has not been effective.</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:"Times New Roman","serif"">Following the transfer of records, the Department of Cooperatives collected data in collaboration with the seven provinces and local levels from July to October 2020 but has not been able to update it since. </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:"Times New Roman","serif"">When investigation agencies request information about cooperatives, it is provided by the regulatory agencies and organizations at the relevant level. However, sources indicate that record management at the provincial and local levels is disorganized. The unorganized data undermines the effectiveness of the monitoring, studies, research, and planning undertaken by the concerned bodies.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-06-27', 'modified' => '2024-06-27', 'keywords' => '', 'description' => '', 'sortorder' => '21102', 'image' => '20240627014339_f705fed5 (1) - Copy.jpeg', 'article_date' => '2024-06-27 13:43:01', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '21375', 'article_category_id' => '1', 'title' => 'Private Sector’s Participation in Large Hydropower Projects Increasing', 'sub_title' => '', 'summary' => 'Kathmandu: In the second week of June, Tamor Energy Pvt Ltd secured investment for the Upper Tamor Semi Reservoir Hydropower Project, which has a capacity to produce 285 MW of electricity.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Prashant Khadka</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Kathmandu: In the second week of June, Tamor Energy Pvt Ltd secured investment for the Upper Tamor Semi Reservoir Hydropower Project, which has a capacity to produce 285 MW of electricity. This project is being undertaken by investors of the private sector of Nepal who are raising domestic capital. Under the consortium of Everest Bank, various Nepali banks and financial institutions have contributed Rs 38.6 billion in loans to finance the project with an estimated cost of Rs 55.15 billion. The design of the project was developed by a local company, Sanima Hydro and Engineering.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">According to hydropower promoters, private sector investors of Nepal are currently raising investments for over three dozen large projects, with capacities ranging from 70 to 600 megawatts. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Ganesh Karki, president of the Independent Power Producers Association of Nepal (IPPAN), stated that with the support of banks, financial institutions, and the government, the private sector of Nepal now has the capacity to build projects with capacities of 500-600 MW. "Currently, many projects ranging from 100 to 500 megawatts have obtained permits and are in the process of securing financial resources," he said.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">IPPAN has announced preparations for the construction of projects that will generate 5,917 megawatts of electricity through 40 companies with domestic investment, with an estimated investment of over Rs 1065 billion. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Production of electricity in Nepal has significantly increased since the private sector's entry into the country’s hydroelectricity market. Starting from the early 2000s, the private sector of Nepal started investing in electricity generation.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Initially, Nepali investors lacked substantial capital, and banks were not capable of providing large financial resources. Even major business houses were hesitant to invest in hydropower. Pushpajyoti Dhungana, an investor in Upper Tamor, entered the hydropower sector in 2008 by developing the 1 MW Patikhola hydropower project. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">In the early 2000s, the Nepal Electricity Authority (NEA) implemented a policy to sign power purchase agreements for a total of 50 megawatts with independent power producers developing projects ranging from 1 to 10 megawatts.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">After two decades, domestic investors have been able to build projects larger than 100 MW. According to IPPAN President Karki, the increased capacity of investors, the expansion of loans by banks and financial institutions, and binding directives from the central bank have enabled domestic investors to develop large projects. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Until 2000, the government, without private sector’s involvement, was able to produce only 361.5 megawatts of electricity for over nearly 90 years. With private sector’s participation, electricity generation has increased rapidly, and private energy entrepreneurs have gained the ability and experience to undertake relatively larger projects.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">In early 2023, Prime Minister Pushpa Kamal Dahal inaugurated the 86 MW Solukhola hydropower project, the largest private sector hydropower project completed in Nepal till date. Another notable company in this sector is Sahas Urja Limited. Sahas Urja Limited initially began with the 5 MW Ruru hydroelectric project and is now set to build the 341 MW Budhigandaki hydropower project, which it acquired from Times Energy Limited for Rs 2 billion. This will be the largest hydropower project built by the private sector with domestic investment.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Meenraj Kandel, owner of Sahas Urja Limited, stated, "Rather than doubting the capabilities of Nepali investors, the government and the Nepal Electricity Authority should create an enabling environment. Even now, we are capable of building projects up to 500 megawatts." </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">He emphasized that the private sector of Nepal has gained the ability to construct small projects and leverage that experience to build larger ones.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">While the capacity of the Nepali private sector is growing, the government has introduced an electricity bill that allows joint investment between Nepal and foreign government organizations to issue licenses without competition for the construction of hydropower projects exceeding 100 megawatts. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">This has caused frustration among private sector investors. They argue that foreign investors should not be granted licenses for projects up to 500 MW without competition. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">"Our demand is that if foreign investors want to invest in small projects, they should go through the same competitive process as Nepali investors," IPPAN President Karki told New Business Age.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-27', 'modified' => '2024-06-27', 'keywords' => 'hydropower, Nepal, investors, private, sector', 'description' => '', 'sortorder' => '21101', 'image' => '20240627010954_hydro.jpg', 'article_date' => '2024-06-27 13:08:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '21374', 'article_category_id' => '236', 'title' => 'Laxmi Intercontinental Offers Made in Nepal Hyundai Venue at 6.99 Percent Interest', 'sub_title' => '', 'summary' => 'KATHMANDU: Laxmi Intercontinental, the authorised dealer of Hyundai cars for Nepal, has unveiled the price of Hyundai Venue produced in Nepal by its sister company Laxmi Motor Corporation.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">KATHMANDU: Laxmi Intercontinental, the authorised dealer of Hyundai cars for Nepal, has unveiled the price of Hyundai Venue produced in Nepal by its sister company Laxmi Motor Corporation. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Issuing a recent statement, the company said that the price of Hyundai Venue 1.2 (S) has been fixed at Rs 44,96,000 and the price of Hyundai Venue 1.2 (SX) has been fixed at Rs 53,56,000. The company added that both the models produced in Nepal are now available for sale.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The company has also announced a financing scheme at 6.99 percent interest and 10 years of free servicing as well as three years of warranty for purchasing a Hyundai Venue under this plan. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Laxmi Motor Corporation was established in Nepal with the investment of Laxmi Group and technical support from Hyundai Motor Company. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">This is the first time that a vehicle assembling plant has produced a vehicle in Nepal. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The company claims that the structure, quality, performance and other properties of Venue produced in Nepal are the same as vehicles of the same model manufactured by Hyundai Motor Company in South Korea or India.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The aim of the company is to produce vehicles in the domestic market and help industrialize the country. It also aims for import substitution, create jobs, increase domestic revenue, develop skill and technology, consume domestic resources and electricity, contribute to the gross domestic product, and provide vehicles at an affordable price to the consumers, added the statement.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-27', 'modified' => '2024-06-27', 'keywords' => '', 'description' => '', 'sortorder' => '21100', 'image' => '20240627114907_20190823021811_Clipboard01.jpg', 'article_date' => '2024-06-27 11:48:22', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '21372', 'article_category_id' => '1', 'title' => '14 Dead, Two Go Missing in Incidents of Natural Disaster ', 'sub_title' => '', 'summary' => 'Kathmandu: A total of 44 incidents of natural disaster occurred in the past 36 hours across the country. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Kathmandu: A total of 44 incidents of natural disaster occurred in the past 36 hours across the country. According to the National Disaster Risk Reduction and Management Authority, (NDRRMA) 14 people have been confirmed dead and two are missing in such disastrous incidents. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">NDRRMA Spokesperson under-secretary Dr Dijan Bhattarai informed that 10 people sustained injuries in these incidents and property worth over Rs 1.9 million has been destroyed. He informed that roads were blocked in 10 different areas and 14 cattle were killed. </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"">According to the information shared by the NDRRMA on Wednesday evening, eight people were killed by landslides and five sustained injuries. Similarly, lightning killed five individuals and injured three while one person died and two went missing in floods. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Bhattarai said that two people who were injured in the landslide in Sernathumki of Okhaldhunga were rescued via helicopter and brought to Kathmandu for further treatment. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the NDRRMA, Okhaldhunga, Sankhuwasabha, Sunsari, Udayapur, Ilam, Dhankuta, Lamjung, Kaski, Morang, Jhapa, Rolpa, Dailekh and Baglung were badly affected by the disaster on Wednesday. -- RSS </span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-27', 'modified' => '2024-06-27', 'keywords' => '', 'description' => '', 'sortorder' => '21099', 'image' => '20240627105813_SankarShrestha_MalekhuDhading_RSS_12_IMG-20240626-WA0014.jpg', 'article_date' => '2024-06-27 10:57:37', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '21373', 'article_category_id' => '218', 'title' => 'OPEC Fund Provides US$25 Million Loan to Global IME Bank', 'sub_title' => 'The Loan will be Utilized to Support Small Businesses and Enhance Climate Resilience in Nepal', 'summary' => ' KATHMANDU: The OPEC Fund for International Development has agreed to provide a loan of US$25 million to Global IME Bank Limited. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">KATHMANDU: The OPEC Fund for International Development has agreed to provide a loan of US$25 million to Global IME Bank Limited. Issuing a statement on Wednesday, Global IME Bank confirmed that it signed an agreement in this regard with the OPEC Fund.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">As per the agreement, the bank will utilize the loan to increase access to financing for micro, small, and medium enterprises (MSMEs), including women-owned enterprises, as well as climate-smart projects.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">OPEC Fund’s loan will help to address significant financing gaps for MSMEs, which make up 95 percent of Nepal's registered businesses and account for 45 percent of all jobs, said the bank.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">Despite their importance, MSMEs struggle to receive funds and the financing gap for these enterprises is estimated at US$3.6 billion. Additionally, the bank said that the loan will enhance GIBL’s climate finance portfolio, vital for Nepal's efforts to mitigate climate change impacts.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">OPEC Fund President Abdulhamid Alkhalifa expressed happiness to partner with Global IME Bank to bolster support for MSMEs and climate-smart projects in Nepal. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">“These sectors are crucial for sustainable economic growth and resilience against climate change. Our loan will help address the significant financing gaps and promote inclusive development,” the statement quoted Alkhalifa as saying.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">Similarly, Chief Executive Officer of Global IME Bank, Ratna Raj Bajracharya, said this loan agreement reinforces the bank’s commitment to finding local solutions through climate and gender financing to achieve global sustainability and inclusivity goals. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">“We aim to bridge the resource gap in Nepal's green energy sector and address gender disparity by empowering women economically through accessible financing," said Bajracharya, adding, "We are grateful to partner with the OPEC Fund in this endeavor. This collaboration will enhance our support for MSMEs, vital to Nepal's economy, and strengthen our efforts in promoting climate resilience and sustainable development. Together, we can significantly impact Nepal's journey towards a greener and more inclusive future."</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">According to the statement issued by the bank, Nepal ranks 94th globally in CO2 emissions, with half of its greenhouse gas emissions coming from the agriculture sector. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">The country is highly vulnerable to climate change impacts, which disproportionately affect vulnerable communities, added the statement. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">“Increasing access to climate finance is essential for Nepal’s sustainable development, supporting initiatives such as clean transportation, climate-smart agriculture, and solar projects.”</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">The statement added that the OPEC Fund and Nepal have a long-standing partnership focused on driving sustainable development. The OPEC Fund has committed funding to various sectors including banking, energy, agriculture, transportation, and education, it added. </span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-27', 'modified' => '2024-06-27', 'keywords' => 'OPEC, Fund, bank, loan, agreement, Nepal, small, industries, women, entrepreneurship', 'description' => '', 'sortorder' => '21098', 'image' => '20240627111212_IMG-20240626-WA0000.jpg', 'article_date' => '2024-06-27 11:10:22', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '21371', 'article_category_id' => '1', 'title' => 'SEE Results Published; 47.86 Percent Students Pass ', 'sub_title' => '', 'summary' => 'BHAKTAPUR: The Examinations Control Office under the National Examinations Board has published the results of this year's Secondary Education Examinations (SEE). ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">BHAKTAPUR: The Examinations Control Office under the National Examinations Board has published the results of this year's Secondary Education Examinations (SEE). </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the Examination Controller Nandalal Poudel, out of 464,785 students who appeared in the SEE exam, 47.86 per cent passed. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">A total of 242,092 students have passed towards regular category, said Examination Controller Poudel. Out of those who have qualified, 186 have secured GPA 4.</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"">A total of 52.14 per cent candidates who appeared in the examination obtained non-grade (NG). They will have to take the grade increase test again. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Ppoudel informed that the examination of 221 students has been canceled. Examination Controller Poudel said that the results have been published as per the Letter Grading Guidelines- 2078 BS this year. -- RSS </span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-27', 'modified' => '2024-06-27', 'keywords' => '', 'description' => '', 'sortorder' => '21097', 'image' => '20240627103404_20230330064654_IMG_5918_1.jpg', 'article_date' => '2024-06-27 10:33:31', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '21370', 'article_category_id' => '1', 'title' => 'Dhalkebar-Inaruwa Transmission Line Comes into Operation', 'sub_title' => '', 'summary' => 'The Dhalkebar-Inaruwa section of the 400-KV Hetauda-Dhalkebar-Inaruwa transmission line has officially started operations, enhancing the reliability of Nepal's electricity transmission system and facilitating power exchange between Nepal and India.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">June 27: The Dhalkebar-Inaruwa section of the 400-KV Hetauda-Dhalkebar-Inaruwa transmission line has officially started operations, enhancing the reliability of Nepal's electricity transmission system and facilitating power exchange between Nepal and India.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">This 154-kilometer transmission line runs from Dhalkebar in Dhanusha to the Inaruwa sub-station in Bhokraha Narsingh Rural Municipality-4, Sunsari. The activation of the Dhalkebar-Inaruwa section marks the first instance of 400-KV electricity transmission in Nepal.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Kulman Ghising, Executive Director of the Nepal Electricity Authority, hailed this development as a significant milestone for the country's power infrastructure. He emphasized that the new transmission line will improve the quality and reliability of the national grid and boost electricity trade with India.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The transmission line has a capacity to transmit around 4,000 megawatts of electricity. The overall 288-kilometer Hetauda-Dhalkebar-Inaruwa line is being constructed in two phases, with the 134-kilometer Hetauda-Dhalkebar section still under construction.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-27', 'modified' => '2024-06-27', 'keywords' => '', 'description' => '', 'sortorder' => '21096', 'image' => '20240627054414_collage (42).jpg', 'article_date' => '2024-06-27 05:41:55', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 13 => array( 'Article' => array( 'id' => '21369', 'article_category_id' => '1', 'title' => 'NEPSE Sheds 11.60 Points to Close at 2060.16', 'sub_title' => '', 'summary' => 'The Nepal Stock Exchange (NEPSE) continued its downward trend, dropping by 11.60 points (0.56%) to close at 2060.16 on Wednesday, the fourth trading day of the week.', 'content' => '<p> </p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">June 26: The Nepal Stock Exchange (NEPSE) continued its downward trend, dropping by 11.60 points (0.56%) to close at 2060.16 on Wednesday, the fourth trading day of the week.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Today's trading session saw 305 scrips traded through 54,793 transactions. A total of 8,727,164 units of shares were exchanged, resulting in a total turnover of Rs 4.5 billion.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Nepal Finance Limited (NFS) led in turnover, with transactions totaling Rs 16 crores and a market price of Rs 1033 per share. NFS also recorded the highest gain of the day at 9.87%. </span></span><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">In contrast, Sadhana Laghubitta Bittiya Sanstha (SDLBSL) experienced the biggest loss, declining by 6.38% to close at Rs 1215 per share.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Regarding sector indices, all sectors closed in negative territory except for the Finance Index, Mutual Fund, and Trading Index. </span></span><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The Finance Index reported the highest gain of 0.45%, while the Development Bank Index suffered the highest loss of 1.03%.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-26', 'modified' => '2024-06-26', 'keywords' => '', 'description' => '', 'sortorder' => '21095', 'image' => '20240626035454_collage (41).jpg', 'article_date' => '2024-06-26 15:53:32', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 14 => array( 'Article' => array( 'id' => '21368', 'article_category_id' => '1', 'title' => 'Investments in Real Estate and Businesses Risk Cooperatives’ Savings', 'sub_title' => '', 'summary' => 'KATHMANDU: Sri Laliguras Multi-Purpose Cooperative Organization, which has invested in cow farms, dairy industry, hydropower, hospitals, and colleges, was honored by the National Cooperative Federation with the 'Best Cooperative Business' award in 2018.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">KATHMANDU: Sri Laliguras Multi-Purpose Cooperative Organization, which has invested in cow farms, dairy industry, hydropower, hospitals, and colleges, was honored by the National Cooperative Federation with the 'Best Cooperative Business' award in 2018. However, five years later, the organization was unable to return its members' savings, leading the government to declare it problematic in March 2023 and initiate an investigation through the problematic cooperative management committee.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Kedarnath Sharma, involved in the food business, collected more than Rs 15 billion of savings from the general public through Shivshikhar Multipurpose and Tulsi Cooperative.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The cooperative invested heavily to open 37 departmental stores and half dozen companies under the brand 'Shiva Shikhar Mart'. The government declared the organization problematic and took action after it was unable to return the savings.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The Civil Cooperative, founded by real estate businessman Ichharaj Tamang, invested more than Rs 8 billion collected from its members in its housing projects. Now, the organization is unable to return the members' savings.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">These are just a few representative examples of problems seen in the cooperative sector. According to official and informal data, more than 500 cooperative organizations across the country are in trouble as they are unable to return their members' savings. The general public claims that the 20 institutions declared problematic by the federal government have not returned Rs 36.28 billion. In addition, if the funds of other troubled organizations are included, more than Rs 2 billion of the general public is at risk in cooperatives.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to the law, cooperatives cannot make a company a member, give loans, or invest in shares. To reduce the risk in real estate, the regulatory body has also set limits. However, taking advantage of weak laws and monitoring, cooperative operators have been misusing large sums collected from the general public in real estate, as well as in various companies and private businesses. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">When studying the cooperatives in trouble, it seems that they invested a large amount of money in real estate. Although some invested by setting up a company in the director's name, most misused the organization's savings in the name of individuals, families, and relatives. Some cooperatives have put the common people's savings at risk in the name of investing in the production and service sectors. Due to the failure to recover loans and share investments made by cooperatives in department stores, marts, agriculture sector, hospitals, colleges, etc., billions of rupees of common people's savings in those institutions are at risk.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">After it was found that the funds of the organization were misused and invested in personal property and businesses, the Cooperative Reform Suggestion Task Force has already suggested bringing back the money and returning the members' savings. The government has announced plans to amend the law in the next fiscal year's budget to implement these suggestions.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Department's Instructions not Followed</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">After the Nepal Rastra Bank instructed banks to reduce their investment in real estate, the Department of Cooperatives also instructed cooperatives not to invest more than 25 percent in real estate in October 2010. Since investments made by cooperative organizations in companies put depositors' money at risk, cooperatives were also instructed not to invest in private firms and companies. However, due to a lack of effective monitoring and action, cooperatives have put a large amount of public money at risk by making random investments.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Legal Confusion</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Legally, it is not clear what the cooperatives will do with the idea of integrating labor, skill, and capital scattered among landless farmers, skilled workers, low-income, and marginalized groups and using it for their economic, social, and cultural development. Although the government encourages the registration and operation of cooperatives in various agricultural and service sectors, apart from savings and loans, the common people seem to focus only on financial transactions. In the Cooperative Act, 2074, there is a provision that a company established for the purpose of earning profit cannot be a member of a cooperative.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">There is a provision that cooperatives cannot even invest in shares and loans in such organizations. However, since the government could not strictly implement the legal provisions, cooperative owners have been misusing the cooperative's savings by opening companies.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">“The chairman and the directors of cooperatives have been found risking the organizations’ huge savings by taking loans for their own company," said an officer involved in the monitoring of cooperatives.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The Cooperatives Act, 2074 has a mandatory provision that organizations should focus 70% on their main purpose and 30% on savings and loan transactions. However, this provision has not yet been implemented. Multi-purpose, agricultural, and thematic cooperatives are also limited to savings and loan transactions like banks. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to Paritosh Paudyal, director of the National Cooperative Federation, there is a need to ensure that cooperatives dealing in savings and loans cannot engage in other businesses and that cooperatives engaged in other businesses cannot engage in financial transactions.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Lack of Regulation</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Cooperatives have been making risky investments of members' savings against rules and laws, but the regulatory body has been seen as ineffective. The chief executive officer of a cooperative association said that apart from issuing instructions from time to time, the Department of Cooperatives does not take initiatives to stop risky investments by cooperatives and to ensure they return the funds. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">"The officers of the department knew which cooperatives had raised savings and invested in real estate and private businesses. But because they turned a blind eye and pretended not to see it, now they have to face this crisis," he said requesting anonymity.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">At present, the government does not even have real data about the registration and business conditions of cooperatives. Pitambar Ghimire, registrar of the department, says that with the implementation of federalism, the rights of cooperatives have reached the local bodies, weakening their records. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">"The government's role in cooperatives is more of a promoter than a regulator. The benefits of which have been misused by the wrong people," said Ghimire.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">As the savings accumulated in cooperatives started to be at risk, the government has been saying it will establish a separate regulator for cooperatives. It is mentioned in the budget statement of FY 2081/82 that a regulatory body will be established to regulate savings and credit cooperatives.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-26', 'modified' => '2024-06-26', 'keywords' => 'cooperative, savings, risk, investment, real, estate, problematic', 'description' => '', 'sortorder' => '21094', 'image' => '20240626024413_cooerativesssss.jpg', 'article_date' => '2024-06-26 14:42:47', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ) ) $current_user = null $logged_in = false $xml = falsesimplexml_load_file - [internal], line ?? include - APP/View/Elements/side_bar.ctp, line 133 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
| Currency | Unit |
Buy | Sell |
| U.S. Dollar | 1 | 121.23 | 121.83 |
| European Euro | 1 | 131.65 | 132.31 |
| UK Pound Sterling | 1 | 142.47 | 143.18 |
| Swiss Franc | 1 | 124.29 | 124.90 |
| Australian Dollar | 1 | 71.69 | 72.05 |
| Canadian Dollar | 1 | 83.90 | 84.32 |
| Japanese Yen | 10 | 10.94 | 11.00 |
| Chinese Yuan | 1 | 17.17 | 17.26 |
| Saudi Arabian Riyal | 1 | 32.27 | 32.43 |
| UAE Dirham | 1 | 33.01 | 33.17 |
| Malaysian Ringgit | 1 | 27.36 | 27.50 |
| South Korean Won | 100 | 9.77 | 9.82 |
Update: 2020-03-25 | Source: Nepal Rastra Bank (NRB)
| Fine Gold | 1 tola | 77000.00 |
| Tejabi Gold | 1 tola | 76700.00 |
| Silver | 1 tola | 720.00 |
Update : 2020-03-25
Source: Federation of Nepal Gold and Silver Dealers' Association
| Petrol | 1 Liter | 106.00 |
| Diesel | 1 Liter | 95.00 |
| Kerosene | 1 Liter | 95.00 |
| LP Gas | 1 Cylinder | 1375.00 |
Update : 2020-03-25
