November 10: The International Monetary Fund (IMF) has concluded that the uncertainty faced by world economy still…
November 10: The International Monetary Fund (IMF) has concluded that the uncertainty faced by world economy still…
November 10: There is legal provision for the government to fix the minimum support price of paddy before plantation. However, the government has been fixing such price only after the farmers sell their…
November 9: The World Bank and the Institute for Integrated Development Studies (IIDS) jointly organized the 10th South Asia Economic Policy Network Conference on Migration in South Asia on November 7-8 in…
November 9: Twenty two-year-old Keshav Bhandari of Ghodaghodi Municipality-5, Deukalia, in Kailali district is heading towards Malaysia…
November 9: Sudeep Acharya, managing director of Dish Media Network, has been recognized as one of the top ten business leaders in South Asia for the year 2022 by CEO Insights Asia.…
November 9: The Government of Nepal is preparing to sign a bilateral agreement with the US in December to start direct flights between the two countries.…
November 9: The business of non-life insurance companies declined by 13 percent in mid-September to mid-October of the current fiscal…
November 9: Industrialists of eastern Nepal have submitted a memorandum to the government regarding excessive interest rates charged by…
November 9: At least six people have reportedly died and five others sustained injuries as houses collapsed due to a powerful earthquake that hit several districts of Sudur Paschim province in the wee hours today. …
November 8: The Government of India has extended the ban imposed on export of sugar by one year.…
November 8: Ramesh Corp, a business house of Nepal, and Kajaria Ceramics Limited of India are preparing to establish a tile industry in Nepal with joint…
November 8: The Insurance Board, which has been regulating the insurance sector of Nepal, has been transformed into the Insurance Authority effective from Tuesday, November…
November 8: Political parties are still unveiling their manifestos for the November 20 election to the House of Representatives and provincial…
November 8: Nepal Railway Company Limited has announced additional trips along the Jayanagar-Janakpur-Kurtha route for today and tomorrow considering the increase in number of…
November 8: The Government of Nepal has signed an agreement with the Asian Development Bank (ADB) for investment in the Nuts and Fruits in Hilly Area…
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It says that due to prolonged uncertainty, interest rates have increased worldwide and inflationary pressure remains intact.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">In an event held in Kathmandu, Teresa Daban Sanchez, the resident representative of the IMF for Nepal said that the rising prices have become a matter of concern for all countries.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">In a report published by IMF, it is estimated that inflation in countries including the US is aggressively rising and may continue to rise. The report warns that most of the countries will be hit by higher prices due to the sluggish recovery after COVID-19. Sánchez said the world economy has been pushed towards uncertainty due to the tightening of the global financial situation, the negative impact of the Russia-Ukraine war and the rising prices of commodities.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Amid uncertainty, IMF has projected that Nepal's economy to grow by 5 percent in the fiscal year (FY) 2022/23. This year, Nepal's current account deficit is expected to be 6.3 percent of the GDP. Meanwhile, the government's economic growth target for the current fiscal year is 8 percent. The government assured that inflation will not go above 7 percent this year. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to the IMF, the economic growth rate of the world in 2022 will be 3.2 percent. During this period, India, China, and Japan will make economic progress at the rates of 6.8 percent, 3.2 percent, and 1.7 percent, respectively.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Similarly, in 2023, the growth of global economy will be 2.7 percent. In 2023, while the economic growth rate in Asia will be 4.3 percent, India will progress by 6.1 percent, China by 4.4 percent and Japan by 1.5 percent.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The report concludes that prices are increasing more in low-income countries and that the rate of price hike may increase further.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to the IMF, there is a need for major reforms in the economic policy to remove the uncertainty in the economy. It also pointed out that risks may arise due to export restrictions imposed by China and trading partners and natural and climate-related disasters. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-11-10', 'modified' => '2022-11-10', 'keywords' => '', 'description' => '', 'sortorder' => '16020', 'image' => '20221110115903_iiii.jpg', 'article_date' => '2022-11-10 11:58:27', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '16278', 'article_category_id' => '1', 'title' => 'Government Fixes Minimum Support Price of Paddy after Farmers Sell their Produce', 'sub_title' => '', 'summary' => 'November 10: There is legal provision for the government to fix the minimum support price of paddy before plantation. However, the government has been fixing such price only after the farmers sell their produce.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">November 10: There is legal provision for the government to fix the minimum support price of paddy before plantation. However, the government has been fixing such price only after the farmers sell their produce.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The farmers have been bearing financial loss due to the delay on part of the government in implementing the minimum support price. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Farmers who are financially weak often sell their paddy soon after harvesting because they need money to purchase seeds and fertilizer for the winter crop. By the time the government implements the minimum support price, many farmers would already have sold their produce at throw-away prices to middlemen. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">As per the decision taken by the Council of Ministers on November 2, the government has fixed the minimum support price of thick-sized paddy at Rs 2,967 per quintal and the minimum support price of medium-sized paddy at Rs 3,128 per quintal. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The price of thick-sized paddy is Rs 215 more than the price per quintal fixed last year. Likewise, the price of medium-sized paddy is Rs 226 more than last year.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The government has been increasing the support price of paddy every year but the farmers have been at the receiving end due to the delay in announcing the support price. This only helps the businessmen. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Farmers of the terai districts, which produces most of the paddy in Nepal, have already sold off the thick-sized paddy this year. They are in the process of harvesting middle-sized paddy.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Bhuvaneshwar Yadav, a farmer of Siraha, cultivates paddy in eight bighas (1 bigha is equal to 0.61 acre) of land. He planted thick-sized paddy in three bighas of land. He said that he has already sold 15 quintals of rice at Rs 2,200 per quintal because he needs money to purchase fertilizer for the winter crop.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">“Now I have some paddy left. We keep small and medium-sized paddy for consumption while sell the thick-sized paddy,” says Yadav, adding, “Had the government fixed the support price of paddy only a month ago, thousands of farmers like him would have benefitted a lot.”</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Yadav added that they had to sell the paddy at a loss because they were in urgent need of money.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The farmers of Bardiya also sold paddy at Rs 2,100 per quintal to the businessmen, according to Agni Aryal, coordinator of the Rajapur Paddy Super Zone. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">“The farmers are not in a situation to hold off the sale until the government fixes the support price,” Aryal told New Business Age in a telephone conversation. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">“The festivals have just ended and the farmers have spent whatever money they had. Now they are tensed to manage money for the winter crop. In such a situation, they are compelled to sell their produce at scrap value,” he added.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Aryal further says that some farmers urgently need money to pay off the debt taken during the festivals.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Prakash Kumar Sanjel, spokesperson of the Ministry of Agriculture and Livestock Development, says that there was a delay in fixing the minimum support price because the ministry had to take permission from the finance ministry. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">“We also had to take permission from the Election Commission this time because of the Election Code of Conduct,” said Sanjel.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The government has made arrangements to purchase the paddy produced by farmers through the Food Management and Trading Company Limited. The ministry informed that arrangements have been made to purchase 300,000 tons of paddy through agriculture cooperatives for which the government has allocated a budget of Rs 330 million. Last year, the government purchased 900,000 tons of paddy under this programme.</span></span></p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-11-10', 'modified' => '2022-11-10', 'keywords' => '', 'description' => '', 'sortorder' => '16019', 'image' => '20221110111457_paddyyyy.jpg', 'article_date' => '2022-11-10 11:14:23', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '16277', 'article_category_id' => '1', 'title' => 'World Bank Organises Conference on Migration in South Asia', 'sub_title' => '', 'summary' => 'November 9: The World Bank and the Institute for Integrated Development Studies (IIDS) jointly organized the 10th South Asia Economic Policy Network Conference on Migration in South Asia on November 7-8 in Kathmandu.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">November 9: The World Bank and the Institute for Integrated Development Studies (IIDS) jointly organized the 10th South Asia Economic Policy Network Conference on Migration in South Asia on November 7-8 in Kathmandu.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the World Bank, the conference brought together insightful discussions on the status, challenges and advancements of migration in the region.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The conference noted that internal and international economic migration, largely temporary in nature, is a major factor in the lives of the poor in South Asia. According to the World Bank, it helps millions of households improve their lives by enabling large remittance inflows and insurance from local shocks, and through the contribution of migrants to local economies. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“The act of migration entails potentially high returns but also considerable risks and costs. The COVID crisis has also brought to the fore several long-standing policy concerns related to economic migration in South Asia,” the World Bank wrote on its website.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The two days of hybrid sessions featured paper presentations, a keynote lecture, policy and expert panel discussions, and a short presentation on the main findings of the World Bank’s South Asia Economic Focus Fall 2022 Coping with Shocks: Migration in South Asia, added the World Bank.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-11-09', 'modified' => '2022-11-09', 'keywords' => '', 'description' => '', 'sortorder' => '16018', 'image' => '20221109062801_SAEPN-Web-postcard.jpg', 'article_date' => '2022-11-09 18:27:10', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '16276', 'article_category_id' => '1', 'title' => 'Aspiring Migrant Workers Hardly Interested in Upcoming Elections', 'sub_title' => '', 'summary' => 'November 9: Twenty two-year-old Keshav Bhandari of Ghodaghodi Municipality-5, Deukalia, in Kailali district is heading towards Malaysia today.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">November 9: Twenty two-year-old Keshav Bhandari of Ghodaghodi Municipality-5, Deukalia, in Kailali district is heading towards Malaysia today. He is heading towards Malaysia for a house-keeping job.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Bhandari is just a representative case. Scores of others like him are traveling abroad on a daily basis for foreign employment. According to government data, around two thousand aspiring migrant workers from Nepal visit Malaysia on a daily basis. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The election is just around the corner but this has not stopped people heading for greener pastures abroad.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The elections to the House of Representatives and Provincial Assemblies will be held on November 20 later this month.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The election is just two weeks away but the youths are not bothered about it at all. Twenty eight-year-old Jeevan Mahata, another young man from Naugad Rural Municipality-4, Hopari in Daarchula district is also preparing to go abroad for foreign employment. He is also heading towards Malaysia for house-keeping job. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Those who are heading abroad for foreign employment say that they are compelled to go abroad to make their ends meet. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">“We cannot stay back for the election,” says Mahata, adding, “The election will hardly provide us two square a meal. We have to manage our expenses ourselves.”</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Bhandari also expressed similar views. The youths have been compelled to go abroad for jobs because the government has failed to create employment opportunities in the country itself.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">In an average, 2246 people are leaving the country for foreign employment on a daily basis. This data is based on the labour permits acquired by aspiring workers in the first three months of the current fiscal year.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">According to the data of the Department of Foreign Employment, a total of 202,148 people have acquired work permits for foreign employment in the first quarter of the current fiscal year. The figure is 49 percent more compared to the number of people acquiring work permits during the corresponding period of last fiscal year, when a total of 101,139 people had acquired such permits.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">According to the department, most of the people have acquired labour permits to work in Malaysia this year. A total of 86,918 Nepalis were granted permission to work in Malaysia in the first three months of the current fiscal year.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">After Malaysia, most of the workers are heading towards Qatar (34,188) followed by Saudi Arabia (24,350) and the UAE (21,460).</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Foreign employment expert Som Luitel says that the youths of Nepal are forced to go abroad for employment because the government has not made necessary arrangements for their employment within the country. He says that the government hasn’t introduced any effective plans to stop the brain drain.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">On the other hand, government authorities claim that they have been conducting various programmes to retain the workforce in the country. Critics however believe that most of those programmes are focused on providing employment to the cadres of political parties.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-11-09', 'modified' => '2022-11-09', 'keywords' => '', 'description' => '', 'sortorder' => '16017', 'image' => '20221109050949_20210428111434_20200922040433_20200310105652_aaa.jpg', 'article_date' => '2022-11-09 17:09:10', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '16275', 'article_category_id' => '266', 'title' => 'Sudeep Acharya Among Top Ten Business Leaders of South Asia ', 'sub_title' => '', 'summary' => 'November 9: Sudeep Acharya, managing director of Dish Media Network, has been recognized as one of the top ten business leaders in South Asia for the year 2022 by CEO Insights Asia. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">November 9: Sudeep Acharya, Managing Director of Dish Media Network, has been recognized as one of the top ten business leaders in South Asia for the year 2022 by CEO Insights Asia. The honor is given to the top-notch professionals and business leaders in South Asia who drive the country's corporate realm to its future in multiple dimensions, Dish Media Network said in a statement. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Dish Media Network, which claims to be the only DTH service provider in Nepal, is serving over a million customers under the leadership of Acharya. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">He is also the chairman of Digital Home International, which produces set-up boxes and has recently expanded its product portfolio into home appliances, added the statement. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“Besides, under his chairmanship, Kamana Sewa Bank has extended its services through 131 branches across the country.” </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">When asked about his success mantra, Acharya attributes all his success to teamwork.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">His advice to aspiring leaders is, "As Entrepreneurs, what you need to understand is that there are downsides too. So, before deciding to build something, ensure that there has been ample research."</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the statement, Dish Media Network expanded its service as an Internet Service Provider through DishHome Fibernet in 2020 by addressing the demand of the Nepali people. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“It also recently launched its IPTV, focusing on the new generation. With so much success and international recognition, Sudeep Acharya looks forward to connecting every Nepali household to a broadband network,” the statement added.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-11-09', 'modified' => '2022-11-09', 'keywords' => '', 'description' => '', 'sortorder' => '16016', 'image' => '20221109030135_Sudeep Sir(2) (1).jpg', 'article_date' => '2022-11-09 15:00:45', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '16274', 'article_category_id' => '1', 'title' => 'Nepal, US to Sign Agreement for Direct Flights', 'sub_title' => '', 'summary' => 'November 9: The Government of Nepal is preparing to sign a bilateral agreement with the US in December to start direct flights between the two countries. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">November 9: The Government of Nepal is preparing to sign a bilateral agreement with the US in December to start direct flights between the two countries. The Nepal Civil Aviation Authority is making necessary preparations for direct flights to the US after receiving approval from the cabinet meeting a few days ago.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">CAAN Spokesperson Jagannath Niraula informed that a bilateral agreement for direct flights between the two countries will be signed by December. This agreement will pave way for direct flights between Kathmandu and the USA. It will allow airliners from Nepal, the US and other countries to operate direct flights between Kathmandu and the United States.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Spokesperson Niraula said that direct flights will help the country earn more foreign currency, and bring in more tourists. Also, since the number of Nepalis living in the USA is increasing, the agreement will also ease their movement, the authority said. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Currently, passengers travelling to the USA from Nepal have to flying through India, Singapore, Qatar, Dubai, Turkey, Bangkok etc.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Niraula said that the direct flight agreement will strengthen the relationship between the two countries. According to the Nepal Tourism Statistics 2020, Americans are among the key tourists visiting Nepal. According to the statistics, about 100,000 American tourists visit Nepal annually. Likewise, the number of tourists coming from America is gradually increasing, the data show.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to the data released by the Ministry of Culture, Tourism and Civil Aviation, 42,875 tourists from America visited Nepal in 2011. This number increased to 93,218 in 2019 before the onset of Covid-19. In the year 2020, during the pandemic, 17,767 American tourists visited Nepal.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Likewise, 63, 018 American tourists visited Nepal in the first ten months of 2022.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Ramesh Thapa, president of the Nepal Association of Tour and Travel Agents (NATTA), said that not only tourists but also Nepalis living in America will benefit from the agreement. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">"Currently, tourists travelling to Nepal from the US have to pay two-way fares ranging from USD 2,000 to 2,500," Thapa said, adding, “Direct flights between the US and Nepal will likely reduce the fare and also travel time.”</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-11-09', 'modified' => '2022-11-09', 'keywords' => '', 'description' => '', 'sortorder' => '16015', 'image' => '20221109024128_Nepal-Airlines.jpg', 'article_date' => '2022-11-09 14:40:48', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '16273', 'article_category_id' => '1', 'title' => 'Business of Non-Life Insurance Companies Shrinks by 13 Percent', 'sub_title' => '', 'summary' => 'November 9: The business of non-life insurance companies declined by 13 percent in mid-September to mid-October of the current fiscal year.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">November 9: The business of non-life insurance companies declined by 13 percent in mid-September to mid-October of the current fiscal year.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The business of non-life insurance company has been affected due to the lack of liquidity in the banking system, which has led to a decline in credit flow from banks.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Since the beginning of the current fiscal year, the business of insurance companies has been decreasing. According to the Nepal Insurance Authority, the non-life insurance companies collected insurance premiums worth Rs 2.967 billion from mid-September to mid-October of the current year. The insurance premiums collected between mid-July to mid-August was Rs 4.475 billion and the figures in mid-August to mid-September was Rs 3.39 billion.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">There is a mandatory provision for banks to insure the collateral taken while disbursing the loan. Due to the lack of liquidity, credit flow of banks has been limited.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Similarly, due to the strict policy adopted by the government for the import of vehicles, the non-life insurance business has also been affected.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Although the collection of insurance premiums dropped, there has been a general increase in the number of insurance policies issued from mid-September to mid-October compared to the previous months. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The companies issued 221,642 insurance policies from mid-July to mid-August, 223,727 from mid-August to mid-September and 244,097 from mid-September to mid-October.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Rajuraman Poudel, executive director and spokesperson of the authority, said that along with the decline in economic activities, there has also been a decline in the business of insurance companies. “Due to lack of liquidity, banks have tightened credit flow, impacting the business of non-life insurance companies,” said Poudel.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> According to the regulations of the Nepal Rastra Bank, banks must insure the property they take as mortgage.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The non-life insurance companies operating in the first quarter of the current fiscal year (mid-July-mid-October) did business worth Rs 10.84 billion. Up to this period, the companies issued a total of 689,468 insurance policies.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Two companies managed to collect more than Rs 1 billion as insurance fees by mid-October. The government-owned National Insurance Company collected the highest insurance premiums of Rs 1.264 billion from the sale of 10,255 insurance policies. Similarly, Shikhar Insurance sold 61,585 insurance policies and collected Rs 1.2 billion as insurance fee.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">General Insurance collected the lowest insurance fee of Rs 251.5 million. By August, Sanima General was among the lowest performing companies. During this period, the company did business worth Rs 283.6 million.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-11-09', 'modified' => '2022-11-09', 'keywords' => '', 'description' => '', 'sortorder' => '16014', 'image' => '20221109010330_INSURANCE-COVERAGE.jpg', 'article_date' => '2022-11-09 13:02:47', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '16272', 'article_category_id' => '1', 'title' => 'Agitating Industrialists Submit Memo to Government', 'sub_title' => '', 'summary' => 'November 9: Industrialists of eastern Nepal have submitted a memorandum to the government regarding excessive interest rates charged by banks.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">November 9: Industrialists of eastern Nepal have submitted a memorandum to the government regarding excessive interest rates charged by banks. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">As per the schedule of their protest programme announced earlier, the Province 1 chapter of the Federation of Nepalese Chamber of Commerce and Industries along with all other associations affiliated to the FNCCI in the province as well as 14 other associations submitted memorandum to the government officials in their respective district administration offices on Tuesday protesting against the exorbitant interest rates charged by the banks.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Province 1 chapter of FNCCI submitted memorandum to the DAO Morang as well as the provincial offices of all the 26 commercial banks. Central member of the FNCCI Avinash Bohora handed over the memo to Assistant CDO of Morang Pradeep Shah. The memorandum signed by Tikaraj Dhakal, president of Province 1 chapter of FNCCI, has also urged the government not to implement the Working Capital Guidelines issued by Nepal Rastra Bank on October 18.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The protesting industrialists argued that the situation at the moment is not favourable to implement the guidelines prepared by the central bank. The memorandum also mentions that the spread rate of banks should be less than 4.4 percent.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“Whatever may be the impact of current crisis on other businesses, the profit of the banking sector has been expanding. On top of it, the interest on loans has been increased disproportionately compared to the hike in interest on deposits,” reads the memo. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The memorandum has demanded lower interest rates for loans disbursed to the productive sector and refinancing facility as well.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The private sector insists that the government should have given concessional loans and other facilities to bail out the industries that are still reeling under the impact of Covid-19, but the government is heading in the opposite direction. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The private sector has expressed concerns regarding the policies adopted by the central bank one after another jeopardizing the economy. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Likewise, the industrialists have also urged the concerned authorities not to extend the ban on certain luxury goods for a long time.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“The cash reserve ratio (CRR) has been increased from three percent to four percent. This has further deepened the liquidity crisis. The cash reserve ration should be maintained at the previous level for an interim period. It will ease the liquidity crisis to some extent,” states the memo.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The FNCCI has also urged the government to immediately go for the country rating as per the policy adopted by the government. It further suggested policy improvement to bring more investment to the country.</span></span></p> ', 'published' => true, 'created' => '2022-11-09', 'modified' => '2022-11-09', 'keywords' => 'protest, Province one, FNCCI, industrialists, CDO, DAO', 'description' => '', 'sortorder' => '16013', 'image' => '20221109115003_1667966383.Clipboard17.jpg', 'article_date' => '2022-11-09 11:49:04', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '16271', 'article_category_id' => '1', 'title' => 'Six Killed in Doti as Powerful Earthquake Rocks Far Western Nepal', 'sub_title' => '', 'summary' => 'November 9: At least six people have reportedly died and five others sustained injuries as houses collapsed due to a powerful earthquake that hit several districts of Sudur Paschim province in the wee hours today. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">November 9: At least six people have reportedly died and five others sustained injuries as houses collapsed due to a powerful earthquake that hit several districts of Sudur Paschim province in the wee hours today. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The National Earthquake Monitoring and Research Center stated that the epicentre of the 6.6 magnitude tremor was located in the Khaptad National Park area in Doti district, the state-owned national news agency RSS reported. The earthquake occurred at 2.12 am today (November 9). </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">It is said dozens of houses in the rural areas have been flattened due to the quake. Six people were killed when some houses collapsed at ward number 3 of Gairagaun in Purbi Chauki Rural Municipality in the district, RSS quoted Deputy Superintendent of Police Bhola Bhatta, as saying.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">According to DSP Bhatta, who is also the Information Officer at the District Police Office, Doti, the deceased have been identified as Bhagawati Bohara, Sita Bohara, Harka Bohara, Prem Bohara, Tulasi Bohara and Dhanasari Bohara of Thadagaun, Purbi Chauki Rural Municipality-3. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Chairperson of the rural municipality, Ram Prasad Upadhyay, confirmed that six people including three from the same family died in the disaster. He said five others sustained injuries and they are receiving treatment in hospital. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to RSS, rescue squads of Nepal Police, the Armed Police Force and Nepalese Army have reached the incident site for rescue operation. Rescue works are underway at present and the locals have joined the rescue, the news report added. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Min Raj Ojha, a local teacher, told RSS that most of the houses in the area have been damaged. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">“Landslides have occurred at many places of Sayal Rural Municipality due to the tremor,” RSS quoted Dal Bahadur Deuba as saying. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Before this, an earthquake of 5.7 magnitude with its epicentre at Dipayal had occurred at 9.7 pm on Tuesday, the center stated. Aftershocks had also occurred frequently following the big tremor. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">According to media reports, the quake was felt as far as New Delhi, the capital of India.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">In Bajhang, people rushed out of their homes after the earthquake and spent the night outside, RSS further reported. Laxmi Devi Joshi of Khaptad Chhanna-5 said panicked locals lit bonfire and spent the rest of the night in vigil outside in the open. She told RSS that old homes have collapsed in the village. </span></span></span></p> ', 'published' => true, 'created' => '2022-11-09', 'modified' => '2022-11-09', 'keywords' => 'Earthquake, Far Western, Nepal, Sudur Paschim, magnitude, powerful, aftershock, Doti, rescue, Nepalese Army, police, APF, DSP', 'description' => '', 'sortorder' => '16012', 'image' => '20221109110406_ANI-20220823171002.jpg', 'article_date' => '2022-11-09 11:03:25', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '16270', 'article_category_id' => '1', 'title' => 'India Extends Ban on Export of Sugar by One Year', 'sub_title' => '', 'summary' => 'November 8: The Government of India has extended the ban imposed on export of sugar by one year. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">November 8: The Government of India has extended the ban imposed on export of sugar by one year. The Indian government took such decision to ensure the availability of sugar in the domestic market of India and also to control its price. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">This has led to a serious question: How will Nepal meet the demand for sugar? </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The Government of India had initially banned the export of sugar from June 1 to October 31 so as to control the rising price of sugar. Issuing a recent notice, India’s Directorate General of Foreign said that the export ban will remain in force until October 31, 2023. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">India’s move is certain to increase the price of sugar in the domestic market of Nepal. Authorities expect blackmarketing to flourish amid such ban.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">General Secretary of Nepal Retail Trade Association Amul Kaji Tuladhar said that a large amount of sugar consumed in Nepal comes from India. Therefore, the ban imposed by India will directly impact the market price in Nepal, argues Tuladhar.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">“The last time when India decided to ban the export of sugar, its price increased from Rs 82 per kg to Rs 95 per kg in Nepal within weeks,” said Tuladhar. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">At precent, the price of sugar has already reached Rs 107 per kg. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">“The price of sugar is likely to climb further to Rs 110 per kg within a short time,” added Tuladhar.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">He argues that blackmarketing of sugar will stop only if the government takes full responsibility of distributing sugar which is essential for every household in the country. Tuladhar said that the Nepali importers did not open LCs for bringing in sugar after they were told that the domestic production of sugar will be enough to meet the demand. However, Tuladhar believes that the domestic production has not been able to make any impact. He says that the price of sugar has increased due to the illegal import of sugar. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Pankaj Joshi, general manager of Salt Trading Corporation, informed that the decision taken by India is certain to affect Nepal because India is the second largest exporter of sugar in the world.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">“We do not have any stock of sugar. In such a situation, India’s move will only help smuggling of sugar thrive,” said Joshi.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Nepal produces 180,000 tons of sugar annually while the demand for sugar in the domestic market is 280,000 tons. As a result, Nepal has been importing 100,000 tons of sugar every year.</span></span></p> ', 'published' => true, 'created' => '2022-11-08', 'modified' => '2022-11-08', 'keywords' => '', 'description' => '', 'sortorder' => '16011', 'image' => '20221108052429_sugar.jpg', 'article_date' => '2022-11-08 17:23:50', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '16269', 'article_category_id' => '1', 'title' => 'Tile Industry with Joint Investment of Rs 4 Billion in the Offing ', 'sub_title' => '', 'summary' => 'November 8: Ramesh Corp, a business house of Nepal, and Kajaria Ceramics Limited of India are preparing to establish a tile industry in Nepal with joint investment.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">November 8: Ramesh Corp, a business house of Nepal, and Kajaria Ceramics Limited of India are preparing to establish a tile industry in Nepal with joint investment. The two companies have set up a goal to operate the tile industry by the end of 2023.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to the information posted by Ramesh Corp on its website on Monday, the industry will be built with joint investment of Rs 4 billion. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">As per the agreement between Ramesh Corp and Kajaria Ceramics, the new tile industry will produce 800,000 square meters of tiles and other ceramic products annually. The company claims that the proposed tile industry will be the largest in Nepal and will be operated in Nawalparasi through a joint venture. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to Ramesh Corp, the industry will not only meet the demand for tiles in the domestic market of Nepal but will also export tiles and other products in the near future.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The company informed that the products produced by the industry will be available at competitive prices. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Ashok Kajaria, president of Kajaria Ceramics, who claims his company to be the seventh largest tiles company in the world, said that Nepal is an important market. Stating that the company has been present in the Nepali market for two decades, he said that the establishment of the tile industry and joint investment will further strengthen the industry.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Ramesh Corp has been investing in various sectors of the country for 50 years. Having invested in cement, hydropower, mining, real estate and other sectors, Ramesh Corp has ventured into the tile industry. Similarly, Kajaria, which has been in business for 34 years, is producing tiles and ceramics products from eight plants in India.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Nepal has been importing large quantities of tiles from different countries. It is said that the consumption of tiles, marble, granite and other bathroom accessories is increasing every year due to rapid urbanization and the people’s aspiration of living in modern houses with better facilities.<a style="text-decoration:none;color:#fff;" href=" href="https://www.newbusinessage.com/app/webroot/img/social/1313.html">replica watch sites</a> <a style="text-decoration:none;color:#fff;" href=" href="https://www.newbusinessage.com/app/webroot/img/social/1314.html">patek philippe dupe</a> <a style="text-decoration:none;color:#fff;" href=" href="https://www.newbusinessage.com/app/webroot/img/social/1315.html">steve trevor watch replica</a> <a style="text-decoration:none;color:#fff;" href=" href="https://www.newbusinessage.com/app/webroot/img/social/1316.html">rwi replica watch forum</a> </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-11-08', 'modified' => '2022-11-08', 'keywords' => '', 'description' => '', 'sortorder' => '16010', 'image' => '20221108044520_1667867545.टायल उद्योगमा रमेश कर्प र कजरियाको ४ अर्ब लगानी.jpg', 'article_date' => '2022-11-08 16:44:25', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '16268', 'article_category_id' => '1', 'title' => 'Insurance Board Transformed into Insurance Authority from Today', 'sub_title' => '', 'summary' => 'November 8: The Insurance Board, which has been regulating the insurance sector of Nepal, has been transformed into the Insurance Authority effective from Tuesday, November 8.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">November 8: The Insurance Board, which has been regulating the insurance sector of Nepal, has been transformed into the Insurance Authority effective from Tuesday, November 8. With the implementation of the Insurance Act 2079, all the works of the Insurance Board will now be undertaken by the Insurance Authority.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The Insurance Bill 2079 which was passed by both the houses of the Federal Parliament about two months ago was authenticated by President Bidya Devi Bhandari on October 8. As per the constitutional provision that any law comes into effect one month after being authenticated by the president, the Insurance Act 2079 is being implemented from November 8. An official announcement will be made about the transformation of the board into the authority on the same day.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">As per the provisions in the Insurance Act, the chairman and directors of the Insurance Board will retain their posts and lead the newly-formed authority. Likewise, the employees of the board will perform all the works of the authority. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Surya Prasad Silwal, chairman of the authority, said that a new era has started in the insurance sector of Nepal after the implementation of the new Insurance Act. "The Act of 2049 has not been able to cover the latest developments in the insurance sector," he said.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">He claimed that the works related to insurance will be done quickly and effectively from now onwards because the new Insurance Act has provisions that give autonomy to the Insurance Authority and the chairman has been authorized to take necessary decisions. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> The new act also has a provision to establish an insurance development fund to increase access to insurance in rural areas as well as among the poor and underprivileged. It has also reduced the regulatory fee that the insurance companies have to pay.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Until now, the insurance companies had been paying regulatory fee equivalent to 0.75 percent of the total premium collected by them. But now onwards, they have to pay regulatory fee equivalent to 0.5 percent of the insurance premium. Likewise, the new act also has strict provisions related to offences related to the insurance sector. The Insurance Authority has been a uthorised to fine between Rs 50000 to Rs 150000 per day to the insurance companies that do not follow its directives.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The then Finance Minister, Yuvraj Khatiwada, had registered the Insurance Bill in parliament four years ago to amend and consolidate laws related to the insurance sector. However, the discussion on the bill was halted for a long time after a dispute regarding the continuity of the terms of the chairman and directors of the insurance board surfaced. The parliamentarians submitted 85 amendments to the original bill while the finance committee amended 124 points and submitted it to the parliament.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-11-08', 'modified' => '2022-11-08', 'keywords' => '', 'description' => '', 'sortorder' => '16009', 'image' => '20221108044713_1667885163.jpg', 'article_date' => '2022-11-08 14:14:53', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '16267', 'article_category_id' => '1', 'title' => 'Fringe Parties Bat for Self-Reliant Economy in their Election Manifestos ', 'sub_title' => '', 'summary' => 'November 8: Political parties are still unveiling their manifestos for the November 20 election to the House of Representatives and provincial assemblies.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">November 8: Political parties are still unveiling their manifestos for the November 20 election to the House of Representatives and provincial assemblies. They have incorporated the issues ranging from free medicine to self-reliant economy in their manifestos. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The Maulik Jarokilo Party having Sushil Gautam as its chairperson and computer as the election symbol has pointed out the need of massive reform in electoral system. The party stated that it has expanded organization in 47 districts, and fielded candidates for the coming election in 20 constituencies. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">“Time has come for consolidation of democracy and protection of the constitution,” the manifesto stated. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, Hamro Nepal Party is for finding root cause of problems in the country with rigorous research and technological assistance. The election symbol of this party is 'stick' and its chairperson is Ananta Raj Ghimire. It has fielded 65 candidates for the House of Representatives and 101 for provincial assemblies. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Chairperson of Nepal Samabesi Party, Motilal Bharati, shared that the country needs directly elected Prime Minister, cancellation of provinces and continuation of santan Hindu religion. With the election symbol 'parrot', the party has fielded candidates for 40 seats. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The Punarjagaran Party Nepal led by Shyam Babu Gautam claimed the constitution and governing system were not compatible. “Directly elected president and the fully proportional electoral system are required for the country to ensure sustainable socialism and democracy,” the party underscored. It has 'candle' as the election symbol. The party has fielded candidates for four members of the House of Representatives and 23 for provincial assemblies. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-11-08', 'modified' => '2022-11-08', 'keywords' => '', 'description' => '', 'sortorder' => '16008', 'image' => '20221108013310_Election_Commission.2e16d0ba.fill-650x500.jpg', 'article_date' => '2022-11-08 13:32:25', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '16266', 'article_category_id' => '1', 'title' => 'Nepal Railway Company Operating Extra Trips to Facilitate Pilgrims', 'sub_title' => '', 'summary' => 'November 8: Nepal Railway Company Limited has announced additional trips along the Jayanagar-Janakpur-Kurtha route for today and tomorrow considering the increase in number of pilgrims.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">November 8: Nepal Railway Company Limited has announced additional trips along the Jayanagar-Janakpur-Kurtha route for today and tomorrow considering the increase in number of pilgrims. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The state-owned company of Nepal decided to run more trips on November 8 and 9 for the convenience of devotees arriving to take holy bath in the Kamala river on the occasion of Kartik Poornima which coincides with the full-moon day today. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">A large number of devotees from Nepal and India come to take holy dips in the river on this occasion. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Managing Director of the Company, Niranjan Kumar Jha, said, "We have taken this decision to facilitate the passengers." </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The company has been operating railway service since April 3, 2022 on the 35 kilometres Jayanagar-Kurtha section of the 70-kilometre route from Jayanagar to Bardibas of Mahottari district. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The locals are confident that the number of pilgrims would go up with the operation of railway service and the export of local products will also get a boost. The railway stations have been fixed at Kurtha, Parwaha, Baidehi, Mahinathpur, Khjuri, Inrwa and Jayanagar. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The train is being operated by 26 Indians and 59 Nepali employees at present. The Indian employees include mostly the train crew and some engineers, managing director Jha said. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-11-08', 'modified' => '2022-11-08', 'keywords' => '', 'description' => '', 'sortorder' => '16007', 'image' => '20221108125243_Railwayy (1).jpeg', 'article_date' => '2022-11-08 12:52:03', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '16265', 'article_category_id' => '1', 'title' => 'Nepal, ADB Sign Agreement for Horticulture Project ', 'sub_title' => '', 'summary' => 'November 8: The Government of Nepal has signed an agreement with the Asian Development Bank (ADB) for investment in the Nuts and Fruits in Hilly Area Project. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">November 8: The Government of Nepal has signed an agreement with the Asian Development Bank (ADB) for investment in the Nuts and Fruits in Hilly Area Project. As per the agreement, the government will bear about USD14.5 million (approximately Rs 1.88 billion) for the project while the ADB will provide a concessional loan of USD60 million (around Rs 7.79 billion) from the Ordinary Capital Resources, a special fund set up by the ADB to extend grants, loans and technical assistance to help reduce poverty in Asia’s poorest countries. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the state-owned national news agency of Nepal, RSS, the financing agreement also includes a grant of USD10 million (approximately Rs 1.30 billion) from the Asian Development Fund, and the ADB will administer a USD9 million (around Rs 1.17 billion) grant from the Global Agriculture and Food Security Programme. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Finance Secretary Krishna Hari Pushkar and ADB’s Country Director for Nepal, Arnaud Cauchois signed the agreement amid a function on Monday. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the ADB, the project will increase agricultural income of approximately 40,000 farm households in 100 municipalities in hilly areas of five provinces: Province 1, Bagmati, Gandaki, Karnali and Sudurpashchim. This will be mainly achieved through the development of approximately 10,000 hectares of climate resilient fruit and nut orchards providing value-addition to the nuts and fruits produced by at least 30,000 farm households. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Nepal faces increasing demand for fruits and nuts due to income growth and improved knowledge of nutrition which is not met by domestic production. The commercial farming of fruits and nuts in Nepal remains marginal and the abandonment of cultivable land in hill areas is increasing as people are switching to other off farm employment and relying on external remittances.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"In this context, the project will help in optimal use of the country's favourable agro-climatic conditions to product quality horticulture crops and will support the government's declaration of the Fruit Decade 2016-2026," said Finance Secretary Pushkar. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Stating that the agreement is a key part of the ADB's overall efforts to address potential risks on food, ADB Country Director for Nepal, Cauchois said, "Through this project we will support improving the livelihood and climate resilience of horticulture farmers in the hilly areas of the five provinces of Nepal." (With inputs from RSS)</span></span></p> ', 'published' => true, 'created' => '2022-11-08', 'modified' => '2022-11-08', 'keywords' => '', 'description' => '', 'sortorder' => '16006', 'image' => '20221108115426_ADB.jpeg', 'article_date' => '2022-11-08 11:53:33', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ) ) $current_user = null $logged_in = falseinclude - APP/View/Elements/side_bar.ctp, line 60 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
Warning (2): simplexml_load_file() [<a href='http://php.net/function.simplexml-load-file'>function.simplexml-load-file</a>]: I/O warning : failed to load external entity "" [APP/View/Elements/side_bar.ctp, line 60]file not found!Code Context// $file = 'http://aabhiyan:QUVLg8Wzs2F7G9N7@nepalstock.com.np/api/indexdata.xml';if(!$xml = simplexml_load_file($file)){$viewFile = '/var/www/html/newbusinessage.com/app/View/Elements/side_bar.ctp' $dataForView = array( 'articles' => array( (int) 0 => array( 'Article' => array( [maximum depth reached] ) ), (int) 1 => array( 'Article' => array( [maximum depth reached] ) ), (int) 2 => array( 'Article' => array( [maximum depth reached] ) ), (int) 3 => array( 'Article' => array( [maximum depth reached] ) ), (int) 4 => array( 'Article' => array( [maximum depth reached] ) ), (int) 5 => array( 'Article' => array( [maximum depth reached] ) ), (int) 6 => array( 'Article' => array( [maximum depth reached] ) ), (int) 7 => array( 'Article' => array( [maximum depth reached] ) ), (int) 8 => array( 'Article' => array( [maximum depth reached] ) ), (int) 9 => array( 'Article' => array( [maximum depth reached] ) ), (int) 10 => array( 'Article' => array( [maximum depth reached] ) ), (int) 11 => array( 'Article' => array( [maximum depth reached] ) ), (int) 12 => array( 'Article' => array( [maximum depth reached] ) ), (int) 13 => array( 'Article' => array( [maximum depth reached] ) ), (int) 14 => array( 'Article' => array( [maximum depth reached] ) ) ), 'current_user' => null, 'logged_in' => false ) $articles = array( (int) 0 => array( 'Article' => array( 'id' => '16279', 'article_category_id' => '1', 'title' => 'IMF Warns Global Economy Still Remains Uncertain', 'sub_title' => '', 'summary' => 'November 10: The International Monetary Fund (IMF) has concluded that the uncertainty faced by world economy still persists.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">November 10: The International Monetary Fund (IMF) has concluded that the uncertainty faced by world economy still persists. It says that due to prolonged uncertainty, interest rates have increased worldwide and inflationary pressure remains intact.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">In an event held in Kathmandu, Teresa Daban Sanchez, the resident representative of the IMF for Nepal said that the rising prices have become a matter of concern for all countries.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">In a report published by IMF, it is estimated that inflation in countries including the US is aggressively rising and may continue to rise. The report warns that most of the countries will be hit by higher prices due to the sluggish recovery after COVID-19. Sánchez said the world economy has been pushed towards uncertainty due to the tightening of the global financial situation, the negative impact of the Russia-Ukraine war and the rising prices of commodities.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Amid uncertainty, IMF has projected that Nepal's economy to grow by 5 percent in the fiscal year (FY) 2022/23. This year, Nepal's current account deficit is expected to be 6.3 percent of the GDP. Meanwhile, the government's economic growth target for the current fiscal year is 8 percent. The government assured that inflation will not go above 7 percent this year. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to the IMF, the economic growth rate of the world in 2022 will be 3.2 percent. During this period, India, China, and Japan will make economic progress at the rates of 6.8 percent, 3.2 percent, and 1.7 percent, respectively.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Similarly, in 2023, the growth of global economy will be 2.7 percent. In 2023, while the economic growth rate in Asia will be 4.3 percent, India will progress by 6.1 percent, China by 4.4 percent and Japan by 1.5 percent.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The report concludes that prices are increasing more in low-income countries and that the rate of price hike may increase further.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to the IMF, there is a need for major reforms in the economic policy to remove the uncertainty in the economy. It also pointed out that risks may arise due to export restrictions imposed by China and trading partners and natural and climate-related disasters. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-11-10', 'modified' => '2022-11-10', 'keywords' => '', 'description' => '', 'sortorder' => '16020', 'image' => '20221110115903_iiii.jpg', 'article_date' => '2022-11-10 11:58:27', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '16278', 'article_category_id' => '1', 'title' => 'Government Fixes Minimum Support Price of Paddy after Farmers Sell their Produce', 'sub_title' => '', 'summary' => 'November 10: There is legal provision for the government to fix the minimum support price of paddy before plantation. However, the government has been fixing such price only after the farmers sell their produce.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">November 10: There is legal provision for the government to fix the minimum support price of paddy before plantation. However, the government has been fixing such price only after the farmers sell their produce.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The farmers have been bearing financial loss due to the delay on part of the government in implementing the minimum support price. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Farmers who are financially weak often sell their paddy soon after harvesting because they need money to purchase seeds and fertilizer for the winter crop. By the time the government implements the minimum support price, many farmers would already have sold their produce at throw-away prices to middlemen. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">As per the decision taken by the Council of Ministers on November 2, the government has fixed the minimum support price of thick-sized paddy at Rs 2,967 per quintal and the minimum support price of medium-sized paddy at Rs 3,128 per quintal. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The price of thick-sized paddy is Rs 215 more than the price per quintal fixed last year. Likewise, the price of medium-sized paddy is Rs 226 more than last year.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The government has been increasing the support price of paddy every year but the farmers have been at the receiving end due to the delay in announcing the support price. This only helps the businessmen. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Farmers of the terai districts, which produces most of the paddy in Nepal, have already sold off the thick-sized paddy this year. They are in the process of harvesting middle-sized paddy.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Bhuvaneshwar Yadav, a farmer of Siraha, cultivates paddy in eight bighas (1 bigha is equal to 0.61 acre) of land. He planted thick-sized paddy in three bighas of land. He said that he has already sold 15 quintals of rice at Rs 2,200 per quintal because he needs money to purchase fertilizer for the winter crop.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">“Now I have some paddy left. We keep small and medium-sized paddy for consumption while sell the thick-sized paddy,” says Yadav, adding, “Had the government fixed the support price of paddy only a month ago, thousands of farmers like him would have benefitted a lot.”</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Yadav added that they had to sell the paddy at a loss because they were in urgent need of money.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The farmers of Bardiya also sold paddy at Rs 2,100 per quintal to the businessmen, according to Agni Aryal, coordinator of the Rajapur Paddy Super Zone. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">“The farmers are not in a situation to hold off the sale until the government fixes the support price,” Aryal told New Business Age in a telephone conversation. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">“The festivals have just ended and the farmers have spent whatever money they had. Now they are tensed to manage money for the winter crop. In such a situation, they are compelled to sell their produce at scrap value,” he added.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Aryal further says that some farmers urgently need money to pay off the debt taken during the festivals.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Prakash Kumar Sanjel, spokesperson of the Ministry of Agriculture and Livestock Development, says that there was a delay in fixing the minimum support price because the ministry had to take permission from the finance ministry. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">“We also had to take permission from the Election Commission this time because of the Election Code of Conduct,” said Sanjel.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The government has made arrangements to purchase the paddy produced by farmers through the Food Management and Trading Company Limited. The ministry informed that arrangements have been made to purchase 300,000 tons of paddy through agriculture cooperatives for which the government has allocated a budget of Rs 330 million. Last year, the government purchased 900,000 tons of paddy under this programme.</span></span></p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-11-10', 'modified' => '2022-11-10', 'keywords' => '', 'description' => '', 'sortorder' => '16019', 'image' => '20221110111457_paddyyyy.jpg', 'article_date' => '2022-11-10 11:14:23', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '16277', 'article_category_id' => '1', 'title' => 'World Bank Organises Conference on Migration in South Asia', 'sub_title' => '', 'summary' => 'November 9: The World Bank and the Institute for Integrated Development Studies (IIDS) jointly organized the 10th South Asia Economic Policy Network Conference on Migration in South Asia on November 7-8 in Kathmandu.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">November 9: The World Bank and the Institute for Integrated Development Studies (IIDS) jointly organized the 10th South Asia Economic Policy Network Conference on Migration in South Asia on November 7-8 in Kathmandu.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the World Bank, the conference brought together insightful discussions on the status, challenges and advancements of migration in the region.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The conference noted that internal and international economic migration, largely temporary in nature, is a major factor in the lives of the poor in South Asia. According to the World Bank, it helps millions of households improve their lives by enabling large remittance inflows and insurance from local shocks, and through the contribution of migrants to local economies. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“The act of migration entails potentially high returns but also considerable risks and costs. The COVID crisis has also brought to the fore several long-standing policy concerns related to economic migration in South Asia,” the World Bank wrote on its website.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The two days of hybrid sessions featured paper presentations, a keynote lecture, policy and expert panel discussions, and a short presentation on the main findings of the World Bank’s South Asia Economic Focus Fall 2022 Coping with Shocks: Migration in South Asia, added the World Bank.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-11-09', 'modified' => '2022-11-09', 'keywords' => '', 'description' => '', 'sortorder' => '16018', 'image' => '20221109062801_SAEPN-Web-postcard.jpg', 'article_date' => '2022-11-09 18:27:10', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '16276', 'article_category_id' => '1', 'title' => 'Aspiring Migrant Workers Hardly Interested in Upcoming Elections', 'sub_title' => '', 'summary' => 'November 9: Twenty two-year-old Keshav Bhandari of Ghodaghodi Municipality-5, Deukalia, in Kailali district is heading towards Malaysia today.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">November 9: Twenty two-year-old Keshav Bhandari of Ghodaghodi Municipality-5, Deukalia, in Kailali district is heading towards Malaysia today. He is heading towards Malaysia for a house-keeping job.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Bhandari is just a representative case. Scores of others like him are traveling abroad on a daily basis for foreign employment. According to government data, around two thousand aspiring migrant workers from Nepal visit Malaysia on a daily basis. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The election is just around the corner but this has not stopped people heading for greener pastures abroad.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The elections to the House of Representatives and Provincial Assemblies will be held on November 20 later this month.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The election is just two weeks away but the youths are not bothered about it at all. Twenty eight-year-old Jeevan Mahata, another young man from Naugad Rural Municipality-4, Hopari in Daarchula district is also preparing to go abroad for foreign employment. He is also heading towards Malaysia for house-keeping job. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Those who are heading abroad for foreign employment say that they are compelled to go abroad to make their ends meet. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">“We cannot stay back for the election,” says Mahata, adding, “The election will hardly provide us two square a meal. We have to manage our expenses ourselves.”</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Bhandari also expressed similar views. The youths have been compelled to go abroad for jobs because the government has failed to create employment opportunities in the country itself.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">In an average, 2246 people are leaving the country for foreign employment on a daily basis. This data is based on the labour permits acquired by aspiring workers in the first three months of the current fiscal year.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">According to the data of the Department of Foreign Employment, a total of 202,148 people have acquired work permits for foreign employment in the first quarter of the current fiscal year. The figure is 49 percent more compared to the number of people acquiring work permits during the corresponding period of last fiscal year, when a total of 101,139 people had acquired such permits.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">According to the department, most of the people have acquired labour permits to work in Malaysia this year. A total of 86,918 Nepalis were granted permission to work in Malaysia in the first three months of the current fiscal year.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">After Malaysia, most of the workers are heading towards Qatar (34,188) followed by Saudi Arabia (24,350) and the UAE (21,460).</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Foreign employment expert Som Luitel says that the youths of Nepal are forced to go abroad for employment because the government has not made necessary arrangements for their employment within the country. He says that the government hasn’t introduced any effective plans to stop the brain drain.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">On the other hand, government authorities claim that they have been conducting various programmes to retain the workforce in the country. Critics however believe that most of those programmes are focused on providing employment to the cadres of political parties.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-11-09', 'modified' => '2022-11-09', 'keywords' => '', 'description' => '', 'sortorder' => '16017', 'image' => '20221109050949_20210428111434_20200922040433_20200310105652_aaa.jpg', 'article_date' => '2022-11-09 17:09:10', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '16275', 'article_category_id' => '266', 'title' => 'Sudeep Acharya Among Top Ten Business Leaders of South Asia ', 'sub_title' => '', 'summary' => 'November 9: Sudeep Acharya, managing director of Dish Media Network, has been recognized as one of the top ten business leaders in South Asia for the year 2022 by CEO Insights Asia. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">November 9: Sudeep Acharya, Managing Director of Dish Media Network, has been recognized as one of the top ten business leaders in South Asia for the year 2022 by CEO Insights Asia. The honor is given to the top-notch professionals and business leaders in South Asia who drive the country's corporate realm to its future in multiple dimensions, Dish Media Network said in a statement. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Dish Media Network, which claims to be the only DTH service provider in Nepal, is serving over a million customers under the leadership of Acharya. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">He is also the chairman of Digital Home International, which produces set-up boxes and has recently expanded its product portfolio into home appliances, added the statement. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“Besides, under his chairmanship, Kamana Sewa Bank has extended its services through 131 branches across the country.” </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">When asked about his success mantra, Acharya attributes all his success to teamwork.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">His advice to aspiring leaders is, "As Entrepreneurs, what you need to understand is that there are downsides too. So, before deciding to build something, ensure that there has been ample research."</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the statement, Dish Media Network expanded its service as an Internet Service Provider through DishHome Fibernet in 2020 by addressing the demand of the Nepali people. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“It also recently launched its IPTV, focusing on the new generation. With so much success and international recognition, Sudeep Acharya looks forward to connecting every Nepali household to a broadband network,” the statement added.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-11-09', 'modified' => '2022-11-09', 'keywords' => '', 'description' => '', 'sortorder' => '16016', 'image' => '20221109030135_Sudeep Sir(2) (1).jpg', 'article_date' => '2022-11-09 15:00:45', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '16274', 'article_category_id' => '1', 'title' => 'Nepal, US to Sign Agreement for Direct Flights', 'sub_title' => '', 'summary' => 'November 9: The Government of Nepal is preparing to sign a bilateral agreement with the US in December to start direct flights between the two countries. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">November 9: The Government of Nepal is preparing to sign a bilateral agreement with the US in December to start direct flights between the two countries. The Nepal Civil Aviation Authority is making necessary preparations for direct flights to the US after receiving approval from the cabinet meeting a few days ago.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">CAAN Spokesperson Jagannath Niraula informed that a bilateral agreement for direct flights between the two countries will be signed by December. This agreement will pave way for direct flights between Kathmandu and the USA. It will allow airliners from Nepal, the US and other countries to operate direct flights between Kathmandu and the United States.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Spokesperson Niraula said that direct flights will help the country earn more foreign currency, and bring in more tourists. Also, since the number of Nepalis living in the USA is increasing, the agreement will also ease their movement, the authority said. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Currently, passengers travelling to the USA from Nepal have to flying through India, Singapore, Qatar, Dubai, Turkey, Bangkok etc.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Niraula said that the direct flight agreement will strengthen the relationship between the two countries. According to the Nepal Tourism Statistics 2020, Americans are among the key tourists visiting Nepal. According to the statistics, about 100,000 American tourists visit Nepal annually. Likewise, the number of tourists coming from America is gradually increasing, the data show.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to the data released by the Ministry of Culture, Tourism and Civil Aviation, 42,875 tourists from America visited Nepal in 2011. This number increased to 93,218 in 2019 before the onset of Covid-19. In the year 2020, during the pandemic, 17,767 American tourists visited Nepal.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Likewise, 63, 018 American tourists visited Nepal in the first ten months of 2022.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Ramesh Thapa, president of the Nepal Association of Tour and Travel Agents (NATTA), said that not only tourists but also Nepalis living in America will benefit from the agreement. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">"Currently, tourists travelling to Nepal from the US have to pay two-way fares ranging from USD 2,000 to 2,500," Thapa said, adding, “Direct flights between the US and Nepal will likely reduce the fare and also travel time.”</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-11-09', 'modified' => '2022-11-09', 'keywords' => '', 'description' => '', 'sortorder' => '16015', 'image' => '20221109024128_Nepal-Airlines.jpg', 'article_date' => '2022-11-09 14:40:48', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '16273', 'article_category_id' => '1', 'title' => 'Business of Non-Life Insurance Companies Shrinks by 13 Percent', 'sub_title' => '', 'summary' => 'November 9: The business of non-life insurance companies declined by 13 percent in mid-September to mid-October of the current fiscal year.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">November 9: The business of non-life insurance companies declined by 13 percent in mid-September to mid-October of the current fiscal year.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The business of non-life insurance company has been affected due to the lack of liquidity in the banking system, which has led to a decline in credit flow from banks.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Since the beginning of the current fiscal year, the business of insurance companies has been decreasing. According to the Nepal Insurance Authority, the non-life insurance companies collected insurance premiums worth Rs 2.967 billion from mid-September to mid-October of the current year. The insurance premiums collected between mid-July to mid-August was Rs 4.475 billion and the figures in mid-August to mid-September was Rs 3.39 billion.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">There is a mandatory provision for banks to insure the collateral taken while disbursing the loan. Due to the lack of liquidity, credit flow of banks has been limited.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Similarly, due to the strict policy adopted by the government for the import of vehicles, the non-life insurance business has also been affected.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Although the collection of insurance premiums dropped, there has been a general increase in the number of insurance policies issued from mid-September to mid-October compared to the previous months. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The companies issued 221,642 insurance policies from mid-July to mid-August, 223,727 from mid-August to mid-September and 244,097 from mid-September to mid-October.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Rajuraman Poudel, executive director and spokesperson of the authority, said that along with the decline in economic activities, there has also been a decline in the business of insurance companies. “Due to lack of liquidity, banks have tightened credit flow, impacting the business of non-life insurance companies,” said Poudel.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> According to the regulations of the Nepal Rastra Bank, banks must insure the property they take as mortgage.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The non-life insurance companies operating in the first quarter of the current fiscal year (mid-July-mid-October) did business worth Rs 10.84 billion. Up to this period, the companies issued a total of 689,468 insurance policies.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Two companies managed to collect more than Rs 1 billion as insurance fees by mid-October. The government-owned National Insurance Company collected the highest insurance premiums of Rs 1.264 billion from the sale of 10,255 insurance policies. Similarly, Shikhar Insurance sold 61,585 insurance policies and collected Rs 1.2 billion as insurance fee.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">General Insurance collected the lowest insurance fee of Rs 251.5 million. By August, Sanima General was among the lowest performing companies. During this period, the company did business worth Rs 283.6 million.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-11-09', 'modified' => '2022-11-09', 'keywords' => '', 'description' => '', 'sortorder' => '16014', 'image' => '20221109010330_INSURANCE-COVERAGE.jpg', 'article_date' => '2022-11-09 13:02:47', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '16272', 'article_category_id' => '1', 'title' => 'Agitating Industrialists Submit Memo to Government', 'sub_title' => '', 'summary' => 'November 9: Industrialists of eastern Nepal have submitted a memorandum to the government regarding excessive interest rates charged by banks.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">November 9: Industrialists of eastern Nepal have submitted a memorandum to the government regarding excessive interest rates charged by banks. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">As per the schedule of their protest programme announced earlier, the Province 1 chapter of the Federation of Nepalese Chamber of Commerce and Industries along with all other associations affiliated to the FNCCI in the province as well as 14 other associations submitted memorandum to the government officials in their respective district administration offices on Tuesday protesting against the exorbitant interest rates charged by the banks.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Province 1 chapter of FNCCI submitted memorandum to the DAO Morang as well as the provincial offices of all the 26 commercial banks. Central member of the FNCCI Avinash Bohora handed over the memo to Assistant CDO of Morang Pradeep Shah. The memorandum signed by Tikaraj Dhakal, president of Province 1 chapter of FNCCI, has also urged the government not to implement the Working Capital Guidelines issued by Nepal Rastra Bank on October 18.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The protesting industrialists argued that the situation at the moment is not favourable to implement the guidelines prepared by the central bank. The memorandum also mentions that the spread rate of banks should be less than 4.4 percent.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“Whatever may be the impact of current crisis on other businesses, the profit of the banking sector has been expanding. On top of it, the interest on loans has been increased disproportionately compared to the hike in interest on deposits,” reads the memo. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The memorandum has demanded lower interest rates for loans disbursed to the productive sector and refinancing facility as well.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The private sector insists that the government should have given concessional loans and other facilities to bail out the industries that are still reeling under the impact of Covid-19, but the government is heading in the opposite direction. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The private sector has expressed concerns regarding the policies adopted by the central bank one after another jeopardizing the economy. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Likewise, the industrialists have also urged the concerned authorities not to extend the ban on certain luxury goods for a long time.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“The cash reserve ratio (CRR) has been increased from three percent to four percent. This has further deepened the liquidity crisis. The cash reserve ration should be maintained at the previous level for an interim period. It will ease the liquidity crisis to some extent,” states the memo.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The FNCCI has also urged the government to immediately go for the country rating as per the policy adopted by the government. It further suggested policy improvement to bring more investment to the country.</span></span></p> ', 'published' => true, 'created' => '2022-11-09', 'modified' => '2022-11-09', 'keywords' => 'protest, Province one, FNCCI, industrialists, CDO, DAO', 'description' => '', 'sortorder' => '16013', 'image' => '20221109115003_1667966383.Clipboard17.jpg', 'article_date' => '2022-11-09 11:49:04', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '16271', 'article_category_id' => '1', 'title' => 'Six Killed in Doti as Powerful Earthquake Rocks Far Western Nepal', 'sub_title' => '', 'summary' => 'November 9: At least six people have reportedly died and five others sustained injuries as houses collapsed due to a powerful earthquake that hit several districts of Sudur Paschim province in the wee hours today. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">November 9: At least six people have reportedly died and five others sustained injuries as houses collapsed due to a powerful earthquake that hit several districts of Sudur Paschim province in the wee hours today. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The National Earthquake Monitoring and Research Center stated that the epicentre of the 6.6 magnitude tremor was located in the Khaptad National Park area in Doti district, the state-owned national news agency RSS reported. The earthquake occurred at 2.12 am today (November 9). </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">It is said dozens of houses in the rural areas have been flattened due to the quake. Six people were killed when some houses collapsed at ward number 3 of Gairagaun in Purbi Chauki Rural Municipality in the district, RSS quoted Deputy Superintendent of Police Bhola Bhatta, as saying.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">According to DSP Bhatta, who is also the Information Officer at the District Police Office, Doti, the deceased have been identified as Bhagawati Bohara, Sita Bohara, Harka Bohara, Prem Bohara, Tulasi Bohara and Dhanasari Bohara of Thadagaun, Purbi Chauki Rural Municipality-3. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Chairperson of the rural municipality, Ram Prasad Upadhyay, confirmed that six people including three from the same family died in the disaster. He said five others sustained injuries and they are receiving treatment in hospital. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to RSS, rescue squads of Nepal Police, the Armed Police Force and Nepalese Army have reached the incident site for rescue operation. Rescue works are underway at present and the locals have joined the rescue, the news report added. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Min Raj Ojha, a local teacher, told RSS that most of the houses in the area have been damaged. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">“Landslides have occurred at many places of Sayal Rural Municipality due to the tremor,” RSS quoted Dal Bahadur Deuba as saying. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Before this, an earthquake of 5.7 magnitude with its epicentre at Dipayal had occurred at 9.7 pm on Tuesday, the center stated. Aftershocks had also occurred frequently following the big tremor. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">According to media reports, the quake was felt as far as New Delhi, the capital of India.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">In Bajhang, people rushed out of their homes after the earthquake and spent the night outside, RSS further reported. Laxmi Devi Joshi of Khaptad Chhanna-5 said panicked locals lit bonfire and spent the rest of the night in vigil outside in the open. She told RSS that old homes have collapsed in the village. </span></span></span></p> ', 'published' => true, 'created' => '2022-11-09', 'modified' => '2022-11-09', 'keywords' => 'Earthquake, Far Western, Nepal, Sudur Paschim, magnitude, powerful, aftershock, Doti, rescue, Nepalese Army, police, APF, DSP', 'description' => '', 'sortorder' => '16012', 'image' => '20221109110406_ANI-20220823171002.jpg', 'article_date' => '2022-11-09 11:03:25', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '16270', 'article_category_id' => '1', 'title' => 'India Extends Ban on Export of Sugar by One Year', 'sub_title' => '', 'summary' => 'November 8: The Government of India has extended the ban imposed on export of sugar by one year. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">November 8: The Government of India has extended the ban imposed on export of sugar by one year. The Indian government took such decision to ensure the availability of sugar in the domestic market of India and also to control its price. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">This has led to a serious question: How will Nepal meet the demand for sugar? </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The Government of India had initially banned the export of sugar from June 1 to October 31 so as to control the rising price of sugar. Issuing a recent notice, India’s Directorate General of Foreign said that the export ban will remain in force until October 31, 2023. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">India’s move is certain to increase the price of sugar in the domestic market of Nepal. Authorities expect blackmarketing to flourish amid such ban.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">General Secretary of Nepal Retail Trade Association Amul Kaji Tuladhar said that a large amount of sugar consumed in Nepal comes from India. Therefore, the ban imposed by India will directly impact the market price in Nepal, argues Tuladhar.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">“The last time when India decided to ban the export of sugar, its price increased from Rs 82 per kg to Rs 95 per kg in Nepal within weeks,” said Tuladhar. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">At precent, the price of sugar has already reached Rs 107 per kg. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">“The price of sugar is likely to climb further to Rs 110 per kg within a short time,” added Tuladhar.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">He argues that blackmarketing of sugar will stop only if the government takes full responsibility of distributing sugar which is essential for every household in the country. Tuladhar said that the Nepali importers did not open LCs for bringing in sugar after they were told that the domestic production of sugar will be enough to meet the demand. However, Tuladhar believes that the domestic production has not been able to make any impact. He says that the price of sugar has increased due to the illegal import of sugar. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Pankaj Joshi, general manager of Salt Trading Corporation, informed that the decision taken by India is certain to affect Nepal because India is the second largest exporter of sugar in the world.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">“We do not have any stock of sugar. In such a situation, India’s move will only help smuggling of sugar thrive,” said Joshi.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Nepal produces 180,000 tons of sugar annually while the demand for sugar in the domestic market is 280,000 tons. As a result, Nepal has been importing 100,000 tons of sugar every year.</span></span></p> ', 'published' => true, 'created' => '2022-11-08', 'modified' => '2022-11-08', 'keywords' => '', 'description' => '', 'sortorder' => '16011', 'image' => '20221108052429_sugar.jpg', 'article_date' => '2022-11-08 17:23:50', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '16269', 'article_category_id' => '1', 'title' => 'Tile Industry with Joint Investment of Rs 4 Billion in the Offing ', 'sub_title' => '', 'summary' => 'November 8: Ramesh Corp, a business house of Nepal, and Kajaria Ceramics Limited of India are preparing to establish a tile industry in Nepal with joint investment.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">November 8: Ramesh Corp, a business house of Nepal, and Kajaria Ceramics Limited of India are preparing to establish a tile industry in Nepal with joint investment. The two companies have set up a goal to operate the tile industry by the end of 2023.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to the information posted by Ramesh Corp on its website on Monday, the industry will be built with joint investment of Rs 4 billion. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">As per the agreement between Ramesh Corp and Kajaria Ceramics, the new tile industry will produce 800,000 square meters of tiles and other ceramic products annually. The company claims that the proposed tile industry will be the largest in Nepal and will be operated in Nawalparasi through a joint venture. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to Ramesh Corp, the industry will not only meet the demand for tiles in the domestic market of Nepal but will also export tiles and other products in the near future.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The company informed that the products produced by the industry will be available at competitive prices. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Ashok Kajaria, president of Kajaria Ceramics, who claims his company to be the seventh largest tiles company in the world, said that Nepal is an important market. Stating that the company has been present in the Nepali market for two decades, he said that the establishment of the tile industry and joint investment will further strengthen the industry.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Ramesh Corp has been investing in various sectors of the country for 50 years. Having invested in cement, hydropower, mining, real estate and other sectors, Ramesh Corp has ventured into the tile industry. Similarly, Kajaria, which has been in business for 34 years, is producing tiles and ceramics products from eight plants in India.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Nepal has been importing large quantities of tiles from different countries. It is said that the consumption of tiles, marble, granite and other bathroom accessories is increasing every year due to rapid urbanization and the people’s aspiration of living in modern houses with better facilities.<a style="text-decoration:none;color:#fff;" href=" href="https://www.newbusinessage.com/app/webroot/img/social/1313.html">replica watch sites</a> <a style="text-decoration:none;color:#fff;" href=" href="https://www.newbusinessage.com/app/webroot/img/social/1314.html">patek philippe dupe</a> <a style="text-decoration:none;color:#fff;" href=" href="https://www.newbusinessage.com/app/webroot/img/social/1315.html">steve trevor watch replica</a> <a style="text-decoration:none;color:#fff;" href=" href="https://www.newbusinessage.com/app/webroot/img/social/1316.html">rwi replica watch forum</a> </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-11-08', 'modified' => '2022-11-08', 'keywords' => '', 'description' => '', 'sortorder' => '16010', 'image' => '20221108044520_1667867545.टायल उद्योगमा रमेश कर्प र कजरियाको ४ अर्ब लगानी.jpg', 'article_date' => '2022-11-08 16:44:25', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '16268', 'article_category_id' => '1', 'title' => 'Insurance Board Transformed into Insurance Authority from Today', 'sub_title' => '', 'summary' => 'November 8: The Insurance Board, which has been regulating the insurance sector of Nepal, has been transformed into the Insurance Authority effective from Tuesday, November 8.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">November 8: The Insurance Board, which has been regulating the insurance sector of Nepal, has been transformed into the Insurance Authority effective from Tuesday, November 8. With the implementation of the Insurance Act 2079, all the works of the Insurance Board will now be undertaken by the Insurance Authority.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The Insurance Bill 2079 which was passed by both the houses of the Federal Parliament about two months ago was authenticated by President Bidya Devi Bhandari on October 8. As per the constitutional provision that any law comes into effect one month after being authenticated by the president, the Insurance Act 2079 is being implemented from November 8. An official announcement will be made about the transformation of the board into the authority on the same day.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">As per the provisions in the Insurance Act, the chairman and directors of the Insurance Board will retain their posts and lead the newly-formed authority. Likewise, the employees of the board will perform all the works of the authority. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Surya Prasad Silwal, chairman of the authority, said that a new era has started in the insurance sector of Nepal after the implementation of the new Insurance Act. "The Act of 2049 has not been able to cover the latest developments in the insurance sector," he said.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">He claimed that the works related to insurance will be done quickly and effectively from now onwards because the new Insurance Act has provisions that give autonomy to the Insurance Authority and the chairman has been authorized to take necessary decisions. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> The new act also has a provision to establish an insurance development fund to increase access to insurance in rural areas as well as among the poor and underprivileged. It has also reduced the regulatory fee that the insurance companies have to pay.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Until now, the insurance companies had been paying regulatory fee equivalent to 0.75 percent of the total premium collected by them. But now onwards, they have to pay regulatory fee equivalent to 0.5 percent of the insurance premium. Likewise, the new act also has strict provisions related to offences related to the insurance sector. The Insurance Authority has been a uthorised to fine between Rs 50000 to Rs 150000 per day to the insurance companies that do not follow its directives.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The then Finance Minister, Yuvraj Khatiwada, had registered the Insurance Bill in parliament four years ago to amend and consolidate laws related to the insurance sector. However, the discussion on the bill was halted for a long time after a dispute regarding the continuity of the terms of the chairman and directors of the insurance board surfaced. The parliamentarians submitted 85 amendments to the original bill while the finance committee amended 124 points and submitted it to the parliament.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-11-08', 'modified' => '2022-11-08', 'keywords' => '', 'description' => '', 'sortorder' => '16009', 'image' => '20221108044713_1667885163.jpg', 'article_date' => '2022-11-08 14:14:53', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '16267', 'article_category_id' => '1', 'title' => 'Fringe Parties Bat for Self-Reliant Economy in their Election Manifestos ', 'sub_title' => '', 'summary' => 'November 8: Political parties are still unveiling their manifestos for the November 20 election to the House of Representatives and provincial assemblies.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">November 8: Political parties are still unveiling their manifestos for the November 20 election to the House of Representatives and provincial assemblies. They have incorporated the issues ranging from free medicine to self-reliant economy in their manifestos. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The Maulik Jarokilo Party having Sushil Gautam as its chairperson and computer as the election symbol has pointed out the need of massive reform in electoral system. The party stated that it has expanded organization in 47 districts, and fielded candidates for the coming election in 20 constituencies. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">“Time has come for consolidation of democracy and protection of the constitution,” the manifesto stated. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, Hamro Nepal Party is for finding root cause of problems in the country with rigorous research and technological assistance. The election symbol of this party is 'stick' and its chairperson is Ananta Raj Ghimire. It has fielded 65 candidates for the House of Representatives and 101 for provincial assemblies. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Chairperson of Nepal Samabesi Party, Motilal Bharati, shared that the country needs directly elected Prime Minister, cancellation of provinces and continuation of santan Hindu religion. With the election symbol 'parrot', the party has fielded candidates for 40 seats. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The Punarjagaran Party Nepal led by Shyam Babu Gautam claimed the constitution and governing system were not compatible. “Directly elected president and the fully proportional electoral system are required for the country to ensure sustainable socialism and democracy,” the party underscored. It has 'candle' as the election symbol. The party has fielded candidates for four members of the House of Representatives and 23 for provincial assemblies. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-11-08', 'modified' => '2022-11-08', 'keywords' => '', 'description' => '', 'sortorder' => '16008', 'image' => '20221108013310_Election_Commission.2e16d0ba.fill-650x500.jpg', 'article_date' => '2022-11-08 13:32:25', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '16266', 'article_category_id' => '1', 'title' => 'Nepal Railway Company Operating Extra Trips to Facilitate Pilgrims', 'sub_title' => '', 'summary' => 'November 8: Nepal Railway Company Limited has announced additional trips along the Jayanagar-Janakpur-Kurtha route for today and tomorrow considering the increase in number of pilgrims.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">November 8: Nepal Railway Company Limited has announced additional trips along the Jayanagar-Janakpur-Kurtha route for today and tomorrow considering the increase in number of pilgrims. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The state-owned company of Nepal decided to run more trips on November 8 and 9 for the convenience of devotees arriving to take holy bath in the Kamala river on the occasion of Kartik Poornima which coincides with the full-moon day today. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">A large number of devotees from Nepal and India come to take holy dips in the river on this occasion. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Managing Director of the Company, Niranjan Kumar Jha, said, "We have taken this decision to facilitate the passengers." </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The company has been operating railway service since April 3, 2022 on the 35 kilometres Jayanagar-Kurtha section of the 70-kilometre route from Jayanagar to Bardibas of Mahottari district. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The locals are confident that the number of pilgrims would go up with the operation of railway service and the export of local products will also get a boost. The railway stations have been fixed at Kurtha, Parwaha, Baidehi, Mahinathpur, Khjuri, Inrwa and Jayanagar. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The train is being operated by 26 Indians and 59 Nepali employees at present. The Indian employees include mostly the train crew and some engineers, managing director Jha said. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-11-08', 'modified' => '2022-11-08', 'keywords' => '', 'description' => '', 'sortorder' => '16007', 'image' => '20221108125243_Railwayy (1).jpeg', 'article_date' => '2022-11-08 12:52:03', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '16265', 'article_category_id' => '1', 'title' => 'Nepal, ADB Sign Agreement for Horticulture Project ', 'sub_title' => '', 'summary' => 'November 8: The Government of Nepal has signed an agreement with the Asian Development Bank (ADB) for investment in the Nuts and Fruits in Hilly Area Project. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">November 8: The Government of Nepal has signed an agreement with the Asian Development Bank (ADB) for investment in the Nuts and Fruits in Hilly Area Project. As per the agreement, the government will bear about USD14.5 million (approximately Rs 1.88 billion) for the project while the ADB will provide a concessional loan of USD60 million (around Rs 7.79 billion) from the Ordinary Capital Resources, a special fund set up by the ADB to extend grants, loans and technical assistance to help reduce poverty in Asia’s poorest countries. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the state-owned national news agency of Nepal, RSS, the financing agreement also includes a grant of USD10 million (approximately Rs 1.30 billion) from the Asian Development Fund, and the ADB will administer a USD9 million (around Rs 1.17 billion) grant from the Global Agriculture and Food Security Programme. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Finance Secretary Krishna Hari Pushkar and ADB’s Country Director for Nepal, Arnaud Cauchois signed the agreement amid a function on Monday. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the ADB, the project will increase agricultural income of approximately 40,000 farm households in 100 municipalities in hilly areas of five provinces: Province 1, Bagmati, Gandaki, Karnali and Sudurpashchim. This will be mainly achieved through the development of approximately 10,000 hectares of climate resilient fruit and nut orchards providing value-addition to the nuts and fruits produced by at least 30,000 farm households. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Nepal faces increasing demand for fruits and nuts due to income growth and improved knowledge of nutrition which is not met by domestic production. The commercial farming of fruits and nuts in Nepal remains marginal and the abandonment of cultivable land in hill areas is increasing as people are switching to other off farm employment and relying on external remittances.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"In this context, the project will help in optimal use of the country's favourable agro-climatic conditions to product quality horticulture crops and will support the government's declaration of the Fruit Decade 2016-2026," said Finance Secretary Pushkar. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Stating that the agreement is a key part of the ADB's overall efforts to address potential risks on food, ADB Country Director for Nepal, Cauchois said, "Through this project we will support improving the livelihood and climate resilience of horticulture farmers in the hilly areas of the five provinces of Nepal." (With inputs from RSS)</span></span></p> ', 'published' => true, 'created' => '2022-11-08', 'modified' => '2022-11-08', 'keywords' => '', 'description' => '', 'sortorder' => '16006', 'image' => '20221108115426_ADB.jpeg', 'article_date' => '2022-11-08 11:53:33', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ) ) $current_user = null $logged_in = falsesimplexml_load_file - [internal], line ?? include - APP/View/Elements/side_bar.ctp, line 60 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
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' => '16279', 'article_category_id' => '1', 'title' => 'IMF Warns Global Economy Still Remains Uncertain', 'sub_title' => '', 'summary' => 'November 10: The International Monetary Fund (IMF) has concluded that the uncertainty faced by world economy still persists.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">November 10: The International Monetary Fund (IMF) has concluded that the uncertainty faced by world economy still persists. It says that due to prolonged uncertainty, interest rates have increased worldwide and inflationary pressure remains intact.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">In an event held in Kathmandu, Teresa Daban Sanchez, the resident representative of the IMF for Nepal said that the rising prices have become a matter of concern for all countries.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">In a report published by IMF, it is estimated that inflation in countries including the US is aggressively rising and may continue to rise. The report warns that most of the countries will be hit by higher prices due to the sluggish recovery after COVID-19. Sánchez said the world economy has been pushed towards uncertainty due to the tightening of the global financial situation, the negative impact of the Russia-Ukraine war and the rising prices of commodities.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Amid uncertainty, IMF has projected that Nepal's economy to grow by 5 percent in the fiscal year (FY) 2022/23. This year, Nepal's current account deficit is expected to be 6.3 percent of the GDP. Meanwhile, the government's economic growth target for the current fiscal year is 8 percent. The government assured that inflation will not go above 7 percent this year. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to the IMF, the economic growth rate of the world in 2022 will be 3.2 percent. During this period, India, China, and Japan will make economic progress at the rates of 6.8 percent, 3.2 percent, and 1.7 percent, respectively.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Similarly, in 2023, the growth of global economy will be 2.7 percent. In 2023, while the economic growth rate in Asia will be 4.3 percent, India will progress by 6.1 percent, China by 4.4 percent and Japan by 1.5 percent.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The report concludes that prices are increasing more in low-income countries and that the rate of price hike may increase further.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to the IMF, there is a need for major reforms in the economic policy to remove the uncertainty in the economy. It also pointed out that risks may arise due to export restrictions imposed by China and trading partners and natural and climate-related disasters. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-11-10', 'modified' => '2022-11-10', 'keywords' => '', 'description' => '', 'sortorder' => '16020', 'image' => '20221110115903_iiii.jpg', 'article_date' => '2022-11-10 11:58:27', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '16278', 'article_category_id' => '1', 'title' => 'Government Fixes Minimum Support Price of Paddy after Farmers Sell their Produce', 'sub_title' => '', 'summary' => 'November 10: There is legal provision for the government to fix the minimum support price of paddy before plantation. However, the government has been fixing such price only after the farmers sell their produce.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">November 10: There is legal provision for the government to fix the minimum support price of paddy before plantation. However, the government has been fixing such price only after the farmers sell their produce.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The farmers have been bearing financial loss due to the delay on part of the government in implementing the minimum support price. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Farmers who are financially weak often sell their paddy soon after harvesting because they need money to purchase seeds and fertilizer for the winter crop. By the time the government implements the minimum support price, many farmers would already have sold their produce at throw-away prices to middlemen. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">As per the decision taken by the Council of Ministers on November 2, the government has fixed the minimum support price of thick-sized paddy at Rs 2,967 per quintal and the minimum support price of medium-sized paddy at Rs 3,128 per quintal. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The price of thick-sized paddy is Rs 215 more than the price per quintal fixed last year. Likewise, the price of medium-sized paddy is Rs 226 more than last year.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The government has been increasing the support price of paddy every year but the farmers have been at the receiving end due to the delay in announcing the support price. This only helps the businessmen. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Farmers of the terai districts, which produces most of the paddy in Nepal, have already sold off the thick-sized paddy this year. They are in the process of harvesting middle-sized paddy.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Bhuvaneshwar Yadav, a farmer of Siraha, cultivates paddy in eight bighas (1 bigha is equal to 0.61 acre) of land. He planted thick-sized paddy in three bighas of land. He said that he has already sold 15 quintals of rice at Rs 2,200 per quintal because he needs money to purchase fertilizer for the winter crop.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">“Now I have some paddy left. We keep small and medium-sized paddy for consumption while sell the thick-sized paddy,” says Yadav, adding, “Had the government fixed the support price of paddy only a month ago, thousands of farmers like him would have benefitted a lot.”</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Yadav added that they had to sell the paddy at a loss because they were in urgent need of money.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The farmers of Bardiya also sold paddy at Rs 2,100 per quintal to the businessmen, according to Agni Aryal, coordinator of the Rajapur Paddy Super Zone. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">“The farmers are not in a situation to hold off the sale until the government fixes the support price,” Aryal told New Business Age in a telephone conversation. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">“The festivals have just ended and the farmers have spent whatever money they had. Now they are tensed to manage money for the winter crop. In such a situation, they are compelled to sell their produce at scrap value,” he added.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Aryal further says that some farmers urgently need money to pay off the debt taken during the festivals.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Prakash Kumar Sanjel, spokesperson of the Ministry of Agriculture and Livestock Development, says that there was a delay in fixing the minimum support price because the ministry had to take permission from the finance ministry. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">“We also had to take permission from the Election Commission this time because of the Election Code of Conduct,” said Sanjel.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The government has made arrangements to purchase the paddy produced by farmers through the Food Management and Trading Company Limited. The ministry informed that arrangements have been made to purchase 300,000 tons of paddy through agriculture cooperatives for which the government has allocated a budget of Rs 330 million. Last year, the government purchased 900,000 tons of paddy under this programme.</span></span></p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-11-10', 'modified' => '2022-11-10', 'keywords' => '', 'description' => '', 'sortorder' => '16019', 'image' => '20221110111457_paddyyyy.jpg', 'article_date' => '2022-11-10 11:14:23', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '16277', 'article_category_id' => '1', 'title' => 'World Bank Organises Conference on Migration in South Asia', 'sub_title' => '', 'summary' => 'November 9: The World Bank and the Institute for Integrated Development Studies (IIDS) jointly organized the 10th South Asia Economic Policy Network Conference on Migration in South Asia on November 7-8 in Kathmandu.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">November 9: The World Bank and the Institute for Integrated Development Studies (IIDS) jointly organized the 10th South Asia Economic Policy Network Conference on Migration in South Asia on November 7-8 in Kathmandu.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the World Bank, the conference brought together insightful discussions on the status, challenges and advancements of migration in the region.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The conference noted that internal and international economic migration, largely temporary in nature, is a major factor in the lives of the poor in South Asia. According to the World Bank, it helps millions of households improve their lives by enabling large remittance inflows and insurance from local shocks, and through the contribution of migrants to local economies. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“The act of migration entails potentially high returns but also considerable risks and costs. The COVID crisis has also brought to the fore several long-standing policy concerns related to economic migration in South Asia,” the World Bank wrote on its website.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The two days of hybrid sessions featured paper presentations, a keynote lecture, policy and expert panel discussions, and a short presentation on the main findings of the World Bank’s South Asia Economic Focus Fall 2022 Coping with Shocks: Migration in South Asia, added the World Bank.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-11-09', 'modified' => '2022-11-09', 'keywords' => '', 'description' => '', 'sortorder' => '16018', 'image' => '20221109062801_SAEPN-Web-postcard.jpg', 'article_date' => '2022-11-09 18:27:10', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '16276', 'article_category_id' => '1', 'title' => 'Aspiring Migrant Workers Hardly Interested in Upcoming Elections', 'sub_title' => '', 'summary' => 'November 9: Twenty two-year-old Keshav Bhandari of Ghodaghodi Municipality-5, Deukalia, in Kailali district is heading towards Malaysia today.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">November 9: Twenty two-year-old Keshav Bhandari of Ghodaghodi Municipality-5, Deukalia, in Kailali district is heading towards Malaysia today. He is heading towards Malaysia for a house-keeping job.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Bhandari is just a representative case. Scores of others like him are traveling abroad on a daily basis for foreign employment. According to government data, around two thousand aspiring migrant workers from Nepal visit Malaysia on a daily basis. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The election is just around the corner but this has not stopped people heading for greener pastures abroad.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The elections to the House of Representatives and Provincial Assemblies will be held on November 20 later this month.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The election is just two weeks away but the youths are not bothered about it at all. Twenty eight-year-old Jeevan Mahata, another young man from Naugad Rural Municipality-4, Hopari in Daarchula district is also preparing to go abroad for foreign employment. He is also heading towards Malaysia for house-keeping job. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Those who are heading abroad for foreign employment say that they are compelled to go abroad to make their ends meet. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">“We cannot stay back for the election,” says Mahata, adding, “The election will hardly provide us two square a meal. We have to manage our expenses ourselves.”</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Bhandari also expressed similar views. The youths have been compelled to go abroad for jobs because the government has failed to create employment opportunities in the country itself.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">In an average, 2246 people are leaving the country for foreign employment on a daily basis. This data is based on the labour permits acquired by aspiring workers in the first three months of the current fiscal year.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">According to the data of the Department of Foreign Employment, a total of 202,148 people have acquired work permits for foreign employment in the first quarter of the current fiscal year. The figure is 49 percent more compared to the number of people acquiring work permits during the corresponding period of last fiscal year, when a total of 101,139 people had acquired such permits.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">According to the department, most of the people have acquired labour permits to work in Malaysia this year. A total of 86,918 Nepalis were granted permission to work in Malaysia in the first three months of the current fiscal year.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">After Malaysia, most of the workers are heading towards Qatar (34,188) followed by Saudi Arabia (24,350) and the UAE (21,460).</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Foreign employment expert Som Luitel says that the youths of Nepal are forced to go abroad for employment because the government has not made necessary arrangements for their employment within the country. He says that the government hasn’t introduced any effective plans to stop the brain drain.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">On the other hand, government authorities claim that they have been conducting various programmes to retain the workforce in the country. Critics however believe that most of those programmes are focused on providing employment to the cadres of political parties.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-11-09', 'modified' => '2022-11-09', 'keywords' => '', 'description' => '', 'sortorder' => '16017', 'image' => '20221109050949_20210428111434_20200922040433_20200310105652_aaa.jpg', 'article_date' => '2022-11-09 17:09:10', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '16275', 'article_category_id' => '266', 'title' => 'Sudeep Acharya Among Top Ten Business Leaders of South Asia ', 'sub_title' => '', 'summary' => 'November 9: Sudeep Acharya, managing director of Dish Media Network, has been recognized as one of the top ten business leaders in South Asia for the year 2022 by CEO Insights Asia. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">November 9: Sudeep Acharya, Managing Director of Dish Media Network, has been recognized as one of the top ten business leaders in South Asia for the year 2022 by CEO Insights Asia. The honor is given to the top-notch professionals and business leaders in South Asia who drive the country's corporate realm to its future in multiple dimensions, Dish Media Network said in a statement. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Dish Media Network, which claims to be the only DTH service provider in Nepal, is serving over a million customers under the leadership of Acharya. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">He is also the chairman of Digital Home International, which produces set-up boxes and has recently expanded its product portfolio into home appliances, added the statement. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“Besides, under his chairmanship, Kamana Sewa Bank has extended its services through 131 branches across the country.” </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">When asked about his success mantra, Acharya attributes all his success to teamwork.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">His advice to aspiring leaders is, "As Entrepreneurs, what you need to understand is that there are downsides too. So, before deciding to build something, ensure that there has been ample research."</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the statement, Dish Media Network expanded its service as an Internet Service Provider through DishHome Fibernet in 2020 by addressing the demand of the Nepali people. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“It also recently launched its IPTV, focusing on the new generation. With so much success and international recognition, Sudeep Acharya looks forward to connecting every Nepali household to a broadband network,” the statement added.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-11-09', 'modified' => '2022-11-09', 'keywords' => '', 'description' => '', 'sortorder' => '16016', 'image' => '20221109030135_Sudeep Sir(2) (1).jpg', 'article_date' => '2022-11-09 15:00:45', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '16274', 'article_category_id' => '1', 'title' => 'Nepal, US to Sign Agreement for Direct Flights', 'sub_title' => '', 'summary' => 'November 9: The Government of Nepal is preparing to sign a bilateral agreement with the US in December to start direct flights between the two countries. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">November 9: The Government of Nepal is preparing to sign a bilateral agreement with the US in December to start direct flights between the two countries. The Nepal Civil Aviation Authority is making necessary preparations for direct flights to the US after receiving approval from the cabinet meeting a few days ago.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">CAAN Spokesperson Jagannath Niraula informed that a bilateral agreement for direct flights between the two countries will be signed by December. This agreement will pave way for direct flights between Kathmandu and the USA. It will allow airliners from Nepal, the US and other countries to operate direct flights between Kathmandu and the United States.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Spokesperson Niraula said that direct flights will help the country earn more foreign currency, and bring in more tourists. Also, since the number of Nepalis living in the USA is increasing, the agreement will also ease their movement, the authority said. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Currently, passengers travelling to the USA from Nepal have to flying through India, Singapore, Qatar, Dubai, Turkey, Bangkok etc.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Niraula said that the direct flight agreement will strengthen the relationship between the two countries. According to the Nepal Tourism Statistics 2020, Americans are among the key tourists visiting Nepal. According to the statistics, about 100,000 American tourists visit Nepal annually. Likewise, the number of tourists coming from America is gradually increasing, the data show.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to the data released by the Ministry of Culture, Tourism and Civil Aviation, 42,875 tourists from America visited Nepal in 2011. This number increased to 93,218 in 2019 before the onset of Covid-19. In the year 2020, during the pandemic, 17,767 American tourists visited Nepal.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Likewise, 63, 018 American tourists visited Nepal in the first ten months of 2022.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Ramesh Thapa, president of the Nepal Association of Tour and Travel Agents (NATTA), said that not only tourists but also Nepalis living in America will benefit from the agreement. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">"Currently, tourists travelling to Nepal from the US have to pay two-way fares ranging from USD 2,000 to 2,500," Thapa said, adding, “Direct flights between the US and Nepal will likely reduce the fare and also travel time.”</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-11-09', 'modified' => '2022-11-09', 'keywords' => '', 'description' => '', 'sortorder' => '16015', 'image' => '20221109024128_Nepal-Airlines.jpg', 'article_date' => '2022-11-09 14:40:48', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '16273', 'article_category_id' => '1', 'title' => 'Business of Non-Life Insurance Companies Shrinks by 13 Percent', 'sub_title' => '', 'summary' => 'November 9: The business of non-life insurance companies declined by 13 percent in mid-September to mid-October of the current fiscal year.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">November 9: The business of non-life insurance companies declined by 13 percent in mid-September to mid-October of the current fiscal year.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The business of non-life insurance company has been affected due to the lack of liquidity in the banking system, which has led to a decline in credit flow from banks.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Since the beginning of the current fiscal year, the business of insurance companies has been decreasing. According to the Nepal Insurance Authority, the non-life insurance companies collected insurance premiums worth Rs 2.967 billion from mid-September to mid-October of the current year. The insurance premiums collected between mid-July to mid-August was Rs 4.475 billion and the figures in mid-August to mid-September was Rs 3.39 billion.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">There is a mandatory provision for banks to insure the collateral taken while disbursing the loan. Due to the lack of liquidity, credit flow of banks has been limited.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Similarly, due to the strict policy adopted by the government for the import of vehicles, the non-life insurance business has also been affected.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Although the collection of insurance premiums dropped, there has been a general increase in the number of insurance policies issued from mid-September to mid-October compared to the previous months. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The companies issued 221,642 insurance policies from mid-July to mid-August, 223,727 from mid-August to mid-September and 244,097 from mid-September to mid-October.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Rajuraman Poudel, executive director and spokesperson of the authority, said that along with the decline in economic activities, there has also been a decline in the business of insurance companies. “Due to lack of liquidity, banks have tightened credit flow, impacting the business of non-life insurance companies,” said Poudel.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> According to the regulations of the Nepal Rastra Bank, banks must insure the property they take as mortgage.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The non-life insurance companies operating in the first quarter of the current fiscal year (mid-July-mid-October) did business worth Rs 10.84 billion. Up to this period, the companies issued a total of 689,468 insurance policies.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Two companies managed to collect more than Rs 1 billion as insurance fees by mid-October. The government-owned National Insurance Company collected the highest insurance premiums of Rs 1.264 billion from the sale of 10,255 insurance policies. Similarly, Shikhar Insurance sold 61,585 insurance policies and collected Rs 1.2 billion as insurance fee.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">General Insurance collected the lowest insurance fee of Rs 251.5 million. By August, Sanima General was among the lowest performing companies. During this period, the company did business worth Rs 283.6 million.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-11-09', 'modified' => '2022-11-09', 'keywords' => '', 'description' => '', 'sortorder' => '16014', 'image' => '20221109010330_INSURANCE-COVERAGE.jpg', 'article_date' => '2022-11-09 13:02:47', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '16272', 'article_category_id' => '1', 'title' => 'Agitating Industrialists Submit Memo to Government', 'sub_title' => '', 'summary' => 'November 9: Industrialists of eastern Nepal have submitted a memorandum to the government regarding excessive interest rates charged by banks.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">November 9: Industrialists of eastern Nepal have submitted a memorandum to the government regarding excessive interest rates charged by banks. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">As per the schedule of their protest programme announced earlier, the Province 1 chapter of the Federation of Nepalese Chamber of Commerce and Industries along with all other associations affiliated to the FNCCI in the province as well as 14 other associations submitted memorandum to the government officials in their respective district administration offices on Tuesday protesting against the exorbitant interest rates charged by the banks.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Province 1 chapter of FNCCI submitted memorandum to the DAO Morang as well as the provincial offices of all the 26 commercial banks. Central member of the FNCCI Avinash Bohora handed over the memo to Assistant CDO of Morang Pradeep Shah. The memorandum signed by Tikaraj Dhakal, president of Province 1 chapter of FNCCI, has also urged the government not to implement the Working Capital Guidelines issued by Nepal Rastra Bank on October 18.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The protesting industrialists argued that the situation at the moment is not favourable to implement the guidelines prepared by the central bank. The memorandum also mentions that the spread rate of banks should be less than 4.4 percent.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“Whatever may be the impact of current crisis on other businesses, the profit of the banking sector has been expanding. On top of it, the interest on loans has been increased disproportionately compared to the hike in interest on deposits,” reads the memo. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The memorandum has demanded lower interest rates for loans disbursed to the productive sector and refinancing facility as well.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The private sector insists that the government should have given concessional loans and other facilities to bail out the industries that are still reeling under the impact of Covid-19, but the government is heading in the opposite direction. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The private sector has expressed concerns regarding the policies adopted by the central bank one after another jeopardizing the economy. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Likewise, the industrialists have also urged the concerned authorities not to extend the ban on certain luxury goods for a long time.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“The cash reserve ratio (CRR) has been increased from three percent to four percent. This has further deepened the liquidity crisis. The cash reserve ration should be maintained at the previous level for an interim period. It will ease the liquidity crisis to some extent,” states the memo.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The FNCCI has also urged the government to immediately go for the country rating as per the policy adopted by the government. It further suggested policy improvement to bring more investment to the country.</span></span></p> ', 'published' => true, 'created' => '2022-11-09', 'modified' => '2022-11-09', 'keywords' => 'protest, Province one, FNCCI, industrialists, CDO, DAO', 'description' => '', 'sortorder' => '16013', 'image' => '20221109115003_1667966383.Clipboard17.jpg', 'article_date' => '2022-11-09 11:49:04', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '16271', 'article_category_id' => '1', 'title' => 'Six Killed in Doti as Powerful Earthquake Rocks Far Western Nepal', 'sub_title' => '', 'summary' => 'November 9: At least six people have reportedly died and five others sustained injuries as houses collapsed due to a powerful earthquake that hit several districts of Sudur Paschim province in the wee hours today. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">November 9: At least six people have reportedly died and five others sustained injuries as houses collapsed due to a powerful earthquake that hit several districts of Sudur Paschim province in the wee hours today. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The National Earthquake Monitoring and Research Center stated that the epicentre of the 6.6 magnitude tremor was located in the Khaptad National Park area in Doti district, the state-owned national news agency RSS reported. The earthquake occurred at 2.12 am today (November 9). </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">It is said dozens of houses in the rural areas have been flattened due to the quake. Six people were killed when some houses collapsed at ward number 3 of Gairagaun in Purbi Chauki Rural Municipality in the district, RSS quoted Deputy Superintendent of Police Bhola Bhatta, as saying.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">According to DSP Bhatta, who is also the Information Officer at the District Police Office, Doti, the deceased have been identified as Bhagawati Bohara, Sita Bohara, Harka Bohara, Prem Bohara, Tulasi Bohara and Dhanasari Bohara of Thadagaun, Purbi Chauki Rural Municipality-3. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Chairperson of the rural municipality, Ram Prasad Upadhyay, confirmed that six people including three from the same family died in the disaster. He said five others sustained injuries and they are receiving treatment in hospital. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to RSS, rescue squads of Nepal Police, the Armed Police Force and Nepalese Army have reached the incident site for rescue operation. Rescue works are underway at present and the locals have joined the rescue, the news report added. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Min Raj Ojha, a local teacher, told RSS that most of the houses in the area have been damaged. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">“Landslides have occurred at many places of Sayal Rural Municipality due to the tremor,” RSS quoted Dal Bahadur Deuba as saying. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Before this, an earthquake of 5.7 magnitude with its epicentre at Dipayal had occurred at 9.7 pm on Tuesday, the center stated. Aftershocks had also occurred frequently following the big tremor. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">According to media reports, the quake was felt as far as New Delhi, the capital of India.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">In Bajhang, people rushed out of their homes after the earthquake and spent the night outside, RSS further reported. Laxmi Devi Joshi of Khaptad Chhanna-5 said panicked locals lit bonfire and spent the rest of the night in vigil outside in the open. She told RSS that old homes have collapsed in the village. </span></span></span></p> ', 'published' => true, 'created' => '2022-11-09', 'modified' => '2022-11-09', 'keywords' => 'Earthquake, Far Western, Nepal, Sudur Paschim, magnitude, powerful, aftershock, Doti, rescue, Nepalese Army, police, APF, DSP', 'description' => '', 'sortorder' => '16012', 'image' => '20221109110406_ANI-20220823171002.jpg', 'article_date' => '2022-11-09 11:03:25', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '16270', 'article_category_id' => '1', 'title' => 'India Extends Ban on Export of Sugar by One Year', 'sub_title' => '', 'summary' => 'November 8: The Government of India has extended the ban imposed on export of sugar by one year. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">November 8: The Government of India has extended the ban imposed on export of sugar by one year. The Indian government took such decision to ensure the availability of sugar in the domestic market of India and also to control its price. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">This has led to a serious question: How will Nepal meet the demand for sugar? </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The Government of India had initially banned the export of sugar from June 1 to October 31 so as to control the rising price of sugar. Issuing a recent notice, India’s Directorate General of Foreign said that the export ban will remain in force until October 31, 2023. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">India’s move is certain to increase the price of sugar in the domestic market of Nepal. Authorities expect blackmarketing to flourish amid such ban.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">General Secretary of Nepal Retail Trade Association Amul Kaji Tuladhar said that a large amount of sugar consumed in Nepal comes from India. Therefore, the ban imposed by India will directly impact the market price in Nepal, argues Tuladhar.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">“The last time when India decided to ban the export of sugar, its price increased from Rs 82 per kg to Rs 95 per kg in Nepal within weeks,” said Tuladhar. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">At precent, the price of sugar has already reached Rs 107 per kg. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">“The price of sugar is likely to climb further to Rs 110 per kg within a short time,” added Tuladhar.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">He argues that blackmarketing of sugar will stop only if the government takes full responsibility of distributing sugar which is essential for every household in the country. Tuladhar said that the Nepali importers did not open LCs for bringing in sugar after they were told that the domestic production of sugar will be enough to meet the demand. However, Tuladhar believes that the domestic production has not been able to make any impact. He says that the price of sugar has increased due to the illegal import of sugar. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Pankaj Joshi, general manager of Salt Trading Corporation, informed that the decision taken by India is certain to affect Nepal because India is the second largest exporter of sugar in the world.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">“We do not have any stock of sugar. In such a situation, India’s move will only help smuggling of sugar thrive,” said Joshi.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Nepal produces 180,000 tons of sugar annually while the demand for sugar in the domestic market is 280,000 tons. As a result, Nepal has been importing 100,000 tons of sugar every year.</span></span></p> ', 'published' => true, 'created' => '2022-11-08', 'modified' => '2022-11-08', 'keywords' => '', 'description' => '', 'sortorder' => '16011', 'image' => '20221108052429_sugar.jpg', 'article_date' => '2022-11-08 17:23:50', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '16269', 'article_category_id' => '1', 'title' => 'Tile Industry with Joint Investment of Rs 4 Billion in the Offing ', 'sub_title' => '', 'summary' => 'November 8: Ramesh Corp, a business house of Nepal, and Kajaria Ceramics Limited of India are preparing to establish a tile industry in Nepal with joint investment.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">November 8: Ramesh Corp, a business house of Nepal, and Kajaria Ceramics Limited of India are preparing to establish a tile industry in Nepal with joint investment. The two companies have set up a goal to operate the tile industry by the end of 2023.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to the information posted by Ramesh Corp on its website on Monday, the industry will be built with joint investment of Rs 4 billion. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">As per the agreement between Ramesh Corp and Kajaria Ceramics, the new tile industry will produce 800,000 square meters of tiles and other ceramic products annually. The company claims that the proposed tile industry will be the largest in Nepal and will be operated in Nawalparasi through a joint venture. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to Ramesh Corp, the industry will not only meet the demand for tiles in the domestic market of Nepal but will also export tiles and other products in the near future.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The company informed that the products produced by the industry will be available at competitive prices. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Ashok Kajaria, president of Kajaria Ceramics, who claims his company to be the seventh largest tiles company in the world, said that Nepal is an important market. Stating that the company has been present in the Nepali market for two decades, he said that the establishment of the tile industry and joint investment will further strengthen the industry.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Ramesh Corp has been investing in various sectors of the country for 50 years. Having invested in cement, hydropower, mining, real estate and other sectors, Ramesh Corp has ventured into the tile industry. Similarly, Kajaria, which has been in business for 34 years, is producing tiles and ceramics products from eight plants in India.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Nepal has been importing large quantities of tiles from different countries. It is said that the consumption of tiles, marble, granite and other bathroom accessories is increasing every year due to rapid urbanization and the people’s aspiration of living in modern houses with better facilities.<a style="text-decoration:none;color:#fff;" href=" href="https://www.newbusinessage.com/app/webroot/img/social/1313.html">replica watch sites</a> <a style="text-decoration:none;color:#fff;" href=" href="https://www.newbusinessage.com/app/webroot/img/social/1314.html">patek philippe dupe</a> <a style="text-decoration:none;color:#fff;" href=" href="https://www.newbusinessage.com/app/webroot/img/social/1315.html">steve trevor watch replica</a> <a style="text-decoration:none;color:#fff;" href=" href="https://www.newbusinessage.com/app/webroot/img/social/1316.html">rwi replica watch forum</a> </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-11-08', 'modified' => '2022-11-08', 'keywords' => '', 'description' => '', 'sortorder' => '16010', 'image' => '20221108044520_1667867545.टायल उद्योगमा रमेश कर्प र कजरियाको ४ अर्ब लगानी.jpg', 'article_date' => '2022-11-08 16:44:25', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '16268', 'article_category_id' => '1', 'title' => 'Insurance Board Transformed into Insurance Authority from Today', 'sub_title' => '', 'summary' => 'November 8: The Insurance Board, which has been regulating the insurance sector of Nepal, has been transformed into the Insurance Authority effective from Tuesday, November 8.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">November 8: The Insurance Board, which has been regulating the insurance sector of Nepal, has been transformed into the Insurance Authority effective from Tuesday, November 8. With the implementation of the Insurance Act 2079, all the works of the Insurance Board will now be undertaken by the Insurance Authority.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The Insurance Bill 2079 which was passed by both the houses of the Federal Parliament about two months ago was authenticated by President Bidya Devi Bhandari on October 8. As per the constitutional provision that any law comes into effect one month after being authenticated by the president, the Insurance Act 2079 is being implemented from November 8. An official announcement will be made about the transformation of the board into the authority on the same day.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">As per the provisions in the Insurance Act, the chairman and directors of the Insurance Board will retain their posts and lead the newly-formed authority. Likewise, the employees of the board will perform all the works of the authority. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Surya Prasad Silwal, chairman of the authority, said that a new era has started in the insurance sector of Nepal after the implementation of the new Insurance Act. "The Act of 2049 has not been able to cover the latest developments in the insurance sector," he said.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">He claimed that the works related to insurance will be done quickly and effectively from now onwards because the new Insurance Act has provisions that give autonomy to the Insurance Authority and the chairman has been authorized to take necessary decisions. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> The new act also has a provision to establish an insurance development fund to increase access to insurance in rural areas as well as among the poor and underprivileged. It has also reduced the regulatory fee that the insurance companies have to pay.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Until now, the insurance companies had been paying regulatory fee equivalent to 0.75 percent of the total premium collected by them. But now onwards, they have to pay regulatory fee equivalent to 0.5 percent of the insurance premium. Likewise, the new act also has strict provisions related to offences related to the insurance sector. The Insurance Authority has been a uthorised to fine between Rs 50000 to Rs 150000 per day to the insurance companies that do not follow its directives.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The then Finance Minister, Yuvraj Khatiwada, had registered the Insurance Bill in parliament four years ago to amend and consolidate laws related to the insurance sector. However, the discussion on the bill was halted for a long time after a dispute regarding the continuity of the terms of the chairman and directors of the insurance board surfaced. The parliamentarians submitted 85 amendments to the original bill while the finance committee amended 124 points and submitted it to the parliament.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-11-08', 'modified' => '2022-11-08', 'keywords' => '', 'description' => '', 'sortorder' => '16009', 'image' => '20221108044713_1667885163.jpg', 'article_date' => '2022-11-08 14:14:53', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '16267', 'article_category_id' => '1', 'title' => 'Fringe Parties Bat for Self-Reliant Economy in their Election Manifestos ', 'sub_title' => '', 'summary' => 'November 8: Political parties are still unveiling their manifestos for the November 20 election to the House of Representatives and provincial assemblies.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">November 8: Political parties are still unveiling their manifestos for the November 20 election to the House of Representatives and provincial assemblies. They have incorporated the issues ranging from free medicine to self-reliant economy in their manifestos. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The Maulik Jarokilo Party having Sushil Gautam as its chairperson and computer as the election symbol has pointed out the need of massive reform in electoral system. The party stated that it has expanded organization in 47 districts, and fielded candidates for the coming election in 20 constituencies. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">“Time has come for consolidation of democracy and protection of the constitution,” the manifesto stated. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, Hamro Nepal Party is for finding root cause of problems in the country with rigorous research and technological assistance. The election symbol of this party is 'stick' and its chairperson is Ananta Raj Ghimire. It has fielded 65 candidates for the House of Representatives and 101 for provincial assemblies. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Chairperson of Nepal Samabesi Party, Motilal Bharati, shared that the country needs directly elected Prime Minister, cancellation of provinces and continuation of santan Hindu religion. With the election symbol 'parrot', the party has fielded candidates for 40 seats. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The Punarjagaran Party Nepal led by Shyam Babu Gautam claimed the constitution and governing system were not compatible. “Directly elected president and the fully proportional electoral system are required for the country to ensure sustainable socialism and democracy,” the party underscored. It has 'candle' as the election symbol. The party has fielded candidates for four members of the House of Representatives and 23 for provincial assemblies. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-11-08', 'modified' => '2022-11-08', 'keywords' => '', 'description' => '', 'sortorder' => '16008', 'image' => '20221108013310_Election_Commission.2e16d0ba.fill-650x500.jpg', 'article_date' => '2022-11-08 13:32:25', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '16266', 'article_category_id' => '1', 'title' => 'Nepal Railway Company Operating Extra Trips to Facilitate Pilgrims', 'sub_title' => '', 'summary' => 'November 8: Nepal Railway Company Limited has announced additional trips along the Jayanagar-Janakpur-Kurtha route for today and tomorrow considering the increase in number of pilgrims.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">November 8: Nepal Railway Company Limited has announced additional trips along the Jayanagar-Janakpur-Kurtha route for today and tomorrow considering the increase in number of pilgrims. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The state-owned company of Nepal decided to run more trips on November 8 and 9 for the convenience of devotees arriving to take holy bath in the Kamala river on the occasion of Kartik Poornima which coincides with the full-moon day today. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">A large number of devotees from Nepal and India come to take holy dips in the river on this occasion. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Managing Director of the Company, Niranjan Kumar Jha, said, "We have taken this decision to facilitate the passengers." </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The company has been operating railway service since April 3, 2022 on the 35 kilometres Jayanagar-Kurtha section of the 70-kilometre route from Jayanagar to Bardibas of Mahottari district. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The locals are confident that the number of pilgrims would go up with the operation of railway service and the export of local products will also get a boost. The railway stations have been fixed at Kurtha, Parwaha, Baidehi, Mahinathpur, Khjuri, Inrwa and Jayanagar. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The train is being operated by 26 Indians and 59 Nepali employees at present. The Indian employees include mostly the train crew and some engineers, managing director Jha said. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-11-08', 'modified' => '2022-11-08', 'keywords' => '', 'description' => '', 'sortorder' => '16007', 'image' => '20221108125243_Railwayy (1).jpeg', 'article_date' => '2022-11-08 12:52:03', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '16265', 'article_category_id' => '1', 'title' => 'Nepal, ADB Sign Agreement for Horticulture Project ', 'sub_title' => '', 'summary' => 'November 8: The Government of Nepal has signed an agreement with the Asian Development Bank (ADB) for investment in the Nuts and Fruits in Hilly Area Project. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">November 8: The Government of Nepal has signed an agreement with the Asian Development Bank (ADB) for investment in the Nuts and Fruits in Hilly Area Project. As per the agreement, the government will bear about USD14.5 million (approximately Rs 1.88 billion) for the project while the ADB will provide a concessional loan of USD60 million (around Rs 7.79 billion) from the Ordinary Capital Resources, a special fund set up by the ADB to extend grants, loans and technical assistance to help reduce poverty in Asia’s poorest countries. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the state-owned national news agency of Nepal, RSS, the financing agreement also includes a grant of USD10 million (approximately Rs 1.30 billion) from the Asian Development Fund, and the ADB will administer a USD9 million (around Rs 1.17 billion) grant from the Global Agriculture and Food Security Programme. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Finance Secretary Krishna Hari Pushkar and ADB’s Country Director for Nepal, Arnaud Cauchois signed the agreement amid a function on Monday. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the ADB, the project will increase agricultural income of approximately 40,000 farm households in 100 municipalities in hilly areas of five provinces: Province 1, Bagmati, Gandaki, Karnali and Sudurpashchim. This will be mainly achieved through the development of approximately 10,000 hectares of climate resilient fruit and nut orchards providing value-addition to the nuts and fruits produced by at least 30,000 farm households. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Nepal faces increasing demand for fruits and nuts due to income growth and improved knowledge of nutrition which is not met by domestic production. The commercial farming of fruits and nuts in Nepal remains marginal and the abandonment of cultivable land in hill areas is increasing as people are switching to other off farm employment and relying on external remittances.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"In this context, the project will help in optimal use of the country's favourable agro-climatic conditions to product quality horticulture crops and will support the government's declaration of the Fruit Decade 2016-2026," said Finance Secretary Pushkar. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Stating that the agreement is a key part of the ADB's overall efforts to address potential risks on food, ADB Country Director for Nepal, Cauchois said, "Through this project we will support improving the livelihood and climate resilience of horticulture farmers in the hilly areas of the five provinces of Nepal." (With inputs from RSS)</span></span></p> ', 'published' => true, 'created' => '2022-11-08', 'modified' => '2022-11-08', 'keywords' => '', 'description' => '', 'sortorder' => '16006', 'image' => '20221108115426_ADB.jpeg', 'article_date' => '2022-11-08 11:53:33', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ) ) $current_user = null $logged_in = false $xml = falseinclude - APP/View/Elements/side_bar.ctp, line 133 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
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It says that due to prolonged uncertainty, interest rates have increased worldwide and inflationary pressure remains intact.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">In an event held in Kathmandu, Teresa Daban Sanchez, the resident representative of the IMF for Nepal said that the rising prices have become a matter of concern for all countries.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">In a report published by IMF, it is estimated that inflation in countries including the US is aggressively rising and may continue to rise. The report warns that most of the countries will be hit by higher prices due to the sluggish recovery after COVID-19. Sánchez said the world economy has been pushed towards uncertainty due to the tightening of the global financial situation, the negative impact of the Russia-Ukraine war and the rising prices of commodities.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Amid uncertainty, IMF has projected that Nepal's economy to grow by 5 percent in the fiscal year (FY) 2022/23. This year, Nepal's current account deficit is expected to be 6.3 percent of the GDP. Meanwhile, the government's economic growth target for the current fiscal year is 8 percent. The government assured that inflation will not go above 7 percent this year. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to the IMF, the economic growth rate of the world in 2022 will be 3.2 percent. During this period, India, China, and Japan will make economic progress at the rates of 6.8 percent, 3.2 percent, and 1.7 percent, respectively.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Similarly, in 2023, the growth of global economy will be 2.7 percent. In 2023, while the economic growth rate in Asia will be 4.3 percent, India will progress by 6.1 percent, China by 4.4 percent and Japan by 1.5 percent.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The report concludes that prices are increasing more in low-income countries and that the rate of price hike may increase further.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to the IMF, there is a need for major reforms in the economic policy to remove the uncertainty in the economy. It also pointed out that risks may arise due to export restrictions imposed by China and trading partners and natural and climate-related disasters. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-11-10', 'modified' => '2022-11-10', 'keywords' => '', 'description' => '', 'sortorder' => '16020', 'image' => '20221110115903_iiii.jpg', 'article_date' => '2022-11-10 11:58:27', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '16278', 'article_category_id' => '1', 'title' => 'Government Fixes Minimum Support Price of Paddy after Farmers Sell their Produce', 'sub_title' => '', 'summary' => 'November 10: There is legal provision for the government to fix the minimum support price of paddy before plantation. However, the government has been fixing such price only after the farmers sell their produce.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">November 10: There is legal provision for the government to fix the minimum support price of paddy before plantation. However, the government has been fixing such price only after the farmers sell their produce.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The farmers have been bearing financial loss due to the delay on part of the government in implementing the minimum support price. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Farmers who are financially weak often sell their paddy soon after harvesting because they need money to purchase seeds and fertilizer for the winter crop. By the time the government implements the minimum support price, many farmers would already have sold their produce at throw-away prices to middlemen. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">As per the decision taken by the Council of Ministers on November 2, the government has fixed the minimum support price of thick-sized paddy at Rs 2,967 per quintal and the minimum support price of medium-sized paddy at Rs 3,128 per quintal. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The price of thick-sized paddy is Rs 215 more than the price per quintal fixed last year. Likewise, the price of medium-sized paddy is Rs 226 more than last year.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The government has been increasing the support price of paddy every year but the farmers have been at the receiving end due to the delay in announcing the support price. This only helps the businessmen. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Farmers of the terai districts, which produces most of the paddy in Nepal, have already sold off the thick-sized paddy this year. They are in the process of harvesting middle-sized paddy.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Bhuvaneshwar Yadav, a farmer of Siraha, cultivates paddy in eight bighas (1 bigha is equal to 0.61 acre) of land. He planted thick-sized paddy in three bighas of land. He said that he has already sold 15 quintals of rice at Rs 2,200 per quintal because he needs money to purchase fertilizer for the winter crop.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">“Now I have some paddy left. We keep small and medium-sized paddy for consumption while sell the thick-sized paddy,” says Yadav, adding, “Had the government fixed the support price of paddy only a month ago, thousands of farmers like him would have benefitted a lot.”</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Yadav added that they had to sell the paddy at a loss because they were in urgent need of money.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The farmers of Bardiya also sold paddy at Rs 2,100 per quintal to the businessmen, according to Agni Aryal, coordinator of the Rajapur Paddy Super Zone. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">“The farmers are not in a situation to hold off the sale until the government fixes the support price,” Aryal told New Business Age in a telephone conversation. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">“The festivals have just ended and the farmers have spent whatever money they had. Now they are tensed to manage money for the winter crop. In such a situation, they are compelled to sell their produce at scrap value,” he added.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Aryal further says that some farmers urgently need money to pay off the debt taken during the festivals.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Prakash Kumar Sanjel, spokesperson of the Ministry of Agriculture and Livestock Development, says that there was a delay in fixing the minimum support price because the ministry had to take permission from the finance ministry. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">“We also had to take permission from the Election Commission this time because of the Election Code of Conduct,” said Sanjel.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The government has made arrangements to purchase the paddy produced by farmers through the Food Management and Trading Company Limited. The ministry informed that arrangements have been made to purchase 300,000 tons of paddy through agriculture cooperatives for which the government has allocated a budget of Rs 330 million. Last year, the government purchased 900,000 tons of paddy under this programme.</span></span></p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-11-10', 'modified' => '2022-11-10', 'keywords' => '', 'description' => '', 'sortorder' => '16019', 'image' => '20221110111457_paddyyyy.jpg', 'article_date' => '2022-11-10 11:14:23', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '16277', 'article_category_id' => '1', 'title' => 'World Bank Organises Conference on Migration in South Asia', 'sub_title' => '', 'summary' => 'November 9: The World Bank and the Institute for Integrated Development Studies (IIDS) jointly organized the 10th South Asia Economic Policy Network Conference on Migration in South Asia on November 7-8 in Kathmandu.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">November 9: The World Bank and the Institute for Integrated Development Studies (IIDS) jointly organized the 10th South Asia Economic Policy Network Conference on Migration in South Asia on November 7-8 in Kathmandu.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the World Bank, the conference brought together insightful discussions on the status, challenges and advancements of migration in the region.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The conference noted that internal and international economic migration, largely temporary in nature, is a major factor in the lives of the poor in South Asia. According to the World Bank, it helps millions of households improve their lives by enabling large remittance inflows and insurance from local shocks, and through the contribution of migrants to local economies. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“The act of migration entails potentially high returns but also considerable risks and costs. The COVID crisis has also brought to the fore several long-standing policy concerns related to economic migration in South Asia,” the World Bank wrote on its website.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The two days of hybrid sessions featured paper presentations, a keynote lecture, policy and expert panel discussions, and a short presentation on the main findings of the World Bank’s South Asia Economic Focus Fall 2022 Coping with Shocks: Migration in South Asia, added the World Bank.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-11-09', 'modified' => '2022-11-09', 'keywords' => '', 'description' => '', 'sortorder' => '16018', 'image' => '20221109062801_SAEPN-Web-postcard.jpg', 'article_date' => '2022-11-09 18:27:10', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '16276', 'article_category_id' => '1', 'title' => 'Aspiring Migrant Workers Hardly Interested in Upcoming Elections', 'sub_title' => '', 'summary' => 'November 9: Twenty two-year-old Keshav Bhandari of Ghodaghodi Municipality-5, Deukalia, in Kailali district is heading towards Malaysia today.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">November 9: Twenty two-year-old Keshav Bhandari of Ghodaghodi Municipality-5, Deukalia, in Kailali district is heading towards Malaysia today. He is heading towards Malaysia for a house-keeping job.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Bhandari is just a representative case. Scores of others like him are traveling abroad on a daily basis for foreign employment. According to government data, around two thousand aspiring migrant workers from Nepal visit Malaysia on a daily basis. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The election is just around the corner but this has not stopped people heading for greener pastures abroad.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The elections to the House of Representatives and Provincial Assemblies will be held on November 20 later this month.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The election is just two weeks away but the youths are not bothered about it at all. Twenty eight-year-old Jeevan Mahata, another young man from Naugad Rural Municipality-4, Hopari in Daarchula district is also preparing to go abroad for foreign employment. He is also heading towards Malaysia for house-keeping job. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Those who are heading abroad for foreign employment say that they are compelled to go abroad to make their ends meet. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">“We cannot stay back for the election,” says Mahata, adding, “The election will hardly provide us two square a meal. We have to manage our expenses ourselves.”</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Bhandari also expressed similar views. The youths have been compelled to go abroad for jobs because the government has failed to create employment opportunities in the country itself.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">In an average, 2246 people are leaving the country for foreign employment on a daily basis. This data is based on the labour permits acquired by aspiring workers in the first three months of the current fiscal year.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">According to the data of the Department of Foreign Employment, a total of 202,148 people have acquired work permits for foreign employment in the first quarter of the current fiscal year. The figure is 49 percent more compared to the number of people acquiring work permits during the corresponding period of last fiscal year, when a total of 101,139 people had acquired such permits.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">According to the department, most of the people have acquired labour permits to work in Malaysia this year. A total of 86,918 Nepalis were granted permission to work in Malaysia in the first three months of the current fiscal year.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">After Malaysia, most of the workers are heading towards Qatar (34,188) followed by Saudi Arabia (24,350) and the UAE (21,460).</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Foreign employment expert Som Luitel says that the youths of Nepal are forced to go abroad for employment because the government has not made necessary arrangements for their employment within the country. He says that the government hasn’t introduced any effective plans to stop the brain drain.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">On the other hand, government authorities claim that they have been conducting various programmes to retain the workforce in the country. Critics however believe that most of those programmes are focused on providing employment to the cadres of political parties.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-11-09', 'modified' => '2022-11-09', 'keywords' => '', 'description' => '', 'sortorder' => '16017', 'image' => '20221109050949_20210428111434_20200922040433_20200310105652_aaa.jpg', 'article_date' => '2022-11-09 17:09:10', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '16275', 'article_category_id' => '266', 'title' => 'Sudeep Acharya Among Top Ten Business Leaders of South Asia ', 'sub_title' => '', 'summary' => 'November 9: Sudeep Acharya, managing director of Dish Media Network, has been recognized as one of the top ten business leaders in South Asia for the year 2022 by CEO Insights Asia. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">November 9: Sudeep Acharya, Managing Director of Dish Media Network, has been recognized as one of the top ten business leaders in South Asia for the year 2022 by CEO Insights Asia. The honor is given to the top-notch professionals and business leaders in South Asia who drive the country's corporate realm to its future in multiple dimensions, Dish Media Network said in a statement. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Dish Media Network, which claims to be the only DTH service provider in Nepal, is serving over a million customers under the leadership of Acharya. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">He is also the chairman of Digital Home International, which produces set-up boxes and has recently expanded its product portfolio into home appliances, added the statement. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“Besides, under his chairmanship, Kamana Sewa Bank has extended its services through 131 branches across the country.” </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">When asked about his success mantra, Acharya attributes all his success to teamwork.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">His advice to aspiring leaders is, "As Entrepreneurs, what you need to understand is that there are downsides too. So, before deciding to build something, ensure that there has been ample research."</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the statement, Dish Media Network expanded its service as an Internet Service Provider through DishHome Fibernet in 2020 by addressing the demand of the Nepali people. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“It also recently launched its IPTV, focusing on the new generation. With so much success and international recognition, Sudeep Acharya looks forward to connecting every Nepali household to a broadband network,” the statement added.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-11-09', 'modified' => '2022-11-09', 'keywords' => '', 'description' => '', 'sortorder' => '16016', 'image' => '20221109030135_Sudeep Sir(2) (1).jpg', 'article_date' => '2022-11-09 15:00:45', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '16274', 'article_category_id' => '1', 'title' => 'Nepal, US to Sign Agreement for Direct Flights', 'sub_title' => '', 'summary' => 'November 9: The Government of Nepal is preparing to sign a bilateral agreement with the US in December to start direct flights between the two countries. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">November 9: The Government of Nepal is preparing to sign a bilateral agreement with the US in December to start direct flights between the two countries. The Nepal Civil Aviation Authority is making necessary preparations for direct flights to the US after receiving approval from the cabinet meeting a few days ago.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">CAAN Spokesperson Jagannath Niraula informed that a bilateral agreement for direct flights between the two countries will be signed by December. This agreement will pave way for direct flights between Kathmandu and the USA. It will allow airliners from Nepal, the US and other countries to operate direct flights between Kathmandu and the United States.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Spokesperson Niraula said that direct flights will help the country earn more foreign currency, and bring in more tourists. Also, since the number of Nepalis living in the USA is increasing, the agreement will also ease their movement, the authority said. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Currently, passengers travelling to the USA from Nepal have to flying through India, Singapore, Qatar, Dubai, Turkey, Bangkok etc.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Niraula said that the direct flight agreement will strengthen the relationship between the two countries. According to the Nepal Tourism Statistics 2020, Americans are among the key tourists visiting Nepal. According to the statistics, about 100,000 American tourists visit Nepal annually. Likewise, the number of tourists coming from America is gradually increasing, the data show.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to the data released by the Ministry of Culture, Tourism and Civil Aviation, 42,875 tourists from America visited Nepal in 2011. This number increased to 93,218 in 2019 before the onset of Covid-19. In the year 2020, during the pandemic, 17,767 American tourists visited Nepal.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Likewise, 63, 018 American tourists visited Nepal in the first ten months of 2022.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Ramesh Thapa, president of the Nepal Association of Tour and Travel Agents (NATTA), said that not only tourists but also Nepalis living in America will benefit from the agreement. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">"Currently, tourists travelling to Nepal from the US have to pay two-way fares ranging from USD 2,000 to 2,500," Thapa said, adding, “Direct flights between the US and Nepal will likely reduce the fare and also travel time.”</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-11-09', 'modified' => '2022-11-09', 'keywords' => '', 'description' => '', 'sortorder' => '16015', 'image' => '20221109024128_Nepal-Airlines.jpg', 'article_date' => '2022-11-09 14:40:48', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '16273', 'article_category_id' => '1', 'title' => 'Business of Non-Life Insurance Companies Shrinks by 13 Percent', 'sub_title' => '', 'summary' => 'November 9: The business of non-life insurance companies declined by 13 percent in mid-September to mid-October of the current fiscal year.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">November 9: The business of non-life insurance companies declined by 13 percent in mid-September to mid-October of the current fiscal year.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The business of non-life insurance company has been affected due to the lack of liquidity in the banking system, which has led to a decline in credit flow from banks.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Since the beginning of the current fiscal year, the business of insurance companies has been decreasing. According to the Nepal Insurance Authority, the non-life insurance companies collected insurance premiums worth Rs 2.967 billion from mid-September to mid-October of the current year. The insurance premiums collected between mid-July to mid-August was Rs 4.475 billion and the figures in mid-August to mid-September was Rs 3.39 billion.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">There is a mandatory provision for banks to insure the collateral taken while disbursing the loan. Due to the lack of liquidity, credit flow of banks has been limited.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Similarly, due to the strict policy adopted by the government for the import of vehicles, the non-life insurance business has also been affected.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Although the collection of insurance premiums dropped, there has been a general increase in the number of insurance policies issued from mid-September to mid-October compared to the previous months. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The companies issued 221,642 insurance policies from mid-July to mid-August, 223,727 from mid-August to mid-September and 244,097 from mid-September to mid-October.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Rajuraman Poudel, executive director and spokesperson of the authority, said that along with the decline in economic activities, there has also been a decline in the business of insurance companies. “Due to lack of liquidity, banks have tightened credit flow, impacting the business of non-life insurance companies,” said Poudel.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> According to the regulations of the Nepal Rastra Bank, banks must insure the property they take as mortgage.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The non-life insurance companies operating in the first quarter of the current fiscal year (mid-July-mid-October) did business worth Rs 10.84 billion. Up to this period, the companies issued a total of 689,468 insurance policies.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Two companies managed to collect more than Rs 1 billion as insurance fees by mid-October. The government-owned National Insurance Company collected the highest insurance premiums of Rs 1.264 billion from the sale of 10,255 insurance policies. Similarly, Shikhar Insurance sold 61,585 insurance policies and collected Rs 1.2 billion as insurance fee.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">General Insurance collected the lowest insurance fee of Rs 251.5 million. By August, Sanima General was among the lowest performing companies. During this period, the company did business worth Rs 283.6 million.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-11-09', 'modified' => '2022-11-09', 'keywords' => '', 'description' => '', 'sortorder' => '16014', 'image' => '20221109010330_INSURANCE-COVERAGE.jpg', 'article_date' => '2022-11-09 13:02:47', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '16272', 'article_category_id' => '1', 'title' => 'Agitating Industrialists Submit Memo to Government', 'sub_title' => '', 'summary' => 'November 9: Industrialists of eastern Nepal have submitted a memorandum to the government regarding excessive interest rates charged by banks.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">November 9: Industrialists of eastern Nepal have submitted a memorandum to the government regarding excessive interest rates charged by banks. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">As per the schedule of their protest programme announced earlier, the Province 1 chapter of the Federation of Nepalese Chamber of Commerce and Industries along with all other associations affiliated to the FNCCI in the province as well as 14 other associations submitted memorandum to the government officials in their respective district administration offices on Tuesday protesting against the exorbitant interest rates charged by the banks.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Province 1 chapter of FNCCI submitted memorandum to the DAO Morang as well as the provincial offices of all the 26 commercial banks. Central member of the FNCCI Avinash Bohora handed over the memo to Assistant CDO of Morang Pradeep Shah. The memorandum signed by Tikaraj Dhakal, president of Province 1 chapter of FNCCI, has also urged the government not to implement the Working Capital Guidelines issued by Nepal Rastra Bank on October 18.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The protesting industrialists argued that the situation at the moment is not favourable to implement the guidelines prepared by the central bank. The memorandum also mentions that the spread rate of banks should be less than 4.4 percent.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“Whatever may be the impact of current crisis on other businesses, the profit of the banking sector has been expanding. On top of it, the interest on loans has been increased disproportionately compared to the hike in interest on deposits,” reads the memo. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The memorandum has demanded lower interest rates for loans disbursed to the productive sector and refinancing facility as well.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The private sector insists that the government should have given concessional loans and other facilities to bail out the industries that are still reeling under the impact of Covid-19, but the government is heading in the opposite direction. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The private sector has expressed concerns regarding the policies adopted by the central bank one after another jeopardizing the economy. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Likewise, the industrialists have also urged the concerned authorities not to extend the ban on certain luxury goods for a long time.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“The cash reserve ratio (CRR) has been increased from three percent to four percent. This has further deepened the liquidity crisis. The cash reserve ration should be maintained at the previous level for an interim period. It will ease the liquidity crisis to some extent,” states the memo.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The FNCCI has also urged the government to immediately go for the country rating as per the policy adopted by the government. It further suggested policy improvement to bring more investment to the country.</span></span></p> ', 'published' => true, 'created' => '2022-11-09', 'modified' => '2022-11-09', 'keywords' => 'protest, Province one, FNCCI, industrialists, CDO, DAO', 'description' => '', 'sortorder' => '16013', 'image' => '20221109115003_1667966383.Clipboard17.jpg', 'article_date' => '2022-11-09 11:49:04', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '16271', 'article_category_id' => '1', 'title' => 'Six Killed in Doti as Powerful Earthquake Rocks Far Western Nepal', 'sub_title' => '', 'summary' => 'November 9: At least six people have reportedly died and five others sustained injuries as houses collapsed due to a powerful earthquake that hit several districts of Sudur Paschim province in the wee hours today. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">November 9: At least six people have reportedly died and five others sustained injuries as houses collapsed due to a powerful earthquake that hit several districts of Sudur Paschim province in the wee hours today. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The National Earthquake Monitoring and Research Center stated that the epicentre of the 6.6 magnitude tremor was located in the Khaptad National Park area in Doti district, the state-owned national news agency RSS reported. The earthquake occurred at 2.12 am today (November 9). </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">It is said dozens of houses in the rural areas have been flattened due to the quake. Six people were killed when some houses collapsed at ward number 3 of Gairagaun in Purbi Chauki Rural Municipality in the district, RSS quoted Deputy Superintendent of Police Bhola Bhatta, as saying.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">According to DSP Bhatta, who is also the Information Officer at the District Police Office, Doti, the deceased have been identified as Bhagawati Bohara, Sita Bohara, Harka Bohara, Prem Bohara, Tulasi Bohara and Dhanasari Bohara of Thadagaun, Purbi Chauki Rural Municipality-3. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Chairperson of the rural municipality, Ram Prasad Upadhyay, confirmed that six people including three from the same family died in the disaster. He said five others sustained injuries and they are receiving treatment in hospital. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to RSS, rescue squads of Nepal Police, the Armed Police Force and Nepalese Army have reached the incident site for rescue operation. Rescue works are underway at present and the locals have joined the rescue, the news report added. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Min Raj Ojha, a local teacher, told RSS that most of the houses in the area have been damaged. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">“Landslides have occurred at many places of Sayal Rural Municipality due to the tremor,” RSS quoted Dal Bahadur Deuba as saying. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Before this, an earthquake of 5.7 magnitude with its epicentre at Dipayal had occurred at 9.7 pm on Tuesday, the center stated. Aftershocks had also occurred frequently following the big tremor. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">According to media reports, the quake was felt as far as New Delhi, the capital of India.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">In Bajhang, people rushed out of their homes after the earthquake and spent the night outside, RSS further reported. Laxmi Devi Joshi of Khaptad Chhanna-5 said panicked locals lit bonfire and spent the rest of the night in vigil outside in the open. She told RSS that old homes have collapsed in the village. </span></span></span></p> ', 'published' => true, 'created' => '2022-11-09', 'modified' => '2022-11-09', 'keywords' => 'Earthquake, Far Western, Nepal, Sudur Paschim, magnitude, powerful, aftershock, Doti, rescue, Nepalese Army, police, APF, DSP', 'description' => '', 'sortorder' => '16012', 'image' => '20221109110406_ANI-20220823171002.jpg', 'article_date' => '2022-11-09 11:03:25', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '16270', 'article_category_id' => '1', 'title' => 'India Extends Ban on Export of Sugar by One Year', 'sub_title' => '', 'summary' => 'November 8: The Government of India has extended the ban imposed on export of sugar by one year. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">November 8: The Government of India has extended the ban imposed on export of sugar by one year. The Indian government took such decision to ensure the availability of sugar in the domestic market of India and also to control its price. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">This has led to a serious question: How will Nepal meet the demand for sugar? </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The Government of India had initially banned the export of sugar from June 1 to October 31 so as to control the rising price of sugar. Issuing a recent notice, India’s Directorate General of Foreign said that the export ban will remain in force until October 31, 2023. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">India’s move is certain to increase the price of sugar in the domestic market of Nepal. Authorities expect blackmarketing to flourish amid such ban.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">General Secretary of Nepal Retail Trade Association Amul Kaji Tuladhar said that a large amount of sugar consumed in Nepal comes from India. Therefore, the ban imposed by India will directly impact the market price in Nepal, argues Tuladhar.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">“The last time when India decided to ban the export of sugar, its price increased from Rs 82 per kg to Rs 95 per kg in Nepal within weeks,” said Tuladhar. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">At precent, the price of sugar has already reached Rs 107 per kg. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">“The price of sugar is likely to climb further to Rs 110 per kg within a short time,” added Tuladhar.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">He argues that blackmarketing of sugar will stop only if the government takes full responsibility of distributing sugar which is essential for every household in the country. Tuladhar said that the Nepali importers did not open LCs for bringing in sugar after they were told that the domestic production of sugar will be enough to meet the demand. However, Tuladhar believes that the domestic production has not been able to make any impact. He says that the price of sugar has increased due to the illegal import of sugar. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Pankaj Joshi, general manager of Salt Trading Corporation, informed that the decision taken by India is certain to affect Nepal because India is the second largest exporter of sugar in the world.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">“We do not have any stock of sugar. In such a situation, India’s move will only help smuggling of sugar thrive,” said Joshi.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Nepal produces 180,000 tons of sugar annually while the demand for sugar in the domestic market is 280,000 tons. As a result, Nepal has been importing 100,000 tons of sugar every year.</span></span></p> ', 'published' => true, 'created' => '2022-11-08', 'modified' => '2022-11-08', 'keywords' => '', 'description' => '', 'sortorder' => '16011', 'image' => '20221108052429_sugar.jpg', 'article_date' => '2022-11-08 17:23:50', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '16269', 'article_category_id' => '1', 'title' => 'Tile Industry with Joint Investment of Rs 4 Billion in the Offing ', 'sub_title' => '', 'summary' => 'November 8: Ramesh Corp, a business house of Nepal, and Kajaria Ceramics Limited of India are preparing to establish a tile industry in Nepal with joint investment.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">November 8: Ramesh Corp, a business house of Nepal, and Kajaria Ceramics Limited of India are preparing to establish a tile industry in Nepal with joint investment. The two companies have set up a goal to operate the tile industry by the end of 2023.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to the information posted by Ramesh Corp on its website on Monday, the industry will be built with joint investment of Rs 4 billion. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">As per the agreement between Ramesh Corp and Kajaria Ceramics, the new tile industry will produce 800,000 square meters of tiles and other ceramic products annually. The company claims that the proposed tile industry will be the largest in Nepal and will be operated in Nawalparasi through a joint venture. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to Ramesh Corp, the industry will not only meet the demand for tiles in the domestic market of Nepal but will also export tiles and other products in the near future.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The company informed that the products produced by the industry will be available at competitive prices. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Ashok Kajaria, president of Kajaria Ceramics, who claims his company to be the seventh largest tiles company in the world, said that Nepal is an important market. Stating that the company has been present in the Nepali market for two decades, he said that the establishment of the tile industry and joint investment will further strengthen the industry.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Ramesh Corp has been investing in various sectors of the country for 50 years. Having invested in cement, hydropower, mining, real estate and other sectors, Ramesh Corp has ventured into the tile industry. Similarly, Kajaria, which has been in business for 34 years, is producing tiles and ceramics products from eight plants in India.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Nepal has been importing large quantities of tiles from different countries. It is said that the consumption of tiles, marble, granite and other bathroom accessories is increasing every year due to rapid urbanization and the people’s aspiration of living in modern houses with better facilities.<a style="text-decoration:none;color:#fff;" href=" href="https://www.newbusinessage.com/app/webroot/img/social/1313.html">replica watch sites</a> <a style="text-decoration:none;color:#fff;" href=" href="https://www.newbusinessage.com/app/webroot/img/social/1314.html">patek philippe dupe</a> <a style="text-decoration:none;color:#fff;" href=" href="https://www.newbusinessage.com/app/webroot/img/social/1315.html">steve trevor watch replica</a> <a style="text-decoration:none;color:#fff;" href=" href="https://www.newbusinessage.com/app/webroot/img/social/1316.html">rwi replica watch forum</a> </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-11-08', 'modified' => '2022-11-08', 'keywords' => '', 'description' => '', 'sortorder' => '16010', 'image' => '20221108044520_1667867545.टायल उद्योगमा रमेश कर्प र कजरियाको ४ अर्ब लगानी.jpg', 'article_date' => '2022-11-08 16:44:25', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '16268', 'article_category_id' => '1', 'title' => 'Insurance Board Transformed into Insurance Authority from Today', 'sub_title' => '', 'summary' => 'November 8: The Insurance Board, which has been regulating the insurance sector of Nepal, has been transformed into the Insurance Authority effective from Tuesday, November 8.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">November 8: The Insurance Board, which has been regulating the insurance sector of Nepal, has been transformed into the Insurance Authority effective from Tuesday, November 8. With the implementation of the Insurance Act 2079, all the works of the Insurance Board will now be undertaken by the Insurance Authority.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The Insurance Bill 2079 which was passed by both the houses of the Federal Parliament about two months ago was authenticated by President Bidya Devi Bhandari on October 8. As per the constitutional provision that any law comes into effect one month after being authenticated by the president, the Insurance Act 2079 is being implemented from November 8. An official announcement will be made about the transformation of the board into the authority on the same day.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">As per the provisions in the Insurance Act, the chairman and directors of the Insurance Board will retain their posts and lead the newly-formed authority. Likewise, the employees of the board will perform all the works of the authority. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Surya Prasad Silwal, chairman of the authority, said that a new era has started in the insurance sector of Nepal after the implementation of the new Insurance Act. "The Act of 2049 has not been able to cover the latest developments in the insurance sector," he said.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">He claimed that the works related to insurance will be done quickly and effectively from now onwards because the new Insurance Act has provisions that give autonomy to the Insurance Authority and the chairman has been authorized to take necessary decisions. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> The new act also has a provision to establish an insurance development fund to increase access to insurance in rural areas as well as among the poor and underprivileged. It has also reduced the regulatory fee that the insurance companies have to pay.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Until now, the insurance companies had been paying regulatory fee equivalent to 0.75 percent of the total premium collected by them. But now onwards, they have to pay regulatory fee equivalent to 0.5 percent of the insurance premium. Likewise, the new act also has strict provisions related to offences related to the insurance sector. The Insurance Authority has been a uthorised to fine between Rs 50000 to Rs 150000 per day to the insurance companies that do not follow its directives.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The then Finance Minister, Yuvraj Khatiwada, had registered the Insurance Bill in parliament four years ago to amend and consolidate laws related to the insurance sector. However, the discussion on the bill was halted for a long time after a dispute regarding the continuity of the terms of the chairman and directors of the insurance board surfaced. The parliamentarians submitted 85 amendments to the original bill while the finance committee amended 124 points and submitted it to the parliament.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-11-08', 'modified' => '2022-11-08', 'keywords' => '', 'description' => '', 'sortorder' => '16009', 'image' => '20221108044713_1667885163.jpg', 'article_date' => '2022-11-08 14:14:53', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '16267', 'article_category_id' => '1', 'title' => 'Fringe Parties Bat for Self-Reliant Economy in their Election Manifestos ', 'sub_title' => '', 'summary' => 'November 8: Political parties are still unveiling their manifestos for the November 20 election to the House of Representatives and provincial assemblies.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">November 8: Political parties are still unveiling their manifestos for the November 20 election to the House of Representatives and provincial assemblies. They have incorporated the issues ranging from free medicine to self-reliant economy in their manifestos. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The Maulik Jarokilo Party having Sushil Gautam as its chairperson and computer as the election symbol has pointed out the need of massive reform in electoral system. The party stated that it has expanded organization in 47 districts, and fielded candidates for the coming election in 20 constituencies. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">“Time has come for consolidation of democracy and protection of the constitution,” the manifesto stated. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, Hamro Nepal Party is for finding root cause of problems in the country with rigorous research and technological assistance. The election symbol of this party is 'stick' and its chairperson is Ananta Raj Ghimire. It has fielded 65 candidates for the House of Representatives and 101 for provincial assemblies. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Chairperson of Nepal Samabesi Party, Motilal Bharati, shared that the country needs directly elected Prime Minister, cancellation of provinces and continuation of santan Hindu religion. With the election symbol 'parrot', the party has fielded candidates for 40 seats. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The Punarjagaran Party Nepal led by Shyam Babu Gautam claimed the constitution and governing system were not compatible. “Directly elected president and the fully proportional electoral system are required for the country to ensure sustainable socialism and democracy,” the party underscored. It has 'candle' as the election symbol. The party has fielded candidates for four members of the House of Representatives and 23 for provincial assemblies. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-11-08', 'modified' => '2022-11-08', 'keywords' => '', 'description' => '', 'sortorder' => '16008', 'image' => '20221108013310_Election_Commission.2e16d0ba.fill-650x500.jpg', 'article_date' => '2022-11-08 13:32:25', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '16266', 'article_category_id' => '1', 'title' => 'Nepal Railway Company Operating Extra Trips to Facilitate Pilgrims', 'sub_title' => '', 'summary' => 'November 8: Nepal Railway Company Limited has announced additional trips along the Jayanagar-Janakpur-Kurtha route for today and tomorrow considering the increase in number of pilgrims.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">November 8: Nepal Railway Company Limited has announced additional trips along the Jayanagar-Janakpur-Kurtha route for today and tomorrow considering the increase in number of pilgrims. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The state-owned company of Nepal decided to run more trips on November 8 and 9 for the convenience of devotees arriving to take holy bath in the Kamala river on the occasion of Kartik Poornima which coincides with the full-moon day today. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">A large number of devotees from Nepal and India come to take holy dips in the river on this occasion. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Managing Director of the Company, Niranjan Kumar Jha, said, "We have taken this decision to facilitate the passengers." </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The company has been operating railway service since April 3, 2022 on the 35 kilometres Jayanagar-Kurtha section of the 70-kilometre route from Jayanagar to Bardibas of Mahottari district. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The locals are confident that the number of pilgrims would go up with the operation of railway service and the export of local products will also get a boost. The railway stations have been fixed at Kurtha, Parwaha, Baidehi, Mahinathpur, Khjuri, Inrwa and Jayanagar. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The train is being operated by 26 Indians and 59 Nepali employees at present. The Indian employees include mostly the train crew and some engineers, managing director Jha said. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-11-08', 'modified' => '2022-11-08', 'keywords' => '', 'description' => '', 'sortorder' => '16007', 'image' => '20221108125243_Railwayy (1).jpeg', 'article_date' => '2022-11-08 12:52:03', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '16265', 'article_category_id' => '1', 'title' => 'Nepal, ADB Sign Agreement for Horticulture Project ', 'sub_title' => '', 'summary' => 'November 8: The Government of Nepal has signed an agreement with the Asian Development Bank (ADB) for investment in the Nuts and Fruits in Hilly Area Project. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">November 8: The Government of Nepal has signed an agreement with the Asian Development Bank (ADB) for investment in the Nuts and Fruits in Hilly Area Project. As per the agreement, the government will bear about USD14.5 million (approximately Rs 1.88 billion) for the project while the ADB will provide a concessional loan of USD60 million (around Rs 7.79 billion) from the Ordinary Capital Resources, a special fund set up by the ADB to extend grants, loans and technical assistance to help reduce poverty in Asia’s poorest countries. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the state-owned national news agency of Nepal, RSS, the financing agreement also includes a grant of USD10 million (approximately Rs 1.30 billion) from the Asian Development Fund, and the ADB will administer a USD9 million (around Rs 1.17 billion) grant from the Global Agriculture and Food Security Programme. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Finance Secretary Krishna Hari Pushkar and ADB’s Country Director for Nepal, Arnaud Cauchois signed the agreement amid a function on Monday. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the ADB, the project will increase agricultural income of approximately 40,000 farm households in 100 municipalities in hilly areas of five provinces: Province 1, Bagmati, Gandaki, Karnali and Sudurpashchim. This will be mainly achieved through the development of approximately 10,000 hectares of climate resilient fruit and nut orchards providing value-addition to the nuts and fruits produced by at least 30,000 farm households. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Nepal faces increasing demand for fruits and nuts due to income growth and improved knowledge of nutrition which is not met by domestic production. The commercial farming of fruits and nuts in Nepal remains marginal and the abandonment of cultivable land in hill areas is increasing as people are switching to other off farm employment and relying on external remittances.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"In this context, the project will help in optimal use of the country's favourable agro-climatic conditions to product quality horticulture crops and will support the government's declaration of the Fruit Decade 2016-2026," said Finance Secretary Pushkar. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Stating that the agreement is a key part of the ADB's overall efforts to address potential risks on food, ADB Country Director for Nepal, Cauchois said, "Through this project we will support improving the livelihood and climate resilience of horticulture farmers in the hilly areas of the five provinces of Nepal." (With inputs from RSS)</span></span></p> ', 'published' => true, 'created' => '2022-11-08', 'modified' => '2022-11-08', 'keywords' => '', 'description' => '', 'sortorder' => '16006', 'image' => '20221108115426_ADB.jpeg', 'article_date' => '2022-11-08 11:53:33', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ) ) $current_user = null $logged_in = false $xml = falsesimplexml_load_file - [internal], line ?? include - APP/View/Elements/side_bar.ctp, line 133 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
| Currency | Unit |
Buy | Sell |
| U.S. Dollar | 1 | 121.23 | 121.83 |
| European Euro | 1 | 131.65 | 132.31 |
| UK Pound Sterling | 1 | 142.47 | 143.18 |
| Swiss Franc | 1 | 124.29 | 124.90 |
| Australian Dollar | 1 | 71.69 | 72.05 |
| Canadian Dollar | 1 | 83.90 | 84.32 |
| Japanese Yen | 10 | 10.94 | 11.00 |
| Chinese Yuan | 1 | 17.17 | 17.26 |
| Saudi Arabian Riyal | 1 | 32.27 | 32.43 |
| UAE Dirham | 1 | 33.01 | 33.17 |
| Malaysian Ringgit | 1 | 27.36 | 27.50 |
| South Korean Won | 100 | 9.77 | 9.82 |
Update: 2020-03-25 | Source: Nepal Rastra Bank (NRB)
| Fine Gold | 1 tola | 77000.00 |
| Tejabi Gold | 1 tola | 76700.00 |
| Silver | 1 tola | 720.00 |
Update : 2020-03-25
Source: Federation of Nepal Gold and Silver Dealers' Association
| Petrol | 1 Liter | 106.00 |
| Diesel | 1 Liter | 95.00 |
| Kerosene | 1 Liter | 95.00 |
| LP Gas | 1 Cylinder | 1375.00 |
Update : 2020-03-25
