October 21: Nimbus, a manufacturing and trading enterprise, has started exporting food items from…
October 21: Nimbus, a manufacturing and trading enterprise, has started exporting food items from…
October 20: Amnesty International (AI) has sought reassurance from the Qatari authorities regarding the promised labour reforms now and beyond the World…
October 20: A partial solar eclipse is taking place in Nepal on October 25, according to the Nepal Calendar Determination Development…
October 20: The real estate business has slumped by 70 percent in the country.…
October 20: The American dollar is continuously rising against the Nepali currency of late.…
October 20: The rise in interest rates on loans flowing from banks and financial institutions has resulted in dispute between bankers and…
October 20: Following a freak accident in Pokhara some days ago, the Civil Aviation Authority of Nepal (CAAN) has formed a high-level probe committee to study the safety of paragliding in…
October 20: Campaigners have underlined the importance of organic farming for revitalizing the food system.…
October 19: The Nepal Calendar Fixation Committee has announced 11:37 am on October 27 as the auspicious time for putting tika or colourful marks on the forehead during this year's Tihar festival. …
October 19: An earthquake measuring 5.9 on the Richter scale was recorded this afternoon with its epicenter in Nepal-China…
Kathmandu University School of Management (KUSOM) has been selected for the “WTO Chairs Program (WCP)”.…
October 19: Nepal Rastra Bank has implemented the Working Capital Loan Guidelines despite protest from the business community.…
October 19: Five finance ministers who steered the country's economy are vying for direct election on November 20.…
October 19: The prices of potatoes have increased by as much as 257 percent during the last six months due to the decline in domestic…
October 18: India has imposed a ban on wheat exports to avert a possible food crisis in the…
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The company started exporting various food items under the Byanjan brand since the festival Dashain. The company informed that the currently exported items include pickles, flour, chickpeas and pulses. As per the information, the goods are being exported to Canada for the time being. The company plans to export food products to other countries as well in the future. The company said that export of food items will help the economy by bringing foreign currency into the country.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-10-21', 'modified' => '2022-10-21', 'keywords' => '', 'description' => '', 'sortorder' => '15929', 'image' => '20221021012334_export.jpg', 'article_date' => '2022-10-21 13:22:59', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '16187', 'article_category_id' => '1', 'title' => 'Amnesty Int'l Calls on Qatar to Uphold Labour Rights ahead of World Cup ', 'sub_title' => '', 'summary' => 'October 20: Amnesty International (AI) has sought reassurance from the Qatari authorities regarding the promised labour reforms now and beyond the World Cup. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">October 20: Amnesty International (AI) has sought reassurance from the Qatari authorities regarding the promised labour reforms now and beyond the World Cup. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The UK-based human rights organisation made such call in a press statement on Thursday amid allegation of widespread abuse of migrant workers.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the statement, AI’s final pre-tournament briefing on migrant workers’ conditions has revealed that abuses remain rife across the Gulf nation. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">With just one month left for the mega event to kick-off, the human rights organization again reiterated its call on FIFA and Qatar to establish a compensation fund for abused migrant workers. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to RSS, the state-owned national news agency of Nepal, AI said Qatar’s overhaul of its labour system since 2017 has led to some noticeable improvements for the country’s two million migrant workers - hundreds of thousands of whom have been engaged in projects essential to the World Cup. However, lack of effective implementation and enforcement continues to undermine their impact on migrant workers. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“Although Qatar has made important strides on labour rights over the past five years, it’s abundantly clear that there is a great distance still to go. Thousands of workers remain stuck in the familiar cycle of exploitation and abuse thanks to legal loopholes and inadequate enforcement,” RSS quoted Steve Cockburn, Amnesty International’s Head of Economic and Social Justice Department, as saying. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“With the World Cup looming, the job of protecting migrant workers from exploitation is only half done, while that of compensating those who have suffered abuses has barely started. It’s also imperative that Qatar commits to improving conditions in the long term. Progress must not grind to a halt once the World Cup roadshow leaves Doha,” he added. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Last month, a global poll commissioned by Amnesty International revealed overwhelming support among both the general public and football fans for the compensation of migrant workers who suffered during preparations for the 2022 World Cup. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The findings back the #PayUpFIFA campaign launched by a coalition of human rights organizations—including Amnesty International—fans groups and trade unions in May 2022, which calls on FIFA and the Qatari authorities to establish a comprehensive remediation programme to compensate workers and prevent future abuses, RSS reported. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">It is estimated that there are more than 300,000 Nepali workers in Qatar. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-10-20', 'modified' => '2022-10-20', 'keywords' => '', 'description' => '', 'sortorder' => '15928', 'image' => '20221020062952_r879874_1296x729_16-9.jpg', 'article_date' => '2022-10-20 18:28:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '16186', 'article_category_id' => '1', 'title' => 'Partial Solar Eclipse to Occur on October 25 ', 'sub_title' => '', 'summary' => 'October 20: A partial solar eclipse is taking place in Nepal on October 25, according to the Nepal Calendar Determination Development Committee. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">October 20: A partial solar eclipse is taking place in Nepal on October 25, according to the Nepal Calendar Determination Development Committee. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The committee's executive director Surya Prasad Dhungel shared that the eclipse would commence from 4.52 pm and the sun will set at 5.24 pm, 32 minutes after the eclipse starts. So, the eclipse will be visible from Nepal for around 32 minutes. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The eclipse will withdraw at 7.30 pm although it will not be visible from Nepal. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-10-20', 'modified' => '2022-10-20', 'keywords' => '', 'description' => '', 'sortorder' => '15927', 'image' => '20221020040933_skynews-eclipse-solar-sun-moon_5407904.jpg', 'article_date' => '2022-10-20 16:08:58', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '16185', 'article_category_id' => '1', 'title' => 'Real Estate Business Slumps by 70 Percent', 'sub_title' => '', 'summary' => 'October 20: The real estate business has slumped by 70 percent in the country. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">October 20: The real estate business has slumped by 70 percent in the country. A month between mid-September to mid-October saw 25,000 transactions related to real estate properties. The figure is almost 10,000 less than the transactions in mid-August to mid-September and 25,000 less than normal times.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">As the real estate business is going down each day, dozens of professions and businesses directly and indirectly connected with the real estate business are facing dire situation. An example of this is the engineers who evaluate the land. Just a few days ago, police arrested a valuator on the charge of overvaluation of the land in Jhapa when its value had slumped. The Nepal Valuers’ Association strongly opposed it and demanded an unconditional release of the valuator.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Mukti Pandey, secretary general of Nepal Valuers’ Association said that due to government policy and economic recession, the price of real estate has decreased by 20 to 25 percent. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">“At present, the price has decreased by 20 to 25 percent. If this situation continues for another six months, it is certain that the price of land will decrease by additional 20 to 25 percent,” said Pandey. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The government has instructed concerned bodies to demarcate agricultural and non-agricultural lands in order to implement the land use policy. In Pandey's experience, the valuation of land that is or has been in the agricultural sector has decreased sharply. However, the value of land classified as non-agricultural sector did not increase as expected due to recession. On top of that, Nepal Rastra Bank has instructed that the valuation of real estate should not increase by more than two-thirds of the previous valuation.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">As the slump in real estate business, which has been declining for a long time, continued till mid-October as well, the businessmen engaged in this profession have given up all hope. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The Department of Land Management and Records said that the real estate business was affected to some extent by the Dashain holidays in October. But as per the officials, the biggest impact was due to the effects of the global economic recession on Nepal's economy.</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"">Around 34,700 real estate properties were bought and sold throughout mid-August to mid-September and 33,000 from mid-July to mid-August. Businessmen were expecting that the decline in business rate would stop after the number of transactions increased a little. But after the number of transactions decreased again by mid-October to 25,800, a businessman said that it is not possible to predict how much the transaction will go down.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">When the real estate business was at its peak, up to 88,000 real estate properties were bought and sold per month, while in normal times, 50,000 to 60,000 were transacted. In contrast, the transactions in mid-September to mid-October has been 50 percent lower than normal times and 70 percent lower than the peak period.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">By mid-July, the revenue was only Rs 2.73 billion, which reached Rs 3.5 billion by mid-August. But by mid-October again, only registration fees worth Rs 1.36 billion were collected. Apart from land revenue offices of Kalanki, Chabhil and Lalitpur, the registration fee of any other office could not even reach Rs 10 million.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">When the real estate business was high, revenue of Rs 10 billion used to be collected in one month. Revenue of Rs 6 billion to Rs 7 billion used to be collected even during normal times. With the slowdown in real estate business, the monthly revenue collection dropped to around Rs 3 to 4 billion. It further declined to Rs 2.5 billion by mid-October. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-10-20', 'modified' => '2022-10-20', 'keywords' => '', 'description' => '', 'sortorder' => '15926', 'image' => '20221020033234_Real estate.jpg', 'article_date' => '2022-10-20 15:31:49', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '16184', 'article_category_id' => '1', 'title' => 'US Dollar Becomes All-Time High ', 'sub_title' => '', 'summary' => 'October 20: The American dollar is continuously rising against the Nepali currency of late. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">October 20: The American dollar is continuously rising against the Nepali currency of late. As per the foreign currency exchange rate determined by Nepal Rastra Bank for today, the buying rate of US$ 1 is Rs 132.54 while the selling rate is Rs 133.14. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The buying rate of a unit of greenback was Rs 131.48 and the selling rate Rs 132.8 on Wednesday. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, the central bank has fixed the buying rate of one euro at Rs 129.65 and the selling rate at Rs 130.24 for today. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The Nepali currency has depreciated with the increase in the value of the US dollar in the international market. The Nepali currency is pegged with the Indian rupee at a fixed exchange rate and the Nepali currency is impacted as the Indian currency's value decreases when the value of US dollar rises. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Although the increase in the value of the US dollar will have positive impact on the income from remittances, tourism revenue and export trade, it will leave negative impact on the overall economy.</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 economists, since the import is greater than the export, the rising value of US dollar means the trade deficit would go up further. This will also have negative impact on the balance of payment and foreign currency reserve. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, the price of imported goods, fuel and other commodities as well as the principal and interest amount would rise with the increase in the value of US dollar. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-10-20', 'modified' => '2022-10-20', 'keywords' => '', 'description' => '', 'sortorder' => '15925', 'image' => '20221020024942_dolar.jpg', 'article_date' => '2022-10-20 14:49:03', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '16183', 'article_category_id' => '1', 'title' => 'Feud between Bankers and Businessmen Over Interest Rates', 'sub_title' => '', 'summary' => 'October 20: The rise in interest rates on loans flowing from banks and financial institutions has resulted in dispute between bankers and businessmen', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">October 20: The rise in interest rates on loans flowing from banks and financial institutions has resulted in dispute between bankers and businessmen. Businessmen staged a protest against the rising interest rate by closing the market and submitting a formal memorandum to the concerned authorities.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">However, the bankers say that there is no possibility of lowering the interest rate immediately due to the market conditions.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The market of Birendranagar was closed last Friday on the call of the Surkhet Chamber of Commerce and Industry to protest against the hike in interest rates.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">They have formed a joint struggle committee and announced further protest programmes. In the center as well, commercial organizations such as the Federation of Nepalese Chamber of Commerce and Industry (FNCCI), Nepal Chamber of Commerce (NCC), and Hotel Association of Nepal (HAN) have formally opposed the spiraling interest rates.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Anil Kumar Upadhyay, chairman of the Nepal Bankers Association and Chief Executive Officer of the Agriculture Development Bank, said that the capital cost of banks has increased due to lack of liquidity, and the interest rates of loans have become expensive. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">"In the current situation, the cost of banks has increased by 10 per cent," he said, "Therefore, it is natural for the interest rate to increase." </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Banks have fixed the interest rate according to the provisions of Nepal Rastra Bank. Upadhyay claimed that there is no possibility of reducing the interest rates on loans.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Banks fix the interest on loan by adding a certain per cent premium to their base rate which is maintained every quarter. In the case of old borrowers, even if the premium does not change, the interest rate of the loan increases when the base rate increases.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">In the first quarter of the current fiscal year (FY), the interest rate on loans has become expensive due to the increase in the base rate of banks. According to the reports published by the banks, the average base rate of commercial banks has reached about 10 per cent by mid-October. As banks add up to 7 percentage points as premium to the base rate, it seems that the interest rate of bank loans will reach up to 17 percent. However, the base rate of most of the banks have exceeded 10 percent. Because of this, the interest rate of the loan has become more expensive.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Banks, which have been keeping the interest rates on deposits stable for six months through the umbrella organization, increased them by 10 per cent from mid-September. Although the Ministry of Finance tried to intervene, an expert committee formed by the ministry suggested the government not to meddle with affairs looked after by the central bank.</span></span></p> <p> </p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-10-20', 'modified' => '2022-10-20', 'keywords' => '', 'description' => '', 'sortorder' => '15924', 'image' => '20221020014212_interest ratee.jpg', 'article_date' => '2022-10-20 13:41:24', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '16182', 'article_category_id' => '1', 'title' => 'CAAN Forms Probe Committee to Study Safety of Paragliding in Nepal', 'sub_title' => '', 'summary' => 'October 20: Following a freak accident in Pokhara some days ago, the Civil Aviation Authority of Nepal (CAAN) has formed a high-level probe committee to study the safety of paragliding in Nepal.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">October 20: Following a freak accident in Pokhara some days ago, the Civil Aviation Authority of Nepal (CAAN) has formed a high-level probe committee to study the safety of paragliding in Nepal. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The aviation governing body of Nepal on Wednesday formed the probe committee headed by its deputy director general Hansraj Pandey after the accident killed a pilot of Tribhuvan Army Club during the ongoing Ninth National Games. CAAN had indefinitely banned paragliding across the country following the accident that occurred earlier this week. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">CAAN has made it clear that it will reopen paragliding based on suggestions provided by the probe committee.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">CAAN Spokesperson Jagannath Niraula informed that the committee will submit its report as soon as possible. “A decision will be taken to reopen paragliding after receiving the report,” said Niraula.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">He argued that the committee has been formed to provide suggestions for proper management of paragliding and to ensure safety of the pilots and tandem divers. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">CAAN had banned all kinds of paragliding activities including sporting competitions, recreation and commercial flights after Nishim Thapa of TAC succumbed to injuries after falling off his glider during a competition on October 17. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Meanwhile, CAAN also received a report from the International Civil Aviation Organisation (ICAO) which states that the aviation safety rate of Nepal has increased to 70.10 percent. Spokesperson Niraula said that CAAN is committed to improve the aviation safety rate.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">ICAO had conducted an audit of aviation safety of Nepal in April. The final report of the audit states that Nepal has made a significant improvement in aviation safety. As per the report, Nepal ranks among the top countries in Asia in terms of aviation safety. </span></span></p> ', 'published' => true, 'created' => '2022-10-20', 'modified' => '2022-10-20', 'keywords' => '', 'description' => '', 'sortorder' => '15923', 'image' => '20221020104248_Paragliding-in-Pokhara-Nepal.jpg', 'article_date' => '2022-10-20 10:42:04', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '16181', 'article_category_id' => '1', 'title' => '‘Use of Pesticides Poses Serious Threat to Agriculture’', 'sub_title' => '', 'summary' => 'October 20: Campaigners have underlined the importance of organic farming for revitalizing the food system. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">October 20: Campaigners have underlined the importance of organic farming for revitalizing the food system. They made such remark during an interaction on the topic of ‘Organic Farming: Revitalizing the Food System’ organized on the occasion of the 42<sup>nd</sup> World Food Day on Wednesday. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Representatives of the Food for Agriculture Campaign, National Farmers’ Group among others were present during the interaction. Participants of the interaction programme concluded that the use of pesticides have not only affected human health but also caused adverse effects on soil, water and environment. They argued that the use of pesticides has also affected production growth. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Chairman of the National Inclusion Commission Dr Ram Krishna Timilsina expressed his views that the agriculture sector is facing problems because the universities of Nepal only focus on producing scholars but fail to realize the need of imparting technical skills. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">He accused the government of displaying dual character. He said that the government has not been able to clearly state whether it is possible to set up chemical fertilizer plant in the country or not.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">He argued that the production of food can be increased by providing grants to small and medium-scale farmers and concessional loans to big farmers.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“The government needs to encourage commercial farming in order to increase production. Small farmers need to be given grants while corporate farmers must be availed concessional loans,” said Timalsina.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">During the programme, Senior Scientist of the Nepal Agriculture Research Council Bal Krishna Joshi informed that the traditional food grains are comparatively more healthy than hybrid food.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-10-20', 'modified' => '2022-10-20', 'keywords' => '', 'description' => '', 'sortorder' => '15922', 'image' => '20221020102244_PemaLama_Banepa_RSS_27_IMG_20210911_160158.jpg', 'article_date' => '2022-10-20 10:22:04', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '16180', 'article_category_id' => '1', 'title' => '11:37 am Auspicious Time for Bhai Tika ', 'sub_title' => '', 'summary' => 'October 19: The Nepal Calendar Fixation Committee has announced 11:37 am on October 27 as the auspicious time for putting tika or colourful marks on the forehead during this year's Tihar festival. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">October 19: The Nepal Calendar Fixation Committee has announced 11:37 am on October 27 as the auspicious time for putting tika or colourful marks on the forehead during this year's Tihar festival. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">This year's Tihar festival starts from October 22, Saturday with the observance of Yamadeepdan, the offerings of lamps to Yamadeva (the deity of death). The religious belief is that the celebration of Yamadeepdan will prevent the devotee from facing untimely death. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Executive director of the committee Surya Prasad Dhungel said Dhantrayodashi (Dhanteras) should also be observed same day. The Kag Tihar, the festival of crow, falls on October 23 and Laxmi Puja (worship of Hindu Goddess Laxmi), one of the major celebrations of the Tihar festival, falls on Monday, October 24. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">October 25 is the day for Gai Puja when cow is cow worshipped with Hindu rituals. </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"">“We will observe solar eclipse the same day,” said Dhungel. </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"">October 26 is the Gobardhan Puja, the day of worshipping the ox. The Newar community celebrates the Mha Puja (worship of the self) on the same day. The day also marks the commencement of the Nepal Sambat 1143. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The tika for this year's Tihar festival is being observed on October 27 when sisters and brothers exchange the saptarangi tika (seven-coloured tika) on the occasion. Sisters put tika on the forehead of their brothers wishing their wellbeing and longevity and offer them special delicacies. In return brothers also put tika on them and give gifts to their sisters. The Newar community celebrates the Kija Puja the same day. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-10-19', 'modified' => '2022-10-19', 'keywords' => '', 'description' => '', 'sortorder' => '15921', 'image' => '20221019044902_bhaitika.jpg', 'article_date' => '2022-10-19 16:48:26', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '16179', 'article_category_id' => '1', 'title' => '5.9 Magnitude Earthquake Jolts Kathmandu Valley ', 'sub_title' => '', 'summary' => 'October 19: An earthquake measuring 5.9 on the Richter scale was recorded this afternoon with its epicenter in Nepal-China border. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">October 19: An earthquake measuring 5.9 on the Richter scale was recorded this afternoon with its epicenter in Nepal-China border. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The earthquake occurred at 3.07 pm, according to the National Seismological Centre. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Seismologist Dr Mukunda Bhatatrai said the earthquake jolted Sindhupalchowk, Dolakha, Nuwakot, Rasuwa, Kathmandu Valley and Dhading. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-10-19', 'modified' => '2022-10-19', 'keywords' => '', 'description' => '', 'sortorder' => '15920', 'image' => '20221019042812_Earthquake_qHefATN.jpg', 'article_date' => '2022-10-19 16:27:27', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '16178', 'article_category_id' => '1', 'title' => 'KUSOM Launches WTO Chairs Programme', 'sub_title' => '', 'summary' => 'Kathmandu University School of Management (KUSOM) has been selected for the “WTO Chairs Program (WCP)”. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">October 19: Kathmandu University School of Management (KUSOM) has been selected for the “WTO Chairs Program (WCP)”. Chief Secretary Shanker Das Bairagi officially launched the programme in Nepal on Monday, October 17. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The WTO Chairs Programme aims to support and promote trade-related academic activities by universities and research institutions in developing and least-developed countries. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The WTO Chairs Programme has been providing financial and technical assistance to educational institutions in developing countries to facilitate the participation of the members of the World Trade Organization in the multilateral trading system. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Through this programme, the concerned countries aim to increase the knowledge of international trade, law and economics. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Prof. Dr. Achyut Wagle, co-chairman of WCP Nepal and registrar of Kathmandu University said that it is a matter of pride to bring such a programme to Nepal. He informed that the WCP will be operated for the next four years (2022-2026) through KUSOM focusing mainly on three tasks; curriculum development and teaching, research and capacity building.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Curriculum Development Courses related to international trade will be developed at various levels. Towards research, there will be study/research related to business. In addition, KUSOM informed that awareness programs will be conducted in international conferences under the training program for capacity building.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Prime Minister Sher Bahadur Deuba as well sent his message to KUSOM expressing hope that the programme in Nepal would help in formulating the trade and investment policy for Nepal. He said that the programme will help improve the major obstacles that Nepal faces in international trade especially in the field of supply. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Xiangchen Zhang, the Deputy Director General of the World Trade Organization said that such a network will help in promoting exchange of ideas and knowledge. Chief Secretary Bairagi stated that WCP will help to create new ideas in the field of business through education and research. He also provided assurance regarding the support from the government for the success of this programme.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p> </p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-10-19', 'modified' => '2022-10-19', 'keywords' => '', 'description' => '', 'sortorder' => '15919', 'image' => '20221019042156_kusommmm.jpg', 'article_date' => '2022-10-19 16:20:44', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '16177', 'article_category_id' => '1', 'title' => 'NRB Implements Working Capital Loan Guidelines Despite Protests', 'sub_title' => '', 'summary' => 'October 19: Nepal Rastra Bank has implemented the Working Capital Loan Guidelines despite protest from the business community. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:13.5pt"><span style="font-family:"Calibri","sans-serif"">October 19: Nepal Rastra Bank has implemented the Working Capital Loan Guidelines despite protest from the business community. The central bank had issued the Working Capital Loan Guidelines 2079 about two months ago in order to fix a limit on working capital loan. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:13.5pt"><span style="font-family:"Calibri","sans-serif"">As per the new guidelines, the central bank has capped the limit on working capital loan of a company whose annual transaction is less than Rs 20 million to 20 percent of the total transaction. However, they can avail up to 40 percent loan under special circumstances. In case of a company whose annual transaction is over Rs 20 million, they can avail 25 percent loan. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:13.5pt"><span style="font-family:"Calibri","sans-serif"">The private sector organsations including the Federation of Nepalese Chamber of Commerce and Industry (FNCCI), Confederation of Nepalese Industries (CNI) and Nepal Chamber of Commerce (NCC) as well as industrialists from across the country had been protesting against the move. They had urged the central bank not to implement the new guidelines and had been requesting amendment. However, the NRB started implementing the new provision from Tuesday disregarding the suggestions from the private sector.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:13.5pt"><span style="font-family:"Calibri","sans-serif"">The central bank had prepared a draft of the new guidelines about one year ago and had also asked for suggestions from the business community. NRB issued the guidelines on August 23 and directed banks and financial institutions to implement it from October 18.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:13.5pt"><span style="font-family:"Calibri","sans-serif"">Stakeholders have expressed concerns that the Working Capital Loan Guidelines 2079 issued by the NRB would push the private sector on the brink of crisis.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:13.5pt"><span style="font-family:"Calibri","sans-serif"">The business community and industrialists argue that the new guidelines on working capital loan have added further burden to the private sector that is still struggling due to the impact of coronavirus pandemic.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:13.5pt"><span style="font-family:"Calibri","sans-serif"">Handing a memorandum to Acting Governor of Nepal Rastra Bank Dr Neelam Dhungana Timsina on Monday, the FNCCI urged the central bank not to implement the guidelines immediately because the private sector was facing crisis at present. They urged the central bank to implement the guidelines when the environment becomes conducive to run businesses.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:13.5pt"><span style="font-family:"Calibri","sans-serif"">‘The economy is under external and internal pressure. Therefore, it would not be appropriate to implement the guidelines on working capital loan at the moment,” reads the memo submitted by FNCCI.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:13.5pt"><span style="font-family:"Calibri","sans-serif"">“The guidelines can be implemented in a phase-wise manner once the economy returns back on track.”</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:13.5pt"><span style="font-family:"Calibri","sans-serif"">Despite the protest from the private sector, NRB has made it clear that it will not budge from its decision. NRB Governor Maha Prasad Adhikari has been maintaining that the guidelines have been implemented after a long preparation and includes suggestions from the business community. Therefore, the private sector has no right to object against the guidelines now, says Adhikari.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:13.5pt"><span style="font-family:"Calibri","sans-serif"">Governor Adhikari had earlier defended the central bank’s move to amend the Working Capital Loan Guidelines arguing that the new guidelines were introduced to control “over financing.”</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:13.5pt"><span style="font-family:"Calibri","sans-serif"">Adhikari argued that the new provisions were introduced because the businessmen were using loans provided to meet their day-to-day expenses were spent on other purposes.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:13.5pt"><span style="font-family:"Calibri","sans-serif"">“There has been over financing in the name of banking capital,” Adhikari said during a programme in September, adding, “We were forced to control the loan after businessmen started using it for other purposes than it was intended for.”</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-10-19', 'modified' => '2022-10-19', 'keywords' => '', 'description' => '', 'sortorder' => '15918', 'image' => '20221019030323_Working-Capital-Loan.jpg', 'article_date' => '2022-10-19 15:02:47', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '16176', 'article_category_id' => '1', 'title' => 'Five Finance Ministers in the Fray for Direct Election ', 'sub_title' => '', 'summary' => 'October 19: Five finance ministers who steered the country's economy are vying for direct election on November 20. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">October 19: Five finance ministers who steered the country's economy are vying for direct election on November 20. Voters have shown special interest to the election contested by the incumbent and former finance ministers.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Former finance ministers Surendra Pandey, Bishnu Paudel, Barshaman Pun and Gyanendra Bahadur Karki and incumbent Finance Minister Janardan Sharma are competing in the upcoming election to the House of Representatives in first past the post (FPTP) category. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Finance Minister Sharma, former Finance Minister Pun and Karki are general candidates of the ruling coalition. UML's Nandram Devkota is competing against Finance Minister Sharma. Since Sharma is a candidate from the CPN (Maoist Center)’s stronghold of Rukum West, he is expected to win again.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">After the rebel candidates of Nepali Congress withdrew their candidacy in Rukum West, Finance Minister Sharma seems to have an easier path in the election. NC candidate Man Bahadur Nepali and Lal Bahadur Mahat of the same party, running as an independent candidate, have withdrawn their candidacy. Only Tarak KC and UML candidate Devkota are pose some challenge to Finance Minister Sharma.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Similarly, former finance ministers Pandey and Paudel competing in the election from UML. They are supported by Janata Samajwadi Party and RPP. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Pandey, an influential leader of the UML, will most likely face a stiff competition in Chitwan-1 against NC candidate Bishwanath Paudel, who has resigned as the vice president of the National Planning Commission to contest the election. Both candidates are considered to be experts in the field of economy.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Pandey is also the incumbent Member of Parliament from the same constituency. Dr Paudel is the vice president of the National Planning Commission and is a young economist. UML leader Pandey was a member of the National Assembly from 2054 to 60. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">In 2066, he was the finance minister during the government led by Madhav Kumar Nepal. Pandey was a member of the Constituent Assembly in 2070 and won the parliamentary elections in 2074 from Chitwan-1. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">There were speculations that Dr Swarnim Wagle would contest the election from the same constituency. However, the NC did not give him a ticket after Paudel expressed his desire to contest in the election. Paudel has worked as an economic advisor to the International Labor Organization (ILO). Paudel is an Associate Professor at Kathmandu University School of Management. When Wagle was the vice-chairman of the National Planning Commission, Paudel worked there as an economic advisor.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Deputy General Secretary of the Maoist Center and former Finance Minister Barshaman Pun is competing in the election from Rolpa. The common candidate of the ruling coalition will face competition from Purna Budhamgar of CPN-UML. Pun had earlier won the 2074 election from Rolpa.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Similarly, former finance minister and incumbent Minister for Communication and Information Technology Gyanendra Bahadur Karki is one of the candidates for the election. He has registered his candidacy representing the ruling coalition in Constituency 4 of Sunsari. His main competitor will be Jagdish Prasad Kusiait of UML. Karki had won the previous election from the same constituency.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">UML vice-president and former finance minister Bishnu Paudel and Raju Gurung of CPN Unified Socialist are competing against each other for seat in the House of Representatives. Even though the Election Commission had rejected Gurung's candidacy, the court issued a short-term order directing the EC not to reject Gurung's candidacy. Since this region is a stronghold of UML, Paudel is unlikely to face stiff opposition.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Former Finance Minister Dr Prakash Chandra Lohani is in the proportional representation quota of Rastriya Prajatantra Party. Former Finance Minister Dr Baburam Bhattarai, Dr Ram Sharan Mahat and Dr Yuvraj Khatiwada have not registered their candidacy for the election. Former PM Bhattarai is supporting Pushpa Kamal Dahal, the former Prime Minister and Chairman of the CPN-Maoist Center from his constituency and has announced that he will not contest the federal elections.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-10-19', 'modified' => '2022-10-19', 'keywords' => '', 'description' => '', 'sortorder' => '15917', 'image' => '20221019012029_Election_Commission.2e16d0ba.fill-650x500.jpg', 'article_date' => '2022-10-19 13:19:52', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '16175', 'article_category_id' => '1', 'title' => 'Prices of Potatoes Rise by 257 Percent in 6 Months', 'sub_title' => '', 'summary' => 'October 19: The prices of potatoes have increased by as much as 257 percent during the last six months due to the decline in domestic production.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">October 19: The prices of potatoes have increased by as much as 257 percent during the last six months due to the decline in domestic production. According to the daily price list of Kalimati Fruits and Vegetables Market Development Committee, the price of red potato has increased the most (257 percent) during this period.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The average wholesale price of red potatoes, which was Rs 28 per kg in the third week of April, has now reached Rs 100. Consumers have to pay even more in the retail market. Consumers complain that they have to pay up to Rs 150 per kg for local red potatoes in retail shops. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">In these six months, the price of red potatoes imported from India has also increased by 92 percent. In the third week of April, the price of red potatoes from India increased to Rs 45 from Rs 25 per kg. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Similarly, the average price of potatoes produced in Mude has also increased by 136 percent from Rs 33 to Rs 75 per kg. Similarly, the price of white potatoes has increased by 239 percent from Rs 23 to Rs 75 per kg.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The consumers are bearing the brunt of the price hike in the wholesale market as the impact trickles down to the retail market as well. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Sarita Nepali from Kirtipur shared that they go to retail stores at their doorstep instead of the wholesale market. “Even the least expensive potatoes cost Rs 80 to Rs 100 per kg,” said Nepali. Potatoes are the most used vegetable in the kitchen because they are compatible with all kinds of vegetables. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Nepali said that now that the price has skyrocketed, she has reduced the use of potatoes.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to Gita Prasad Acharya, president of Kalimati Fruits and Vegetables Market Development Committee, the prices of potatoes skyrocketed due to the decline in domestic production. He informed that the concerned authorities have started importing potatoes from the Indian market to meet the demand.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Acharya added that the price will come down only after locally-grown potatoes start coming to the market likely in the last week of November. Currently, about 50 percent of the potatoes entering the Kalimati wholesale market are imported from India and Bhutan.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Sandip Subedi, a horticultural development officer at the National Center for Potato, Vegetable and Spice Crops Development, says that even though the production has doubled compared to 15 years ago, the country is yet to become self-sufficient in potatoes due to the increasing demand and consumption of potatoes in Nepal. He says that the main reason for the relatively low production is the lack of quality seeds and fertilizers. In general, potatoes produced in Nepal meet 90 percent of the total market demand. According to government data, the remaining 10 percent is imported from abroad.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to the center, 3,325,000 thousand metric tons of potatoes were produced in 198,000 hectares of land in the fiscal year 2077/78. The data of the Department of Customs shows that 342,000 tons of potatoes were imported from abroad that year.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-10-19', 'modified' => '2022-10-19', 'keywords' => '', 'description' => '', 'sortorder' => '15916', 'image' => '20221019113349_potatoes-411975_1280-1024x682.jpg', 'article_date' => '2022-10-19 11:33:05', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '16174', 'article_category_id' => '1', 'title' => 'Production Capacity of Flour Mills Limited to 40 Percent', 'sub_title' => '', 'summary' => 'October 18: India has imposed a ban on wheat exports to avert a possible food crisis in the country.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">October 18: India has imposed a ban on wheat exports to avert a possible food crisis in the country. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Thirty two flour mills operating in Nepal are struggling to import wheat due to the ban imposed by India. As a result, the mills informed that their production has shrunk by almost 60 percent. The flour mills, which are operating at 40 percent of their total capacity, are now compelled to buy wheat costing Rs 34 for Rs 50 per kilogram to produce refined flour and semolina.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The domestic production of Nepal is able to meet the demand only for four months while the demand for flour during the remaining eight months is met through imports from India.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The price of flour and semolina has increased by Rs 15 per kg in four months after India imposed the ban. Due to the lack of wheat from India, the demand for local production has increased by 60 percent, and the prices have also increased.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Three months back, the price of wheat was Rs 34 per kg, but now it has reached Rs 50 per kg. After the increase in the price of wheat, the price of all-purpose flour, which was previously priced at Rs 49 per kg, increased to Rs 68 per kg and the price of fine flour has increased to Rs 68 from Rs 47 per kg. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Bikash Begwani, secretary of Nepal Flour Mills Association and Vice President of Morang Merchants’ Association informed that the price of semolina has climbed to Rs 70 from Rs 55 per kg.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">A total of 32 flour mills operating in Nepal are in crisis due to unavailability of wheat from India. After the increase in the prices of flour and semolina, industries manufacturing noodles and biscuits have been affected as well. Some industries are reducing the weight of noodles and biscuits and selling them at the same price instead of increasing the price. At present, consumers have to pay an additional Rs 75 to buy 5 kg of flour.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Tihar is the time when flour and semolina are sold the most since these are used to make bread and sweet dishes.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Although India has assured that it will supply as much quantity of wheat as requested by Nepal, the domestic industries of Nepal are facing crisis as the government failed to specify the quantity of wheat required for the country. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">“The government is not bringing wheat and the prices are increasing here. But large quantity of flour is coming from India without interruption due to the open border. As a result, the flour mills of Nepal are on the verge of closure,” Begwani said.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">After India stopped the export of wheat, the industrialists were demanding the government to bring wheat through “G2G” process.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">However, the Ministry of Industry, Commerce and Supplies and the Ministry of Foreign Affairs are confused saying that although they had sent letter to India before Dashain for the required quantity of wheat, they are yet to get any response due to lack of effective initiatives from India.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Altogether 32 flour mills of Nepal need 1 million metric tons of wheat every year. Out of that amount, 350,000 tons are produced in Nepal while the remaining 650,000 tons should be imported from India.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Last year, Nepal imported 335,932 metric tons of wheat worth more than Rs 6.9 billion from India. Ram Chandra Dhungana, information officer of Biratnagar Customs Office, informed that 6,100 tons of wheat worth more than Rs 2.19 billion was imported from Biratnagar Customs last year.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-10-18', 'modified' => '2022-10-19', 'keywords' => '', 'description' => '', 'sortorder' => '15915', 'image' => '20221018052601_wheat-flour-500x500.jpg', 'article_date' => '2022-10-18 17:25:21', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ) ) $current_user = null $logged_in = falseinclude - APP/View/Elements/side_bar.ctp, line 60 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
Warning (2): simplexml_load_file() [<a href='http://php.net/function.simplexml-load-file'>function.simplexml-load-file</a>]: I/O warning : failed to load external entity "" [APP/View/Elements/side_bar.ctp, line 60]file not found!Code Context// $file = 'http://aabhiyan:QUVLg8Wzs2F7G9N7@nepalstock.com.np/api/indexdata.xml';if(!$xml = simplexml_load_file($file)){$viewFile = '/var/www/html/newbusinessage.com/app/View/Elements/side_bar.ctp' $dataForView = array( 'articles' => array( (int) 0 => array( 'Article' => array( [maximum depth reached] ) ), (int) 1 => array( 'Article' => array( [maximum depth reached] ) ), (int) 2 => array( 'Article' => array( [maximum depth reached] ) ), (int) 3 => array( 'Article' => array( [maximum depth reached] ) ), (int) 4 => array( 'Article' => array( [maximum depth reached] ) ), (int) 5 => array( 'Article' => array( [maximum depth reached] ) ), (int) 6 => array( 'Article' => array( [maximum depth reached] ) ), (int) 7 => array( 'Article' => array( [maximum depth reached] ) ), (int) 8 => array( 'Article' => array( [maximum depth reached] ) ), (int) 9 => array( 'Article' => array( [maximum depth reached] ) ), (int) 10 => array( 'Article' => array( [maximum depth reached] ) ), (int) 11 => array( 'Article' => array( [maximum depth reached] ) ), (int) 12 => array( 'Article' => array( [maximum depth reached] ) ), (int) 13 => array( 'Article' => array( [maximum depth reached] ) ), (int) 14 => array( 'Article' => array( [maximum depth reached] ) ) ), 'current_user' => null, 'logged_in' => false ) $articles = array( (int) 0 => array( 'Article' => array( 'id' => '16191', 'article_category_id' => '1', 'title' => 'Nimbus Start Exporting Food Items', 'sub_title' => '', 'summary' => 'October 21: Nimbus, a manufacturing and trading enterprise, has started exporting food items from Nepal.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">October 21: Nimbus, a manufacturing and trading enterprise, has started exporting food items from Nepal. The company started exporting various food items under the Byanjan brand since the festival Dashain. The company informed that the currently exported items include pickles, flour, chickpeas and pulses. As per the information, the goods are being exported to Canada for the time being. The company plans to export food products to other countries as well in the future. The company said that export of food items will help the economy by bringing foreign currency into the country.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-10-21', 'modified' => '2022-10-21', 'keywords' => '', 'description' => '', 'sortorder' => '15929', 'image' => '20221021012334_export.jpg', 'article_date' => '2022-10-21 13:22:59', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '16187', 'article_category_id' => '1', 'title' => 'Amnesty Int'l Calls on Qatar to Uphold Labour Rights ahead of World Cup ', 'sub_title' => '', 'summary' => 'October 20: Amnesty International (AI) has sought reassurance from the Qatari authorities regarding the promised labour reforms now and beyond the World Cup. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">October 20: Amnesty International (AI) has sought reassurance from the Qatari authorities regarding the promised labour reforms now and beyond the World Cup. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The UK-based human rights organisation made such call in a press statement on Thursday amid allegation of widespread abuse of migrant workers.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the statement, AI’s final pre-tournament briefing on migrant workers’ conditions has revealed that abuses remain rife across the Gulf nation. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">With just one month left for the mega event to kick-off, the human rights organization again reiterated its call on FIFA and Qatar to establish a compensation fund for abused migrant workers. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to RSS, the state-owned national news agency of Nepal, AI said Qatar’s overhaul of its labour system since 2017 has led to some noticeable improvements for the country’s two million migrant workers - hundreds of thousands of whom have been engaged in projects essential to the World Cup. However, lack of effective implementation and enforcement continues to undermine their impact on migrant workers. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“Although Qatar has made important strides on labour rights over the past five years, it’s abundantly clear that there is a great distance still to go. Thousands of workers remain stuck in the familiar cycle of exploitation and abuse thanks to legal loopholes and inadequate enforcement,” RSS quoted Steve Cockburn, Amnesty International’s Head of Economic and Social Justice Department, as saying. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“With the World Cup looming, the job of protecting migrant workers from exploitation is only half done, while that of compensating those who have suffered abuses has barely started. It’s also imperative that Qatar commits to improving conditions in the long term. Progress must not grind to a halt once the World Cup roadshow leaves Doha,” he added. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Last month, a global poll commissioned by Amnesty International revealed overwhelming support among both the general public and football fans for the compensation of migrant workers who suffered during preparations for the 2022 World Cup. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The findings back the #PayUpFIFA campaign launched by a coalition of human rights organizations—including Amnesty International—fans groups and trade unions in May 2022, which calls on FIFA and the Qatari authorities to establish a comprehensive remediation programme to compensate workers and prevent future abuses, RSS reported. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">It is estimated that there are more than 300,000 Nepali workers in Qatar. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-10-20', 'modified' => '2022-10-20', 'keywords' => '', 'description' => '', 'sortorder' => '15928', 'image' => '20221020062952_r879874_1296x729_16-9.jpg', 'article_date' => '2022-10-20 18:28:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '16186', 'article_category_id' => '1', 'title' => 'Partial Solar Eclipse to Occur on October 25 ', 'sub_title' => '', 'summary' => 'October 20: A partial solar eclipse is taking place in Nepal on October 25, according to the Nepal Calendar Determination Development Committee. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">October 20: A partial solar eclipse is taking place in Nepal on October 25, according to the Nepal Calendar Determination Development Committee. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The committee's executive director Surya Prasad Dhungel shared that the eclipse would commence from 4.52 pm and the sun will set at 5.24 pm, 32 minutes after the eclipse starts. So, the eclipse will be visible from Nepal for around 32 minutes. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The eclipse will withdraw at 7.30 pm although it will not be visible from Nepal. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-10-20', 'modified' => '2022-10-20', 'keywords' => '', 'description' => '', 'sortorder' => '15927', 'image' => '20221020040933_skynews-eclipse-solar-sun-moon_5407904.jpg', 'article_date' => '2022-10-20 16:08:58', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '16185', 'article_category_id' => '1', 'title' => 'Real Estate Business Slumps by 70 Percent', 'sub_title' => '', 'summary' => 'October 20: The real estate business has slumped by 70 percent in the country. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">October 20: The real estate business has slumped by 70 percent in the country. A month between mid-September to mid-October saw 25,000 transactions related to real estate properties. The figure is almost 10,000 less than the transactions in mid-August to mid-September and 25,000 less than normal times.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">As the real estate business is going down each day, dozens of professions and businesses directly and indirectly connected with the real estate business are facing dire situation. An example of this is the engineers who evaluate the land. Just a few days ago, police arrested a valuator on the charge of overvaluation of the land in Jhapa when its value had slumped. The Nepal Valuers’ Association strongly opposed it and demanded an unconditional release of the valuator.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Mukti Pandey, secretary general of Nepal Valuers’ Association said that due to government policy and economic recession, the price of real estate has decreased by 20 to 25 percent. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">“At present, the price has decreased by 20 to 25 percent. If this situation continues for another six months, it is certain that the price of land will decrease by additional 20 to 25 percent,” said Pandey. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The government has instructed concerned bodies to demarcate agricultural and non-agricultural lands in order to implement the land use policy. In Pandey's experience, the valuation of land that is or has been in the agricultural sector has decreased sharply. However, the value of land classified as non-agricultural sector did not increase as expected due to recession. On top of that, Nepal Rastra Bank has instructed that the valuation of real estate should not increase by more than two-thirds of the previous valuation.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">As the slump in real estate business, which has been declining for a long time, continued till mid-October as well, the businessmen engaged in this profession have given up all hope. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The Department of Land Management and Records said that the real estate business was affected to some extent by the Dashain holidays in October. But as per the officials, the biggest impact was due to the effects of the global economic recession on Nepal's economy.</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"">Around 34,700 real estate properties were bought and sold throughout mid-August to mid-September and 33,000 from mid-July to mid-August. Businessmen were expecting that the decline in business rate would stop after the number of transactions increased a little. But after the number of transactions decreased again by mid-October to 25,800, a businessman said that it is not possible to predict how much the transaction will go down.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">When the real estate business was at its peak, up to 88,000 real estate properties were bought and sold per month, while in normal times, 50,000 to 60,000 were transacted. In contrast, the transactions in mid-September to mid-October has been 50 percent lower than normal times and 70 percent lower than the peak period.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">By mid-July, the revenue was only Rs 2.73 billion, which reached Rs 3.5 billion by mid-August. But by mid-October again, only registration fees worth Rs 1.36 billion were collected. Apart from land revenue offices of Kalanki, Chabhil and Lalitpur, the registration fee of any other office could not even reach Rs 10 million.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">When the real estate business was high, revenue of Rs 10 billion used to be collected in one month. Revenue of Rs 6 billion to Rs 7 billion used to be collected even during normal times. With the slowdown in real estate business, the monthly revenue collection dropped to around Rs 3 to 4 billion. It further declined to Rs 2.5 billion by mid-October. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-10-20', 'modified' => '2022-10-20', 'keywords' => '', 'description' => '', 'sortorder' => '15926', 'image' => '20221020033234_Real estate.jpg', 'article_date' => '2022-10-20 15:31:49', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '16184', 'article_category_id' => '1', 'title' => 'US Dollar Becomes All-Time High ', 'sub_title' => '', 'summary' => 'October 20: The American dollar is continuously rising against the Nepali currency of late. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">October 20: The American dollar is continuously rising against the Nepali currency of late. As per the foreign currency exchange rate determined by Nepal Rastra Bank for today, the buying rate of US$ 1 is Rs 132.54 while the selling rate is Rs 133.14. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The buying rate of a unit of greenback was Rs 131.48 and the selling rate Rs 132.8 on Wednesday. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, the central bank has fixed the buying rate of one euro at Rs 129.65 and the selling rate at Rs 130.24 for today. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The Nepali currency has depreciated with the increase in the value of the US dollar in the international market. The Nepali currency is pegged with the Indian rupee at a fixed exchange rate and the Nepali currency is impacted as the Indian currency's value decreases when the value of US dollar rises. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Although the increase in the value of the US dollar will have positive impact on the income from remittances, tourism revenue and export trade, it will leave negative impact on the overall economy.</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 economists, since the import is greater than the export, the rising value of US dollar means the trade deficit would go up further. This will also have negative impact on the balance of payment and foreign currency reserve. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, the price of imported goods, fuel and other commodities as well as the principal and interest amount would rise with the increase in the value of US dollar. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-10-20', 'modified' => '2022-10-20', 'keywords' => '', 'description' => '', 'sortorder' => '15925', 'image' => '20221020024942_dolar.jpg', 'article_date' => '2022-10-20 14:49:03', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '16183', 'article_category_id' => '1', 'title' => 'Feud between Bankers and Businessmen Over Interest Rates', 'sub_title' => '', 'summary' => 'October 20: The rise in interest rates on loans flowing from banks and financial institutions has resulted in dispute between bankers and businessmen', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">October 20: The rise in interest rates on loans flowing from banks and financial institutions has resulted in dispute between bankers and businessmen. Businessmen staged a protest against the rising interest rate by closing the market and submitting a formal memorandum to the concerned authorities.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">However, the bankers say that there is no possibility of lowering the interest rate immediately due to the market conditions.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The market of Birendranagar was closed last Friday on the call of the Surkhet Chamber of Commerce and Industry to protest against the hike in interest rates.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">They have formed a joint struggle committee and announced further protest programmes. In the center as well, commercial organizations such as the Federation of Nepalese Chamber of Commerce and Industry (FNCCI), Nepal Chamber of Commerce (NCC), and Hotel Association of Nepal (HAN) have formally opposed the spiraling interest rates.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Anil Kumar Upadhyay, chairman of the Nepal Bankers Association and Chief Executive Officer of the Agriculture Development Bank, said that the capital cost of banks has increased due to lack of liquidity, and the interest rates of loans have become expensive. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">"In the current situation, the cost of banks has increased by 10 per cent," he said, "Therefore, it is natural for the interest rate to increase." </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Banks have fixed the interest rate according to the provisions of Nepal Rastra Bank. Upadhyay claimed that there is no possibility of reducing the interest rates on loans.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Banks fix the interest on loan by adding a certain per cent premium to their base rate which is maintained every quarter. In the case of old borrowers, even if the premium does not change, the interest rate of the loan increases when the base rate increases.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">In the first quarter of the current fiscal year (FY), the interest rate on loans has become expensive due to the increase in the base rate of banks. According to the reports published by the banks, the average base rate of commercial banks has reached about 10 per cent by mid-October. As banks add up to 7 percentage points as premium to the base rate, it seems that the interest rate of bank loans will reach up to 17 percent. However, the base rate of most of the banks have exceeded 10 percent. Because of this, the interest rate of the loan has become more expensive.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Banks, which have been keeping the interest rates on deposits stable for six months through the umbrella organization, increased them by 10 per cent from mid-September. Although the Ministry of Finance tried to intervene, an expert committee formed by the ministry suggested the government not to meddle with affairs looked after by the central bank.</span></span></p> <p> </p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-10-20', 'modified' => '2022-10-20', 'keywords' => '', 'description' => '', 'sortorder' => '15924', 'image' => '20221020014212_interest ratee.jpg', 'article_date' => '2022-10-20 13:41:24', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '16182', 'article_category_id' => '1', 'title' => 'CAAN Forms Probe Committee to Study Safety of Paragliding in Nepal', 'sub_title' => '', 'summary' => 'October 20: Following a freak accident in Pokhara some days ago, the Civil Aviation Authority of Nepal (CAAN) has formed a high-level probe committee to study the safety of paragliding in Nepal.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">October 20: Following a freak accident in Pokhara some days ago, the Civil Aviation Authority of Nepal (CAAN) has formed a high-level probe committee to study the safety of paragliding in Nepal. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The aviation governing body of Nepal on Wednesday formed the probe committee headed by its deputy director general Hansraj Pandey after the accident killed a pilot of Tribhuvan Army Club during the ongoing Ninth National Games. CAAN had indefinitely banned paragliding across the country following the accident that occurred earlier this week. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">CAAN has made it clear that it will reopen paragliding based on suggestions provided by the probe committee.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">CAAN Spokesperson Jagannath Niraula informed that the committee will submit its report as soon as possible. “A decision will be taken to reopen paragliding after receiving the report,” said Niraula.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">He argued that the committee has been formed to provide suggestions for proper management of paragliding and to ensure safety of the pilots and tandem divers. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">CAAN had banned all kinds of paragliding activities including sporting competitions, recreation and commercial flights after Nishim Thapa of TAC succumbed to injuries after falling off his glider during a competition on October 17. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Meanwhile, CAAN also received a report from the International Civil Aviation Organisation (ICAO) which states that the aviation safety rate of Nepal has increased to 70.10 percent. Spokesperson Niraula said that CAAN is committed to improve the aviation safety rate.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">ICAO had conducted an audit of aviation safety of Nepal in April. The final report of the audit states that Nepal has made a significant improvement in aviation safety. As per the report, Nepal ranks among the top countries in Asia in terms of aviation safety. </span></span></p> ', 'published' => true, 'created' => '2022-10-20', 'modified' => '2022-10-20', 'keywords' => '', 'description' => '', 'sortorder' => '15923', 'image' => '20221020104248_Paragliding-in-Pokhara-Nepal.jpg', 'article_date' => '2022-10-20 10:42:04', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '16181', 'article_category_id' => '1', 'title' => '‘Use of Pesticides Poses Serious Threat to Agriculture’', 'sub_title' => '', 'summary' => 'October 20: Campaigners have underlined the importance of organic farming for revitalizing the food system. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">October 20: Campaigners have underlined the importance of organic farming for revitalizing the food system. They made such remark during an interaction on the topic of ‘Organic Farming: Revitalizing the Food System’ organized on the occasion of the 42<sup>nd</sup> World Food Day on Wednesday. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Representatives of the Food for Agriculture Campaign, National Farmers’ Group among others were present during the interaction. Participants of the interaction programme concluded that the use of pesticides have not only affected human health but also caused adverse effects on soil, water and environment. They argued that the use of pesticides has also affected production growth. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Chairman of the National Inclusion Commission Dr Ram Krishna Timilsina expressed his views that the agriculture sector is facing problems because the universities of Nepal only focus on producing scholars but fail to realize the need of imparting technical skills. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">He accused the government of displaying dual character. He said that the government has not been able to clearly state whether it is possible to set up chemical fertilizer plant in the country or not.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">He argued that the production of food can be increased by providing grants to small and medium-scale farmers and concessional loans to big farmers.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“The government needs to encourage commercial farming in order to increase production. Small farmers need to be given grants while corporate farmers must be availed concessional loans,” said Timalsina.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">During the programme, Senior Scientist of the Nepal Agriculture Research Council Bal Krishna Joshi informed that the traditional food grains are comparatively more healthy than hybrid food.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-10-20', 'modified' => '2022-10-20', 'keywords' => '', 'description' => '', 'sortorder' => '15922', 'image' => '20221020102244_PemaLama_Banepa_RSS_27_IMG_20210911_160158.jpg', 'article_date' => '2022-10-20 10:22:04', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '16180', 'article_category_id' => '1', 'title' => '11:37 am Auspicious Time for Bhai Tika ', 'sub_title' => '', 'summary' => 'October 19: The Nepal Calendar Fixation Committee has announced 11:37 am on October 27 as the auspicious time for putting tika or colourful marks on the forehead during this year's Tihar festival. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">October 19: The Nepal Calendar Fixation Committee has announced 11:37 am on October 27 as the auspicious time for putting tika or colourful marks on the forehead during this year's Tihar festival. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">This year's Tihar festival starts from October 22, Saturday with the observance of Yamadeepdan, the offerings of lamps to Yamadeva (the deity of death). The religious belief is that the celebration of Yamadeepdan will prevent the devotee from facing untimely death. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Executive director of the committee Surya Prasad Dhungel said Dhantrayodashi (Dhanteras) should also be observed same day. The Kag Tihar, the festival of crow, falls on October 23 and Laxmi Puja (worship of Hindu Goddess Laxmi), one of the major celebrations of the Tihar festival, falls on Monday, October 24. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">October 25 is the day for Gai Puja when cow is cow worshipped with Hindu rituals. </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"">“We will observe solar eclipse the same day,” said Dhungel. </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"">October 26 is the Gobardhan Puja, the day of worshipping the ox. The Newar community celebrates the Mha Puja (worship of the self) on the same day. The day also marks the commencement of the Nepal Sambat 1143. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The tika for this year's Tihar festival is being observed on October 27 when sisters and brothers exchange the saptarangi tika (seven-coloured tika) on the occasion. Sisters put tika on the forehead of their brothers wishing their wellbeing and longevity and offer them special delicacies. In return brothers also put tika on them and give gifts to their sisters. The Newar community celebrates the Kija Puja the same day. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-10-19', 'modified' => '2022-10-19', 'keywords' => '', 'description' => '', 'sortorder' => '15921', 'image' => '20221019044902_bhaitika.jpg', 'article_date' => '2022-10-19 16:48:26', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '16179', 'article_category_id' => '1', 'title' => '5.9 Magnitude Earthquake Jolts Kathmandu Valley ', 'sub_title' => '', 'summary' => 'October 19: An earthquake measuring 5.9 on the Richter scale was recorded this afternoon with its epicenter in Nepal-China border. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">October 19: An earthquake measuring 5.9 on the Richter scale was recorded this afternoon with its epicenter in Nepal-China border. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The earthquake occurred at 3.07 pm, according to the National Seismological Centre. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Seismologist Dr Mukunda Bhatatrai said the earthquake jolted Sindhupalchowk, Dolakha, Nuwakot, Rasuwa, Kathmandu Valley and Dhading. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-10-19', 'modified' => '2022-10-19', 'keywords' => '', 'description' => '', 'sortorder' => '15920', 'image' => '20221019042812_Earthquake_qHefATN.jpg', 'article_date' => '2022-10-19 16:27:27', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '16178', 'article_category_id' => '1', 'title' => 'KUSOM Launches WTO Chairs Programme', 'sub_title' => '', 'summary' => 'Kathmandu University School of Management (KUSOM) has been selected for the “WTO Chairs Program (WCP)”. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">October 19: Kathmandu University School of Management (KUSOM) has been selected for the “WTO Chairs Program (WCP)”. Chief Secretary Shanker Das Bairagi officially launched the programme in Nepal on Monday, October 17. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The WTO Chairs Programme aims to support and promote trade-related academic activities by universities and research institutions in developing and least-developed countries. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The WTO Chairs Programme has been providing financial and technical assistance to educational institutions in developing countries to facilitate the participation of the members of the World Trade Organization in the multilateral trading system. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Through this programme, the concerned countries aim to increase the knowledge of international trade, law and economics. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Prof. Dr. Achyut Wagle, co-chairman of WCP Nepal and registrar of Kathmandu University said that it is a matter of pride to bring such a programme to Nepal. He informed that the WCP will be operated for the next four years (2022-2026) through KUSOM focusing mainly on three tasks; curriculum development and teaching, research and capacity building.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Curriculum Development Courses related to international trade will be developed at various levels. Towards research, there will be study/research related to business. In addition, KUSOM informed that awareness programs will be conducted in international conferences under the training program for capacity building.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Prime Minister Sher Bahadur Deuba as well sent his message to KUSOM expressing hope that the programme in Nepal would help in formulating the trade and investment policy for Nepal. He said that the programme will help improve the major obstacles that Nepal faces in international trade especially in the field of supply. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Xiangchen Zhang, the Deputy Director General of the World Trade Organization said that such a network will help in promoting exchange of ideas and knowledge. Chief Secretary Bairagi stated that WCP will help to create new ideas in the field of business through education and research. He also provided assurance regarding the support from the government for the success of this programme.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p> </p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-10-19', 'modified' => '2022-10-19', 'keywords' => '', 'description' => '', 'sortorder' => '15919', 'image' => '20221019042156_kusommmm.jpg', 'article_date' => '2022-10-19 16:20:44', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '16177', 'article_category_id' => '1', 'title' => 'NRB Implements Working Capital Loan Guidelines Despite Protests', 'sub_title' => '', 'summary' => 'October 19: Nepal Rastra Bank has implemented the Working Capital Loan Guidelines despite protest from the business community. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:13.5pt"><span style="font-family:"Calibri","sans-serif"">October 19: Nepal Rastra Bank has implemented the Working Capital Loan Guidelines despite protest from the business community. The central bank had issued the Working Capital Loan Guidelines 2079 about two months ago in order to fix a limit on working capital loan. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:13.5pt"><span style="font-family:"Calibri","sans-serif"">As per the new guidelines, the central bank has capped the limit on working capital loan of a company whose annual transaction is less than Rs 20 million to 20 percent of the total transaction. However, they can avail up to 40 percent loan under special circumstances. In case of a company whose annual transaction is over Rs 20 million, they can avail 25 percent loan. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:13.5pt"><span style="font-family:"Calibri","sans-serif"">The private sector organsations including the Federation of Nepalese Chamber of Commerce and Industry (FNCCI), Confederation of Nepalese Industries (CNI) and Nepal Chamber of Commerce (NCC) as well as industrialists from across the country had been protesting against the move. They had urged the central bank not to implement the new guidelines and had been requesting amendment. However, the NRB started implementing the new provision from Tuesday disregarding the suggestions from the private sector.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:13.5pt"><span style="font-family:"Calibri","sans-serif"">The central bank had prepared a draft of the new guidelines about one year ago and had also asked for suggestions from the business community. NRB issued the guidelines on August 23 and directed banks and financial institutions to implement it from October 18.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:13.5pt"><span style="font-family:"Calibri","sans-serif"">Stakeholders have expressed concerns that the Working Capital Loan Guidelines 2079 issued by the NRB would push the private sector on the brink of crisis.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:13.5pt"><span style="font-family:"Calibri","sans-serif"">The business community and industrialists argue that the new guidelines on working capital loan have added further burden to the private sector that is still struggling due to the impact of coronavirus pandemic.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:13.5pt"><span style="font-family:"Calibri","sans-serif"">Handing a memorandum to Acting Governor of Nepal Rastra Bank Dr Neelam Dhungana Timsina on Monday, the FNCCI urged the central bank not to implement the guidelines immediately because the private sector was facing crisis at present. They urged the central bank to implement the guidelines when the environment becomes conducive to run businesses.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:13.5pt"><span style="font-family:"Calibri","sans-serif"">‘The economy is under external and internal pressure. Therefore, it would not be appropriate to implement the guidelines on working capital loan at the moment,” reads the memo submitted by FNCCI.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:13.5pt"><span style="font-family:"Calibri","sans-serif"">“The guidelines can be implemented in a phase-wise manner once the economy returns back on track.”</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:13.5pt"><span style="font-family:"Calibri","sans-serif"">Despite the protest from the private sector, NRB has made it clear that it will not budge from its decision. NRB Governor Maha Prasad Adhikari has been maintaining that the guidelines have been implemented after a long preparation and includes suggestions from the business community. Therefore, the private sector has no right to object against the guidelines now, says Adhikari.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:13.5pt"><span style="font-family:"Calibri","sans-serif"">Governor Adhikari had earlier defended the central bank’s move to amend the Working Capital Loan Guidelines arguing that the new guidelines were introduced to control “over financing.”</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:13.5pt"><span style="font-family:"Calibri","sans-serif"">Adhikari argued that the new provisions were introduced because the businessmen were using loans provided to meet their day-to-day expenses were spent on other purposes.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:13.5pt"><span style="font-family:"Calibri","sans-serif"">“There has been over financing in the name of banking capital,” Adhikari said during a programme in September, adding, “We were forced to control the loan after businessmen started using it for other purposes than it was intended for.”</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-10-19', 'modified' => '2022-10-19', 'keywords' => '', 'description' => '', 'sortorder' => '15918', 'image' => '20221019030323_Working-Capital-Loan.jpg', 'article_date' => '2022-10-19 15:02:47', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '16176', 'article_category_id' => '1', 'title' => 'Five Finance Ministers in the Fray for Direct Election ', 'sub_title' => '', 'summary' => 'October 19: Five finance ministers who steered the country's economy are vying for direct election on November 20. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">October 19: Five finance ministers who steered the country's economy are vying for direct election on November 20. Voters have shown special interest to the election contested by the incumbent and former finance ministers.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Former finance ministers Surendra Pandey, Bishnu Paudel, Barshaman Pun and Gyanendra Bahadur Karki and incumbent Finance Minister Janardan Sharma are competing in the upcoming election to the House of Representatives in first past the post (FPTP) category. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Finance Minister Sharma, former Finance Minister Pun and Karki are general candidates of the ruling coalition. UML's Nandram Devkota is competing against Finance Minister Sharma. Since Sharma is a candidate from the CPN (Maoist Center)’s stronghold of Rukum West, he is expected to win again.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">After the rebel candidates of Nepali Congress withdrew their candidacy in Rukum West, Finance Minister Sharma seems to have an easier path in the election. NC candidate Man Bahadur Nepali and Lal Bahadur Mahat of the same party, running as an independent candidate, have withdrawn their candidacy. Only Tarak KC and UML candidate Devkota are pose some challenge to Finance Minister Sharma.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Similarly, former finance ministers Pandey and Paudel competing in the election from UML. They are supported by Janata Samajwadi Party and RPP. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Pandey, an influential leader of the UML, will most likely face a stiff competition in Chitwan-1 against NC candidate Bishwanath Paudel, who has resigned as the vice president of the National Planning Commission to contest the election. Both candidates are considered to be experts in the field of economy.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Pandey is also the incumbent Member of Parliament from the same constituency. Dr Paudel is the vice president of the National Planning Commission and is a young economist. UML leader Pandey was a member of the National Assembly from 2054 to 60. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">In 2066, he was the finance minister during the government led by Madhav Kumar Nepal. Pandey was a member of the Constituent Assembly in 2070 and won the parliamentary elections in 2074 from Chitwan-1. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">There were speculations that Dr Swarnim Wagle would contest the election from the same constituency. However, the NC did not give him a ticket after Paudel expressed his desire to contest in the election. Paudel has worked as an economic advisor to the International Labor Organization (ILO). Paudel is an Associate Professor at Kathmandu University School of Management. When Wagle was the vice-chairman of the National Planning Commission, Paudel worked there as an economic advisor.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Deputy General Secretary of the Maoist Center and former Finance Minister Barshaman Pun is competing in the election from Rolpa. The common candidate of the ruling coalition will face competition from Purna Budhamgar of CPN-UML. Pun had earlier won the 2074 election from Rolpa.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Similarly, former finance minister and incumbent Minister for Communication and Information Technology Gyanendra Bahadur Karki is one of the candidates for the election. He has registered his candidacy representing the ruling coalition in Constituency 4 of Sunsari. His main competitor will be Jagdish Prasad Kusiait of UML. Karki had won the previous election from the same constituency.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">UML vice-president and former finance minister Bishnu Paudel and Raju Gurung of CPN Unified Socialist are competing against each other for seat in the House of Representatives. Even though the Election Commission had rejected Gurung's candidacy, the court issued a short-term order directing the EC not to reject Gurung's candidacy. Since this region is a stronghold of UML, Paudel is unlikely to face stiff opposition.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Former Finance Minister Dr Prakash Chandra Lohani is in the proportional representation quota of Rastriya Prajatantra Party. Former Finance Minister Dr Baburam Bhattarai, Dr Ram Sharan Mahat and Dr Yuvraj Khatiwada have not registered their candidacy for the election. Former PM Bhattarai is supporting Pushpa Kamal Dahal, the former Prime Minister and Chairman of the CPN-Maoist Center from his constituency and has announced that he will not contest the federal elections.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-10-19', 'modified' => '2022-10-19', 'keywords' => '', 'description' => '', 'sortorder' => '15917', 'image' => '20221019012029_Election_Commission.2e16d0ba.fill-650x500.jpg', 'article_date' => '2022-10-19 13:19:52', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '16175', 'article_category_id' => '1', 'title' => 'Prices of Potatoes Rise by 257 Percent in 6 Months', 'sub_title' => '', 'summary' => 'October 19: The prices of potatoes have increased by as much as 257 percent during the last six months due to the decline in domestic production.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">October 19: The prices of potatoes have increased by as much as 257 percent during the last six months due to the decline in domestic production. According to the daily price list of Kalimati Fruits and Vegetables Market Development Committee, the price of red potato has increased the most (257 percent) during this period.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The average wholesale price of red potatoes, which was Rs 28 per kg in the third week of April, has now reached Rs 100. Consumers have to pay even more in the retail market. Consumers complain that they have to pay up to Rs 150 per kg for local red potatoes in retail shops. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">In these six months, the price of red potatoes imported from India has also increased by 92 percent. In the third week of April, the price of red potatoes from India increased to Rs 45 from Rs 25 per kg. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Similarly, the average price of potatoes produced in Mude has also increased by 136 percent from Rs 33 to Rs 75 per kg. Similarly, the price of white potatoes has increased by 239 percent from Rs 23 to Rs 75 per kg.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The consumers are bearing the brunt of the price hike in the wholesale market as the impact trickles down to the retail market as well. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Sarita Nepali from Kirtipur shared that they go to retail stores at their doorstep instead of the wholesale market. “Even the least expensive potatoes cost Rs 80 to Rs 100 per kg,” said Nepali. Potatoes are the most used vegetable in the kitchen because they are compatible with all kinds of vegetables. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Nepali said that now that the price has skyrocketed, she has reduced the use of potatoes.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to Gita Prasad Acharya, president of Kalimati Fruits and Vegetables Market Development Committee, the prices of potatoes skyrocketed due to the decline in domestic production. He informed that the concerned authorities have started importing potatoes from the Indian market to meet the demand.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Acharya added that the price will come down only after locally-grown potatoes start coming to the market likely in the last week of November. Currently, about 50 percent of the potatoes entering the Kalimati wholesale market are imported from India and Bhutan.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Sandip Subedi, a horticultural development officer at the National Center for Potato, Vegetable and Spice Crops Development, says that even though the production has doubled compared to 15 years ago, the country is yet to become self-sufficient in potatoes due to the increasing demand and consumption of potatoes in Nepal. He says that the main reason for the relatively low production is the lack of quality seeds and fertilizers. In general, potatoes produced in Nepal meet 90 percent of the total market demand. According to government data, the remaining 10 percent is imported from abroad.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to the center, 3,325,000 thousand metric tons of potatoes were produced in 198,000 hectares of land in the fiscal year 2077/78. The data of the Department of Customs shows that 342,000 tons of potatoes were imported from abroad that year.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-10-19', 'modified' => '2022-10-19', 'keywords' => '', 'description' => '', 'sortorder' => '15916', 'image' => '20221019113349_potatoes-411975_1280-1024x682.jpg', 'article_date' => '2022-10-19 11:33:05', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '16174', 'article_category_id' => '1', 'title' => 'Production Capacity of Flour Mills Limited to 40 Percent', 'sub_title' => '', 'summary' => 'October 18: India has imposed a ban on wheat exports to avert a possible food crisis in the country.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">October 18: India has imposed a ban on wheat exports to avert a possible food crisis in the country. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Thirty two flour mills operating in Nepal are struggling to import wheat due to the ban imposed by India. As a result, the mills informed that their production has shrunk by almost 60 percent. The flour mills, which are operating at 40 percent of their total capacity, are now compelled to buy wheat costing Rs 34 for Rs 50 per kilogram to produce refined flour and semolina.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The domestic production of Nepal is able to meet the demand only for four months while the demand for flour during the remaining eight months is met through imports from India.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The price of flour and semolina has increased by Rs 15 per kg in four months after India imposed the ban. Due to the lack of wheat from India, the demand for local production has increased by 60 percent, and the prices have also increased.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Three months back, the price of wheat was Rs 34 per kg, but now it has reached Rs 50 per kg. After the increase in the price of wheat, the price of all-purpose flour, which was previously priced at Rs 49 per kg, increased to Rs 68 per kg and the price of fine flour has increased to Rs 68 from Rs 47 per kg. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Bikash Begwani, secretary of Nepal Flour Mills Association and Vice President of Morang Merchants’ Association informed that the price of semolina has climbed to Rs 70 from Rs 55 per kg.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">A total of 32 flour mills operating in Nepal are in crisis due to unavailability of wheat from India. After the increase in the prices of flour and semolina, industries manufacturing noodles and biscuits have been affected as well. Some industries are reducing the weight of noodles and biscuits and selling them at the same price instead of increasing the price. At present, consumers have to pay an additional Rs 75 to buy 5 kg of flour.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Tihar is the time when flour and semolina are sold the most since these are used to make bread and sweet dishes.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Although India has assured that it will supply as much quantity of wheat as requested by Nepal, the domestic industries of Nepal are facing crisis as the government failed to specify the quantity of wheat required for the country. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">“The government is not bringing wheat and the prices are increasing here. But large quantity of flour is coming from India without interruption due to the open border. As a result, the flour mills of Nepal are on the verge of closure,” Begwani said.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">After India stopped the export of wheat, the industrialists were demanding the government to bring wheat through “G2G” process.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">However, the Ministry of Industry, Commerce and Supplies and the Ministry of Foreign Affairs are confused saying that although they had sent letter to India before Dashain for the required quantity of wheat, they are yet to get any response due to lack of effective initiatives from India.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Altogether 32 flour mills of Nepal need 1 million metric tons of wheat every year. Out of that amount, 350,000 tons are produced in Nepal while the remaining 650,000 tons should be imported from India.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Last year, Nepal imported 335,932 metric tons of wheat worth more than Rs 6.9 billion from India. Ram Chandra Dhungana, information officer of Biratnagar Customs Office, informed that 6,100 tons of wheat worth more than Rs 2.19 billion was imported from Biratnagar Customs last year.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-10-18', 'modified' => '2022-10-19', 'keywords' => '', 'description' => '', 'sortorder' => '15915', 'image' => '20221018052601_wheat-flour-500x500.jpg', 'article_date' => '2022-10-18 17:25:21', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ) ) $current_user = null $logged_in = falsesimplexml_load_file - [internal], line ?? include - APP/View/Elements/side_bar.ctp, line 60 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
Notice (8): Undefined variable: file [APP/View/Elements/side_bar.ctp, line 133]Code Context// $file = 'http://aabhiyan:QUVLg8Wzs2F7G9N7@nepalstock.com.np/api/subindexdata.xml';if(!$xml = simplexml_load_file($file)){$viewFile = '/var/www/html/newbusinessage.com/app/View/Elements/side_bar.ctp' $dataForView = array( 'articles' => array( (int) 0 => array( 'Article' => array( [maximum depth reached] ) ), (int) 1 => array( 'Article' => array( [maximum depth reached] ) ), (int) 2 => array( 'Article' => array( [maximum depth reached] ) ), (int) 3 => array( 'Article' => array( [maximum depth reached] ) ), (int) 4 => array( 'Article' => array( [maximum depth reached] ) ), (int) 5 => array( 'Article' => array( [maximum depth reached] ) ), (int) 6 => array( 'Article' => array( [maximum depth reached] ) ), (int) 7 => array( 'Article' => array( [maximum depth reached] ) ), (int) 8 => array( 'Article' => array( [maximum depth reached] ) ), (int) 9 => array( 'Article' => array( [maximum depth reached] ) ), (int) 10 => array( 'Article' => array( [maximum depth reached] ) ), (int) 11 => array( 'Article' => array( [maximum depth reached] ) ), (int) 12 => array( 'Article' => array( [maximum depth reached] ) ), (int) 13 => array( 'Article' => array( [maximum depth reached] ) ), (int) 14 => array( 'Article' => array( [maximum depth reached] ) ) ), 'current_user' => null, 'logged_in' => false ) $articles = array( (int) 0 => array( 'Article' => array( 'id' => '16191', 'article_category_id' => '1', 'title' => 'Nimbus Start Exporting Food Items', 'sub_title' => '', 'summary' => 'October 21: Nimbus, a manufacturing and trading enterprise, has started exporting food items from Nepal.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">October 21: Nimbus, a manufacturing and trading enterprise, has started exporting food items from Nepal. The company started exporting various food items under the Byanjan brand since the festival Dashain. The company informed that the currently exported items include pickles, flour, chickpeas and pulses. As per the information, the goods are being exported to Canada for the time being. The company plans to export food products to other countries as well in the future. The company said that export of food items will help the economy by bringing foreign currency into the country.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-10-21', 'modified' => '2022-10-21', 'keywords' => '', 'description' => '', 'sortorder' => '15929', 'image' => '20221021012334_export.jpg', 'article_date' => '2022-10-21 13:22:59', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '16187', 'article_category_id' => '1', 'title' => 'Amnesty Int'l Calls on Qatar to Uphold Labour Rights ahead of World Cup ', 'sub_title' => '', 'summary' => 'October 20: Amnesty International (AI) has sought reassurance from the Qatari authorities regarding the promised labour reforms now and beyond the World Cup. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">October 20: Amnesty International (AI) has sought reassurance from the Qatari authorities regarding the promised labour reforms now and beyond the World Cup. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The UK-based human rights organisation made such call in a press statement on Thursday amid allegation of widespread abuse of migrant workers.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the statement, AI’s final pre-tournament briefing on migrant workers’ conditions has revealed that abuses remain rife across the Gulf nation. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">With just one month left for the mega event to kick-off, the human rights organization again reiterated its call on FIFA and Qatar to establish a compensation fund for abused migrant workers. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to RSS, the state-owned national news agency of Nepal, AI said Qatar’s overhaul of its labour system since 2017 has led to some noticeable improvements for the country’s two million migrant workers - hundreds of thousands of whom have been engaged in projects essential to the World Cup. However, lack of effective implementation and enforcement continues to undermine their impact on migrant workers. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“Although Qatar has made important strides on labour rights over the past five years, it’s abundantly clear that there is a great distance still to go. Thousands of workers remain stuck in the familiar cycle of exploitation and abuse thanks to legal loopholes and inadequate enforcement,” RSS quoted Steve Cockburn, Amnesty International’s Head of Economic and Social Justice Department, as saying. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“With the World Cup looming, the job of protecting migrant workers from exploitation is only half done, while that of compensating those who have suffered abuses has barely started. It’s also imperative that Qatar commits to improving conditions in the long term. Progress must not grind to a halt once the World Cup roadshow leaves Doha,” he added. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Last month, a global poll commissioned by Amnesty International revealed overwhelming support among both the general public and football fans for the compensation of migrant workers who suffered during preparations for the 2022 World Cup. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The findings back the #PayUpFIFA campaign launched by a coalition of human rights organizations—including Amnesty International—fans groups and trade unions in May 2022, which calls on FIFA and the Qatari authorities to establish a comprehensive remediation programme to compensate workers and prevent future abuses, RSS reported. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">It is estimated that there are more than 300,000 Nepali workers in Qatar. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-10-20', 'modified' => '2022-10-20', 'keywords' => '', 'description' => '', 'sortorder' => '15928', 'image' => '20221020062952_r879874_1296x729_16-9.jpg', 'article_date' => '2022-10-20 18:28:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '16186', 'article_category_id' => '1', 'title' => 'Partial Solar Eclipse to Occur on October 25 ', 'sub_title' => '', 'summary' => 'October 20: A partial solar eclipse is taking place in Nepal on October 25, according to the Nepal Calendar Determination Development Committee. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">October 20: A partial solar eclipse is taking place in Nepal on October 25, according to the Nepal Calendar Determination Development Committee. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The committee's executive director Surya Prasad Dhungel shared that the eclipse would commence from 4.52 pm and the sun will set at 5.24 pm, 32 minutes after the eclipse starts. So, the eclipse will be visible from Nepal for around 32 minutes. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The eclipse will withdraw at 7.30 pm although it will not be visible from Nepal. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-10-20', 'modified' => '2022-10-20', 'keywords' => '', 'description' => '', 'sortorder' => '15927', 'image' => '20221020040933_skynews-eclipse-solar-sun-moon_5407904.jpg', 'article_date' => '2022-10-20 16:08:58', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '16185', 'article_category_id' => '1', 'title' => 'Real Estate Business Slumps by 70 Percent', 'sub_title' => '', 'summary' => 'October 20: The real estate business has slumped by 70 percent in the country. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">October 20: The real estate business has slumped by 70 percent in the country. A month between mid-September to mid-October saw 25,000 transactions related to real estate properties. The figure is almost 10,000 less than the transactions in mid-August to mid-September and 25,000 less than normal times.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">As the real estate business is going down each day, dozens of professions and businesses directly and indirectly connected with the real estate business are facing dire situation. An example of this is the engineers who evaluate the land. Just a few days ago, police arrested a valuator on the charge of overvaluation of the land in Jhapa when its value had slumped. The Nepal Valuers’ Association strongly opposed it and demanded an unconditional release of the valuator.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Mukti Pandey, secretary general of Nepal Valuers’ Association said that due to government policy and economic recession, the price of real estate has decreased by 20 to 25 percent. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">“At present, the price has decreased by 20 to 25 percent. If this situation continues for another six months, it is certain that the price of land will decrease by additional 20 to 25 percent,” said Pandey. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The government has instructed concerned bodies to demarcate agricultural and non-agricultural lands in order to implement the land use policy. In Pandey's experience, the valuation of land that is or has been in the agricultural sector has decreased sharply. However, the value of land classified as non-agricultural sector did not increase as expected due to recession. On top of that, Nepal Rastra Bank has instructed that the valuation of real estate should not increase by more than two-thirds of the previous valuation.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">As the slump in real estate business, which has been declining for a long time, continued till mid-October as well, the businessmen engaged in this profession have given up all hope. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The Department of Land Management and Records said that the real estate business was affected to some extent by the Dashain holidays in October. But as per the officials, the biggest impact was due to the effects of the global economic recession on Nepal's economy.</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"">Around 34,700 real estate properties were bought and sold throughout mid-August to mid-September and 33,000 from mid-July to mid-August. Businessmen were expecting that the decline in business rate would stop after the number of transactions increased a little. But after the number of transactions decreased again by mid-October to 25,800, a businessman said that it is not possible to predict how much the transaction will go down.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">When the real estate business was at its peak, up to 88,000 real estate properties were bought and sold per month, while in normal times, 50,000 to 60,000 were transacted. In contrast, the transactions in mid-September to mid-October has been 50 percent lower than normal times and 70 percent lower than the peak period.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">By mid-July, the revenue was only Rs 2.73 billion, which reached Rs 3.5 billion by mid-August. But by mid-October again, only registration fees worth Rs 1.36 billion were collected. Apart from land revenue offices of Kalanki, Chabhil and Lalitpur, the registration fee of any other office could not even reach Rs 10 million.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">When the real estate business was high, revenue of Rs 10 billion used to be collected in one month. Revenue of Rs 6 billion to Rs 7 billion used to be collected even during normal times. With the slowdown in real estate business, the monthly revenue collection dropped to around Rs 3 to 4 billion. It further declined to Rs 2.5 billion by mid-October. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-10-20', 'modified' => '2022-10-20', 'keywords' => '', 'description' => '', 'sortorder' => '15926', 'image' => '20221020033234_Real estate.jpg', 'article_date' => '2022-10-20 15:31:49', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '16184', 'article_category_id' => '1', 'title' => 'US Dollar Becomes All-Time High ', 'sub_title' => '', 'summary' => 'October 20: The American dollar is continuously rising against the Nepali currency of late. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">October 20: The American dollar is continuously rising against the Nepali currency of late. As per the foreign currency exchange rate determined by Nepal Rastra Bank for today, the buying rate of US$ 1 is Rs 132.54 while the selling rate is Rs 133.14. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The buying rate of a unit of greenback was Rs 131.48 and the selling rate Rs 132.8 on Wednesday. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, the central bank has fixed the buying rate of one euro at Rs 129.65 and the selling rate at Rs 130.24 for today. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The Nepali currency has depreciated with the increase in the value of the US dollar in the international market. The Nepali currency is pegged with the Indian rupee at a fixed exchange rate and the Nepali currency is impacted as the Indian currency's value decreases when the value of US dollar rises. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Although the increase in the value of the US dollar will have positive impact on the income from remittances, tourism revenue and export trade, it will leave negative impact on the overall economy.</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 economists, since the import is greater than the export, the rising value of US dollar means the trade deficit would go up further. This will also have negative impact on the balance of payment and foreign currency reserve. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, the price of imported goods, fuel and other commodities as well as the principal and interest amount would rise with the increase in the value of US dollar. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-10-20', 'modified' => '2022-10-20', 'keywords' => '', 'description' => '', 'sortorder' => '15925', 'image' => '20221020024942_dolar.jpg', 'article_date' => '2022-10-20 14:49:03', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '16183', 'article_category_id' => '1', 'title' => 'Feud between Bankers and Businessmen Over Interest Rates', 'sub_title' => '', 'summary' => 'October 20: The rise in interest rates on loans flowing from banks and financial institutions has resulted in dispute between bankers and businessmen', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">October 20: The rise in interest rates on loans flowing from banks and financial institutions has resulted in dispute between bankers and businessmen. Businessmen staged a protest against the rising interest rate by closing the market and submitting a formal memorandum to the concerned authorities.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">However, the bankers say that there is no possibility of lowering the interest rate immediately due to the market conditions.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The market of Birendranagar was closed last Friday on the call of the Surkhet Chamber of Commerce and Industry to protest against the hike in interest rates.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">They have formed a joint struggle committee and announced further protest programmes. In the center as well, commercial organizations such as the Federation of Nepalese Chamber of Commerce and Industry (FNCCI), Nepal Chamber of Commerce (NCC), and Hotel Association of Nepal (HAN) have formally opposed the spiraling interest rates.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Anil Kumar Upadhyay, chairman of the Nepal Bankers Association and Chief Executive Officer of the Agriculture Development Bank, said that the capital cost of banks has increased due to lack of liquidity, and the interest rates of loans have become expensive. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">"In the current situation, the cost of banks has increased by 10 per cent," he said, "Therefore, it is natural for the interest rate to increase." </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Banks have fixed the interest rate according to the provisions of Nepal Rastra Bank. Upadhyay claimed that there is no possibility of reducing the interest rates on loans.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Banks fix the interest on loan by adding a certain per cent premium to their base rate which is maintained every quarter. In the case of old borrowers, even if the premium does not change, the interest rate of the loan increases when the base rate increases.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">In the first quarter of the current fiscal year (FY), the interest rate on loans has become expensive due to the increase in the base rate of banks. According to the reports published by the banks, the average base rate of commercial banks has reached about 10 per cent by mid-October. As banks add up to 7 percentage points as premium to the base rate, it seems that the interest rate of bank loans will reach up to 17 percent. However, the base rate of most of the banks have exceeded 10 percent. Because of this, the interest rate of the loan has become more expensive.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Banks, which have been keeping the interest rates on deposits stable for six months through the umbrella organization, increased them by 10 per cent from mid-September. Although the Ministry of Finance tried to intervene, an expert committee formed by the ministry suggested the government not to meddle with affairs looked after by the central bank.</span></span></p> <p> </p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-10-20', 'modified' => '2022-10-20', 'keywords' => '', 'description' => '', 'sortorder' => '15924', 'image' => '20221020014212_interest ratee.jpg', 'article_date' => '2022-10-20 13:41:24', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '16182', 'article_category_id' => '1', 'title' => 'CAAN Forms Probe Committee to Study Safety of Paragliding in Nepal', 'sub_title' => '', 'summary' => 'October 20: Following a freak accident in Pokhara some days ago, the Civil Aviation Authority of Nepal (CAAN) has formed a high-level probe committee to study the safety of paragliding in Nepal.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">October 20: Following a freak accident in Pokhara some days ago, the Civil Aviation Authority of Nepal (CAAN) has formed a high-level probe committee to study the safety of paragliding in Nepal. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The aviation governing body of Nepal on Wednesday formed the probe committee headed by its deputy director general Hansraj Pandey after the accident killed a pilot of Tribhuvan Army Club during the ongoing Ninth National Games. CAAN had indefinitely banned paragliding across the country following the accident that occurred earlier this week. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">CAAN has made it clear that it will reopen paragliding based on suggestions provided by the probe committee.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">CAAN Spokesperson Jagannath Niraula informed that the committee will submit its report as soon as possible. “A decision will be taken to reopen paragliding after receiving the report,” said Niraula.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">He argued that the committee has been formed to provide suggestions for proper management of paragliding and to ensure safety of the pilots and tandem divers. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">CAAN had banned all kinds of paragliding activities including sporting competitions, recreation and commercial flights after Nishim Thapa of TAC succumbed to injuries after falling off his glider during a competition on October 17. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Meanwhile, CAAN also received a report from the International Civil Aviation Organisation (ICAO) which states that the aviation safety rate of Nepal has increased to 70.10 percent. Spokesperson Niraula said that CAAN is committed to improve the aviation safety rate.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">ICAO had conducted an audit of aviation safety of Nepal in April. The final report of the audit states that Nepal has made a significant improvement in aviation safety. As per the report, Nepal ranks among the top countries in Asia in terms of aviation safety. </span></span></p> ', 'published' => true, 'created' => '2022-10-20', 'modified' => '2022-10-20', 'keywords' => '', 'description' => '', 'sortorder' => '15923', 'image' => '20221020104248_Paragliding-in-Pokhara-Nepal.jpg', 'article_date' => '2022-10-20 10:42:04', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '16181', 'article_category_id' => '1', 'title' => '‘Use of Pesticides Poses Serious Threat to Agriculture’', 'sub_title' => '', 'summary' => 'October 20: Campaigners have underlined the importance of organic farming for revitalizing the food system. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">October 20: Campaigners have underlined the importance of organic farming for revitalizing the food system. They made such remark during an interaction on the topic of ‘Organic Farming: Revitalizing the Food System’ organized on the occasion of the 42<sup>nd</sup> World Food Day on Wednesday. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Representatives of the Food for Agriculture Campaign, National Farmers’ Group among others were present during the interaction. Participants of the interaction programme concluded that the use of pesticides have not only affected human health but also caused adverse effects on soil, water and environment. They argued that the use of pesticides has also affected production growth. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Chairman of the National Inclusion Commission Dr Ram Krishna Timilsina expressed his views that the agriculture sector is facing problems because the universities of Nepal only focus on producing scholars but fail to realize the need of imparting technical skills. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">He accused the government of displaying dual character. He said that the government has not been able to clearly state whether it is possible to set up chemical fertilizer plant in the country or not.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">He argued that the production of food can be increased by providing grants to small and medium-scale farmers and concessional loans to big farmers.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“The government needs to encourage commercial farming in order to increase production. Small farmers need to be given grants while corporate farmers must be availed concessional loans,” said Timalsina.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">During the programme, Senior Scientist of the Nepal Agriculture Research Council Bal Krishna Joshi informed that the traditional food grains are comparatively more healthy than hybrid food.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-10-20', 'modified' => '2022-10-20', 'keywords' => '', 'description' => '', 'sortorder' => '15922', 'image' => '20221020102244_PemaLama_Banepa_RSS_27_IMG_20210911_160158.jpg', 'article_date' => '2022-10-20 10:22:04', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '16180', 'article_category_id' => '1', 'title' => '11:37 am Auspicious Time for Bhai Tika ', 'sub_title' => '', 'summary' => 'October 19: The Nepal Calendar Fixation Committee has announced 11:37 am on October 27 as the auspicious time for putting tika or colourful marks on the forehead during this year's Tihar festival. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">October 19: The Nepal Calendar Fixation Committee has announced 11:37 am on October 27 as the auspicious time for putting tika or colourful marks on the forehead during this year's Tihar festival. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">This year's Tihar festival starts from October 22, Saturday with the observance of Yamadeepdan, the offerings of lamps to Yamadeva (the deity of death). The religious belief is that the celebration of Yamadeepdan will prevent the devotee from facing untimely death. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Executive director of the committee Surya Prasad Dhungel said Dhantrayodashi (Dhanteras) should also be observed same day. The Kag Tihar, the festival of crow, falls on October 23 and Laxmi Puja (worship of Hindu Goddess Laxmi), one of the major celebrations of the Tihar festival, falls on Monday, October 24. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">October 25 is the day for Gai Puja when cow is cow worshipped with Hindu rituals. </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"">“We will observe solar eclipse the same day,” said Dhungel. </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"">October 26 is the Gobardhan Puja, the day of worshipping the ox. The Newar community celebrates the Mha Puja (worship of the self) on the same day. The day also marks the commencement of the Nepal Sambat 1143. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The tika for this year's Tihar festival is being observed on October 27 when sisters and brothers exchange the saptarangi tika (seven-coloured tika) on the occasion. Sisters put tika on the forehead of their brothers wishing their wellbeing and longevity and offer them special delicacies. In return brothers also put tika on them and give gifts to their sisters. The Newar community celebrates the Kija Puja the same day. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-10-19', 'modified' => '2022-10-19', 'keywords' => '', 'description' => '', 'sortorder' => '15921', 'image' => '20221019044902_bhaitika.jpg', 'article_date' => '2022-10-19 16:48:26', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '16179', 'article_category_id' => '1', 'title' => '5.9 Magnitude Earthquake Jolts Kathmandu Valley ', 'sub_title' => '', 'summary' => 'October 19: An earthquake measuring 5.9 on the Richter scale was recorded this afternoon with its epicenter in Nepal-China border. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">October 19: An earthquake measuring 5.9 on the Richter scale was recorded this afternoon with its epicenter in Nepal-China border. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The earthquake occurred at 3.07 pm, according to the National Seismological Centre. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Seismologist Dr Mukunda Bhatatrai said the earthquake jolted Sindhupalchowk, Dolakha, Nuwakot, Rasuwa, Kathmandu Valley and Dhading. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-10-19', 'modified' => '2022-10-19', 'keywords' => '', 'description' => '', 'sortorder' => '15920', 'image' => '20221019042812_Earthquake_qHefATN.jpg', 'article_date' => '2022-10-19 16:27:27', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '16178', 'article_category_id' => '1', 'title' => 'KUSOM Launches WTO Chairs Programme', 'sub_title' => '', 'summary' => 'Kathmandu University School of Management (KUSOM) has been selected for the “WTO Chairs Program (WCP)”. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">October 19: Kathmandu University School of Management (KUSOM) has been selected for the “WTO Chairs Program (WCP)”. Chief Secretary Shanker Das Bairagi officially launched the programme in Nepal on Monday, October 17. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The WTO Chairs Programme aims to support and promote trade-related academic activities by universities and research institutions in developing and least-developed countries. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The WTO Chairs Programme has been providing financial and technical assistance to educational institutions in developing countries to facilitate the participation of the members of the World Trade Organization in the multilateral trading system. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Through this programme, the concerned countries aim to increase the knowledge of international trade, law and economics. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Prof. Dr. Achyut Wagle, co-chairman of WCP Nepal and registrar of Kathmandu University said that it is a matter of pride to bring such a programme to Nepal. He informed that the WCP will be operated for the next four years (2022-2026) through KUSOM focusing mainly on three tasks; curriculum development and teaching, research and capacity building.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Curriculum Development Courses related to international trade will be developed at various levels. Towards research, there will be study/research related to business. In addition, KUSOM informed that awareness programs will be conducted in international conferences under the training program for capacity building.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Prime Minister Sher Bahadur Deuba as well sent his message to KUSOM expressing hope that the programme in Nepal would help in formulating the trade and investment policy for Nepal. He said that the programme will help improve the major obstacles that Nepal faces in international trade especially in the field of supply. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Xiangchen Zhang, the Deputy Director General of the World Trade Organization said that such a network will help in promoting exchange of ideas and knowledge. Chief Secretary Bairagi stated that WCP will help to create new ideas in the field of business through education and research. He also provided assurance regarding the support from the government for the success of this programme.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p> </p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-10-19', 'modified' => '2022-10-19', 'keywords' => '', 'description' => '', 'sortorder' => '15919', 'image' => '20221019042156_kusommmm.jpg', 'article_date' => '2022-10-19 16:20:44', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '16177', 'article_category_id' => '1', 'title' => 'NRB Implements Working Capital Loan Guidelines Despite Protests', 'sub_title' => '', 'summary' => 'October 19: Nepal Rastra Bank has implemented the Working Capital Loan Guidelines despite protest from the business community. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:13.5pt"><span style="font-family:"Calibri","sans-serif"">October 19: Nepal Rastra Bank has implemented the Working Capital Loan Guidelines despite protest from the business community. The central bank had issued the Working Capital Loan Guidelines 2079 about two months ago in order to fix a limit on working capital loan. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:13.5pt"><span style="font-family:"Calibri","sans-serif"">As per the new guidelines, the central bank has capped the limit on working capital loan of a company whose annual transaction is less than Rs 20 million to 20 percent of the total transaction. However, they can avail up to 40 percent loan under special circumstances. In case of a company whose annual transaction is over Rs 20 million, they can avail 25 percent loan. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:13.5pt"><span style="font-family:"Calibri","sans-serif"">The private sector organsations including the Federation of Nepalese Chamber of Commerce and Industry (FNCCI), Confederation of Nepalese Industries (CNI) and Nepal Chamber of Commerce (NCC) as well as industrialists from across the country had been protesting against the move. They had urged the central bank not to implement the new guidelines and had been requesting amendment. However, the NRB started implementing the new provision from Tuesday disregarding the suggestions from the private sector.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:13.5pt"><span style="font-family:"Calibri","sans-serif"">The central bank had prepared a draft of the new guidelines about one year ago and had also asked for suggestions from the business community. NRB issued the guidelines on August 23 and directed banks and financial institutions to implement it from October 18.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:13.5pt"><span style="font-family:"Calibri","sans-serif"">Stakeholders have expressed concerns that the Working Capital Loan Guidelines 2079 issued by the NRB would push the private sector on the brink of crisis.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:13.5pt"><span style="font-family:"Calibri","sans-serif"">The business community and industrialists argue that the new guidelines on working capital loan have added further burden to the private sector that is still struggling due to the impact of coronavirus pandemic.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:13.5pt"><span style="font-family:"Calibri","sans-serif"">Handing a memorandum to Acting Governor of Nepal Rastra Bank Dr Neelam Dhungana Timsina on Monday, the FNCCI urged the central bank not to implement the guidelines immediately because the private sector was facing crisis at present. They urged the central bank to implement the guidelines when the environment becomes conducive to run businesses.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:13.5pt"><span style="font-family:"Calibri","sans-serif"">‘The economy is under external and internal pressure. Therefore, it would not be appropriate to implement the guidelines on working capital loan at the moment,” reads the memo submitted by FNCCI.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:13.5pt"><span style="font-family:"Calibri","sans-serif"">“The guidelines can be implemented in a phase-wise manner once the economy returns back on track.”</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:13.5pt"><span style="font-family:"Calibri","sans-serif"">Despite the protest from the private sector, NRB has made it clear that it will not budge from its decision. NRB Governor Maha Prasad Adhikari has been maintaining that the guidelines have been implemented after a long preparation and includes suggestions from the business community. Therefore, the private sector has no right to object against the guidelines now, says Adhikari.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:13.5pt"><span style="font-family:"Calibri","sans-serif"">Governor Adhikari had earlier defended the central bank’s move to amend the Working Capital Loan Guidelines arguing that the new guidelines were introduced to control “over financing.”</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:13.5pt"><span style="font-family:"Calibri","sans-serif"">Adhikari argued that the new provisions were introduced because the businessmen were using loans provided to meet their day-to-day expenses were spent on other purposes.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:13.5pt"><span style="font-family:"Calibri","sans-serif"">“There has been over financing in the name of banking capital,” Adhikari said during a programme in September, adding, “We were forced to control the loan after businessmen started using it for other purposes than it was intended for.”</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-10-19', 'modified' => '2022-10-19', 'keywords' => '', 'description' => '', 'sortorder' => '15918', 'image' => '20221019030323_Working-Capital-Loan.jpg', 'article_date' => '2022-10-19 15:02:47', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '16176', 'article_category_id' => '1', 'title' => 'Five Finance Ministers in the Fray for Direct Election ', 'sub_title' => '', 'summary' => 'October 19: Five finance ministers who steered the country's economy are vying for direct election on November 20. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">October 19: Five finance ministers who steered the country's economy are vying for direct election on November 20. Voters have shown special interest to the election contested by the incumbent and former finance ministers.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Former finance ministers Surendra Pandey, Bishnu Paudel, Barshaman Pun and Gyanendra Bahadur Karki and incumbent Finance Minister Janardan Sharma are competing in the upcoming election to the House of Representatives in first past the post (FPTP) category. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Finance Minister Sharma, former Finance Minister Pun and Karki are general candidates of the ruling coalition. UML's Nandram Devkota is competing against Finance Minister Sharma. Since Sharma is a candidate from the CPN (Maoist Center)’s stronghold of Rukum West, he is expected to win again.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">After the rebel candidates of Nepali Congress withdrew their candidacy in Rukum West, Finance Minister Sharma seems to have an easier path in the election. NC candidate Man Bahadur Nepali and Lal Bahadur Mahat of the same party, running as an independent candidate, have withdrawn their candidacy. Only Tarak KC and UML candidate Devkota are pose some challenge to Finance Minister Sharma.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Similarly, former finance ministers Pandey and Paudel competing in the election from UML. They are supported by Janata Samajwadi Party and RPP. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Pandey, an influential leader of the UML, will most likely face a stiff competition in Chitwan-1 against NC candidate Bishwanath Paudel, who has resigned as the vice president of the National Planning Commission to contest the election. Both candidates are considered to be experts in the field of economy.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Pandey is also the incumbent Member of Parliament from the same constituency. Dr Paudel is the vice president of the National Planning Commission and is a young economist. UML leader Pandey was a member of the National Assembly from 2054 to 60. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">In 2066, he was the finance minister during the government led by Madhav Kumar Nepal. Pandey was a member of the Constituent Assembly in 2070 and won the parliamentary elections in 2074 from Chitwan-1. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">There were speculations that Dr Swarnim Wagle would contest the election from the same constituency. However, the NC did not give him a ticket after Paudel expressed his desire to contest in the election. Paudel has worked as an economic advisor to the International Labor Organization (ILO). Paudel is an Associate Professor at Kathmandu University School of Management. When Wagle was the vice-chairman of the National Planning Commission, Paudel worked there as an economic advisor.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Deputy General Secretary of the Maoist Center and former Finance Minister Barshaman Pun is competing in the election from Rolpa. The common candidate of the ruling coalition will face competition from Purna Budhamgar of CPN-UML. Pun had earlier won the 2074 election from Rolpa.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Similarly, former finance minister and incumbent Minister for Communication and Information Technology Gyanendra Bahadur Karki is one of the candidates for the election. He has registered his candidacy representing the ruling coalition in Constituency 4 of Sunsari. His main competitor will be Jagdish Prasad Kusiait of UML. Karki had won the previous election from the same constituency.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">UML vice-president and former finance minister Bishnu Paudel and Raju Gurung of CPN Unified Socialist are competing against each other for seat in the House of Representatives. Even though the Election Commission had rejected Gurung's candidacy, the court issued a short-term order directing the EC not to reject Gurung's candidacy. Since this region is a stronghold of UML, Paudel is unlikely to face stiff opposition.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Former Finance Minister Dr Prakash Chandra Lohani is in the proportional representation quota of Rastriya Prajatantra Party. Former Finance Minister Dr Baburam Bhattarai, Dr Ram Sharan Mahat and Dr Yuvraj Khatiwada have not registered their candidacy for the election. Former PM Bhattarai is supporting Pushpa Kamal Dahal, the former Prime Minister and Chairman of the CPN-Maoist Center from his constituency and has announced that he will not contest the federal elections.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-10-19', 'modified' => '2022-10-19', 'keywords' => '', 'description' => '', 'sortorder' => '15917', 'image' => '20221019012029_Election_Commission.2e16d0ba.fill-650x500.jpg', 'article_date' => '2022-10-19 13:19:52', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '16175', 'article_category_id' => '1', 'title' => 'Prices of Potatoes Rise by 257 Percent in 6 Months', 'sub_title' => '', 'summary' => 'October 19: The prices of potatoes have increased by as much as 257 percent during the last six months due to the decline in domestic production.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">October 19: The prices of potatoes have increased by as much as 257 percent during the last six months due to the decline in domestic production. According to the daily price list of Kalimati Fruits and Vegetables Market Development Committee, the price of red potato has increased the most (257 percent) during this period.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The average wholesale price of red potatoes, which was Rs 28 per kg in the third week of April, has now reached Rs 100. Consumers have to pay even more in the retail market. Consumers complain that they have to pay up to Rs 150 per kg for local red potatoes in retail shops. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">In these six months, the price of red potatoes imported from India has also increased by 92 percent. In the third week of April, the price of red potatoes from India increased to Rs 45 from Rs 25 per kg. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Similarly, the average price of potatoes produced in Mude has also increased by 136 percent from Rs 33 to Rs 75 per kg. Similarly, the price of white potatoes has increased by 239 percent from Rs 23 to Rs 75 per kg.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The consumers are bearing the brunt of the price hike in the wholesale market as the impact trickles down to the retail market as well. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Sarita Nepali from Kirtipur shared that they go to retail stores at their doorstep instead of the wholesale market. “Even the least expensive potatoes cost Rs 80 to Rs 100 per kg,” said Nepali. Potatoes are the most used vegetable in the kitchen because they are compatible with all kinds of vegetables. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Nepali said that now that the price has skyrocketed, she has reduced the use of potatoes.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to Gita Prasad Acharya, president of Kalimati Fruits and Vegetables Market Development Committee, the prices of potatoes skyrocketed due to the decline in domestic production. He informed that the concerned authorities have started importing potatoes from the Indian market to meet the demand.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Acharya added that the price will come down only after locally-grown potatoes start coming to the market likely in the last week of November. Currently, about 50 percent of the potatoes entering the Kalimati wholesale market are imported from India and Bhutan.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Sandip Subedi, a horticultural development officer at the National Center for Potato, Vegetable and Spice Crops Development, says that even though the production has doubled compared to 15 years ago, the country is yet to become self-sufficient in potatoes due to the increasing demand and consumption of potatoes in Nepal. He says that the main reason for the relatively low production is the lack of quality seeds and fertilizers. In general, potatoes produced in Nepal meet 90 percent of the total market demand. According to government data, the remaining 10 percent is imported from abroad.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to the center, 3,325,000 thousand metric tons of potatoes were produced in 198,000 hectares of land in the fiscal year 2077/78. The data of the Department of Customs shows that 342,000 tons of potatoes were imported from abroad that year.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-10-19', 'modified' => '2022-10-19', 'keywords' => '', 'description' => '', 'sortorder' => '15916', 'image' => '20221019113349_potatoes-411975_1280-1024x682.jpg', 'article_date' => '2022-10-19 11:33:05', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '16174', 'article_category_id' => '1', 'title' => 'Production Capacity of Flour Mills Limited to 40 Percent', 'sub_title' => '', 'summary' => 'October 18: India has imposed a ban on wheat exports to avert a possible food crisis in the country.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">October 18: India has imposed a ban on wheat exports to avert a possible food crisis in the country. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Thirty two flour mills operating in Nepal are struggling to import wheat due to the ban imposed by India. As a result, the mills informed that their production has shrunk by almost 60 percent. The flour mills, which are operating at 40 percent of their total capacity, are now compelled to buy wheat costing Rs 34 for Rs 50 per kilogram to produce refined flour and semolina.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The domestic production of Nepal is able to meet the demand only for four months while the demand for flour during the remaining eight months is met through imports from India.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The price of flour and semolina has increased by Rs 15 per kg in four months after India imposed the ban. Due to the lack of wheat from India, the demand for local production has increased by 60 percent, and the prices have also increased.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Three months back, the price of wheat was Rs 34 per kg, but now it has reached Rs 50 per kg. After the increase in the price of wheat, the price of all-purpose flour, which was previously priced at Rs 49 per kg, increased to Rs 68 per kg and the price of fine flour has increased to Rs 68 from Rs 47 per kg. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Bikash Begwani, secretary of Nepal Flour Mills Association and Vice President of Morang Merchants’ Association informed that the price of semolina has climbed to Rs 70 from Rs 55 per kg.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">A total of 32 flour mills operating in Nepal are in crisis due to unavailability of wheat from India. After the increase in the prices of flour and semolina, industries manufacturing noodles and biscuits have been affected as well. Some industries are reducing the weight of noodles and biscuits and selling them at the same price instead of increasing the price. At present, consumers have to pay an additional Rs 75 to buy 5 kg of flour.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Tihar is the time when flour and semolina are sold the most since these are used to make bread and sweet dishes.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Although India has assured that it will supply as much quantity of wheat as requested by Nepal, the domestic industries of Nepal are facing crisis as the government failed to specify the quantity of wheat required for the country. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">“The government is not bringing wheat and the prices are increasing here. But large quantity of flour is coming from India without interruption due to the open border. As a result, the flour mills of Nepal are on the verge of closure,” Begwani said.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">After India stopped the export of wheat, the industrialists were demanding the government to bring wheat through “G2G” process.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">However, the Ministry of Industry, Commerce and Supplies and the Ministry of Foreign Affairs are confused saying that although they had sent letter to India before Dashain for the required quantity of wheat, they are yet to get any response due to lack of effective initiatives from India.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Altogether 32 flour mills of Nepal need 1 million metric tons of wheat every year. Out of that amount, 350,000 tons are produced in Nepal while the remaining 650,000 tons should be imported from India.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Last year, Nepal imported 335,932 metric tons of wheat worth more than Rs 6.9 billion from India. Ram Chandra Dhungana, information officer of Biratnagar Customs Office, informed that 6,100 tons of wheat worth more than Rs 2.19 billion was imported from Biratnagar Customs last year.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-10-18', 'modified' => '2022-10-19', 'keywords' => '', 'description' => '', 'sortorder' => '15915', 'image' => '20221018052601_wheat-flour-500x500.jpg', 'article_date' => '2022-10-18 17:25:21', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ) ) $current_user = null $logged_in = false $xml = falseinclude - APP/View/Elements/side_bar.ctp, line 133 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
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The company started exporting various food items under the Byanjan brand since the festival Dashain. The company informed that the currently exported items include pickles, flour, chickpeas and pulses. As per the information, the goods are being exported to Canada for the time being. The company plans to export food products to other countries as well in the future. The company said that export of food items will help the economy by bringing foreign currency into the country.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-10-21', 'modified' => '2022-10-21', 'keywords' => '', 'description' => '', 'sortorder' => '15929', 'image' => '20221021012334_export.jpg', 'article_date' => '2022-10-21 13:22:59', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '16187', 'article_category_id' => '1', 'title' => 'Amnesty Int'l Calls on Qatar to Uphold Labour Rights ahead of World Cup ', 'sub_title' => '', 'summary' => 'October 20: Amnesty International (AI) has sought reassurance from the Qatari authorities regarding the promised labour reforms now and beyond the World Cup. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">October 20: Amnesty International (AI) has sought reassurance from the Qatari authorities regarding the promised labour reforms now and beyond the World Cup. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The UK-based human rights organisation made such call in a press statement on Thursday amid allegation of widespread abuse of migrant workers.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the statement, AI’s final pre-tournament briefing on migrant workers’ conditions has revealed that abuses remain rife across the Gulf nation. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">With just one month left for the mega event to kick-off, the human rights organization again reiterated its call on FIFA and Qatar to establish a compensation fund for abused migrant workers. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to RSS, the state-owned national news agency of Nepal, AI said Qatar’s overhaul of its labour system since 2017 has led to some noticeable improvements for the country’s two million migrant workers - hundreds of thousands of whom have been engaged in projects essential to the World Cup. However, lack of effective implementation and enforcement continues to undermine their impact on migrant workers. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“Although Qatar has made important strides on labour rights over the past five years, it’s abundantly clear that there is a great distance still to go. Thousands of workers remain stuck in the familiar cycle of exploitation and abuse thanks to legal loopholes and inadequate enforcement,” RSS quoted Steve Cockburn, Amnesty International’s Head of Economic and Social Justice Department, as saying. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“With the World Cup looming, the job of protecting migrant workers from exploitation is only half done, while that of compensating those who have suffered abuses has barely started. It’s also imperative that Qatar commits to improving conditions in the long term. Progress must not grind to a halt once the World Cup roadshow leaves Doha,” he added. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Last month, a global poll commissioned by Amnesty International revealed overwhelming support among both the general public and football fans for the compensation of migrant workers who suffered during preparations for the 2022 World Cup. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The findings back the #PayUpFIFA campaign launched by a coalition of human rights organizations—including Amnesty International—fans groups and trade unions in May 2022, which calls on FIFA and the Qatari authorities to establish a comprehensive remediation programme to compensate workers and prevent future abuses, RSS reported. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">It is estimated that there are more than 300,000 Nepali workers in Qatar. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-10-20', 'modified' => '2022-10-20', 'keywords' => '', 'description' => '', 'sortorder' => '15928', 'image' => '20221020062952_r879874_1296x729_16-9.jpg', 'article_date' => '2022-10-20 18:28:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '16186', 'article_category_id' => '1', 'title' => 'Partial Solar Eclipse to Occur on October 25 ', 'sub_title' => '', 'summary' => 'October 20: A partial solar eclipse is taking place in Nepal on October 25, according to the Nepal Calendar Determination Development Committee. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">October 20: A partial solar eclipse is taking place in Nepal on October 25, according to the Nepal Calendar Determination Development Committee. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The committee's executive director Surya Prasad Dhungel shared that the eclipse would commence from 4.52 pm and the sun will set at 5.24 pm, 32 minutes after the eclipse starts. So, the eclipse will be visible from Nepal for around 32 minutes. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The eclipse will withdraw at 7.30 pm although it will not be visible from Nepal. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-10-20', 'modified' => '2022-10-20', 'keywords' => '', 'description' => '', 'sortorder' => '15927', 'image' => '20221020040933_skynews-eclipse-solar-sun-moon_5407904.jpg', 'article_date' => '2022-10-20 16:08:58', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '16185', 'article_category_id' => '1', 'title' => 'Real Estate Business Slumps by 70 Percent', 'sub_title' => '', 'summary' => 'October 20: The real estate business has slumped by 70 percent in the country. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">October 20: The real estate business has slumped by 70 percent in the country. A month between mid-September to mid-October saw 25,000 transactions related to real estate properties. The figure is almost 10,000 less than the transactions in mid-August to mid-September and 25,000 less than normal times.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">As the real estate business is going down each day, dozens of professions and businesses directly and indirectly connected with the real estate business are facing dire situation. An example of this is the engineers who evaluate the land. Just a few days ago, police arrested a valuator on the charge of overvaluation of the land in Jhapa when its value had slumped. The Nepal Valuers’ Association strongly opposed it and demanded an unconditional release of the valuator.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Mukti Pandey, secretary general of Nepal Valuers’ Association said that due to government policy and economic recession, the price of real estate has decreased by 20 to 25 percent. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">“At present, the price has decreased by 20 to 25 percent. If this situation continues for another six months, it is certain that the price of land will decrease by additional 20 to 25 percent,” said Pandey. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The government has instructed concerned bodies to demarcate agricultural and non-agricultural lands in order to implement the land use policy. In Pandey's experience, the valuation of land that is or has been in the agricultural sector has decreased sharply. However, the value of land classified as non-agricultural sector did not increase as expected due to recession. On top of that, Nepal Rastra Bank has instructed that the valuation of real estate should not increase by more than two-thirds of the previous valuation.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">As the slump in real estate business, which has been declining for a long time, continued till mid-October as well, the businessmen engaged in this profession have given up all hope. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The Department of Land Management and Records said that the real estate business was affected to some extent by the Dashain holidays in October. But as per the officials, the biggest impact was due to the effects of the global economic recession on Nepal's economy.</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"">Around 34,700 real estate properties were bought and sold throughout mid-August to mid-September and 33,000 from mid-July to mid-August. Businessmen were expecting that the decline in business rate would stop after the number of transactions increased a little. But after the number of transactions decreased again by mid-October to 25,800, a businessman said that it is not possible to predict how much the transaction will go down.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">When the real estate business was at its peak, up to 88,000 real estate properties were bought and sold per month, while in normal times, 50,000 to 60,000 were transacted. In contrast, the transactions in mid-September to mid-October has been 50 percent lower than normal times and 70 percent lower than the peak period.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">By mid-July, the revenue was only Rs 2.73 billion, which reached Rs 3.5 billion by mid-August. But by mid-October again, only registration fees worth Rs 1.36 billion were collected. Apart from land revenue offices of Kalanki, Chabhil and Lalitpur, the registration fee of any other office could not even reach Rs 10 million.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">When the real estate business was high, revenue of Rs 10 billion used to be collected in one month. Revenue of Rs 6 billion to Rs 7 billion used to be collected even during normal times. With the slowdown in real estate business, the monthly revenue collection dropped to around Rs 3 to 4 billion. It further declined to Rs 2.5 billion by mid-October. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-10-20', 'modified' => '2022-10-20', 'keywords' => '', 'description' => '', 'sortorder' => '15926', 'image' => '20221020033234_Real estate.jpg', 'article_date' => '2022-10-20 15:31:49', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '16184', 'article_category_id' => '1', 'title' => 'US Dollar Becomes All-Time High ', 'sub_title' => '', 'summary' => 'October 20: The American dollar is continuously rising against the Nepali currency of late. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">October 20: The American dollar is continuously rising against the Nepali currency of late. As per the foreign currency exchange rate determined by Nepal Rastra Bank for today, the buying rate of US$ 1 is Rs 132.54 while the selling rate is Rs 133.14. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The buying rate of a unit of greenback was Rs 131.48 and the selling rate Rs 132.8 on Wednesday. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, the central bank has fixed the buying rate of one euro at Rs 129.65 and the selling rate at Rs 130.24 for today. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The Nepali currency has depreciated with the increase in the value of the US dollar in the international market. The Nepali currency is pegged with the Indian rupee at a fixed exchange rate and the Nepali currency is impacted as the Indian currency's value decreases when the value of US dollar rises. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Although the increase in the value of the US dollar will have positive impact on the income from remittances, tourism revenue and export trade, it will leave negative impact on the overall economy.</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 economists, since the import is greater than the export, the rising value of US dollar means the trade deficit would go up further. This will also have negative impact on the balance of payment and foreign currency reserve. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, the price of imported goods, fuel and other commodities as well as the principal and interest amount would rise with the increase in the value of US dollar. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-10-20', 'modified' => '2022-10-20', 'keywords' => '', 'description' => '', 'sortorder' => '15925', 'image' => '20221020024942_dolar.jpg', 'article_date' => '2022-10-20 14:49:03', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '16183', 'article_category_id' => '1', 'title' => 'Feud between Bankers and Businessmen Over Interest Rates', 'sub_title' => '', 'summary' => 'October 20: The rise in interest rates on loans flowing from banks and financial institutions has resulted in dispute between bankers and businessmen', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">October 20: The rise in interest rates on loans flowing from banks and financial institutions has resulted in dispute between bankers and businessmen. Businessmen staged a protest against the rising interest rate by closing the market and submitting a formal memorandum to the concerned authorities.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">However, the bankers say that there is no possibility of lowering the interest rate immediately due to the market conditions.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The market of Birendranagar was closed last Friday on the call of the Surkhet Chamber of Commerce and Industry to protest against the hike in interest rates.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">They have formed a joint struggle committee and announced further protest programmes. In the center as well, commercial organizations such as the Federation of Nepalese Chamber of Commerce and Industry (FNCCI), Nepal Chamber of Commerce (NCC), and Hotel Association of Nepal (HAN) have formally opposed the spiraling interest rates.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Anil Kumar Upadhyay, chairman of the Nepal Bankers Association and Chief Executive Officer of the Agriculture Development Bank, said that the capital cost of banks has increased due to lack of liquidity, and the interest rates of loans have become expensive. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">"In the current situation, the cost of banks has increased by 10 per cent," he said, "Therefore, it is natural for the interest rate to increase." </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Banks have fixed the interest rate according to the provisions of Nepal Rastra Bank. Upadhyay claimed that there is no possibility of reducing the interest rates on loans.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Banks fix the interest on loan by adding a certain per cent premium to their base rate which is maintained every quarter. In the case of old borrowers, even if the premium does not change, the interest rate of the loan increases when the base rate increases.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">In the first quarter of the current fiscal year (FY), the interest rate on loans has become expensive due to the increase in the base rate of banks. According to the reports published by the banks, the average base rate of commercial banks has reached about 10 per cent by mid-October. As banks add up to 7 percentage points as premium to the base rate, it seems that the interest rate of bank loans will reach up to 17 percent. However, the base rate of most of the banks have exceeded 10 percent. Because of this, the interest rate of the loan has become more expensive.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Banks, which have been keeping the interest rates on deposits stable for six months through the umbrella organization, increased them by 10 per cent from mid-September. Although the Ministry of Finance tried to intervene, an expert committee formed by the ministry suggested the government not to meddle with affairs looked after by the central bank.</span></span></p> <p> </p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-10-20', 'modified' => '2022-10-20', 'keywords' => '', 'description' => '', 'sortorder' => '15924', 'image' => '20221020014212_interest ratee.jpg', 'article_date' => '2022-10-20 13:41:24', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '16182', 'article_category_id' => '1', 'title' => 'CAAN Forms Probe Committee to Study Safety of Paragliding in Nepal', 'sub_title' => '', 'summary' => 'October 20: Following a freak accident in Pokhara some days ago, the Civil Aviation Authority of Nepal (CAAN) has formed a high-level probe committee to study the safety of paragliding in Nepal.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">October 20: Following a freak accident in Pokhara some days ago, the Civil Aviation Authority of Nepal (CAAN) has formed a high-level probe committee to study the safety of paragliding in Nepal. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The aviation governing body of Nepal on Wednesday formed the probe committee headed by its deputy director general Hansraj Pandey after the accident killed a pilot of Tribhuvan Army Club during the ongoing Ninth National Games. CAAN had indefinitely banned paragliding across the country following the accident that occurred earlier this week. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">CAAN has made it clear that it will reopen paragliding based on suggestions provided by the probe committee.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">CAAN Spokesperson Jagannath Niraula informed that the committee will submit its report as soon as possible. “A decision will be taken to reopen paragliding after receiving the report,” said Niraula.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">He argued that the committee has been formed to provide suggestions for proper management of paragliding and to ensure safety of the pilots and tandem divers. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">CAAN had banned all kinds of paragliding activities including sporting competitions, recreation and commercial flights after Nishim Thapa of TAC succumbed to injuries after falling off his glider during a competition on October 17. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Meanwhile, CAAN also received a report from the International Civil Aviation Organisation (ICAO) which states that the aviation safety rate of Nepal has increased to 70.10 percent. Spokesperson Niraula said that CAAN is committed to improve the aviation safety rate.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">ICAO had conducted an audit of aviation safety of Nepal in April. The final report of the audit states that Nepal has made a significant improvement in aviation safety. As per the report, Nepal ranks among the top countries in Asia in terms of aviation safety. </span></span></p> ', 'published' => true, 'created' => '2022-10-20', 'modified' => '2022-10-20', 'keywords' => '', 'description' => '', 'sortorder' => '15923', 'image' => '20221020104248_Paragliding-in-Pokhara-Nepal.jpg', 'article_date' => '2022-10-20 10:42:04', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '16181', 'article_category_id' => '1', 'title' => '‘Use of Pesticides Poses Serious Threat to Agriculture’', 'sub_title' => '', 'summary' => 'October 20: Campaigners have underlined the importance of organic farming for revitalizing the food system. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">October 20: Campaigners have underlined the importance of organic farming for revitalizing the food system. They made such remark during an interaction on the topic of ‘Organic Farming: Revitalizing the Food System’ organized on the occasion of the 42<sup>nd</sup> World Food Day on Wednesday. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Representatives of the Food for Agriculture Campaign, National Farmers’ Group among others were present during the interaction. Participants of the interaction programme concluded that the use of pesticides have not only affected human health but also caused adverse effects on soil, water and environment. They argued that the use of pesticides has also affected production growth. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Chairman of the National Inclusion Commission Dr Ram Krishna Timilsina expressed his views that the agriculture sector is facing problems because the universities of Nepal only focus on producing scholars but fail to realize the need of imparting technical skills. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">He accused the government of displaying dual character. He said that the government has not been able to clearly state whether it is possible to set up chemical fertilizer plant in the country or not.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">He argued that the production of food can be increased by providing grants to small and medium-scale farmers and concessional loans to big farmers.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“The government needs to encourage commercial farming in order to increase production. Small farmers need to be given grants while corporate farmers must be availed concessional loans,” said Timalsina.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">During the programme, Senior Scientist of the Nepal Agriculture Research Council Bal Krishna Joshi informed that the traditional food grains are comparatively more healthy than hybrid food.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-10-20', 'modified' => '2022-10-20', 'keywords' => '', 'description' => '', 'sortorder' => '15922', 'image' => '20221020102244_PemaLama_Banepa_RSS_27_IMG_20210911_160158.jpg', 'article_date' => '2022-10-20 10:22:04', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '16180', 'article_category_id' => '1', 'title' => '11:37 am Auspicious Time for Bhai Tika ', 'sub_title' => '', 'summary' => 'October 19: The Nepal Calendar Fixation Committee has announced 11:37 am on October 27 as the auspicious time for putting tika or colourful marks on the forehead during this year's Tihar festival. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">October 19: The Nepal Calendar Fixation Committee has announced 11:37 am on October 27 as the auspicious time for putting tika or colourful marks on the forehead during this year's Tihar festival. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">This year's Tihar festival starts from October 22, Saturday with the observance of Yamadeepdan, the offerings of lamps to Yamadeva (the deity of death). The religious belief is that the celebration of Yamadeepdan will prevent the devotee from facing untimely death. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Executive director of the committee Surya Prasad Dhungel said Dhantrayodashi (Dhanteras) should also be observed same day. The Kag Tihar, the festival of crow, falls on October 23 and Laxmi Puja (worship of Hindu Goddess Laxmi), one of the major celebrations of the Tihar festival, falls on Monday, October 24. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">October 25 is the day for Gai Puja when cow is cow worshipped with Hindu rituals. </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"">“We will observe solar eclipse the same day,” said Dhungel. </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"">October 26 is the Gobardhan Puja, the day of worshipping the ox. The Newar community celebrates the Mha Puja (worship of the self) on the same day. The day also marks the commencement of the Nepal Sambat 1143. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The tika for this year's Tihar festival is being observed on October 27 when sisters and brothers exchange the saptarangi tika (seven-coloured tika) on the occasion. Sisters put tika on the forehead of their brothers wishing their wellbeing and longevity and offer them special delicacies. In return brothers also put tika on them and give gifts to their sisters. The Newar community celebrates the Kija Puja the same day. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-10-19', 'modified' => '2022-10-19', 'keywords' => '', 'description' => '', 'sortorder' => '15921', 'image' => '20221019044902_bhaitika.jpg', 'article_date' => '2022-10-19 16:48:26', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '16179', 'article_category_id' => '1', 'title' => '5.9 Magnitude Earthquake Jolts Kathmandu Valley ', 'sub_title' => '', 'summary' => 'October 19: An earthquake measuring 5.9 on the Richter scale was recorded this afternoon with its epicenter in Nepal-China border. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">October 19: An earthquake measuring 5.9 on the Richter scale was recorded this afternoon with its epicenter in Nepal-China border. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The earthquake occurred at 3.07 pm, according to the National Seismological Centre. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Seismologist Dr Mukunda Bhatatrai said the earthquake jolted Sindhupalchowk, Dolakha, Nuwakot, Rasuwa, Kathmandu Valley and Dhading. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-10-19', 'modified' => '2022-10-19', 'keywords' => '', 'description' => '', 'sortorder' => '15920', 'image' => '20221019042812_Earthquake_qHefATN.jpg', 'article_date' => '2022-10-19 16:27:27', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '16178', 'article_category_id' => '1', 'title' => 'KUSOM Launches WTO Chairs Programme', 'sub_title' => '', 'summary' => 'Kathmandu University School of Management (KUSOM) has been selected for the “WTO Chairs Program (WCP)”. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">October 19: Kathmandu University School of Management (KUSOM) has been selected for the “WTO Chairs Program (WCP)”. Chief Secretary Shanker Das Bairagi officially launched the programme in Nepal on Monday, October 17. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The WTO Chairs Programme aims to support and promote trade-related academic activities by universities and research institutions in developing and least-developed countries. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The WTO Chairs Programme has been providing financial and technical assistance to educational institutions in developing countries to facilitate the participation of the members of the World Trade Organization in the multilateral trading system. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Through this programme, the concerned countries aim to increase the knowledge of international trade, law and economics. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Prof. Dr. Achyut Wagle, co-chairman of WCP Nepal and registrar of Kathmandu University said that it is a matter of pride to bring such a programme to Nepal. He informed that the WCP will be operated for the next four years (2022-2026) through KUSOM focusing mainly on three tasks; curriculum development and teaching, research and capacity building.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Curriculum Development Courses related to international trade will be developed at various levels. Towards research, there will be study/research related to business. In addition, KUSOM informed that awareness programs will be conducted in international conferences under the training program for capacity building.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Prime Minister Sher Bahadur Deuba as well sent his message to KUSOM expressing hope that the programme in Nepal would help in formulating the trade and investment policy for Nepal. He said that the programme will help improve the major obstacles that Nepal faces in international trade especially in the field of supply. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Xiangchen Zhang, the Deputy Director General of the World Trade Organization said that such a network will help in promoting exchange of ideas and knowledge. Chief Secretary Bairagi stated that WCP will help to create new ideas in the field of business through education and research. He also provided assurance regarding the support from the government for the success of this programme.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p> </p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-10-19', 'modified' => '2022-10-19', 'keywords' => '', 'description' => '', 'sortorder' => '15919', 'image' => '20221019042156_kusommmm.jpg', 'article_date' => '2022-10-19 16:20:44', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '16177', 'article_category_id' => '1', 'title' => 'NRB Implements Working Capital Loan Guidelines Despite Protests', 'sub_title' => '', 'summary' => 'October 19: Nepal Rastra Bank has implemented the Working Capital Loan Guidelines despite protest from the business community. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:13.5pt"><span style="font-family:"Calibri","sans-serif"">October 19: Nepal Rastra Bank has implemented the Working Capital Loan Guidelines despite protest from the business community. The central bank had issued the Working Capital Loan Guidelines 2079 about two months ago in order to fix a limit on working capital loan. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:13.5pt"><span style="font-family:"Calibri","sans-serif"">As per the new guidelines, the central bank has capped the limit on working capital loan of a company whose annual transaction is less than Rs 20 million to 20 percent of the total transaction. However, they can avail up to 40 percent loan under special circumstances. In case of a company whose annual transaction is over Rs 20 million, they can avail 25 percent loan. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:13.5pt"><span style="font-family:"Calibri","sans-serif"">The private sector organsations including the Federation of Nepalese Chamber of Commerce and Industry (FNCCI), Confederation of Nepalese Industries (CNI) and Nepal Chamber of Commerce (NCC) as well as industrialists from across the country had been protesting against the move. They had urged the central bank not to implement the new guidelines and had been requesting amendment. However, the NRB started implementing the new provision from Tuesday disregarding the suggestions from the private sector.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:13.5pt"><span style="font-family:"Calibri","sans-serif"">The central bank had prepared a draft of the new guidelines about one year ago and had also asked for suggestions from the business community. NRB issued the guidelines on August 23 and directed banks and financial institutions to implement it from October 18.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:13.5pt"><span style="font-family:"Calibri","sans-serif"">Stakeholders have expressed concerns that the Working Capital Loan Guidelines 2079 issued by the NRB would push the private sector on the brink of crisis.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:13.5pt"><span style="font-family:"Calibri","sans-serif"">The business community and industrialists argue that the new guidelines on working capital loan have added further burden to the private sector that is still struggling due to the impact of coronavirus pandemic.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:13.5pt"><span style="font-family:"Calibri","sans-serif"">Handing a memorandum to Acting Governor of Nepal Rastra Bank Dr Neelam Dhungana Timsina on Monday, the FNCCI urged the central bank not to implement the guidelines immediately because the private sector was facing crisis at present. They urged the central bank to implement the guidelines when the environment becomes conducive to run businesses.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:13.5pt"><span style="font-family:"Calibri","sans-serif"">‘The economy is under external and internal pressure. Therefore, it would not be appropriate to implement the guidelines on working capital loan at the moment,” reads the memo submitted by FNCCI.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:13.5pt"><span style="font-family:"Calibri","sans-serif"">“The guidelines can be implemented in a phase-wise manner once the economy returns back on track.”</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:13.5pt"><span style="font-family:"Calibri","sans-serif"">Despite the protest from the private sector, NRB has made it clear that it will not budge from its decision. NRB Governor Maha Prasad Adhikari has been maintaining that the guidelines have been implemented after a long preparation and includes suggestions from the business community. Therefore, the private sector has no right to object against the guidelines now, says Adhikari.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:13.5pt"><span style="font-family:"Calibri","sans-serif"">Governor Adhikari had earlier defended the central bank’s move to amend the Working Capital Loan Guidelines arguing that the new guidelines were introduced to control “over financing.”</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:13.5pt"><span style="font-family:"Calibri","sans-serif"">Adhikari argued that the new provisions were introduced because the businessmen were using loans provided to meet their day-to-day expenses were spent on other purposes.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:13.5pt"><span style="font-family:"Calibri","sans-serif"">“There has been over financing in the name of banking capital,” Adhikari said during a programme in September, adding, “We were forced to control the loan after businessmen started using it for other purposes than it was intended for.”</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-10-19', 'modified' => '2022-10-19', 'keywords' => '', 'description' => '', 'sortorder' => '15918', 'image' => '20221019030323_Working-Capital-Loan.jpg', 'article_date' => '2022-10-19 15:02:47', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '16176', 'article_category_id' => '1', 'title' => 'Five Finance Ministers in the Fray for Direct Election ', 'sub_title' => '', 'summary' => 'October 19: Five finance ministers who steered the country's economy are vying for direct election on November 20. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">October 19: Five finance ministers who steered the country's economy are vying for direct election on November 20. Voters have shown special interest to the election contested by the incumbent and former finance ministers.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Former finance ministers Surendra Pandey, Bishnu Paudel, Barshaman Pun and Gyanendra Bahadur Karki and incumbent Finance Minister Janardan Sharma are competing in the upcoming election to the House of Representatives in first past the post (FPTP) category. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Finance Minister Sharma, former Finance Minister Pun and Karki are general candidates of the ruling coalition. UML's Nandram Devkota is competing against Finance Minister Sharma. Since Sharma is a candidate from the CPN (Maoist Center)’s stronghold of Rukum West, he is expected to win again.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">After the rebel candidates of Nepali Congress withdrew their candidacy in Rukum West, Finance Minister Sharma seems to have an easier path in the election. NC candidate Man Bahadur Nepali and Lal Bahadur Mahat of the same party, running as an independent candidate, have withdrawn their candidacy. Only Tarak KC and UML candidate Devkota are pose some challenge to Finance Minister Sharma.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Similarly, former finance ministers Pandey and Paudel competing in the election from UML. They are supported by Janata Samajwadi Party and RPP. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Pandey, an influential leader of the UML, will most likely face a stiff competition in Chitwan-1 against NC candidate Bishwanath Paudel, who has resigned as the vice president of the National Planning Commission to contest the election. Both candidates are considered to be experts in the field of economy.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Pandey is also the incumbent Member of Parliament from the same constituency. Dr Paudel is the vice president of the National Planning Commission and is a young economist. UML leader Pandey was a member of the National Assembly from 2054 to 60. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">In 2066, he was the finance minister during the government led by Madhav Kumar Nepal. Pandey was a member of the Constituent Assembly in 2070 and won the parliamentary elections in 2074 from Chitwan-1. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">There were speculations that Dr Swarnim Wagle would contest the election from the same constituency. However, the NC did not give him a ticket after Paudel expressed his desire to contest in the election. Paudel has worked as an economic advisor to the International Labor Organization (ILO). Paudel is an Associate Professor at Kathmandu University School of Management. When Wagle was the vice-chairman of the National Planning Commission, Paudel worked there as an economic advisor.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Deputy General Secretary of the Maoist Center and former Finance Minister Barshaman Pun is competing in the election from Rolpa. The common candidate of the ruling coalition will face competition from Purna Budhamgar of CPN-UML. Pun had earlier won the 2074 election from Rolpa.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Similarly, former finance minister and incumbent Minister for Communication and Information Technology Gyanendra Bahadur Karki is one of the candidates for the election. He has registered his candidacy representing the ruling coalition in Constituency 4 of Sunsari. His main competitor will be Jagdish Prasad Kusiait of UML. Karki had won the previous election from the same constituency.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">UML vice-president and former finance minister Bishnu Paudel and Raju Gurung of CPN Unified Socialist are competing against each other for seat in the House of Representatives. Even though the Election Commission had rejected Gurung's candidacy, the court issued a short-term order directing the EC not to reject Gurung's candidacy. Since this region is a stronghold of UML, Paudel is unlikely to face stiff opposition.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Former Finance Minister Dr Prakash Chandra Lohani is in the proportional representation quota of Rastriya Prajatantra Party. Former Finance Minister Dr Baburam Bhattarai, Dr Ram Sharan Mahat and Dr Yuvraj Khatiwada have not registered their candidacy for the election. Former PM Bhattarai is supporting Pushpa Kamal Dahal, the former Prime Minister and Chairman of the CPN-Maoist Center from his constituency and has announced that he will not contest the federal elections.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-10-19', 'modified' => '2022-10-19', 'keywords' => '', 'description' => '', 'sortorder' => '15917', 'image' => '20221019012029_Election_Commission.2e16d0ba.fill-650x500.jpg', 'article_date' => '2022-10-19 13:19:52', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '16175', 'article_category_id' => '1', 'title' => 'Prices of Potatoes Rise by 257 Percent in 6 Months', 'sub_title' => '', 'summary' => 'October 19: The prices of potatoes have increased by as much as 257 percent during the last six months due to the decline in domestic production.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">October 19: The prices of potatoes have increased by as much as 257 percent during the last six months due to the decline in domestic production. According to the daily price list of Kalimati Fruits and Vegetables Market Development Committee, the price of red potato has increased the most (257 percent) during this period.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The average wholesale price of red potatoes, which was Rs 28 per kg in the third week of April, has now reached Rs 100. Consumers have to pay even more in the retail market. Consumers complain that they have to pay up to Rs 150 per kg for local red potatoes in retail shops. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">In these six months, the price of red potatoes imported from India has also increased by 92 percent. In the third week of April, the price of red potatoes from India increased to Rs 45 from Rs 25 per kg. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Similarly, the average price of potatoes produced in Mude has also increased by 136 percent from Rs 33 to Rs 75 per kg. Similarly, the price of white potatoes has increased by 239 percent from Rs 23 to Rs 75 per kg.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The consumers are bearing the brunt of the price hike in the wholesale market as the impact trickles down to the retail market as well. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Sarita Nepali from Kirtipur shared that they go to retail stores at their doorstep instead of the wholesale market. “Even the least expensive potatoes cost Rs 80 to Rs 100 per kg,” said Nepali. Potatoes are the most used vegetable in the kitchen because they are compatible with all kinds of vegetables. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Nepali said that now that the price has skyrocketed, she has reduced the use of potatoes.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to Gita Prasad Acharya, president of Kalimati Fruits and Vegetables Market Development Committee, the prices of potatoes skyrocketed due to the decline in domestic production. He informed that the concerned authorities have started importing potatoes from the Indian market to meet the demand.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Acharya added that the price will come down only after locally-grown potatoes start coming to the market likely in the last week of November. Currently, about 50 percent of the potatoes entering the Kalimati wholesale market are imported from India and Bhutan.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Sandip Subedi, a horticultural development officer at the National Center for Potato, Vegetable and Spice Crops Development, says that even though the production has doubled compared to 15 years ago, the country is yet to become self-sufficient in potatoes due to the increasing demand and consumption of potatoes in Nepal. He says that the main reason for the relatively low production is the lack of quality seeds and fertilizers. In general, potatoes produced in Nepal meet 90 percent of the total market demand. According to government data, the remaining 10 percent is imported from abroad.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to the center, 3,325,000 thousand metric tons of potatoes were produced in 198,000 hectares of land in the fiscal year 2077/78. The data of the Department of Customs shows that 342,000 tons of potatoes were imported from abroad that year.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-10-19', 'modified' => '2022-10-19', 'keywords' => '', 'description' => '', 'sortorder' => '15916', 'image' => '20221019113349_potatoes-411975_1280-1024x682.jpg', 'article_date' => '2022-10-19 11:33:05', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '16174', 'article_category_id' => '1', 'title' => 'Production Capacity of Flour Mills Limited to 40 Percent', 'sub_title' => '', 'summary' => 'October 18: India has imposed a ban on wheat exports to avert a possible food crisis in the country.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">October 18: India has imposed a ban on wheat exports to avert a possible food crisis in the country. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Thirty two flour mills operating in Nepal are struggling to import wheat due to the ban imposed by India. As a result, the mills informed that their production has shrunk by almost 60 percent. The flour mills, which are operating at 40 percent of their total capacity, are now compelled to buy wheat costing Rs 34 for Rs 50 per kilogram to produce refined flour and semolina.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The domestic production of Nepal is able to meet the demand only for four months while the demand for flour during the remaining eight months is met through imports from India.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The price of flour and semolina has increased by Rs 15 per kg in four months after India imposed the ban. Due to the lack of wheat from India, the demand for local production has increased by 60 percent, and the prices have also increased.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Three months back, the price of wheat was Rs 34 per kg, but now it has reached Rs 50 per kg. After the increase in the price of wheat, the price of all-purpose flour, which was previously priced at Rs 49 per kg, increased to Rs 68 per kg and the price of fine flour has increased to Rs 68 from Rs 47 per kg. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Bikash Begwani, secretary of Nepal Flour Mills Association and Vice President of Morang Merchants’ Association informed that the price of semolina has climbed to Rs 70 from Rs 55 per kg.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">A total of 32 flour mills operating in Nepal are in crisis due to unavailability of wheat from India. After the increase in the prices of flour and semolina, industries manufacturing noodles and biscuits have been affected as well. Some industries are reducing the weight of noodles and biscuits and selling them at the same price instead of increasing the price. At present, consumers have to pay an additional Rs 75 to buy 5 kg of flour.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Tihar is the time when flour and semolina are sold the most since these are used to make bread and sweet dishes.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Although India has assured that it will supply as much quantity of wheat as requested by Nepal, the domestic industries of Nepal are facing crisis as the government failed to specify the quantity of wheat required for the country. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">“The government is not bringing wheat and the prices are increasing here. But large quantity of flour is coming from India without interruption due to the open border. As a result, the flour mills of Nepal are on the verge of closure,” Begwani said.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">After India stopped the export of wheat, the industrialists were demanding the government to bring wheat through “G2G” process.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">However, the Ministry of Industry, Commerce and Supplies and the Ministry of Foreign Affairs are confused saying that although they had sent letter to India before Dashain for the required quantity of wheat, they are yet to get any response due to lack of effective initiatives from India.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Altogether 32 flour mills of Nepal need 1 million metric tons of wheat every year. Out of that amount, 350,000 tons are produced in Nepal while the remaining 650,000 tons should be imported from India.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Last year, Nepal imported 335,932 metric tons of wheat worth more than Rs 6.9 billion from India. Ram Chandra Dhungana, information officer of Biratnagar Customs Office, informed that 6,100 tons of wheat worth more than Rs 2.19 billion was imported from Biratnagar Customs last year.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-10-18', 'modified' => '2022-10-19', 'keywords' => '', 'description' => '', 'sortorder' => '15915', 'image' => '20221018052601_wheat-flour-500x500.jpg', 'article_date' => '2022-10-18 17:25:21', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ) ) $current_user = null $logged_in = false $xml = falsesimplexml_load_file - [internal], line ?? include - APP/View/Elements/side_bar.ctp, line 133 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
| Currency | Unit |
Buy | Sell |
| U.S. Dollar | 1 | 121.23 | 121.83 |
| European Euro | 1 | 131.65 | 132.31 |
| UK Pound Sterling | 1 | 142.47 | 143.18 |
| Swiss Franc | 1 | 124.29 | 124.90 |
| Australian Dollar | 1 | 71.69 | 72.05 |
| Canadian Dollar | 1 | 83.90 | 84.32 |
| Japanese Yen | 10 | 10.94 | 11.00 |
| Chinese Yuan | 1 | 17.17 | 17.26 |
| Saudi Arabian Riyal | 1 | 32.27 | 32.43 |
| UAE Dirham | 1 | 33.01 | 33.17 |
| Malaysian Ringgit | 1 | 27.36 | 27.50 |
| South Korean Won | 100 | 9.77 | 9.82 |
Update: 2020-03-25 | Source: Nepal Rastra Bank (NRB)
| Fine Gold | 1 tola | 77000.00 |
| Tejabi Gold | 1 tola | 76700.00 |
| Silver | 1 tola | 720.00 |
Update : 2020-03-25
Source: Federation of Nepal Gold and Silver Dealers' Association
| Petrol | 1 Liter | 106.00 |
| Diesel | 1 Liter | 95.00 |
| Kerosene | 1 Liter | 95.00 |
| LP Gas | 1 Cylinder | 1375.00 |
Update : 2020-03-25
