Kathmandu Metropolitan City has made income projections for the next three fiscal…
Kathmandu Metropolitan City has made income projections for the next three fiscal…
January 12: Industries in the Bara-Parsa industrial corridor have been affected due to the lack of regular electricity…
January 12: The cost-of-living crisis will become the biggest global risk over the next two years, warned a survey conducted by the World Economic Forum…
January 12: The Food Management and Trading Company (FMTC) Limited has purchased paddy worth more than 307.7 million rupees from farmers at the minimum support price set by the…
January 12: Commercial banks of Nepal have agreed to reduce the interest rates on deposits from…
More than 40,000 kilograms of red sandalwood confiscated by police in various places over different periods of time have been left abandoned in…
January 11: Nepal’s economic growth rate would remain at 5.1 percent in the current fiscal year and 4.9 percent in FY 2023/24, according to the latest report published by the World…
Nepal Gem and Jewellery Association is all set to host the Fourth Gem and Jewellery Expo in…
January 11: Hotels in Birgunj will open till midnight after ensuring safety measures.…
Third Annual General Assembly of Confederation of Banks and Financial Institutions Nepal (CBFIN) has unanimously selected a 15-member new executive committee led by NMB Bank’s chairman Pawan Kumar…
January 11: Nepal Investment Bank Limited (NIBL) and Mega Bank Limited have launched integrated transactions from Wednesday following a…
January 11: A shipment of 50,000 metric tons of wheat, that should have arrived from India four months ago, has been delayed due to the sluggish approach of the Ministry of Industry, Commerce and Supplies and the faulty data provided by the Ministry of Agriculture and Livestock…
January 11: While announcing the budget of the current fiscal year, the government had pledged to provide cash subsidy up to 8 per cent on cement exports.…
January 11: The Kathmandu Metropolitan City (KMC) has banned selling goods on bicycles and hand carts along the roadsides of the…
January 11: Prime Minister Pushpa Kamal Dahal has secured the vote of confidence in parliament with support from more than two thirds of the total 275 lawmakers in the House of Representatives…
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', 'content' => '<p><span style="font-size:20px"> <br /> January 12: Kathmandu Metropolitan City has made income projections for the next three fiscal years. </span></p> <p><span style="font-size:20px">The metropolis have set revenue collection target for 2080/81, 2081/82 and 2082/83 fiscal years. </span></p> <p><span style="font-size:20px">For the fiscal year 2080/81, the metropolis has set the target to collect revenue of Rs 11.80 billion, while Rs 12.3 billion and 13.66 billion have been projected for the years 2082 and 2083 respectively.</span></p> <p><span style="font-size:20px">Since the metropolis has yet to receive the ceiling on various headings including grant to be provided by federal and provincial governments and other agencies, revenue distribution, registration fee, and value added tax, the figure of projected revenue target might fluctuate according to Chief Dr Shivraj Adhikari at the Revenue Department of Kathmandu Metropolis.</span></p> <p><span style="font-size:20px">The metropolitan city aims to make income as projected in the next three fiscal years. The metropolis plans to collect Rs 10.39 billion revenue in the current fiscal year. </span></p> <p><span style="font-size:20px">The metropolis has collected Rs 4.34 billion in revenue till first five and half months of the current fiscal year. The metropolis had collected Rs 3.69 billion during the same period last fiscal year.</span></p> <p><span style="font-size:20px">Dr Adhikari hopes that they will be able to meet the revenue collection target in the current fiscal year despite some problems in the last few years due to COVID-19 pandemic. </span></p> <p><span style="font-size:20px">“Metropolitan city will have no problem in meeting the revenue collection target this year as we have tightened revenue collection”, Dr Adhikari added. </span></p> <p><br /> </p> ', 'published' => true, 'created' => '2023-01-12', 'modified' => '2023-01-12', 'keywords' => '', 'description' => '', 'sortorder' => '16466', 'image' => '20230112044640_collage (47).jpg', 'article_date' => '2023-01-12 16:39:58', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 1 => array( 'Article' => array( 'id' => '16724', 'article_category_id' => '1', 'title' => 'Bara Parsa Industries Plagued by Tripping Problem', 'sub_title' => '', 'summary' => 'January 12: Industries in the Bara-Parsa industrial corridor have been affected due to the lack of regular electricity supply.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">January 12: Industries in the Bara-Parsa industrial corridor have been affected due to the lack of regular electricity supply. Industrialists complain of frequent tripping of electricity in the industries of the corridor for the past one week.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">An industrialist said that such a problem is more common in industries that take supply from the 66 kV transmission line of the Nepal Electricity Authority (NEA). </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">“The power gets cut off 6/7 hours daily without notice. Frequent tripping is disrupting production,” he said.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Industrialists say that many problems arise in the production when power is cut five to seven times a day.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Hari Gautam, vice president of Birgunj Chamber of Commerce says that although they have been demanding quality and regular supply of electricity for the industries, there has been no improvement.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to Gautam, frequent power cuts result in wastage of raw materials, decline in production, damage of equipment, and the quality of the products deteriorate.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">NEA, however, claims that there is not much tripping in Bara-Parsa industrial corridor. NEA’S spokesperson Suresh Bahadur Bhattarai says that problems arise sometimes due to maintenance.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">He said that since the 66 kV transmission line passes through the forest, problems such as falling of trees, wind and overload cause disruption in power supply.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">NEA says that power supply is also affected if there is a problem in importing electricity from India during the dry season.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Nepal imports electricity from Bihar during the dry season. Two thermal plants with a capacity of 1400 megawatts are closed in Bihar state of India. Bara-Parsa Industrial Corridor is being supplied with electricity from Bihar. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">NEA Spokesperson Bhattarai said that it is normal to have power cuts when the world is hit by energy crisis.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">“We depend on India for energy during the dry season,” he said.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-01-12', 'modified' => '2023-01-12', 'keywords' => '', 'description' => '', 'sortorder' => '16465', 'image' => '20230112032304_Transmission.jpg', 'article_date' => '2023-01-12 15:22:13', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '16723', 'article_category_id' => '1', 'title' => 'Cost-of-Living Crisis Biggest Global Risk: Study', 'sub_title' => '', 'summary' => 'January 12: The cost-of-living crisis will become the biggest global risk over the next two years, warned a survey conducted by the World Economic Forum (WEF).', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">AGENCIES</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">January 12: The cost-of-living crisis will become the biggest global risk over the next two years, warned a survey conducted by the World Economic Forum (WEF).</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the AFP, the WEF report described the cost-of-living crisis as the "biggest short-term risk" between now and 2025, followed by natural disasters, extreme weather events and "geo-economic confrontation".</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Global inflation remains at sky-high levels after energy and food costs rocketed last year, largely owing to the invasion of agricultural powerhouse Ukraine by major oil and gas producer Russia, added the AFP news report.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Consumer price inflation in Nepal rose to 8.08 percent in the first four months of the current fiscal year compared to 6.04 percent a year ago, according to the latest report of Nepal Rastra Bank.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Supply constraints caused by the Covid-19 pandemic have also contributed to decades-high prices for consumers.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the study report of WEF, conflict and geo-economic tensions have triggered a series of deeply interconnected global risks.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The risks include energy and food supply crunches, which are likely to persist for the next two years, and strong increases in the cost-of-living and debt servicing, the report added.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to AFP, the survey, produced with the consulting firm Marsh McLennan and Zurich Insurance Group, took into account the views of more than 1,200 global risk experts, policymakers and industry leaders.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"The short-term risk landscape is dominated by energy, food, debt and disasters," AFP quoted Saadia Zahidi, a managing director at WEF, as saying.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"Those that are already the most vulnerable are suffering -- and in the face of multiple crises, those who qualify as vulnerable are rapidly expanding, in rich and poor countries," she wrote in the report.</span></span></p> <p> </p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The respondents of the survey considered traditional warfare as less of a risk than geo-economic conflict -- such as sanctions, punitive tariffs and other forms of trade war -- or cyber warfare.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The WEF study called on leaders to act "collectively and decisively, balancing short- and long-term views" and it concluded on the need for cooperation to strengthen "financial stability, technology governance, economic development and investment in research, science, education and health," AFP added.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the news agency, Carolina Klint, a risk management leader at Marsh, said this year would be marked by "increased risks" related to food, energy, raw materials and cyber security that could further disrupt global supply chains and impact investment decisions.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Many analysts warn that the global economy will suffer a recession in 2023 as inflation remains elevated.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the World Bank’s latest report, global growth is projected to slow to its third-weakest pace in nearly three decades, overshadowed only by the 2009 and 2020 global recessions.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Global Economic Prospect Report of the World Bank published on Tuesday states that the global economic growth rate would be squeezed to 1.7 percent in the year 2023 which is 1.3 percentage points lower than the earlier estimate. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Nepal’s economic growth rate would remain at 5.1 percent in the current fiscal year and 4.9 percent in FY 2023/24, according to the WB report.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-01-12', 'modified' => '2023-01-12', 'keywords' => '', 'description' => '', 'sortorder' => '16464', 'image' => '20230112020659_cost.jpg', 'article_date' => '2023-01-12 14:06:22', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '16722', 'article_category_id' => '1', 'title' => 'FMTC Procures Paddy worth Rs 300 Million', 'sub_title' => '', 'summary' => 'January 12: The Food Management and Trading Company (FMTC) Limited has purchased paddy worth more than 307.7 million rupees from farmers at the minimum support price set by the government.', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">January 12: The Food Management and Trading Company (FMTC) Limited has purchased paddy worth more than 307.7 million rupees from farmers at the minimum support price set by the government.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The state-owned company purchased the paddy from different places of the country.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">As of January 9, the company has purchased 10,138 metric tons of paddy worth Rs 307 million from eight purchase centers for the current fiscal year. This year, the government fixed the minimum support price of coarse paddy at Rs 2,967 per quintal and the minimum support price of medium paddy at Rs 3,128 per quintal.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The company aims to purchase paddy from 10 places across the country at the support price set by the government. But so far it is only buying paddy at eight places including Birtamod, Biratnagar, Lahan, Birgunj, Nepalgunj, Rajapur, Dhangadhi and Mahendranagar. The procurement is yet to begin in Janakpur and Bhairahawa.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Sarmila Subedi Neupane, information officer of FMTC, informed that most of the paddy has been purchased from Dhangadhi and Rajapur so far. According to her, so far 3,013 metric tons of coarse and medium paddy have been purchased from Dhangadhi and 2,680 metric tons from Rajapur. This year, the company has set a target of purchasing 30,000 metric tons of paddy. But so far only 10,000 metric tons have been purchased.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Even last year, the company did not meet the target of paddy purchase.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-01-12', 'modified' => '2023-01-12', 'keywords' => '', 'description' => '', 'sortorder' => '16463', 'image' => '20230112012607_paddyyy-transformed.jpeg', 'article_date' => '2023-01-12 13:23:23', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '16721', 'article_category_id' => '1', 'title' => 'Commercial Banks to Lower Interest Rates in Mid-January', 'sub_title' => '', 'summary' => 'January 12: Commercial banks of Nepal have agreed to reduce the interest rates on deposits from mid-January.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:13.5pt"><span style="font-family:"Arial","sans-serif"">January 12: Commercial banks of Nepal have agreed to reduce the interest rates on deposits from mid-January.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:13.5pt"><span style="font-family:"Arial","sans-serif"">An executive committee meeting of Nepal Bankers Association (NBA) on Wednesday decided to reduce the interest rates immediately after the Special Annual General Meeting (AGM) of the umbrella body of CEOs of commercial banks.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:13.5pt"><span style="font-family:"Arial","sans-serif"">As per the decision taken by NBA, commercial banks will charge a maximum of 11 percent interest on personal deposits and a maximum of 9 percent on institutional deposits in the Nepali month of Magh (mid-January to mid-February). </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:13.5pt"><span style="font-family:"Arial","sans-serif"">Back in the month of Asoj (mid-September to mid-October), the commercial banks had fixed the interest on personal deposits at 12.13 percent and that for institutional deposits at 10.13 percent. The interest rate remained unchanged in the following months of Kartik (mid-October to mid-November), Mangsir (mid-November to mid-December) and Poush (mid-December to mid-January).</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:13.5pt"><span style="font-family:"Arial","sans-serif"">Meanwhile, the Special AGM of NBA unanimously elected CEO of NMB Bank Sunil KC as the new president of NBA. KC, who was the acting president, was elected to lead the association by the Special AGM.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:13.5pt"><span style="font-family:"Arial","sans-serif"">KC was appointed the acting president of NBA after the then President Anil Kumar Upadhyay’s term as the CEO of Agriculture Development Bank came to an end. The Special AGM was called to fill the vacant position of NBA president.</span></span></span></span></p> <p> </p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-01-12', 'modified' => '2023-01-12', 'keywords' => '', 'description' => '', 'sortorder' => '16462', 'image' => '20230112103737_Banks.jpg', 'article_date' => '2023-01-12 10:36:19', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '16720', 'article_category_id' => '1', 'title' => ' 40,000 kg Red Sandalwood Confiscated By Police About To Decay ', 'sub_title' => '', 'summary' => 'More than 40,000 kilograms of red sandalwood confiscated by police in various places over different periods of time have been left abandoned in Sindhupalchowk. ', 'content' => '<p> </p> <p><span style="font-size:20px">January 12: More than 40,000 kilograms of red sandalwood confiscated by police in various places over different periods of time have been left abandoned in Sindhupalchowk. </span></p> <p><span style="font-size:20px">Stranded red sandalwoods are going to decay as they have neither been returned to rightful owners nor auctioned. </span></p> <p><span style="font-size:20px">Logs of the valuable red sandalwood were seized by police while the smugglers were trying to smuggle them to China and left stranded for decades in absence of clear laws about what to do with such confiscated logs. </span></p> <p><span style="font-size:20px">Although the District Forest Office ought to conserve the seized red sandalwood, a huge chunk of the valuable wood have been lying in sorry state in the premises of District Administration Office in Sindupalchowk. </span></p> <p><span style="font-size:20px">According to Assistant District Forest Officer Krishna Bahadur Thapa, they had handed over the precious woods to the police due to lack of space to park them at the forest office and having no one to guard the seized logs. </span></p> <p><span style="font-size:20px">Confiscated red sandalwoods are in sorry state as the concerned authority is yet to decide on what to do with them</span></p> <p><span style="font-size:20px">"The Forest Department or Ministry should decide in this regard. We are not authorized to take decision on it," said Thapa, adding that since they were told to conserve the seized red sandalwood from the higher up, they were keeping them safe till date. </span></p> <p><span style="font-size:20px">"After the Forest Department wrote to the District Forest Office, we have appraised them about the condition of these seized red sandalwood," Thapa said.</span></p> <p><span style="font-size:20px">It is learnt that seized sandalwoods from the district are smuggled to India and then taken to China from there. </span></p> <p><span style="font-size:20px">DSP Shiv Kumar Budhathoki said police personnel are guarding the red sandalwoods parked in the premises of DAO. The DAO premise has red sandalwoods confiscated since 2062.</span><br /> </p> ', 'published' => true, 'created' => '2023-01-12', 'modified' => '2023-01-12', 'keywords' => '', 'description' => '', 'sortorder' => '16461', 'image' => '20230112060045_collage (30).jpg', 'article_date' => '2023-01-12 05:50:48', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 6 => array( 'Article' => array( 'id' => '16719', 'article_category_id' => '1', 'title' => 'World Bank Estimates 5.1 Percent Economic Growth Rate of Nepal this Year', 'sub_title' => '', 'summary' => 'January 11: Nepal’s economic growth rate would remain at 5.1 percent in the current fiscal year and 4.9 percent in FY 2023/24, according to the latest report published by the World Bank. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">January 11: Nepal’s economic growth rate would remain at 5.1 percent in the current fiscal year and 4.9 percent in FY 2023/24, according to the latest report published by the World Bank. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The ‘Global Economic Prospect Report’ unveiled by the World Bank (WB) on Tuesday came up with the forecast just days after the newly formed government unveiled its common minimum programme with tall promises of achieving economic growth in double digits.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">As per the WB’s estimation, economic growth rate would be slashed not only in Nepal but also across the globe. </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 the report, global growth is projected to slow to its third-weakest pace in nearly three decades, overshadowed only by the 2009 and 2020 global recessions. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">“Investment growth in emerging market and developing economies is predicted to remain below its average rate of the past two decades. Any additional adverse shocks could push the global economy into recession,” said the report, adding, “Small states are especially vulnerable to such shocks because of their reliance on external trade and financing, limited diversification, elevated debt, and susceptibility to natural disasters.”</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The report suggested that immediate policy action is needed to bolster growth and investment, including redirecting existing spending, such as agricultural and fuel subsidies.</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 the report, global economic growth rate would be squeezed to 1.7 percent in the year 2023 which is 1.3 percentage points lower than the earlier estimate. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">World Bank President David Malpass emphasized that the crisis facing developments is intensifying. He noted that the latest growth forecasts indicate a sharp, long-lasting slowdown, with global growth declining to 1.7 percent in 2023 – roughly half the rate expected just six months ago.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The deterioration is broad-based: in virtually all regions of the world, per-capita income growth will be slower than it was during the decade before COVID-19, he said.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Six months ago, the WB had made a public estimation of global economic growth rate of 3.0 percent. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The ongoing war between Russia and Ukraine and COVID-19 pandemic have been considered the main causes behind the lower economic growth rate, the economic prospect report noted. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">High price hike, high interest rate and disruption in the supply chain have been identified as other causes behind the fall in the economic growth rate. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The WB report further stated that, “The estimation of economic growth rate for the year 2023 is the third big recession in the last three decades”. </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 the report, India would see the economic growth rate of 6.6 percent in the fiscal 2023 and 6.1 in the fiscal 2024. Likewise, Pakistan would witness the economic growth rate of 2.0 percent in the fiscal year 2023 and 3.2 in 2024. Bangladesh would have the economic growth rate of 5.2 percent in the fiscal 2023 and 6.2 percent in 2024, the WB report reveals. </span></span></span></p> ', 'published' => true, 'created' => '2023-01-11', 'modified' => '2023-01-12', 'keywords' => '', 'description' => '', 'sortorder' => '16460', 'image' => '20230111074428_20200703013607_World Bank.jpg', 'article_date' => '2023-01-11 19:44:05', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '16718', 'article_category_id' => '1', 'title' => 'Fourth Gem and Jewellery Expo To Be Held in Kathmandu.', 'sub_title' => '', 'summary' => 'Nepal Gem and Jewellery Association is all set to host the Fourth Gem and Jewellery Expo in Kathmandu.', 'content' => '<p><span style="font-size:20px">January 11: Nepal Gem and Jewellery Association is all set to host the Fourth Gem and Jewellery Expo in Kathmandu.</span></p> <p><span style="font-size:20px">The expo will run from January 13 to 15. The association will organize a jewellery fashion show on January 12. </span></p> <p><span style="font-size:20px">Jyotsana Shrestha, Chairperson of Nepal Gem and Jewellery Association, said the association is preparing to host the expo with slogan “Taking Nepalese Jewellery to Global”. </span></p> <p><span style="font-size:20px">The expo is aimed at promoting the export of Nepali jewelleries to contribute to the country’s economy. </span></p> <p><span style="font-size:20px">Indian actress and model Malaika Arora will walk in the ramp donning Nepali attire and jewelleries, the association informed in the press conference. The entry to the expo is free. </span></p> ', 'published' => true, 'created' => '2023-01-11', 'modified' => '2023-01-11', 'keywords' => '', 'description' => '', 'sortorder' => '16459', 'image' => '20230111063313_collage (45).jpg', 'article_date' => '2023-01-11 18:30:29', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 8 => array( 'Article' => array( 'id' => '16717', 'article_category_id' => '1', 'title' => 'Hotels in Birgunj to Open Till Midnight', 'sub_title' => '', 'summary' => 'January 11: Hotels in Birgunj will open till midnight after ensuring safety measures. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">January 11: Hotels in Birgunj will open till midnight after ensuring safety measures. In order to revive the hotel business, which is in crisis after the Covid-19 pandemic, the district administration has agreed in principle to extend the opening hours of hotels in Birganj area. Hari Panta, president of Birgunj Hotel and Tourism Association, informed that initiative is being taken to operate hotels till midnight.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Earlier, the local administration had banned the opening of hotels and restaurants after 10 pm citing security reasons. Panta said that hotels now will be operated till midnight after fufilling certain safety standards.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Hoteliers of Birgunj, including Pant, met Umesh Kumar Dhakal, chief district officer of Parsa, and demanded to increase the hotel's operating hours. The administration agreed to open the hotel till midnight after safety standards are met. For its preparation, it has been agreed to form a task force under the coordination of the Assistant Chief District Officer of Parsa. Panta said that hoteliers, district police office, armed police and other security agencies will be included in the task force. </span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-01-11', 'modified' => '2023-01-11', 'keywords' => '', 'description' => '', 'sortorder' => '16458', 'image' => '20230111054903_Hotel.jpg', 'article_date' => '2023-01-11 17:48:25', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '16716', 'article_category_id' => '1', 'title' => 'Fifteen-member CBFIN Executive Committee Selected', 'sub_title' => '', 'summary' => 'Third Annual General Assembly of Confederation of Banks and Financial Institutions Nepal (CBFIN) has unanimously selected a 15-member new executive committee led by NMB Bank’s chairman Pawan Kumar Golyan.', 'content' => '<p> </p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">January 11: Third Annual General Assembly of Confederation of Banks and Financial Institutions Nepal (CBFIN) has unanimously selected a 15-member new executive committee led by NMB Bank’s chairman Pawan Kumar Golyan. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The executive committee formed from the third annual general assembly held on Sunday has selected Bhoj Bahadur Shah as Senior Vice-chairman, Rajesh Upadhyay as Vice-chairman and Rajan Singh Bhandari as General Secretary. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Similarly, Tulsiram Agrawal, Kush Prasad Malli and Prachanda Bahadur Shrestha have been unanimously selected as Treasurer, Secretary and Co-Treasurer respectively. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Other members of the new committee include Upendra Keshari Neupane, Upendra Prasad Poudel, Lila Prasad Sitaula, Motilal Dugad, Radhes Pant, Mahendra Kumar Goyal, Bharat Raj Dhakal and Hirendraman Pradhan. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Newly-elected Chairman Pawan Golyan pledged to take the CBFIN to a new height. “We will develop and promote CBFIN as a common institution of banks and financial institutions,” Golyan assured. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Golyan reiterated that the new executive committee would work to expand and reform the banking sector. </span></span></span></p> ', 'published' => true, 'created' => '2023-01-11', 'modified' => '2023-01-11', 'keywords' => '', 'description' => '', 'sortorder' => '16457', 'image' => '20230111044742_collage (44).jpg', 'article_date' => '2023-01-11 16:45:17', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 10 => array( 'Article' => array( 'id' => '16714', 'article_category_id' => '1', 'title' => 'NIBL, Mega Bank Start Integrated Transactions after Merger', 'sub_title' => '', 'summary' => 'January 11: Nepal Investment Bank Limited (NIBL) and Mega Bank Limited have launched integrated transactions from Wednesday following a merger.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">January 11: Nepal Investment Bank Limited (NIBL) and Mega Bank Limited have launched integrated transactions from Wednesday following a merger. The two banks merged to form ‘Nepal Investment Mega Bank (NIMB) Limited’ and announced the commencement of joint operations amidst a programme on January 11. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Prior to the merger, NIBL had a paid-up capital of Rs 18.31 billion while that of Mega Bank was Rs 16.2 billion. Following the merger, the total paid-up capital of the banks has reached over Rs 34 billion while the total assets is worth Rs 471 billion and the total capital is calculated at Rs 580 billion. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Likewise, the total deposits of the new entity is Rs 360 billion and the credit portfolio is Rs 329 billion. The merged entity has 296 branches, 59 extension counters, 279 ATM booths and over three million customers.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The banks merged at swap ratio of 100: 90. It means that one unit of share of the NIBL will be equivalent to 0.90 unit of Mega Bank.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Chairman of Nepal Investment Bank Limited, Prithvi Bahadur Pande, is now the chairman of NIMB and Jyoti Prakash Pandey is the CEO. The new Board of Directors has the representations of both banks. Prajanya Rajbhandari and Kabi Kumar Tibrewala represent the NIBL while Gopal Khanal, Madan Kumar Acharya and Mukti Ram Pandey represent Mega Bank. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The two banks merged in line with the ‘big merger’ policy of Nepal Rastra Bank (NRB).</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The central bank has adopted a policy of reducing the number of banks and financial institutions to strengthen the banking system. The study report titled 'Optimum Number of Banks and Financial Intuition in Nepal' published by NRB in April 2022 showed that 11 to 15 commercial banks are suitable for Nepal.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">There are three main objectives behind NRB’s policy of merging banks and financial institutions, said the spokesperson of NRB, Dr Gunakar Bhatta. First, by increasing the capital, the organization will be strengthened, secondly, the operating expenses will be reduced and thirdly, unhealthy competition will be reduced. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“By increasing the bank's paid-up capital and making it a strong institution, they can invest in big projects, instead of having separate board of directors or management in many banks. When there is a single bank, the number of such banks will decrease and the operating expenses will be reduced, the unhealthy competition will be reduced and the quality of the financial situation will improve,” Bhatta told New Business Age in a recent interview.</span></span></p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-01-11', 'modified' => '2023-01-11', 'keywords' => '', 'description' => '', 'sortorder' => '16454', 'image' => '20230111041407_NP_KTM_20230111123440_0D3A3832.jpg', 'article_date' => '2023-01-11 16:13:22', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '16712', 'article_category_id' => '1', 'title' => 'Import of 50,000 Tons of Wheat from India Delayed', 'sub_title' => '', 'summary' => 'January 11: A shipment of 50,000 metric tons of wheat, that should have arrived from India four months ago, has been delayed due to the sluggish approach of the Ministry of Industry, Commerce and Supplies and the faulty data provided by the Ministry of Agriculture and Livestock Development.', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">January 11: A shipment of 50,000 metric tons of wheat, that should have arrived from India four months ago, has been delayed due to the sluggish approach of the Ministry of Industry, Commerce and Supplies and the faulty data provided by the Ministry of Agriculture and Livestock Development. Due to this reason, the production of 40 flour mills in operation across the country has stopped resulting in a decline in production other industries that rely on flour and wheat.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Narayan Regmi, joint secretary of the Ministry of Industry, Commerce and Supplies, said that the process will not move forward until a new minister arrives. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Although the Government of India had approved the export of 50,000 tons of wheat to Nepal 12 days ago, the shipment has not moved forward as the Ministry of Industry has not been able to send a letter to India quoting the specific requirement for specific purpose. As a result, even the approved quota of wheat could not be imported.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Secretary Madhu Kumar Marasini, who was recently transferred to the Ministry of Industry, Commerce and Supplies, said that he cannot comment on the issue because he was just transferred to the ministry and is studding the process of wheat import.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">President of Nepal Flour Mills Association Kumud Dugad mentioned that if the government had sent the quota four months ago, Nepal would have already received the second consignment of wheat from India by now.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif""> “It is unfortunate that our government could not send a letter to bring the approved quota of 50,000 tons of wheat,” said Dugad.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif""> He claimed that due to the shortage of wheat, the production of 40 large flour mills across the country has dropped to almost zero. He said that they supply flour to the noodles and biscuit factories for a few more days with the stock of wheat they have but those factories will also have to shut down soon, warned Dugad.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">“Our country has an amazing bureaucracy that requires a minister even to send a letter that is ready to be sent while the citizens are losing their purchase power for flour,” he said.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Informing that the association has already submitted a letter to the ministry to distribute 50,000 tons of wheat to all the mills, Dugad said that this amount will last for only one week. He said that by the time domestically produced wheat comes to the market in April, all the mills in Nepal will require 300,000 tons of wheat.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-01-11', 'modified' => '2023-01-11', 'keywords' => '', 'description' => '', 'sortorder' => '16453', 'image' => '20230111022424_wheatttttt.jpg', 'article_date' => '2023-01-11 14:23:37', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '16711', 'article_category_id' => '1', 'title' => 'Cement Producers not Happy with the Threshold set for Subsidy on Export of Cement ', 'sub_title' => '', 'summary' => 'January 11: While announcing the budget of the current fiscal year, the government had pledged to provide cash subsidy up to 8 per cent on cement exports. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">January 11: While announcing the budget of the current fiscal year, the government had pledged to provide cash subsidy up to 8 per cent on cement exports. However, cement producers are uneasy with the procedure that enables cement exporters to receive cash subsidy of 8 percent only if the exports exceed Rs 500 million.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">The budget announcement had excited the cement producers. After the government's announcement, the industrialists started the process of acquiring the Indian quality mark to export cement to India, which is a big market in proximity of Nepal. Palpa Cement and Arghakhanchi Cement are exporting their product with Indian quality mark. Other cement manufacturers are also in the process of acquiring the Ind ian quality mark for export.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Shivam Cement has not started exporting despite getting the quality mark. Raghunandan Maru, the director of the company, said that there is a problem with the export subsidy procedure. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">“The government introduced a procedure to give 8 percent subsidy only if the export is worth more than Rs 500 million. It is not possible to export that much in the beginning," he said. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">He said that Nepali exporters cannot compete with the Indian cement if the subsidy is less than 8 percent.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">The cement producers also complained that they had to face various kinds of hassles when the government introduced strict provisions in the same year they started exporting. They have also asked the government to reconsider the subsidy procedure as they cannot export in large quantities in the initial phase without brand promotion and market expansion.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Small cement producers in the Terai region of Nepal, which shares border with India, have complained that they will be the most affected by this procedure. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Businessmen said that due to the close proximity to the Indian market from Terai, the transportation costs would be lower, but the conditions set for the 8 percent subsidy have ended the possibility of export.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">The export subsidy procedure of the government states that subsidy of 4 percent of the total value of export will be given to the cement exporters. If the producer exports goods with at least 70 per cent value addition, they will get an additional subsidy of 1 percentage point. It is mentioned that if the export volume increases by 20 per cent in the corresponding year, the subsidy will increase by 1 per cent.</span> <span style="font-family:"Arial","sans-serif"">To get an 8 percent subsidy, there is a provision that the company must have exported products worth more than Rs 500 million in a year.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">The Ministry of Industry, Commerce and Supply insists that it is necessary to bring this kind of procedure to promote exports although the cement producers are not happy with it.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Joint Secretary of the Ministry, Govind Karki, shared that the procedure was introduced to encourage businessmen to export more.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">"An 8 per cent subsidy is arranged for exports of above Rs 500 million because it will meet the export promotion objective of the government," he said.</span></span></span></p> <p> </p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Experts call the subsidy a short-term arrangement to promote exports. Economist Paras Kharel said that the company should increase its competitiveness in the long term.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">"To increase exports, quality goods should be produced at low cost. The product will take the market only if it has better qualities than the competitors," he told New Business Age.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Kharel said that since the government cannot subsidize all products, there must be some kind of threshold. He thinks that a grant with a threshold cannot be given for a long period.</span></span></span></p> <p> </p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-01-11', 'modified' => '2023-01-11', 'keywords' => '', 'description' => '', 'sortorder' => '16452', 'image' => '20230111125257_cementtttt.jpg', 'article_date' => '2023-01-11 12:52:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '16710', 'article_category_id' => '1', 'title' => 'KMC Bans Selling Goods on Bicycles and Carts', 'sub_title' => '', 'summary' => 'January 11: The Kathmandu Metropolitan City (KMC) has banned selling goods on bicycles and hand carts along the roadsides of the metropolis.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">January 11: The Kathmandu Metropolitan City (KMC) has banned selling goods on bicycles and hand carts along the roadsides of the metropolis. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Issuing a public notice on Tuesday, the KMC said such activities have been banned with immediate effect.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The notice states that the unauthorized business on the roads have caused traffic disruption and therefore the KMC decided to act against the roadside vendors who use bicycles and hand carts to sell goods.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The metropolis made it clear that using public roads for business and selling goods on bicycles or carts is against the law.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The KMC has warned that people involved in such activities will face action if they do not abide by the law.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"If any business is conducted on the road or other public place within the Kathmandu Metropolitan City, or if the sidewalks are used or occupied without authorization, such goods and other materials used to keep the goods for business purposes will be confiscated," reads the notice.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The metropolis has stepped up its efforts to crackdown on illegal street-side business ever since Balendra Shah was elected as the new mayor of KMC last year. While a section of society has praised Shah for his efforts to clean up the city and make it more organized, others have cried foul saying that their livelihood has been threatened by the actions of the KMC.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The street vendors recently organized a mass protest against the highhandedness of the KMC.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-01-11', 'modified' => '2023-01-11', 'keywords' => '', 'description' => '', 'sortorder' => '16451', 'image' => '20230111115513_ibr-2034868-transformed.jpeg', 'article_date' => '2023-01-11 11:54:35', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '16709', 'article_category_id' => '1', 'title' => 'PM Dahal Gets Overwhelming Support from 268 Lawmakers ', 'sub_title' => '', 'summary' => 'January 11: Prime Minister Pushpa Kamal Dahal has secured the vote of confidence in parliament with support from more than two thirds of the total 275 lawmakers in the House of Representatives (HoR). ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">January 11: Prime Minister Pushpa Kamal Dahal has secured the vote of confidence in parliament with support from more than two thirds of the total 275 lawmakers in the House of Representatives (HoR). </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"">Dahal, who was elected the new prime minister on December 25 under Article 76 (2) of the constitution, secured the vote of confidence as per Article 76 (4) on Tuesday within the 30-day deadline.</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"">Nepali Congress, the largest party in parliament, also voted in favour of Dahal although the NC is not among the reliance alliance anymore. NC parliamentary party leader Sher Bahadur Deuba had issued a whip to vote in favour of Dahal.</span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">During the voting that took place in the lower house of parliament on Tuesday, PM Dahal received support from an overwhelming 268 lawmakers to cement his position as the new prime minister. Only two lawmakers – Prem Suwal of Nepal Workers and Peasants Party (NWPP) and Chitra Bahadur KC of People’s Front – voted against Dahal’s bid for premiership, the eldest Member of Parliament (MP) Pashupati Shumsher JBR informed the HoR while announcing the result. </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"">Out of 275 MPs in the HoR, one is suspended due to an ongoing court case. Out of the remaining MPs, 270 took part in the voting while four lawmakers abstained from voting.</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"">Among those who did not vote include RPP leader Pashupati SJB Rana, who is currently assuming the role of the house speaker until the election of a new speaker on January 19.</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"">Other three MPs who abstained from voting are from the NC, who decided to go against the party’s whip.</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"">Besides the four MPs, all other lawmakers from all the political parties as well as independent lawmakers voted in favour of PM Dahal.</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"">The Nepali Congress which has 89 lawmakers in the HoR followed CPN (UML) with 79 MPs, CPN (Maoist Centre) with 32 MPs, Rastriya Swatantra Party (20 MPs), Rastriya Prajatantra Party (14 MPs), Janata Samajwadi Party Nepal (12 MPs), CPN Unified Socialist (10 MPs), Janamat Party (6 MPs), Loktantrik Samajwadi Party (4 MPs), Nagarik Unmukti Party (4 MPs), and independent lawmakers all voted in favour of PM Dahal. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">President Bidya Devi Bhandari had appointed CPN (Maoist Centre) Chairman Dahal to the post of the PM on December 25, 2022. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The CPN (Maoist Centre) is the third largest political force in the HoR with 32 seats from the recently held elections to the HoR. </span><br /> </span></span></p> ', 'published' => true, 'created' => '2023-01-11', 'modified' => '2023-01-11', 'keywords' => '', 'description' => '', 'sortorder' => '16450', 'image' => '20230111105516_Pro-KTM-PrachandaBadaidd.jpg', 'article_date' => '2023-01-11 10:54:36', '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' => '16725', 'article_category_id' => '1', 'title' => 'Kathmandu Metropolitan City Projects Income for Next Three Fiscal Years ', 'sub_title' => '', 'summary' => 'Kathmandu Metropolitan City has made income projections for the next three fiscal years. ', 'content' => '<p><span style="font-size:20px"> <br /> January 12: Kathmandu Metropolitan City has made income projections for the next three fiscal years. </span></p> <p><span style="font-size:20px">The metropolis have set revenue collection target for 2080/81, 2081/82 and 2082/83 fiscal years. </span></p> <p><span style="font-size:20px">For the fiscal year 2080/81, the metropolis has set the target to collect revenue of Rs 11.80 billion, while Rs 12.3 billion and 13.66 billion have been projected for the years 2082 and 2083 respectively.</span></p> <p><span style="font-size:20px">Since the metropolis has yet to receive the ceiling on various headings including grant to be provided by federal and provincial governments and other agencies, revenue distribution, registration fee, and value added tax, the figure of projected revenue target might fluctuate according to Chief Dr Shivraj Adhikari at the Revenue Department of Kathmandu Metropolis.</span></p> <p><span style="font-size:20px">The metropolitan city aims to make income as projected in the next three fiscal years. The metropolis plans to collect Rs 10.39 billion revenue in the current fiscal year. </span></p> <p><span style="font-size:20px">The metropolis has collected Rs 4.34 billion in revenue till first five and half months of the current fiscal year. The metropolis had collected Rs 3.69 billion during the same period last fiscal year.</span></p> <p><span style="font-size:20px">Dr Adhikari hopes that they will be able to meet the revenue collection target in the current fiscal year despite some problems in the last few years due to COVID-19 pandemic. </span></p> <p><span style="font-size:20px">“Metropolitan city will have no problem in meeting the revenue collection target this year as we have tightened revenue collection”, Dr Adhikari added. </span></p> <p><br /> </p> ', 'published' => true, 'created' => '2023-01-12', 'modified' => '2023-01-12', 'keywords' => '', 'description' => '', 'sortorder' => '16466', 'image' => '20230112044640_collage (47).jpg', 'article_date' => '2023-01-12 16:39:58', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 1 => array( 'Article' => array( 'id' => '16724', 'article_category_id' => '1', 'title' => 'Bara Parsa Industries Plagued by Tripping Problem', 'sub_title' => '', 'summary' => 'January 12: Industries in the Bara-Parsa industrial corridor have been affected due to the lack of regular electricity supply.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">January 12: Industries in the Bara-Parsa industrial corridor have been affected due to the lack of regular electricity supply. Industrialists complain of frequent tripping of electricity in the industries of the corridor for the past one week.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">An industrialist said that such a problem is more common in industries that take supply from the 66 kV transmission line of the Nepal Electricity Authority (NEA). </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">“The power gets cut off 6/7 hours daily without notice. Frequent tripping is disrupting production,” he said.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Industrialists say that many problems arise in the production when power is cut five to seven times a day.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Hari Gautam, vice president of Birgunj Chamber of Commerce says that although they have been demanding quality and regular supply of electricity for the industries, there has been no improvement.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to Gautam, frequent power cuts result in wastage of raw materials, decline in production, damage of equipment, and the quality of the products deteriorate.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">NEA, however, claims that there is not much tripping in Bara-Parsa industrial corridor. NEA’S spokesperson Suresh Bahadur Bhattarai says that problems arise sometimes due to maintenance.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">He said that since the 66 kV transmission line passes through the forest, problems such as falling of trees, wind and overload cause disruption in power supply.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">NEA says that power supply is also affected if there is a problem in importing electricity from India during the dry season.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Nepal imports electricity from Bihar during the dry season. Two thermal plants with a capacity of 1400 megawatts are closed in Bihar state of India. Bara-Parsa Industrial Corridor is being supplied with electricity from Bihar. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">NEA Spokesperson Bhattarai said that it is normal to have power cuts when the world is hit by energy crisis.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">“We depend on India for energy during the dry season,” he said.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-01-12', 'modified' => '2023-01-12', 'keywords' => '', 'description' => '', 'sortorder' => '16465', 'image' => '20230112032304_Transmission.jpg', 'article_date' => '2023-01-12 15:22:13', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '16723', 'article_category_id' => '1', 'title' => 'Cost-of-Living Crisis Biggest Global Risk: Study', 'sub_title' => '', 'summary' => 'January 12: The cost-of-living crisis will become the biggest global risk over the next two years, warned a survey conducted by the World Economic Forum (WEF).', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">AGENCIES</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">January 12: The cost-of-living crisis will become the biggest global risk over the next two years, warned a survey conducted by the World Economic Forum (WEF).</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the AFP, the WEF report described the cost-of-living crisis as the "biggest short-term risk" between now and 2025, followed by natural disasters, extreme weather events and "geo-economic confrontation".</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Global inflation remains at sky-high levels after energy and food costs rocketed last year, largely owing to the invasion of agricultural powerhouse Ukraine by major oil and gas producer Russia, added the AFP news report.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Consumer price inflation in Nepal rose to 8.08 percent in the first four months of the current fiscal year compared to 6.04 percent a year ago, according to the latest report of Nepal Rastra Bank.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Supply constraints caused by the Covid-19 pandemic have also contributed to decades-high prices for consumers.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the study report of WEF, conflict and geo-economic tensions have triggered a series of deeply interconnected global risks.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The risks include energy and food supply crunches, which are likely to persist for the next two years, and strong increases in the cost-of-living and debt servicing, the report added.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to AFP, the survey, produced with the consulting firm Marsh McLennan and Zurich Insurance Group, took into account the views of more than 1,200 global risk experts, policymakers and industry leaders.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"The short-term risk landscape is dominated by energy, food, debt and disasters," AFP quoted Saadia Zahidi, a managing director at WEF, as saying.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"Those that are already the most vulnerable are suffering -- and in the face of multiple crises, those who qualify as vulnerable are rapidly expanding, in rich and poor countries," she wrote in the report.</span></span></p> <p> </p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The respondents of the survey considered traditional warfare as less of a risk than geo-economic conflict -- such as sanctions, punitive tariffs and other forms of trade war -- or cyber warfare.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The WEF study called on leaders to act "collectively and decisively, balancing short- and long-term views" and it concluded on the need for cooperation to strengthen "financial stability, technology governance, economic development and investment in research, science, education and health," AFP added.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the news agency, Carolina Klint, a risk management leader at Marsh, said this year would be marked by "increased risks" related to food, energy, raw materials and cyber security that could further disrupt global supply chains and impact investment decisions.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Many analysts warn that the global economy will suffer a recession in 2023 as inflation remains elevated.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the World Bank’s latest report, global growth is projected to slow to its third-weakest pace in nearly three decades, overshadowed only by the 2009 and 2020 global recessions.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Global Economic Prospect Report of the World Bank published on Tuesday states that the global economic growth rate would be squeezed to 1.7 percent in the year 2023 which is 1.3 percentage points lower than the earlier estimate. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Nepal’s economic growth rate would remain at 5.1 percent in the current fiscal year and 4.9 percent in FY 2023/24, according to the WB report.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-01-12', 'modified' => '2023-01-12', 'keywords' => '', 'description' => '', 'sortorder' => '16464', 'image' => '20230112020659_cost.jpg', 'article_date' => '2023-01-12 14:06:22', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '16722', 'article_category_id' => '1', 'title' => 'FMTC Procures Paddy worth Rs 300 Million', 'sub_title' => '', 'summary' => 'January 12: The Food Management and Trading Company (FMTC) Limited has purchased paddy worth more than 307.7 million rupees from farmers at the minimum support price set by the government.', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">January 12: The Food Management and Trading Company (FMTC) Limited has purchased paddy worth more than 307.7 million rupees from farmers at the minimum support price set by the government.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The state-owned company purchased the paddy from different places of the country.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">As of January 9, the company has purchased 10,138 metric tons of paddy worth Rs 307 million from eight purchase centers for the current fiscal year. This year, the government fixed the minimum support price of coarse paddy at Rs 2,967 per quintal and the minimum support price of medium paddy at Rs 3,128 per quintal.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The company aims to purchase paddy from 10 places across the country at the support price set by the government. But so far it is only buying paddy at eight places including Birtamod, Biratnagar, Lahan, Birgunj, Nepalgunj, Rajapur, Dhangadhi and Mahendranagar. The procurement is yet to begin in Janakpur and Bhairahawa.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Sarmila Subedi Neupane, information officer of FMTC, informed that most of the paddy has been purchased from Dhangadhi and Rajapur so far. According to her, so far 3,013 metric tons of coarse and medium paddy have been purchased from Dhangadhi and 2,680 metric tons from Rajapur. This year, the company has set a target of purchasing 30,000 metric tons of paddy. But so far only 10,000 metric tons have been purchased.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Even last year, the company did not meet the target of paddy purchase.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-01-12', 'modified' => '2023-01-12', 'keywords' => '', 'description' => '', 'sortorder' => '16463', 'image' => '20230112012607_paddyyy-transformed.jpeg', 'article_date' => '2023-01-12 13:23:23', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '16721', 'article_category_id' => '1', 'title' => 'Commercial Banks to Lower Interest Rates in Mid-January', 'sub_title' => '', 'summary' => 'January 12: Commercial banks of Nepal have agreed to reduce the interest rates on deposits from mid-January.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:13.5pt"><span style="font-family:"Arial","sans-serif"">January 12: Commercial banks of Nepal have agreed to reduce the interest rates on deposits from mid-January.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:13.5pt"><span style="font-family:"Arial","sans-serif"">An executive committee meeting of Nepal Bankers Association (NBA) on Wednesday decided to reduce the interest rates immediately after the Special Annual General Meeting (AGM) of the umbrella body of CEOs of commercial banks.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:13.5pt"><span style="font-family:"Arial","sans-serif"">As per the decision taken by NBA, commercial banks will charge a maximum of 11 percent interest on personal deposits and a maximum of 9 percent on institutional deposits in the Nepali month of Magh (mid-January to mid-February). </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:13.5pt"><span style="font-family:"Arial","sans-serif"">Back in the month of Asoj (mid-September to mid-October), the commercial banks had fixed the interest on personal deposits at 12.13 percent and that for institutional deposits at 10.13 percent. The interest rate remained unchanged in the following months of Kartik (mid-October to mid-November), Mangsir (mid-November to mid-December) and Poush (mid-December to mid-January).</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:13.5pt"><span style="font-family:"Arial","sans-serif"">Meanwhile, the Special AGM of NBA unanimously elected CEO of NMB Bank Sunil KC as the new president of NBA. KC, who was the acting president, was elected to lead the association by the Special AGM.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:13.5pt"><span style="font-family:"Arial","sans-serif"">KC was appointed the acting president of NBA after the then President Anil Kumar Upadhyay’s term as the CEO of Agriculture Development Bank came to an end. The Special AGM was called to fill the vacant position of NBA president.</span></span></span></span></p> <p> </p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-01-12', 'modified' => '2023-01-12', 'keywords' => '', 'description' => '', 'sortorder' => '16462', 'image' => '20230112103737_Banks.jpg', 'article_date' => '2023-01-12 10:36:19', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '16720', 'article_category_id' => '1', 'title' => ' 40,000 kg Red Sandalwood Confiscated By Police About To Decay ', 'sub_title' => '', 'summary' => 'More than 40,000 kilograms of red sandalwood confiscated by police in various places over different periods of time have been left abandoned in Sindhupalchowk. ', 'content' => '<p> </p> <p><span style="font-size:20px">January 12: More than 40,000 kilograms of red sandalwood confiscated by police in various places over different periods of time have been left abandoned in Sindhupalchowk. </span></p> <p><span style="font-size:20px">Stranded red sandalwoods are going to decay as they have neither been returned to rightful owners nor auctioned. </span></p> <p><span style="font-size:20px">Logs of the valuable red sandalwood were seized by police while the smugglers were trying to smuggle them to China and left stranded for decades in absence of clear laws about what to do with such confiscated logs. </span></p> <p><span style="font-size:20px">Although the District Forest Office ought to conserve the seized red sandalwood, a huge chunk of the valuable wood have been lying in sorry state in the premises of District Administration Office in Sindupalchowk. </span></p> <p><span style="font-size:20px">According to Assistant District Forest Officer Krishna Bahadur Thapa, they had handed over the precious woods to the police due to lack of space to park them at the forest office and having no one to guard the seized logs. </span></p> <p><span style="font-size:20px">Confiscated red sandalwoods are in sorry state as the concerned authority is yet to decide on what to do with them</span></p> <p><span style="font-size:20px">"The Forest Department or Ministry should decide in this regard. We are not authorized to take decision on it," said Thapa, adding that since they were told to conserve the seized red sandalwood from the higher up, they were keeping them safe till date. </span></p> <p><span style="font-size:20px">"After the Forest Department wrote to the District Forest Office, we have appraised them about the condition of these seized red sandalwood," Thapa said.</span></p> <p><span style="font-size:20px">It is learnt that seized sandalwoods from the district are smuggled to India and then taken to China from there. </span></p> <p><span style="font-size:20px">DSP Shiv Kumar Budhathoki said police personnel are guarding the red sandalwoods parked in the premises of DAO. The DAO premise has red sandalwoods confiscated since 2062.</span><br /> </p> ', 'published' => true, 'created' => '2023-01-12', 'modified' => '2023-01-12', 'keywords' => '', 'description' => '', 'sortorder' => '16461', 'image' => '20230112060045_collage (30).jpg', 'article_date' => '2023-01-12 05:50:48', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 6 => array( 'Article' => array( 'id' => '16719', 'article_category_id' => '1', 'title' => 'World Bank Estimates 5.1 Percent Economic Growth Rate of Nepal this Year', 'sub_title' => '', 'summary' => 'January 11: Nepal’s economic growth rate would remain at 5.1 percent in the current fiscal year and 4.9 percent in FY 2023/24, according to the latest report published by the World Bank. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">January 11: Nepal’s economic growth rate would remain at 5.1 percent in the current fiscal year and 4.9 percent in FY 2023/24, according to the latest report published by the World Bank. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The ‘Global Economic Prospect Report’ unveiled by the World Bank (WB) on Tuesday came up with the forecast just days after the newly formed government unveiled its common minimum programme with tall promises of achieving economic growth in double digits.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">As per the WB’s estimation, economic growth rate would be slashed not only in Nepal but also across the globe. </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 the report, global growth is projected to slow to its third-weakest pace in nearly three decades, overshadowed only by the 2009 and 2020 global recessions. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">“Investment growth in emerging market and developing economies is predicted to remain below its average rate of the past two decades. Any additional adverse shocks could push the global economy into recession,” said the report, adding, “Small states are especially vulnerable to such shocks because of their reliance on external trade and financing, limited diversification, elevated debt, and susceptibility to natural disasters.”</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The report suggested that immediate policy action is needed to bolster growth and investment, including redirecting existing spending, such as agricultural and fuel subsidies.</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 the report, global economic growth rate would be squeezed to 1.7 percent in the year 2023 which is 1.3 percentage points lower than the earlier estimate. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">World Bank President David Malpass emphasized that the crisis facing developments is intensifying. He noted that the latest growth forecasts indicate a sharp, long-lasting slowdown, with global growth declining to 1.7 percent in 2023 – roughly half the rate expected just six months ago.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The deterioration is broad-based: in virtually all regions of the world, per-capita income growth will be slower than it was during the decade before COVID-19, he said.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Six months ago, the WB had made a public estimation of global economic growth rate of 3.0 percent. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The ongoing war between Russia and Ukraine and COVID-19 pandemic have been considered the main causes behind the lower economic growth rate, the economic prospect report noted. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">High price hike, high interest rate and disruption in the supply chain have been identified as other causes behind the fall in the economic growth rate. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The WB report further stated that, “The estimation of economic growth rate for the year 2023 is the third big recession in the last three decades”. </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 the report, India would see the economic growth rate of 6.6 percent in the fiscal 2023 and 6.1 in the fiscal 2024. Likewise, Pakistan would witness the economic growth rate of 2.0 percent in the fiscal year 2023 and 3.2 in 2024. Bangladesh would have the economic growth rate of 5.2 percent in the fiscal 2023 and 6.2 percent in 2024, the WB report reveals. </span></span></span></p> ', 'published' => true, 'created' => '2023-01-11', 'modified' => '2023-01-12', 'keywords' => '', 'description' => '', 'sortorder' => '16460', 'image' => '20230111074428_20200703013607_World Bank.jpg', 'article_date' => '2023-01-11 19:44:05', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '16718', 'article_category_id' => '1', 'title' => 'Fourth Gem and Jewellery Expo To Be Held in Kathmandu.', 'sub_title' => '', 'summary' => 'Nepal Gem and Jewellery Association is all set to host the Fourth Gem and Jewellery Expo in Kathmandu.', 'content' => '<p><span style="font-size:20px">January 11: Nepal Gem and Jewellery Association is all set to host the Fourth Gem and Jewellery Expo in Kathmandu.</span></p> <p><span style="font-size:20px">The expo will run from January 13 to 15. The association will organize a jewellery fashion show on January 12. </span></p> <p><span style="font-size:20px">Jyotsana Shrestha, Chairperson of Nepal Gem and Jewellery Association, said the association is preparing to host the expo with slogan “Taking Nepalese Jewellery to Global”. </span></p> <p><span style="font-size:20px">The expo is aimed at promoting the export of Nepali jewelleries to contribute to the country’s economy. </span></p> <p><span style="font-size:20px">Indian actress and model Malaika Arora will walk in the ramp donning Nepali attire and jewelleries, the association informed in the press conference. The entry to the expo is free. </span></p> ', 'published' => true, 'created' => '2023-01-11', 'modified' => '2023-01-11', 'keywords' => '', 'description' => '', 'sortorder' => '16459', 'image' => '20230111063313_collage (45).jpg', 'article_date' => '2023-01-11 18:30:29', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 8 => array( 'Article' => array( 'id' => '16717', 'article_category_id' => '1', 'title' => 'Hotels in Birgunj to Open Till Midnight', 'sub_title' => '', 'summary' => 'January 11: Hotels in Birgunj will open till midnight after ensuring safety measures. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">January 11: Hotels in Birgunj will open till midnight after ensuring safety measures. In order to revive the hotel business, which is in crisis after the Covid-19 pandemic, the district administration has agreed in principle to extend the opening hours of hotels in Birganj area. Hari Panta, president of Birgunj Hotel and Tourism Association, informed that initiative is being taken to operate hotels till midnight.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Earlier, the local administration had banned the opening of hotels and restaurants after 10 pm citing security reasons. Panta said that hotels now will be operated till midnight after fufilling certain safety standards.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Hoteliers of Birgunj, including Pant, met Umesh Kumar Dhakal, chief district officer of Parsa, and demanded to increase the hotel's operating hours. The administration agreed to open the hotel till midnight after safety standards are met. For its preparation, it has been agreed to form a task force under the coordination of the Assistant Chief District Officer of Parsa. Panta said that hoteliers, district police office, armed police and other security agencies will be included in the task force. </span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-01-11', 'modified' => '2023-01-11', 'keywords' => '', 'description' => '', 'sortorder' => '16458', 'image' => '20230111054903_Hotel.jpg', 'article_date' => '2023-01-11 17:48:25', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '16716', 'article_category_id' => '1', 'title' => 'Fifteen-member CBFIN Executive Committee Selected', 'sub_title' => '', 'summary' => 'Third Annual General Assembly of Confederation of Banks and Financial Institutions Nepal (CBFIN) has unanimously selected a 15-member new executive committee led by NMB Bank’s chairman Pawan Kumar Golyan.', 'content' => '<p> </p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">January 11: Third Annual General Assembly of Confederation of Banks and Financial Institutions Nepal (CBFIN) has unanimously selected a 15-member new executive committee led by NMB Bank’s chairman Pawan Kumar Golyan. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The executive committee formed from the third annual general assembly held on Sunday has selected Bhoj Bahadur Shah as Senior Vice-chairman, Rajesh Upadhyay as Vice-chairman and Rajan Singh Bhandari as General Secretary. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Similarly, Tulsiram Agrawal, Kush Prasad Malli and Prachanda Bahadur Shrestha have been unanimously selected as Treasurer, Secretary and Co-Treasurer respectively. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Other members of the new committee include Upendra Keshari Neupane, Upendra Prasad Poudel, Lila Prasad Sitaula, Motilal Dugad, Radhes Pant, Mahendra Kumar Goyal, Bharat Raj Dhakal and Hirendraman Pradhan. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Newly-elected Chairman Pawan Golyan pledged to take the CBFIN to a new height. “We will develop and promote CBFIN as a common institution of banks and financial institutions,” Golyan assured. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Golyan reiterated that the new executive committee would work to expand and reform the banking sector. </span></span></span></p> ', 'published' => true, 'created' => '2023-01-11', 'modified' => '2023-01-11', 'keywords' => '', 'description' => '', 'sortorder' => '16457', 'image' => '20230111044742_collage (44).jpg', 'article_date' => '2023-01-11 16:45:17', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 10 => array( 'Article' => array( 'id' => '16714', 'article_category_id' => '1', 'title' => 'NIBL, Mega Bank Start Integrated Transactions after Merger', 'sub_title' => '', 'summary' => 'January 11: Nepal Investment Bank Limited (NIBL) and Mega Bank Limited have launched integrated transactions from Wednesday following a merger.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">January 11: Nepal Investment Bank Limited (NIBL) and Mega Bank Limited have launched integrated transactions from Wednesday following a merger. The two banks merged to form ‘Nepal Investment Mega Bank (NIMB) Limited’ and announced the commencement of joint operations amidst a programme on January 11. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Prior to the merger, NIBL had a paid-up capital of Rs 18.31 billion while that of Mega Bank was Rs 16.2 billion. Following the merger, the total paid-up capital of the banks has reached over Rs 34 billion while the total assets is worth Rs 471 billion and the total capital is calculated at Rs 580 billion. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Likewise, the total deposits of the new entity is Rs 360 billion and the credit portfolio is Rs 329 billion. The merged entity has 296 branches, 59 extension counters, 279 ATM booths and over three million customers.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The banks merged at swap ratio of 100: 90. It means that one unit of share of the NIBL will be equivalent to 0.90 unit of Mega Bank.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Chairman of Nepal Investment Bank Limited, Prithvi Bahadur Pande, is now the chairman of NIMB and Jyoti Prakash Pandey is the CEO. The new Board of Directors has the representations of both banks. Prajanya Rajbhandari and Kabi Kumar Tibrewala represent the NIBL while Gopal Khanal, Madan Kumar Acharya and Mukti Ram Pandey represent Mega Bank. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The two banks merged in line with the ‘big merger’ policy of Nepal Rastra Bank (NRB).</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The central bank has adopted a policy of reducing the number of banks and financial institutions to strengthen the banking system. The study report titled 'Optimum Number of Banks and Financial Intuition in Nepal' published by NRB in April 2022 showed that 11 to 15 commercial banks are suitable for Nepal.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">There are three main objectives behind NRB’s policy of merging banks and financial institutions, said the spokesperson of NRB, Dr Gunakar Bhatta. First, by increasing the capital, the organization will be strengthened, secondly, the operating expenses will be reduced and thirdly, unhealthy competition will be reduced. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“By increasing the bank's paid-up capital and making it a strong institution, they can invest in big projects, instead of having separate board of directors or management in many banks. When there is a single bank, the number of such banks will decrease and the operating expenses will be reduced, the unhealthy competition will be reduced and the quality of the financial situation will improve,” Bhatta told New Business Age in a recent interview.</span></span></p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-01-11', 'modified' => '2023-01-11', 'keywords' => '', 'description' => '', 'sortorder' => '16454', 'image' => '20230111041407_NP_KTM_20230111123440_0D3A3832.jpg', 'article_date' => '2023-01-11 16:13:22', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '16712', 'article_category_id' => '1', 'title' => 'Import of 50,000 Tons of Wheat from India Delayed', 'sub_title' => '', 'summary' => 'January 11: A shipment of 50,000 metric tons of wheat, that should have arrived from India four months ago, has been delayed due to the sluggish approach of the Ministry of Industry, Commerce and Supplies and the faulty data provided by the Ministry of Agriculture and Livestock Development.', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">January 11: A shipment of 50,000 metric tons of wheat, that should have arrived from India four months ago, has been delayed due to the sluggish approach of the Ministry of Industry, Commerce and Supplies and the faulty data provided by the Ministry of Agriculture and Livestock Development. Due to this reason, the production of 40 flour mills in operation across the country has stopped resulting in a decline in production other industries that rely on flour and wheat.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Narayan Regmi, joint secretary of the Ministry of Industry, Commerce and Supplies, said that the process will not move forward until a new minister arrives. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Although the Government of India had approved the export of 50,000 tons of wheat to Nepal 12 days ago, the shipment has not moved forward as the Ministry of Industry has not been able to send a letter to India quoting the specific requirement for specific purpose. As a result, even the approved quota of wheat could not be imported.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Secretary Madhu Kumar Marasini, who was recently transferred to the Ministry of Industry, Commerce and Supplies, said that he cannot comment on the issue because he was just transferred to the ministry and is studding the process of wheat import.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">President of Nepal Flour Mills Association Kumud Dugad mentioned that if the government had sent the quota four months ago, Nepal would have already received the second consignment of wheat from India by now.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif""> “It is unfortunate that our government could not send a letter to bring the approved quota of 50,000 tons of wheat,” said Dugad.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif""> He claimed that due to the shortage of wheat, the production of 40 large flour mills across the country has dropped to almost zero. He said that they supply flour to the noodles and biscuit factories for a few more days with the stock of wheat they have but those factories will also have to shut down soon, warned Dugad.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">“Our country has an amazing bureaucracy that requires a minister even to send a letter that is ready to be sent while the citizens are losing their purchase power for flour,” he said.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Informing that the association has already submitted a letter to the ministry to distribute 50,000 tons of wheat to all the mills, Dugad said that this amount will last for only one week. He said that by the time domestically produced wheat comes to the market in April, all the mills in Nepal will require 300,000 tons of wheat.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-01-11', 'modified' => '2023-01-11', 'keywords' => '', 'description' => '', 'sortorder' => '16453', 'image' => '20230111022424_wheatttttt.jpg', 'article_date' => '2023-01-11 14:23:37', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '16711', 'article_category_id' => '1', 'title' => 'Cement Producers not Happy with the Threshold set for Subsidy on Export of Cement ', 'sub_title' => '', 'summary' => 'January 11: While announcing the budget of the current fiscal year, the government had pledged to provide cash subsidy up to 8 per cent on cement exports. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">January 11: While announcing the budget of the current fiscal year, the government had pledged to provide cash subsidy up to 8 per cent on cement exports. However, cement producers are uneasy with the procedure that enables cement exporters to receive cash subsidy of 8 percent only if the exports exceed Rs 500 million.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">The budget announcement had excited the cement producers. After the government's announcement, the industrialists started the process of acquiring the Indian quality mark to export cement to India, which is a big market in proximity of Nepal. Palpa Cement and Arghakhanchi Cement are exporting their product with Indian quality mark. Other cement manufacturers are also in the process of acquiring the Ind ian quality mark for export.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Shivam Cement has not started exporting despite getting the quality mark. Raghunandan Maru, the director of the company, said that there is a problem with the export subsidy procedure. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">“The government introduced a procedure to give 8 percent subsidy only if the export is worth more than Rs 500 million. It is not possible to export that much in the beginning," he said. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">He said that Nepali exporters cannot compete with the Indian cement if the subsidy is less than 8 percent.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">The cement producers also complained that they had to face various kinds of hassles when the government introduced strict provisions in the same year they started exporting. They have also asked the government to reconsider the subsidy procedure as they cannot export in large quantities in the initial phase without brand promotion and market expansion.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Small cement producers in the Terai region of Nepal, which shares border with India, have complained that they will be the most affected by this procedure. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Businessmen said that due to the close proximity to the Indian market from Terai, the transportation costs would be lower, but the conditions set for the 8 percent subsidy have ended the possibility of export.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">The export subsidy procedure of the government states that subsidy of 4 percent of the total value of export will be given to the cement exporters. If the producer exports goods with at least 70 per cent value addition, they will get an additional subsidy of 1 percentage point. It is mentioned that if the export volume increases by 20 per cent in the corresponding year, the subsidy will increase by 1 per cent.</span> <span style="font-family:"Arial","sans-serif"">To get an 8 percent subsidy, there is a provision that the company must have exported products worth more than Rs 500 million in a year.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">The Ministry of Industry, Commerce and Supply insists that it is necessary to bring this kind of procedure to promote exports although the cement producers are not happy with it.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Joint Secretary of the Ministry, Govind Karki, shared that the procedure was introduced to encourage businessmen to export more.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">"An 8 per cent subsidy is arranged for exports of above Rs 500 million because it will meet the export promotion objective of the government," he said.</span></span></span></p> <p> </p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Experts call the subsidy a short-term arrangement to promote exports. Economist Paras Kharel said that the company should increase its competitiveness in the long term.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">"To increase exports, quality goods should be produced at low cost. The product will take the market only if it has better qualities than the competitors," he told New Business Age.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Kharel said that since the government cannot subsidize all products, there must be some kind of threshold. He thinks that a grant with a threshold cannot be given for a long period.</span></span></span></p> <p> </p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-01-11', 'modified' => '2023-01-11', 'keywords' => '', 'description' => '', 'sortorder' => '16452', 'image' => '20230111125257_cementtttt.jpg', 'article_date' => '2023-01-11 12:52:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '16710', 'article_category_id' => '1', 'title' => 'KMC Bans Selling Goods on Bicycles and Carts', 'sub_title' => '', 'summary' => 'January 11: The Kathmandu Metropolitan City (KMC) has banned selling goods on bicycles and hand carts along the roadsides of the metropolis.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">January 11: The Kathmandu Metropolitan City (KMC) has banned selling goods on bicycles and hand carts along the roadsides of the metropolis. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Issuing a public notice on Tuesday, the KMC said such activities have been banned with immediate effect.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The notice states that the unauthorized business on the roads have caused traffic disruption and therefore the KMC decided to act against the roadside vendors who use bicycles and hand carts to sell goods.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The metropolis made it clear that using public roads for business and selling goods on bicycles or carts is against the law.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The KMC has warned that people involved in such activities will face action if they do not abide by the law.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"If any business is conducted on the road or other public place within the Kathmandu Metropolitan City, or if the sidewalks are used or occupied without authorization, such goods and other materials used to keep the goods for business purposes will be confiscated," reads the notice.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The metropolis has stepped up its efforts to crackdown on illegal street-side business ever since Balendra Shah was elected as the new mayor of KMC last year. While a section of society has praised Shah for his efforts to clean up the city and make it more organized, others have cried foul saying that their livelihood has been threatened by the actions of the KMC.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The street vendors recently organized a mass protest against the highhandedness of the KMC.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-01-11', 'modified' => '2023-01-11', 'keywords' => '', 'description' => '', 'sortorder' => '16451', 'image' => '20230111115513_ibr-2034868-transformed.jpeg', 'article_date' => '2023-01-11 11:54:35', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '16709', 'article_category_id' => '1', 'title' => 'PM Dahal Gets Overwhelming Support from 268 Lawmakers ', 'sub_title' => '', 'summary' => 'January 11: Prime Minister Pushpa Kamal Dahal has secured the vote of confidence in parliament with support from more than two thirds of the total 275 lawmakers in the House of Representatives (HoR). ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">January 11: Prime Minister Pushpa Kamal Dahal has secured the vote of confidence in parliament with support from more than two thirds of the total 275 lawmakers in the House of Representatives (HoR). </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"">Dahal, who was elected the new prime minister on December 25 under Article 76 (2) of the constitution, secured the vote of confidence as per Article 76 (4) on Tuesday within the 30-day deadline.</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"">Nepali Congress, the largest party in parliament, also voted in favour of Dahal although the NC is not among the reliance alliance anymore. NC parliamentary party leader Sher Bahadur Deuba had issued a whip to vote in favour of Dahal.</span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">During the voting that took place in the lower house of parliament on Tuesday, PM Dahal received support from an overwhelming 268 lawmakers to cement his position as the new prime minister. Only two lawmakers – Prem Suwal of Nepal Workers and Peasants Party (NWPP) and Chitra Bahadur KC of People’s Front – voted against Dahal’s bid for premiership, the eldest Member of Parliament (MP) Pashupati Shumsher JBR informed the HoR while announcing the result. </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"">Out of 275 MPs in the HoR, one is suspended due to an ongoing court case. Out of the remaining MPs, 270 took part in the voting while four lawmakers abstained from voting.</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"">Among those who did not vote include RPP leader Pashupati SJB Rana, who is currently assuming the role of the house speaker until the election of a new speaker on January 19.</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"">Other three MPs who abstained from voting are from the NC, who decided to go against the party’s whip.</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"">Besides the four MPs, all other lawmakers from all the political parties as well as independent lawmakers voted in favour of PM Dahal.</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"">The Nepali Congress which has 89 lawmakers in the HoR followed CPN (UML) with 79 MPs, CPN (Maoist Centre) with 32 MPs, Rastriya Swatantra Party (20 MPs), Rastriya Prajatantra Party (14 MPs), Janata Samajwadi Party Nepal (12 MPs), CPN Unified Socialist (10 MPs), Janamat Party (6 MPs), Loktantrik Samajwadi Party (4 MPs), Nagarik Unmukti Party (4 MPs), and independent lawmakers all voted in favour of PM Dahal. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">President Bidya Devi Bhandari had appointed CPN (Maoist Centre) Chairman Dahal to the post of the PM on December 25, 2022. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The CPN (Maoist Centre) is the third largest political force in the HoR with 32 seats from the recently held elections to the HoR. </span><br /> </span></span></p> ', 'published' => true, 'created' => '2023-01-11', 'modified' => '2023-01-11', 'keywords' => '', 'description' => '', 'sortorder' => '16450', 'image' => '20230111105516_Pro-KTM-PrachandaBadaidd.jpg', 'article_date' => '2023-01-11 10:54:36', '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' => '16725', 'article_category_id' => '1', 'title' => 'Kathmandu Metropolitan City Projects Income for Next Three Fiscal Years ', 'sub_title' => '', 'summary' => 'Kathmandu Metropolitan City has made income projections for the next three fiscal years. ', 'content' => '<p><span style="font-size:20px"> <br /> January 12: Kathmandu Metropolitan City has made income projections for the next three fiscal years. </span></p> <p><span style="font-size:20px">The metropolis have set revenue collection target for 2080/81, 2081/82 and 2082/83 fiscal years. </span></p> <p><span style="font-size:20px">For the fiscal year 2080/81, the metropolis has set the target to collect revenue of Rs 11.80 billion, while Rs 12.3 billion and 13.66 billion have been projected for the years 2082 and 2083 respectively.</span></p> <p><span style="font-size:20px">Since the metropolis has yet to receive the ceiling on various headings including grant to be provided by federal and provincial governments and other agencies, revenue distribution, registration fee, and value added tax, the figure of projected revenue target might fluctuate according to Chief Dr Shivraj Adhikari at the Revenue Department of Kathmandu Metropolis.</span></p> <p><span style="font-size:20px">The metropolitan city aims to make income as projected in the next three fiscal years. The metropolis plans to collect Rs 10.39 billion revenue in the current fiscal year. </span></p> <p><span style="font-size:20px">The metropolis has collected Rs 4.34 billion in revenue till first five and half months of the current fiscal year. The metropolis had collected Rs 3.69 billion during the same period last fiscal year.</span></p> <p><span style="font-size:20px">Dr Adhikari hopes that they will be able to meet the revenue collection target in the current fiscal year despite some problems in the last few years due to COVID-19 pandemic. </span></p> <p><span style="font-size:20px">“Metropolitan city will have no problem in meeting the revenue collection target this year as we have tightened revenue collection”, Dr Adhikari added. </span></p> <p><br /> </p> ', 'published' => true, 'created' => '2023-01-12', 'modified' => '2023-01-12', 'keywords' => '', 'description' => '', 'sortorder' => '16466', 'image' => '20230112044640_collage (47).jpg', 'article_date' => '2023-01-12 16:39:58', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 1 => array( 'Article' => array( 'id' => '16724', 'article_category_id' => '1', 'title' => 'Bara Parsa Industries Plagued by Tripping Problem', 'sub_title' => '', 'summary' => 'January 12: Industries in the Bara-Parsa industrial corridor have been affected due to the lack of regular electricity supply.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">January 12: Industries in the Bara-Parsa industrial corridor have been affected due to the lack of regular electricity supply. Industrialists complain of frequent tripping of electricity in the industries of the corridor for the past one week.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">An industrialist said that such a problem is more common in industries that take supply from the 66 kV transmission line of the Nepal Electricity Authority (NEA). </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">“The power gets cut off 6/7 hours daily without notice. Frequent tripping is disrupting production,” he said.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Industrialists say that many problems arise in the production when power is cut five to seven times a day.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Hari Gautam, vice president of Birgunj Chamber of Commerce says that although they have been demanding quality and regular supply of electricity for the industries, there has been no improvement.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to Gautam, frequent power cuts result in wastage of raw materials, decline in production, damage of equipment, and the quality of the products deteriorate.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">NEA, however, claims that there is not much tripping in Bara-Parsa industrial corridor. NEA’S spokesperson Suresh Bahadur Bhattarai says that problems arise sometimes due to maintenance.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">He said that since the 66 kV transmission line passes through the forest, problems such as falling of trees, wind and overload cause disruption in power supply.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">NEA says that power supply is also affected if there is a problem in importing electricity from India during the dry season.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Nepal imports electricity from Bihar during the dry season. Two thermal plants with a capacity of 1400 megawatts are closed in Bihar state of India. Bara-Parsa Industrial Corridor is being supplied with electricity from Bihar. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">NEA Spokesperson Bhattarai said that it is normal to have power cuts when the world is hit by energy crisis.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">“We depend on India for energy during the dry season,” he said.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-01-12', 'modified' => '2023-01-12', 'keywords' => '', 'description' => '', 'sortorder' => '16465', 'image' => '20230112032304_Transmission.jpg', 'article_date' => '2023-01-12 15:22:13', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '16723', 'article_category_id' => '1', 'title' => 'Cost-of-Living Crisis Biggest Global Risk: Study', 'sub_title' => '', 'summary' => 'January 12: The cost-of-living crisis will become the biggest global risk over the next two years, warned a survey conducted by the World Economic Forum (WEF).', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">AGENCIES</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">January 12: The cost-of-living crisis will become the biggest global risk over the next two years, warned a survey conducted by the World Economic Forum (WEF).</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the AFP, the WEF report described the cost-of-living crisis as the "biggest short-term risk" between now and 2025, followed by natural disasters, extreme weather events and "geo-economic confrontation".</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Global inflation remains at sky-high levels after energy and food costs rocketed last year, largely owing to the invasion of agricultural powerhouse Ukraine by major oil and gas producer Russia, added the AFP news report.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Consumer price inflation in Nepal rose to 8.08 percent in the first four months of the current fiscal year compared to 6.04 percent a year ago, according to the latest report of Nepal Rastra Bank.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Supply constraints caused by the Covid-19 pandemic have also contributed to decades-high prices for consumers.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the study report of WEF, conflict and geo-economic tensions have triggered a series of deeply interconnected global risks.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The risks include energy and food supply crunches, which are likely to persist for the next two years, and strong increases in the cost-of-living and debt servicing, the report added.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to AFP, the survey, produced with the consulting firm Marsh McLennan and Zurich Insurance Group, took into account the views of more than 1,200 global risk experts, policymakers and industry leaders.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"The short-term risk landscape is dominated by energy, food, debt and disasters," AFP quoted Saadia Zahidi, a managing director at WEF, as saying.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"Those that are already the most vulnerable are suffering -- and in the face of multiple crises, those who qualify as vulnerable are rapidly expanding, in rich and poor countries," she wrote in the report.</span></span></p> <p> </p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The respondents of the survey considered traditional warfare as less of a risk than geo-economic conflict -- such as sanctions, punitive tariffs and other forms of trade war -- or cyber warfare.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The WEF study called on leaders to act "collectively and decisively, balancing short- and long-term views" and it concluded on the need for cooperation to strengthen "financial stability, technology governance, economic development and investment in research, science, education and health," AFP added.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the news agency, Carolina Klint, a risk management leader at Marsh, said this year would be marked by "increased risks" related to food, energy, raw materials and cyber security that could further disrupt global supply chains and impact investment decisions.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Many analysts warn that the global economy will suffer a recession in 2023 as inflation remains elevated.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the World Bank’s latest report, global growth is projected to slow to its third-weakest pace in nearly three decades, overshadowed only by the 2009 and 2020 global recessions.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Global Economic Prospect Report of the World Bank published on Tuesday states that the global economic growth rate would be squeezed to 1.7 percent in the year 2023 which is 1.3 percentage points lower than the earlier estimate. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Nepal’s economic growth rate would remain at 5.1 percent in the current fiscal year and 4.9 percent in FY 2023/24, according to the WB report.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-01-12', 'modified' => '2023-01-12', 'keywords' => '', 'description' => '', 'sortorder' => '16464', 'image' => '20230112020659_cost.jpg', 'article_date' => '2023-01-12 14:06:22', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '16722', 'article_category_id' => '1', 'title' => 'FMTC Procures Paddy worth Rs 300 Million', 'sub_title' => '', 'summary' => 'January 12: The Food Management and Trading Company (FMTC) Limited has purchased paddy worth more than 307.7 million rupees from farmers at the minimum support price set by the government.', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">January 12: The Food Management and Trading Company (FMTC) Limited has purchased paddy worth more than 307.7 million rupees from farmers at the minimum support price set by the government.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The state-owned company purchased the paddy from different places of the country.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">As of January 9, the company has purchased 10,138 metric tons of paddy worth Rs 307 million from eight purchase centers for the current fiscal year. This year, the government fixed the minimum support price of coarse paddy at Rs 2,967 per quintal and the minimum support price of medium paddy at Rs 3,128 per quintal.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The company aims to purchase paddy from 10 places across the country at the support price set by the government. But so far it is only buying paddy at eight places including Birtamod, Biratnagar, Lahan, Birgunj, Nepalgunj, Rajapur, Dhangadhi and Mahendranagar. The procurement is yet to begin in Janakpur and Bhairahawa.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Sarmila Subedi Neupane, information officer of FMTC, informed that most of the paddy has been purchased from Dhangadhi and Rajapur so far. According to her, so far 3,013 metric tons of coarse and medium paddy have been purchased from Dhangadhi and 2,680 metric tons from Rajapur. This year, the company has set a target of purchasing 30,000 metric tons of paddy. But so far only 10,000 metric tons have been purchased.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Even last year, the company did not meet the target of paddy purchase.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-01-12', 'modified' => '2023-01-12', 'keywords' => '', 'description' => '', 'sortorder' => '16463', 'image' => '20230112012607_paddyyy-transformed.jpeg', 'article_date' => '2023-01-12 13:23:23', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '16721', 'article_category_id' => '1', 'title' => 'Commercial Banks to Lower Interest Rates in Mid-January', 'sub_title' => '', 'summary' => 'January 12: Commercial banks of Nepal have agreed to reduce the interest rates on deposits from mid-January.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:13.5pt"><span style="font-family:"Arial","sans-serif"">January 12: Commercial banks of Nepal have agreed to reduce the interest rates on deposits from mid-January.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:13.5pt"><span style="font-family:"Arial","sans-serif"">An executive committee meeting of Nepal Bankers Association (NBA) on Wednesday decided to reduce the interest rates immediately after the Special Annual General Meeting (AGM) of the umbrella body of CEOs of commercial banks.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:13.5pt"><span style="font-family:"Arial","sans-serif"">As per the decision taken by NBA, commercial banks will charge a maximum of 11 percent interest on personal deposits and a maximum of 9 percent on institutional deposits in the Nepali month of Magh (mid-January to mid-February). </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:13.5pt"><span style="font-family:"Arial","sans-serif"">Back in the month of Asoj (mid-September to mid-October), the commercial banks had fixed the interest on personal deposits at 12.13 percent and that for institutional deposits at 10.13 percent. The interest rate remained unchanged in the following months of Kartik (mid-October to mid-November), Mangsir (mid-November to mid-December) and Poush (mid-December to mid-January).</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:13.5pt"><span style="font-family:"Arial","sans-serif"">Meanwhile, the Special AGM of NBA unanimously elected CEO of NMB Bank Sunil KC as the new president of NBA. KC, who was the acting president, was elected to lead the association by the Special AGM.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:13.5pt"><span style="font-family:"Arial","sans-serif"">KC was appointed the acting president of NBA after the then President Anil Kumar Upadhyay’s term as the CEO of Agriculture Development Bank came to an end. The Special AGM was called to fill the vacant position of NBA president.</span></span></span></span></p> <p> </p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-01-12', 'modified' => '2023-01-12', 'keywords' => '', 'description' => '', 'sortorder' => '16462', 'image' => '20230112103737_Banks.jpg', 'article_date' => '2023-01-12 10:36:19', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '16720', 'article_category_id' => '1', 'title' => ' 40,000 kg Red Sandalwood Confiscated By Police About To Decay ', 'sub_title' => '', 'summary' => 'More than 40,000 kilograms of red sandalwood confiscated by police in various places over different periods of time have been left abandoned in Sindhupalchowk. ', 'content' => '<p> </p> <p><span style="font-size:20px">January 12: More than 40,000 kilograms of red sandalwood confiscated by police in various places over different periods of time have been left abandoned in Sindhupalchowk. </span></p> <p><span style="font-size:20px">Stranded red sandalwoods are going to decay as they have neither been returned to rightful owners nor auctioned. </span></p> <p><span style="font-size:20px">Logs of the valuable red sandalwood were seized by police while the smugglers were trying to smuggle them to China and left stranded for decades in absence of clear laws about what to do with such confiscated logs. </span></p> <p><span style="font-size:20px">Although the District Forest Office ought to conserve the seized red sandalwood, a huge chunk of the valuable wood have been lying in sorry state in the premises of District Administration Office in Sindupalchowk. </span></p> <p><span style="font-size:20px">According to Assistant District Forest Officer Krishna Bahadur Thapa, they had handed over the precious woods to the police due to lack of space to park them at the forest office and having no one to guard the seized logs. </span></p> <p><span style="font-size:20px">Confiscated red sandalwoods are in sorry state as the concerned authority is yet to decide on what to do with them</span></p> <p><span style="font-size:20px">"The Forest Department or Ministry should decide in this regard. We are not authorized to take decision on it," said Thapa, adding that since they were told to conserve the seized red sandalwood from the higher up, they were keeping them safe till date. </span></p> <p><span style="font-size:20px">"After the Forest Department wrote to the District Forest Office, we have appraised them about the condition of these seized red sandalwood," Thapa said.</span></p> <p><span style="font-size:20px">It is learnt that seized sandalwoods from the district are smuggled to India and then taken to China from there. </span></p> <p><span style="font-size:20px">DSP Shiv Kumar Budhathoki said police personnel are guarding the red sandalwoods parked in the premises of DAO. The DAO premise has red sandalwoods confiscated since 2062.</span><br /> </p> ', 'published' => true, 'created' => '2023-01-12', 'modified' => '2023-01-12', 'keywords' => '', 'description' => '', 'sortorder' => '16461', 'image' => '20230112060045_collage (30).jpg', 'article_date' => '2023-01-12 05:50:48', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 6 => array( 'Article' => array( 'id' => '16719', 'article_category_id' => '1', 'title' => 'World Bank Estimates 5.1 Percent Economic Growth Rate of Nepal this Year', 'sub_title' => '', 'summary' => 'January 11: Nepal’s economic growth rate would remain at 5.1 percent in the current fiscal year and 4.9 percent in FY 2023/24, according to the latest report published by the World Bank. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">January 11: Nepal’s economic growth rate would remain at 5.1 percent in the current fiscal year and 4.9 percent in FY 2023/24, according to the latest report published by the World Bank. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The ‘Global Economic Prospect Report’ unveiled by the World Bank (WB) on Tuesday came up with the forecast just days after the newly formed government unveiled its common minimum programme with tall promises of achieving economic growth in double digits.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">As per the WB’s estimation, economic growth rate would be slashed not only in Nepal but also across the globe. </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 the report, global growth is projected to slow to its third-weakest pace in nearly three decades, overshadowed only by the 2009 and 2020 global recessions. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">“Investment growth in emerging market and developing economies is predicted to remain below its average rate of the past two decades. Any additional adverse shocks could push the global economy into recession,” said the report, adding, “Small states are especially vulnerable to such shocks because of their reliance on external trade and financing, limited diversification, elevated debt, and susceptibility to natural disasters.”</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The report suggested that immediate policy action is needed to bolster growth and investment, including redirecting existing spending, such as agricultural and fuel subsidies.</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 the report, global economic growth rate would be squeezed to 1.7 percent in the year 2023 which is 1.3 percentage points lower than the earlier estimate. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">World Bank President David Malpass emphasized that the crisis facing developments is intensifying. He noted that the latest growth forecasts indicate a sharp, long-lasting slowdown, with global growth declining to 1.7 percent in 2023 – roughly half the rate expected just six months ago.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The deterioration is broad-based: in virtually all regions of the world, per-capita income growth will be slower than it was during the decade before COVID-19, he said.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Six months ago, the WB had made a public estimation of global economic growth rate of 3.0 percent. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The ongoing war between Russia and Ukraine and COVID-19 pandemic have been considered the main causes behind the lower economic growth rate, the economic prospect report noted. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">High price hike, high interest rate and disruption in the supply chain have been identified as other causes behind the fall in the economic growth rate. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The WB report further stated that, “The estimation of economic growth rate for the year 2023 is the third big recession in the last three decades”. </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 the report, India would see the economic growth rate of 6.6 percent in the fiscal 2023 and 6.1 in the fiscal 2024. Likewise, Pakistan would witness the economic growth rate of 2.0 percent in the fiscal year 2023 and 3.2 in 2024. Bangladesh would have the economic growth rate of 5.2 percent in the fiscal 2023 and 6.2 percent in 2024, the WB report reveals. </span></span></span></p> ', 'published' => true, 'created' => '2023-01-11', 'modified' => '2023-01-12', 'keywords' => '', 'description' => '', 'sortorder' => '16460', 'image' => '20230111074428_20200703013607_World Bank.jpg', 'article_date' => '2023-01-11 19:44:05', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '16718', 'article_category_id' => '1', 'title' => 'Fourth Gem and Jewellery Expo To Be Held in Kathmandu.', 'sub_title' => '', 'summary' => 'Nepal Gem and Jewellery Association is all set to host the Fourth Gem and Jewellery Expo in Kathmandu.', 'content' => '<p><span style="font-size:20px">January 11: Nepal Gem and Jewellery Association is all set to host the Fourth Gem and Jewellery Expo in Kathmandu.</span></p> <p><span style="font-size:20px">The expo will run from January 13 to 15. The association will organize a jewellery fashion show on January 12. </span></p> <p><span style="font-size:20px">Jyotsana Shrestha, Chairperson of Nepal Gem and Jewellery Association, said the association is preparing to host the expo with slogan “Taking Nepalese Jewellery to Global”. </span></p> <p><span style="font-size:20px">The expo is aimed at promoting the export of Nepali jewelleries to contribute to the country’s economy. </span></p> <p><span style="font-size:20px">Indian actress and model Malaika Arora will walk in the ramp donning Nepali attire and jewelleries, the association informed in the press conference. The entry to the expo is free. </span></p> ', 'published' => true, 'created' => '2023-01-11', 'modified' => '2023-01-11', 'keywords' => '', 'description' => '', 'sortorder' => '16459', 'image' => '20230111063313_collage (45).jpg', 'article_date' => '2023-01-11 18:30:29', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 8 => array( 'Article' => array( 'id' => '16717', 'article_category_id' => '1', 'title' => 'Hotels in Birgunj to Open Till Midnight', 'sub_title' => '', 'summary' => 'January 11: Hotels in Birgunj will open till midnight after ensuring safety measures. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">January 11: Hotels in Birgunj will open till midnight after ensuring safety measures. In order to revive the hotel business, which is in crisis after the Covid-19 pandemic, the district administration has agreed in principle to extend the opening hours of hotels in Birganj area. Hari Panta, president of Birgunj Hotel and Tourism Association, informed that initiative is being taken to operate hotels till midnight.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Earlier, the local administration had banned the opening of hotels and restaurants after 10 pm citing security reasons. Panta said that hotels now will be operated till midnight after fufilling certain safety standards.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Hoteliers of Birgunj, including Pant, met Umesh Kumar Dhakal, chief district officer of Parsa, and demanded to increase the hotel's operating hours. The administration agreed to open the hotel till midnight after safety standards are met. For its preparation, it has been agreed to form a task force under the coordination of the Assistant Chief District Officer of Parsa. Panta said that hoteliers, district police office, armed police and other security agencies will be included in the task force. </span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-01-11', 'modified' => '2023-01-11', 'keywords' => '', 'description' => '', 'sortorder' => '16458', 'image' => '20230111054903_Hotel.jpg', 'article_date' => '2023-01-11 17:48:25', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '16716', 'article_category_id' => '1', 'title' => 'Fifteen-member CBFIN Executive Committee Selected', 'sub_title' => '', 'summary' => 'Third Annual General Assembly of Confederation of Banks and Financial Institutions Nepal (CBFIN) has unanimously selected a 15-member new executive committee led by NMB Bank’s chairman Pawan Kumar Golyan.', 'content' => '<p> </p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">January 11: Third Annual General Assembly of Confederation of Banks and Financial Institutions Nepal (CBFIN) has unanimously selected a 15-member new executive committee led by NMB Bank’s chairman Pawan Kumar Golyan. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The executive committee formed from the third annual general assembly held on Sunday has selected Bhoj Bahadur Shah as Senior Vice-chairman, Rajesh Upadhyay as Vice-chairman and Rajan Singh Bhandari as General Secretary. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Similarly, Tulsiram Agrawal, Kush Prasad Malli and Prachanda Bahadur Shrestha have been unanimously selected as Treasurer, Secretary and Co-Treasurer respectively. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Other members of the new committee include Upendra Keshari Neupane, Upendra Prasad Poudel, Lila Prasad Sitaula, Motilal Dugad, Radhes Pant, Mahendra Kumar Goyal, Bharat Raj Dhakal and Hirendraman Pradhan. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Newly-elected Chairman Pawan Golyan pledged to take the CBFIN to a new height. “We will develop and promote CBFIN as a common institution of banks and financial institutions,” Golyan assured. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Golyan reiterated that the new executive committee would work to expand and reform the banking sector. </span></span></span></p> ', 'published' => true, 'created' => '2023-01-11', 'modified' => '2023-01-11', 'keywords' => '', 'description' => '', 'sortorder' => '16457', 'image' => '20230111044742_collage (44).jpg', 'article_date' => '2023-01-11 16:45:17', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 10 => array( 'Article' => array( 'id' => '16714', 'article_category_id' => '1', 'title' => 'NIBL, Mega Bank Start Integrated Transactions after Merger', 'sub_title' => '', 'summary' => 'January 11: Nepal Investment Bank Limited (NIBL) and Mega Bank Limited have launched integrated transactions from Wednesday following a merger.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">January 11: Nepal Investment Bank Limited (NIBL) and Mega Bank Limited have launched integrated transactions from Wednesday following a merger. The two banks merged to form ‘Nepal Investment Mega Bank (NIMB) Limited’ and announced the commencement of joint operations amidst a programme on January 11. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Prior to the merger, NIBL had a paid-up capital of Rs 18.31 billion while that of Mega Bank was Rs 16.2 billion. Following the merger, the total paid-up capital of the banks has reached over Rs 34 billion while the total assets is worth Rs 471 billion and the total capital is calculated at Rs 580 billion. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Likewise, the total deposits of the new entity is Rs 360 billion and the credit portfolio is Rs 329 billion. The merged entity has 296 branches, 59 extension counters, 279 ATM booths and over three million customers.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The banks merged at swap ratio of 100: 90. It means that one unit of share of the NIBL will be equivalent to 0.90 unit of Mega Bank.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Chairman of Nepal Investment Bank Limited, Prithvi Bahadur Pande, is now the chairman of NIMB and Jyoti Prakash Pandey is the CEO. The new Board of Directors has the representations of both banks. Prajanya Rajbhandari and Kabi Kumar Tibrewala represent the NIBL while Gopal Khanal, Madan Kumar Acharya and Mukti Ram Pandey represent Mega Bank. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The two banks merged in line with the ‘big merger’ policy of Nepal Rastra Bank (NRB).</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The central bank has adopted a policy of reducing the number of banks and financial institutions to strengthen the banking system. The study report titled 'Optimum Number of Banks and Financial Intuition in Nepal' published by NRB in April 2022 showed that 11 to 15 commercial banks are suitable for Nepal.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">There are three main objectives behind NRB’s policy of merging banks and financial institutions, said the spokesperson of NRB, Dr Gunakar Bhatta. First, by increasing the capital, the organization will be strengthened, secondly, the operating expenses will be reduced and thirdly, unhealthy competition will be reduced. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“By increasing the bank's paid-up capital and making it a strong institution, they can invest in big projects, instead of having separate board of directors or management in many banks. When there is a single bank, the number of such banks will decrease and the operating expenses will be reduced, the unhealthy competition will be reduced and the quality of the financial situation will improve,” Bhatta told New Business Age in a recent interview.</span></span></p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-01-11', 'modified' => '2023-01-11', 'keywords' => '', 'description' => '', 'sortorder' => '16454', 'image' => '20230111041407_NP_KTM_20230111123440_0D3A3832.jpg', 'article_date' => '2023-01-11 16:13:22', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '16712', 'article_category_id' => '1', 'title' => 'Import of 50,000 Tons of Wheat from India Delayed', 'sub_title' => '', 'summary' => 'January 11: A shipment of 50,000 metric tons of wheat, that should have arrived from India four months ago, has been delayed due to the sluggish approach of the Ministry of Industry, Commerce and Supplies and the faulty data provided by the Ministry of Agriculture and Livestock Development.', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">January 11: A shipment of 50,000 metric tons of wheat, that should have arrived from India four months ago, has been delayed due to the sluggish approach of the Ministry of Industry, Commerce and Supplies and the faulty data provided by the Ministry of Agriculture and Livestock Development. Due to this reason, the production of 40 flour mills in operation across the country has stopped resulting in a decline in production other industries that rely on flour and wheat.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Narayan Regmi, joint secretary of the Ministry of Industry, Commerce and Supplies, said that the process will not move forward until a new minister arrives. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Although the Government of India had approved the export of 50,000 tons of wheat to Nepal 12 days ago, the shipment has not moved forward as the Ministry of Industry has not been able to send a letter to India quoting the specific requirement for specific purpose. As a result, even the approved quota of wheat could not be imported.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Secretary Madhu Kumar Marasini, who was recently transferred to the Ministry of Industry, Commerce and Supplies, said that he cannot comment on the issue because he was just transferred to the ministry and is studding the process of wheat import.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">President of Nepal Flour Mills Association Kumud Dugad mentioned that if the government had sent the quota four months ago, Nepal would have already received the second consignment of wheat from India by now.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif""> “It is unfortunate that our government could not send a letter to bring the approved quota of 50,000 tons of wheat,” said Dugad.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif""> He claimed that due to the shortage of wheat, the production of 40 large flour mills across the country has dropped to almost zero. He said that they supply flour to the noodles and biscuit factories for a few more days with the stock of wheat they have but those factories will also have to shut down soon, warned Dugad.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">“Our country has an amazing bureaucracy that requires a minister even to send a letter that is ready to be sent while the citizens are losing their purchase power for flour,” he said.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Informing that the association has already submitted a letter to the ministry to distribute 50,000 tons of wheat to all the mills, Dugad said that this amount will last for only one week. He said that by the time domestically produced wheat comes to the market in April, all the mills in Nepal will require 300,000 tons of wheat.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-01-11', 'modified' => '2023-01-11', 'keywords' => '', 'description' => '', 'sortorder' => '16453', 'image' => '20230111022424_wheatttttt.jpg', 'article_date' => '2023-01-11 14:23:37', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '16711', 'article_category_id' => '1', 'title' => 'Cement Producers not Happy with the Threshold set for Subsidy on Export of Cement ', 'sub_title' => '', 'summary' => 'January 11: While announcing the budget of the current fiscal year, the government had pledged to provide cash subsidy up to 8 per cent on cement exports. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">January 11: While announcing the budget of the current fiscal year, the government had pledged to provide cash subsidy up to 8 per cent on cement exports. However, cement producers are uneasy with the procedure that enables cement exporters to receive cash subsidy of 8 percent only if the exports exceed Rs 500 million.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">The budget announcement had excited the cement producers. After the government's announcement, the industrialists started the process of acquiring the Indian quality mark to export cement to India, which is a big market in proximity of Nepal. Palpa Cement and Arghakhanchi Cement are exporting their product with Indian quality mark. Other cement manufacturers are also in the process of acquiring the Ind ian quality mark for export.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Shivam Cement has not started exporting despite getting the quality mark. Raghunandan Maru, the director of the company, said that there is a problem with the export subsidy procedure. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">“The government introduced a procedure to give 8 percent subsidy only if the export is worth more than Rs 500 million. It is not possible to export that much in the beginning," he said. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">He said that Nepali exporters cannot compete with the Indian cement if the subsidy is less than 8 percent.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">The cement producers also complained that they had to face various kinds of hassles when the government introduced strict provisions in the same year they started exporting. They have also asked the government to reconsider the subsidy procedure as they cannot export in large quantities in the initial phase without brand promotion and market expansion.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Small cement producers in the Terai region of Nepal, which shares border with India, have complained that they will be the most affected by this procedure. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Businessmen said that due to the close proximity to the Indian market from Terai, the transportation costs would be lower, but the conditions set for the 8 percent subsidy have ended the possibility of export.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">The export subsidy procedure of the government states that subsidy of 4 percent of the total value of export will be given to the cement exporters. If the producer exports goods with at least 70 per cent value addition, they will get an additional subsidy of 1 percentage point. It is mentioned that if the export volume increases by 20 per cent in the corresponding year, the subsidy will increase by 1 per cent.</span> <span style="font-family:"Arial","sans-serif"">To get an 8 percent subsidy, there is a provision that the company must have exported products worth more than Rs 500 million in a year.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">The Ministry of Industry, Commerce and Supply insists that it is necessary to bring this kind of procedure to promote exports although the cement producers are not happy with it.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Joint Secretary of the Ministry, Govind Karki, shared that the procedure was introduced to encourage businessmen to export more.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">"An 8 per cent subsidy is arranged for exports of above Rs 500 million because it will meet the export promotion objective of the government," he said.</span></span></span></p> <p> </p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Experts call the subsidy a short-term arrangement to promote exports. Economist Paras Kharel said that the company should increase its competitiveness in the long term.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">"To increase exports, quality goods should be produced at low cost. The product will take the market only if it has better qualities than the competitors," he told New Business Age.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Kharel said that since the government cannot subsidize all products, there must be some kind of threshold. He thinks that a grant with a threshold cannot be given for a long period.</span></span></span></p> <p> </p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-01-11', 'modified' => '2023-01-11', 'keywords' => '', 'description' => '', 'sortorder' => '16452', 'image' => '20230111125257_cementtttt.jpg', 'article_date' => '2023-01-11 12:52:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '16710', 'article_category_id' => '1', 'title' => 'KMC Bans Selling Goods on Bicycles and Carts', 'sub_title' => '', 'summary' => 'January 11: The Kathmandu Metropolitan City (KMC) has banned selling goods on bicycles and hand carts along the roadsides of the metropolis.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">January 11: The Kathmandu Metropolitan City (KMC) has banned selling goods on bicycles and hand carts along the roadsides of the metropolis. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Issuing a public notice on Tuesday, the KMC said such activities have been banned with immediate effect.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The notice states that the unauthorized business on the roads have caused traffic disruption and therefore the KMC decided to act against the roadside vendors who use bicycles and hand carts to sell goods.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The metropolis made it clear that using public roads for business and selling goods on bicycles or carts is against the law.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The KMC has warned that people involved in such activities will face action if they do not abide by the law.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"If any business is conducted on the road or other public place within the Kathmandu Metropolitan City, or if the sidewalks are used or occupied without authorization, such goods and other materials used to keep the goods for business purposes will be confiscated," reads the notice.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The metropolis has stepped up its efforts to crackdown on illegal street-side business ever since Balendra Shah was elected as the new mayor of KMC last year. While a section of society has praised Shah for his efforts to clean up the city and make it more organized, others have cried foul saying that their livelihood has been threatened by the actions of the KMC.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The street vendors recently organized a mass protest against the highhandedness of the KMC.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-01-11', 'modified' => '2023-01-11', 'keywords' => '', 'description' => '', 'sortorder' => '16451', 'image' => '20230111115513_ibr-2034868-transformed.jpeg', 'article_date' => '2023-01-11 11:54:35', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '16709', 'article_category_id' => '1', 'title' => 'PM Dahal Gets Overwhelming Support from 268 Lawmakers ', 'sub_title' => '', 'summary' => 'January 11: Prime Minister Pushpa Kamal Dahal has secured the vote of confidence in parliament with support from more than two thirds of the total 275 lawmakers in the House of Representatives (HoR). ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">January 11: Prime Minister Pushpa Kamal Dahal has secured the vote of confidence in parliament with support from more than two thirds of the total 275 lawmakers in the House of Representatives (HoR). </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"">Dahal, who was elected the new prime minister on December 25 under Article 76 (2) of the constitution, secured the vote of confidence as per Article 76 (4) on Tuesday within the 30-day deadline.</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"">Nepali Congress, the largest party in parliament, also voted in favour of Dahal although the NC is not among the reliance alliance anymore. NC parliamentary party leader Sher Bahadur Deuba had issued a whip to vote in favour of Dahal.</span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">During the voting that took place in the lower house of parliament on Tuesday, PM Dahal received support from an overwhelming 268 lawmakers to cement his position as the new prime minister. Only two lawmakers – Prem Suwal of Nepal Workers and Peasants Party (NWPP) and Chitra Bahadur KC of People’s Front – voted against Dahal’s bid for premiership, the eldest Member of Parliament (MP) Pashupati Shumsher JBR informed the HoR while announcing the result. </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"">Out of 275 MPs in the HoR, one is suspended due to an ongoing court case. Out of the remaining MPs, 270 took part in the voting while four lawmakers abstained from voting.</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"">Among those who did not vote include RPP leader Pashupati SJB Rana, who is currently assuming the role of the house speaker until the election of a new speaker on January 19.</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"">Other three MPs who abstained from voting are from the NC, who decided to go against the party’s whip.</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"">Besides the four MPs, all other lawmakers from all the political parties as well as independent lawmakers voted in favour of PM Dahal.</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"">The Nepali Congress which has 89 lawmakers in the HoR followed CPN (UML) with 79 MPs, CPN (Maoist Centre) with 32 MPs, Rastriya Swatantra Party (20 MPs), Rastriya Prajatantra Party (14 MPs), Janata Samajwadi Party Nepal (12 MPs), CPN Unified Socialist (10 MPs), Janamat Party (6 MPs), Loktantrik Samajwadi Party (4 MPs), Nagarik Unmukti Party (4 MPs), and independent lawmakers all voted in favour of PM Dahal. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">President Bidya Devi Bhandari had appointed CPN (Maoist Centre) Chairman Dahal to the post of the PM on December 25, 2022. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The CPN (Maoist Centre) is the third largest political force in the HoR with 32 seats from the recently held elections to the HoR. </span><br /> </span></span></p> ', 'published' => true, 'created' => '2023-01-11', 'modified' => '2023-01-11', 'keywords' => '', 'description' => '', 'sortorder' => '16450', 'image' => '20230111105516_Pro-KTM-PrachandaBadaidd.jpg', 'article_date' => '2023-01-11 10:54:36', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ) ) $current_user = null $logged_in = false $xml = falseinclude - APP/View/Elements/side_bar.ctp, line 133 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
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', 'content' => '<p><span style="font-size:20px"> <br /> January 12: Kathmandu Metropolitan City has made income projections for the next three fiscal years. </span></p> <p><span style="font-size:20px">The metropolis have set revenue collection target for 2080/81, 2081/82 and 2082/83 fiscal years. </span></p> <p><span style="font-size:20px">For the fiscal year 2080/81, the metropolis has set the target to collect revenue of Rs 11.80 billion, while Rs 12.3 billion and 13.66 billion have been projected for the years 2082 and 2083 respectively.</span></p> <p><span style="font-size:20px">Since the metropolis has yet to receive the ceiling on various headings including grant to be provided by federal and provincial governments and other agencies, revenue distribution, registration fee, and value added tax, the figure of projected revenue target might fluctuate according to Chief Dr Shivraj Adhikari at the Revenue Department of Kathmandu Metropolis.</span></p> <p><span style="font-size:20px">The metropolitan city aims to make income as projected in the next three fiscal years. The metropolis plans to collect Rs 10.39 billion revenue in the current fiscal year. </span></p> <p><span style="font-size:20px">The metropolis has collected Rs 4.34 billion in revenue till first five and half months of the current fiscal year. The metropolis had collected Rs 3.69 billion during the same period last fiscal year.</span></p> <p><span style="font-size:20px">Dr Adhikari hopes that they will be able to meet the revenue collection target in the current fiscal year despite some problems in the last few years due to COVID-19 pandemic. </span></p> <p><span style="font-size:20px">“Metropolitan city will have no problem in meeting the revenue collection target this year as we have tightened revenue collection”, Dr Adhikari added. </span></p> <p><br /> </p> ', 'published' => true, 'created' => '2023-01-12', 'modified' => '2023-01-12', 'keywords' => '', 'description' => '', 'sortorder' => '16466', 'image' => '20230112044640_collage (47).jpg', 'article_date' => '2023-01-12 16:39:58', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 1 => array( 'Article' => array( 'id' => '16724', 'article_category_id' => '1', 'title' => 'Bara Parsa Industries Plagued by Tripping Problem', 'sub_title' => '', 'summary' => 'January 12: Industries in the Bara-Parsa industrial corridor have been affected due to the lack of regular electricity supply.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">January 12: Industries in the Bara-Parsa industrial corridor have been affected due to the lack of regular electricity supply. Industrialists complain of frequent tripping of electricity in the industries of the corridor for the past one week.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">An industrialist said that such a problem is more common in industries that take supply from the 66 kV transmission line of the Nepal Electricity Authority (NEA). </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">“The power gets cut off 6/7 hours daily without notice. Frequent tripping is disrupting production,” he said.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Industrialists say that many problems arise in the production when power is cut five to seven times a day.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Hari Gautam, vice president of Birgunj Chamber of Commerce says that although they have been demanding quality and regular supply of electricity for the industries, there has been no improvement.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to Gautam, frequent power cuts result in wastage of raw materials, decline in production, damage of equipment, and the quality of the products deteriorate.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">NEA, however, claims that there is not much tripping in Bara-Parsa industrial corridor. NEA’S spokesperson Suresh Bahadur Bhattarai says that problems arise sometimes due to maintenance.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">He said that since the 66 kV transmission line passes through the forest, problems such as falling of trees, wind and overload cause disruption in power supply.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">NEA says that power supply is also affected if there is a problem in importing electricity from India during the dry season.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Nepal imports electricity from Bihar during the dry season. Two thermal plants with a capacity of 1400 megawatts are closed in Bihar state of India. Bara-Parsa Industrial Corridor is being supplied with electricity from Bihar. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">NEA Spokesperson Bhattarai said that it is normal to have power cuts when the world is hit by energy crisis.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">“We depend on India for energy during the dry season,” he said.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-01-12', 'modified' => '2023-01-12', 'keywords' => '', 'description' => '', 'sortorder' => '16465', 'image' => '20230112032304_Transmission.jpg', 'article_date' => '2023-01-12 15:22:13', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '16723', 'article_category_id' => '1', 'title' => 'Cost-of-Living Crisis Biggest Global Risk: Study', 'sub_title' => '', 'summary' => 'January 12: The cost-of-living crisis will become the biggest global risk over the next two years, warned a survey conducted by the World Economic Forum (WEF).', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">AGENCIES</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">January 12: The cost-of-living crisis will become the biggest global risk over the next two years, warned a survey conducted by the World Economic Forum (WEF).</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the AFP, the WEF report described the cost-of-living crisis as the "biggest short-term risk" between now and 2025, followed by natural disasters, extreme weather events and "geo-economic confrontation".</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Global inflation remains at sky-high levels after energy and food costs rocketed last year, largely owing to the invasion of agricultural powerhouse Ukraine by major oil and gas producer Russia, added the AFP news report.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Consumer price inflation in Nepal rose to 8.08 percent in the first four months of the current fiscal year compared to 6.04 percent a year ago, according to the latest report of Nepal Rastra Bank.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Supply constraints caused by the Covid-19 pandemic have also contributed to decades-high prices for consumers.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the study report of WEF, conflict and geo-economic tensions have triggered a series of deeply interconnected global risks.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The risks include energy and food supply crunches, which are likely to persist for the next two years, and strong increases in the cost-of-living and debt servicing, the report added.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to AFP, the survey, produced with the consulting firm Marsh McLennan and Zurich Insurance Group, took into account the views of more than 1,200 global risk experts, policymakers and industry leaders.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"The short-term risk landscape is dominated by energy, food, debt and disasters," AFP quoted Saadia Zahidi, a managing director at WEF, as saying.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"Those that are already the most vulnerable are suffering -- and in the face of multiple crises, those who qualify as vulnerable are rapidly expanding, in rich and poor countries," she wrote in the report.</span></span></p> <p> </p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The respondents of the survey considered traditional warfare as less of a risk than geo-economic conflict -- such as sanctions, punitive tariffs and other forms of trade war -- or cyber warfare.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The WEF study called on leaders to act "collectively and decisively, balancing short- and long-term views" and it concluded on the need for cooperation to strengthen "financial stability, technology governance, economic development and investment in research, science, education and health," AFP added.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the news agency, Carolina Klint, a risk management leader at Marsh, said this year would be marked by "increased risks" related to food, energy, raw materials and cyber security that could further disrupt global supply chains and impact investment decisions.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Many analysts warn that the global economy will suffer a recession in 2023 as inflation remains elevated.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the World Bank’s latest report, global growth is projected to slow to its third-weakest pace in nearly three decades, overshadowed only by the 2009 and 2020 global recessions.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Global Economic Prospect Report of the World Bank published on Tuesday states that the global economic growth rate would be squeezed to 1.7 percent in the year 2023 which is 1.3 percentage points lower than the earlier estimate. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Nepal’s economic growth rate would remain at 5.1 percent in the current fiscal year and 4.9 percent in FY 2023/24, according to the WB report.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-01-12', 'modified' => '2023-01-12', 'keywords' => '', 'description' => '', 'sortorder' => '16464', 'image' => '20230112020659_cost.jpg', 'article_date' => '2023-01-12 14:06:22', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '16722', 'article_category_id' => '1', 'title' => 'FMTC Procures Paddy worth Rs 300 Million', 'sub_title' => '', 'summary' => 'January 12: The Food Management and Trading Company (FMTC) Limited has purchased paddy worth more than 307.7 million rupees from farmers at the minimum support price set by the government.', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">January 12: The Food Management and Trading Company (FMTC) Limited has purchased paddy worth more than 307.7 million rupees from farmers at the minimum support price set by the government.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The state-owned company purchased the paddy from different places of the country.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">As of January 9, the company has purchased 10,138 metric tons of paddy worth Rs 307 million from eight purchase centers for the current fiscal year. This year, the government fixed the minimum support price of coarse paddy at Rs 2,967 per quintal and the minimum support price of medium paddy at Rs 3,128 per quintal.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The company aims to purchase paddy from 10 places across the country at the support price set by the government. But so far it is only buying paddy at eight places including Birtamod, Biratnagar, Lahan, Birgunj, Nepalgunj, Rajapur, Dhangadhi and Mahendranagar. The procurement is yet to begin in Janakpur and Bhairahawa.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Sarmila Subedi Neupane, information officer of FMTC, informed that most of the paddy has been purchased from Dhangadhi and Rajapur so far. According to her, so far 3,013 metric tons of coarse and medium paddy have been purchased from Dhangadhi and 2,680 metric tons from Rajapur. This year, the company has set a target of purchasing 30,000 metric tons of paddy. But so far only 10,000 metric tons have been purchased.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Even last year, the company did not meet the target of paddy purchase.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-01-12', 'modified' => '2023-01-12', 'keywords' => '', 'description' => '', 'sortorder' => '16463', 'image' => '20230112012607_paddyyy-transformed.jpeg', 'article_date' => '2023-01-12 13:23:23', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '16721', 'article_category_id' => '1', 'title' => 'Commercial Banks to Lower Interest Rates in Mid-January', 'sub_title' => '', 'summary' => 'January 12: Commercial banks of Nepal have agreed to reduce the interest rates on deposits from mid-January.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:13.5pt"><span style="font-family:"Arial","sans-serif"">January 12: Commercial banks of Nepal have agreed to reduce the interest rates on deposits from mid-January.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:13.5pt"><span style="font-family:"Arial","sans-serif"">An executive committee meeting of Nepal Bankers Association (NBA) on Wednesday decided to reduce the interest rates immediately after the Special Annual General Meeting (AGM) of the umbrella body of CEOs of commercial banks.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:13.5pt"><span style="font-family:"Arial","sans-serif"">As per the decision taken by NBA, commercial banks will charge a maximum of 11 percent interest on personal deposits and a maximum of 9 percent on institutional deposits in the Nepali month of Magh (mid-January to mid-February). </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:13.5pt"><span style="font-family:"Arial","sans-serif"">Back in the month of Asoj (mid-September to mid-October), the commercial banks had fixed the interest on personal deposits at 12.13 percent and that for institutional deposits at 10.13 percent. The interest rate remained unchanged in the following months of Kartik (mid-October to mid-November), Mangsir (mid-November to mid-December) and Poush (mid-December to mid-January).</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:13.5pt"><span style="font-family:"Arial","sans-serif"">Meanwhile, the Special AGM of NBA unanimously elected CEO of NMB Bank Sunil KC as the new president of NBA. KC, who was the acting president, was elected to lead the association by the Special AGM.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:13.5pt"><span style="font-family:"Arial","sans-serif"">KC was appointed the acting president of NBA after the then President Anil Kumar Upadhyay’s term as the CEO of Agriculture Development Bank came to an end. The Special AGM was called to fill the vacant position of NBA president.</span></span></span></span></p> <p> </p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-01-12', 'modified' => '2023-01-12', 'keywords' => '', 'description' => '', 'sortorder' => '16462', 'image' => '20230112103737_Banks.jpg', 'article_date' => '2023-01-12 10:36:19', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '16720', 'article_category_id' => '1', 'title' => ' 40,000 kg Red Sandalwood Confiscated By Police About To Decay ', 'sub_title' => '', 'summary' => 'More than 40,000 kilograms of red sandalwood confiscated by police in various places over different periods of time have been left abandoned in Sindhupalchowk. ', 'content' => '<p> </p> <p><span style="font-size:20px">January 12: More than 40,000 kilograms of red sandalwood confiscated by police in various places over different periods of time have been left abandoned in Sindhupalchowk. </span></p> <p><span style="font-size:20px">Stranded red sandalwoods are going to decay as they have neither been returned to rightful owners nor auctioned. </span></p> <p><span style="font-size:20px">Logs of the valuable red sandalwood were seized by police while the smugglers were trying to smuggle them to China and left stranded for decades in absence of clear laws about what to do with such confiscated logs. </span></p> <p><span style="font-size:20px">Although the District Forest Office ought to conserve the seized red sandalwood, a huge chunk of the valuable wood have been lying in sorry state in the premises of District Administration Office in Sindupalchowk. </span></p> <p><span style="font-size:20px">According to Assistant District Forest Officer Krishna Bahadur Thapa, they had handed over the precious woods to the police due to lack of space to park them at the forest office and having no one to guard the seized logs. </span></p> <p><span style="font-size:20px">Confiscated red sandalwoods are in sorry state as the concerned authority is yet to decide on what to do with them</span></p> <p><span style="font-size:20px">"The Forest Department or Ministry should decide in this regard. We are not authorized to take decision on it," said Thapa, adding that since they were told to conserve the seized red sandalwood from the higher up, they were keeping them safe till date. </span></p> <p><span style="font-size:20px">"After the Forest Department wrote to the District Forest Office, we have appraised them about the condition of these seized red sandalwood," Thapa said.</span></p> <p><span style="font-size:20px">It is learnt that seized sandalwoods from the district are smuggled to India and then taken to China from there. </span></p> <p><span style="font-size:20px">DSP Shiv Kumar Budhathoki said police personnel are guarding the red sandalwoods parked in the premises of DAO. The DAO premise has red sandalwoods confiscated since 2062.</span><br /> </p> ', 'published' => true, 'created' => '2023-01-12', 'modified' => '2023-01-12', 'keywords' => '', 'description' => '', 'sortorder' => '16461', 'image' => '20230112060045_collage (30).jpg', 'article_date' => '2023-01-12 05:50:48', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 6 => array( 'Article' => array( 'id' => '16719', 'article_category_id' => '1', 'title' => 'World Bank Estimates 5.1 Percent Economic Growth Rate of Nepal this Year', 'sub_title' => '', 'summary' => 'January 11: Nepal’s economic growth rate would remain at 5.1 percent in the current fiscal year and 4.9 percent in FY 2023/24, according to the latest report published by the World Bank. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">January 11: Nepal’s economic growth rate would remain at 5.1 percent in the current fiscal year and 4.9 percent in FY 2023/24, according to the latest report published by the World Bank. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The ‘Global Economic Prospect Report’ unveiled by the World Bank (WB) on Tuesday came up with the forecast just days after the newly formed government unveiled its common minimum programme with tall promises of achieving economic growth in double digits.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">As per the WB’s estimation, economic growth rate would be slashed not only in Nepal but also across the globe. </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 the report, global growth is projected to slow to its third-weakest pace in nearly three decades, overshadowed only by the 2009 and 2020 global recessions. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">“Investment growth in emerging market and developing economies is predicted to remain below its average rate of the past two decades. Any additional adverse shocks could push the global economy into recession,” said the report, adding, “Small states are especially vulnerable to such shocks because of their reliance on external trade and financing, limited diversification, elevated debt, and susceptibility to natural disasters.”</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The report suggested that immediate policy action is needed to bolster growth and investment, including redirecting existing spending, such as agricultural and fuel subsidies.</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 the report, global economic growth rate would be squeezed to 1.7 percent in the year 2023 which is 1.3 percentage points lower than the earlier estimate. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">World Bank President David Malpass emphasized that the crisis facing developments is intensifying. He noted that the latest growth forecasts indicate a sharp, long-lasting slowdown, with global growth declining to 1.7 percent in 2023 – roughly half the rate expected just six months ago.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The deterioration is broad-based: in virtually all regions of the world, per-capita income growth will be slower than it was during the decade before COVID-19, he said.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Six months ago, the WB had made a public estimation of global economic growth rate of 3.0 percent. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The ongoing war between Russia and Ukraine and COVID-19 pandemic have been considered the main causes behind the lower economic growth rate, the economic prospect report noted. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">High price hike, high interest rate and disruption in the supply chain have been identified as other causes behind the fall in the economic growth rate. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The WB report further stated that, “The estimation of economic growth rate for the year 2023 is the third big recession in the last three decades”. </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 the report, India would see the economic growth rate of 6.6 percent in the fiscal 2023 and 6.1 in the fiscal 2024. Likewise, Pakistan would witness the economic growth rate of 2.0 percent in the fiscal year 2023 and 3.2 in 2024. Bangladesh would have the economic growth rate of 5.2 percent in the fiscal 2023 and 6.2 percent in 2024, the WB report reveals. </span></span></span></p> ', 'published' => true, 'created' => '2023-01-11', 'modified' => '2023-01-12', 'keywords' => '', 'description' => '', 'sortorder' => '16460', 'image' => '20230111074428_20200703013607_World Bank.jpg', 'article_date' => '2023-01-11 19:44:05', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '16718', 'article_category_id' => '1', 'title' => 'Fourth Gem and Jewellery Expo To Be Held in Kathmandu.', 'sub_title' => '', 'summary' => 'Nepal Gem and Jewellery Association is all set to host the Fourth Gem and Jewellery Expo in Kathmandu.', 'content' => '<p><span style="font-size:20px">January 11: Nepal Gem and Jewellery Association is all set to host the Fourth Gem and Jewellery Expo in Kathmandu.</span></p> <p><span style="font-size:20px">The expo will run from January 13 to 15. The association will organize a jewellery fashion show on January 12. </span></p> <p><span style="font-size:20px">Jyotsana Shrestha, Chairperson of Nepal Gem and Jewellery Association, said the association is preparing to host the expo with slogan “Taking Nepalese Jewellery to Global”. </span></p> <p><span style="font-size:20px">The expo is aimed at promoting the export of Nepali jewelleries to contribute to the country’s economy. </span></p> <p><span style="font-size:20px">Indian actress and model Malaika Arora will walk in the ramp donning Nepali attire and jewelleries, the association informed in the press conference. The entry to the expo is free. </span></p> ', 'published' => true, 'created' => '2023-01-11', 'modified' => '2023-01-11', 'keywords' => '', 'description' => '', 'sortorder' => '16459', 'image' => '20230111063313_collage (45).jpg', 'article_date' => '2023-01-11 18:30:29', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 8 => array( 'Article' => array( 'id' => '16717', 'article_category_id' => '1', 'title' => 'Hotels in Birgunj to Open Till Midnight', 'sub_title' => '', 'summary' => 'January 11: Hotels in Birgunj will open till midnight after ensuring safety measures. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">January 11: Hotels in Birgunj will open till midnight after ensuring safety measures. In order to revive the hotel business, which is in crisis after the Covid-19 pandemic, the district administration has agreed in principle to extend the opening hours of hotels in Birganj area. Hari Panta, president of Birgunj Hotel and Tourism Association, informed that initiative is being taken to operate hotels till midnight.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Earlier, the local administration had banned the opening of hotels and restaurants after 10 pm citing security reasons. Panta said that hotels now will be operated till midnight after fufilling certain safety standards.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Hoteliers of Birgunj, including Pant, met Umesh Kumar Dhakal, chief district officer of Parsa, and demanded to increase the hotel's operating hours. The administration agreed to open the hotel till midnight after safety standards are met. For its preparation, it has been agreed to form a task force under the coordination of the Assistant Chief District Officer of Parsa. Panta said that hoteliers, district police office, armed police and other security agencies will be included in the task force. </span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-01-11', 'modified' => '2023-01-11', 'keywords' => '', 'description' => '', 'sortorder' => '16458', 'image' => '20230111054903_Hotel.jpg', 'article_date' => '2023-01-11 17:48:25', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '16716', 'article_category_id' => '1', 'title' => 'Fifteen-member CBFIN Executive Committee Selected', 'sub_title' => '', 'summary' => 'Third Annual General Assembly of Confederation of Banks and Financial Institutions Nepal (CBFIN) has unanimously selected a 15-member new executive committee led by NMB Bank’s chairman Pawan Kumar Golyan.', 'content' => '<p> </p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">January 11: Third Annual General Assembly of Confederation of Banks and Financial Institutions Nepal (CBFIN) has unanimously selected a 15-member new executive committee led by NMB Bank’s chairman Pawan Kumar Golyan. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The executive committee formed from the third annual general assembly held on Sunday has selected Bhoj Bahadur Shah as Senior Vice-chairman, Rajesh Upadhyay as Vice-chairman and Rajan Singh Bhandari as General Secretary. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Similarly, Tulsiram Agrawal, Kush Prasad Malli and Prachanda Bahadur Shrestha have been unanimously selected as Treasurer, Secretary and Co-Treasurer respectively. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Other members of the new committee include Upendra Keshari Neupane, Upendra Prasad Poudel, Lila Prasad Sitaula, Motilal Dugad, Radhes Pant, Mahendra Kumar Goyal, Bharat Raj Dhakal and Hirendraman Pradhan. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Newly-elected Chairman Pawan Golyan pledged to take the CBFIN to a new height. “We will develop and promote CBFIN as a common institution of banks and financial institutions,” Golyan assured. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Golyan reiterated that the new executive committee would work to expand and reform the banking sector. </span></span></span></p> ', 'published' => true, 'created' => '2023-01-11', 'modified' => '2023-01-11', 'keywords' => '', 'description' => '', 'sortorder' => '16457', 'image' => '20230111044742_collage (44).jpg', 'article_date' => '2023-01-11 16:45:17', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 10 => array( 'Article' => array( 'id' => '16714', 'article_category_id' => '1', 'title' => 'NIBL, Mega Bank Start Integrated Transactions after Merger', 'sub_title' => '', 'summary' => 'January 11: Nepal Investment Bank Limited (NIBL) and Mega Bank Limited have launched integrated transactions from Wednesday following a merger.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">January 11: Nepal Investment Bank Limited (NIBL) and Mega Bank Limited have launched integrated transactions from Wednesday following a merger. The two banks merged to form ‘Nepal Investment Mega Bank (NIMB) Limited’ and announced the commencement of joint operations amidst a programme on January 11. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Prior to the merger, NIBL had a paid-up capital of Rs 18.31 billion while that of Mega Bank was Rs 16.2 billion. Following the merger, the total paid-up capital of the banks has reached over Rs 34 billion while the total assets is worth Rs 471 billion and the total capital is calculated at Rs 580 billion. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Likewise, the total deposits of the new entity is Rs 360 billion and the credit portfolio is Rs 329 billion. The merged entity has 296 branches, 59 extension counters, 279 ATM booths and over three million customers.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The banks merged at swap ratio of 100: 90. It means that one unit of share of the NIBL will be equivalent to 0.90 unit of Mega Bank.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Chairman of Nepal Investment Bank Limited, Prithvi Bahadur Pande, is now the chairman of NIMB and Jyoti Prakash Pandey is the CEO. The new Board of Directors has the representations of both banks. Prajanya Rajbhandari and Kabi Kumar Tibrewala represent the NIBL while Gopal Khanal, Madan Kumar Acharya and Mukti Ram Pandey represent Mega Bank. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The two banks merged in line with the ‘big merger’ policy of Nepal Rastra Bank (NRB).</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The central bank has adopted a policy of reducing the number of banks and financial institutions to strengthen the banking system. The study report titled 'Optimum Number of Banks and Financial Intuition in Nepal' published by NRB in April 2022 showed that 11 to 15 commercial banks are suitable for Nepal.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">There are three main objectives behind NRB’s policy of merging banks and financial institutions, said the spokesperson of NRB, Dr Gunakar Bhatta. First, by increasing the capital, the organization will be strengthened, secondly, the operating expenses will be reduced and thirdly, unhealthy competition will be reduced. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“By increasing the bank's paid-up capital and making it a strong institution, they can invest in big projects, instead of having separate board of directors or management in many banks. When there is a single bank, the number of such banks will decrease and the operating expenses will be reduced, the unhealthy competition will be reduced and the quality of the financial situation will improve,” Bhatta told New Business Age in a recent interview.</span></span></p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-01-11', 'modified' => '2023-01-11', 'keywords' => '', 'description' => '', 'sortorder' => '16454', 'image' => '20230111041407_NP_KTM_20230111123440_0D3A3832.jpg', 'article_date' => '2023-01-11 16:13:22', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '16712', 'article_category_id' => '1', 'title' => 'Import of 50,000 Tons of Wheat from India Delayed', 'sub_title' => '', 'summary' => 'January 11: A shipment of 50,000 metric tons of wheat, that should have arrived from India four months ago, has been delayed due to the sluggish approach of the Ministry of Industry, Commerce and Supplies and the faulty data provided by the Ministry of Agriculture and Livestock Development.', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">January 11: A shipment of 50,000 metric tons of wheat, that should have arrived from India four months ago, has been delayed due to the sluggish approach of the Ministry of Industry, Commerce and Supplies and the faulty data provided by the Ministry of Agriculture and Livestock Development. Due to this reason, the production of 40 flour mills in operation across the country has stopped resulting in a decline in production other industries that rely on flour and wheat.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Narayan Regmi, joint secretary of the Ministry of Industry, Commerce and Supplies, said that the process will not move forward until a new minister arrives. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Although the Government of India had approved the export of 50,000 tons of wheat to Nepal 12 days ago, the shipment has not moved forward as the Ministry of Industry has not been able to send a letter to India quoting the specific requirement for specific purpose. As a result, even the approved quota of wheat could not be imported.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Secretary Madhu Kumar Marasini, who was recently transferred to the Ministry of Industry, Commerce and Supplies, said that he cannot comment on the issue because he was just transferred to the ministry and is studding the process of wheat import.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">President of Nepal Flour Mills Association Kumud Dugad mentioned that if the government had sent the quota four months ago, Nepal would have already received the second consignment of wheat from India by now.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif""> “It is unfortunate that our government could not send a letter to bring the approved quota of 50,000 tons of wheat,” said Dugad.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif""> He claimed that due to the shortage of wheat, the production of 40 large flour mills across the country has dropped to almost zero. He said that they supply flour to the noodles and biscuit factories for a few more days with the stock of wheat they have but those factories will also have to shut down soon, warned Dugad.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">“Our country has an amazing bureaucracy that requires a minister even to send a letter that is ready to be sent while the citizens are losing their purchase power for flour,” he said.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Informing that the association has already submitted a letter to the ministry to distribute 50,000 tons of wheat to all the mills, Dugad said that this amount will last for only one week. He said that by the time domestically produced wheat comes to the market in April, all the mills in Nepal will require 300,000 tons of wheat.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-01-11', 'modified' => '2023-01-11', 'keywords' => '', 'description' => '', 'sortorder' => '16453', 'image' => '20230111022424_wheatttttt.jpg', 'article_date' => '2023-01-11 14:23:37', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '16711', 'article_category_id' => '1', 'title' => 'Cement Producers not Happy with the Threshold set for Subsidy on Export of Cement ', 'sub_title' => '', 'summary' => 'January 11: While announcing the budget of the current fiscal year, the government had pledged to provide cash subsidy up to 8 per cent on cement exports. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">January 11: While announcing the budget of the current fiscal year, the government had pledged to provide cash subsidy up to 8 per cent on cement exports. However, cement producers are uneasy with the procedure that enables cement exporters to receive cash subsidy of 8 percent only if the exports exceed Rs 500 million.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">The budget announcement had excited the cement producers. After the government's announcement, the industrialists started the process of acquiring the Indian quality mark to export cement to India, which is a big market in proximity of Nepal. Palpa Cement and Arghakhanchi Cement are exporting their product with Indian quality mark. Other cement manufacturers are also in the process of acquiring the Ind ian quality mark for export.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Shivam Cement has not started exporting despite getting the quality mark. Raghunandan Maru, the director of the company, said that there is a problem with the export subsidy procedure. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">“The government introduced a procedure to give 8 percent subsidy only if the export is worth more than Rs 500 million. It is not possible to export that much in the beginning," he said. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">He said that Nepali exporters cannot compete with the Indian cement if the subsidy is less than 8 percent.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">The cement producers also complained that they had to face various kinds of hassles when the government introduced strict provisions in the same year they started exporting. They have also asked the government to reconsider the subsidy procedure as they cannot export in large quantities in the initial phase without brand promotion and market expansion.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Small cement producers in the Terai region of Nepal, which shares border with India, have complained that they will be the most affected by this procedure. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Businessmen said that due to the close proximity to the Indian market from Terai, the transportation costs would be lower, but the conditions set for the 8 percent subsidy have ended the possibility of export.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">The export subsidy procedure of the government states that subsidy of 4 percent of the total value of export will be given to the cement exporters. If the producer exports goods with at least 70 per cent value addition, they will get an additional subsidy of 1 percentage point. It is mentioned that if the export volume increases by 20 per cent in the corresponding year, the subsidy will increase by 1 per cent.</span> <span style="font-family:"Arial","sans-serif"">To get an 8 percent subsidy, there is a provision that the company must have exported products worth more than Rs 500 million in a year.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">The Ministry of Industry, Commerce and Supply insists that it is necessary to bring this kind of procedure to promote exports although the cement producers are not happy with it.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Joint Secretary of the Ministry, Govind Karki, shared that the procedure was introduced to encourage businessmen to export more.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">"An 8 per cent subsidy is arranged for exports of above Rs 500 million because it will meet the export promotion objective of the government," he said.</span></span></span></p> <p> </p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Experts call the subsidy a short-term arrangement to promote exports. Economist Paras Kharel said that the company should increase its competitiveness in the long term.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">"To increase exports, quality goods should be produced at low cost. The product will take the market only if it has better qualities than the competitors," he told New Business Age.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Kharel said that since the government cannot subsidize all products, there must be some kind of threshold. He thinks that a grant with a threshold cannot be given for a long period.</span></span></span></p> <p> </p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-01-11', 'modified' => '2023-01-11', 'keywords' => '', 'description' => '', 'sortorder' => '16452', 'image' => '20230111125257_cementtttt.jpg', 'article_date' => '2023-01-11 12:52:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '16710', 'article_category_id' => '1', 'title' => 'KMC Bans Selling Goods on Bicycles and Carts', 'sub_title' => '', 'summary' => 'January 11: The Kathmandu Metropolitan City (KMC) has banned selling goods on bicycles and hand carts along the roadsides of the metropolis.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">January 11: The Kathmandu Metropolitan City (KMC) has banned selling goods on bicycles and hand carts along the roadsides of the metropolis. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Issuing a public notice on Tuesday, the KMC said such activities have been banned with immediate effect.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The notice states that the unauthorized business on the roads have caused traffic disruption and therefore the KMC decided to act against the roadside vendors who use bicycles and hand carts to sell goods.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The metropolis made it clear that using public roads for business and selling goods on bicycles or carts is against the law.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The KMC has warned that people involved in such activities will face action if they do not abide by the law.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"If any business is conducted on the road or other public place within the Kathmandu Metropolitan City, or if the sidewalks are used or occupied without authorization, such goods and other materials used to keep the goods for business purposes will be confiscated," reads the notice.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The metropolis has stepped up its efforts to crackdown on illegal street-side business ever since Balendra Shah was elected as the new mayor of KMC last year. While a section of society has praised Shah for his efforts to clean up the city and make it more organized, others have cried foul saying that their livelihood has been threatened by the actions of the KMC.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The street vendors recently organized a mass protest against the highhandedness of the KMC.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-01-11', 'modified' => '2023-01-11', 'keywords' => '', 'description' => '', 'sortorder' => '16451', 'image' => '20230111115513_ibr-2034868-transformed.jpeg', 'article_date' => '2023-01-11 11:54:35', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '16709', 'article_category_id' => '1', 'title' => 'PM Dahal Gets Overwhelming Support from 268 Lawmakers ', 'sub_title' => '', 'summary' => 'January 11: Prime Minister Pushpa Kamal Dahal has secured the vote of confidence in parliament with support from more than two thirds of the total 275 lawmakers in the House of Representatives (HoR). ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">January 11: Prime Minister Pushpa Kamal Dahal has secured the vote of confidence in parliament with support from more than two thirds of the total 275 lawmakers in the House of Representatives (HoR). </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"">Dahal, who was elected the new prime minister on December 25 under Article 76 (2) of the constitution, secured the vote of confidence as per Article 76 (4) on Tuesday within the 30-day deadline.</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"">Nepali Congress, the largest party in parliament, also voted in favour of Dahal although the NC is not among the reliance alliance anymore. NC parliamentary party leader Sher Bahadur Deuba had issued a whip to vote in favour of Dahal.</span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">During the voting that took place in the lower house of parliament on Tuesday, PM Dahal received support from an overwhelming 268 lawmakers to cement his position as the new prime minister. Only two lawmakers – Prem Suwal of Nepal Workers and Peasants Party (NWPP) and Chitra Bahadur KC of People’s Front – voted against Dahal’s bid for premiership, the eldest Member of Parliament (MP) Pashupati Shumsher JBR informed the HoR while announcing the result. </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"">Out of 275 MPs in the HoR, one is suspended due to an ongoing court case. Out of the remaining MPs, 270 took part in the voting while four lawmakers abstained from voting.</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"">Among those who did not vote include RPP leader Pashupati SJB Rana, who is currently assuming the role of the house speaker until the election of a new speaker on January 19.</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"">Other three MPs who abstained from voting are from the NC, who decided to go against the party’s whip.</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"">Besides the four MPs, all other lawmakers from all the political parties as well as independent lawmakers voted in favour of PM Dahal.</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"">The Nepali Congress which has 89 lawmakers in the HoR followed CPN (UML) with 79 MPs, CPN (Maoist Centre) with 32 MPs, Rastriya Swatantra Party (20 MPs), Rastriya Prajatantra Party (14 MPs), Janata Samajwadi Party Nepal (12 MPs), CPN Unified Socialist (10 MPs), Janamat Party (6 MPs), Loktantrik Samajwadi Party (4 MPs), Nagarik Unmukti Party (4 MPs), and independent lawmakers all voted in favour of PM Dahal. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">President Bidya Devi Bhandari had appointed CPN (Maoist Centre) Chairman Dahal to the post of the PM on December 25, 2022. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The CPN (Maoist Centre) is the third largest political force in the HoR with 32 seats from the recently held elections to the HoR. </span><br /> </span></span></p> ', 'published' => true, 'created' => '2023-01-11', 'modified' => '2023-01-11', 'keywords' => '', 'description' => '', 'sortorder' => '16450', 'image' => '20230111105516_Pro-KTM-PrachandaBadaidd.jpg', 'article_date' => '2023-01-11 10:54:36', '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
