November 17: The country received remittances of Rs 281 billion in the first three months of the current fiscal…
November 17: The country received remittances of Rs 281 billion in the first three months of the current fiscal…
November 17: The year-on-year (y-o-y) consumer price inflation has hit 8.50 per cent in the first quarter of the current fiscal year (FY 2022/23) compared to 4.24 percent a year ago, according to the latest report of Nepal Rastra Bank…
November 16: Businessmen have hiked the prices of consumer goods in the market taking advantage of the upcoming…
November 16: The Supreme Court has directed the Securities Board of Nepal (SEBON) to produce original copies of documents pertaining to the decision for providing licenses to a new stock exchange company, commodity exchange and stock…
November 16: A study conducted by South Asia Watch on Trade, Economics and Commerce (SAWTEE) suggests that Nepal’s graduation from LDC status in 2026 will have trade implications in terms of higher tariffs and more stringent rules of origin in preference-granting…
November 16: The World Bank and Rural Reconstruction Nepal (RRN) signed a US$4.5 million grant agreement to strengthen the capacity of Indigenous Peoples and Local Communities (IPLCs) in Nepal’s forest…
November 16: At a time when industrialists are protesting against the hike in interest rate on lending by banks and financial institutions, development banks and finance companies have decreased the interest rate on deposits.…
November 16: Asian stocks dropped and the dollar gained on Wednesday after a blast in Poland.…
November 16: The Department of Hydrology and Meteorology has urged one and all to remain cautious as the temperature across the country is dropping…
November 15: Global IME Bank has signed a merger agreement with Bank of Kathmandu in what is believed to be a deal to create the biggest bank of Nepal in terms of capital and…
November 15: Experts have stressed on the importance of food security amid challenges posed by climate…
November 15: The government has decided to give a two-day public holiday for government employees in view of the elections to the Member of the House of Representatives and the Provincial Assembly on November…
November 15: US President Joe Biden met with his Chinese President Xi Jinping on the sidelines of the G20 Summit in Indonesia on Monday in what is said to be the first meeting of the two leaders of the largest economies in the…
November 15: Nepal’s aviation policy has made it mandatory for domestic airline companies to operate flights to remote…
November 15: The government has removed the minimum limit required for foreign investment for the non- resident Nepalis (NRNs) willing to investment in Nepal through investment…
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The remittance inflow in the same period last year saw a fall of 7.9 percent compared to the previous year. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">In the review period, the number of Nepali citizens obtaining labour permit (new- institutional and individual) for foreign employment increased by 123.1 percent. According to the data published by Nepal Rastra Bank, a total of 147,932 individuals took labour permits in the review period. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Likewise, the number of Nepali renewing the labour permit for foreign jobs increased 66.2 percent to 57,861. Last year, there was a rise in this figure by 217.7 percent as compared to the previous year. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">In the review time, the net transfer rose by 17.1 percent to 310.4 billion. Such a transfer had decreased 7.6 percent in the same period of the previous year. </span></span><em><span style="font-size:11.0pt"><span style="font-family:"Calibri","sans-serif"">(With inputs from RSS)</span></span></em></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-11-17', 'modified' => '2022-11-17', 'keywords' => '', 'description' => '', 'sortorder' => '16065', 'image' => '20221117115804_Remittance.jpg', 'article_date' => '2022-11-17 11:56:55', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '16323', 'article_category_id' => '1', 'title' => 'Consumer Price Inflation Hits 8.50 Percent: NRB Report ', 'sub_title' => '', 'summary' => 'November 17: The year-on-year (y-o-y) consumer price inflation has hit 8.50 per cent in the first quarter of the current fiscal year (FY 2022/23) compared to 4.24 percent a year ago, according to the latest report of Nepal Rastra Bank (NRB). ', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">November 17: The year-on-year (y-o-y) consumer price inflation has hit 8.50 per cent in the first quarter of the current fiscal year (FY 2022/23) compared to 4.24 percent a year ago, according to the latest report of Nepal Rastra Bank (NRB). </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">The Current Macroeconomic and Financial Situation Report released by the central bank on Wednesday shows that inflation is highest is the Terai region at 9.42 percent followed by 8.84 percent in the hills, 7.07 in the mountainous region and 6.93 in the Kathmandu Valley.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">In the review period, food and beverage inflation stood at 8.05 percent whereas non-food and service inflation registered 8.85 percent.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Under the food and beverage category, the y-o-y consumer price inflation of restaurant and hotel sub-category increased 15.91 percent, followed by fruit (12.06 percent), alcoholic drinks (10.24 percent), milk products and eggs (9.45 percent) and tobacco products (8.44 percent). </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Under the non-food and services category, y-o-y consumer price inflation of transportation sub-category increased 21.15 percent, followed by health (10.54 percent), furnishing and household equipment (9.45 percent), education (8.11 percent) and housing and utilities (7.68 percent).</span></span></p> <p> </p> <p> </p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-11-17', 'modified' => '2022-11-17', 'keywords' => '', 'description' => '', 'sortorder' => '16064', 'image' => '20221117094725_Inflation.jpg', 'article_date' => '2022-11-17 09:46:43', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '16322', 'article_category_id' => '1', 'title' => 'Prices of Consumer Goods up by 15 Percent in the Run-up to the Elections', 'sub_title' => '', 'summary' => 'November 16: Businessmen have hiked the prices of consumer goods in the market taking advantage of the upcoming elections.', 'content' => '<p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif"">November 16: Businessmen have hiked the prices of consumer goods in the market taking advantage of the upcoming elections. With the November 20 the elections to the House of Representatives and the Provincial Assembly just around the corner, businessmen have increased the prices of consumer goods by more than 15 per cent in the market.</span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif"">As all the attention of the government is focused on the elections, the consumers have been hit by the price hike. Consumers have complained that even the employees of the market regulatory agencies of the government are focused on the election, and the traders have started setting prices arbitrarily.</span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif"">Pabitra Bajracharya, former president of Nepal Retail Trade Association, said that the price of every commodity has increased by 15 per cent after Dashain and Tihar. Bajracharya said that the prices of all the items have increased recently.</span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif"">Bajracharya added that the prices of consumer goods have increased by more than 30 per cent in one year. According to Bajracharya, cooking oil which used to cost Rs 240 per litre during Dashain and Tihar, has now reached Rs 280. Bajracharya informed that the prices of sunflower, soybean and mustard oil have also increased by Rs 40 per litre.</span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif"">Manoj Shrestha, a wholesaler from Kuleshwar, said that the prices of cooking oil, pulses and rice have increased. Shrestha argued that the price of cooking oil has increased in the market due to the increase in the value of the dollar.</span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif"">Bishnu Pradhan, who came to Kuleshwar to buy food grains, complained that he was unable to buy pulses, rice and oil because of the high prices. He said that although India has reduced the tax on rice, traders have not reduced the price yet. He urged the government to pay attention to market monitoring.</span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif"">Traders said that only the price of rice from India has increased, but the price of rice produced in Nepal has decreased. But the consumers are not ready to buy into the idea.</span></span></p> <p> </p> <p> </p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-11-16', 'modified' => '2022-11-16', 'keywords' => '', 'description' => '', 'sortorder' => '16063', 'image' => '20221116040530_fair price shoppp.jpg', 'article_date' => '2022-11-16 16:04:50', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '16321', 'article_category_id' => '1', 'title' => 'Supreme Court Seeks Original Documents from SEBON over License Issue', 'sub_title' => '', 'summary' => 'November 16: The Supreme Court has directed the Securities Board of Nepal (SEBON) to produce original copies of documents pertaining to the decision for providing licenses to a new stock exchange company, commodity exchange and stock brokers.', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">November 16: The Supreme Court has directed the Securities Board of Nepal (SEBON) to produce original copies of documents pertaining to the decision for providing licenses to a new stock exchange company, commodity exchange and stock brokers. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Responding to a writ petition filed against the decision of SEBON to issue new licenses, a joint bench of justices Biswombhar Prasad Shrestha and Hari Prasad Phuyal has ordered the board to submit original copies of the decision for granting new licenses. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Issuing a notice on September 18, the SEBON had opened applications of new licenses for one stock exchange company, two commodity exchanges and stock brokers. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Advocate Dipak Bikram Mishra had filed the writ petition at the apex court against providing the new licenses on October 17. The writ petition had named the Office of the Prime Minister and Council of Ministers, Finance Ministry, Securities Board of Nepal and Nepal Stock Exchange as the defendants. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">In a preliminary hearing on October 21, a single bench of justice Til Prasad Shrestha had issued an interim decree to stop the process of distributing licenses in this regard. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Complying with the court order, SEBON had halted the process of receiving applications for licenses on November 1.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Though both sides were summoned to the court for discussion on November 8, the hearing was held on November 15 due to lack of time. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">The board argues that there is no reason to stop the license distribution process as the Government of Nepal has full support for the same. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Securities Board of Nepal (SEBON) Chairman Ramesh Kumar Hamal made it clear that the plan to distribute licenses of stock exchange, stock brokers and commodity exchanges was not only of the board but also of the government. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">“The government has incorporated new license distribution plan in the budget. We started the process of providing new licenses to make capital market competitive in accordance with the demand of the investors and the government’s policy,” Hamal said. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">The board has received 45 applications for stock broker licenses. It had opened applications for three types of stock brokers licenses based on their capital structure. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">The capital requirement for new broker license has been fixed between Rs 200 million to Rs 1.5 billion.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">As per the new provision, the first kind of brokers providing limited services of stock market transaction require a minimum capital of Rs 200 million to acquire license. Likewise, the brokers providing services like share transaction, depository participant, investment consultancy, investment management and margin business need to have a minimum paid-up capital of Rs 600 million.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Similarly, the third type of license will be issued for stock dealers who must maintain a minimum capital of Rs 1.5 billion.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">The minimum paid-up capital required for the new stock exchange company is Rs 3 billion. </span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-11-16', 'modified' => '2022-11-16', 'keywords' => '', 'description' => '', 'sortorder' => '16062', 'image' => '20221116040421_Supreme Court.jpg', 'article_date' => '2022-11-16 16:03:43', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '16320', 'article_category_id' => '1', 'title' => 'Nepal’s Graduation from LDC will have Trade Implications: Study', 'sub_title' => '', 'summary' => 'November 16: A study conducted by South Asia Watch on Trade, Economics and Commerce (SAWTEE) suggests that Nepal’s graduation from LDC status in 2026 will have trade implications in terms of higher tariffs and more stringent rules of origin in preference-granting countries.', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">November 16: A study conducted by South Asia Watch on Trade, Economics and Commerce (SAWTEE) suggests that Nepal’s graduation from LDC status in 2026 will have trade implications in terms of higher tariffs and more stringent rules of origin in preference-granting countries.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">According to the findings of the study shared by SAWTEE, the projected loss in total exports emanating from the increase in tariffs will be moderate. However, the loss emanating from more stringent rules of origin, while uncertain, could be significant, especially in the garments sector, according to the study report.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Issuing a statement on Wednesday, SAWTEE said that Nepal’s graduation could result in a loss of policy space, either through the loss of current flexibilities and special treatment, such as in the area of intellectual property rights, or through greater scrutiny of certain practices, such as the subsidy regime. “The policy space to promote infant industries and exports, and pursue public health objectives, could be squeezed.” </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">According to the study, the impact on development cooperation will be modest as most of the development partners—multilateral and bilateral—have indicated that LDC status is not the main criteria for aid flows. However, some development partners may switch from grants to concessional loans or increase interest rates for concessional loans, added the report. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">“Furthermore, Nepal could lose access to specific instruments and funds dedicated exclusively to LDCs, particularly with regard to climate change-related funds, after a transition period.”</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">The study report has recommended Nepal to aspire to become a party to the more generous preferential schemes such as the EU’s Generalized System of Preferences Plus (GSP+) and the UK’s GSP Enhanced Framework, while studying the implications of acceding to the additional conventions that Nepal needs to ratify to qualify for these schemes. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">“Nepal should also initiate dialogue with other trading partners seeking an extension to LDC-specific concessions and preferences for another 3-5 years following graduation,” the report further states. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Other recommendations include lobbying for lenient rules of origin (ROOs) for LDCs for a period sufficient for the private sector to adjust to the new ROOs.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">“To realize the untapped export potential of Nepal, the government should prepare trade strategies in consultation with the private sector to strengthen the overall competitiveness of the economy, upgrade exporter’s capabilities, diversify export products and markets, simplify and streamline processes to attract more foreign direct investment and encourage enterprises to participate in regional/global value chains.”</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">According to the study report, the government should explore new forms of finance, including blended finance, public-private partnerships, private philanthropies and co-financing, among others, and work with development partners for new forms of support mechanisms such as dedicated funds for graduated countries, disaster insurance, and technology transfer mechanisms.</span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-11-16', 'modified' => '2022-11-16', 'keywords' => '', 'description' => '', 'sortorder' => '16061', 'image' => '20221116031937_LDC.jpg', 'article_date' => '2022-11-16 15:18:54', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '16319', 'article_category_id' => '1', 'title' => 'World Bank to Provide $4.5 Million Grant to Strengthen Role of Forest-Dependent Communities', 'sub_title' => '', 'summary' => 'November 16: The World Bank and Rural Reconstruction Nepal (RRN) signed a US$4.5 million grant agreement to strengthen the capacity of Indigenous Peoples and Local Communities (IPLCs) in Nepal’s forest sector.', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">November 16: The World Bank and Rural Reconstruction Nepal (RRN) signed a US$4.5 million grant agreement to strengthen the capacity of Indigenous Peoples and Local Communities (IPLCs) in Nepal’s forest sector. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Issuing a statement on Wednesday, the World Bank said that the five-year Dedicated Grant Mechanism for Indigenous Peoples and Local Communities in Nepal project will help enhance the capacity of IPLCs to participate in Nepal’s REDD+ (Reducing Emissions from Deforestation and Forest Degradation) processes at the local, national, and global levels for the sustainable management of forests. This will help create livelihood opportunities and increase the income of forest-dependent communities in the Madhesh and Lumbini provinces, added the statement. Rural Reconstruction Nepal is the national executing agency for the project.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Lada Strelkova, World Bank’s operations manager for the Maldives, Nepal, and Sri Lanka, and Dr Arjun Karki, president of Rural Reconstruction Nepal, signed the agreement on behalf of their respective organisations.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">“This project supports Nepal’s Indigenous Peoples and Local Communities through a dedicated funding mechanism that will promote and protect their customary institutions that are crucial for the sustainable management of natural resources and climate resilience,” the statement quoted Strelkova as saying. “The project contributes significantly to Nepal’s transition to Green, Resilient, and Inclusive Development (GRID) for sustainable recovery, growth, and jobs.” </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">According to the World Bank, the DGM Nepal project aims to provide long‐term benefits to IPLCs from the sustainable use of forests, including adding value to products and more active involvement in Nepal’s policy-making process. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">“The project provides much-needed support to forest-dependent indigenous peoples and local communities to enhance their resilience and build livelihoods through small-scale forest and non-forest-based business and employment opportunities,” said Dr Arjun Karki, president of Rural Reconstruction Nepal. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">IPLCs are both beneficiaries and active proponents and participants in the project. During implementation, they will preside over the use of the grant resources in Nepal through a National Steering Committee (NSC) to provide strategic and leadership guidance to the RRN as executing agency, the World Bank further said. The NSC is a 14-member team of representative NGOs identified through a self-selection process with an equal representation of IPLC representatives as decision-making members. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">The DGM Nepal project is funded by the Climate Investment Funds (CIF) Forest Investment Program (FIP) implemented by the World Bank to enhance the role of IPLCs in protecting the forests they depend on. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">“If forest-dependent indigenous peoples and local communities from Madhesh and Lumbini Provinces can generate income from forest-related activities and foster innovation through this project’s capacity building and competitive grants mechanism, it will encourage IPLCs to ensure that their traditional knowledge, norms, and values are recognized alongside with the customary law,” said Jagat Baram, co-chair of the National Steering Committee.</span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-11-16', 'modified' => '2022-11-16', 'keywords' => '', 'description' => '', 'sortorder' => '16060', 'image' => '20221116022531_World Bank RRN DGM signing .jpg', 'article_date' => '2022-11-16 14:24:53', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '16318', 'article_category_id' => '1', 'title' => 'Development Banks, Finance Companies Slash Interest on Deposits; Commercial Banks Keep it Stable', 'sub_title' => '', 'summary' => 'November 16: At a time when industrialists are protesting against the hike in interest rate on lending by banks and financial institutions, development banks and finance companies have decreased the interest rate on deposits. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">November 16: At a time when industrialists are protesting against the hike in interest rate on lending by banks and financial institutions, development banks and finance companies have decreased the interest rate on deposits. Citing slight improvement in state of liquidity and ease in credit-deposit ratio, development banks and finance companies took the decision to cut the interest on deposits. Meanwhile, commercial banks have decided to keep the current interest rates stable for the next month as well. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Development Bankers Association Nepal has decided to slash the interest on deposits by 0.15 per cent for a month starting from mid-November till mid-December. As of mid-November, development banks were providing up to 13 per cent interest on fixed deposits. They have set the maximum interest on fixed deposits at 12.85 per cent for the next one month period. Likewise, they have reduced the maximum interest on savings from 10 per cent to 9.85 percent for the next one month period. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Chairman of Development Bankers Association Nepal and Muktinath Bikash Bank’s Chief Executive Officer Pradyuman Pokhrel said that they had decided to lower the interest on deposits as the credit-deposit ratio had eased of late. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Chairman of Nepal Financial Institutions Association, Saroj Kaji Tuladhar, informed that the association has decided to decrease the interest on deposits by 0.20 per cent for the next month. Finance companies were providing a maximum of 13.20 per cent interest on three-month fixed deposits and 13.45 per cent on one-year fixed deposits. The association has set the interest on three-month fixed deposits at 13 per cent and 13.30 per cent for one-year fixed deposits for the next month. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Meanwhile, commercial banks have decided to keep the interest rate unchanged for the next month. Nepal Bankers Association Chairman Anil Kumar Upadhayay said that they have decided to keep the interest rate stable as frequent changing of it would have negative impact. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">“Nepal Bankers Association will take further decision keeping in view of post-election scenario and Nepal Rastra Bank’s review on monetary policy of the first quarter,” Upadhayay added.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Banks had been providing interest rate on individual fixed deposits at 12.33 per cent in the Nepali month of Kartik (mid-October to mid-November ). The same interest rate will come into effect for the next one-month period as well. </span></span></span></p> <p> </p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-11-16', 'modified' => '2022-11-16', 'keywords' => '', 'description' => '', 'sortorder' => '16059', 'image' => '20221116011323_Banks - Copy.jpg', 'article_date' => '2022-11-16 13:12:30', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '16317', 'article_category_id' => '1', 'title' => 'Asian Stocks Shaken by Blast in Poland; Dollar Gains', 'sub_title' => '', 'summary' => 'November 16: Asian stocks dropped and the dollar gained on Wednesday after a blast in Poland. ', '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"">November 16: Asian stocks dropped and the dollar gained on Wednesday after a blast in Poland. According to Reuters, Ukraine and Polish authorities have said that the blast was caused by a Russian-made missile.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The news agency added that worries over a potential ratcheting up of geopolitical tensions spurred a drop of 1 percent in MSCI's broadest index of Asia-Pacific shares outside Japan.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Australian shares fell 0.4 percent, while Japan's Nikkei stock index dropped 0.1 percent. Hong Kong's Hang Seng Index shed 1.1 percent and China's CSI 300 fell 0.4 percent by the midday break. According to Reuters, the struggling property sector weighed on the markets, with China's new home prices falling at their fastest pace in more than seven years in October, weighed down by COVID 19-related curbs and industry-wide problems.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">US stock futures, the S&P 500 e-minis, fell 0.2 percent. In early European trade, the pan-region Euro Stoxx 50 futures lost 0.9 percent, German DAX futures dipped 1 percent, and FTSE futures fell 0.5 percent.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The safe-haven US dollar pared gains against its major peers but was still mostly higher, led by a 0.63 percent advance versus the yen, added Reuters. Likewise, sterling lost 0.32 percent, while the risk-sensitive Aussie dollar weakened 0.34 percent. The euro was flat.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">NATO member Poland has blamed that a Russian-made rocket killed two people in eastern Poland near Ukraine.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the BBC, Polish officials said the "Russian-made missile" landed in Przewodow, on the Ukrainian border.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Moscow has denied the allegations.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Meanwhile, Al Jazeera reported that NATO allies are preparing to hold an emergency meeting to discuss the strike.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">NATO and its allies, including the United States, have said they are investigating the cause of the explosion in Poland on Tuesday.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-11-16', 'modified' => '2022-11-16', 'keywords' => '', 'description' => '', 'sortorder' => '16058', 'image' => '20221116115210_Untitled.jpg', 'article_date' => '2022-11-16 11:51:33', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '16316', 'article_category_id' => '1', 'title' => 'Temperature Drops Across the Country ', 'sub_title' => '', 'summary' => 'November 16: The Department of Hydrology and Meteorology has urged one and all to remain cautious as the temperature across the country is dropping gradually. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">November 16: The Department of Hydrology and Meteorology has urged one and all to remain cautious as the temperature across the country is dropping gradually. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Issuing a special bulletin on Wednesday, the department urged the general public to protect themselves from cold as the temperature has been gradually declining in the country due to the impact of the westerly winds. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The minimum temperature in the country is likely to decrease further while considering the recent patterns, the department said. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">In the past 24 hours, the Kathmandu valley’s minimum temperature remained 9.0 degree Celsius while the maximum temperature was 22.0 degree Celsius, the department added. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, the Weather Forecasting Division of the department said that hill areas of Province 1, Gandaki and Karnali provinces are likely to remain partly cloudy while the mountainous regions of Province 1, Gandaki and Karnali would remain mainly fair this afternoon. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-11-16', 'modified' => '2022-11-16', 'keywords' => '', 'description' => '', 'sortorder' => '16057', 'image' => '20221116112711_aaa.jpg', 'article_date' => '2022-11-16 11:26:21', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '16315', 'article_category_id' => '1', 'title' => 'Global IME Bank Signs Merger Agreement with BoK', 'sub_title' => '', 'summary' => 'November 15: Global IME Bank has signed a merger agreement with Bank of Kathmandu in what is believed to be a deal to create the biggest bank of Nepal in terms of capital and business.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">November 15: Global IME Bank has signed a merger agreement with Bank of Kathmandu in what is believed to be a deal to create the biggest bank of Nepal in terms of capital and business.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">The two banks signed an agreement to this effect on Monday. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">According to a statement issued by Global IME Bank, its chairman Chandra Prasad Dhakal and the chairman of BoK Prakash Shrestha signed the agreement on behalf of their respective banks.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">After the merger, the total capital of the merged entity will rise to Rs 57 billion while the paid-up capital will increase to Rs 35.77 billion. The total deposits of the merged entity will cross Rs 400 billion while the credit flow will stand at Rs 379 billion, making it the biggest bank of Nepal in terms of paid-up capital and volume of business.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">Board of directors of both the banks have approved a swap ratio of 1:1 based upon the recommendation of an evaluation report. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">As per the recommendation, the name of the new entity will be Global IME BoK Limited and the new board of directors will be represented by five members of Global IME Bank including its chairman. Likewise, the new board of directors will have two members from BoK.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">Global IME Bank’s CEO Ratna Raj Bajracharya will continue his job as the CEO after the merger.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">Both the banks have earned net profit of Rs 1.47 billion by mid-October in the current fiscal year. After the merger, the new entity will have a total of 396 branches, 368 ATMs, 275 branchless banking facilities and 61 extension counters and three contact offices abroad. The new bank will have more than 4 million customers.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">The two banks believe that the merger will help deliver better services to the customers.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">Currently there are 26 commercial banks operating in Nepal.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">Banks and financial institutions in Nepal have started merging with each other or acquiring other banks as per the directive of Nepal Rastra Bank. The central bank of Nepal has adopted a policy to encourage merger/acquisition of banks so that the banks can cope with financial crisis better in the future.</span></span></span></span></p> <p> </p> <p> </p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span></p> ', 'published' => true, 'created' => '2022-11-15', 'modified' => '2022-11-15', 'keywords' => '', 'description' => '', 'sortorder' => '16056', 'image' => '20221115064330_1668431648404.jpg', 'article_date' => '2022-11-15 18:42:57', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '16314', 'article_category_id' => '1', 'title' => 'Regional Conference on Suitable Seeds for Food Security Focuses on Better Access to Seeds', 'sub_title' => '', 'summary' => 'November 15: Experts have stressed on the importance of food security amid challenges posed by climate change.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">November 15: Experts have stressed on the importance of food security amid challenges posed by climate change.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Speaking at a regional conference on Suitable Seeds for Food Security organized recently in Kathmandu, Dr Jagadish Chandra Pokharel, former vice-chairman of the National Planning Commission, said that the importance of food security has grown multi-fold given the changing climatic conditions. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Dr Pokharel, who is also the chairman of the Nepal Institute for Urban and Regional Studies (NIURS), added that seed diversity is integral to food security.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The conference was organized jointly by South Asia Watch on Trade, Economics and Environment (SAWTEE), Kathmandu and Norway-based Fridtjof Nansen Institute (FNI) to disseminate the findings of the study “Suitable seeds for food security in fragile states”.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to a statement issued by SAWTEE, the discussions held at the two-day conference focused on the roles of policy, legal and institutional frameworks with respect to access to suitable seeds in South Asia.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Another speaker Dr Kristin Rosendal, senior researcher at FNI, Norway, highlighted in her presentation that food security depends largely on access to a broad variety of suitable seeds. She argued that good quality food plants that are adapted to changing climate is necessary to fight climate change, added the statement. Dr Rosendal said that access to seeds is affected by international goals given that the top three corporations in the world control half the global seed market value. “Such facets intensely undermine the trust in the global circulation of seeds,” she added.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Dr Posh Raj Pandey, chairperson of SAWTEE, said that the overlapping global food and climate crises have left many people with multiple vulnerabilities, especially in the Least Developed Countries (LDCs). Hence, when formulating seed policy to ensure food security, the ground reality of LDCs should be taken into account, by enhancing participatory and gender-sensitive approaches and improving the linkages of seed security, agri-productivity, and nutrition within households.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Christian Prip, senior research fellow at FNI, said that there have been conflicting interests with regard to the industrialization of agriculture driven by economic gains and the objective of protecting the diversity of genetic resources of plants to ensure long-term food security and farmers rights.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The two-day conference saw discussions on topics such as ‘Fostering Regional Co-operation for seed security: South Asian Perspective’, ‘Changes in EU Seed Regulations – Global Trends’, ‘Financing Climate Change Adaptation’ and ‘Impact of COVID-19 on agri input chain’. The event saw participation of researchers, academics, policymakers, representatives of farmers’ bodies, consumer rights activists, organizations working on climate change adaptation, and media, among others. There were participants from Bangladesh, India, Nepal, Pakistan, Sri Lanka and Norway.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-11-15', 'modified' => '2022-11-15', 'keywords' => '', 'description' => '', 'sortorder' => '16055', 'image' => '20221115060720_sawtee.jpg', 'article_date' => '2022-11-15 18:06:17', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '16313', 'article_category_id' => '1', 'title' => 'Government Announces Two Days of Public Holiday for Elections ', 'sub_title' => '', 'summary' => 'November 15: The government has decided to give a two-day public holiday for government employees in view of the elections to the Member of the House of Representatives and the Provincial Assembly on November 20. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">November 15: The government has decided to give a two-day public holiday for government employees in view of the elections to the Member of the House of Representatives and the Provincial Assembly on November 20. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The Ministry of Home Affairs issued a notice on Tuesday informing that government offices and public entities will be observing public holiday on November 20 and 21. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the spokesperson of the home ministry, Phanindramani Pokhrel, teaching institutes or schools serving as the polling stations for voting during the twin elections on November 20 are entitled for public holiday for four days beginning from November 18. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">It may be noted that the Election Commission earlier urged the government to give public holiday as far as possible so as to encourage the public to take part in the elections being held across the country in a single phase. The EC believes that public holidays will help increase voters’ turnout. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Meanwhile, the Tribhuvan University (TU) has decided to give public holidays in all subordinate campuses and offices for four days beginning from November 17. According to TU information and Public Relations Division Chief Yogendra Prasad Dahal, some of TU colleges are serving as the polling locations and it decides to give public holiday in view of the elections so that the daily activities of the colleges remain unaffected. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Meantime, Tribhuvan International Airport (TIA) Office has decided to cease regular domestic flights on November 20 when the country is witnessing the voting for the twin elections. However, the airport’s spokesperson Teknath Sitaula said chartered fights will not be halted on the voting day. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-11-15', 'modified' => '2022-11-15', 'keywords' => '', 'description' => '', 'sortorder' => '16054', 'image' => '20221115025525_JS_Lamjung-byanarpattaudaikarmacharipiclamjung(2).jpg', 'article_date' => '2022-11-15 14:54:50', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '16312', 'article_category_id' => '1', 'title' => 'Biden and Xi Dismiss Cold War Fears', 'sub_title' => '', 'summary' => 'November 15: US President Joe Biden met with his Chinese President Xi Jinping on the sidelines of the G20 Summit in Indonesia on Monday in what is said to be the first meeting of the two leaders of the largest economies in the world.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">November 15: US President Joe Biden met with his Chinese President Xi Jinping on the sidelines of the G20 Summit in Indonesia on Monday in what is said to be the first meeting of the two leaders of the largest economies in the world.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to Reuters, the Biden and Xi engaged in blunt talks over Taiwan and North Korea in a three-hour meeting aimed at preventing strained US-China ties from spilling into a new Cold War.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the news agency, the two leaders pledged more frequent communications amid simmering differences on human rights, Russia's invasion of Ukraine, and support of domestic industry.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"We're going to compete vigorously. But I'm not looking for conflict, I'm looking to manage this competition responsibly," Reuters quoted Biden as saying after his talks with Xi on the sidelines of the G20 summit in Indonesia.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The G20 Summit of industrial countries kicked off in Bali, Indonesia on Tuesday. Taiwan will be the major agenda of the meeting between the two countries, according to the BBC. It is expected that the encounter will help to take the bilateral relationship and cooperation to a new height.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">This is the first time Biden met Xi in person after he was elected as the president of the United States in 2020. The meeting was much-awaited amidst the strained relation between the two superpowers. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">China has been claiming Taiwan as part of it while Taiwan boasts of being a sovereign country. The United States has been backing Taiwan. Sometimes ago, Speaker of the US House of Representatives Nancy Pelosi had visited the island drawing stern criticism from mainland China. Her visit had aggravated the relationship between the first and second largest economies. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Following the tension, the US banned the import of computer chips from China which has affected China’s export-driven economy. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The US and China are the two largest economies. The continued trade war between them has affected almost all countries. One of the major agendas the G20 Summit is expected to incorporate is the trade war between these two countries. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The G20 Group comprises Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Korea, Turkey, Britain, and the United States. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-11-15', 'modified' => '2022-11-15', 'keywords' => '', 'description' => '', 'sortorder' => '16053', 'image' => '20221115023619_biden.jpg', 'article_date' => '2022-11-15 14:35:25', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '16311', 'article_category_id' => '1', 'title' => 'Domestic Airline Companies Reluctant to Operate Flights to Remote Areas', 'sub_title' => '', 'summary' => 'November 15: Nepal’s aviation policy has made it mandatory for domestic airline companies to operate flights to remote areas.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:19.0pt">November 15: Nepal’s aviation policy has made it mandatory for domestic airline companies to operate flights to remote areas. Air service providers, however, have been reluctant to do so.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:19.0pt">The Ministry of Culture, Tourism and Civil Aviation seems to be silent despite the fact that airline companies have pledged to make compulsory flights to far-flung regions. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:19.0pt">Airline companies that are operating flights to urban areas need to comply with the provision to operate flights to remote region as per the aviation policy of Nepal and the social responsibility of the airliners. But, the airline companies are defying the aviation policy as they are just concentrated on city areas for hefty profit, bemoaned Hari Budha of Jumla.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:19.0pt">Gyanendra Bhul, deputy spokesperson of the Civil Aviation Authority of Nepal (CAAN), says that the Ministry of Culture, Tourism and Civil Aviation bears the responsibility to implement the policy of compulsory flights to remote areas.</span></span></span></p> <p> </p> <p> </p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:19.0pt">“If the policy to make compulsory flights to remote areas was mentioned in the Civil Aviation Authority Act, the authority would have the onus to execute it. Ambiguity in the provision on policy and act has brought the present situation,” said Bhul. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:19.0pt">Nine airline companies including Buddha Air, Shree Airlines, Yeti Airlines and Saurya Airlines have not provided their services to far-flung regions. Tara Airlines, Summit Air, Sita Air and Nepal Airlines, the national flag carrier, have been operating flights to remote regions in the country.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:19.0pt">Buddhi Sagar Lamichhane, joint secretary at the Ministry of Tourism, said that they could not force airline companies to operate flights to remote areas.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:19.0pt">“It is not easy to make flights to remote regions due to high cost and difficult topography,” said Lamichhane, adding, “We have to encourage new companies to operate flights to far-flung regions by providing discount on aircraft import, landing and parking fee.”</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:19.0pt">Buddha Air, the largest private airline company of Nepal in terms of aircraft number, has been operating such flights to only Surkhet, a hill district in Karnali Province. The airline operates one flight on Surkhet-Kathmandu route a day. </span></span></span></p> <p> </p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:19.0pt">Officials at the Civil Aviation Authority of Nepal say that airline companies are having a tough time operating flights to remote areas due to large size of aircraft. An official from the civil aviation authority says that companies are unwilling to go to remote areas and new places since they are making profit from their flights to convenient city areas. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:19.0pt">Officials at the airline companies, however, claim that they can not operate flights to hill regions owing to small and short runways and shortage of passengers. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:19.0pt">“For our aircraft to land, we need 1600-meter-long runway. But, the runways in hill areas are small for landing and take-off,” said an official from a private company.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:19.0pt">Shree Airlines’ spokesperson Anil Manandhar said that flights could not be made to hill regions due to small size of runways. “We have to procure new aircraft as operating flights to the hill regions is not possible with the existing planes,” Manandhar added.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:19.0pt">No different is the response of Mukesh Kafle from Saurya Airlines. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:19.0pt">“Our airline is failing to operate flights to remote and hill regions due to small size of the runways,” Kafle stated. He, however, said that his company was planning to purchase new small-sized aircraft for flights to remote areas.</span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-11-15', 'modified' => '2022-11-15', 'keywords' => '', 'description' => '', 'sortorder' => '16052', 'image' => '20221115123054_1668464094.7.jpg', 'article_date' => '2022-11-15 12:30:12', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '16310', 'article_category_id' => '1', 'title' => 'Minimum Foreign Investment Limit for NRNs Removed', 'sub_title' => '', 'summary' => 'November 15: The government has removed the minimum limit required for foreign investment for the non- resident Nepalis (NRNs) willing to investment in Nepal through investment companies.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:17.0pt">November 15: The government has removed the minimum limit required for foreign investment for the non- resident Nepalis (NRNs) willing to investment in Nepal through investment companies.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:17.0pt">The government made such a provision by using the authority granted by the Foreign Investment and Technology Transfer Act-2075 BS. This is expected to increase foreign investment to the country. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:17.0pt">The minimum limit required for foreign investment for each investor stands at Rs 20 million, as per a notice published on the Nepal Gazette by the Ministry of Industry, Commerce and Supplies.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:17.0pt">Earlier, the minimum limit for foreign investment was set at Rs 50 million. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:17.0pt">A cabinet meeting held a few days ago took the decision to remove the minimum threshold needed for foreign investment for the non-resident Nepalis. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:17.0pt">“We have published the notice on the Nepal Gazette in accordance with the latest decision of the Council of Ministers,” said Dr Toyanath Gyawali, secretary at the Ministry of Industry, Commerce and Supplies.</span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-11-15', 'modified' => '2022-11-15', 'keywords' => '', 'description' => '', 'sortorder' => '16051', 'image' => '20221115115144_NRNA.jpg', 'article_date' => '2022-11-15 11:51:05', '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' => '16324', 'article_category_id' => '1', 'title' => 'Remittance Inflow Rises by 17 Percent', 'sub_title' => '', 'summary' => 'November 17: The country received remittances of Rs 281 billion in the first three months of the current fiscal year.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">November 17: The country received remittances of Rs 281 billion in the first three months of the current fiscal year, a 17 percent rise compared to remittances inflow in the corresponding period of last year. The remittance inflow in the same period last year saw a fall of 7.9 percent compared to the previous year. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">In the review period, the number of Nepali citizens obtaining labour permit (new- institutional and individual) for foreign employment increased by 123.1 percent. According to the data published by Nepal Rastra Bank, a total of 147,932 individuals took labour permits in the review period. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Likewise, the number of Nepali renewing the labour permit for foreign jobs increased 66.2 percent to 57,861. Last year, there was a rise in this figure by 217.7 percent as compared to the previous year. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">In the review time, the net transfer rose by 17.1 percent to 310.4 billion. Such a transfer had decreased 7.6 percent in the same period of the previous year. </span></span><em><span style="font-size:11.0pt"><span style="font-family:"Calibri","sans-serif"">(With inputs from RSS)</span></span></em></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-11-17', 'modified' => '2022-11-17', 'keywords' => '', 'description' => '', 'sortorder' => '16065', 'image' => '20221117115804_Remittance.jpg', 'article_date' => '2022-11-17 11:56:55', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '16323', 'article_category_id' => '1', 'title' => 'Consumer Price Inflation Hits 8.50 Percent: NRB Report ', 'sub_title' => '', 'summary' => 'November 17: The year-on-year (y-o-y) consumer price inflation has hit 8.50 per cent in the first quarter of the current fiscal year (FY 2022/23) compared to 4.24 percent a year ago, according to the latest report of Nepal Rastra Bank (NRB). ', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">November 17: The year-on-year (y-o-y) consumer price inflation has hit 8.50 per cent in the first quarter of the current fiscal year (FY 2022/23) compared to 4.24 percent a year ago, according to the latest report of Nepal Rastra Bank (NRB). </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">The Current Macroeconomic and Financial Situation Report released by the central bank on Wednesday shows that inflation is highest is the Terai region at 9.42 percent followed by 8.84 percent in the hills, 7.07 in the mountainous region and 6.93 in the Kathmandu Valley.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">In the review period, food and beverage inflation stood at 8.05 percent whereas non-food and service inflation registered 8.85 percent.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Under the food and beverage category, the y-o-y consumer price inflation of restaurant and hotel sub-category increased 15.91 percent, followed by fruit (12.06 percent), alcoholic drinks (10.24 percent), milk products and eggs (9.45 percent) and tobacco products (8.44 percent). </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Under the non-food and services category, y-o-y consumer price inflation of transportation sub-category increased 21.15 percent, followed by health (10.54 percent), furnishing and household equipment (9.45 percent), education (8.11 percent) and housing and utilities (7.68 percent).</span></span></p> <p> </p> <p> </p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-11-17', 'modified' => '2022-11-17', 'keywords' => '', 'description' => '', 'sortorder' => '16064', 'image' => '20221117094725_Inflation.jpg', 'article_date' => '2022-11-17 09:46:43', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '16322', 'article_category_id' => '1', 'title' => 'Prices of Consumer Goods up by 15 Percent in the Run-up to the Elections', 'sub_title' => '', 'summary' => 'November 16: Businessmen have hiked the prices of consumer goods in the market taking advantage of the upcoming elections.', 'content' => '<p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif"">November 16: Businessmen have hiked the prices of consumer goods in the market taking advantage of the upcoming elections. With the November 20 the elections to the House of Representatives and the Provincial Assembly just around the corner, businessmen have increased the prices of consumer goods by more than 15 per cent in the market.</span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif"">As all the attention of the government is focused on the elections, the consumers have been hit by the price hike. Consumers have complained that even the employees of the market regulatory agencies of the government are focused on the election, and the traders have started setting prices arbitrarily.</span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif"">Pabitra Bajracharya, former president of Nepal Retail Trade Association, said that the price of every commodity has increased by 15 per cent after Dashain and Tihar. Bajracharya said that the prices of all the items have increased recently.</span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif"">Bajracharya added that the prices of consumer goods have increased by more than 30 per cent in one year. According to Bajracharya, cooking oil which used to cost Rs 240 per litre during Dashain and Tihar, has now reached Rs 280. Bajracharya informed that the prices of sunflower, soybean and mustard oil have also increased by Rs 40 per litre.</span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif"">Manoj Shrestha, a wholesaler from Kuleshwar, said that the prices of cooking oil, pulses and rice have increased. Shrestha argued that the price of cooking oil has increased in the market due to the increase in the value of the dollar.</span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif"">Bishnu Pradhan, who came to Kuleshwar to buy food grains, complained that he was unable to buy pulses, rice and oil because of the high prices. He said that although India has reduced the tax on rice, traders have not reduced the price yet. He urged the government to pay attention to market monitoring.</span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif"">Traders said that only the price of rice from India has increased, but the price of rice produced in Nepal has decreased. But the consumers are not ready to buy into the idea.</span></span></p> <p> </p> <p> </p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-11-16', 'modified' => '2022-11-16', 'keywords' => '', 'description' => '', 'sortorder' => '16063', 'image' => '20221116040530_fair price shoppp.jpg', 'article_date' => '2022-11-16 16:04:50', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '16321', 'article_category_id' => '1', 'title' => 'Supreme Court Seeks Original Documents from SEBON over License Issue', 'sub_title' => '', 'summary' => 'November 16: The Supreme Court has directed the Securities Board of Nepal (SEBON) to produce original copies of documents pertaining to the decision for providing licenses to a new stock exchange company, commodity exchange and stock brokers.', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">November 16: The Supreme Court has directed the Securities Board of Nepal (SEBON) to produce original copies of documents pertaining to the decision for providing licenses to a new stock exchange company, commodity exchange and stock brokers. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Responding to a writ petition filed against the decision of SEBON to issue new licenses, a joint bench of justices Biswombhar Prasad Shrestha and Hari Prasad Phuyal has ordered the board to submit original copies of the decision for granting new licenses. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Issuing a notice on September 18, the SEBON had opened applications of new licenses for one stock exchange company, two commodity exchanges and stock brokers. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Advocate Dipak Bikram Mishra had filed the writ petition at the apex court against providing the new licenses on October 17. The writ petition had named the Office of the Prime Minister and Council of Ministers, Finance Ministry, Securities Board of Nepal and Nepal Stock Exchange as the defendants. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">In a preliminary hearing on October 21, a single bench of justice Til Prasad Shrestha had issued an interim decree to stop the process of distributing licenses in this regard. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Complying with the court order, SEBON had halted the process of receiving applications for licenses on November 1.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Though both sides were summoned to the court for discussion on November 8, the hearing was held on November 15 due to lack of time. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">The board argues that there is no reason to stop the license distribution process as the Government of Nepal has full support for the same. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Securities Board of Nepal (SEBON) Chairman Ramesh Kumar Hamal made it clear that the plan to distribute licenses of stock exchange, stock brokers and commodity exchanges was not only of the board but also of the government. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">“The government has incorporated new license distribution plan in the budget. We started the process of providing new licenses to make capital market competitive in accordance with the demand of the investors and the government’s policy,” Hamal said. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">The board has received 45 applications for stock broker licenses. It had opened applications for three types of stock brokers licenses based on their capital structure. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">The capital requirement for new broker license has been fixed between Rs 200 million to Rs 1.5 billion.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">As per the new provision, the first kind of brokers providing limited services of stock market transaction require a minimum capital of Rs 200 million to acquire license. Likewise, the brokers providing services like share transaction, depository participant, investment consultancy, investment management and margin business need to have a minimum paid-up capital of Rs 600 million.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Similarly, the third type of license will be issued for stock dealers who must maintain a minimum capital of Rs 1.5 billion.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">The minimum paid-up capital required for the new stock exchange company is Rs 3 billion. </span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-11-16', 'modified' => '2022-11-16', 'keywords' => '', 'description' => '', 'sortorder' => '16062', 'image' => '20221116040421_Supreme Court.jpg', 'article_date' => '2022-11-16 16:03:43', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '16320', 'article_category_id' => '1', 'title' => 'Nepal’s Graduation from LDC will have Trade Implications: Study', 'sub_title' => '', 'summary' => 'November 16: A study conducted by South Asia Watch on Trade, Economics and Commerce (SAWTEE) suggests that Nepal’s graduation from LDC status in 2026 will have trade implications in terms of higher tariffs and more stringent rules of origin in preference-granting countries.', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">November 16: A study conducted by South Asia Watch on Trade, Economics and Commerce (SAWTEE) suggests that Nepal’s graduation from LDC status in 2026 will have trade implications in terms of higher tariffs and more stringent rules of origin in preference-granting countries.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">According to the findings of the study shared by SAWTEE, the projected loss in total exports emanating from the increase in tariffs will be moderate. However, the loss emanating from more stringent rules of origin, while uncertain, could be significant, especially in the garments sector, according to the study report.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Issuing a statement on Wednesday, SAWTEE said that Nepal’s graduation could result in a loss of policy space, either through the loss of current flexibilities and special treatment, such as in the area of intellectual property rights, or through greater scrutiny of certain practices, such as the subsidy regime. “The policy space to promote infant industries and exports, and pursue public health objectives, could be squeezed.” </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">According to the study, the impact on development cooperation will be modest as most of the development partners—multilateral and bilateral—have indicated that LDC status is not the main criteria for aid flows. However, some development partners may switch from grants to concessional loans or increase interest rates for concessional loans, added the report. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">“Furthermore, Nepal could lose access to specific instruments and funds dedicated exclusively to LDCs, particularly with regard to climate change-related funds, after a transition period.”</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">The study report has recommended Nepal to aspire to become a party to the more generous preferential schemes such as the EU’s Generalized System of Preferences Plus (GSP+) and the UK’s GSP Enhanced Framework, while studying the implications of acceding to the additional conventions that Nepal needs to ratify to qualify for these schemes. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">“Nepal should also initiate dialogue with other trading partners seeking an extension to LDC-specific concessions and preferences for another 3-5 years following graduation,” the report further states. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Other recommendations include lobbying for lenient rules of origin (ROOs) for LDCs for a period sufficient for the private sector to adjust to the new ROOs.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">“To realize the untapped export potential of Nepal, the government should prepare trade strategies in consultation with the private sector to strengthen the overall competitiveness of the economy, upgrade exporter’s capabilities, diversify export products and markets, simplify and streamline processes to attract more foreign direct investment and encourage enterprises to participate in regional/global value chains.”</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">According to the study report, the government should explore new forms of finance, including blended finance, public-private partnerships, private philanthropies and co-financing, among others, and work with development partners for new forms of support mechanisms such as dedicated funds for graduated countries, disaster insurance, and technology transfer mechanisms.</span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-11-16', 'modified' => '2022-11-16', 'keywords' => '', 'description' => '', 'sortorder' => '16061', 'image' => '20221116031937_LDC.jpg', 'article_date' => '2022-11-16 15:18:54', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '16319', 'article_category_id' => '1', 'title' => 'World Bank to Provide $4.5 Million Grant to Strengthen Role of Forest-Dependent Communities', 'sub_title' => '', 'summary' => 'November 16: The World Bank and Rural Reconstruction Nepal (RRN) signed a US$4.5 million grant agreement to strengthen the capacity of Indigenous Peoples and Local Communities (IPLCs) in Nepal’s forest sector.', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">November 16: The World Bank and Rural Reconstruction Nepal (RRN) signed a US$4.5 million grant agreement to strengthen the capacity of Indigenous Peoples and Local Communities (IPLCs) in Nepal’s forest sector. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Issuing a statement on Wednesday, the World Bank said that the five-year Dedicated Grant Mechanism for Indigenous Peoples and Local Communities in Nepal project will help enhance the capacity of IPLCs to participate in Nepal’s REDD+ (Reducing Emissions from Deforestation and Forest Degradation) processes at the local, national, and global levels for the sustainable management of forests. This will help create livelihood opportunities and increase the income of forest-dependent communities in the Madhesh and Lumbini provinces, added the statement. Rural Reconstruction Nepal is the national executing agency for the project.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Lada Strelkova, World Bank’s operations manager for the Maldives, Nepal, and Sri Lanka, and Dr Arjun Karki, president of Rural Reconstruction Nepal, signed the agreement on behalf of their respective organisations.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">“This project supports Nepal’s Indigenous Peoples and Local Communities through a dedicated funding mechanism that will promote and protect their customary institutions that are crucial for the sustainable management of natural resources and climate resilience,” the statement quoted Strelkova as saying. “The project contributes significantly to Nepal’s transition to Green, Resilient, and Inclusive Development (GRID) for sustainable recovery, growth, and jobs.” </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">According to the World Bank, the DGM Nepal project aims to provide long‐term benefits to IPLCs from the sustainable use of forests, including adding value to products and more active involvement in Nepal’s policy-making process. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">“The project provides much-needed support to forest-dependent indigenous peoples and local communities to enhance their resilience and build livelihoods through small-scale forest and non-forest-based business and employment opportunities,” said Dr Arjun Karki, president of Rural Reconstruction Nepal. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">IPLCs are both beneficiaries and active proponents and participants in the project. During implementation, they will preside over the use of the grant resources in Nepal through a National Steering Committee (NSC) to provide strategic and leadership guidance to the RRN as executing agency, the World Bank further said. The NSC is a 14-member team of representative NGOs identified through a self-selection process with an equal representation of IPLC representatives as decision-making members. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">The DGM Nepal project is funded by the Climate Investment Funds (CIF) Forest Investment Program (FIP) implemented by the World Bank to enhance the role of IPLCs in protecting the forests they depend on. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">“If forest-dependent indigenous peoples and local communities from Madhesh and Lumbini Provinces can generate income from forest-related activities and foster innovation through this project’s capacity building and competitive grants mechanism, it will encourage IPLCs to ensure that their traditional knowledge, norms, and values are recognized alongside with the customary law,” said Jagat Baram, co-chair of the National Steering Committee.</span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-11-16', 'modified' => '2022-11-16', 'keywords' => '', 'description' => '', 'sortorder' => '16060', 'image' => '20221116022531_World Bank RRN DGM signing .jpg', 'article_date' => '2022-11-16 14:24:53', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '16318', 'article_category_id' => '1', 'title' => 'Development Banks, Finance Companies Slash Interest on Deposits; Commercial Banks Keep it Stable', 'sub_title' => '', 'summary' => 'November 16: At a time when industrialists are protesting against the hike in interest rate on lending by banks and financial institutions, development banks and finance companies have decreased the interest rate on deposits. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">November 16: At a time when industrialists are protesting against the hike in interest rate on lending by banks and financial institutions, development banks and finance companies have decreased the interest rate on deposits. Citing slight improvement in state of liquidity and ease in credit-deposit ratio, development banks and finance companies took the decision to cut the interest on deposits. Meanwhile, commercial banks have decided to keep the current interest rates stable for the next month as well. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Development Bankers Association Nepal has decided to slash the interest on deposits by 0.15 per cent for a month starting from mid-November till mid-December. As of mid-November, development banks were providing up to 13 per cent interest on fixed deposits. They have set the maximum interest on fixed deposits at 12.85 per cent for the next one month period. Likewise, they have reduced the maximum interest on savings from 10 per cent to 9.85 percent for the next one month period. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Chairman of Development Bankers Association Nepal and Muktinath Bikash Bank’s Chief Executive Officer Pradyuman Pokhrel said that they had decided to lower the interest on deposits as the credit-deposit ratio had eased of late. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Chairman of Nepal Financial Institutions Association, Saroj Kaji Tuladhar, informed that the association has decided to decrease the interest on deposits by 0.20 per cent for the next month. Finance companies were providing a maximum of 13.20 per cent interest on three-month fixed deposits and 13.45 per cent on one-year fixed deposits. The association has set the interest on three-month fixed deposits at 13 per cent and 13.30 per cent for one-year fixed deposits for the next month. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Meanwhile, commercial banks have decided to keep the interest rate unchanged for the next month. Nepal Bankers Association Chairman Anil Kumar Upadhayay said that they have decided to keep the interest rate stable as frequent changing of it would have negative impact. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">“Nepal Bankers Association will take further decision keeping in view of post-election scenario and Nepal Rastra Bank’s review on monetary policy of the first quarter,” Upadhayay added.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Banks had been providing interest rate on individual fixed deposits at 12.33 per cent in the Nepali month of Kartik (mid-October to mid-November ). The same interest rate will come into effect for the next one-month period as well. </span></span></span></p> <p> </p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-11-16', 'modified' => '2022-11-16', 'keywords' => '', 'description' => '', 'sortorder' => '16059', 'image' => '20221116011323_Banks - Copy.jpg', 'article_date' => '2022-11-16 13:12:30', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '16317', 'article_category_id' => '1', 'title' => 'Asian Stocks Shaken by Blast in Poland; Dollar Gains', 'sub_title' => '', 'summary' => 'November 16: Asian stocks dropped and the dollar gained on Wednesday after a blast in Poland. ', '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"">November 16: Asian stocks dropped and the dollar gained on Wednesday after a blast in Poland. According to Reuters, Ukraine and Polish authorities have said that the blast was caused by a Russian-made missile.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The news agency added that worries over a potential ratcheting up of geopolitical tensions spurred a drop of 1 percent in MSCI's broadest index of Asia-Pacific shares outside Japan.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Australian shares fell 0.4 percent, while Japan's Nikkei stock index dropped 0.1 percent. Hong Kong's Hang Seng Index shed 1.1 percent and China's CSI 300 fell 0.4 percent by the midday break. According to Reuters, the struggling property sector weighed on the markets, with China's new home prices falling at their fastest pace in more than seven years in October, weighed down by COVID 19-related curbs and industry-wide problems.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">US stock futures, the S&P 500 e-minis, fell 0.2 percent. In early European trade, the pan-region Euro Stoxx 50 futures lost 0.9 percent, German DAX futures dipped 1 percent, and FTSE futures fell 0.5 percent.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The safe-haven US dollar pared gains against its major peers but was still mostly higher, led by a 0.63 percent advance versus the yen, added Reuters. Likewise, sterling lost 0.32 percent, while the risk-sensitive Aussie dollar weakened 0.34 percent. The euro was flat.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">NATO member Poland has blamed that a Russian-made rocket killed two people in eastern Poland near Ukraine.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the BBC, Polish officials said the "Russian-made missile" landed in Przewodow, on the Ukrainian border.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Moscow has denied the allegations.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Meanwhile, Al Jazeera reported that NATO allies are preparing to hold an emergency meeting to discuss the strike.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">NATO and its allies, including the United States, have said they are investigating the cause of the explosion in Poland on Tuesday.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-11-16', 'modified' => '2022-11-16', 'keywords' => '', 'description' => '', 'sortorder' => '16058', 'image' => '20221116115210_Untitled.jpg', 'article_date' => '2022-11-16 11:51:33', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '16316', 'article_category_id' => '1', 'title' => 'Temperature Drops Across the Country ', 'sub_title' => '', 'summary' => 'November 16: The Department of Hydrology and Meteorology has urged one and all to remain cautious as the temperature across the country is dropping gradually. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">November 16: The Department of Hydrology and Meteorology has urged one and all to remain cautious as the temperature across the country is dropping gradually. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Issuing a special bulletin on Wednesday, the department urged the general public to protect themselves from cold as the temperature has been gradually declining in the country due to the impact of the westerly winds. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The minimum temperature in the country is likely to decrease further while considering the recent patterns, the department said. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">In the past 24 hours, the Kathmandu valley’s minimum temperature remained 9.0 degree Celsius while the maximum temperature was 22.0 degree Celsius, the department added. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, the Weather Forecasting Division of the department said that hill areas of Province 1, Gandaki and Karnali provinces are likely to remain partly cloudy while the mountainous regions of Province 1, Gandaki and Karnali would remain mainly fair this afternoon. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-11-16', 'modified' => '2022-11-16', 'keywords' => '', 'description' => '', 'sortorder' => '16057', 'image' => '20221116112711_aaa.jpg', 'article_date' => '2022-11-16 11:26:21', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '16315', 'article_category_id' => '1', 'title' => 'Global IME Bank Signs Merger Agreement with BoK', 'sub_title' => '', 'summary' => 'November 15: Global IME Bank has signed a merger agreement with Bank of Kathmandu in what is believed to be a deal to create the biggest bank of Nepal in terms of capital and business.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">November 15: Global IME Bank has signed a merger agreement with Bank of Kathmandu in what is believed to be a deal to create the biggest bank of Nepal in terms of capital and business.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">The two banks signed an agreement to this effect on Monday. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">According to a statement issued by Global IME Bank, its chairman Chandra Prasad Dhakal and the chairman of BoK Prakash Shrestha signed the agreement on behalf of their respective banks.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">After the merger, the total capital of the merged entity will rise to Rs 57 billion while the paid-up capital will increase to Rs 35.77 billion. The total deposits of the merged entity will cross Rs 400 billion while the credit flow will stand at Rs 379 billion, making it the biggest bank of Nepal in terms of paid-up capital and volume of business.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">Board of directors of both the banks have approved a swap ratio of 1:1 based upon the recommendation of an evaluation report. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">As per the recommendation, the name of the new entity will be Global IME BoK Limited and the new board of directors will be represented by five members of Global IME Bank including its chairman. Likewise, the new board of directors will have two members from BoK.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">Global IME Bank’s CEO Ratna Raj Bajracharya will continue his job as the CEO after the merger.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">Both the banks have earned net profit of Rs 1.47 billion by mid-October in the current fiscal year. After the merger, the new entity will have a total of 396 branches, 368 ATMs, 275 branchless banking facilities and 61 extension counters and three contact offices abroad. The new bank will have more than 4 million customers.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">The two banks believe that the merger will help deliver better services to the customers.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">Currently there are 26 commercial banks operating in Nepal.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">Banks and financial institutions in Nepal have started merging with each other or acquiring other banks as per the directive of Nepal Rastra Bank. The central bank of Nepal has adopted a policy to encourage merger/acquisition of banks so that the banks can cope with financial crisis better in the future.</span></span></span></span></p> <p> </p> <p> </p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span></p> ', 'published' => true, 'created' => '2022-11-15', 'modified' => '2022-11-15', 'keywords' => '', 'description' => '', 'sortorder' => '16056', 'image' => '20221115064330_1668431648404.jpg', 'article_date' => '2022-11-15 18:42:57', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '16314', 'article_category_id' => '1', 'title' => 'Regional Conference on Suitable Seeds for Food Security Focuses on Better Access to Seeds', 'sub_title' => '', 'summary' => 'November 15: Experts have stressed on the importance of food security amid challenges posed by climate change.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">November 15: Experts have stressed on the importance of food security amid challenges posed by climate change.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Speaking at a regional conference on Suitable Seeds for Food Security organized recently in Kathmandu, Dr Jagadish Chandra Pokharel, former vice-chairman of the National Planning Commission, said that the importance of food security has grown multi-fold given the changing climatic conditions. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Dr Pokharel, who is also the chairman of the Nepal Institute for Urban and Regional Studies (NIURS), added that seed diversity is integral to food security.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The conference was organized jointly by South Asia Watch on Trade, Economics and Environment (SAWTEE), Kathmandu and Norway-based Fridtjof Nansen Institute (FNI) to disseminate the findings of the study “Suitable seeds for food security in fragile states”.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to a statement issued by SAWTEE, the discussions held at the two-day conference focused on the roles of policy, legal and institutional frameworks with respect to access to suitable seeds in South Asia.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Another speaker Dr Kristin Rosendal, senior researcher at FNI, Norway, highlighted in her presentation that food security depends largely on access to a broad variety of suitable seeds. She argued that good quality food plants that are adapted to changing climate is necessary to fight climate change, added the statement. Dr Rosendal said that access to seeds is affected by international goals given that the top three corporations in the world control half the global seed market value. “Such facets intensely undermine the trust in the global circulation of seeds,” she added.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Dr Posh Raj Pandey, chairperson of SAWTEE, said that the overlapping global food and climate crises have left many people with multiple vulnerabilities, especially in the Least Developed Countries (LDCs). Hence, when formulating seed policy to ensure food security, the ground reality of LDCs should be taken into account, by enhancing participatory and gender-sensitive approaches and improving the linkages of seed security, agri-productivity, and nutrition within households.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Christian Prip, senior research fellow at FNI, said that there have been conflicting interests with regard to the industrialization of agriculture driven by economic gains and the objective of protecting the diversity of genetic resources of plants to ensure long-term food security and farmers rights.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The two-day conference saw discussions on topics such as ‘Fostering Regional Co-operation for seed security: South Asian Perspective’, ‘Changes in EU Seed Regulations – Global Trends’, ‘Financing Climate Change Adaptation’ and ‘Impact of COVID-19 on agri input chain’. The event saw participation of researchers, academics, policymakers, representatives of farmers’ bodies, consumer rights activists, organizations working on climate change adaptation, and media, among others. There were participants from Bangladesh, India, Nepal, Pakistan, Sri Lanka and Norway.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-11-15', 'modified' => '2022-11-15', 'keywords' => '', 'description' => '', 'sortorder' => '16055', 'image' => '20221115060720_sawtee.jpg', 'article_date' => '2022-11-15 18:06:17', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '16313', 'article_category_id' => '1', 'title' => 'Government Announces Two Days of Public Holiday for Elections ', 'sub_title' => '', 'summary' => 'November 15: The government has decided to give a two-day public holiday for government employees in view of the elections to the Member of the House of Representatives and the Provincial Assembly on November 20. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">November 15: The government has decided to give a two-day public holiday for government employees in view of the elections to the Member of the House of Representatives and the Provincial Assembly on November 20. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The Ministry of Home Affairs issued a notice on Tuesday informing that government offices and public entities will be observing public holiday on November 20 and 21. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the spokesperson of the home ministry, Phanindramani Pokhrel, teaching institutes or schools serving as the polling stations for voting during the twin elections on November 20 are entitled for public holiday for four days beginning from November 18. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">It may be noted that the Election Commission earlier urged the government to give public holiday as far as possible so as to encourage the public to take part in the elections being held across the country in a single phase. The EC believes that public holidays will help increase voters’ turnout. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Meanwhile, the Tribhuvan University (TU) has decided to give public holidays in all subordinate campuses and offices for four days beginning from November 17. According to TU information and Public Relations Division Chief Yogendra Prasad Dahal, some of TU colleges are serving as the polling locations and it decides to give public holiday in view of the elections so that the daily activities of the colleges remain unaffected. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Meantime, Tribhuvan International Airport (TIA) Office has decided to cease regular domestic flights on November 20 when the country is witnessing the voting for the twin elections. However, the airport’s spokesperson Teknath Sitaula said chartered fights will not be halted on the voting day. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-11-15', 'modified' => '2022-11-15', 'keywords' => '', 'description' => '', 'sortorder' => '16054', 'image' => '20221115025525_JS_Lamjung-byanarpattaudaikarmacharipiclamjung(2).jpg', 'article_date' => '2022-11-15 14:54:50', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '16312', 'article_category_id' => '1', 'title' => 'Biden and Xi Dismiss Cold War Fears', 'sub_title' => '', 'summary' => 'November 15: US President Joe Biden met with his Chinese President Xi Jinping on the sidelines of the G20 Summit in Indonesia on Monday in what is said to be the first meeting of the two leaders of the largest economies in the world.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">November 15: US President Joe Biden met with his Chinese President Xi Jinping on the sidelines of the G20 Summit in Indonesia on Monday in what is said to be the first meeting of the two leaders of the largest economies in the world.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to Reuters, the Biden and Xi engaged in blunt talks over Taiwan and North Korea in a three-hour meeting aimed at preventing strained US-China ties from spilling into a new Cold War.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the news agency, the two leaders pledged more frequent communications amid simmering differences on human rights, Russia's invasion of Ukraine, and support of domestic industry.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"We're going to compete vigorously. But I'm not looking for conflict, I'm looking to manage this competition responsibly," Reuters quoted Biden as saying after his talks with Xi on the sidelines of the G20 summit in Indonesia.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The G20 Summit of industrial countries kicked off in Bali, Indonesia on Tuesday. Taiwan will be the major agenda of the meeting between the two countries, according to the BBC. It is expected that the encounter will help to take the bilateral relationship and cooperation to a new height.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">This is the first time Biden met Xi in person after he was elected as the president of the United States in 2020. The meeting was much-awaited amidst the strained relation between the two superpowers. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">China has been claiming Taiwan as part of it while Taiwan boasts of being a sovereign country. The United States has been backing Taiwan. Sometimes ago, Speaker of the US House of Representatives Nancy Pelosi had visited the island drawing stern criticism from mainland China. Her visit had aggravated the relationship between the first and second largest economies. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Following the tension, the US banned the import of computer chips from China which has affected China’s export-driven economy. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The US and China are the two largest economies. The continued trade war between them has affected almost all countries. One of the major agendas the G20 Summit is expected to incorporate is the trade war between these two countries. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The G20 Group comprises Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Korea, Turkey, Britain, and the United States. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-11-15', 'modified' => '2022-11-15', 'keywords' => '', 'description' => '', 'sortorder' => '16053', 'image' => '20221115023619_biden.jpg', 'article_date' => '2022-11-15 14:35:25', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '16311', 'article_category_id' => '1', 'title' => 'Domestic Airline Companies Reluctant to Operate Flights to Remote Areas', 'sub_title' => '', 'summary' => 'November 15: Nepal’s aviation policy has made it mandatory for domestic airline companies to operate flights to remote areas.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:19.0pt">November 15: Nepal’s aviation policy has made it mandatory for domestic airline companies to operate flights to remote areas. Air service providers, however, have been reluctant to do so.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:19.0pt">The Ministry of Culture, Tourism and Civil Aviation seems to be silent despite the fact that airline companies have pledged to make compulsory flights to far-flung regions. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:19.0pt">Airline companies that are operating flights to urban areas need to comply with the provision to operate flights to remote region as per the aviation policy of Nepal and the social responsibility of the airliners. But, the airline companies are defying the aviation policy as they are just concentrated on city areas for hefty profit, bemoaned Hari Budha of Jumla.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:19.0pt">Gyanendra Bhul, deputy spokesperson of the Civil Aviation Authority of Nepal (CAAN), says that the Ministry of Culture, Tourism and Civil Aviation bears the responsibility to implement the policy of compulsory flights to remote areas.</span></span></span></p> <p> </p> <p> </p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:19.0pt">“If the policy to make compulsory flights to remote areas was mentioned in the Civil Aviation Authority Act, the authority would have the onus to execute it. Ambiguity in the provision on policy and act has brought the present situation,” said Bhul. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:19.0pt">Nine airline companies including Buddha Air, Shree Airlines, Yeti Airlines and Saurya Airlines have not provided their services to far-flung regions. Tara Airlines, Summit Air, Sita Air and Nepal Airlines, the national flag carrier, have been operating flights to remote regions in the country.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:19.0pt">Buddhi Sagar Lamichhane, joint secretary at the Ministry of Tourism, said that they could not force airline companies to operate flights to remote areas.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:19.0pt">“It is not easy to make flights to remote regions due to high cost and difficult topography,” said Lamichhane, adding, “We have to encourage new companies to operate flights to far-flung regions by providing discount on aircraft import, landing and parking fee.”</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:19.0pt">Buddha Air, the largest private airline company of Nepal in terms of aircraft number, has been operating such flights to only Surkhet, a hill district in Karnali Province. The airline operates one flight on Surkhet-Kathmandu route a day. </span></span></span></p> <p> </p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:19.0pt">Officials at the Civil Aviation Authority of Nepal say that airline companies are having a tough time operating flights to remote areas due to large size of aircraft. An official from the civil aviation authority says that companies are unwilling to go to remote areas and new places since they are making profit from their flights to convenient city areas. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:19.0pt">Officials at the airline companies, however, claim that they can not operate flights to hill regions owing to small and short runways and shortage of passengers. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:19.0pt">“For our aircraft to land, we need 1600-meter-long runway. But, the runways in hill areas are small for landing and take-off,” said an official from a private company.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:19.0pt">Shree Airlines’ spokesperson Anil Manandhar said that flights could not be made to hill regions due to small size of runways. “We have to procure new aircraft as operating flights to the hill regions is not possible with the existing planes,” Manandhar added.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:19.0pt">No different is the response of Mukesh Kafle from Saurya Airlines. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:19.0pt">“Our airline is failing to operate flights to remote and hill regions due to small size of the runways,” Kafle stated. He, however, said that his company was planning to purchase new small-sized aircraft for flights to remote areas.</span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-11-15', 'modified' => '2022-11-15', 'keywords' => '', 'description' => '', 'sortorder' => '16052', 'image' => '20221115123054_1668464094.7.jpg', 'article_date' => '2022-11-15 12:30:12', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '16310', 'article_category_id' => '1', 'title' => 'Minimum Foreign Investment Limit for NRNs Removed', 'sub_title' => '', 'summary' => 'November 15: The government has removed the minimum limit required for foreign investment for the non- resident Nepalis (NRNs) willing to investment in Nepal through investment companies.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:17.0pt">November 15: The government has removed the minimum limit required for foreign investment for the non- resident Nepalis (NRNs) willing to investment in Nepal through investment companies.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:17.0pt">The government made such a provision by using the authority granted by the Foreign Investment and Technology Transfer Act-2075 BS. This is expected to increase foreign investment to the country. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:17.0pt">The minimum limit required for foreign investment for each investor stands at Rs 20 million, as per a notice published on the Nepal Gazette by the Ministry of Industry, Commerce and Supplies.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:17.0pt">Earlier, the minimum limit for foreign investment was set at Rs 50 million. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:17.0pt">A cabinet meeting held a few days ago took the decision to remove the minimum threshold needed for foreign investment for the non-resident Nepalis. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:17.0pt">“We have published the notice on the Nepal Gazette in accordance with the latest decision of the Council of Ministers,” said Dr Toyanath Gyawali, secretary at the Ministry of Industry, Commerce and Supplies.</span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-11-15', 'modified' => '2022-11-15', 'keywords' => '', 'description' => '', 'sortorder' => '16051', 'image' => '20221115115144_NRNA.jpg', 'article_date' => '2022-11-15 11:51:05', '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' => '16324', 'article_category_id' => '1', 'title' => 'Remittance Inflow Rises by 17 Percent', 'sub_title' => '', 'summary' => 'November 17: The country received remittances of Rs 281 billion in the first three months of the current fiscal year.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">November 17: The country received remittances of Rs 281 billion in the first three months of the current fiscal year, a 17 percent rise compared to remittances inflow in the corresponding period of last year. The remittance inflow in the same period last year saw a fall of 7.9 percent compared to the previous year. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">In the review period, the number of Nepali citizens obtaining labour permit (new- institutional and individual) for foreign employment increased by 123.1 percent. According to the data published by Nepal Rastra Bank, a total of 147,932 individuals took labour permits in the review period. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Likewise, the number of Nepali renewing the labour permit for foreign jobs increased 66.2 percent to 57,861. Last year, there was a rise in this figure by 217.7 percent as compared to the previous year. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">In the review time, the net transfer rose by 17.1 percent to 310.4 billion. Such a transfer had decreased 7.6 percent in the same period of the previous year. </span></span><em><span style="font-size:11.0pt"><span style="font-family:"Calibri","sans-serif"">(With inputs from RSS)</span></span></em></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-11-17', 'modified' => '2022-11-17', 'keywords' => '', 'description' => '', 'sortorder' => '16065', 'image' => '20221117115804_Remittance.jpg', 'article_date' => '2022-11-17 11:56:55', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '16323', 'article_category_id' => '1', 'title' => 'Consumer Price Inflation Hits 8.50 Percent: NRB Report ', 'sub_title' => '', 'summary' => 'November 17: The year-on-year (y-o-y) consumer price inflation has hit 8.50 per cent in the first quarter of the current fiscal year (FY 2022/23) compared to 4.24 percent a year ago, according to the latest report of Nepal Rastra Bank (NRB). ', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">November 17: The year-on-year (y-o-y) consumer price inflation has hit 8.50 per cent in the first quarter of the current fiscal year (FY 2022/23) compared to 4.24 percent a year ago, according to the latest report of Nepal Rastra Bank (NRB). </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">The Current Macroeconomic and Financial Situation Report released by the central bank on Wednesday shows that inflation is highest is the Terai region at 9.42 percent followed by 8.84 percent in the hills, 7.07 in the mountainous region and 6.93 in the Kathmandu Valley.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">In the review period, food and beverage inflation stood at 8.05 percent whereas non-food and service inflation registered 8.85 percent.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Under the food and beverage category, the y-o-y consumer price inflation of restaurant and hotel sub-category increased 15.91 percent, followed by fruit (12.06 percent), alcoholic drinks (10.24 percent), milk products and eggs (9.45 percent) and tobacco products (8.44 percent). </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Under the non-food and services category, y-o-y consumer price inflation of transportation sub-category increased 21.15 percent, followed by health (10.54 percent), furnishing and household equipment (9.45 percent), education (8.11 percent) and housing and utilities (7.68 percent).</span></span></p> <p> </p> <p> </p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-11-17', 'modified' => '2022-11-17', 'keywords' => '', 'description' => '', 'sortorder' => '16064', 'image' => '20221117094725_Inflation.jpg', 'article_date' => '2022-11-17 09:46:43', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '16322', 'article_category_id' => '1', 'title' => 'Prices of Consumer Goods up by 15 Percent in the Run-up to the Elections', 'sub_title' => '', 'summary' => 'November 16: Businessmen have hiked the prices of consumer goods in the market taking advantage of the upcoming elections.', 'content' => '<p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif"">November 16: Businessmen have hiked the prices of consumer goods in the market taking advantage of the upcoming elections. With the November 20 the elections to the House of Representatives and the Provincial Assembly just around the corner, businessmen have increased the prices of consumer goods by more than 15 per cent in the market.</span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif"">As all the attention of the government is focused on the elections, the consumers have been hit by the price hike. Consumers have complained that even the employees of the market regulatory agencies of the government are focused on the election, and the traders have started setting prices arbitrarily.</span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif"">Pabitra Bajracharya, former president of Nepal Retail Trade Association, said that the price of every commodity has increased by 15 per cent after Dashain and Tihar. Bajracharya said that the prices of all the items have increased recently.</span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif"">Bajracharya added that the prices of consumer goods have increased by more than 30 per cent in one year. According to Bajracharya, cooking oil which used to cost Rs 240 per litre during Dashain and Tihar, has now reached Rs 280. Bajracharya informed that the prices of sunflower, soybean and mustard oil have also increased by Rs 40 per litre.</span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif"">Manoj Shrestha, a wholesaler from Kuleshwar, said that the prices of cooking oil, pulses and rice have increased. Shrestha argued that the price of cooking oil has increased in the market due to the increase in the value of the dollar.</span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif"">Bishnu Pradhan, who came to Kuleshwar to buy food grains, complained that he was unable to buy pulses, rice and oil because of the high prices. He said that although India has reduced the tax on rice, traders have not reduced the price yet. He urged the government to pay attention to market monitoring.</span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif"">Traders said that only the price of rice from India has increased, but the price of rice produced in Nepal has decreased. But the consumers are not ready to buy into the idea.</span></span></p> <p> </p> <p> </p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-11-16', 'modified' => '2022-11-16', 'keywords' => '', 'description' => '', 'sortorder' => '16063', 'image' => '20221116040530_fair price shoppp.jpg', 'article_date' => '2022-11-16 16:04:50', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '16321', 'article_category_id' => '1', 'title' => 'Supreme Court Seeks Original Documents from SEBON over License Issue', 'sub_title' => '', 'summary' => 'November 16: The Supreme Court has directed the Securities Board of Nepal (SEBON) to produce original copies of documents pertaining to the decision for providing licenses to a new stock exchange company, commodity exchange and stock brokers.', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">November 16: The Supreme Court has directed the Securities Board of Nepal (SEBON) to produce original copies of documents pertaining to the decision for providing licenses to a new stock exchange company, commodity exchange and stock brokers. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Responding to a writ petition filed against the decision of SEBON to issue new licenses, a joint bench of justices Biswombhar Prasad Shrestha and Hari Prasad Phuyal has ordered the board to submit original copies of the decision for granting new licenses. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Issuing a notice on September 18, the SEBON had opened applications of new licenses for one stock exchange company, two commodity exchanges and stock brokers. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Advocate Dipak Bikram Mishra had filed the writ petition at the apex court against providing the new licenses on October 17. The writ petition had named the Office of the Prime Minister and Council of Ministers, Finance Ministry, Securities Board of Nepal and Nepal Stock Exchange as the defendants. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">In a preliminary hearing on October 21, a single bench of justice Til Prasad Shrestha had issued an interim decree to stop the process of distributing licenses in this regard. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Complying with the court order, SEBON had halted the process of receiving applications for licenses on November 1.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Though both sides were summoned to the court for discussion on November 8, the hearing was held on November 15 due to lack of time. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">The board argues that there is no reason to stop the license distribution process as the Government of Nepal has full support for the same. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Securities Board of Nepal (SEBON) Chairman Ramesh Kumar Hamal made it clear that the plan to distribute licenses of stock exchange, stock brokers and commodity exchanges was not only of the board but also of the government. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">“The government has incorporated new license distribution plan in the budget. We started the process of providing new licenses to make capital market competitive in accordance with the demand of the investors and the government’s policy,” Hamal said. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">The board has received 45 applications for stock broker licenses. It had opened applications for three types of stock brokers licenses based on their capital structure. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">The capital requirement for new broker license has been fixed between Rs 200 million to Rs 1.5 billion.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">As per the new provision, the first kind of brokers providing limited services of stock market transaction require a minimum capital of Rs 200 million to acquire license. Likewise, the brokers providing services like share transaction, depository participant, investment consultancy, investment management and margin business need to have a minimum paid-up capital of Rs 600 million.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Similarly, the third type of license will be issued for stock dealers who must maintain a minimum capital of Rs 1.5 billion.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">The minimum paid-up capital required for the new stock exchange company is Rs 3 billion. </span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-11-16', 'modified' => '2022-11-16', 'keywords' => '', 'description' => '', 'sortorder' => '16062', 'image' => '20221116040421_Supreme Court.jpg', 'article_date' => '2022-11-16 16:03:43', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '16320', 'article_category_id' => '1', 'title' => 'Nepal’s Graduation from LDC will have Trade Implications: Study', 'sub_title' => '', 'summary' => 'November 16: A study conducted by South Asia Watch on Trade, Economics and Commerce (SAWTEE) suggests that Nepal’s graduation from LDC status in 2026 will have trade implications in terms of higher tariffs and more stringent rules of origin in preference-granting countries.', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">November 16: A study conducted by South Asia Watch on Trade, Economics and Commerce (SAWTEE) suggests that Nepal’s graduation from LDC status in 2026 will have trade implications in terms of higher tariffs and more stringent rules of origin in preference-granting countries.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">According to the findings of the study shared by SAWTEE, the projected loss in total exports emanating from the increase in tariffs will be moderate. However, the loss emanating from more stringent rules of origin, while uncertain, could be significant, especially in the garments sector, according to the study report.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Issuing a statement on Wednesday, SAWTEE said that Nepal’s graduation could result in a loss of policy space, either through the loss of current flexibilities and special treatment, such as in the area of intellectual property rights, or through greater scrutiny of certain practices, such as the subsidy regime. “The policy space to promote infant industries and exports, and pursue public health objectives, could be squeezed.” </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">According to the study, the impact on development cooperation will be modest as most of the development partners—multilateral and bilateral—have indicated that LDC status is not the main criteria for aid flows. However, some development partners may switch from grants to concessional loans or increase interest rates for concessional loans, added the report. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">“Furthermore, Nepal could lose access to specific instruments and funds dedicated exclusively to LDCs, particularly with regard to climate change-related funds, after a transition period.”</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">The study report has recommended Nepal to aspire to become a party to the more generous preferential schemes such as the EU’s Generalized System of Preferences Plus (GSP+) and the UK’s GSP Enhanced Framework, while studying the implications of acceding to the additional conventions that Nepal needs to ratify to qualify for these schemes. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">“Nepal should also initiate dialogue with other trading partners seeking an extension to LDC-specific concessions and preferences for another 3-5 years following graduation,” the report further states. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Other recommendations include lobbying for lenient rules of origin (ROOs) for LDCs for a period sufficient for the private sector to adjust to the new ROOs.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">“To realize the untapped export potential of Nepal, the government should prepare trade strategies in consultation with the private sector to strengthen the overall competitiveness of the economy, upgrade exporter’s capabilities, diversify export products and markets, simplify and streamline processes to attract more foreign direct investment and encourage enterprises to participate in regional/global value chains.”</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">According to the study report, the government should explore new forms of finance, including blended finance, public-private partnerships, private philanthropies and co-financing, among others, and work with development partners for new forms of support mechanisms such as dedicated funds for graduated countries, disaster insurance, and technology transfer mechanisms.</span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-11-16', 'modified' => '2022-11-16', 'keywords' => '', 'description' => '', 'sortorder' => '16061', 'image' => '20221116031937_LDC.jpg', 'article_date' => '2022-11-16 15:18:54', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '16319', 'article_category_id' => '1', 'title' => 'World Bank to Provide $4.5 Million Grant to Strengthen Role of Forest-Dependent Communities', 'sub_title' => '', 'summary' => 'November 16: The World Bank and Rural Reconstruction Nepal (RRN) signed a US$4.5 million grant agreement to strengthen the capacity of Indigenous Peoples and Local Communities (IPLCs) in Nepal’s forest sector.', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">November 16: The World Bank and Rural Reconstruction Nepal (RRN) signed a US$4.5 million grant agreement to strengthen the capacity of Indigenous Peoples and Local Communities (IPLCs) in Nepal’s forest sector. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Issuing a statement on Wednesday, the World Bank said that the five-year Dedicated Grant Mechanism for Indigenous Peoples and Local Communities in Nepal project will help enhance the capacity of IPLCs to participate in Nepal’s REDD+ (Reducing Emissions from Deforestation and Forest Degradation) processes at the local, national, and global levels for the sustainable management of forests. This will help create livelihood opportunities and increase the income of forest-dependent communities in the Madhesh and Lumbini provinces, added the statement. Rural Reconstruction Nepal is the national executing agency for the project.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Lada Strelkova, World Bank’s operations manager for the Maldives, Nepal, and Sri Lanka, and Dr Arjun Karki, president of Rural Reconstruction Nepal, signed the agreement on behalf of their respective organisations.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">“This project supports Nepal’s Indigenous Peoples and Local Communities through a dedicated funding mechanism that will promote and protect their customary institutions that are crucial for the sustainable management of natural resources and climate resilience,” the statement quoted Strelkova as saying. “The project contributes significantly to Nepal’s transition to Green, Resilient, and Inclusive Development (GRID) for sustainable recovery, growth, and jobs.” </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">According to the World Bank, the DGM Nepal project aims to provide long‐term benefits to IPLCs from the sustainable use of forests, including adding value to products and more active involvement in Nepal’s policy-making process. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">“The project provides much-needed support to forest-dependent indigenous peoples and local communities to enhance their resilience and build livelihoods through small-scale forest and non-forest-based business and employment opportunities,” said Dr Arjun Karki, president of Rural Reconstruction Nepal. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">IPLCs are both beneficiaries and active proponents and participants in the project. During implementation, they will preside over the use of the grant resources in Nepal through a National Steering Committee (NSC) to provide strategic and leadership guidance to the RRN as executing agency, the World Bank further said. The NSC is a 14-member team of representative NGOs identified through a self-selection process with an equal representation of IPLC representatives as decision-making members. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">The DGM Nepal project is funded by the Climate Investment Funds (CIF) Forest Investment Program (FIP) implemented by the World Bank to enhance the role of IPLCs in protecting the forests they depend on. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">“If forest-dependent indigenous peoples and local communities from Madhesh and Lumbini Provinces can generate income from forest-related activities and foster innovation through this project’s capacity building and competitive grants mechanism, it will encourage IPLCs to ensure that their traditional knowledge, norms, and values are recognized alongside with the customary law,” said Jagat Baram, co-chair of the National Steering Committee.</span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-11-16', 'modified' => '2022-11-16', 'keywords' => '', 'description' => '', 'sortorder' => '16060', 'image' => '20221116022531_World Bank RRN DGM signing .jpg', 'article_date' => '2022-11-16 14:24:53', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '16318', 'article_category_id' => '1', 'title' => 'Development Banks, Finance Companies Slash Interest on Deposits; Commercial Banks Keep it Stable', 'sub_title' => '', 'summary' => 'November 16: At a time when industrialists are protesting against the hike in interest rate on lending by banks and financial institutions, development banks and finance companies have decreased the interest rate on deposits. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">November 16: At a time when industrialists are protesting against the hike in interest rate on lending by banks and financial institutions, development banks and finance companies have decreased the interest rate on deposits. Citing slight improvement in state of liquidity and ease in credit-deposit ratio, development banks and finance companies took the decision to cut the interest on deposits. Meanwhile, commercial banks have decided to keep the current interest rates stable for the next month as well. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Development Bankers Association Nepal has decided to slash the interest on deposits by 0.15 per cent for a month starting from mid-November till mid-December. As of mid-November, development banks were providing up to 13 per cent interest on fixed deposits. They have set the maximum interest on fixed deposits at 12.85 per cent for the next one month period. Likewise, they have reduced the maximum interest on savings from 10 per cent to 9.85 percent for the next one month period. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Chairman of Development Bankers Association Nepal and Muktinath Bikash Bank’s Chief Executive Officer Pradyuman Pokhrel said that they had decided to lower the interest on deposits as the credit-deposit ratio had eased of late. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Chairman of Nepal Financial Institutions Association, Saroj Kaji Tuladhar, informed that the association has decided to decrease the interest on deposits by 0.20 per cent for the next month. Finance companies were providing a maximum of 13.20 per cent interest on three-month fixed deposits and 13.45 per cent on one-year fixed deposits. The association has set the interest on three-month fixed deposits at 13 per cent and 13.30 per cent for one-year fixed deposits for the next month. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Meanwhile, commercial banks have decided to keep the interest rate unchanged for the next month. Nepal Bankers Association Chairman Anil Kumar Upadhayay said that they have decided to keep the interest rate stable as frequent changing of it would have negative impact. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">“Nepal Bankers Association will take further decision keeping in view of post-election scenario and Nepal Rastra Bank’s review on monetary policy of the first quarter,” Upadhayay added.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Banks had been providing interest rate on individual fixed deposits at 12.33 per cent in the Nepali month of Kartik (mid-October to mid-November ). The same interest rate will come into effect for the next one-month period as well. </span></span></span></p> <p> </p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-11-16', 'modified' => '2022-11-16', 'keywords' => '', 'description' => '', 'sortorder' => '16059', 'image' => '20221116011323_Banks - Copy.jpg', 'article_date' => '2022-11-16 13:12:30', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '16317', 'article_category_id' => '1', 'title' => 'Asian Stocks Shaken by Blast in Poland; Dollar Gains', 'sub_title' => '', 'summary' => 'November 16: Asian stocks dropped and the dollar gained on Wednesday after a blast in Poland. ', '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"">November 16: Asian stocks dropped and the dollar gained on Wednesday after a blast in Poland. According to Reuters, Ukraine and Polish authorities have said that the blast was caused by a Russian-made missile.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The news agency added that worries over a potential ratcheting up of geopolitical tensions spurred a drop of 1 percent in MSCI's broadest index of Asia-Pacific shares outside Japan.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Australian shares fell 0.4 percent, while Japan's Nikkei stock index dropped 0.1 percent. Hong Kong's Hang Seng Index shed 1.1 percent and China's CSI 300 fell 0.4 percent by the midday break. According to Reuters, the struggling property sector weighed on the markets, with China's new home prices falling at their fastest pace in more than seven years in October, weighed down by COVID 19-related curbs and industry-wide problems.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">US stock futures, the S&P 500 e-minis, fell 0.2 percent. In early European trade, the pan-region Euro Stoxx 50 futures lost 0.9 percent, German DAX futures dipped 1 percent, and FTSE futures fell 0.5 percent.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The safe-haven US dollar pared gains against its major peers but was still mostly higher, led by a 0.63 percent advance versus the yen, added Reuters. Likewise, sterling lost 0.32 percent, while the risk-sensitive Aussie dollar weakened 0.34 percent. The euro was flat.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">NATO member Poland has blamed that a Russian-made rocket killed two people in eastern Poland near Ukraine.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the BBC, Polish officials said the "Russian-made missile" landed in Przewodow, on the Ukrainian border.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Moscow has denied the allegations.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Meanwhile, Al Jazeera reported that NATO allies are preparing to hold an emergency meeting to discuss the strike.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">NATO and its allies, including the United States, have said they are investigating the cause of the explosion in Poland on Tuesday.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-11-16', 'modified' => '2022-11-16', 'keywords' => '', 'description' => '', 'sortorder' => '16058', 'image' => '20221116115210_Untitled.jpg', 'article_date' => '2022-11-16 11:51:33', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '16316', 'article_category_id' => '1', 'title' => 'Temperature Drops Across the Country ', 'sub_title' => '', 'summary' => 'November 16: The Department of Hydrology and Meteorology has urged one and all to remain cautious as the temperature across the country is dropping gradually. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">November 16: The Department of Hydrology and Meteorology has urged one and all to remain cautious as the temperature across the country is dropping gradually. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Issuing a special bulletin on Wednesday, the department urged the general public to protect themselves from cold as the temperature has been gradually declining in the country due to the impact of the westerly winds. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The minimum temperature in the country is likely to decrease further while considering the recent patterns, the department said. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">In the past 24 hours, the Kathmandu valley’s minimum temperature remained 9.0 degree Celsius while the maximum temperature was 22.0 degree Celsius, the department added. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, the Weather Forecasting Division of the department said that hill areas of Province 1, Gandaki and Karnali provinces are likely to remain partly cloudy while the mountainous regions of Province 1, Gandaki and Karnali would remain mainly fair this afternoon. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-11-16', 'modified' => '2022-11-16', 'keywords' => '', 'description' => '', 'sortorder' => '16057', 'image' => '20221116112711_aaa.jpg', 'article_date' => '2022-11-16 11:26:21', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '16315', 'article_category_id' => '1', 'title' => 'Global IME Bank Signs Merger Agreement with BoK', 'sub_title' => '', 'summary' => 'November 15: Global IME Bank has signed a merger agreement with Bank of Kathmandu in what is believed to be a deal to create the biggest bank of Nepal in terms of capital and business.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">November 15: Global IME Bank has signed a merger agreement with Bank of Kathmandu in what is believed to be a deal to create the biggest bank of Nepal in terms of capital and business.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">The two banks signed an agreement to this effect on Monday. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">According to a statement issued by Global IME Bank, its chairman Chandra Prasad Dhakal and the chairman of BoK Prakash Shrestha signed the agreement on behalf of their respective banks.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">After the merger, the total capital of the merged entity will rise to Rs 57 billion while the paid-up capital will increase to Rs 35.77 billion. The total deposits of the merged entity will cross Rs 400 billion while the credit flow will stand at Rs 379 billion, making it the biggest bank of Nepal in terms of paid-up capital and volume of business.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">Board of directors of both the banks have approved a swap ratio of 1:1 based upon the recommendation of an evaluation report. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">As per the recommendation, the name of the new entity will be Global IME BoK Limited and the new board of directors will be represented by five members of Global IME Bank including its chairman. Likewise, the new board of directors will have two members from BoK.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">Global IME Bank’s CEO Ratna Raj Bajracharya will continue his job as the CEO after the merger.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">Both the banks have earned net profit of Rs 1.47 billion by mid-October in the current fiscal year. After the merger, the new entity will have a total of 396 branches, 368 ATMs, 275 branchless banking facilities and 61 extension counters and three contact offices abroad. The new bank will have more than 4 million customers.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">The two banks believe that the merger will help deliver better services to the customers.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">Currently there are 26 commercial banks operating in Nepal.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">Banks and financial institutions in Nepal have started merging with each other or acquiring other banks as per the directive of Nepal Rastra Bank. The central bank of Nepal has adopted a policy to encourage merger/acquisition of banks so that the banks can cope with financial crisis better in the future.</span></span></span></span></p> <p> </p> <p> </p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span></p> ', 'published' => true, 'created' => '2022-11-15', 'modified' => '2022-11-15', 'keywords' => '', 'description' => '', 'sortorder' => '16056', 'image' => '20221115064330_1668431648404.jpg', 'article_date' => '2022-11-15 18:42:57', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '16314', 'article_category_id' => '1', 'title' => 'Regional Conference on Suitable Seeds for Food Security Focuses on Better Access to Seeds', 'sub_title' => '', 'summary' => 'November 15: Experts have stressed on the importance of food security amid challenges posed by climate change.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">November 15: Experts have stressed on the importance of food security amid challenges posed by climate change.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Speaking at a regional conference on Suitable Seeds for Food Security organized recently in Kathmandu, Dr Jagadish Chandra Pokharel, former vice-chairman of the National Planning Commission, said that the importance of food security has grown multi-fold given the changing climatic conditions. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Dr Pokharel, who is also the chairman of the Nepal Institute for Urban and Regional Studies (NIURS), added that seed diversity is integral to food security.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The conference was organized jointly by South Asia Watch on Trade, Economics and Environment (SAWTEE), Kathmandu and Norway-based Fridtjof Nansen Institute (FNI) to disseminate the findings of the study “Suitable seeds for food security in fragile states”.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to a statement issued by SAWTEE, the discussions held at the two-day conference focused on the roles of policy, legal and institutional frameworks with respect to access to suitable seeds in South Asia.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Another speaker Dr Kristin Rosendal, senior researcher at FNI, Norway, highlighted in her presentation that food security depends largely on access to a broad variety of suitable seeds. She argued that good quality food plants that are adapted to changing climate is necessary to fight climate change, added the statement. Dr Rosendal said that access to seeds is affected by international goals given that the top three corporations in the world control half the global seed market value. “Such facets intensely undermine the trust in the global circulation of seeds,” she added.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Dr Posh Raj Pandey, chairperson of SAWTEE, said that the overlapping global food and climate crises have left many people with multiple vulnerabilities, especially in the Least Developed Countries (LDCs). Hence, when formulating seed policy to ensure food security, the ground reality of LDCs should be taken into account, by enhancing participatory and gender-sensitive approaches and improving the linkages of seed security, agri-productivity, and nutrition within households.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Christian Prip, senior research fellow at FNI, said that there have been conflicting interests with regard to the industrialization of agriculture driven by economic gains and the objective of protecting the diversity of genetic resources of plants to ensure long-term food security and farmers rights.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The two-day conference saw discussions on topics such as ‘Fostering Regional Co-operation for seed security: South Asian Perspective’, ‘Changes in EU Seed Regulations – Global Trends’, ‘Financing Climate Change Adaptation’ and ‘Impact of COVID-19 on agri input chain’. The event saw participation of researchers, academics, policymakers, representatives of farmers’ bodies, consumer rights activists, organizations working on climate change adaptation, and media, among others. There were participants from Bangladesh, India, Nepal, Pakistan, Sri Lanka and Norway.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-11-15', 'modified' => '2022-11-15', 'keywords' => '', 'description' => '', 'sortorder' => '16055', 'image' => '20221115060720_sawtee.jpg', 'article_date' => '2022-11-15 18:06:17', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '16313', 'article_category_id' => '1', 'title' => 'Government Announces Two Days of Public Holiday for Elections ', 'sub_title' => '', 'summary' => 'November 15: The government has decided to give a two-day public holiday for government employees in view of the elections to the Member of the House of Representatives and the Provincial Assembly on November 20. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">November 15: The government has decided to give a two-day public holiday for government employees in view of the elections to the Member of the House of Representatives and the Provincial Assembly on November 20. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The Ministry of Home Affairs issued a notice on Tuesday informing that government offices and public entities will be observing public holiday on November 20 and 21. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the spokesperson of the home ministry, Phanindramani Pokhrel, teaching institutes or schools serving as the polling stations for voting during the twin elections on November 20 are entitled for public holiday for four days beginning from November 18. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">It may be noted that the Election Commission earlier urged the government to give public holiday as far as possible so as to encourage the public to take part in the elections being held across the country in a single phase. The EC believes that public holidays will help increase voters’ turnout. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Meanwhile, the Tribhuvan University (TU) has decided to give public holidays in all subordinate campuses and offices for four days beginning from November 17. According to TU information and Public Relations Division Chief Yogendra Prasad Dahal, some of TU colleges are serving as the polling locations and it decides to give public holiday in view of the elections so that the daily activities of the colleges remain unaffected. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Meantime, Tribhuvan International Airport (TIA) Office has decided to cease regular domestic flights on November 20 when the country is witnessing the voting for the twin elections. However, the airport’s spokesperson Teknath Sitaula said chartered fights will not be halted on the voting day. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-11-15', 'modified' => '2022-11-15', 'keywords' => '', 'description' => '', 'sortorder' => '16054', 'image' => '20221115025525_JS_Lamjung-byanarpattaudaikarmacharipiclamjung(2).jpg', 'article_date' => '2022-11-15 14:54:50', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '16312', 'article_category_id' => '1', 'title' => 'Biden and Xi Dismiss Cold War Fears', 'sub_title' => '', 'summary' => 'November 15: US President Joe Biden met with his Chinese President Xi Jinping on the sidelines of the G20 Summit in Indonesia on Monday in what is said to be the first meeting of the two leaders of the largest economies in the world.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">November 15: US President Joe Biden met with his Chinese President Xi Jinping on the sidelines of the G20 Summit in Indonesia on Monday in what is said to be the first meeting of the two leaders of the largest economies in the world.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to Reuters, the Biden and Xi engaged in blunt talks over Taiwan and North Korea in a three-hour meeting aimed at preventing strained US-China ties from spilling into a new Cold War.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the news agency, the two leaders pledged more frequent communications amid simmering differences on human rights, Russia's invasion of Ukraine, and support of domestic industry.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"We're going to compete vigorously. But I'm not looking for conflict, I'm looking to manage this competition responsibly," Reuters quoted Biden as saying after his talks with Xi on the sidelines of the G20 summit in Indonesia.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The G20 Summit of industrial countries kicked off in Bali, Indonesia on Tuesday. Taiwan will be the major agenda of the meeting between the two countries, according to the BBC. It is expected that the encounter will help to take the bilateral relationship and cooperation to a new height.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">This is the first time Biden met Xi in person after he was elected as the president of the United States in 2020. The meeting was much-awaited amidst the strained relation between the two superpowers. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">China has been claiming Taiwan as part of it while Taiwan boasts of being a sovereign country. The United States has been backing Taiwan. Sometimes ago, Speaker of the US House of Representatives Nancy Pelosi had visited the island drawing stern criticism from mainland China. Her visit had aggravated the relationship between the first and second largest economies. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Following the tension, the US banned the import of computer chips from China which has affected China’s export-driven economy. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The US and China are the two largest economies. The continued trade war between them has affected almost all countries. One of the major agendas the G20 Summit is expected to incorporate is the trade war between these two countries. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The G20 Group comprises Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Korea, Turkey, Britain, and the United States. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-11-15', 'modified' => '2022-11-15', 'keywords' => '', 'description' => '', 'sortorder' => '16053', 'image' => '20221115023619_biden.jpg', 'article_date' => '2022-11-15 14:35:25', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '16311', 'article_category_id' => '1', 'title' => 'Domestic Airline Companies Reluctant to Operate Flights to Remote Areas', 'sub_title' => '', 'summary' => 'November 15: Nepal’s aviation policy has made it mandatory for domestic airline companies to operate flights to remote areas.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:19.0pt">November 15: Nepal’s aviation policy has made it mandatory for domestic airline companies to operate flights to remote areas. Air service providers, however, have been reluctant to do so.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:19.0pt">The Ministry of Culture, Tourism and Civil Aviation seems to be silent despite the fact that airline companies have pledged to make compulsory flights to far-flung regions. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:19.0pt">Airline companies that are operating flights to urban areas need to comply with the provision to operate flights to remote region as per the aviation policy of Nepal and the social responsibility of the airliners. But, the airline companies are defying the aviation policy as they are just concentrated on city areas for hefty profit, bemoaned Hari Budha of Jumla.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:19.0pt">Gyanendra Bhul, deputy spokesperson of the Civil Aviation Authority of Nepal (CAAN), says that the Ministry of Culture, Tourism and Civil Aviation bears the responsibility to implement the policy of compulsory flights to remote areas.</span></span></span></p> <p> </p> <p> </p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:19.0pt">“If the policy to make compulsory flights to remote areas was mentioned in the Civil Aviation Authority Act, the authority would have the onus to execute it. Ambiguity in the provision on policy and act has brought the present situation,” said Bhul. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:19.0pt">Nine airline companies including Buddha Air, Shree Airlines, Yeti Airlines and Saurya Airlines have not provided their services to far-flung regions. Tara Airlines, Summit Air, Sita Air and Nepal Airlines, the national flag carrier, have been operating flights to remote regions in the country.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:19.0pt">Buddhi Sagar Lamichhane, joint secretary at the Ministry of Tourism, said that they could not force airline companies to operate flights to remote areas.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:19.0pt">“It is not easy to make flights to remote regions due to high cost and difficult topography,” said Lamichhane, adding, “We have to encourage new companies to operate flights to far-flung regions by providing discount on aircraft import, landing and parking fee.”</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:19.0pt">Buddha Air, the largest private airline company of Nepal in terms of aircraft number, has been operating such flights to only Surkhet, a hill district in Karnali Province. The airline operates one flight on Surkhet-Kathmandu route a day. </span></span></span></p> <p> </p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:19.0pt">Officials at the Civil Aviation Authority of Nepal say that airline companies are having a tough time operating flights to remote areas due to large size of aircraft. An official from the civil aviation authority says that companies are unwilling to go to remote areas and new places since they are making profit from their flights to convenient city areas. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:19.0pt">Officials at the airline companies, however, claim that they can not operate flights to hill regions owing to small and short runways and shortage of passengers. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:19.0pt">“For our aircraft to land, we need 1600-meter-long runway. But, the runways in hill areas are small for landing and take-off,” said an official from a private company.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:19.0pt">Shree Airlines’ spokesperson Anil Manandhar said that flights could not be made to hill regions due to small size of runways. “We have to procure new aircraft as operating flights to the hill regions is not possible with the existing planes,” Manandhar added.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:19.0pt">No different is the response of Mukesh Kafle from Saurya Airlines. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:19.0pt">“Our airline is failing to operate flights to remote and hill regions due to small size of the runways,” Kafle stated. He, however, said that his company was planning to purchase new small-sized aircraft for flights to remote areas.</span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-11-15', 'modified' => '2022-11-15', 'keywords' => '', 'description' => '', 'sortorder' => '16052', 'image' => '20221115123054_1668464094.7.jpg', 'article_date' => '2022-11-15 12:30:12', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '16310', 'article_category_id' => '1', 'title' => 'Minimum Foreign Investment Limit for NRNs Removed', 'sub_title' => '', 'summary' => 'November 15: The government has removed the minimum limit required for foreign investment for the non- resident Nepalis (NRNs) willing to investment in Nepal through investment companies.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:17.0pt">November 15: The government has removed the minimum limit required for foreign investment for the non- resident Nepalis (NRNs) willing to investment in Nepal through investment companies.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:17.0pt">The government made such a provision by using the authority granted by the Foreign Investment and Technology Transfer Act-2075 BS. This is expected to increase foreign investment to the country. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:17.0pt">The minimum limit required for foreign investment for each investor stands at Rs 20 million, as per a notice published on the Nepal Gazette by the Ministry of Industry, Commerce and Supplies.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:17.0pt">Earlier, the minimum limit for foreign investment was set at Rs 50 million. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:17.0pt">A cabinet meeting held a few days ago took the decision to remove the minimum threshold needed for foreign investment for the non-resident Nepalis. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:17.0pt">“We have published the notice on the Nepal Gazette in accordance with the latest decision of the Council of Ministers,” said Dr Toyanath Gyawali, secretary at the Ministry of Industry, Commerce and Supplies.</span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-11-15', 'modified' => '2022-11-15', 'keywords' => '', 'description' => '', 'sortorder' => '16051', 'image' => '20221115115144_NRNA.jpg', 'article_date' => '2022-11-15 11:51:05', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ) ) $current_user = null $logged_in = false $xml = falseinclude - APP/View/Elements/side_bar.ctp, line 133 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
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The remittance inflow in the same period last year saw a fall of 7.9 percent compared to the previous year. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">In the review period, the number of Nepali citizens obtaining labour permit (new- institutional and individual) for foreign employment increased by 123.1 percent. According to the data published by Nepal Rastra Bank, a total of 147,932 individuals took labour permits in the review period. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Likewise, the number of Nepali renewing the labour permit for foreign jobs increased 66.2 percent to 57,861. Last year, there was a rise in this figure by 217.7 percent as compared to the previous year. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">In the review time, the net transfer rose by 17.1 percent to 310.4 billion. Such a transfer had decreased 7.6 percent in the same period of the previous year. </span></span><em><span style="font-size:11.0pt"><span style="font-family:"Calibri","sans-serif"">(With inputs from RSS)</span></span></em></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-11-17', 'modified' => '2022-11-17', 'keywords' => '', 'description' => '', 'sortorder' => '16065', 'image' => '20221117115804_Remittance.jpg', 'article_date' => '2022-11-17 11:56:55', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '16323', 'article_category_id' => '1', 'title' => 'Consumer Price Inflation Hits 8.50 Percent: NRB Report ', 'sub_title' => '', 'summary' => 'November 17: The year-on-year (y-o-y) consumer price inflation has hit 8.50 per cent in the first quarter of the current fiscal year (FY 2022/23) compared to 4.24 percent a year ago, according to the latest report of Nepal Rastra Bank (NRB). ', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">November 17: The year-on-year (y-o-y) consumer price inflation has hit 8.50 per cent in the first quarter of the current fiscal year (FY 2022/23) compared to 4.24 percent a year ago, according to the latest report of Nepal Rastra Bank (NRB). </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">The Current Macroeconomic and Financial Situation Report released by the central bank on Wednesday shows that inflation is highest is the Terai region at 9.42 percent followed by 8.84 percent in the hills, 7.07 in the mountainous region and 6.93 in the Kathmandu Valley.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">In the review period, food and beverage inflation stood at 8.05 percent whereas non-food and service inflation registered 8.85 percent.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Under the food and beverage category, the y-o-y consumer price inflation of restaurant and hotel sub-category increased 15.91 percent, followed by fruit (12.06 percent), alcoholic drinks (10.24 percent), milk products and eggs (9.45 percent) and tobacco products (8.44 percent). </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Under the non-food and services category, y-o-y consumer price inflation of transportation sub-category increased 21.15 percent, followed by health (10.54 percent), furnishing and household equipment (9.45 percent), education (8.11 percent) and housing and utilities (7.68 percent).</span></span></p> <p> </p> <p> </p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-11-17', 'modified' => '2022-11-17', 'keywords' => '', 'description' => '', 'sortorder' => '16064', 'image' => '20221117094725_Inflation.jpg', 'article_date' => '2022-11-17 09:46:43', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '16322', 'article_category_id' => '1', 'title' => 'Prices of Consumer Goods up by 15 Percent in the Run-up to the Elections', 'sub_title' => '', 'summary' => 'November 16: Businessmen have hiked the prices of consumer goods in the market taking advantage of the upcoming elections.', 'content' => '<p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif"">November 16: Businessmen have hiked the prices of consumer goods in the market taking advantage of the upcoming elections. With the November 20 the elections to the House of Representatives and the Provincial Assembly just around the corner, businessmen have increased the prices of consumer goods by more than 15 per cent in the market.</span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif"">As all the attention of the government is focused on the elections, the consumers have been hit by the price hike. Consumers have complained that even the employees of the market regulatory agencies of the government are focused on the election, and the traders have started setting prices arbitrarily.</span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif"">Pabitra Bajracharya, former president of Nepal Retail Trade Association, said that the price of every commodity has increased by 15 per cent after Dashain and Tihar. Bajracharya said that the prices of all the items have increased recently.</span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif"">Bajracharya added that the prices of consumer goods have increased by more than 30 per cent in one year. According to Bajracharya, cooking oil which used to cost Rs 240 per litre during Dashain and Tihar, has now reached Rs 280. Bajracharya informed that the prices of sunflower, soybean and mustard oil have also increased by Rs 40 per litre.</span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif"">Manoj Shrestha, a wholesaler from Kuleshwar, said that the prices of cooking oil, pulses and rice have increased. Shrestha argued that the price of cooking oil has increased in the market due to the increase in the value of the dollar.</span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif"">Bishnu Pradhan, who came to Kuleshwar to buy food grains, complained that he was unable to buy pulses, rice and oil because of the high prices. He said that although India has reduced the tax on rice, traders have not reduced the price yet. He urged the government to pay attention to market monitoring.</span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif"">Traders said that only the price of rice from India has increased, but the price of rice produced in Nepal has decreased. But the consumers are not ready to buy into the idea.</span></span></p> <p> </p> <p> </p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-11-16', 'modified' => '2022-11-16', 'keywords' => '', 'description' => '', 'sortorder' => '16063', 'image' => '20221116040530_fair price shoppp.jpg', 'article_date' => '2022-11-16 16:04:50', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '16321', 'article_category_id' => '1', 'title' => 'Supreme Court Seeks Original Documents from SEBON over License Issue', 'sub_title' => '', 'summary' => 'November 16: The Supreme Court has directed the Securities Board of Nepal (SEBON) to produce original copies of documents pertaining to the decision for providing licenses to a new stock exchange company, commodity exchange and stock brokers.', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">November 16: The Supreme Court has directed the Securities Board of Nepal (SEBON) to produce original copies of documents pertaining to the decision for providing licenses to a new stock exchange company, commodity exchange and stock brokers. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Responding to a writ petition filed against the decision of SEBON to issue new licenses, a joint bench of justices Biswombhar Prasad Shrestha and Hari Prasad Phuyal has ordered the board to submit original copies of the decision for granting new licenses. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Issuing a notice on September 18, the SEBON had opened applications of new licenses for one stock exchange company, two commodity exchanges and stock brokers. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Advocate Dipak Bikram Mishra had filed the writ petition at the apex court against providing the new licenses on October 17. The writ petition had named the Office of the Prime Minister and Council of Ministers, Finance Ministry, Securities Board of Nepal and Nepal Stock Exchange as the defendants. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">In a preliminary hearing on October 21, a single bench of justice Til Prasad Shrestha had issued an interim decree to stop the process of distributing licenses in this regard. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Complying with the court order, SEBON had halted the process of receiving applications for licenses on November 1.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Though both sides were summoned to the court for discussion on November 8, the hearing was held on November 15 due to lack of time. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">The board argues that there is no reason to stop the license distribution process as the Government of Nepal has full support for the same. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Securities Board of Nepal (SEBON) Chairman Ramesh Kumar Hamal made it clear that the plan to distribute licenses of stock exchange, stock brokers and commodity exchanges was not only of the board but also of the government. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">“The government has incorporated new license distribution plan in the budget. We started the process of providing new licenses to make capital market competitive in accordance with the demand of the investors and the government’s policy,” Hamal said. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">The board has received 45 applications for stock broker licenses. It had opened applications for three types of stock brokers licenses based on their capital structure. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">The capital requirement for new broker license has been fixed between Rs 200 million to Rs 1.5 billion.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">As per the new provision, the first kind of brokers providing limited services of stock market transaction require a minimum capital of Rs 200 million to acquire license. Likewise, the brokers providing services like share transaction, depository participant, investment consultancy, investment management and margin business need to have a minimum paid-up capital of Rs 600 million.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Similarly, the third type of license will be issued for stock dealers who must maintain a minimum capital of Rs 1.5 billion.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">The minimum paid-up capital required for the new stock exchange company is Rs 3 billion. </span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-11-16', 'modified' => '2022-11-16', 'keywords' => '', 'description' => '', 'sortorder' => '16062', 'image' => '20221116040421_Supreme Court.jpg', 'article_date' => '2022-11-16 16:03:43', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '16320', 'article_category_id' => '1', 'title' => 'Nepal’s Graduation from LDC will have Trade Implications: Study', 'sub_title' => '', 'summary' => 'November 16: A study conducted by South Asia Watch on Trade, Economics and Commerce (SAWTEE) suggests that Nepal’s graduation from LDC status in 2026 will have trade implications in terms of higher tariffs and more stringent rules of origin in preference-granting countries.', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">November 16: A study conducted by South Asia Watch on Trade, Economics and Commerce (SAWTEE) suggests that Nepal’s graduation from LDC status in 2026 will have trade implications in terms of higher tariffs and more stringent rules of origin in preference-granting countries.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">According to the findings of the study shared by SAWTEE, the projected loss in total exports emanating from the increase in tariffs will be moderate. However, the loss emanating from more stringent rules of origin, while uncertain, could be significant, especially in the garments sector, according to the study report.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Issuing a statement on Wednesday, SAWTEE said that Nepal’s graduation could result in a loss of policy space, either through the loss of current flexibilities and special treatment, such as in the area of intellectual property rights, or through greater scrutiny of certain practices, such as the subsidy regime. “The policy space to promote infant industries and exports, and pursue public health objectives, could be squeezed.” </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">According to the study, the impact on development cooperation will be modest as most of the development partners—multilateral and bilateral—have indicated that LDC status is not the main criteria for aid flows. However, some development partners may switch from grants to concessional loans or increase interest rates for concessional loans, added the report. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">“Furthermore, Nepal could lose access to specific instruments and funds dedicated exclusively to LDCs, particularly with regard to climate change-related funds, after a transition period.”</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">The study report has recommended Nepal to aspire to become a party to the more generous preferential schemes such as the EU’s Generalized System of Preferences Plus (GSP+) and the UK’s GSP Enhanced Framework, while studying the implications of acceding to the additional conventions that Nepal needs to ratify to qualify for these schemes. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">“Nepal should also initiate dialogue with other trading partners seeking an extension to LDC-specific concessions and preferences for another 3-5 years following graduation,” the report further states. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Other recommendations include lobbying for lenient rules of origin (ROOs) for LDCs for a period sufficient for the private sector to adjust to the new ROOs.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">“To realize the untapped export potential of Nepal, the government should prepare trade strategies in consultation with the private sector to strengthen the overall competitiveness of the economy, upgrade exporter’s capabilities, diversify export products and markets, simplify and streamline processes to attract more foreign direct investment and encourage enterprises to participate in regional/global value chains.”</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">According to the study report, the government should explore new forms of finance, including blended finance, public-private partnerships, private philanthropies and co-financing, among others, and work with development partners for new forms of support mechanisms such as dedicated funds for graduated countries, disaster insurance, and technology transfer mechanisms.</span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-11-16', 'modified' => '2022-11-16', 'keywords' => '', 'description' => '', 'sortorder' => '16061', 'image' => '20221116031937_LDC.jpg', 'article_date' => '2022-11-16 15:18:54', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '16319', 'article_category_id' => '1', 'title' => 'World Bank to Provide $4.5 Million Grant to Strengthen Role of Forest-Dependent Communities', 'sub_title' => '', 'summary' => 'November 16: The World Bank and Rural Reconstruction Nepal (RRN) signed a US$4.5 million grant agreement to strengthen the capacity of Indigenous Peoples and Local Communities (IPLCs) in Nepal’s forest sector.', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">November 16: The World Bank and Rural Reconstruction Nepal (RRN) signed a US$4.5 million grant agreement to strengthen the capacity of Indigenous Peoples and Local Communities (IPLCs) in Nepal’s forest sector. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Issuing a statement on Wednesday, the World Bank said that the five-year Dedicated Grant Mechanism for Indigenous Peoples and Local Communities in Nepal project will help enhance the capacity of IPLCs to participate in Nepal’s REDD+ (Reducing Emissions from Deforestation and Forest Degradation) processes at the local, national, and global levels for the sustainable management of forests. This will help create livelihood opportunities and increase the income of forest-dependent communities in the Madhesh and Lumbini provinces, added the statement. Rural Reconstruction Nepal is the national executing agency for the project.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Lada Strelkova, World Bank’s operations manager for the Maldives, Nepal, and Sri Lanka, and Dr Arjun Karki, president of Rural Reconstruction Nepal, signed the agreement on behalf of their respective organisations.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">“This project supports Nepal’s Indigenous Peoples and Local Communities through a dedicated funding mechanism that will promote and protect their customary institutions that are crucial for the sustainable management of natural resources and climate resilience,” the statement quoted Strelkova as saying. “The project contributes significantly to Nepal’s transition to Green, Resilient, and Inclusive Development (GRID) for sustainable recovery, growth, and jobs.” </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">According to the World Bank, the DGM Nepal project aims to provide long‐term benefits to IPLCs from the sustainable use of forests, including adding value to products and more active involvement in Nepal’s policy-making process. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">“The project provides much-needed support to forest-dependent indigenous peoples and local communities to enhance their resilience and build livelihoods through small-scale forest and non-forest-based business and employment opportunities,” said Dr Arjun Karki, president of Rural Reconstruction Nepal. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">IPLCs are both beneficiaries and active proponents and participants in the project. During implementation, they will preside over the use of the grant resources in Nepal through a National Steering Committee (NSC) to provide strategic and leadership guidance to the RRN as executing agency, the World Bank further said. The NSC is a 14-member team of representative NGOs identified through a self-selection process with an equal representation of IPLC representatives as decision-making members. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">The DGM Nepal project is funded by the Climate Investment Funds (CIF) Forest Investment Program (FIP) implemented by the World Bank to enhance the role of IPLCs in protecting the forests they depend on. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">“If forest-dependent indigenous peoples and local communities from Madhesh and Lumbini Provinces can generate income from forest-related activities and foster innovation through this project’s capacity building and competitive grants mechanism, it will encourage IPLCs to ensure that their traditional knowledge, norms, and values are recognized alongside with the customary law,” said Jagat Baram, co-chair of the National Steering Committee.</span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-11-16', 'modified' => '2022-11-16', 'keywords' => '', 'description' => '', 'sortorder' => '16060', 'image' => '20221116022531_World Bank RRN DGM signing .jpg', 'article_date' => '2022-11-16 14:24:53', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '16318', 'article_category_id' => '1', 'title' => 'Development Banks, Finance Companies Slash Interest on Deposits; Commercial Banks Keep it Stable', 'sub_title' => '', 'summary' => 'November 16: At a time when industrialists are protesting against the hike in interest rate on lending by banks and financial institutions, development banks and finance companies have decreased the interest rate on deposits. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">November 16: At a time when industrialists are protesting against the hike in interest rate on lending by banks and financial institutions, development banks and finance companies have decreased the interest rate on deposits. Citing slight improvement in state of liquidity and ease in credit-deposit ratio, development banks and finance companies took the decision to cut the interest on deposits. Meanwhile, commercial banks have decided to keep the current interest rates stable for the next month as well. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Development Bankers Association Nepal has decided to slash the interest on deposits by 0.15 per cent for a month starting from mid-November till mid-December. As of mid-November, development banks were providing up to 13 per cent interest on fixed deposits. They have set the maximum interest on fixed deposits at 12.85 per cent for the next one month period. Likewise, they have reduced the maximum interest on savings from 10 per cent to 9.85 percent for the next one month period. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Chairman of Development Bankers Association Nepal and Muktinath Bikash Bank’s Chief Executive Officer Pradyuman Pokhrel said that they had decided to lower the interest on deposits as the credit-deposit ratio had eased of late. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Chairman of Nepal Financial Institutions Association, Saroj Kaji Tuladhar, informed that the association has decided to decrease the interest on deposits by 0.20 per cent for the next month. Finance companies were providing a maximum of 13.20 per cent interest on three-month fixed deposits and 13.45 per cent on one-year fixed deposits. The association has set the interest on three-month fixed deposits at 13 per cent and 13.30 per cent for one-year fixed deposits for the next month. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Meanwhile, commercial banks have decided to keep the interest rate unchanged for the next month. Nepal Bankers Association Chairman Anil Kumar Upadhayay said that they have decided to keep the interest rate stable as frequent changing of it would have negative impact. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">“Nepal Bankers Association will take further decision keeping in view of post-election scenario and Nepal Rastra Bank’s review on monetary policy of the first quarter,” Upadhayay added.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Banks had been providing interest rate on individual fixed deposits at 12.33 per cent in the Nepali month of Kartik (mid-October to mid-November ). The same interest rate will come into effect for the next one-month period as well. </span></span></span></p> <p> </p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-11-16', 'modified' => '2022-11-16', 'keywords' => '', 'description' => '', 'sortorder' => '16059', 'image' => '20221116011323_Banks - Copy.jpg', 'article_date' => '2022-11-16 13:12:30', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '16317', 'article_category_id' => '1', 'title' => 'Asian Stocks Shaken by Blast in Poland; Dollar Gains', 'sub_title' => '', 'summary' => 'November 16: Asian stocks dropped and the dollar gained on Wednesday after a blast in Poland. ', '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"">November 16: Asian stocks dropped and the dollar gained on Wednesday after a blast in Poland. According to Reuters, Ukraine and Polish authorities have said that the blast was caused by a Russian-made missile.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The news agency added that worries over a potential ratcheting up of geopolitical tensions spurred a drop of 1 percent in MSCI's broadest index of Asia-Pacific shares outside Japan.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Australian shares fell 0.4 percent, while Japan's Nikkei stock index dropped 0.1 percent. Hong Kong's Hang Seng Index shed 1.1 percent and China's CSI 300 fell 0.4 percent by the midday break. According to Reuters, the struggling property sector weighed on the markets, with China's new home prices falling at their fastest pace in more than seven years in October, weighed down by COVID 19-related curbs and industry-wide problems.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">US stock futures, the S&P 500 e-minis, fell 0.2 percent. In early European trade, the pan-region Euro Stoxx 50 futures lost 0.9 percent, German DAX futures dipped 1 percent, and FTSE futures fell 0.5 percent.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The safe-haven US dollar pared gains against its major peers but was still mostly higher, led by a 0.63 percent advance versus the yen, added Reuters. Likewise, sterling lost 0.32 percent, while the risk-sensitive Aussie dollar weakened 0.34 percent. The euro was flat.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">NATO member Poland has blamed that a Russian-made rocket killed two people in eastern Poland near Ukraine.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the BBC, Polish officials said the "Russian-made missile" landed in Przewodow, on the Ukrainian border.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Moscow has denied the allegations.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Meanwhile, Al Jazeera reported that NATO allies are preparing to hold an emergency meeting to discuss the strike.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">NATO and its allies, including the United States, have said they are investigating the cause of the explosion in Poland on Tuesday.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-11-16', 'modified' => '2022-11-16', 'keywords' => '', 'description' => '', 'sortorder' => '16058', 'image' => '20221116115210_Untitled.jpg', 'article_date' => '2022-11-16 11:51:33', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '16316', 'article_category_id' => '1', 'title' => 'Temperature Drops Across the Country ', 'sub_title' => '', 'summary' => 'November 16: The Department of Hydrology and Meteorology has urged one and all to remain cautious as the temperature across the country is dropping gradually. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">November 16: The Department of Hydrology and Meteorology has urged one and all to remain cautious as the temperature across the country is dropping gradually. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Issuing a special bulletin on Wednesday, the department urged the general public to protect themselves from cold as the temperature has been gradually declining in the country due to the impact of the westerly winds. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The minimum temperature in the country is likely to decrease further while considering the recent patterns, the department said. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">In the past 24 hours, the Kathmandu valley’s minimum temperature remained 9.0 degree Celsius while the maximum temperature was 22.0 degree Celsius, the department added. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, the Weather Forecasting Division of the department said that hill areas of Province 1, Gandaki and Karnali provinces are likely to remain partly cloudy while the mountainous regions of Province 1, Gandaki and Karnali would remain mainly fair this afternoon. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-11-16', 'modified' => '2022-11-16', 'keywords' => '', 'description' => '', 'sortorder' => '16057', 'image' => '20221116112711_aaa.jpg', 'article_date' => '2022-11-16 11:26:21', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '16315', 'article_category_id' => '1', 'title' => 'Global IME Bank Signs Merger Agreement with BoK', 'sub_title' => '', 'summary' => 'November 15: Global IME Bank has signed a merger agreement with Bank of Kathmandu in what is believed to be a deal to create the biggest bank of Nepal in terms of capital and business.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">November 15: Global IME Bank has signed a merger agreement with Bank of Kathmandu in what is believed to be a deal to create the biggest bank of Nepal in terms of capital and business.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">The two banks signed an agreement to this effect on Monday. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">According to a statement issued by Global IME Bank, its chairman Chandra Prasad Dhakal and the chairman of BoK Prakash Shrestha signed the agreement on behalf of their respective banks.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">After the merger, the total capital of the merged entity will rise to Rs 57 billion while the paid-up capital will increase to Rs 35.77 billion. The total deposits of the merged entity will cross Rs 400 billion while the credit flow will stand at Rs 379 billion, making it the biggest bank of Nepal in terms of paid-up capital and volume of business.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">Board of directors of both the banks have approved a swap ratio of 1:1 based upon the recommendation of an evaluation report. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">As per the recommendation, the name of the new entity will be Global IME BoK Limited and the new board of directors will be represented by five members of Global IME Bank including its chairman. Likewise, the new board of directors will have two members from BoK.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">Global IME Bank’s CEO Ratna Raj Bajracharya will continue his job as the CEO after the merger.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">Both the banks have earned net profit of Rs 1.47 billion by mid-October in the current fiscal year. After the merger, the new entity will have a total of 396 branches, 368 ATMs, 275 branchless banking facilities and 61 extension counters and three contact offices abroad. The new bank will have more than 4 million customers.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">The two banks believe that the merger will help deliver better services to the customers.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">Currently there are 26 commercial banks operating in Nepal.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">Banks and financial institutions in Nepal have started merging with each other or acquiring other banks as per the directive of Nepal Rastra Bank. The central bank of Nepal has adopted a policy to encourage merger/acquisition of banks so that the banks can cope with financial crisis better in the future.</span></span></span></span></p> <p> </p> <p> </p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span></p> ', 'published' => true, 'created' => '2022-11-15', 'modified' => '2022-11-15', 'keywords' => '', 'description' => '', 'sortorder' => '16056', 'image' => '20221115064330_1668431648404.jpg', 'article_date' => '2022-11-15 18:42:57', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '16314', 'article_category_id' => '1', 'title' => 'Regional Conference on Suitable Seeds for Food Security Focuses on Better Access to Seeds', 'sub_title' => '', 'summary' => 'November 15: Experts have stressed on the importance of food security amid challenges posed by climate change.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">November 15: Experts have stressed on the importance of food security amid challenges posed by climate change.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Speaking at a regional conference on Suitable Seeds for Food Security organized recently in Kathmandu, Dr Jagadish Chandra Pokharel, former vice-chairman of the National Planning Commission, said that the importance of food security has grown multi-fold given the changing climatic conditions. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Dr Pokharel, who is also the chairman of the Nepal Institute for Urban and Regional Studies (NIURS), added that seed diversity is integral to food security.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The conference was organized jointly by South Asia Watch on Trade, Economics and Environment (SAWTEE), Kathmandu and Norway-based Fridtjof Nansen Institute (FNI) to disseminate the findings of the study “Suitable seeds for food security in fragile states”.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to a statement issued by SAWTEE, the discussions held at the two-day conference focused on the roles of policy, legal and institutional frameworks with respect to access to suitable seeds in South Asia.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Another speaker Dr Kristin Rosendal, senior researcher at FNI, Norway, highlighted in her presentation that food security depends largely on access to a broad variety of suitable seeds. She argued that good quality food plants that are adapted to changing climate is necessary to fight climate change, added the statement. Dr Rosendal said that access to seeds is affected by international goals given that the top three corporations in the world control half the global seed market value. “Such facets intensely undermine the trust in the global circulation of seeds,” she added.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Dr Posh Raj Pandey, chairperson of SAWTEE, said that the overlapping global food and climate crises have left many people with multiple vulnerabilities, especially in the Least Developed Countries (LDCs). Hence, when formulating seed policy to ensure food security, the ground reality of LDCs should be taken into account, by enhancing participatory and gender-sensitive approaches and improving the linkages of seed security, agri-productivity, and nutrition within households.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Christian Prip, senior research fellow at FNI, said that there have been conflicting interests with regard to the industrialization of agriculture driven by economic gains and the objective of protecting the diversity of genetic resources of plants to ensure long-term food security and farmers rights.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The two-day conference saw discussions on topics such as ‘Fostering Regional Co-operation for seed security: South Asian Perspective’, ‘Changes in EU Seed Regulations – Global Trends’, ‘Financing Climate Change Adaptation’ and ‘Impact of COVID-19 on agri input chain’. The event saw participation of researchers, academics, policymakers, representatives of farmers’ bodies, consumer rights activists, organizations working on climate change adaptation, and media, among others. There were participants from Bangladesh, India, Nepal, Pakistan, Sri Lanka and Norway.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-11-15', 'modified' => '2022-11-15', 'keywords' => '', 'description' => '', 'sortorder' => '16055', 'image' => '20221115060720_sawtee.jpg', 'article_date' => '2022-11-15 18:06:17', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '16313', 'article_category_id' => '1', 'title' => 'Government Announces Two Days of Public Holiday for Elections ', 'sub_title' => '', 'summary' => 'November 15: The government has decided to give a two-day public holiday for government employees in view of the elections to the Member of the House of Representatives and the Provincial Assembly on November 20. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">November 15: The government has decided to give a two-day public holiday for government employees in view of the elections to the Member of the House of Representatives and the Provincial Assembly on November 20. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The Ministry of Home Affairs issued a notice on Tuesday informing that government offices and public entities will be observing public holiday on November 20 and 21. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the spokesperson of the home ministry, Phanindramani Pokhrel, teaching institutes or schools serving as the polling stations for voting during the twin elections on November 20 are entitled for public holiday for four days beginning from November 18. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">It may be noted that the Election Commission earlier urged the government to give public holiday as far as possible so as to encourage the public to take part in the elections being held across the country in a single phase. The EC believes that public holidays will help increase voters’ turnout. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Meanwhile, the Tribhuvan University (TU) has decided to give public holidays in all subordinate campuses and offices for four days beginning from November 17. According to TU information and Public Relations Division Chief Yogendra Prasad Dahal, some of TU colleges are serving as the polling locations and it decides to give public holiday in view of the elections so that the daily activities of the colleges remain unaffected. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Meantime, Tribhuvan International Airport (TIA) Office has decided to cease regular domestic flights on November 20 when the country is witnessing the voting for the twin elections. However, the airport’s spokesperson Teknath Sitaula said chartered fights will not be halted on the voting day. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-11-15', 'modified' => '2022-11-15', 'keywords' => '', 'description' => '', 'sortorder' => '16054', 'image' => '20221115025525_JS_Lamjung-byanarpattaudaikarmacharipiclamjung(2).jpg', 'article_date' => '2022-11-15 14:54:50', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '16312', 'article_category_id' => '1', 'title' => 'Biden and Xi Dismiss Cold War Fears', 'sub_title' => '', 'summary' => 'November 15: US President Joe Biden met with his Chinese President Xi Jinping on the sidelines of the G20 Summit in Indonesia on Monday in what is said to be the first meeting of the two leaders of the largest economies in the world.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">November 15: US President Joe Biden met with his Chinese President Xi Jinping on the sidelines of the G20 Summit in Indonesia on Monday in what is said to be the first meeting of the two leaders of the largest economies in the world.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to Reuters, the Biden and Xi engaged in blunt talks over Taiwan and North Korea in a three-hour meeting aimed at preventing strained US-China ties from spilling into a new Cold War.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the news agency, the two leaders pledged more frequent communications amid simmering differences on human rights, Russia's invasion of Ukraine, and support of domestic industry.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"We're going to compete vigorously. But I'm not looking for conflict, I'm looking to manage this competition responsibly," Reuters quoted Biden as saying after his talks with Xi on the sidelines of the G20 summit in Indonesia.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The G20 Summit of industrial countries kicked off in Bali, Indonesia on Tuesday. Taiwan will be the major agenda of the meeting between the two countries, according to the BBC. It is expected that the encounter will help to take the bilateral relationship and cooperation to a new height.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">This is the first time Biden met Xi in person after he was elected as the president of the United States in 2020. The meeting was much-awaited amidst the strained relation between the two superpowers. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">China has been claiming Taiwan as part of it while Taiwan boasts of being a sovereign country. The United States has been backing Taiwan. Sometimes ago, Speaker of the US House of Representatives Nancy Pelosi had visited the island drawing stern criticism from mainland China. Her visit had aggravated the relationship between the first and second largest economies. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Following the tension, the US banned the import of computer chips from China which has affected China’s export-driven economy. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The US and China are the two largest economies. The continued trade war between them has affected almost all countries. One of the major agendas the G20 Summit is expected to incorporate is the trade war between these two countries. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The G20 Group comprises Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Korea, Turkey, Britain, and the United States. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-11-15', 'modified' => '2022-11-15', 'keywords' => '', 'description' => '', 'sortorder' => '16053', 'image' => '20221115023619_biden.jpg', 'article_date' => '2022-11-15 14:35:25', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '16311', 'article_category_id' => '1', 'title' => 'Domestic Airline Companies Reluctant to Operate Flights to Remote Areas', 'sub_title' => '', 'summary' => 'November 15: Nepal’s aviation policy has made it mandatory for domestic airline companies to operate flights to remote areas.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:19.0pt">November 15: Nepal’s aviation policy has made it mandatory for domestic airline companies to operate flights to remote areas. Air service providers, however, have been reluctant to do so.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:19.0pt">The Ministry of Culture, Tourism and Civil Aviation seems to be silent despite the fact that airline companies have pledged to make compulsory flights to far-flung regions. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:19.0pt">Airline companies that are operating flights to urban areas need to comply with the provision to operate flights to remote region as per the aviation policy of Nepal and the social responsibility of the airliners. But, the airline companies are defying the aviation policy as they are just concentrated on city areas for hefty profit, bemoaned Hari Budha of Jumla.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:19.0pt">Gyanendra Bhul, deputy spokesperson of the Civil Aviation Authority of Nepal (CAAN), says that the Ministry of Culture, Tourism and Civil Aviation bears the responsibility to implement the policy of compulsory flights to remote areas.</span></span></span></p> <p> </p> <p> </p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:19.0pt">“If the policy to make compulsory flights to remote areas was mentioned in the Civil Aviation Authority Act, the authority would have the onus to execute it. Ambiguity in the provision on policy and act has brought the present situation,” said Bhul. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:19.0pt">Nine airline companies including Buddha Air, Shree Airlines, Yeti Airlines and Saurya Airlines have not provided their services to far-flung regions. Tara Airlines, Summit Air, Sita Air and Nepal Airlines, the national flag carrier, have been operating flights to remote regions in the country.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:19.0pt">Buddhi Sagar Lamichhane, joint secretary at the Ministry of Tourism, said that they could not force airline companies to operate flights to remote areas.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:19.0pt">“It is not easy to make flights to remote regions due to high cost and difficult topography,” said Lamichhane, adding, “We have to encourage new companies to operate flights to far-flung regions by providing discount on aircraft import, landing and parking fee.”</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:19.0pt">Buddha Air, the largest private airline company of Nepal in terms of aircraft number, has been operating such flights to only Surkhet, a hill district in Karnali Province. The airline operates one flight on Surkhet-Kathmandu route a day. </span></span></span></p> <p> </p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:19.0pt">Officials at the Civil Aviation Authority of Nepal say that airline companies are having a tough time operating flights to remote areas due to large size of aircraft. An official from the civil aviation authority says that companies are unwilling to go to remote areas and new places since they are making profit from their flights to convenient city areas. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:19.0pt">Officials at the airline companies, however, claim that they can not operate flights to hill regions owing to small and short runways and shortage of passengers. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:19.0pt">“For our aircraft to land, we need 1600-meter-long runway. But, the runways in hill areas are small for landing and take-off,” said an official from a private company.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:19.0pt">Shree Airlines’ spokesperson Anil Manandhar said that flights could not be made to hill regions due to small size of runways. “We have to procure new aircraft as operating flights to the hill regions is not possible with the existing planes,” Manandhar added.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:19.0pt">No different is the response of Mukesh Kafle from Saurya Airlines. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:19.0pt">“Our airline is failing to operate flights to remote and hill regions due to small size of the runways,” Kafle stated. He, however, said that his company was planning to purchase new small-sized aircraft for flights to remote areas.</span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-11-15', 'modified' => '2022-11-15', 'keywords' => '', 'description' => '', 'sortorder' => '16052', 'image' => '20221115123054_1668464094.7.jpg', 'article_date' => '2022-11-15 12:30:12', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '16310', 'article_category_id' => '1', 'title' => 'Minimum Foreign Investment Limit for NRNs Removed', 'sub_title' => '', 'summary' => 'November 15: The government has removed the minimum limit required for foreign investment for the non- resident Nepalis (NRNs) willing to investment in Nepal through investment companies.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:17.0pt">November 15: The government has removed the minimum limit required for foreign investment for the non- resident Nepalis (NRNs) willing to investment in Nepal through investment companies.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:17.0pt">The government made such a provision by using the authority granted by the Foreign Investment and Technology Transfer Act-2075 BS. This is expected to increase foreign investment to the country. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:17.0pt">The minimum limit required for foreign investment for each investor stands at Rs 20 million, as per a notice published on the Nepal Gazette by the Ministry of Industry, Commerce and Supplies.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:17.0pt">Earlier, the minimum limit for foreign investment was set at Rs 50 million. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:17.0pt">A cabinet meeting held a few days ago took the decision to remove the minimum threshold needed for foreign investment for the non-resident Nepalis. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:17.0pt">“We have published the notice on the Nepal Gazette in accordance with the latest decision of the Council of Ministers,” said Dr Toyanath Gyawali, secretary at the Ministry of Industry, Commerce and Supplies.</span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-11-15', 'modified' => '2022-11-15', 'keywords' => '', 'description' => '', 'sortorder' => '16051', 'image' => '20221115115144_NRNA.jpg', 'article_date' => '2022-11-15 11:51:05', '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
