KATHMANDU: The Civil Aviation Authority of Nepal (CAAN) has suspended five officials of Nepal Airlines Corporation (NAC), including Executive Chairman Yuvraj Adhikari, for unauthorized…
KATHMANDU: The Civil Aviation Authority of Nepal (CAAN) has suspended five officials of Nepal Airlines Corporation (NAC), including Executive Chairman Yuvraj Adhikari, for unauthorized…
KATHMANDU: Contrary to the expectation of a flexible monetary policy for the next fiscal year (FY) to revive the economy, the Nepal Rastra Bank (NRB) has indicated it will maintain a tight credit policy in the coming…
KATHMANDU: The House of Representatives (HoR) has passed the Appropriation Bill,…
KATHMANDU: President of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI), Chandra Prasad Dhakal, has emphasized the immense investment potential in Nepal, urging the OPEC Fund for International Development (the OPEC Fund) to expand its investments in the…
KATHMANDU: Deputy Prime Minister and Minister for Foreign Affairs Narayan Kaji Shrestha has said that regular talks are ongoing to repatriate Nepalis serving the Russian…
KATHMANDU: The 16th Meeting of the Diplomatic Consultation Mechanism (DCM) between the Ministries of Foreign Affairs of Nepal and China reviewed the whole gamut of bilateral relations between the two countries and assessed the progress made in the implementation of agreements and Memorandum of Understanding (MoUs) signed and the decisions made in the…
The Nepal Stock Exchange (NEPSE) Index experienced a modest increase of 0.27% , rising by 5.60 points to close at 2,071.77 on the third trading day of the week on…
KATHMANDU: Deputy Prime Minister and Home Minister Rabi Lamichhane has announced the initiation of an investigation into allegations of illegal purchase and sale of land acquired by Patanjali Yogpeeth under land-ceiling…
KATHMANDU: The process of public issuance of securities, which had been stalled for almost six months, has resumed after the amendment of the law allowing the official representing the Ministry of Finance in the Securities Board of Nepal to act as the board’s…
KATHMANDU: The Nepal Quality Council has endorsed the assessment procedures for various types of textiles and also fixed the Nepal Quality Standard for safe lead.…
KATHMANDU: Most of the metropolitan cities in the country have increased their budgets for the next fiscal year (FY) 2081/82 compared to the current year.…
KATHMANDU: The Nepal Electricity Authority (NEA) has notified industries that they must pay the arrears for using the dedicated and trunk lines.…
KATHMANDU: In the first 11 months of the current fiscal year, non-life insurance companies collected over Rs 36 billion in insurance…
KATHMANDU: The government has decided to approve grants and soft loans from the World Bank and other donor…
KATHMANDU: The Melamchi Water Supply Board has suspended the water supply from the Melamchi River in Sindhupalchowk to the Kathmandu Valley from…
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The officials were suspended for unauthorized dispatch of Nepal Airlines' A-330 aircraft with call sign <span style="font-size:11.5pt"><span style="font-family:"Segoe UI","sans-serif"">9</span></span>N-ALY to Italy for a C-check (a detailed maintenance check) without proper approval.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">CAAN issued a letter on Tuesday prohibiting Executive Chairman Yuvraj Adhikari from acting as the Accountable Manager of NAC. The same day, captains Deepuraj Jwarchan (operations director), Maheshwarman Dangol, and Raman Ghimire received letters of suspension. Additionally, CAAN banned Nepal Airlines' CAMO Manager Gyan Bahadur Kunwar from working.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:11.5pt"><span style="font-family:"Segoe UI","sans-serif"">“Accountable Manager, OD, & CAMO Manager of Nepal Airlines have been removed from CAAN assigned post and the crew of 9N-ALY flight have been taken off roster until further notice for violating AOCR and CAR by sending aircraft to unapproved location (Italy) without CAAN's permission,” CAN tweeted on X.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The regulatory body has suspended the license privileges of captain duo Dangol and Ghimire. A letter was also sent to Captain Jwarchan, prohibiting him from working as the operations director. These pilots and officials will not be allowed to resume their work until further decision of CAAN.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">CAAN reported that the NAC officials did not obtain any authorization to send the wide-body aircraft to Italy for the C-check. The aircraft initially flew to Dubai on a scheduled flight on June 22 and subsequently departed for Italy the next day without approval. The aircraft remains in an unauthorized and unattended state in Italy.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The authority's letter states, "The aircraft flew to Italy from Dubai without receiving approval from the authority and is currently in an unauthorized location and unattended state." </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">As per Section 31 of the Civil Aviation Authority Act, 2053, the executive chairman acted irresponsibly by not following the orders and instructions issued by the CAAN, leading to his suspension as Accountable Manager.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Attempts to contact the executive chairman for comments were unsuccessful. NAC spokesperson Ramesh Paudel declined to respond formally, noting that they had not yet received the letter. However, he confirmed the aircraft's dispatch to Italy for a C-check.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Hansraj Pandey, spokesperson for the CAAN, stated that Nepal Airlines Corporation failed to comply with aviation safety regulations. Periodic C-checks are mandatory, and the NAC was aware of the impending deadline. The NAC should have informed the CAAN two months earlier, but instead, the aircraft was sent to Europe (Italy) for maintenance without prior notice or permission, prompting the CAAN to initiate disciplinary action.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-26', 'modified' => '2024-06-26', 'keywords' => '', 'description' => '', 'sortorder' => '21093', 'image' => '20240626124830_20211207081308_Clipboard08(48).jpg', 'article_date' => '2024-06-26 12:47:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '21365', 'article_category_id' => '1', 'title' => 'Nepal Rastra Bank Governor Hints at Tight Credit Policy', 'sub_title' => '', 'summary' => 'KATHMANDU: Contrary to the expectation of a flexible monetary policy for the next fiscal year (FY) to revive the economy, the Nepal Rastra Bank (NRB) has indicated it will maintain a tight credit policy in the coming days.', 'content' => '<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"">KATHMANDU: Contrary to the expectation of a flexible monetary policy for the next fiscal year (FY) to revive the economy, the Nepal Rastra Bank (NRB) has indicated it will maintain a tight credit policy in the coming days. The central bank has expressed concerns that borrowing beyond capacity could create future economic problems and has signaled it will uphold its credit reform policies.</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"">Industrialists and businessmen have called for more flexible policies concerning current capital and credit in sectors such as the stock market, real estate, and auto industry. However, during the 'Pre-Monetary Policy' program organized by the Society of Economic Journalists Association of Nepal (SEJON) on Tuesday, Nepal Rastra Bank’s Governor Maha Prasad Adhikari suggested that these demands were personal issues being generalized to influence monetary policy. He emphasized that borrowers already struggling with debt want the monetary policy to address their problems. </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"">"Monetary policy has its limits," Governor Adhikari stated. "Debtors who have taken on excessive loans are still demanding more. Providing loans now could result in businesses failing next year. We need to understand the problem and move forward thoughtfully, rather than protesting for the sake of protest."</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"">At the event, Rajesh Kumar Agarwal, president of the Confederation of Nepalese Industries, requested the postponement of the working capital loan guideline, suggesting it be implemented at a more appropriate time to boost credit flow and economic activity. He also recommended reducing the high-risk burden assigned to loans such as share mortgages and vehicle loans.</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"">Governor Adhikari noted that current capital loan guideline is limiting businessmen from obtaining loans as needed. He explained that the central bank formulates monetary policy based on data and that the state's goal is to increase production, prioritize agriculture, energy, and support small and medium-sized businesses through targeted loans.</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"">Finance Secretary Madhukumar Marasini mentioned that the government's budget for the next fiscal year aims to support a 6 percent economic growth target, and the upcoming monetary policy will align with these budget objectives. He highlighted that there are over Rs 600 billion of investable funds in the banking system, and the focus of future monetary policy will be on mobilizing this capital.</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"">Economist Dr Bishwanath Poudel stressed the importance of directing available liquidity in the banking system correctly. He warned of the risks of loans intended for the productive sector being diverted to shares and real estate, which could lead to economic inequality and instability.</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"">President of the Nepal Bankers' Association, Sunil KC, voiced concerns over continuous attacks on the banking sector. He pointed out that despite banks reporting substantial profits, the rate of return on capital is decreasing, with over 10 commercial banks currently showing negative distributable profits. "It is time to seriously consider whether the banking sector can sustain this situation indefinitely," he said.</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"">Acting President of the Confederation of Banks and Financial Institutions Nepal (CIBIFIN), Rajesh Upadhyay, noted that everyone is closely watching the upcoming monetary policy. He identified the market's inability to accept the reform programs proposed by the central bank as a core issue.</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"">Former banker Bhuvan Dahal commented that credit disbursement has not increased due to low business morale, despite sufficient liquidity in the banking system over the past 15 months.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-26', 'modified' => '2024-06-26', 'keywords' => '', 'description' => '', 'sortorder' => '21092', 'image' => '20240626112220_f143adc8.jpeg', 'article_date' => '2024-06-26 11:21:34', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '21364', 'article_category_id' => '1', 'title' => 'HoR Passes Appropriation Bill, 2081 ', 'sub_title' => '', 'summary' => 'KATHMANDU: The House of Representatives (HoR) has passed the Appropriation Bill, 2081. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">KATHMANDU: The House of Representatives (HoR) has passed the Appropriation Bill, 2081. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">A meeting of the lower house of parliament on Tuesday passed the proposal presented by Finance Minister Barsha Man Pun seeking endorsement of 'Appropriation Bill, 2081' by majority. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The government had on May 28 presented a budget of Rs 1.86 trillion for the upcoming fiscal year 2024/25 in a joint meeting of the federal parliament. </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"">Discussions on headings of different ministries, offices and bodies under the Appropriation Bill had started in HoR from June 11. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The prime minister and ministers of respective ministries had responded to queries raised by lawmakers on different headings under the Appropriation Bill. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Meanwhile, the House of Representatives (HoR) also endorsed the Finance Bill- 2081 BS by majority votes. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The lower house also approved the Custom Duty Bill-2081 BS with two-thirds majority. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The House approved the Bill after Minister for Finance, Barshaman Pun, responded to the queries raised by the parliamentarians on the Bill during the discussion. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Deputy Speaker Indira Rana, who presided over the meeting, tabled the proposal for consideration in the meeting. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Parliamentarians Sanjay Kumar Gautam, Juli Kumari Mahato (Mahaseth), Prem Suwal, Naagina Yadav, Dr Amresh Kumar Singh, Ganesh Parajuli, Badri Prasad Pandey had participated in the discussion on the Bill. -- RSS </span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-26', 'modified' => '2024-06-26', 'keywords' => '', 'description' => '', 'sortorder' => '21091', 'image' => '20240626102337_RS-KTM-111719310386808copy.jpg', 'article_date' => '2024-06-26 10:23:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '21366', 'article_category_id' => '1', 'title' => 'FNCCI President Dhakal Urges OPEC Fund for More Investment in Nepal', 'sub_title' => '', 'summary' => 'KATHMANDU: President of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI), Chandra Prasad Dhakal, has emphasized the immense investment potential in Nepal, urging the OPEC Fund for International Development (the OPEC Fund) to expand its investments in the country.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">KATHMANDU: President of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI), Chandra Prasad Dhakal, has emphasized the immense investment potential in Nepal, urging the OPEC Fund for International Development (the OPEC Fund) to expand its investments in the country.</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:"Arial","sans-serif"">During a meeting with the President of the OPEC Fund Abdulhamid Alkhalifa and Vice President Tareq Alnassar in Vienna, Austria, on Tuesday, FNCCI President Dhakal highlighted that Nepal could become a new and significant investment destination for the OPEC Fund. </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:"Arial","sans-serif"">He pointed out Nepal's strategic location between two emerging economic giants, China and India, which allows Nepal to benefit from their markets, tourism, and development.</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:"Arial","sans-serif"">He mentioned that the investment environment in Nepal is becoming increasingly conducive. Dhakal noted significant investment opportunities in sectors such as tourism, energy, infrastructure, agriculture, and information technology.</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:"Arial","sans-serif"">Referring to the long-term power trade agreement between the Government of Nepal and the Government of India, Dhakal said it opens up opportunities for investment in hydropower and renewable energy by making Nepal's vast energy potential accessible to the market. Similarly, he mentioned that the power trade agreement with another neighboring country, Bangladesh, is in its final stages.</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:"Arial","sans-serif"">Dhakal also highlighted Nepal's cultural heritage, natural beauty, and youthful and energetic workforce, suggesting that investments in the development of tourism, agriculture, and information technology infrastructure could yield significant benefits. </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:"Arial","sans-serif"">Mentioning the recent amendments to some old laws that were considered obstacles to investment, Dhakal stated that the Nepal government, in cooperation with FNCCI, is committed to creating an investment-friendly environment in the country. </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:"Arial","sans-serif"">He also mentioned that a bilateral investment agreement (BIA) framework, prepared with the initiative of FNCCI, has been approved by the Council of Ministers. This framework will help ensure the security of foreign investments and create a conducive investment environment.</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:"Arial","sans-serif"">Dhakal highlighted that FNCCI has been continuously working to attract investments and improve the investment climate in Nepal. Recently, FNCCI organized business summits in New Delhi, Beijing, and Dubai. </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:"Arial","sans-serif"">He assured that FNCCI is ready to facilitate any investor in Nepal and that Nepalese investors are willing to partner with foreign investments in any sector.</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:"Arial","sans-serif"">OPEC Fund President Abdul Hamid Alkhalifa, while discussing the investments made by the OPEC Fund in Nepal, expressed readiness to increase investments in Nepal's renewable energy, hydropower, and the promotion of small and medium-sized enterprises.</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:"Arial","sans-serif"">On the occasion, the OPEC Fund signed a US$25 million loan agreement with Global IME Bank Limited 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></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-26', 'modified' => '2024-06-26', 'keywords' => 'FNCCI, Nepal, Dhakal, global, IME, Bank, OPEC', 'description' => '', 'sortorder' => '21090', 'image' => '20240626121904_IMG-20240626-WA0000.jpg', 'article_date' => '2024-06-26 12:18:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '21363', 'article_category_id' => '1', 'title' => 'Talks Underway to Repatriate Nepalis Serving in the Russian Army: Foreign Minister Shrestha', 'sub_title' => '', 'summary' => 'KATHMANDU: Deputy Prime Minister and Minister for Foreign Affairs Narayan Kaji Shrestha has said that regular talks are ongoing to repatriate Nepalis serving the Russian Army. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">KATHMANDU: Deputy Prime Minister and Minister for Foreign Affairs Narayan Kaji Shrestha has said that regular talks are ongoing to repatriate Nepalis serving the Russian Army. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Talking to the media at the Tribhuvan International Airport (TIA) on Tuesday evening upon his return from the Asia Cooperation Dialogue (ACD) held in Iran, DPM Shrestha shared that regular efforts are being made with Russia's External Affairs Ministry and other concerned bodies to repatriate Nepalis serving in the Russian Army. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">On the sidelines of the ACD, Minister Shrestha met Deputy Minister for Foreign Affairs of Russia Andrei Rudenko and raised the issue of repatriation of Nepali youths serving in the Russian Army with special focus. </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"">Shrestha said, "I talked with the Deputy Minister for Foreign Affairs of Russia about the return of Nepalis. Before this, I had talked with the Russian Foreign Minister too. On behalf of our ministry, frequent talks are being held with the Embassy in Russia," Shrestha added. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Shrestha shared that some of the Nepalis in Russia are in a difficult situation which was confirmed during the talks with the officials of the Russian Foreign Affairs Ministry and other bodies. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The DPM said that efforts through different channels are ongoing to confirm the total number of Nepalis serving in the Russian Army and their status. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Shrestha said that the Russian side was urged to send the dead bodies of Nepalis in the Russian Army for their final rites in Nepal and provide due compensation to the families of those killed in the conflict, and ensure good health care and services and compensation to the injured ones. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Minister Shrestha shared that currently six Nepalis are under Ukrainian force's control and the Ukrainian government has been told to release Nepalis under the prisoners of war. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Principally, the Russian government has agreed to send Nepalis working in the military service there back home but its modality is yet to be finalized, Shrestha added. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Meanwhile, Shrestha said that the government of Kuwait is opening its embassy in Nepal this year and added that the Kuwaiti government would increase the number of Nepali migrant workers up to 300,000 from the existing number of 100,000. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Meanwhile, the Ministerial Meeting in Iran adopted the Tehran Declaration and the documents, namely, Guiding Principles for the Functioning of Asia Cooperation Dialogue Secretariat, and ACD Rules of Procedures which provide a framework of cooperation among ACD Members and an important basis for institutional strengthening of ACD Secretariat. -- RSS</span></span></span><br /> </p> <p> </p> ', 'published' => true, 'created' => '2024-06-26', 'modified' => '2024-06-26', 'keywords' => 'Russian, Army, Nepalis, repatriate', 'description' => '', 'sortorder' => '21089', 'image' => '20240626100815_20231221102854_thumbs_b_c_c9c447d72ee0340a5035282e09e7f600.jpg', 'article_date' => '2024-06-26 10:07:24', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '21362', 'article_category_id' => '1', 'title' => '16th Nepal-China DCM Meeting Agrees to Realize Economic Opportunities ', 'sub_title' => '', 'summary' => 'KATHMANDU: The 16th Meeting of the Diplomatic Consultation Mechanism (DCM) between the Ministries of Foreign Affairs of Nepal and China reviewed the whole gamut of bilateral relations between the two countries and assessed the progress made in the implementation of agreements and Memorandum of Understanding (MoUs) signed and the decisions made in the past. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">KATHMANDU: The 16th Meeting of the Diplomatic Consultation Mechanism (DCM) between the Ministries of Foreign Affairs of Nepal and China reviewed the whole gamut of bilateral relations between the two countries and assessed the progress made in the implementation of agreements and Memorandum of Understanding (MoUs) signed and the decisions made in the past. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Foreign Secretary Sewa Lamsal led the Nepali delegation during the meeting held in Kathmandu on Tuesday, while the Chinese delegation was led by Vice Minister of Foreign Affairs of China Sun Weidong. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">During the Meeting, the two sides expressed firm commitment to further promote cooperation in mutually agreed areas and committed to work in realization of economic opportunities for mutual benefits. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Both the heads of delegation reiterated that strong foundations of the Five Principles of Peaceful Coexistence, Panchsheel, mutual trust, goodwill, and understanding remain the guiding features of Nepal-China bilateral relations, according to a statement issued by the Ministry of Foreign Affairs. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">On the occasion, Foreign Secretary Lamsal thanked her counterpart for the commitment of the Chinese side to enhancing development cooperation amidst Nepal’s LDC graduation in 2026, while Vice Minister Sun appreciated Nepal’s commitment to One-China Policy. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Both sides shared views on maintaining the tradition of regular exchange of high-level visits. They discussed the ways and means to further enhance cooperation in the areas of trade, investment, infrastructure development, connectivity, agriculture, among others, including the promotion of Nepal’s tourism prospects in China in the context of celebration of the year 2025 as ‘Visit Nepal Year in China.’ </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Both sides decided to celebrate the 70th anniversary of the establishment of the diplomatic relations between Nepal and China with special programmes and activities in 2025. The two sides stressed the need to further activate the existing bilateral mechanisms and establish new ones, including the Joint Commission at the level of Foreign Ministers. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Nepali delegation comprised the Joint Secretary and Head of North East Asia Division of the Ministry of Foreign Affairs Krishna Prasad Dhakal and senior officials from the relevant Ministries and agencies of the Government of Nepal. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Likewise, the Chinese delegation consisted of the Ambassador of China to Nepal Chen Song and other senior officials of the Ministry of Foreign Affairs of China and the Chinese Embassy in Kathmandu. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Earlier on Monday, the Chinese Vice Minister Sun paid a courtesy call on Prime Minister Pushpa Kamal Dahal. He is scheduled to pay courtesy calls on the President Ram Chandra Paudel and Deputy Prime Minister and Minister for Foreign Affairs Narayan Kaji Shrestha on Wednesday. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Vice Minister Sun and his delegation arrived in Kathmandu on Monday and will depart for Beijing on Wednesday, adds the statement. -- RSS</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-26', 'modified' => '2024-06-26', 'keywords' => '', 'description' => '', 'sortorder' => '21088', 'image' => '20240626090526_GQ5W1fzbwAIOxx1.jpg', 'article_date' => '2024-06-26 09:04:32', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '21361', 'article_category_id' => '1', 'title' => 'NEPSE Index Sees Modest Gain of 5.60 Points to Close at 2071.77', 'sub_title' => '', 'summary' => 'The Nepal Stock Exchange (NEPSE) Index experienced a modest increase of 0.27% , rising by 5.60 points to close at 2,071.77 on the third trading day of the week on Tuesday.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">June 25: The Nepal Stock Exchange (NEPSE) Index experienced a modest increase of 0.27% , rising by 5.60 points to close at 2,071.77 on the third trading day of the week on Tuesday. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">During today’s trading session, 319 scrips were traded through 60,858 transactions. A total of 9,435,454 shares changed their hands, resulting into a turnover of Rs 4.18 billion.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">RSDC Laghubitta Bittiya Sanstha Ltd. (RSDC) led the market in terms of turnover, achieving Rs. 14.83 Crores and closing at Rs. 696 per share. </span></span><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Global IME Bank Debenture, 2084/85 (GBILD84/85), and Makar Jitumaya Suri Hydropower Limited (MAKAR) both hit a positive circuit, each surging by 10%.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif""> In contrast, Sadhana Laghubitta Bittiya Sanstha Limited (SDLBSL) faced a significant loss, dropping by 10%.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Sector-wise, five indices ended the day in negative territory. The "Investment Index" recorded the highest sectoral gain of 1.70%, while the "Finance Index" suffered the steepest decline, falling by 2.15%.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-25', 'modified' => '2024-06-25', 'keywords' => '', 'description' => '', 'sortorder' => '21087', 'image' => '20240625034344_collage (39).jpg', 'article_date' => '2024-06-25 15:41:29', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 7 => array( 'Article' => array( 'id' => '21359', 'article_category_id' => '1', 'title' => 'Home Minister Announces Investigation into Patanjali Land Case', 'sub_title' => '', 'summary' => 'KATHMANDU: Deputy Prime Minister and Home Minister Rabi Lamichhane has announced the initiation of an investigation into allegations of illegal purchase and sale of land acquired by Patanjali Yogpeeth under land-ceiling exemption.', 'content' => '<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"">KATHMANDU: Deputy Prime Minister and Home Minister Rabi Lamichhane has announced the initiation of an investigation into allegations of illegal purchase and sale of land acquired by Patanjali Yogpeeth under land-ceiling exemption.</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"">In 2009, during Madhav Kumar Nepal's tenure as prime minister, the Council of Ministers approved Patanjali's purchase of 815 ropanis of land in Kavre under land-ceiling exemption for the establishment of an Ayurvedic University, research center, yogashala, Ayurvedic medicine industry, herb cultivation centre, cow farm, and more. Subsequently, Patanjali acquired over 593 ropanis of land in Sanga, Nasikasthan, and Mahendrajyoti Rural Municipality (Chalal Ganeshsthan), now part of Banepa Municipality in Kavre. However, less than a month and a half later, Patanjali Yogpeeth sought approval from the Council of Ministers to sell 353.15 ropanis of this land in violation of land laws.</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"">Home Minister Lamichhane informed the House of Representatives on Monday that he has reopened the case file concerning the Patanjali Yogpeeth land scam. </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 file on the scam involving the purchase and sale of Patanjali Yogpeeth land has been reopened," he declared on Monday, adding, "No one guilty will be exempted." </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"">On the same day, the Public Accounts Committee of the House of Representatives directed the government to submit all documents related to the Patanjali Yogpeeth land in Kavrepalanchowk, associated with Indian yoga guru Ramdev, within seven days.</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 committee sent a letter to the Ministry of Land Management, Cooperatives, and Poverty Alleviation, requesting details on the purpose of the land purchase and sale by Patanjali Yogpeeth. The parliamentary committee has also sought details about the embezzlement of 353 ropanis of land and the total land owned by Patanjali Yogpeeth. </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"">Home Minister Lamichhane added that an investigation is underway into the irregularities ranging from the Maoist cantonment to Lalita Niwas land scam. </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"">According to Lamichhane, a powerful commission is being formed to investigate 25 scandals. The Ministry of Home Affairs has allocated a budget for this purpose and the commission will be established to proceed with the investigations within two months of budget implementation.</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"">Lamichhane also mentioned efforts to arrest GB Rai, the chairman of Gorkha Media Network, who is currently in Malaysia. Lamichhane stated that he had two telephone conversations with the Malaysian Home Minister, who responded positively to the request for cooperation.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-25', 'modified' => '2024-06-25', 'keywords' => 'Patanjali, Yogpeeth, land, scam, Ramdev, probe, ceiling', 'description' => '', 'sortorder' => '21086', 'image' => '20240625020934_thumb.jpg', 'article_date' => '2024-06-25 14:08:59', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '21358', 'article_category_id' => '231', 'title' => 'IPO Approval After Six Months', 'sub_title' => '', 'summary' => 'KATHMANDU: The process of public issuance of securities, which had been stalled for almost six months, has resumed after the amendment of the law allowing the official representing the Ministry of Finance in the Securities Board of Nepal to act as the board’s chairman.', 'content' => '<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"">KATHMANDU: The process of public issuance of securities, which had been stalled for almost six months, has resumed after the amendment of the law allowing the official representing the Ministry of Finance in the Securities Board of Nepal to act as the board’s chairman.</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 approval of the public issuance of securities was blocked for about six months due to the vacant post of SEBON chairman, as the chairman’s signature was mandatory.</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"">Following the amendment to the Securities Act, 2063, a representative from the Ministry of Finance on the Board of Directors can now perform the duties of the chairman. Currently, Finance Ministry’s Joint Secretary Narendra Kumar Rana is leading the board. Under his leadership, the board granted permission for the issuance of 100 percent rights shares to Himalaya Energy Development Company on June 21. </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"">It has now been decided to proceed with the initial public offering (IPO) at face value, including the public issuance process. Navraj Adhikari informed that the board will now give permission to companies that have requested to sell shares at face value through the IPO, provided there is no evidence against them.</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"">Furthermore, the board will not immediately grant permission to companies with a net worth per share of less than Rs 90. The board has already permitted the issuance of rights shares. Previously, the Public Accounts Committee meeting of the House of Representatives on December 28 issued an 11-point instructions to related agencies to issue IPO permission only to companies whose actual net worth is more than Rs 90.</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 parliamentary committee also recommended that the board adopt the book-building method, which determines the price through competition among investors in the market.</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"">After the Act's amendment in March, representatives of the Ministry of Finance could proceed with the approval process for public issuances. However, Rana, representing the Ministry of Finance on the board, preferred to wait until a new chairman was appointed. Due to recent legal complications in the appointment process of the chairman, the Board of Directors decided not to delay public issuance any further. </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"">Legal complications in the appointment process arose after three of the five shortlisted candidates for the chairman's position were absent from the presentation and interview. According to current legal provisions, the recommendation committee must recommend three candidates. The committee formed to recommend names for the chairman's appointment has sought advice from the Attorney General to resolve this problem.</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 spokesman stated that the IPO permission for companies with a net worth of less than Rs 90 per share will be concluded after further discussions.</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"">Currently, 35 companies have applied for issuance of IPO and are waiting for permission from the board. Among them, Reliance Spinning Mills Limited has sought permission to issue shares through the book-building method. The company filed an application to sell 1,155,960 shares to the general public at Rs 820.80 per share after distributing the IPO to qualified institutional investors.</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"">On December 31, the company distributed shares to qualified institutional investors based on a cut-off price of Rs 912 per share.</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"">There are currently four companies in the board's pipeline that wish to issue shares at a premium price. Jagdamba Steels, Maruti Cements, Shaurya Cement Industries, and Hospital for Advanced Medicine and Surgery Limited have sought permission from the board to sell shares at a premium price. </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"">Jagdamba Steels has applied to issue 270,000 shares at a face value of Rs 100 per share. Maruti Cements has sought permission to issue 10.16 million shares at Rs 377 per share, with a premium of Rs 277 per share at a face value of Rs 100 per share.</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"">Shaurya Cement submitted an application seeking permission to sell 15.98 million shares at Rs 264.51 per share, including a premium. Hospital for Advanced Medicine and Surgery Limited is preparing to sell 1.125 million shares at Rs 288 per share, including a premium. </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"">Although 30 other companies have requested permission to issue shares at nominal value, currently only those with a net worth of more than Rs 90 and no outstanding equity issues will be allowed to proceed.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-25', 'modified' => '2024-06-25', 'keywords' => 'IPO, SEBON, issuance, amendment, chairman', 'description' => '', 'sortorder' => '21085', 'image' => '20240625012824_Sebon-update.jpg', 'article_date' => '2024-06-25 13:27:44', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '21360', 'article_category_id' => '1', 'title' => 'Nepal Quality Council Endorses Textile Assessment Procedures ', 'sub_title' => '', 'summary' => 'KATHMANDU: The Nepal Quality Council has endorsed the assessment procedures for various types of textiles and also fixed the Nepal Quality Standard for safe lead. ', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">KATHMANDU: The Nepal Quality Council has endorsed the assessment procedures for various types of textiles and also fixed the Nepal Quality Standard for safe lead. This initiative is expected to facilitate the exports of textiles and safe lead. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">The 112th meeting of the council chaired by Minister for Industry, Commerce and Supplies Damodar Bhandari on Monday passed the standard determined by the Nepal Bureau of Standard and Metrology. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Prabhat Kumar Singh, spokesperson for the Bureau, stated that the adoption of these quality standards has simplified the process for exporting textiles after their assessment.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Additionally, the meeting approved the standard for safe lead, which the Bureau indicated would aid in the export of safe lead to foreign markets.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">The Bureau's Technical Committee conducts technical assessments of industries and goods before forwarding recommendations to the Council for endorsement. The Bureau's director-general serves as the member-secretary of the Council. -- RSS</span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-06-25', 'modified' => '2024-06-25', 'keywords' => '', 'description' => '', 'sortorder' => '21084', 'image' => '20240625021104_Dhaka.jpg', 'article_date' => '2024-06-25 14:10:16', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '21357', 'article_category_id' => '1', 'title' => 'Majority of Metropolitan Cities Increase Budget', 'sub_title' => '', 'summary' => 'KATHMANDU: Most of the metropolitan cities in the country have increased their budgets for the next fiscal year (FY) 2081/82 compared to the current year. ', 'content' => '<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"">KATHMANDU: Most of the metropolitan cities in the country have increased their budgets for the next fiscal year (FY) 2081/82 compared to the current year. According to the Inter-Governmental Fiscal Arrangement Act 2074, the local level must submit the next year's budget to the Municipal Assembly by Asar 10 (June 24 this year).</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"">Accordingly, six major cities have submitted their budgets within the specified time. Birgunj Metropolitan City introduced its budget on June 22, while the other five metropolitan cities submitted theirs on Monday. Lalitpur, Bharatpur, Biratnagar, Pokhara, and Kathmandu have all increased their budgets, while Birgunj's budget has decreased.</span></span></span></span></p> <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></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"">Kathmandu Metropolitan City’s Deputy Mayor Sunita Dangol presented a budget of Rs 25.64 billion for the upcoming year at the 15th Municipal Assembly. This is an increase from the current year's budget of Rs 25.54 billion. Deputy Mayor Dangol stated that the budget aims to alleviate poverty by utilizing local resources equitably, contributing to the socialist-oriented national economy, enhancing social harmony and unity, and reducing the rates of self-employment and emigration abroad.</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 budget includes allocations of Rs 3.8 billion for 11 metropolitan pride projects and funds for 30 golden schemes. More than Rs 14 billion has been allocated for infrastructure development, over Rs 3 billion for social development, and more than Rs 1.89 billion for good governance. The KMC has estimated revenue collection of Rs 24.2 billion for the upcoming year.</span></span></span></span></p> <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"">Lalitpur</span></span></strong></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"">Lalitpur Metropolitan City has increased its budget for the upcoming year to Rs 7.47 billion, a 15% increase over the current year. Deputy Mayor Manjali Shakya Bajracharya announced the budget at the Municipal Assembly meeting on Monday. The budget includes a property tax exemption for houses built in accordance with heritage rules within the World Heritage Site. Additionally, residents using electric vehicles will receive a 5% property tax rebate.</span></span></span></span></p> <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"">Bharatpur</span></span></strong></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"">Bharatpur Metropolitan City has released a budget of Rs 6.55 billion, which is Rs 240.6 million more than that of current year. Deputy Mayor Chitrasen Adhikari presented the budget in the Municipal Assembly on Monday. Of this, Rs 1.6 billion has been allocated for completing pending projects and those with multi-year contracts.</span></span></span></span></p> <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"">Pokhara</span></span></strong></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"">Deputy Mayor Manjudevi Gurung of Pokhara Metropolitan City presented a budget of Rs 7.51 billion for the upcoming fiscal year. The budget is more than the current year’s budget by Rs 430 million. Pokhara is currently implementing a budget of Rs 7. 08 billion. The new budget includes policies such as mandatory competitive procurement for projects exceeding Rs 50 million, and no transfer of funds from the capital budget.</span></span></span></span></p> <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"">Biratnagar</span></span></strong></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"">Biratnagar Metropolitan City has announced an estimated budget of Rs 3.5 billion for FY 2081/82. Deputy Mayor Shilpa Karki presented the budget at the Municipal Assembly. Karki noted that due to an economic crisis and lower-than-expected income, the metropolis could not add new programs for the upcoming year.</span></span></span></span></p> <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"">Birgunj</span></span></strong></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"">Birgunj Metropolitan City has released a budget of Rs 2.89 billion for the upcoming year, which is Rs 620 million less than the current year's budget. Deputy Mayor Imtiaz Alam presented the budget during the 15th session of the Municipal Assembly on Saturday. The budget prioritizes education, health, sanitation management, environmental protection, tourism, agriculture, quality physical infrastructure, and digital-friendly service delivery. The local tax system aims to boost production and promote social justice.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-25', 'modified' => '2024-06-25', 'keywords' => 'metropolitan, city, budget, Sunita, Dangol, Shakya, Bajracharya, increase', 'description' => '', 'sortorder' => '21083', 'image' => '20240625120451_b89021dc.jpeg', 'article_date' => '2024-06-25 12:04:18', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '21356', 'article_category_id' => '220', 'title' => 'Dedicated and Trunk Line Tariff Controversy: Industrialists Claim NEA Sent Faulty Bills', 'sub_title' => '', 'summary' => 'KATHMANDU: The Nepal Electricity Authority (NEA) has notified industries that they must pay the arrears for using the dedicated and trunk lines. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">KATHMANDU: The Nepal Electricity Authority (NEA) has notified industries that they must pay the arrears for using the dedicated and trunk lines. The NEA sent letters informing industrialists that they owe Rs 6.65 billion in arrears, with a payment deadline of 15 days from Monday.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">NEA spokesperson Chandan Kumar Ghosh stated that the NEA has sent letters to most of the industries, demanding payment of arrears accumulated from mid-January 2016 to mid-May 2018. The NEA took a decision to this effect on Sunday, and letters were dispatched to all the defaulting industries on Monday. Ghosh also mentioned that a 25 percent penalty will be charged on the overdue amounts if the arrears are not cleared on time.</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 sources, letters have been sent to Argakhanchi Cement, Reliance Spinning Mills, Jagdamba Cement, Ghorahi Cement, and other industries. The letters stipulate that "all amounts must be paid within 15 days of receipt. If the fee is not paid within the specified period, penalties will be imposed as per the law."</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Pashupati Murarka, owner of Argakhanchi Cement, criticized the NEA for irresponsibly sending a circular to the industry. He noted that the NEA sent a letter dated Sunday, demanding payment for electricity tariffs from mid-January 2016 to mid-May 2018 within 15 days.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The NEA has billed Argakhanchi Cement Rs 448.6 million. However, the letter does not specify how many units of electricity were consumed during the review period or details of the hours of electricity usage on specific days.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">"The bill sent by the authority appears to be arbitrary. Such a baseless bill cannot be paid,” Murarka told New Business Age. He added that, according to the Girish Chandra Lal Commission's report, the outstanding amount can only be paid if the NEA provides a bill based on sufficient evidence as per the law. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">There is a long-standing dispute between industrialists and the NEA over the settlement of dues for using electricity from dedicated feeders and trunk lines during the time of load-shedding. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The NEA had supplied electricity to industries through dedicated feeder and trunk lines by charging a premium of 65 percent in the electricity tariffs.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The industrialists claim that the NEA has billed them for the electricity even after the end of load-shedding.</span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-06-25', 'modified' => '2024-06-25', 'keywords' => 'electricity, tariff, dispute, load, shedding, NEA, industries', 'description' => '', 'sortorder' => '21082', 'image' => '20240625113753_20231016030910_20230913111412_NEA_20191104081559.jpg', 'article_date' => '2024-06-25 11:35:29', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '21355', 'article_category_id' => '222', 'title' => 'Non-Life Insurance Companies Earn More than Rs 36 Billion in Insurance Premium', 'sub_title' => '', 'summary' => 'KATHMANDU: In the first 11 months of the current fiscal year, non-life insurance companies collected over Rs 36 billion in insurance premium.', 'content' => '<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"">KATHMANDU: In the first 11 months of the current fiscal year, non-life insurance companies collected over Rs 36 billion in insurance premium.</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"">According to data published by the Nepal Insurance Authority, 14 insurance companies sold a total of 2,608,792 insurance policies from mid-July to mid-June, earning Rs 36.33 billion in total insurance premium.</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"">Among them, Shikhar Insurance earned the highest amount, collecting Rs 4.89 billion. Sagarmatha Lumbini Insurance is second on the list, earning Rs 4.29 billion. Siddhartha Premier Insurance Company is third, with earnings of Rs 3.66 billion.</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"">Similarly, Himalayan Everest Insurance Company earned Rs 3.23 billion, IGI Prudential Insurance Company earned Rs 3.21 billion, Neco Insurance earned Rs 2.88 billion, United Azod Insurance earned Rs 2.38 billion, and NLG Insurance Company earned Rs 2.26 billion in insurance premium.</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"">Among these companies, National Insurance Company earned the lowest insurance fees, collecting Rs 1.1 billion. Nepal Insurance Company earned Rs 1.40 billion, Rastriya Beema Company earned Rs 1.53 billion, Prabhu Insurance earned Rs 1.56 billion, The Oriental earned Rs 1.75 billion, and Sanima GIC Insurance earned Rs 2.21 billion in insurance premium.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-25', 'modified' => '2024-06-25', 'keywords' => 'insurance, premium, earning', 'description' => '', 'sortorder' => '21081', 'image' => '20240625110236_INSURANCE-COVERAGE.jpg', 'article_date' => '2024-06-25 11:01:58', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '21354', 'article_category_id' => '1', 'title' => 'Cabinet Decides to Accept Grant, Soft Loan from WB and other Donors ', 'sub_title' => '', 'summary' => 'KATHMANDU: The government has decided to approve grants and soft loans from the World Bank and other donor agencies. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">KATHMANDU: The government has decided to approve grants and soft loans from the World Bank and other donor agencies. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">A meeting of the Council of Ministers held on Monday decided to accept USD 80 million in loan to be received from the World Bank, the government spokesperson and Minister for Communications and Information Technology Rekha Sharma said. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, the government approved the additional grant assistance of 8.1 million Pounds Sterling to be received from the British Government for the reconstruction and rehabilitation of the earthquake damaged structures in the Karnali Province. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to Minister Sharma, the cabinet meeting approved the visit of Finance Minister Barsha Man Pun for his participation in a high-level conference to be held in Beijing of China from July 11 to 13. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, the cabinet meeting has decided to hand over the remaining amount of the fiscal equalization grants of the fiscal year 2080/081 to the concerned local levels. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The cabinet meeting also transferred the suspended Chief Secretary Dr Baikuntha Aryal to the National Planning Commission by creating a post equivalent to the Chief Secretary at the Commission, Minister Sharma said. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">After the Commission for the Investigation of Abuse of Authority (CIAA) filed a case of corruption at the Special Court, Chief Secretary Dr Baikuntha Aryal was automatically suspended from his post. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The cabinet meeting also appointed Dr Ram Prasad Dhital as the Chair of the Electricity Regulations Commission and Dr Madhu Sudan Adhikari and Jhamak Prasad Sharma as the members. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, Dr Rajendra Prasad Yadav was appointed the Executive Director of the National Dairy Development Board. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Furthermore, the cabinet meeting has approved the visit of the Minister for Youths and Sports to South Korea to attend a programme there from June 28 to July 4, Minister Sharma informed journalists. -- RSS </span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-25', 'modified' => '2024-06-25', 'keywords' => '', 'description' => '', 'sortorder' => '21080', 'image' => '20240625092635_World.jpg', 'article_date' => '2024-06-25 09:26:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '21353', 'article_category_id' => '1', 'title' => 'Water Supply from Melamchi Suspended Over Monsoon Hazards ', 'sub_title' => '', 'summary' => 'KATHMANDU: The Melamchi Water Supply Board has suspended the water supply from the Melamchi River in Sindhupalchowk to the Kathmandu Valley from Monday. ', '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 Melamchi Water Supply Board has suspended the water supply from the Melamchi River in Sindhupalchowk to the Kathmandu Valley from Monday. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The Board’s Executive Director Ratna Lamichhane said the decision was taken after the flood in the river turned the water murky, leading to the closure of the water supply to the valley. The supply will be restored once the rain halts. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The board had earlier planned to halt the supply from June 13 but the schedule was postponed as no significant rains occurred. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The government halts water supply from Melamchi during the monsoon bearing in mind its possible consequences on its headworks and other structures. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the Meteorological Forecasting Division, this year monsoon entered the country on June 10, three days earlier than the tentative date and generally exits on October 2. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The project management consultants and the Asian Development Bank (ADB) were advising the board to halt the water supply to save the project's structures from the monsoon-related hazards. "We decided to close it after the river water turned muddy," said Lamichhane. -- RSS </span></span></span><br /> </p> ', 'published' => true, 'created' => '2024-06-24', 'modified' => '2024-06-24', 'keywords' => '', 'description' => '', 'sortorder' => '21079', 'image' => '20240624070229_DRS_Sindhupalchok-IMG-20231201-WA0009(1).jpg', 'article_date' => '2024-06-24 19:01:51', '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' => '21367', 'article_category_id' => '1', 'title' => 'CAAN Suspends Five NAC Officials, including Executive Chairman', 'sub_title' => '', 'summary' => 'KATHMANDU: The Civil Aviation Authority of Nepal (CAAN) has suspended five officials of Nepal Airlines Corporation (NAC), including Executive Chairman Yuvraj Adhikari, for unauthorized actions.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">KATHMANDU: The Civil Aviation Authority of Nepal (CAAN) has suspended five officials of Nepal Airlines Corporation (NAC), including Executive Chairman Yuvraj Adhikari, for unauthorized actions. The officials were suspended for unauthorized dispatch of Nepal Airlines' A-330 aircraft with call sign <span style="font-size:11.5pt"><span style="font-family:"Segoe UI","sans-serif"">9</span></span>N-ALY to Italy for a C-check (a detailed maintenance check) without proper approval.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">CAAN issued a letter on Tuesday prohibiting Executive Chairman Yuvraj Adhikari from acting as the Accountable Manager of NAC. The same day, captains Deepuraj Jwarchan (operations director), Maheshwarman Dangol, and Raman Ghimire received letters of suspension. Additionally, CAAN banned Nepal Airlines' CAMO Manager Gyan Bahadur Kunwar from working.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:11.5pt"><span style="font-family:"Segoe UI","sans-serif"">“Accountable Manager, OD, & CAMO Manager of Nepal Airlines have been removed from CAAN assigned post and the crew of 9N-ALY flight have been taken off roster until further notice for violating AOCR and CAR by sending aircraft to unapproved location (Italy) without CAAN's permission,” CAN tweeted on X.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The regulatory body has suspended the license privileges of captain duo Dangol and Ghimire. A letter was also sent to Captain Jwarchan, prohibiting him from working as the operations director. These pilots and officials will not be allowed to resume their work until further decision of CAAN.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">CAAN reported that the NAC officials did not obtain any authorization to send the wide-body aircraft to Italy for the C-check. The aircraft initially flew to Dubai on a scheduled flight on June 22 and subsequently departed for Italy the next day without approval. The aircraft remains in an unauthorized and unattended state in Italy.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The authority's letter states, "The aircraft flew to Italy from Dubai without receiving approval from the authority and is currently in an unauthorized location and unattended state." </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">As per Section 31 of the Civil Aviation Authority Act, 2053, the executive chairman acted irresponsibly by not following the orders and instructions issued by the CAAN, leading to his suspension as Accountable Manager.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Attempts to contact the executive chairman for comments were unsuccessful. NAC spokesperson Ramesh Paudel declined to respond formally, noting that they had not yet received the letter. However, he confirmed the aircraft's dispatch to Italy for a C-check.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Hansraj Pandey, spokesperson for the CAAN, stated that Nepal Airlines Corporation failed to comply with aviation safety regulations. Periodic C-checks are mandatory, and the NAC was aware of the impending deadline. The NAC should have informed the CAAN two months earlier, but instead, the aircraft was sent to Europe (Italy) for maintenance without prior notice or permission, prompting the CAAN to initiate disciplinary action.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-26', 'modified' => '2024-06-26', 'keywords' => '', 'description' => '', 'sortorder' => '21093', 'image' => '20240626124830_20211207081308_Clipboard08(48).jpg', 'article_date' => '2024-06-26 12:47:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '21365', 'article_category_id' => '1', 'title' => 'Nepal Rastra Bank Governor Hints at Tight Credit Policy', 'sub_title' => '', 'summary' => 'KATHMANDU: Contrary to the expectation of a flexible monetary policy for the next fiscal year (FY) to revive the economy, the Nepal Rastra Bank (NRB) has indicated it will maintain a tight credit policy in the coming days.', 'content' => '<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"">KATHMANDU: Contrary to the expectation of a flexible monetary policy for the next fiscal year (FY) to revive the economy, the Nepal Rastra Bank (NRB) has indicated it will maintain a tight credit policy in the coming days. The central bank has expressed concerns that borrowing beyond capacity could create future economic problems and has signaled it will uphold its credit reform policies.</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"">Industrialists and businessmen have called for more flexible policies concerning current capital and credit in sectors such as the stock market, real estate, and auto industry. However, during the 'Pre-Monetary Policy' program organized by the Society of Economic Journalists Association of Nepal (SEJON) on Tuesday, Nepal Rastra Bank’s Governor Maha Prasad Adhikari suggested that these demands were personal issues being generalized to influence monetary policy. He emphasized that borrowers already struggling with debt want the monetary policy to address their problems. </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"">"Monetary policy has its limits," Governor Adhikari stated. "Debtors who have taken on excessive loans are still demanding more. Providing loans now could result in businesses failing next year. We need to understand the problem and move forward thoughtfully, rather than protesting for the sake of protest."</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"">At the event, Rajesh Kumar Agarwal, president of the Confederation of Nepalese Industries, requested the postponement of the working capital loan guideline, suggesting it be implemented at a more appropriate time to boost credit flow and economic activity. He also recommended reducing the high-risk burden assigned to loans such as share mortgages and vehicle loans.</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"">Governor Adhikari noted that current capital loan guideline is limiting businessmen from obtaining loans as needed. He explained that the central bank formulates monetary policy based on data and that the state's goal is to increase production, prioritize agriculture, energy, and support small and medium-sized businesses through targeted loans.</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"">Finance Secretary Madhukumar Marasini mentioned that the government's budget for the next fiscal year aims to support a 6 percent economic growth target, and the upcoming monetary policy will align with these budget objectives. He highlighted that there are over Rs 600 billion of investable funds in the banking system, and the focus of future monetary policy will be on mobilizing this capital.</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"">Economist Dr Bishwanath Poudel stressed the importance of directing available liquidity in the banking system correctly. He warned of the risks of loans intended for the productive sector being diverted to shares and real estate, which could lead to economic inequality and instability.</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"">President of the Nepal Bankers' Association, Sunil KC, voiced concerns over continuous attacks on the banking sector. He pointed out that despite banks reporting substantial profits, the rate of return on capital is decreasing, with over 10 commercial banks currently showing negative distributable profits. "It is time to seriously consider whether the banking sector can sustain this situation indefinitely," he said.</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"">Acting President of the Confederation of Banks and Financial Institutions Nepal (CIBIFIN), Rajesh Upadhyay, noted that everyone is closely watching the upcoming monetary policy. He identified the market's inability to accept the reform programs proposed by the central bank as a core issue.</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"">Former banker Bhuvan Dahal commented that credit disbursement has not increased due to low business morale, despite sufficient liquidity in the banking system over the past 15 months.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-26', 'modified' => '2024-06-26', 'keywords' => '', 'description' => '', 'sortorder' => '21092', 'image' => '20240626112220_f143adc8.jpeg', 'article_date' => '2024-06-26 11:21:34', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '21364', 'article_category_id' => '1', 'title' => 'HoR Passes Appropriation Bill, 2081 ', 'sub_title' => '', 'summary' => 'KATHMANDU: The House of Representatives (HoR) has passed the Appropriation Bill, 2081. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">KATHMANDU: The House of Representatives (HoR) has passed the Appropriation Bill, 2081. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">A meeting of the lower house of parliament on Tuesday passed the proposal presented by Finance Minister Barsha Man Pun seeking endorsement of 'Appropriation Bill, 2081' by majority. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The government had on May 28 presented a budget of Rs 1.86 trillion for the upcoming fiscal year 2024/25 in a joint meeting of the federal parliament. </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"">Discussions on headings of different ministries, offices and bodies under the Appropriation Bill had started in HoR from June 11. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The prime minister and ministers of respective ministries had responded to queries raised by lawmakers on different headings under the Appropriation Bill. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Meanwhile, the House of Representatives (HoR) also endorsed the Finance Bill- 2081 BS by majority votes. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The lower house also approved the Custom Duty Bill-2081 BS with two-thirds majority. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The House approved the Bill after Minister for Finance, Barshaman Pun, responded to the queries raised by the parliamentarians on the Bill during the discussion. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Deputy Speaker Indira Rana, who presided over the meeting, tabled the proposal for consideration in the meeting. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Parliamentarians Sanjay Kumar Gautam, Juli Kumari Mahato (Mahaseth), Prem Suwal, Naagina Yadav, Dr Amresh Kumar Singh, Ganesh Parajuli, Badri Prasad Pandey had participated in the discussion on the Bill. -- RSS </span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-26', 'modified' => '2024-06-26', 'keywords' => '', 'description' => '', 'sortorder' => '21091', 'image' => '20240626102337_RS-KTM-111719310386808copy.jpg', 'article_date' => '2024-06-26 10:23:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '21366', 'article_category_id' => '1', 'title' => 'FNCCI President Dhakal Urges OPEC Fund for More Investment in Nepal', 'sub_title' => '', 'summary' => 'KATHMANDU: President of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI), Chandra Prasad Dhakal, has emphasized the immense investment potential in Nepal, urging the OPEC Fund for International Development (the OPEC Fund) to expand its investments in the country.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">KATHMANDU: President of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI), Chandra Prasad Dhakal, has emphasized the immense investment potential in Nepal, urging the OPEC Fund for International Development (the OPEC Fund) to expand its investments in the country.</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:"Arial","sans-serif"">During a meeting with the President of the OPEC Fund Abdulhamid Alkhalifa and Vice President Tareq Alnassar in Vienna, Austria, on Tuesday, FNCCI President Dhakal highlighted that Nepal could become a new and significant investment destination for the OPEC Fund. </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:"Arial","sans-serif"">He pointed out Nepal's strategic location between two emerging economic giants, China and India, which allows Nepal to benefit from their markets, tourism, and development.</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:"Arial","sans-serif"">He mentioned that the investment environment in Nepal is becoming increasingly conducive. Dhakal noted significant investment opportunities in sectors such as tourism, energy, infrastructure, agriculture, and information technology.</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:"Arial","sans-serif"">Referring to the long-term power trade agreement between the Government of Nepal and the Government of India, Dhakal said it opens up opportunities for investment in hydropower and renewable energy by making Nepal's vast energy potential accessible to the market. Similarly, he mentioned that the power trade agreement with another neighboring country, Bangladesh, is in its final stages.</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:"Arial","sans-serif"">Dhakal also highlighted Nepal's cultural heritage, natural beauty, and youthful and energetic workforce, suggesting that investments in the development of tourism, agriculture, and information technology infrastructure could yield significant benefits. </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:"Arial","sans-serif"">Mentioning the recent amendments to some old laws that were considered obstacles to investment, Dhakal stated that the Nepal government, in cooperation with FNCCI, is committed to creating an investment-friendly environment in the country. </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:"Arial","sans-serif"">He also mentioned that a bilateral investment agreement (BIA) framework, prepared with the initiative of FNCCI, has been approved by the Council of Ministers. This framework will help ensure the security of foreign investments and create a conducive investment environment.</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:"Arial","sans-serif"">Dhakal highlighted that FNCCI has been continuously working to attract investments and improve the investment climate in Nepal. Recently, FNCCI organized business summits in New Delhi, Beijing, and Dubai. </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:"Arial","sans-serif"">He assured that FNCCI is ready to facilitate any investor in Nepal and that Nepalese investors are willing to partner with foreign investments in any sector.</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:"Arial","sans-serif"">OPEC Fund President Abdul Hamid Alkhalifa, while discussing the investments made by the OPEC Fund in Nepal, expressed readiness to increase investments in Nepal's renewable energy, hydropower, and the promotion of small and medium-sized enterprises.</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:"Arial","sans-serif"">On the occasion, the OPEC Fund signed a US$25 million loan agreement with Global IME Bank Limited 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></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-26', 'modified' => '2024-06-26', 'keywords' => 'FNCCI, Nepal, Dhakal, global, IME, Bank, OPEC', 'description' => '', 'sortorder' => '21090', 'image' => '20240626121904_IMG-20240626-WA0000.jpg', 'article_date' => '2024-06-26 12:18:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '21363', 'article_category_id' => '1', 'title' => 'Talks Underway to Repatriate Nepalis Serving in the Russian Army: Foreign Minister Shrestha', 'sub_title' => '', 'summary' => 'KATHMANDU: Deputy Prime Minister and Minister for Foreign Affairs Narayan Kaji Shrestha has said that regular talks are ongoing to repatriate Nepalis serving the Russian Army. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">KATHMANDU: Deputy Prime Minister and Minister for Foreign Affairs Narayan Kaji Shrestha has said that regular talks are ongoing to repatriate Nepalis serving the Russian Army. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Talking to the media at the Tribhuvan International Airport (TIA) on Tuesday evening upon his return from the Asia Cooperation Dialogue (ACD) held in Iran, DPM Shrestha shared that regular efforts are being made with Russia's External Affairs Ministry and other concerned bodies to repatriate Nepalis serving in the Russian Army. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">On the sidelines of the ACD, Minister Shrestha met Deputy Minister for Foreign Affairs of Russia Andrei Rudenko and raised the issue of repatriation of Nepali youths serving in the Russian Army with special focus. </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"">Shrestha said, "I talked with the Deputy Minister for Foreign Affairs of Russia about the return of Nepalis. Before this, I had talked with the Russian Foreign Minister too. On behalf of our ministry, frequent talks are being held with the Embassy in Russia," Shrestha added. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Shrestha shared that some of the Nepalis in Russia are in a difficult situation which was confirmed during the talks with the officials of the Russian Foreign Affairs Ministry and other bodies. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The DPM said that efforts through different channels are ongoing to confirm the total number of Nepalis serving in the Russian Army and their status. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Shrestha said that the Russian side was urged to send the dead bodies of Nepalis in the Russian Army for their final rites in Nepal and provide due compensation to the families of those killed in the conflict, and ensure good health care and services and compensation to the injured ones. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Minister Shrestha shared that currently six Nepalis are under Ukrainian force's control and the Ukrainian government has been told to release Nepalis under the prisoners of war. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Principally, the Russian government has agreed to send Nepalis working in the military service there back home but its modality is yet to be finalized, Shrestha added. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Meanwhile, Shrestha said that the government of Kuwait is opening its embassy in Nepal this year and added that the Kuwaiti government would increase the number of Nepali migrant workers up to 300,000 from the existing number of 100,000. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Meanwhile, the Ministerial Meeting in Iran adopted the Tehran Declaration and the documents, namely, Guiding Principles for the Functioning of Asia Cooperation Dialogue Secretariat, and ACD Rules of Procedures which provide a framework of cooperation among ACD Members and an important basis for institutional strengthening of ACD Secretariat. -- RSS</span></span></span><br /> </p> <p> </p> ', 'published' => true, 'created' => '2024-06-26', 'modified' => '2024-06-26', 'keywords' => 'Russian, Army, Nepalis, repatriate', 'description' => '', 'sortorder' => '21089', 'image' => '20240626100815_20231221102854_thumbs_b_c_c9c447d72ee0340a5035282e09e7f600.jpg', 'article_date' => '2024-06-26 10:07:24', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '21362', 'article_category_id' => '1', 'title' => '16th Nepal-China DCM Meeting Agrees to Realize Economic Opportunities ', 'sub_title' => '', 'summary' => 'KATHMANDU: The 16th Meeting of the Diplomatic Consultation Mechanism (DCM) between the Ministries of Foreign Affairs of Nepal and China reviewed the whole gamut of bilateral relations between the two countries and assessed the progress made in the implementation of agreements and Memorandum of Understanding (MoUs) signed and the decisions made in the past. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">KATHMANDU: The 16th Meeting of the Diplomatic Consultation Mechanism (DCM) between the Ministries of Foreign Affairs of Nepal and China reviewed the whole gamut of bilateral relations between the two countries and assessed the progress made in the implementation of agreements and Memorandum of Understanding (MoUs) signed and the decisions made in the past. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Foreign Secretary Sewa Lamsal led the Nepali delegation during the meeting held in Kathmandu on Tuesday, while the Chinese delegation was led by Vice Minister of Foreign Affairs of China Sun Weidong. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">During the Meeting, the two sides expressed firm commitment to further promote cooperation in mutually agreed areas and committed to work in realization of economic opportunities for mutual benefits. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Both the heads of delegation reiterated that strong foundations of the Five Principles of Peaceful Coexistence, Panchsheel, mutual trust, goodwill, and understanding remain the guiding features of Nepal-China bilateral relations, according to a statement issued by the Ministry of Foreign Affairs. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">On the occasion, Foreign Secretary Lamsal thanked her counterpart for the commitment of the Chinese side to enhancing development cooperation amidst Nepal’s LDC graduation in 2026, while Vice Minister Sun appreciated Nepal’s commitment to One-China Policy. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Both sides shared views on maintaining the tradition of regular exchange of high-level visits. They discussed the ways and means to further enhance cooperation in the areas of trade, investment, infrastructure development, connectivity, agriculture, among others, including the promotion of Nepal’s tourism prospects in China in the context of celebration of the year 2025 as ‘Visit Nepal Year in China.’ </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Both sides decided to celebrate the 70th anniversary of the establishment of the diplomatic relations between Nepal and China with special programmes and activities in 2025. The two sides stressed the need to further activate the existing bilateral mechanisms and establish new ones, including the Joint Commission at the level of Foreign Ministers. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Nepali delegation comprised the Joint Secretary and Head of North East Asia Division of the Ministry of Foreign Affairs Krishna Prasad Dhakal and senior officials from the relevant Ministries and agencies of the Government of Nepal. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Likewise, the Chinese delegation consisted of the Ambassador of China to Nepal Chen Song and other senior officials of the Ministry of Foreign Affairs of China and the Chinese Embassy in Kathmandu. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Earlier on Monday, the Chinese Vice Minister Sun paid a courtesy call on Prime Minister Pushpa Kamal Dahal. He is scheduled to pay courtesy calls on the President Ram Chandra Paudel and Deputy Prime Minister and Minister for Foreign Affairs Narayan Kaji Shrestha on Wednesday. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Vice Minister Sun and his delegation arrived in Kathmandu on Monday and will depart for Beijing on Wednesday, adds the statement. -- RSS</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-26', 'modified' => '2024-06-26', 'keywords' => '', 'description' => '', 'sortorder' => '21088', 'image' => '20240626090526_GQ5W1fzbwAIOxx1.jpg', 'article_date' => '2024-06-26 09:04:32', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '21361', 'article_category_id' => '1', 'title' => 'NEPSE Index Sees Modest Gain of 5.60 Points to Close at 2071.77', 'sub_title' => '', 'summary' => 'The Nepal Stock Exchange (NEPSE) Index experienced a modest increase of 0.27% , rising by 5.60 points to close at 2,071.77 on the third trading day of the week on Tuesday.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">June 25: The Nepal Stock Exchange (NEPSE) Index experienced a modest increase of 0.27% , rising by 5.60 points to close at 2,071.77 on the third trading day of the week on Tuesday. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">During today’s trading session, 319 scrips were traded through 60,858 transactions. A total of 9,435,454 shares changed their hands, resulting into a turnover of Rs 4.18 billion.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">RSDC Laghubitta Bittiya Sanstha Ltd. (RSDC) led the market in terms of turnover, achieving Rs. 14.83 Crores and closing at Rs. 696 per share. </span></span><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Global IME Bank Debenture, 2084/85 (GBILD84/85), and Makar Jitumaya Suri Hydropower Limited (MAKAR) both hit a positive circuit, each surging by 10%.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif""> In contrast, Sadhana Laghubitta Bittiya Sanstha Limited (SDLBSL) faced a significant loss, dropping by 10%.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Sector-wise, five indices ended the day in negative territory. The "Investment Index" recorded the highest sectoral gain of 1.70%, while the "Finance Index" suffered the steepest decline, falling by 2.15%.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-25', 'modified' => '2024-06-25', 'keywords' => '', 'description' => '', 'sortorder' => '21087', 'image' => '20240625034344_collage (39).jpg', 'article_date' => '2024-06-25 15:41:29', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 7 => array( 'Article' => array( 'id' => '21359', 'article_category_id' => '1', 'title' => 'Home Minister Announces Investigation into Patanjali Land Case', 'sub_title' => '', 'summary' => 'KATHMANDU: Deputy Prime Minister and Home Minister Rabi Lamichhane has announced the initiation of an investigation into allegations of illegal purchase and sale of land acquired by Patanjali Yogpeeth under land-ceiling exemption.', 'content' => '<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"">KATHMANDU: Deputy Prime Minister and Home Minister Rabi Lamichhane has announced the initiation of an investigation into allegations of illegal purchase and sale of land acquired by Patanjali Yogpeeth under land-ceiling exemption.</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"">In 2009, during Madhav Kumar Nepal's tenure as prime minister, the Council of Ministers approved Patanjali's purchase of 815 ropanis of land in Kavre under land-ceiling exemption for the establishment of an Ayurvedic University, research center, yogashala, Ayurvedic medicine industry, herb cultivation centre, cow farm, and more. Subsequently, Patanjali acquired over 593 ropanis of land in Sanga, Nasikasthan, and Mahendrajyoti Rural Municipality (Chalal Ganeshsthan), now part of Banepa Municipality in Kavre. However, less than a month and a half later, Patanjali Yogpeeth sought approval from the Council of Ministers to sell 353.15 ropanis of this land in violation of land laws.</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"">Home Minister Lamichhane informed the House of Representatives on Monday that he has reopened the case file concerning the Patanjali Yogpeeth land scam. </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 file on the scam involving the purchase and sale of Patanjali Yogpeeth land has been reopened," he declared on Monday, adding, "No one guilty will be exempted." </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"">On the same day, the Public Accounts Committee of the House of Representatives directed the government to submit all documents related to the Patanjali Yogpeeth land in Kavrepalanchowk, associated with Indian yoga guru Ramdev, within seven days.</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 committee sent a letter to the Ministry of Land Management, Cooperatives, and Poverty Alleviation, requesting details on the purpose of the land purchase and sale by Patanjali Yogpeeth. The parliamentary committee has also sought details about the embezzlement of 353 ropanis of land and the total land owned by Patanjali Yogpeeth. </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"">Home Minister Lamichhane added that an investigation is underway into the irregularities ranging from the Maoist cantonment to Lalita Niwas land scam. </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"">According to Lamichhane, a powerful commission is being formed to investigate 25 scandals. The Ministry of Home Affairs has allocated a budget for this purpose and the commission will be established to proceed with the investigations within two months of budget implementation.</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"">Lamichhane also mentioned efforts to arrest GB Rai, the chairman of Gorkha Media Network, who is currently in Malaysia. Lamichhane stated that he had two telephone conversations with the Malaysian Home Minister, who responded positively to the request for cooperation.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-25', 'modified' => '2024-06-25', 'keywords' => 'Patanjali, Yogpeeth, land, scam, Ramdev, probe, ceiling', 'description' => '', 'sortorder' => '21086', 'image' => '20240625020934_thumb.jpg', 'article_date' => '2024-06-25 14:08:59', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '21358', 'article_category_id' => '231', 'title' => 'IPO Approval After Six Months', 'sub_title' => '', 'summary' => 'KATHMANDU: The process of public issuance of securities, which had been stalled for almost six months, has resumed after the amendment of the law allowing the official representing the Ministry of Finance in the Securities Board of Nepal to act as the board’s chairman.', 'content' => '<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"">KATHMANDU: The process of public issuance of securities, which had been stalled for almost six months, has resumed after the amendment of the law allowing the official representing the Ministry of Finance in the Securities Board of Nepal to act as the board’s chairman.</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 approval of the public issuance of securities was blocked for about six months due to the vacant post of SEBON chairman, as the chairman’s signature was mandatory.</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"">Following the amendment to the Securities Act, 2063, a representative from the Ministry of Finance on the Board of Directors can now perform the duties of the chairman. Currently, Finance Ministry’s Joint Secretary Narendra Kumar Rana is leading the board. Under his leadership, the board granted permission for the issuance of 100 percent rights shares to Himalaya Energy Development Company on June 21. </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"">It has now been decided to proceed with the initial public offering (IPO) at face value, including the public issuance process. Navraj Adhikari informed that the board will now give permission to companies that have requested to sell shares at face value through the IPO, provided there is no evidence against them.</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"">Furthermore, the board will not immediately grant permission to companies with a net worth per share of less than Rs 90. The board has already permitted the issuance of rights shares. Previously, the Public Accounts Committee meeting of the House of Representatives on December 28 issued an 11-point instructions to related agencies to issue IPO permission only to companies whose actual net worth is more than Rs 90.</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 parliamentary committee also recommended that the board adopt the book-building method, which determines the price through competition among investors in the market.</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"">After the Act's amendment in March, representatives of the Ministry of Finance could proceed with the approval process for public issuances. However, Rana, representing the Ministry of Finance on the board, preferred to wait until a new chairman was appointed. Due to recent legal complications in the appointment process of the chairman, the Board of Directors decided not to delay public issuance any further. </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"">Legal complications in the appointment process arose after three of the five shortlisted candidates for the chairman's position were absent from the presentation and interview. According to current legal provisions, the recommendation committee must recommend three candidates. The committee formed to recommend names for the chairman's appointment has sought advice from the Attorney General to resolve this problem.</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 spokesman stated that the IPO permission for companies with a net worth of less than Rs 90 per share will be concluded after further discussions.</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"">Currently, 35 companies have applied for issuance of IPO and are waiting for permission from the board. Among them, Reliance Spinning Mills Limited has sought permission to issue shares through the book-building method. The company filed an application to sell 1,155,960 shares to the general public at Rs 820.80 per share after distributing the IPO to qualified institutional investors.</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"">On December 31, the company distributed shares to qualified institutional investors based on a cut-off price of Rs 912 per share.</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"">There are currently four companies in the board's pipeline that wish to issue shares at a premium price. Jagdamba Steels, Maruti Cements, Shaurya Cement Industries, and Hospital for Advanced Medicine and Surgery Limited have sought permission from the board to sell shares at a premium price. </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"">Jagdamba Steels has applied to issue 270,000 shares at a face value of Rs 100 per share. Maruti Cements has sought permission to issue 10.16 million shares at Rs 377 per share, with a premium of Rs 277 per share at a face value of Rs 100 per share.</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"">Shaurya Cement submitted an application seeking permission to sell 15.98 million shares at Rs 264.51 per share, including a premium. Hospital for Advanced Medicine and Surgery Limited is preparing to sell 1.125 million shares at Rs 288 per share, including a premium. </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"">Although 30 other companies have requested permission to issue shares at nominal value, currently only those with a net worth of more than Rs 90 and no outstanding equity issues will be allowed to proceed.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-25', 'modified' => '2024-06-25', 'keywords' => 'IPO, SEBON, issuance, amendment, chairman', 'description' => '', 'sortorder' => '21085', 'image' => '20240625012824_Sebon-update.jpg', 'article_date' => '2024-06-25 13:27:44', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '21360', 'article_category_id' => '1', 'title' => 'Nepal Quality Council Endorses Textile Assessment Procedures ', 'sub_title' => '', 'summary' => 'KATHMANDU: The Nepal Quality Council has endorsed the assessment procedures for various types of textiles and also fixed the Nepal Quality Standard for safe lead. ', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">KATHMANDU: The Nepal Quality Council has endorsed the assessment procedures for various types of textiles and also fixed the Nepal Quality Standard for safe lead. This initiative is expected to facilitate the exports of textiles and safe lead. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">The 112th meeting of the council chaired by Minister for Industry, Commerce and Supplies Damodar Bhandari on Monday passed the standard determined by the Nepal Bureau of Standard and Metrology. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Prabhat Kumar Singh, spokesperson for the Bureau, stated that the adoption of these quality standards has simplified the process for exporting textiles after their assessment.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Additionally, the meeting approved the standard for safe lead, which the Bureau indicated would aid in the export of safe lead to foreign markets.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">The Bureau's Technical Committee conducts technical assessments of industries and goods before forwarding recommendations to the Council for endorsement. The Bureau's director-general serves as the member-secretary of the Council. -- RSS</span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-06-25', 'modified' => '2024-06-25', 'keywords' => '', 'description' => '', 'sortorder' => '21084', 'image' => '20240625021104_Dhaka.jpg', 'article_date' => '2024-06-25 14:10:16', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '21357', 'article_category_id' => '1', 'title' => 'Majority of Metropolitan Cities Increase Budget', 'sub_title' => '', 'summary' => 'KATHMANDU: Most of the metropolitan cities in the country have increased their budgets for the next fiscal year (FY) 2081/82 compared to the current year. ', 'content' => '<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"">KATHMANDU: Most of the metropolitan cities in the country have increased their budgets for the next fiscal year (FY) 2081/82 compared to the current year. According to the Inter-Governmental Fiscal Arrangement Act 2074, the local level must submit the next year's budget to the Municipal Assembly by Asar 10 (June 24 this year).</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"">Accordingly, six major cities have submitted their budgets within the specified time. Birgunj Metropolitan City introduced its budget on June 22, while the other five metropolitan cities submitted theirs on Monday. Lalitpur, Bharatpur, Biratnagar, Pokhara, and Kathmandu have all increased their budgets, while Birgunj's budget has decreased.</span></span></span></span></p> <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></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"">Kathmandu Metropolitan City’s Deputy Mayor Sunita Dangol presented a budget of Rs 25.64 billion for the upcoming year at the 15th Municipal Assembly. This is an increase from the current year's budget of Rs 25.54 billion. Deputy Mayor Dangol stated that the budget aims to alleviate poverty by utilizing local resources equitably, contributing to the socialist-oriented national economy, enhancing social harmony and unity, and reducing the rates of self-employment and emigration abroad.</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 budget includes allocations of Rs 3.8 billion for 11 metropolitan pride projects and funds for 30 golden schemes. More than Rs 14 billion has been allocated for infrastructure development, over Rs 3 billion for social development, and more than Rs 1.89 billion for good governance. The KMC has estimated revenue collection of Rs 24.2 billion for the upcoming year.</span></span></span></span></p> <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"">Lalitpur</span></span></strong></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"">Lalitpur Metropolitan City has increased its budget for the upcoming year to Rs 7.47 billion, a 15% increase over the current year. Deputy Mayor Manjali Shakya Bajracharya announced the budget at the Municipal Assembly meeting on Monday. The budget includes a property tax exemption for houses built in accordance with heritage rules within the World Heritage Site. Additionally, residents using electric vehicles will receive a 5% property tax rebate.</span></span></span></span></p> <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"">Bharatpur</span></span></strong></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"">Bharatpur Metropolitan City has released a budget of Rs 6.55 billion, which is Rs 240.6 million more than that of current year. Deputy Mayor Chitrasen Adhikari presented the budget in the Municipal Assembly on Monday. Of this, Rs 1.6 billion has been allocated for completing pending projects and those with multi-year contracts.</span></span></span></span></p> <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"">Pokhara</span></span></strong></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"">Deputy Mayor Manjudevi Gurung of Pokhara Metropolitan City presented a budget of Rs 7.51 billion for the upcoming fiscal year. The budget is more than the current year’s budget by Rs 430 million. Pokhara is currently implementing a budget of Rs 7. 08 billion. The new budget includes policies such as mandatory competitive procurement for projects exceeding Rs 50 million, and no transfer of funds from the capital budget.</span></span></span></span></p> <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"">Biratnagar</span></span></strong></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"">Biratnagar Metropolitan City has announced an estimated budget of Rs 3.5 billion for FY 2081/82. Deputy Mayor Shilpa Karki presented the budget at the Municipal Assembly. Karki noted that due to an economic crisis and lower-than-expected income, the metropolis could not add new programs for the upcoming year.</span></span></span></span></p> <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"">Birgunj</span></span></strong></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"">Birgunj Metropolitan City has released a budget of Rs 2.89 billion for the upcoming year, which is Rs 620 million less than the current year's budget. Deputy Mayor Imtiaz Alam presented the budget during the 15th session of the Municipal Assembly on Saturday. The budget prioritizes education, health, sanitation management, environmental protection, tourism, agriculture, quality physical infrastructure, and digital-friendly service delivery. The local tax system aims to boost production and promote social justice.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-25', 'modified' => '2024-06-25', 'keywords' => 'metropolitan, city, budget, Sunita, Dangol, Shakya, Bajracharya, increase', 'description' => '', 'sortorder' => '21083', 'image' => '20240625120451_b89021dc.jpeg', 'article_date' => '2024-06-25 12:04:18', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '21356', 'article_category_id' => '220', 'title' => 'Dedicated and Trunk Line Tariff Controversy: Industrialists Claim NEA Sent Faulty Bills', 'sub_title' => '', 'summary' => 'KATHMANDU: The Nepal Electricity Authority (NEA) has notified industries that they must pay the arrears for using the dedicated and trunk lines. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">KATHMANDU: The Nepal Electricity Authority (NEA) has notified industries that they must pay the arrears for using the dedicated and trunk lines. The NEA sent letters informing industrialists that they owe Rs 6.65 billion in arrears, with a payment deadline of 15 days from Monday.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">NEA spokesperson Chandan Kumar Ghosh stated that the NEA has sent letters to most of the industries, demanding payment of arrears accumulated from mid-January 2016 to mid-May 2018. The NEA took a decision to this effect on Sunday, and letters were dispatched to all the defaulting industries on Monday. Ghosh also mentioned that a 25 percent penalty will be charged on the overdue amounts if the arrears are not cleared on time.</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 sources, letters have been sent to Argakhanchi Cement, Reliance Spinning Mills, Jagdamba Cement, Ghorahi Cement, and other industries. The letters stipulate that "all amounts must be paid within 15 days of receipt. If the fee is not paid within the specified period, penalties will be imposed as per the law."</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Pashupati Murarka, owner of Argakhanchi Cement, criticized the NEA for irresponsibly sending a circular to the industry. He noted that the NEA sent a letter dated Sunday, demanding payment for electricity tariffs from mid-January 2016 to mid-May 2018 within 15 days.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The NEA has billed Argakhanchi Cement Rs 448.6 million. However, the letter does not specify how many units of electricity were consumed during the review period or details of the hours of electricity usage on specific days.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">"The bill sent by the authority appears to be arbitrary. Such a baseless bill cannot be paid,” Murarka told New Business Age. He added that, according to the Girish Chandra Lal Commission's report, the outstanding amount can only be paid if the NEA provides a bill based on sufficient evidence as per the law. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">There is a long-standing dispute between industrialists and the NEA over the settlement of dues for using electricity from dedicated feeders and trunk lines during the time of load-shedding. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The NEA had supplied electricity to industries through dedicated feeder and trunk lines by charging a premium of 65 percent in the electricity tariffs.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The industrialists claim that the NEA has billed them for the electricity even after the end of load-shedding.</span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-06-25', 'modified' => '2024-06-25', 'keywords' => 'electricity, tariff, dispute, load, shedding, NEA, industries', 'description' => '', 'sortorder' => '21082', 'image' => '20240625113753_20231016030910_20230913111412_NEA_20191104081559.jpg', 'article_date' => '2024-06-25 11:35:29', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '21355', 'article_category_id' => '222', 'title' => 'Non-Life Insurance Companies Earn More than Rs 36 Billion in Insurance Premium', 'sub_title' => '', 'summary' => 'KATHMANDU: In the first 11 months of the current fiscal year, non-life insurance companies collected over Rs 36 billion in insurance premium.', 'content' => '<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"">KATHMANDU: In the first 11 months of the current fiscal year, non-life insurance companies collected over Rs 36 billion in insurance premium.</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"">According to data published by the Nepal Insurance Authority, 14 insurance companies sold a total of 2,608,792 insurance policies from mid-July to mid-June, earning Rs 36.33 billion in total insurance premium.</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"">Among them, Shikhar Insurance earned the highest amount, collecting Rs 4.89 billion. Sagarmatha Lumbini Insurance is second on the list, earning Rs 4.29 billion. Siddhartha Premier Insurance Company is third, with earnings of Rs 3.66 billion.</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"">Similarly, Himalayan Everest Insurance Company earned Rs 3.23 billion, IGI Prudential Insurance Company earned Rs 3.21 billion, Neco Insurance earned Rs 2.88 billion, United Azod Insurance earned Rs 2.38 billion, and NLG Insurance Company earned Rs 2.26 billion in insurance premium.</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"">Among these companies, National Insurance Company earned the lowest insurance fees, collecting Rs 1.1 billion. Nepal Insurance Company earned Rs 1.40 billion, Rastriya Beema Company earned Rs 1.53 billion, Prabhu Insurance earned Rs 1.56 billion, The Oriental earned Rs 1.75 billion, and Sanima GIC Insurance earned Rs 2.21 billion in insurance premium.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-25', 'modified' => '2024-06-25', 'keywords' => 'insurance, premium, earning', 'description' => '', 'sortorder' => '21081', 'image' => '20240625110236_INSURANCE-COVERAGE.jpg', 'article_date' => '2024-06-25 11:01:58', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '21354', 'article_category_id' => '1', 'title' => 'Cabinet Decides to Accept Grant, Soft Loan from WB and other Donors ', 'sub_title' => '', 'summary' => 'KATHMANDU: The government has decided to approve grants and soft loans from the World Bank and other donor agencies. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">KATHMANDU: The government has decided to approve grants and soft loans from the World Bank and other donor agencies. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">A meeting of the Council of Ministers held on Monday decided to accept USD 80 million in loan to be received from the World Bank, the government spokesperson and Minister for Communications and Information Technology Rekha Sharma said. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, the government approved the additional grant assistance of 8.1 million Pounds Sterling to be received from the British Government for the reconstruction and rehabilitation of the earthquake damaged structures in the Karnali Province. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to Minister Sharma, the cabinet meeting approved the visit of Finance Minister Barsha Man Pun for his participation in a high-level conference to be held in Beijing of China from July 11 to 13. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, the cabinet meeting has decided to hand over the remaining amount of the fiscal equalization grants of the fiscal year 2080/081 to the concerned local levels. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The cabinet meeting also transferred the suspended Chief Secretary Dr Baikuntha Aryal to the National Planning Commission by creating a post equivalent to the Chief Secretary at the Commission, Minister Sharma said. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">After the Commission for the Investigation of Abuse of Authority (CIAA) filed a case of corruption at the Special Court, Chief Secretary Dr Baikuntha Aryal was automatically suspended from his post. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The cabinet meeting also appointed Dr Ram Prasad Dhital as the Chair of the Electricity Regulations Commission and Dr Madhu Sudan Adhikari and Jhamak Prasad Sharma as the members. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, Dr Rajendra Prasad Yadav was appointed the Executive Director of the National Dairy Development Board. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Furthermore, the cabinet meeting has approved the visit of the Minister for Youths and Sports to South Korea to attend a programme there from June 28 to July 4, Minister Sharma informed journalists. -- RSS </span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-25', 'modified' => '2024-06-25', 'keywords' => '', 'description' => '', 'sortorder' => '21080', 'image' => '20240625092635_World.jpg', 'article_date' => '2024-06-25 09:26:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '21353', 'article_category_id' => '1', 'title' => 'Water Supply from Melamchi Suspended Over Monsoon Hazards ', 'sub_title' => '', 'summary' => 'KATHMANDU: The Melamchi Water Supply Board has suspended the water supply from the Melamchi River in Sindhupalchowk to the Kathmandu Valley from Monday. ', '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 Melamchi Water Supply Board has suspended the water supply from the Melamchi River in Sindhupalchowk to the Kathmandu Valley from Monday. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The Board’s Executive Director Ratna Lamichhane said the decision was taken after the flood in the river turned the water murky, leading to the closure of the water supply to the valley. The supply will be restored once the rain halts. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The board had earlier planned to halt the supply from June 13 but the schedule was postponed as no significant rains occurred. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The government halts water supply from Melamchi during the monsoon bearing in mind its possible consequences on its headworks and other structures. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the Meteorological Forecasting Division, this year monsoon entered the country on June 10, three days earlier than the tentative date and generally exits on October 2. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The project management consultants and the Asian Development Bank (ADB) were advising the board to halt the water supply to save the project's structures from the monsoon-related hazards. "We decided to close it after the river water turned muddy," said Lamichhane. -- RSS </span></span></span><br /> </p> ', 'published' => true, 'created' => '2024-06-24', 'modified' => '2024-06-24', 'keywords' => '', 'description' => '', 'sortorder' => '21079', 'image' => '20240624070229_DRS_Sindhupalchok-IMG-20231201-WA0009(1).jpg', 'article_date' => '2024-06-24 19:01:51', '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' => '21367', 'article_category_id' => '1', 'title' => 'CAAN Suspends Five NAC Officials, including Executive Chairman', 'sub_title' => '', 'summary' => 'KATHMANDU: The Civil Aviation Authority of Nepal (CAAN) has suspended five officials of Nepal Airlines Corporation (NAC), including Executive Chairman Yuvraj Adhikari, for unauthorized actions.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">KATHMANDU: The Civil Aviation Authority of Nepal (CAAN) has suspended five officials of Nepal Airlines Corporation (NAC), including Executive Chairman Yuvraj Adhikari, for unauthorized actions. The officials were suspended for unauthorized dispatch of Nepal Airlines' A-330 aircraft with call sign <span style="font-size:11.5pt"><span style="font-family:"Segoe UI","sans-serif"">9</span></span>N-ALY to Italy for a C-check (a detailed maintenance check) without proper approval.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">CAAN issued a letter on Tuesday prohibiting Executive Chairman Yuvraj Adhikari from acting as the Accountable Manager of NAC. The same day, captains Deepuraj Jwarchan (operations director), Maheshwarman Dangol, and Raman Ghimire received letters of suspension. Additionally, CAAN banned Nepal Airlines' CAMO Manager Gyan Bahadur Kunwar from working.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:11.5pt"><span style="font-family:"Segoe UI","sans-serif"">“Accountable Manager, OD, & CAMO Manager of Nepal Airlines have been removed from CAAN assigned post and the crew of 9N-ALY flight have been taken off roster until further notice for violating AOCR and CAR by sending aircraft to unapproved location (Italy) without CAAN's permission,” CAN tweeted on X.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The regulatory body has suspended the license privileges of captain duo Dangol and Ghimire. A letter was also sent to Captain Jwarchan, prohibiting him from working as the operations director. These pilots and officials will not be allowed to resume their work until further decision of CAAN.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">CAAN reported that the NAC officials did not obtain any authorization to send the wide-body aircraft to Italy for the C-check. The aircraft initially flew to Dubai on a scheduled flight on June 22 and subsequently departed for Italy the next day without approval. The aircraft remains in an unauthorized and unattended state in Italy.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The authority's letter states, "The aircraft flew to Italy from Dubai without receiving approval from the authority and is currently in an unauthorized location and unattended state." </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">As per Section 31 of the Civil Aviation Authority Act, 2053, the executive chairman acted irresponsibly by not following the orders and instructions issued by the CAAN, leading to his suspension as Accountable Manager.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Attempts to contact the executive chairman for comments were unsuccessful. NAC spokesperson Ramesh Paudel declined to respond formally, noting that they had not yet received the letter. However, he confirmed the aircraft's dispatch to Italy for a C-check.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Hansraj Pandey, spokesperson for the CAAN, stated that Nepal Airlines Corporation failed to comply with aviation safety regulations. Periodic C-checks are mandatory, and the NAC was aware of the impending deadline. The NAC should have informed the CAAN two months earlier, but instead, the aircraft was sent to Europe (Italy) for maintenance without prior notice or permission, prompting the CAAN to initiate disciplinary action.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-26', 'modified' => '2024-06-26', 'keywords' => '', 'description' => '', 'sortorder' => '21093', 'image' => '20240626124830_20211207081308_Clipboard08(48).jpg', 'article_date' => '2024-06-26 12:47:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '21365', 'article_category_id' => '1', 'title' => 'Nepal Rastra Bank Governor Hints at Tight Credit Policy', 'sub_title' => '', 'summary' => 'KATHMANDU: Contrary to the expectation of a flexible monetary policy for the next fiscal year (FY) to revive the economy, the Nepal Rastra Bank (NRB) has indicated it will maintain a tight credit policy in the coming days.', 'content' => '<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"">KATHMANDU: Contrary to the expectation of a flexible monetary policy for the next fiscal year (FY) to revive the economy, the Nepal Rastra Bank (NRB) has indicated it will maintain a tight credit policy in the coming days. The central bank has expressed concerns that borrowing beyond capacity could create future economic problems and has signaled it will uphold its credit reform policies.</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"">Industrialists and businessmen have called for more flexible policies concerning current capital and credit in sectors such as the stock market, real estate, and auto industry. However, during the 'Pre-Monetary Policy' program organized by the Society of Economic Journalists Association of Nepal (SEJON) on Tuesday, Nepal Rastra Bank’s Governor Maha Prasad Adhikari suggested that these demands were personal issues being generalized to influence monetary policy. He emphasized that borrowers already struggling with debt want the monetary policy to address their problems. </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"">"Monetary policy has its limits," Governor Adhikari stated. "Debtors who have taken on excessive loans are still demanding more. Providing loans now could result in businesses failing next year. We need to understand the problem and move forward thoughtfully, rather than protesting for the sake of protest."</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"">At the event, Rajesh Kumar Agarwal, president of the Confederation of Nepalese Industries, requested the postponement of the working capital loan guideline, suggesting it be implemented at a more appropriate time to boost credit flow and economic activity. He also recommended reducing the high-risk burden assigned to loans such as share mortgages and vehicle loans.</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"">Governor Adhikari noted that current capital loan guideline is limiting businessmen from obtaining loans as needed. He explained that the central bank formulates monetary policy based on data and that the state's goal is to increase production, prioritize agriculture, energy, and support small and medium-sized businesses through targeted loans.</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"">Finance Secretary Madhukumar Marasini mentioned that the government's budget for the next fiscal year aims to support a 6 percent economic growth target, and the upcoming monetary policy will align with these budget objectives. He highlighted that there are over Rs 600 billion of investable funds in the banking system, and the focus of future monetary policy will be on mobilizing this capital.</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"">Economist Dr Bishwanath Poudel stressed the importance of directing available liquidity in the banking system correctly. He warned of the risks of loans intended for the productive sector being diverted to shares and real estate, which could lead to economic inequality and instability.</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"">President of the Nepal Bankers' Association, Sunil KC, voiced concerns over continuous attacks on the banking sector. He pointed out that despite banks reporting substantial profits, the rate of return on capital is decreasing, with over 10 commercial banks currently showing negative distributable profits. "It is time to seriously consider whether the banking sector can sustain this situation indefinitely," he said.</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"">Acting President of the Confederation of Banks and Financial Institutions Nepal (CIBIFIN), Rajesh Upadhyay, noted that everyone is closely watching the upcoming monetary policy. He identified the market's inability to accept the reform programs proposed by the central bank as a core issue.</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"">Former banker Bhuvan Dahal commented that credit disbursement has not increased due to low business morale, despite sufficient liquidity in the banking system over the past 15 months.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-26', 'modified' => '2024-06-26', 'keywords' => '', 'description' => '', 'sortorder' => '21092', 'image' => '20240626112220_f143adc8.jpeg', 'article_date' => '2024-06-26 11:21:34', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '21364', 'article_category_id' => '1', 'title' => 'HoR Passes Appropriation Bill, 2081 ', 'sub_title' => '', 'summary' => 'KATHMANDU: The House of Representatives (HoR) has passed the Appropriation Bill, 2081. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">KATHMANDU: The House of Representatives (HoR) has passed the Appropriation Bill, 2081. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">A meeting of the lower house of parliament on Tuesday passed the proposal presented by Finance Minister Barsha Man Pun seeking endorsement of 'Appropriation Bill, 2081' by majority. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The government had on May 28 presented a budget of Rs 1.86 trillion for the upcoming fiscal year 2024/25 in a joint meeting of the federal parliament. </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"">Discussions on headings of different ministries, offices and bodies under the Appropriation Bill had started in HoR from June 11. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The prime minister and ministers of respective ministries had responded to queries raised by lawmakers on different headings under the Appropriation Bill. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Meanwhile, the House of Representatives (HoR) also endorsed the Finance Bill- 2081 BS by majority votes. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The lower house also approved the Custom Duty Bill-2081 BS with two-thirds majority. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The House approved the Bill after Minister for Finance, Barshaman Pun, responded to the queries raised by the parliamentarians on the Bill during the discussion. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Deputy Speaker Indira Rana, who presided over the meeting, tabled the proposal for consideration in the meeting. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Parliamentarians Sanjay Kumar Gautam, Juli Kumari Mahato (Mahaseth), Prem Suwal, Naagina Yadav, Dr Amresh Kumar Singh, Ganesh Parajuli, Badri Prasad Pandey had participated in the discussion on the Bill. -- RSS </span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-26', 'modified' => '2024-06-26', 'keywords' => '', 'description' => '', 'sortorder' => '21091', 'image' => '20240626102337_RS-KTM-111719310386808copy.jpg', 'article_date' => '2024-06-26 10:23:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '21366', 'article_category_id' => '1', 'title' => 'FNCCI President Dhakal Urges OPEC Fund for More Investment in Nepal', 'sub_title' => '', 'summary' => 'KATHMANDU: President of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI), Chandra Prasad Dhakal, has emphasized the immense investment potential in Nepal, urging the OPEC Fund for International Development (the OPEC Fund) to expand its investments in the country.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">KATHMANDU: President of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI), Chandra Prasad Dhakal, has emphasized the immense investment potential in Nepal, urging the OPEC Fund for International Development (the OPEC Fund) to expand its investments in the country.</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:"Arial","sans-serif"">During a meeting with the President of the OPEC Fund Abdulhamid Alkhalifa and Vice President Tareq Alnassar in Vienna, Austria, on Tuesday, FNCCI President Dhakal highlighted that Nepal could become a new and significant investment destination for the OPEC Fund. </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:"Arial","sans-serif"">He pointed out Nepal's strategic location between two emerging economic giants, China and India, which allows Nepal to benefit from their markets, tourism, and development.</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:"Arial","sans-serif"">He mentioned that the investment environment in Nepal is becoming increasingly conducive. Dhakal noted significant investment opportunities in sectors such as tourism, energy, infrastructure, agriculture, and information technology.</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:"Arial","sans-serif"">Referring to the long-term power trade agreement between the Government of Nepal and the Government of India, Dhakal said it opens up opportunities for investment in hydropower and renewable energy by making Nepal's vast energy potential accessible to the market. Similarly, he mentioned that the power trade agreement with another neighboring country, Bangladesh, is in its final stages.</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:"Arial","sans-serif"">Dhakal also highlighted Nepal's cultural heritage, natural beauty, and youthful and energetic workforce, suggesting that investments in the development of tourism, agriculture, and information technology infrastructure could yield significant benefits. </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:"Arial","sans-serif"">Mentioning the recent amendments to some old laws that were considered obstacles to investment, Dhakal stated that the Nepal government, in cooperation with FNCCI, is committed to creating an investment-friendly environment in the country. </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:"Arial","sans-serif"">He also mentioned that a bilateral investment agreement (BIA) framework, prepared with the initiative of FNCCI, has been approved by the Council of Ministers. This framework will help ensure the security of foreign investments and create a conducive investment environment.</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:"Arial","sans-serif"">Dhakal highlighted that FNCCI has been continuously working to attract investments and improve the investment climate in Nepal. Recently, FNCCI organized business summits in New Delhi, Beijing, and Dubai. </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:"Arial","sans-serif"">He assured that FNCCI is ready to facilitate any investor in Nepal and that Nepalese investors are willing to partner with foreign investments in any sector.</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:"Arial","sans-serif"">OPEC Fund President Abdul Hamid Alkhalifa, while discussing the investments made by the OPEC Fund in Nepal, expressed readiness to increase investments in Nepal's renewable energy, hydropower, and the promotion of small and medium-sized enterprises.</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:"Arial","sans-serif"">On the occasion, the OPEC Fund signed a US$25 million loan agreement with Global IME Bank Limited 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></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-26', 'modified' => '2024-06-26', 'keywords' => 'FNCCI, Nepal, Dhakal, global, IME, Bank, OPEC', 'description' => '', 'sortorder' => '21090', 'image' => '20240626121904_IMG-20240626-WA0000.jpg', 'article_date' => '2024-06-26 12:18:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '21363', 'article_category_id' => '1', 'title' => 'Talks Underway to Repatriate Nepalis Serving in the Russian Army: Foreign Minister Shrestha', 'sub_title' => '', 'summary' => 'KATHMANDU: Deputy Prime Minister and Minister for Foreign Affairs Narayan Kaji Shrestha has said that regular talks are ongoing to repatriate Nepalis serving the Russian Army. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">KATHMANDU: Deputy Prime Minister and Minister for Foreign Affairs Narayan Kaji Shrestha has said that regular talks are ongoing to repatriate Nepalis serving the Russian Army. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Talking to the media at the Tribhuvan International Airport (TIA) on Tuesday evening upon his return from the Asia Cooperation Dialogue (ACD) held in Iran, DPM Shrestha shared that regular efforts are being made with Russia's External Affairs Ministry and other concerned bodies to repatriate Nepalis serving in the Russian Army. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">On the sidelines of the ACD, Minister Shrestha met Deputy Minister for Foreign Affairs of Russia Andrei Rudenko and raised the issue of repatriation of Nepali youths serving in the Russian Army with special focus. </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"">Shrestha said, "I talked with the Deputy Minister for Foreign Affairs of Russia about the return of Nepalis. Before this, I had talked with the Russian Foreign Minister too. On behalf of our ministry, frequent talks are being held with the Embassy in Russia," Shrestha added. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Shrestha shared that some of the Nepalis in Russia are in a difficult situation which was confirmed during the talks with the officials of the Russian Foreign Affairs Ministry and other bodies. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The DPM said that efforts through different channels are ongoing to confirm the total number of Nepalis serving in the Russian Army and their status. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Shrestha said that the Russian side was urged to send the dead bodies of Nepalis in the Russian Army for their final rites in Nepal and provide due compensation to the families of those killed in the conflict, and ensure good health care and services and compensation to the injured ones. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Minister Shrestha shared that currently six Nepalis are under Ukrainian force's control and the Ukrainian government has been told to release Nepalis under the prisoners of war. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Principally, the Russian government has agreed to send Nepalis working in the military service there back home but its modality is yet to be finalized, Shrestha added. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Meanwhile, Shrestha said that the government of Kuwait is opening its embassy in Nepal this year and added that the Kuwaiti government would increase the number of Nepali migrant workers up to 300,000 from the existing number of 100,000. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Meanwhile, the Ministerial Meeting in Iran adopted the Tehran Declaration and the documents, namely, Guiding Principles for the Functioning of Asia Cooperation Dialogue Secretariat, and ACD Rules of Procedures which provide a framework of cooperation among ACD Members and an important basis for institutional strengthening of ACD Secretariat. -- RSS</span></span></span><br /> </p> <p> </p> ', 'published' => true, 'created' => '2024-06-26', 'modified' => '2024-06-26', 'keywords' => 'Russian, Army, Nepalis, repatriate', 'description' => '', 'sortorder' => '21089', 'image' => '20240626100815_20231221102854_thumbs_b_c_c9c447d72ee0340a5035282e09e7f600.jpg', 'article_date' => '2024-06-26 10:07:24', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '21362', 'article_category_id' => '1', 'title' => '16th Nepal-China DCM Meeting Agrees to Realize Economic Opportunities ', 'sub_title' => '', 'summary' => 'KATHMANDU: The 16th Meeting of the Diplomatic Consultation Mechanism (DCM) between the Ministries of Foreign Affairs of Nepal and China reviewed the whole gamut of bilateral relations between the two countries and assessed the progress made in the implementation of agreements and Memorandum of Understanding (MoUs) signed and the decisions made in the past. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">KATHMANDU: The 16th Meeting of the Diplomatic Consultation Mechanism (DCM) between the Ministries of Foreign Affairs of Nepal and China reviewed the whole gamut of bilateral relations between the two countries and assessed the progress made in the implementation of agreements and Memorandum of Understanding (MoUs) signed and the decisions made in the past. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Foreign Secretary Sewa Lamsal led the Nepali delegation during the meeting held in Kathmandu on Tuesday, while the Chinese delegation was led by Vice Minister of Foreign Affairs of China Sun Weidong. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">During the Meeting, the two sides expressed firm commitment to further promote cooperation in mutually agreed areas and committed to work in realization of economic opportunities for mutual benefits. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Both the heads of delegation reiterated that strong foundations of the Five Principles of Peaceful Coexistence, Panchsheel, mutual trust, goodwill, and understanding remain the guiding features of Nepal-China bilateral relations, according to a statement issued by the Ministry of Foreign Affairs. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">On the occasion, Foreign Secretary Lamsal thanked her counterpart for the commitment of the Chinese side to enhancing development cooperation amidst Nepal’s LDC graduation in 2026, while Vice Minister Sun appreciated Nepal’s commitment to One-China Policy. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Both sides shared views on maintaining the tradition of regular exchange of high-level visits. They discussed the ways and means to further enhance cooperation in the areas of trade, investment, infrastructure development, connectivity, agriculture, among others, including the promotion of Nepal’s tourism prospects in China in the context of celebration of the year 2025 as ‘Visit Nepal Year in China.’ </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Both sides decided to celebrate the 70th anniversary of the establishment of the diplomatic relations between Nepal and China with special programmes and activities in 2025. The two sides stressed the need to further activate the existing bilateral mechanisms and establish new ones, including the Joint Commission at the level of Foreign Ministers. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Nepali delegation comprised the Joint Secretary and Head of North East Asia Division of the Ministry of Foreign Affairs Krishna Prasad Dhakal and senior officials from the relevant Ministries and agencies of the Government of Nepal. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Likewise, the Chinese delegation consisted of the Ambassador of China to Nepal Chen Song and other senior officials of the Ministry of Foreign Affairs of China and the Chinese Embassy in Kathmandu. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Earlier on Monday, the Chinese Vice Minister Sun paid a courtesy call on Prime Minister Pushpa Kamal Dahal. He is scheduled to pay courtesy calls on the President Ram Chandra Paudel and Deputy Prime Minister and Minister for Foreign Affairs Narayan Kaji Shrestha on Wednesday. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Vice Minister Sun and his delegation arrived in Kathmandu on Monday and will depart for Beijing on Wednesday, adds the statement. -- RSS</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-26', 'modified' => '2024-06-26', 'keywords' => '', 'description' => '', 'sortorder' => '21088', 'image' => '20240626090526_GQ5W1fzbwAIOxx1.jpg', 'article_date' => '2024-06-26 09:04:32', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '21361', 'article_category_id' => '1', 'title' => 'NEPSE Index Sees Modest Gain of 5.60 Points to Close at 2071.77', 'sub_title' => '', 'summary' => 'The Nepal Stock Exchange (NEPSE) Index experienced a modest increase of 0.27% , rising by 5.60 points to close at 2,071.77 on the third trading day of the week on Tuesday.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">June 25: The Nepal Stock Exchange (NEPSE) Index experienced a modest increase of 0.27% , rising by 5.60 points to close at 2,071.77 on the third trading day of the week on Tuesday. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">During today’s trading session, 319 scrips were traded through 60,858 transactions. A total of 9,435,454 shares changed their hands, resulting into a turnover of Rs 4.18 billion.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">RSDC Laghubitta Bittiya Sanstha Ltd. (RSDC) led the market in terms of turnover, achieving Rs. 14.83 Crores and closing at Rs. 696 per share. </span></span><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Global IME Bank Debenture, 2084/85 (GBILD84/85), and Makar Jitumaya Suri Hydropower Limited (MAKAR) both hit a positive circuit, each surging by 10%.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif""> In contrast, Sadhana Laghubitta Bittiya Sanstha Limited (SDLBSL) faced a significant loss, dropping by 10%.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Sector-wise, five indices ended the day in negative territory. The "Investment Index" recorded the highest sectoral gain of 1.70%, while the "Finance Index" suffered the steepest decline, falling by 2.15%.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-25', 'modified' => '2024-06-25', 'keywords' => '', 'description' => '', 'sortorder' => '21087', 'image' => '20240625034344_collage (39).jpg', 'article_date' => '2024-06-25 15:41:29', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 7 => array( 'Article' => array( 'id' => '21359', 'article_category_id' => '1', 'title' => 'Home Minister Announces Investigation into Patanjali Land Case', 'sub_title' => '', 'summary' => 'KATHMANDU: Deputy Prime Minister and Home Minister Rabi Lamichhane has announced the initiation of an investigation into allegations of illegal purchase and sale of land acquired by Patanjali Yogpeeth under land-ceiling exemption.', 'content' => '<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"">KATHMANDU: Deputy Prime Minister and Home Minister Rabi Lamichhane has announced the initiation of an investigation into allegations of illegal purchase and sale of land acquired by Patanjali Yogpeeth under land-ceiling exemption.</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"">In 2009, during Madhav Kumar Nepal's tenure as prime minister, the Council of Ministers approved Patanjali's purchase of 815 ropanis of land in Kavre under land-ceiling exemption for the establishment of an Ayurvedic University, research center, yogashala, Ayurvedic medicine industry, herb cultivation centre, cow farm, and more. Subsequently, Patanjali acquired over 593 ropanis of land in Sanga, Nasikasthan, and Mahendrajyoti Rural Municipality (Chalal Ganeshsthan), now part of Banepa Municipality in Kavre. However, less than a month and a half later, Patanjali Yogpeeth sought approval from the Council of Ministers to sell 353.15 ropanis of this land in violation of land laws.</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"">Home Minister Lamichhane informed the House of Representatives on Monday that he has reopened the case file concerning the Patanjali Yogpeeth land scam. </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 file on the scam involving the purchase and sale of Patanjali Yogpeeth land has been reopened," he declared on Monday, adding, "No one guilty will be exempted." </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"">On the same day, the Public Accounts Committee of the House of Representatives directed the government to submit all documents related to the Patanjali Yogpeeth land in Kavrepalanchowk, associated with Indian yoga guru Ramdev, within seven days.</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 committee sent a letter to the Ministry of Land Management, Cooperatives, and Poverty Alleviation, requesting details on the purpose of the land purchase and sale by Patanjali Yogpeeth. The parliamentary committee has also sought details about the embezzlement of 353 ropanis of land and the total land owned by Patanjali Yogpeeth. </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"">Home Minister Lamichhane added that an investigation is underway into the irregularities ranging from the Maoist cantonment to Lalita Niwas land scam. </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"">According to Lamichhane, a powerful commission is being formed to investigate 25 scandals. The Ministry of Home Affairs has allocated a budget for this purpose and the commission will be established to proceed with the investigations within two months of budget implementation.</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"">Lamichhane also mentioned efforts to arrest GB Rai, the chairman of Gorkha Media Network, who is currently in Malaysia. Lamichhane stated that he had two telephone conversations with the Malaysian Home Minister, who responded positively to the request for cooperation.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-25', 'modified' => '2024-06-25', 'keywords' => 'Patanjali, Yogpeeth, land, scam, Ramdev, probe, ceiling', 'description' => '', 'sortorder' => '21086', 'image' => '20240625020934_thumb.jpg', 'article_date' => '2024-06-25 14:08:59', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '21358', 'article_category_id' => '231', 'title' => 'IPO Approval After Six Months', 'sub_title' => '', 'summary' => 'KATHMANDU: The process of public issuance of securities, which had been stalled for almost six months, has resumed after the amendment of the law allowing the official representing the Ministry of Finance in the Securities Board of Nepal to act as the board’s chairman.', 'content' => '<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"">KATHMANDU: The process of public issuance of securities, which had been stalled for almost six months, has resumed after the amendment of the law allowing the official representing the Ministry of Finance in the Securities Board of Nepal to act as the board’s chairman.</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 approval of the public issuance of securities was blocked for about six months due to the vacant post of SEBON chairman, as the chairman’s signature was mandatory.</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"">Following the amendment to the Securities Act, 2063, a representative from the Ministry of Finance on the Board of Directors can now perform the duties of the chairman. Currently, Finance Ministry’s Joint Secretary Narendra Kumar Rana is leading the board. Under his leadership, the board granted permission for the issuance of 100 percent rights shares to Himalaya Energy Development Company on June 21. </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"">It has now been decided to proceed with the initial public offering (IPO) at face value, including the public issuance process. Navraj Adhikari informed that the board will now give permission to companies that have requested to sell shares at face value through the IPO, provided there is no evidence against them.</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"">Furthermore, the board will not immediately grant permission to companies with a net worth per share of less than Rs 90. The board has already permitted the issuance of rights shares. Previously, the Public Accounts Committee meeting of the House of Representatives on December 28 issued an 11-point instructions to related agencies to issue IPO permission only to companies whose actual net worth is more than Rs 90.</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 parliamentary committee also recommended that the board adopt the book-building method, which determines the price through competition among investors in the market.</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"">After the Act's amendment in March, representatives of the Ministry of Finance could proceed with the approval process for public issuances. However, Rana, representing the Ministry of Finance on the board, preferred to wait until a new chairman was appointed. Due to recent legal complications in the appointment process of the chairman, the Board of Directors decided not to delay public issuance any further. </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"">Legal complications in the appointment process arose after three of the five shortlisted candidates for the chairman's position were absent from the presentation and interview. According to current legal provisions, the recommendation committee must recommend three candidates. The committee formed to recommend names for the chairman's appointment has sought advice from the Attorney General to resolve this problem.</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 spokesman stated that the IPO permission for companies with a net worth of less than Rs 90 per share will be concluded after further discussions.</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"">Currently, 35 companies have applied for issuance of IPO and are waiting for permission from the board. Among them, Reliance Spinning Mills Limited has sought permission to issue shares through the book-building method. The company filed an application to sell 1,155,960 shares to the general public at Rs 820.80 per share after distributing the IPO to qualified institutional investors.</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"">On December 31, the company distributed shares to qualified institutional investors based on a cut-off price of Rs 912 per share.</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"">There are currently four companies in the board's pipeline that wish to issue shares at a premium price. Jagdamba Steels, Maruti Cements, Shaurya Cement Industries, and Hospital for Advanced Medicine and Surgery Limited have sought permission from the board to sell shares at a premium price. </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"">Jagdamba Steels has applied to issue 270,000 shares at a face value of Rs 100 per share. Maruti Cements has sought permission to issue 10.16 million shares at Rs 377 per share, with a premium of Rs 277 per share at a face value of Rs 100 per share.</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"">Shaurya Cement submitted an application seeking permission to sell 15.98 million shares at Rs 264.51 per share, including a premium. Hospital for Advanced Medicine and Surgery Limited is preparing to sell 1.125 million shares at Rs 288 per share, including a premium. </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"">Although 30 other companies have requested permission to issue shares at nominal value, currently only those with a net worth of more than Rs 90 and no outstanding equity issues will be allowed to proceed.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-25', 'modified' => '2024-06-25', 'keywords' => 'IPO, SEBON, issuance, amendment, chairman', 'description' => '', 'sortorder' => '21085', 'image' => '20240625012824_Sebon-update.jpg', 'article_date' => '2024-06-25 13:27:44', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '21360', 'article_category_id' => '1', 'title' => 'Nepal Quality Council Endorses Textile Assessment Procedures ', 'sub_title' => '', 'summary' => 'KATHMANDU: The Nepal Quality Council has endorsed the assessment procedures for various types of textiles and also fixed the Nepal Quality Standard for safe lead. ', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">KATHMANDU: The Nepal Quality Council has endorsed the assessment procedures for various types of textiles and also fixed the Nepal Quality Standard for safe lead. This initiative is expected to facilitate the exports of textiles and safe lead. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">The 112th meeting of the council chaired by Minister for Industry, Commerce and Supplies Damodar Bhandari on Monday passed the standard determined by the Nepal Bureau of Standard and Metrology. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Prabhat Kumar Singh, spokesperson for the Bureau, stated that the adoption of these quality standards has simplified the process for exporting textiles after their assessment.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Additionally, the meeting approved the standard for safe lead, which the Bureau indicated would aid in the export of safe lead to foreign markets.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">The Bureau's Technical Committee conducts technical assessments of industries and goods before forwarding recommendations to the Council for endorsement. The Bureau's director-general serves as the member-secretary of the Council. -- RSS</span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-06-25', 'modified' => '2024-06-25', 'keywords' => '', 'description' => '', 'sortorder' => '21084', 'image' => '20240625021104_Dhaka.jpg', 'article_date' => '2024-06-25 14:10:16', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '21357', 'article_category_id' => '1', 'title' => 'Majority of Metropolitan Cities Increase Budget', 'sub_title' => '', 'summary' => 'KATHMANDU: Most of the metropolitan cities in the country have increased their budgets for the next fiscal year (FY) 2081/82 compared to the current year. ', 'content' => '<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"">KATHMANDU: Most of the metropolitan cities in the country have increased their budgets for the next fiscal year (FY) 2081/82 compared to the current year. According to the Inter-Governmental Fiscal Arrangement Act 2074, the local level must submit the next year's budget to the Municipal Assembly by Asar 10 (June 24 this year).</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"">Accordingly, six major cities have submitted their budgets within the specified time. Birgunj Metropolitan City introduced its budget on June 22, while the other five metropolitan cities submitted theirs on Monday. Lalitpur, Bharatpur, Biratnagar, Pokhara, and Kathmandu have all increased their budgets, while Birgunj's budget has decreased.</span></span></span></span></p> <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></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"">Kathmandu Metropolitan City’s Deputy Mayor Sunita Dangol presented a budget of Rs 25.64 billion for the upcoming year at the 15th Municipal Assembly. This is an increase from the current year's budget of Rs 25.54 billion. Deputy Mayor Dangol stated that the budget aims to alleviate poverty by utilizing local resources equitably, contributing to the socialist-oriented national economy, enhancing social harmony and unity, and reducing the rates of self-employment and emigration abroad.</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 budget includes allocations of Rs 3.8 billion for 11 metropolitan pride projects and funds for 30 golden schemes. More than Rs 14 billion has been allocated for infrastructure development, over Rs 3 billion for social development, and more than Rs 1.89 billion for good governance. The KMC has estimated revenue collection of Rs 24.2 billion for the upcoming year.</span></span></span></span></p> <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"">Lalitpur</span></span></strong></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"">Lalitpur Metropolitan City has increased its budget for the upcoming year to Rs 7.47 billion, a 15% increase over the current year. Deputy Mayor Manjali Shakya Bajracharya announced the budget at the Municipal Assembly meeting on Monday. The budget includes a property tax exemption for houses built in accordance with heritage rules within the World Heritage Site. Additionally, residents using electric vehicles will receive a 5% property tax rebate.</span></span></span></span></p> <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"">Bharatpur</span></span></strong></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"">Bharatpur Metropolitan City has released a budget of Rs 6.55 billion, which is Rs 240.6 million more than that of current year. Deputy Mayor Chitrasen Adhikari presented the budget in the Municipal Assembly on Monday. Of this, Rs 1.6 billion has been allocated for completing pending projects and those with multi-year contracts.</span></span></span></span></p> <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"">Pokhara</span></span></strong></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"">Deputy Mayor Manjudevi Gurung of Pokhara Metropolitan City presented a budget of Rs 7.51 billion for the upcoming fiscal year. The budget is more than the current year’s budget by Rs 430 million. Pokhara is currently implementing a budget of Rs 7. 08 billion. The new budget includes policies such as mandatory competitive procurement for projects exceeding Rs 50 million, and no transfer of funds from the capital budget.</span></span></span></span></p> <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"">Biratnagar</span></span></strong></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"">Biratnagar Metropolitan City has announced an estimated budget of Rs 3.5 billion for FY 2081/82. Deputy Mayor Shilpa Karki presented the budget at the Municipal Assembly. Karki noted that due to an economic crisis and lower-than-expected income, the metropolis could not add new programs for the upcoming year.</span></span></span></span></p> <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"">Birgunj</span></span></strong></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"">Birgunj Metropolitan City has released a budget of Rs 2.89 billion for the upcoming year, which is Rs 620 million less than the current year's budget. Deputy Mayor Imtiaz Alam presented the budget during the 15th session of the Municipal Assembly on Saturday. The budget prioritizes education, health, sanitation management, environmental protection, tourism, agriculture, quality physical infrastructure, and digital-friendly service delivery. The local tax system aims to boost production and promote social justice.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-25', 'modified' => '2024-06-25', 'keywords' => 'metropolitan, city, budget, Sunita, Dangol, Shakya, Bajracharya, increase', 'description' => '', 'sortorder' => '21083', 'image' => '20240625120451_b89021dc.jpeg', 'article_date' => '2024-06-25 12:04:18', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '21356', 'article_category_id' => '220', 'title' => 'Dedicated and Trunk Line Tariff Controversy: Industrialists Claim NEA Sent Faulty Bills', 'sub_title' => '', 'summary' => 'KATHMANDU: The Nepal Electricity Authority (NEA) has notified industries that they must pay the arrears for using the dedicated and trunk lines. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">KATHMANDU: The Nepal Electricity Authority (NEA) has notified industries that they must pay the arrears for using the dedicated and trunk lines. The NEA sent letters informing industrialists that they owe Rs 6.65 billion in arrears, with a payment deadline of 15 days from Monday.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">NEA spokesperson Chandan Kumar Ghosh stated that the NEA has sent letters to most of the industries, demanding payment of arrears accumulated from mid-January 2016 to mid-May 2018. The NEA took a decision to this effect on Sunday, and letters were dispatched to all the defaulting industries on Monday. Ghosh also mentioned that a 25 percent penalty will be charged on the overdue amounts if the arrears are not cleared on time.</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 sources, letters have been sent to Argakhanchi Cement, Reliance Spinning Mills, Jagdamba Cement, Ghorahi Cement, and other industries. The letters stipulate that "all amounts must be paid within 15 days of receipt. If the fee is not paid within the specified period, penalties will be imposed as per the law."</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Pashupati Murarka, owner of Argakhanchi Cement, criticized the NEA for irresponsibly sending a circular to the industry. He noted that the NEA sent a letter dated Sunday, demanding payment for electricity tariffs from mid-January 2016 to mid-May 2018 within 15 days.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The NEA has billed Argakhanchi Cement Rs 448.6 million. However, the letter does not specify how many units of electricity were consumed during the review period or details of the hours of electricity usage on specific days.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">"The bill sent by the authority appears to be arbitrary. Such a baseless bill cannot be paid,” Murarka told New Business Age. He added that, according to the Girish Chandra Lal Commission's report, the outstanding amount can only be paid if the NEA provides a bill based on sufficient evidence as per the law. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">There is a long-standing dispute between industrialists and the NEA over the settlement of dues for using electricity from dedicated feeders and trunk lines during the time of load-shedding. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The NEA had supplied electricity to industries through dedicated feeder and trunk lines by charging a premium of 65 percent in the electricity tariffs.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The industrialists claim that the NEA has billed them for the electricity even after the end of load-shedding.</span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-06-25', 'modified' => '2024-06-25', 'keywords' => 'electricity, tariff, dispute, load, shedding, NEA, industries', 'description' => '', 'sortorder' => '21082', 'image' => '20240625113753_20231016030910_20230913111412_NEA_20191104081559.jpg', 'article_date' => '2024-06-25 11:35:29', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '21355', 'article_category_id' => '222', 'title' => 'Non-Life Insurance Companies Earn More than Rs 36 Billion in Insurance Premium', 'sub_title' => '', 'summary' => 'KATHMANDU: In the first 11 months of the current fiscal year, non-life insurance companies collected over Rs 36 billion in insurance premium.', 'content' => '<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"">KATHMANDU: In the first 11 months of the current fiscal year, non-life insurance companies collected over Rs 36 billion in insurance premium.</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"">According to data published by the Nepal Insurance Authority, 14 insurance companies sold a total of 2,608,792 insurance policies from mid-July to mid-June, earning Rs 36.33 billion in total insurance premium.</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"">Among them, Shikhar Insurance earned the highest amount, collecting Rs 4.89 billion. Sagarmatha Lumbini Insurance is second on the list, earning Rs 4.29 billion. Siddhartha Premier Insurance Company is third, with earnings of Rs 3.66 billion.</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"">Similarly, Himalayan Everest Insurance Company earned Rs 3.23 billion, IGI Prudential Insurance Company earned Rs 3.21 billion, Neco Insurance earned Rs 2.88 billion, United Azod Insurance earned Rs 2.38 billion, and NLG Insurance Company earned Rs 2.26 billion in insurance premium.</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"">Among these companies, National Insurance Company earned the lowest insurance fees, collecting Rs 1.1 billion. Nepal Insurance Company earned Rs 1.40 billion, Rastriya Beema Company earned Rs 1.53 billion, Prabhu Insurance earned Rs 1.56 billion, The Oriental earned Rs 1.75 billion, and Sanima GIC Insurance earned Rs 2.21 billion in insurance premium.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-25', 'modified' => '2024-06-25', 'keywords' => 'insurance, premium, earning', 'description' => '', 'sortorder' => '21081', 'image' => '20240625110236_INSURANCE-COVERAGE.jpg', 'article_date' => '2024-06-25 11:01:58', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '21354', 'article_category_id' => '1', 'title' => 'Cabinet Decides to Accept Grant, Soft Loan from WB and other Donors ', 'sub_title' => '', 'summary' => 'KATHMANDU: The government has decided to approve grants and soft loans from the World Bank and other donor agencies. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">KATHMANDU: The government has decided to approve grants and soft loans from the World Bank and other donor agencies. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">A meeting of the Council of Ministers held on Monday decided to accept USD 80 million in loan to be received from the World Bank, the government spokesperson and Minister for Communications and Information Technology Rekha Sharma said. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, the government approved the additional grant assistance of 8.1 million Pounds Sterling to be received from the British Government for the reconstruction and rehabilitation of the earthquake damaged structures in the Karnali Province. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to Minister Sharma, the cabinet meeting approved the visit of Finance Minister Barsha Man Pun for his participation in a high-level conference to be held in Beijing of China from July 11 to 13. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, the cabinet meeting has decided to hand over the remaining amount of the fiscal equalization grants of the fiscal year 2080/081 to the concerned local levels. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The cabinet meeting also transferred the suspended Chief Secretary Dr Baikuntha Aryal to the National Planning Commission by creating a post equivalent to the Chief Secretary at the Commission, Minister Sharma said. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">After the Commission for the Investigation of Abuse of Authority (CIAA) filed a case of corruption at the Special Court, Chief Secretary Dr Baikuntha Aryal was automatically suspended from his post. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The cabinet meeting also appointed Dr Ram Prasad Dhital as the Chair of the Electricity Regulations Commission and Dr Madhu Sudan Adhikari and Jhamak Prasad Sharma as the members. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, Dr Rajendra Prasad Yadav was appointed the Executive Director of the National Dairy Development Board. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Furthermore, the cabinet meeting has approved the visit of the Minister for Youths and Sports to South Korea to attend a programme there from June 28 to July 4, Minister Sharma informed journalists. -- RSS </span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-25', 'modified' => '2024-06-25', 'keywords' => '', 'description' => '', 'sortorder' => '21080', 'image' => '20240625092635_World.jpg', 'article_date' => '2024-06-25 09:26:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '21353', 'article_category_id' => '1', 'title' => 'Water Supply from Melamchi Suspended Over Monsoon Hazards ', 'sub_title' => '', 'summary' => 'KATHMANDU: The Melamchi Water Supply Board has suspended the water supply from the Melamchi River in Sindhupalchowk to the Kathmandu Valley from Monday. ', '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 Melamchi Water Supply Board has suspended the water supply from the Melamchi River in Sindhupalchowk to the Kathmandu Valley from Monday. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The Board’s Executive Director Ratna Lamichhane said the decision was taken after the flood in the river turned the water murky, leading to the closure of the water supply to the valley. The supply will be restored once the rain halts. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The board had earlier planned to halt the supply from June 13 but the schedule was postponed as no significant rains occurred. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The government halts water supply from Melamchi during the monsoon bearing in mind its possible consequences on its headworks and other structures. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the Meteorological Forecasting Division, this year monsoon entered the country on June 10, three days earlier than the tentative date and generally exits on October 2. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The project management consultants and the Asian Development Bank (ADB) were advising the board to halt the water supply to save the project's structures from the monsoon-related hazards. "We decided to close it after the river water turned muddy," said Lamichhane. -- RSS </span></span></span><br /> </p> ', 'published' => true, 'created' => '2024-06-24', 'modified' => '2024-06-24', 'keywords' => '', 'description' => '', 'sortorder' => '21079', 'image' => '20240624070229_DRS_Sindhupalchok-IMG-20231201-WA0009(1).jpg', 'article_date' => '2024-06-24 19:01:51', '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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The officials were suspended for unauthorized dispatch of Nepal Airlines' A-330 aircraft with call sign <span style="font-size:11.5pt"><span style="font-family:"Segoe UI","sans-serif"">9</span></span>N-ALY to Italy for a C-check (a detailed maintenance check) without proper approval.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">CAAN issued a letter on Tuesday prohibiting Executive Chairman Yuvraj Adhikari from acting as the Accountable Manager of NAC. The same day, captains Deepuraj Jwarchan (operations director), Maheshwarman Dangol, and Raman Ghimire received letters of suspension. Additionally, CAAN banned Nepal Airlines' CAMO Manager Gyan Bahadur Kunwar from working.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:11.5pt"><span style="font-family:"Segoe UI","sans-serif"">“Accountable Manager, OD, & CAMO Manager of Nepal Airlines have been removed from CAAN assigned post and the crew of 9N-ALY flight have been taken off roster until further notice for violating AOCR and CAR by sending aircraft to unapproved location (Italy) without CAAN's permission,” CAN tweeted on X.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The regulatory body has suspended the license privileges of captain duo Dangol and Ghimire. A letter was also sent to Captain Jwarchan, prohibiting him from working as the operations director. These pilots and officials will not be allowed to resume their work until further decision of CAAN.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">CAAN reported that the NAC officials did not obtain any authorization to send the wide-body aircraft to Italy for the C-check. The aircraft initially flew to Dubai on a scheduled flight on June 22 and subsequently departed for Italy the next day without approval. The aircraft remains in an unauthorized and unattended state in Italy.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The authority's letter states, "The aircraft flew to Italy from Dubai without receiving approval from the authority and is currently in an unauthorized location and unattended state." </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">As per Section 31 of the Civil Aviation Authority Act, 2053, the executive chairman acted irresponsibly by not following the orders and instructions issued by the CAAN, leading to his suspension as Accountable Manager.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Attempts to contact the executive chairman for comments were unsuccessful. NAC spokesperson Ramesh Paudel declined to respond formally, noting that they had not yet received the letter. However, he confirmed the aircraft's dispatch to Italy for a C-check.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Hansraj Pandey, spokesperson for the CAAN, stated that Nepal Airlines Corporation failed to comply with aviation safety regulations. Periodic C-checks are mandatory, and the NAC was aware of the impending deadline. The NAC should have informed the CAAN two months earlier, but instead, the aircraft was sent to Europe (Italy) for maintenance without prior notice or permission, prompting the CAAN to initiate disciplinary action.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-26', 'modified' => '2024-06-26', 'keywords' => '', 'description' => '', 'sortorder' => '21093', 'image' => '20240626124830_20211207081308_Clipboard08(48).jpg', 'article_date' => '2024-06-26 12:47:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '21365', 'article_category_id' => '1', 'title' => 'Nepal Rastra Bank Governor Hints at Tight Credit Policy', 'sub_title' => '', 'summary' => 'KATHMANDU: Contrary to the expectation of a flexible monetary policy for the next fiscal year (FY) to revive the economy, the Nepal Rastra Bank (NRB) has indicated it will maintain a tight credit policy in the coming days.', 'content' => '<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"">KATHMANDU: Contrary to the expectation of a flexible monetary policy for the next fiscal year (FY) to revive the economy, the Nepal Rastra Bank (NRB) has indicated it will maintain a tight credit policy in the coming days. The central bank has expressed concerns that borrowing beyond capacity could create future economic problems and has signaled it will uphold its credit reform policies.</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"">Industrialists and businessmen have called for more flexible policies concerning current capital and credit in sectors such as the stock market, real estate, and auto industry. However, during the 'Pre-Monetary Policy' program organized by the Society of Economic Journalists Association of Nepal (SEJON) on Tuesday, Nepal Rastra Bank’s Governor Maha Prasad Adhikari suggested that these demands were personal issues being generalized to influence monetary policy. He emphasized that borrowers already struggling with debt want the monetary policy to address their problems. </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"">"Monetary policy has its limits," Governor Adhikari stated. "Debtors who have taken on excessive loans are still demanding more. Providing loans now could result in businesses failing next year. We need to understand the problem and move forward thoughtfully, rather than protesting for the sake of protest."</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"">At the event, Rajesh Kumar Agarwal, president of the Confederation of Nepalese Industries, requested the postponement of the working capital loan guideline, suggesting it be implemented at a more appropriate time to boost credit flow and economic activity. He also recommended reducing the high-risk burden assigned to loans such as share mortgages and vehicle loans.</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"">Governor Adhikari noted that current capital loan guideline is limiting businessmen from obtaining loans as needed. He explained that the central bank formulates monetary policy based on data and that the state's goal is to increase production, prioritize agriculture, energy, and support small and medium-sized businesses through targeted loans.</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"">Finance Secretary Madhukumar Marasini mentioned that the government's budget for the next fiscal year aims to support a 6 percent economic growth target, and the upcoming monetary policy will align with these budget objectives. He highlighted that there are over Rs 600 billion of investable funds in the banking system, and the focus of future monetary policy will be on mobilizing this capital.</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"">Economist Dr Bishwanath Poudel stressed the importance of directing available liquidity in the banking system correctly. He warned of the risks of loans intended for the productive sector being diverted to shares and real estate, which could lead to economic inequality and instability.</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"">President of the Nepal Bankers' Association, Sunil KC, voiced concerns over continuous attacks on the banking sector. He pointed out that despite banks reporting substantial profits, the rate of return on capital is decreasing, with over 10 commercial banks currently showing negative distributable profits. "It is time to seriously consider whether the banking sector can sustain this situation indefinitely," he said.</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"">Acting President of the Confederation of Banks and Financial Institutions Nepal (CIBIFIN), Rajesh Upadhyay, noted that everyone is closely watching the upcoming monetary policy. He identified the market's inability to accept the reform programs proposed by the central bank as a core issue.</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"">Former banker Bhuvan Dahal commented that credit disbursement has not increased due to low business morale, despite sufficient liquidity in the banking system over the past 15 months.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-26', 'modified' => '2024-06-26', 'keywords' => '', 'description' => '', 'sortorder' => '21092', 'image' => '20240626112220_f143adc8.jpeg', 'article_date' => '2024-06-26 11:21:34', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '21364', 'article_category_id' => '1', 'title' => 'HoR Passes Appropriation Bill, 2081 ', 'sub_title' => '', 'summary' => 'KATHMANDU: The House of Representatives (HoR) has passed the Appropriation Bill, 2081. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">KATHMANDU: The House of Representatives (HoR) has passed the Appropriation Bill, 2081. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">A meeting of the lower house of parliament on Tuesday passed the proposal presented by Finance Minister Barsha Man Pun seeking endorsement of 'Appropriation Bill, 2081' by majority. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The government had on May 28 presented a budget of Rs 1.86 trillion for the upcoming fiscal year 2024/25 in a joint meeting of the federal parliament. </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"">Discussions on headings of different ministries, offices and bodies under the Appropriation Bill had started in HoR from June 11. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The prime minister and ministers of respective ministries had responded to queries raised by lawmakers on different headings under the Appropriation Bill. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Meanwhile, the House of Representatives (HoR) also endorsed the Finance Bill- 2081 BS by majority votes. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The lower house also approved the Custom Duty Bill-2081 BS with two-thirds majority. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The House approved the Bill after Minister for Finance, Barshaman Pun, responded to the queries raised by the parliamentarians on the Bill during the discussion. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Deputy Speaker Indira Rana, who presided over the meeting, tabled the proposal for consideration in the meeting. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Parliamentarians Sanjay Kumar Gautam, Juli Kumari Mahato (Mahaseth), Prem Suwal, Naagina Yadav, Dr Amresh Kumar Singh, Ganesh Parajuli, Badri Prasad Pandey had participated in the discussion on the Bill. -- RSS </span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-26', 'modified' => '2024-06-26', 'keywords' => '', 'description' => '', 'sortorder' => '21091', 'image' => '20240626102337_RS-KTM-111719310386808copy.jpg', 'article_date' => '2024-06-26 10:23:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '21366', 'article_category_id' => '1', 'title' => 'FNCCI President Dhakal Urges OPEC Fund for More Investment in Nepal', 'sub_title' => '', 'summary' => 'KATHMANDU: President of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI), Chandra Prasad Dhakal, has emphasized the immense investment potential in Nepal, urging the OPEC Fund for International Development (the OPEC Fund) to expand its investments in the country.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">KATHMANDU: President of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI), Chandra Prasad Dhakal, has emphasized the immense investment potential in Nepal, urging the OPEC Fund for International Development (the OPEC Fund) to expand its investments in the country.</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:"Arial","sans-serif"">During a meeting with the President of the OPEC Fund Abdulhamid Alkhalifa and Vice President Tareq Alnassar in Vienna, Austria, on Tuesday, FNCCI President Dhakal highlighted that Nepal could become a new and significant investment destination for the OPEC Fund. </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:"Arial","sans-serif"">He pointed out Nepal's strategic location between two emerging economic giants, China and India, which allows Nepal to benefit from their markets, tourism, and development.</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:"Arial","sans-serif"">He mentioned that the investment environment in Nepal is becoming increasingly conducive. Dhakal noted significant investment opportunities in sectors such as tourism, energy, infrastructure, agriculture, and information technology.</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:"Arial","sans-serif"">Referring to the long-term power trade agreement between the Government of Nepal and the Government of India, Dhakal said it opens up opportunities for investment in hydropower and renewable energy by making Nepal's vast energy potential accessible to the market. Similarly, he mentioned that the power trade agreement with another neighboring country, Bangladesh, is in its final stages.</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:"Arial","sans-serif"">Dhakal also highlighted Nepal's cultural heritage, natural beauty, and youthful and energetic workforce, suggesting that investments in the development of tourism, agriculture, and information technology infrastructure could yield significant benefits. </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:"Arial","sans-serif"">Mentioning the recent amendments to some old laws that were considered obstacles to investment, Dhakal stated that the Nepal government, in cooperation with FNCCI, is committed to creating an investment-friendly environment in the country. </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:"Arial","sans-serif"">He also mentioned that a bilateral investment agreement (BIA) framework, prepared with the initiative of FNCCI, has been approved by the Council of Ministers. This framework will help ensure the security of foreign investments and create a conducive investment environment.</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:"Arial","sans-serif"">Dhakal highlighted that FNCCI has been continuously working to attract investments and improve the investment climate in Nepal. Recently, FNCCI organized business summits in New Delhi, Beijing, and Dubai. </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:"Arial","sans-serif"">He assured that FNCCI is ready to facilitate any investor in Nepal and that Nepalese investors are willing to partner with foreign investments in any sector.</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:"Arial","sans-serif"">OPEC Fund President Abdul Hamid Alkhalifa, while discussing the investments made by the OPEC Fund in Nepal, expressed readiness to increase investments in Nepal's renewable energy, hydropower, and the promotion of small and medium-sized enterprises.</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:"Arial","sans-serif"">On the occasion, the OPEC Fund signed a US$25 million loan agreement with Global IME Bank Limited 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></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-26', 'modified' => '2024-06-26', 'keywords' => 'FNCCI, Nepal, Dhakal, global, IME, Bank, OPEC', 'description' => '', 'sortorder' => '21090', 'image' => '20240626121904_IMG-20240626-WA0000.jpg', 'article_date' => '2024-06-26 12:18:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '21363', 'article_category_id' => '1', 'title' => 'Talks Underway to Repatriate Nepalis Serving in the Russian Army: Foreign Minister Shrestha', 'sub_title' => '', 'summary' => 'KATHMANDU: Deputy Prime Minister and Minister for Foreign Affairs Narayan Kaji Shrestha has said that regular talks are ongoing to repatriate Nepalis serving the Russian Army. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">KATHMANDU: Deputy Prime Minister and Minister for Foreign Affairs Narayan Kaji Shrestha has said that regular talks are ongoing to repatriate Nepalis serving the Russian Army. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Talking to the media at the Tribhuvan International Airport (TIA) on Tuesday evening upon his return from the Asia Cooperation Dialogue (ACD) held in Iran, DPM Shrestha shared that regular efforts are being made with Russia's External Affairs Ministry and other concerned bodies to repatriate Nepalis serving in the Russian Army. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">On the sidelines of the ACD, Minister Shrestha met Deputy Minister for Foreign Affairs of Russia Andrei Rudenko and raised the issue of repatriation of Nepali youths serving in the Russian Army with special focus. </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"">Shrestha said, "I talked with the Deputy Minister for Foreign Affairs of Russia about the return of Nepalis. Before this, I had talked with the Russian Foreign Minister too. On behalf of our ministry, frequent talks are being held with the Embassy in Russia," Shrestha added. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Shrestha shared that some of the Nepalis in Russia are in a difficult situation which was confirmed during the talks with the officials of the Russian Foreign Affairs Ministry and other bodies. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The DPM said that efforts through different channels are ongoing to confirm the total number of Nepalis serving in the Russian Army and their status. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Shrestha said that the Russian side was urged to send the dead bodies of Nepalis in the Russian Army for their final rites in Nepal and provide due compensation to the families of those killed in the conflict, and ensure good health care and services and compensation to the injured ones. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Minister Shrestha shared that currently six Nepalis are under Ukrainian force's control and the Ukrainian government has been told to release Nepalis under the prisoners of war. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Principally, the Russian government has agreed to send Nepalis working in the military service there back home but its modality is yet to be finalized, Shrestha added. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Meanwhile, Shrestha said that the government of Kuwait is opening its embassy in Nepal this year and added that the Kuwaiti government would increase the number of Nepali migrant workers up to 300,000 from the existing number of 100,000. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Meanwhile, the Ministerial Meeting in Iran adopted the Tehran Declaration and the documents, namely, Guiding Principles for the Functioning of Asia Cooperation Dialogue Secretariat, and ACD Rules of Procedures which provide a framework of cooperation among ACD Members and an important basis for institutional strengthening of ACD Secretariat. -- RSS</span></span></span><br /> </p> <p> </p> ', 'published' => true, 'created' => '2024-06-26', 'modified' => '2024-06-26', 'keywords' => 'Russian, Army, Nepalis, repatriate', 'description' => '', 'sortorder' => '21089', 'image' => '20240626100815_20231221102854_thumbs_b_c_c9c447d72ee0340a5035282e09e7f600.jpg', 'article_date' => '2024-06-26 10:07:24', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '21362', 'article_category_id' => '1', 'title' => '16th Nepal-China DCM Meeting Agrees to Realize Economic Opportunities ', 'sub_title' => '', 'summary' => 'KATHMANDU: The 16th Meeting of the Diplomatic Consultation Mechanism (DCM) between the Ministries of Foreign Affairs of Nepal and China reviewed the whole gamut of bilateral relations between the two countries and assessed the progress made in the implementation of agreements and Memorandum of Understanding (MoUs) signed and the decisions made in the past. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">KATHMANDU: The 16th Meeting of the Diplomatic Consultation Mechanism (DCM) between the Ministries of Foreign Affairs of Nepal and China reviewed the whole gamut of bilateral relations between the two countries and assessed the progress made in the implementation of agreements and Memorandum of Understanding (MoUs) signed and the decisions made in the past. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Foreign Secretary Sewa Lamsal led the Nepali delegation during the meeting held in Kathmandu on Tuesday, while the Chinese delegation was led by Vice Minister of Foreign Affairs of China Sun Weidong. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">During the Meeting, the two sides expressed firm commitment to further promote cooperation in mutually agreed areas and committed to work in realization of economic opportunities for mutual benefits. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Both the heads of delegation reiterated that strong foundations of the Five Principles of Peaceful Coexistence, Panchsheel, mutual trust, goodwill, and understanding remain the guiding features of Nepal-China bilateral relations, according to a statement issued by the Ministry of Foreign Affairs. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">On the occasion, Foreign Secretary Lamsal thanked her counterpart for the commitment of the Chinese side to enhancing development cooperation amidst Nepal’s LDC graduation in 2026, while Vice Minister Sun appreciated Nepal’s commitment to One-China Policy. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Both sides shared views on maintaining the tradition of regular exchange of high-level visits. They discussed the ways and means to further enhance cooperation in the areas of trade, investment, infrastructure development, connectivity, agriculture, among others, including the promotion of Nepal’s tourism prospects in China in the context of celebration of the year 2025 as ‘Visit Nepal Year in China.’ </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Both sides decided to celebrate the 70th anniversary of the establishment of the diplomatic relations between Nepal and China with special programmes and activities in 2025. The two sides stressed the need to further activate the existing bilateral mechanisms and establish new ones, including the Joint Commission at the level of Foreign Ministers. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Nepali delegation comprised the Joint Secretary and Head of North East Asia Division of the Ministry of Foreign Affairs Krishna Prasad Dhakal and senior officials from the relevant Ministries and agencies of the Government of Nepal. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Likewise, the Chinese delegation consisted of the Ambassador of China to Nepal Chen Song and other senior officials of the Ministry of Foreign Affairs of China and the Chinese Embassy in Kathmandu. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Earlier on Monday, the Chinese Vice Minister Sun paid a courtesy call on Prime Minister Pushpa Kamal Dahal. He is scheduled to pay courtesy calls on the President Ram Chandra Paudel and Deputy Prime Minister and Minister for Foreign Affairs Narayan Kaji Shrestha on Wednesday. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Vice Minister Sun and his delegation arrived in Kathmandu on Monday and will depart for Beijing on Wednesday, adds the statement. -- RSS</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-26', 'modified' => '2024-06-26', 'keywords' => '', 'description' => '', 'sortorder' => '21088', 'image' => '20240626090526_GQ5W1fzbwAIOxx1.jpg', 'article_date' => '2024-06-26 09:04:32', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '21361', 'article_category_id' => '1', 'title' => 'NEPSE Index Sees Modest Gain of 5.60 Points to Close at 2071.77', 'sub_title' => '', 'summary' => 'The Nepal Stock Exchange (NEPSE) Index experienced a modest increase of 0.27% , rising by 5.60 points to close at 2,071.77 on the third trading day of the week on Tuesday.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">June 25: The Nepal Stock Exchange (NEPSE) Index experienced a modest increase of 0.27% , rising by 5.60 points to close at 2,071.77 on the third trading day of the week on Tuesday. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">During today’s trading session, 319 scrips were traded through 60,858 transactions. A total of 9,435,454 shares changed their hands, resulting into a turnover of Rs 4.18 billion.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">RSDC Laghubitta Bittiya Sanstha Ltd. (RSDC) led the market in terms of turnover, achieving Rs. 14.83 Crores and closing at Rs. 696 per share. </span></span><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Global IME Bank Debenture, 2084/85 (GBILD84/85), and Makar Jitumaya Suri Hydropower Limited (MAKAR) both hit a positive circuit, each surging by 10%.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif""> In contrast, Sadhana Laghubitta Bittiya Sanstha Limited (SDLBSL) faced a significant loss, dropping by 10%.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Sector-wise, five indices ended the day in negative territory. The "Investment Index" recorded the highest sectoral gain of 1.70%, while the "Finance Index" suffered the steepest decline, falling by 2.15%.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-25', 'modified' => '2024-06-25', 'keywords' => '', 'description' => '', 'sortorder' => '21087', 'image' => '20240625034344_collage (39).jpg', 'article_date' => '2024-06-25 15:41:29', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 7 => array( 'Article' => array( 'id' => '21359', 'article_category_id' => '1', 'title' => 'Home Minister Announces Investigation into Patanjali Land Case', 'sub_title' => '', 'summary' => 'KATHMANDU: Deputy Prime Minister and Home Minister Rabi Lamichhane has announced the initiation of an investigation into allegations of illegal purchase and sale of land acquired by Patanjali Yogpeeth under land-ceiling exemption.', 'content' => '<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"">KATHMANDU: Deputy Prime Minister and Home Minister Rabi Lamichhane has announced the initiation of an investigation into allegations of illegal purchase and sale of land acquired by Patanjali Yogpeeth under land-ceiling exemption.</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"">In 2009, during Madhav Kumar Nepal's tenure as prime minister, the Council of Ministers approved Patanjali's purchase of 815 ropanis of land in Kavre under land-ceiling exemption for the establishment of an Ayurvedic University, research center, yogashala, Ayurvedic medicine industry, herb cultivation centre, cow farm, and more. Subsequently, Patanjali acquired over 593 ropanis of land in Sanga, Nasikasthan, and Mahendrajyoti Rural Municipality (Chalal Ganeshsthan), now part of Banepa Municipality in Kavre. However, less than a month and a half later, Patanjali Yogpeeth sought approval from the Council of Ministers to sell 353.15 ropanis of this land in violation of land laws.</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"">Home Minister Lamichhane informed the House of Representatives on Monday that he has reopened the case file concerning the Patanjali Yogpeeth land scam. </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 file on the scam involving the purchase and sale of Patanjali Yogpeeth land has been reopened," he declared on Monday, adding, "No one guilty will be exempted." </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"">On the same day, the Public Accounts Committee of the House of Representatives directed the government to submit all documents related to the Patanjali Yogpeeth land in Kavrepalanchowk, associated with Indian yoga guru Ramdev, within seven days.</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 committee sent a letter to the Ministry of Land Management, Cooperatives, and Poverty Alleviation, requesting details on the purpose of the land purchase and sale by Patanjali Yogpeeth. The parliamentary committee has also sought details about the embezzlement of 353 ropanis of land and the total land owned by Patanjali Yogpeeth. </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"">Home Minister Lamichhane added that an investigation is underway into the irregularities ranging from the Maoist cantonment to Lalita Niwas land scam. </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"">According to Lamichhane, a powerful commission is being formed to investigate 25 scandals. The Ministry of Home Affairs has allocated a budget for this purpose and the commission will be established to proceed with the investigations within two months of budget implementation.</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"">Lamichhane also mentioned efforts to arrest GB Rai, the chairman of Gorkha Media Network, who is currently in Malaysia. Lamichhane stated that he had two telephone conversations with the Malaysian Home Minister, who responded positively to the request for cooperation.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-25', 'modified' => '2024-06-25', 'keywords' => 'Patanjali, Yogpeeth, land, scam, Ramdev, probe, ceiling', 'description' => '', 'sortorder' => '21086', 'image' => '20240625020934_thumb.jpg', 'article_date' => '2024-06-25 14:08:59', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '21358', 'article_category_id' => '231', 'title' => 'IPO Approval After Six Months', 'sub_title' => '', 'summary' => 'KATHMANDU: The process of public issuance of securities, which had been stalled for almost six months, has resumed after the amendment of the law allowing the official representing the Ministry of Finance in the Securities Board of Nepal to act as the board’s chairman.', 'content' => '<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"">KATHMANDU: The process of public issuance of securities, which had been stalled for almost six months, has resumed after the amendment of the law allowing the official representing the Ministry of Finance in the Securities Board of Nepal to act as the board’s chairman.</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 approval of the public issuance of securities was blocked for about six months due to the vacant post of SEBON chairman, as the chairman’s signature was mandatory.</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"">Following the amendment to the Securities Act, 2063, a representative from the Ministry of Finance on the Board of Directors can now perform the duties of the chairman. Currently, Finance Ministry’s Joint Secretary Narendra Kumar Rana is leading the board. Under his leadership, the board granted permission for the issuance of 100 percent rights shares to Himalaya Energy Development Company on June 21. </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"">It has now been decided to proceed with the initial public offering (IPO) at face value, including the public issuance process. Navraj Adhikari informed that the board will now give permission to companies that have requested to sell shares at face value through the IPO, provided there is no evidence against them.</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"">Furthermore, the board will not immediately grant permission to companies with a net worth per share of less than Rs 90. The board has already permitted the issuance of rights shares. Previously, the Public Accounts Committee meeting of the House of Representatives on December 28 issued an 11-point instructions to related agencies to issue IPO permission only to companies whose actual net worth is more than Rs 90.</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 parliamentary committee also recommended that the board adopt the book-building method, which determines the price through competition among investors in the market.</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"">After the Act's amendment in March, representatives of the Ministry of Finance could proceed with the approval process for public issuances. However, Rana, representing the Ministry of Finance on the board, preferred to wait until a new chairman was appointed. Due to recent legal complications in the appointment process of the chairman, the Board of Directors decided not to delay public issuance any further. </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"">Legal complications in the appointment process arose after three of the five shortlisted candidates for the chairman's position were absent from the presentation and interview. According to current legal provisions, the recommendation committee must recommend three candidates. The committee formed to recommend names for the chairman's appointment has sought advice from the Attorney General to resolve this problem.</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 spokesman stated that the IPO permission for companies with a net worth of less than Rs 90 per share will be concluded after further discussions.</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"">Currently, 35 companies have applied for issuance of IPO and are waiting for permission from the board. Among them, Reliance Spinning Mills Limited has sought permission to issue shares through the book-building method. The company filed an application to sell 1,155,960 shares to the general public at Rs 820.80 per share after distributing the IPO to qualified institutional investors.</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"">On December 31, the company distributed shares to qualified institutional investors based on a cut-off price of Rs 912 per share.</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"">There are currently four companies in the board's pipeline that wish to issue shares at a premium price. Jagdamba Steels, Maruti Cements, Shaurya Cement Industries, and Hospital for Advanced Medicine and Surgery Limited have sought permission from the board to sell shares at a premium price. </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"">Jagdamba Steels has applied to issue 270,000 shares at a face value of Rs 100 per share. Maruti Cements has sought permission to issue 10.16 million shares at Rs 377 per share, with a premium of Rs 277 per share at a face value of Rs 100 per share.</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"">Shaurya Cement submitted an application seeking permission to sell 15.98 million shares at Rs 264.51 per share, including a premium. Hospital for Advanced Medicine and Surgery Limited is preparing to sell 1.125 million shares at Rs 288 per share, including a premium. </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"">Although 30 other companies have requested permission to issue shares at nominal value, currently only those with a net worth of more than Rs 90 and no outstanding equity issues will be allowed to proceed.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-25', 'modified' => '2024-06-25', 'keywords' => 'IPO, SEBON, issuance, amendment, chairman', 'description' => '', 'sortorder' => '21085', 'image' => '20240625012824_Sebon-update.jpg', 'article_date' => '2024-06-25 13:27:44', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '21360', 'article_category_id' => '1', 'title' => 'Nepal Quality Council Endorses Textile Assessment Procedures ', 'sub_title' => '', 'summary' => 'KATHMANDU: The Nepal Quality Council has endorsed the assessment procedures for various types of textiles and also fixed the Nepal Quality Standard for safe lead. ', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">KATHMANDU: The Nepal Quality Council has endorsed the assessment procedures for various types of textiles and also fixed the Nepal Quality Standard for safe lead. This initiative is expected to facilitate the exports of textiles and safe lead. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">The 112th meeting of the council chaired by Minister for Industry, Commerce and Supplies Damodar Bhandari on Monday passed the standard determined by the Nepal Bureau of Standard and Metrology. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Prabhat Kumar Singh, spokesperson for the Bureau, stated that the adoption of these quality standards has simplified the process for exporting textiles after their assessment.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Additionally, the meeting approved the standard for safe lead, which the Bureau indicated would aid in the export of safe lead to foreign markets.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">The Bureau's Technical Committee conducts technical assessments of industries and goods before forwarding recommendations to the Council for endorsement. The Bureau's director-general serves as the member-secretary of the Council. -- RSS</span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-06-25', 'modified' => '2024-06-25', 'keywords' => '', 'description' => '', 'sortorder' => '21084', 'image' => '20240625021104_Dhaka.jpg', 'article_date' => '2024-06-25 14:10:16', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '21357', 'article_category_id' => '1', 'title' => 'Majority of Metropolitan Cities Increase Budget', 'sub_title' => '', 'summary' => 'KATHMANDU: Most of the metropolitan cities in the country have increased their budgets for the next fiscal year (FY) 2081/82 compared to the current year. ', 'content' => '<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"">KATHMANDU: Most of the metropolitan cities in the country have increased their budgets for the next fiscal year (FY) 2081/82 compared to the current year. According to the Inter-Governmental Fiscal Arrangement Act 2074, the local level must submit the next year's budget to the Municipal Assembly by Asar 10 (June 24 this year).</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"">Accordingly, six major cities have submitted their budgets within the specified time. Birgunj Metropolitan City introduced its budget on June 22, while the other five metropolitan cities submitted theirs on Monday. Lalitpur, Bharatpur, Biratnagar, Pokhara, and Kathmandu have all increased their budgets, while Birgunj's budget has decreased.</span></span></span></span></p> <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></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"">Kathmandu Metropolitan City’s Deputy Mayor Sunita Dangol presented a budget of Rs 25.64 billion for the upcoming year at the 15th Municipal Assembly. This is an increase from the current year's budget of Rs 25.54 billion. Deputy Mayor Dangol stated that the budget aims to alleviate poverty by utilizing local resources equitably, contributing to the socialist-oriented national economy, enhancing social harmony and unity, and reducing the rates of self-employment and emigration abroad.</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 budget includes allocations of Rs 3.8 billion for 11 metropolitan pride projects and funds for 30 golden schemes. More than Rs 14 billion has been allocated for infrastructure development, over Rs 3 billion for social development, and more than Rs 1.89 billion for good governance. The KMC has estimated revenue collection of Rs 24.2 billion for the upcoming year.</span></span></span></span></p> <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"">Lalitpur</span></span></strong></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"">Lalitpur Metropolitan City has increased its budget for the upcoming year to Rs 7.47 billion, a 15% increase over the current year. Deputy Mayor Manjali Shakya Bajracharya announced the budget at the Municipal Assembly meeting on Monday. The budget includes a property tax exemption for houses built in accordance with heritage rules within the World Heritage Site. Additionally, residents using electric vehicles will receive a 5% property tax rebate.</span></span></span></span></p> <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"">Bharatpur</span></span></strong></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"">Bharatpur Metropolitan City has released a budget of Rs 6.55 billion, which is Rs 240.6 million more than that of current year. Deputy Mayor Chitrasen Adhikari presented the budget in the Municipal Assembly on Monday. Of this, Rs 1.6 billion has been allocated for completing pending projects and those with multi-year contracts.</span></span></span></span></p> <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"">Pokhara</span></span></strong></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"">Deputy Mayor Manjudevi Gurung of Pokhara Metropolitan City presented a budget of Rs 7.51 billion for the upcoming fiscal year. The budget is more than the current year’s budget by Rs 430 million. Pokhara is currently implementing a budget of Rs 7. 08 billion. The new budget includes policies such as mandatory competitive procurement for projects exceeding Rs 50 million, and no transfer of funds from the capital budget.</span></span></span></span></p> <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"">Biratnagar</span></span></strong></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"">Biratnagar Metropolitan City has announced an estimated budget of Rs 3.5 billion for FY 2081/82. Deputy Mayor Shilpa Karki presented the budget at the Municipal Assembly. Karki noted that due to an economic crisis and lower-than-expected income, the metropolis could not add new programs for the upcoming year.</span></span></span></span></p> <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"">Birgunj</span></span></strong></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"">Birgunj Metropolitan City has released a budget of Rs 2.89 billion for the upcoming year, which is Rs 620 million less than the current year's budget. Deputy Mayor Imtiaz Alam presented the budget during the 15th session of the Municipal Assembly on Saturday. The budget prioritizes education, health, sanitation management, environmental protection, tourism, agriculture, quality physical infrastructure, and digital-friendly service delivery. The local tax system aims to boost production and promote social justice.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-25', 'modified' => '2024-06-25', 'keywords' => 'metropolitan, city, budget, Sunita, Dangol, Shakya, Bajracharya, increase', 'description' => '', 'sortorder' => '21083', 'image' => '20240625120451_b89021dc.jpeg', 'article_date' => '2024-06-25 12:04:18', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '21356', 'article_category_id' => '220', 'title' => 'Dedicated and Trunk Line Tariff Controversy: Industrialists Claim NEA Sent Faulty Bills', 'sub_title' => '', 'summary' => 'KATHMANDU: The Nepal Electricity Authority (NEA) has notified industries that they must pay the arrears for using the dedicated and trunk lines. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">KATHMANDU: The Nepal Electricity Authority (NEA) has notified industries that they must pay the arrears for using the dedicated and trunk lines. The NEA sent letters informing industrialists that they owe Rs 6.65 billion in arrears, with a payment deadline of 15 days from Monday.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">NEA spokesperson Chandan Kumar Ghosh stated that the NEA has sent letters to most of the industries, demanding payment of arrears accumulated from mid-January 2016 to mid-May 2018. The NEA took a decision to this effect on Sunday, and letters were dispatched to all the defaulting industries on Monday. Ghosh also mentioned that a 25 percent penalty will be charged on the overdue amounts if the arrears are not cleared on time.</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 sources, letters have been sent to Argakhanchi Cement, Reliance Spinning Mills, Jagdamba Cement, Ghorahi Cement, and other industries. The letters stipulate that "all amounts must be paid within 15 days of receipt. If the fee is not paid within the specified period, penalties will be imposed as per the law."</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Pashupati Murarka, owner of Argakhanchi Cement, criticized the NEA for irresponsibly sending a circular to the industry. He noted that the NEA sent a letter dated Sunday, demanding payment for electricity tariffs from mid-January 2016 to mid-May 2018 within 15 days.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The NEA has billed Argakhanchi Cement Rs 448.6 million. However, the letter does not specify how many units of electricity were consumed during the review period or details of the hours of electricity usage on specific days.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">"The bill sent by the authority appears to be arbitrary. Such a baseless bill cannot be paid,” Murarka told New Business Age. He added that, according to the Girish Chandra Lal Commission's report, the outstanding amount can only be paid if the NEA provides a bill based on sufficient evidence as per the law. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">There is a long-standing dispute between industrialists and the NEA over the settlement of dues for using electricity from dedicated feeders and trunk lines during the time of load-shedding. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The NEA had supplied electricity to industries through dedicated feeder and trunk lines by charging a premium of 65 percent in the electricity tariffs.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The industrialists claim that the NEA has billed them for the electricity even after the end of load-shedding.</span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-06-25', 'modified' => '2024-06-25', 'keywords' => 'electricity, tariff, dispute, load, shedding, NEA, industries', 'description' => '', 'sortorder' => '21082', 'image' => '20240625113753_20231016030910_20230913111412_NEA_20191104081559.jpg', 'article_date' => '2024-06-25 11:35:29', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '21355', 'article_category_id' => '222', 'title' => 'Non-Life Insurance Companies Earn More than Rs 36 Billion in Insurance Premium', 'sub_title' => '', 'summary' => 'KATHMANDU: In the first 11 months of the current fiscal year, non-life insurance companies collected over Rs 36 billion in insurance premium.', 'content' => '<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"">KATHMANDU: In the first 11 months of the current fiscal year, non-life insurance companies collected over Rs 36 billion in insurance premium.</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"">According to data published by the Nepal Insurance Authority, 14 insurance companies sold a total of 2,608,792 insurance policies from mid-July to mid-June, earning Rs 36.33 billion in total insurance premium.</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"">Among them, Shikhar Insurance earned the highest amount, collecting Rs 4.89 billion. Sagarmatha Lumbini Insurance is second on the list, earning Rs 4.29 billion. Siddhartha Premier Insurance Company is third, with earnings of Rs 3.66 billion.</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"">Similarly, Himalayan Everest Insurance Company earned Rs 3.23 billion, IGI Prudential Insurance Company earned Rs 3.21 billion, Neco Insurance earned Rs 2.88 billion, United Azod Insurance earned Rs 2.38 billion, and NLG Insurance Company earned Rs 2.26 billion in insurance premium.</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"">Among these companies, National Insurance Company earned the lowest insurance fees, collecting Rs 1.1 billion. Nepal Insurance Company earned Rs 1.40 billion, Rastriya Beema Company earned Rs 1.53 billion, Prabhu Insurance earned Rs 1.56 billion, The Oriental earned Rs 1.75 billion, and Sanima GIC Insurance earned Rs 2.21 billion in insurance premium.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-25', 'modified' => '2024-06-25', 'keywords' => 'insurance, premium, earning', 'description' => '', 'sortorder' => '21081', 'image' => '20240625110236_INSURANCE-COVERAGE.jpg', 'article_date' => '2024-06-25 11:01:58', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '21354', 'article_category_id' => '1', 'title' => 'Cabinet Decides to Accept Grant, Soft Loan from WB and other Donors ', 'sub_title' => '', 'summary' => 'KATHMANDU: The government has decided to approve grants and soft loans from the World Bank and other donor agencies. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">KATHMANDU: The government has decided to approve grants and soft loans from the World Bank and other donor agencies. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">A meeting of the Council of Ministers held on Monday decided to accept USD 80 million in loan to be received from the World Bank, the government spokesperson and Minister for Communications and Information Technology Rekha Sharma said. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, the government approved the additional grant assistance of 8.1 million Pounds Sterling to be received from the British Government for the reconstruction and rehabilitation of the earthquake damaged structures in the Karnali Province. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to Minister Sharma, the cabinet meeting approved the visit of Finance Minister Barsha Man Pun for his participation in a high-level conference to be held in Beijing of China from July 11 to 13. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, the cabinet meeting has decided to hand over the remaining amount of the fiscal equalization grants of the fiscal year 2080/081 to the concerned local levels. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The cabinet meeting also transferred the suspended Chief Secretary Dr Baikuntha Aryal to the National Planning Commission by creating a post equivalent to the Chief Secretary at the Commission, Minister Sharma said. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">After the Commission for the Investigation of Abuse of Authority (CIAA) filed a case of corruption at the Special Court, Chief Secretary Dr Baikuntha Aryal was automatically suspended from his post. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The cabinet meeting also appointed Dr Ram Prasad Dhital as the Chair of the Electricity Regulations Commission and Dr Madhu Sudan Adhikari and Jhamak Prasad Sharma as the members. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, Dr Rajendra Prasad Yadav was appointed the Executive Director of the National Dairy Development Board. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Furthermore, the cabinet meeting has approved the visit of the Minister for Youths and Sports to South Korea to attend a programme there from June 28 to July 4, Minister Sharma informed journalists. -- RSS </span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-25', 'modified' => '2024-06-25', 'keywords' => '', 'description' => '', 'sortorder' => '21080', 'image' => '20240625092635_World.jpg', 'article_date' => '2024-06-25 09:26:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '21353', 'article_category_id' => '1', 'title' => 'Water Supply from Melamchi Suspended Over Monsoon Hazards ', 'sub_title' => '', 'summary' => 'KATHMANDU: The Melamchi Water Supply Board has suspended the water supply from the Melamchi River in Sindhupalchowk to the Kathmandu Valley from Monday. ', '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 Melamchi Water Supply Board has suspended the water supply from the Melamchi River in Sindhupalchowk to the Kathmandu Valley from Monday. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The Board’s Executive Director Ratna Lamichhane said the decision was taken after the flood in the river turned the water murky, leading to the closure of the water supply to the valley. The supply will be restored once the rain halts. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The board had earlier planned to halt the supply from June 13 but the schedule was postponed as no significant rains occurred. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The government halts water supply from Melamchi during the monsoon bearing in mind its possible consequences on its headworks and other structures. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the Meteorological Forecasting Division, this year monsoon entered the country on June 10, three days earlier than the tentative date and generally exits on October 2. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The project management consultants and the Asian Development Bank (ADB) were advising the board to halt the water supply to save the project's structures from the monsoon-related hazards. "We decided to close it after the river water turned muddy," said Lamichhane. -- RSS </span></span></span><br /> </p> ', 'published' => true, 'created' => '2024-06-24', 'modified' => '2024-06-24', 'keywords' => '', 'description' => '', 'sortorder' => '21079', 'image' => '20240624070229_DRS_Sindhupalchok-IMG-20231201-WA0009(1).jpg', 'article_date' => '2024-06-24 19:01:51', '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
