September 27: The cost of every commodity has increased in the market due to the adverse situation created by the Covid-19…
September 27: The cost of every commodity has increased in the market due to the adverse situation created by the Covid-19…
September 27: One person missing in an avalanche that occurred at the base camp of Mount Manaslu on Monday morning has been found dead while 10 others have been rescued…
September 27: This year, around 2.2 million people are expected to leave the Kathmandu valley to celebrate Dashain in their hometowns and…
September 27: The Nepal Chamber of Commerce has concluded that it is impossible to run businesses due to the excessive interest rates charged by…
September 27: Six roads across the country were completely obstructed while 22 others were partially closed due to monsoon-induced disasters on…
September 26: Finance Minister Janardan Sharma has taken initiative to control the spiraling interest…
September 26: An avalanche has occurred at the base camp of Mt Manaslu in Gorkha district.…
September 26: Industrialists have expressed concerns regarding the excessive hike in interest rates by almost all commercial banks effective from September…
September 26: As the construction works along the Narayanghat-Butwal road section of the East West Highway has been intolerably slow, the government has warned the contractor of terminating the…
September 26: Nepal’s foreign trade has been affected due to various reasons including the Covid-19 pandemic, economic recession, lack of liquidity in banks and government policy to discourage…
September 26: The Navaratri Parba or the nine-night festival of Bada Dashain, the great festival of the Hindus of Nepal, has commenced from…
September 26: The Supreme Court has issued a show cause notice against the government over the issue of forced labour.…
September 25: The Association of Investment Professional Nepal (AIPN) has started a monthly talk series on FDI risk in hydroelectricity sector and financial management of hydropower…
September 25: The Department of Commerce, Supplies and Consumer Protection has intensified market monitoring in the wake of approaching…
September 25: Nepal Rastra Bank (NRB) has proposed one year period for the payment of the lender of last resort facility, a financial tool used by banks and financial institutions in cases of an extreme shortage of liquidity.…
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There is no demand in the market. The domestic market of cement and iron industry has shrunk. According to the concerned industrialists, these industries have not only reduced their production but are also forced to lower their prices than the actual cost.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Due to the disruption in the production and supply chain due to the Covid-19 pandemic, the cost of goods and services has increased, but the market has shrunk. The increase in the price of goods and services in the international market has increased the price of goods in Nepal which is dependent on imports.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">According to Satish Chachan, managing director of Narayani Cement Industry, the demand in the market has decreased as the general public has started spending only on essential goods. This is due to the lack of investable funds in banks and the tightening of investment due to rumors of a serious economic crisis, argues Chachan.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">"People are spending only on essential things. As construction is not given priority, the demand for construction materials is decreasing," Chachan said. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The government's priority is the upcoming elections. As a result, the development budget has not been spent and this in turn has affected the demand for cement and iron.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Stakeholders say that the cement industry has reduced production to a quarter of its capacity.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">“There is no demand in the market. The demand for cement decreases during the rainy season. On top of that, due to strict policy in investment and high interest rates, there is no demand for construction materials,” said an industrialist, adding, “The production of such industries has now dropped to 25/30 per cent of their total capacity.”</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">This has affected the price of the product. Since there is no demand, there is competition between the industries to sell their products at throw-away prices. So much so that some have started selling their products at less than the cost price. The average price of Ordinary Portland Cement (OPC) per bag (50 kg) is Rs 750. But now, it has been reduced by as much as Rs 150 per bag. Although the cost of cement differs from one company to another, the average price of such cement in the market is between Rs 600 to Rs 650 per sack.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The price of PPC cement has dropped between Rs 500 to Rs 570 per sack.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The rod industries are also facing similar problems. Ramesh Agrawal of Jagdamba Enterprises says that they are operating their business not to make profit but to reduce losses.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">“Therefore, we are forced to sell iron rods at low price,” says Agrawal. </span></span></p> <p> </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> ', 'published' => true, 'created' => '2022-09-27', 'modified' => '2022-09-27', 'keywords' => '', 'description' => '', 'sortorder' => '15822', 'image' => '20220927024152_cementtttt.jpg', 'article_date' => '2022-09-27 14:41:04', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '16080', 'article_category_id' => '1', 'title' => 'One Killed in Manaslu Avalanche, 10 Rescued Alive', 'sub_title' => '', 'summary' => 'September 27: One person missing in an avalanche that occurred at the base camp of Mount Manaslu on Monday morning has been found dead while 10 others have been rescued alive. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">September 27: One person missing in an avalanche that occurred at the base camp of Mount Manaslu on Monday morning has been found dead while 10 others have been rescued alive. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The deceased has been identified as Anup Rai of Sankhuwasabha, shared Superintendent of Police Kedar Khanal at the District Police Office, Gorkha. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">He added that preparation is underway to send Rai's body to Tribhuvan University Teaching Hospital, Kathmandu, for post mortems. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Four persons were rescued on Monday while six more were rescued this morning (September 27), said SP Khanal. </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"">Nima Dorjee Sherpa, Dawa Sherpa, Furita Sherpa, Lakpa Tamang, Nima Sherpa and Phurte Sherpa were rescued on Tuesday morning and brought to Samagaun. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Two choppers of Simrik Air, one each of Kailash Air and Everest Air were mobilized during the rescue operation. All the injured brought to Samagaun have been sent to Kathmandu-based Karuna Hospital for treatment. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">SP Khanal said two persons, who were rescued from avalanche, are in normal health condition and they are still at the base camp. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-09-27', 'modified' => '2022-09-27', 'keywords' => '', 'description' => '', 'sortorder' => '15820', 'image' => '20220927014340_manaslu.jpg', 'article_date' => '2022-09-27 13:43:04', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '16078', 'article_category_id' => '1', 'title' => '2.2 Million People Expected to Leave Kathmandu Valley during Dashain', 'sub_title' => '', 'summary' => 'September 27: This year, around 2.2 million people are expected to leave the Kathmandu valley to celebrate Dashain in their hometowns and villages.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Prashant Khadka</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">September 27: This year, around 2.2 million people are expected to leave the Kathmandu valley to celebrate Dashain in their hometowns and villages. Transport entrepreneurs have estimated that around 500,000 more passengers may leave the valley before Dashain this year as compared to last year due to the election of the House of Representatives and the Provincial Assembly after the Dashain and Tihar festivals.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">In previous years, the number of passengers leaving Kathmandu Valley during Dashain used to be around 1.7 million. Due to the impact of the coronavirus pandemic, about 1 million passengers were evacuated during last Dashain. Bijay Swar, the president of the Federation of Nepalese National Transport Entrepreneurs, informed that nearly 200,000 passengers have already left the valley since September 17. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to him, since most of the schools and colleges get closed after Ghatasthapana, the first day of Dashain festival, the number of passengers leaving the valley increases after the festival officially kicks off.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The maximum number passengers leave the valley on the occasion of Fulpati and Astami which fall on the sixth to eighth day of the festival. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to Senior Superintendent of Police Rajendra Prasad Bhatta, Information Officer of Kathmandu Valley Traffic Police Office, the number of passengers leaving the valley is increasing each day. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">“Currently, more than 50,000 passengers are leaving the valley from Nagadhunga, Koteshwar, Pharping and other check points every day,” said SSP Bhatta.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The traffic police has set up passenger help desks at 14 locations in the valley for the safety and convenience of the passengers.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The federation said that the vehicles entering and exiting the valley are facing problems due to roads damaged by monsoon-induced disasters in various places.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">“It takes up to 10 hours to travel the 121 kilometers of Butwal-Narayangadh road section. When the road is good, this distance can be covered in 4 hours. Due to the damaged road, passengers who booked tickets in advance have had to suffer because the vehicles did not arrive in Kathmandu on time,” said Swar. He added that it takes more than 5 hours to travel 63 kilometers due to the bad condition of the road from Abukhaireni to Kotre.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><strong>Public transport route permit opened</strong></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The government has opened route permits for public transport targeting passengers who leave the valley to return back to their villages to celebrate Dashain and Tihar festivals. Route permits have been opened from Ghatastapana till Kojagrat Purnima or the full moon day.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Once the route permit is opened, the vehicles will be able to run on any route without interruption. The Department of Transport Management has decided to ban vehicles carrying heavy goods on the route from Narayangadh to Kathmandu from October 1 to 8. The department also informed that this decision has been taken because the passenger buses running on the road may face difficulty due to the cargo vehicles.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-09-27', 'modified' => '2022-09-27', 'keywords' => '', 'description' => '', 'sortorder' => '15819', 'image' => '20220927120743_Kathmandu Valley.jpg', 'article_date' => '2022-09-27 12:06:56', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '16077', 'article_category_id' => '1', 'title' => 'It is not Possible to Run Businesses due to Exorbitant Interest Rates: NCC', 'sub_title' => '', 'summary' => 'September 27: The Nepal Chamber of Commerce has concluded that it is impossible to run businesses due to the excessive interest rates charged by banks.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">September 27: The Nepal Chamber of Commerce has concluded that it is impossible to run businesses due to the excessive interest rates charged by banks.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The NCC has drawn the attention of Nepal Rastra Bank to this issue and has requested the central bank to control the excessive rise in interest rates. The umbrella body of private enterprises has submitted a nine-point demand to NRB regarding this issue.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Stating that the effect of high rate of interest on deposits is starting to affect the interest on loans the NCC requested the central bank to make the current spread rate and base rate of banks relevant. A statement issued by the NCC states that the rising interest rates has created a situation where the commercial activities of the country will come to a standstill.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">It also states that high interest rates on deposits discourage investment in industries and increases the risk of financial instability.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The chamber demanded the removal of various types of service charges charged by banks and financial institutions while granting and renewing loans. The NCC also requested the central bank to bring down the interest rates to a single digit to meet the goal of high economic growth. It also demanded that the base rate of the banks should be kept as low as possible and a maximum of 2 percent premium should be added as in previous years.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The chamber stressed the need to maintain a fixed interest rate for a certain period on the loans provided for infrastructure development project and tourism sector. NCC also requested NRB to make arrangement to maintain a fixed interest rate for three months.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">In addition, the chamber has emphasized on timely capital expenditure to address the liquidity crisis faced by the banking system.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-09-27', 'modified' => '2022-09-27', 'keywords' => '', 'description' => '', 'sortorder' => '15818', 'image' => '20220927105201_interest ratee.jpg', 'article_date' => '2022-09-27 10:51:15', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '16076', 'article_category_id' => '1', 'title' => 'Monsoon-Induced Incidents Obstruct 28 Roads across the Country ', 'sub_title' => '', 'summary' => 'September 27: Six roads across the country were completely obstructed while 22 others were partially closed due to monsoon-induced disasters on Monday. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">September </span>27:<span style="font-family:"Arial Unicode MS","sans-serif""> Six roads across the country were completely obstructed while 22 others were partially closed due to monsoon-induced disasters on Monday. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the state-owned national news agency RSS, yhe obstructed roads include Sanphebagar-Martadi-Kolti road, Balaju-Trishuli-Dhunche-Syaphrubensi road, Siddhartha Highway, Dumre-Bensisahar road, Karnali Highway, Surkhet Tallo Dungeshwor-Dullu road and Pipalkot-Khulalu-Manma-Nagma-Jumla road. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">One-way traffic has been allowed in the 22 partially obstructed roads including Koshi Highway, Prithvi Highway, Pushpalal Mid-Hill Highway, Siddhartha Highway, Araniko Highway and Bheri Corridor, while efforts were being made to reopen the completely blocked roads by the time this news was prepared.</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"">Citing government officials, RSS reported that excavators have been deployed to remove debris, and discussions with locals were underway to create diversions. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Transportation services on at least 145 roads obstructed due to rain-induced incidents this year have resumed completely, said the Department of Roads, adding that workforces and required equipment have been mobilized to reopen the obstructed roads. </span><br /> </span></span></p> ', 'published' => true, 'created' => '2022-09-27', 'modified' => '2022-09-27', 'keywords' => '', 'description' => '', 'sortorder' => '15817', 'image' => '20220927103058_20210706024111_KRG_Baglung.jpg', 'article_date' => '2022-09-27 10:29:59', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '16075', 'article_category_id' => '1', 'title' => 'Finance Minister Takes Initiative to Control Rising Interest Rates', 'sub_title' => '', 'summary' => 'September 26: Finance Minister Janardan Sharma has taken initiative to control the spiraling interest rates.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">September 26: Finance Minister Janardan Sharma has taken initiative to control the spiraling interest rates. Although the jurisdiction of regulating the monetary and financial market rests with the central bank, Finance Minister Sharma has overlooked this issue and formed a high-level committee to study the interest rates.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The committee headed by Joint Secretary Baburam Subedi, who is also the chief of the Economic Policy Analysis Division of the ministry, will not only study the interest rates but also the Working Capital Loan Guidelines issued recently by the Nepal Rastra Bank.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Finance Minister Sharma has said that the ministry will take further steps as per the recommendation of the committee.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The committee has one representative each from the Office of the Prime Minister and Council of Ministers, Nepal Rastra Bank, National Planning Commission and the Ministry of Industry, Supplies and Commerce.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The finance minister’s private secretariat informed New Business Age that the committee also has one representative each from the Federation of Nepalese Chamber of Commerce and Industry, the Confederation of Nepalese Industries and Nepal Chamber of Commerce while the banking sector is being represented by two members of Nepal Bankers Association. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The committee has been instructed to submit its report within seven days.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The committee will recommend how much concession or relief needs to be provided on interest charged by banks. The committee formed by the finance minister is questionable because banks have the right to determine interest rates as per the automated system in a free market economy. Even if the government has to issue any directive to change the interest rates, the jurisdiction falls within the central bank. Analysts argue that the decision of the finance minister to form the study committee is against the laws. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Former Executive Director of Nepal Rastra Bank Trilochan Pangeni says that the finance minister’s decision to form the study committee is against Nepal Rastra Bank Act. He insists that the Nepal Rastra Bank Act has given the central bank the right to determine the interest rate.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">“If the finance ministry intervenes in matters related to Nepal Rastra Bank, it undermines the autonomy of the central bank. There is risk that the central bank will become like a department of the ministry,” said Pangeni.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">On the other hand, another former Executive Director of NRB Nara Bahadur Thapa says that it is better to take action after conducting a proper study instead of taking decisions at somebody’s whims.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">“It is not necessary that all the policies adopted by the central bank will be right. The finance minister has taken the right decision,” said Thapa.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Banks have increased the interest rates effective from September 17. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Finance Minister Sharma had held hours long discussion at the ministry on Sunday after the industrialists and entrepreneurs complained that the central bank didn’t intervene when the banks decided to increase the interest rates.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The entrepreneurs had strongly objected to the high interest rates and the Working Capital Loan Guidelines.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">“The banks have increased the premium and excise duty against the agreement with the customers. This is not acceptable at all,” said Shekhar Golchha, president of the FNCCI.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">He said that the regulatory body should intervene in such situation and requested for help from the ministry and the central bank.</span></span></p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-09-26', 'modified' => '2022-09-26', 'keywords' => '', 'description' => '', 'sortorder' => '15816', 'image' => '20220926050939_Banks - Copy.jpg', 'article_date' => '2022-09-26 17:09:05', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '16074', 'article_category_id' => '1', 'title' => 'Avalanche Hits Manaslu Base Camp', 'sub_title' => '12 People Injured, Three Seriously Hurt in the Incident ', 'summary' => 'September 26: An avalanche has occurred at the base camp of Mt Manaslu in Gorkha district. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">September 26: An avalanche has occurred at the base camp of Mt Manaslu in Gorkha district. Director General of the Department of Tourism (DoT) Hom Prasad Luintel told RSS that an avalanche hit the base camp of Manaslu on Monday. According to Luintel, 12 people have been injured in the incident. He further said that three of them are seriously injured while six are in normal condition. He also said a foreign climber has gone missing while descending after summiting the mountain. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Three helicopters have been flown from Kathmandu towards the disaster site for rescuing those affected by the avalanche. It is said the rescue choppers have not been able to land at the site due to bad weather. The helicopters have landed at Samagaun of Gorkha. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Mingma Sherpa, who went for rescue of the people injured in the avalanche, said that the rescue has become difficult due to inclement weather. He shared that a team of Sherpas was standby along with three helicopters at Samagaun. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The avalanche occurred at the base camp of Mt Manaslu at Chumanubri Rural Municipality-1 of Gorkha district. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The foreigners who were on mountaineering expedition and their Nepali assistants are at the base camp. The climbers have gone to the base camp of Mt Manaslu from various companies including the Seven Summit Trek. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">DoT's Mountaineering Section said 404 climbers of 38 expedition teams have taken permit for climbing Mt Manaslu in the autumn season. A total of 506 mountaineers belonging to 58 expedition teams have acquired permission for climbing 15 mountains and peaks including Mt Everest and Mt Manaslu this autumn. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-09-26', 'modified' => '2022-09-26', 'keywords' => '', 'description' => '', 'sortorder' => '15815', 'image' => '20220926043557_manaslu.jpg', 'article_date' => '2022-09-26 16:34:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '16073', 'article_category_id' => '1', 'title' => 'Industrialists Voice Concern over Excessive Hike in Interest Rates', 'sub_title' => '', 'summary' => 'September 26: Industrialists have expressed concerns regarding the excessive hike in interest rates by almost all commercial banks effective from September 17.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">September 26: Industrialists have expressed concerns regarding the excessive hike in interest rates by almost all commercial banks effective from September 17.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Province 1 chapter of the Confederation of Nepalese Industries (CNI) has drawn the attention of Nepal Rastra Bank to this issue. CNI Province 1 members complained that the banks ignored their suggestion not to increase interest rates for one year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Stating that the banks were also indulged in unhealthy competition to increase interest rates in the past, the Province 1 chapter of CNI reminded that such move did not help in addressing the liquidity crisis. It argued that the banks should not have increased the interest rates at a time when the central bank has already mentioned in its report that the liquidity crisis is further deepening.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The industrialists argued that the banks’ move has threatened the existence of the industrial sector which has been reeling under the effects of the Covid-19 pandemic, Russia-Ukraine war. The Province 1 chapter of CNI also noted that the industries are struggling also because of the decline in purchasing power of the consumers.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Issuing a statement, CNI Province 1 chapter said that the banks, which are running in profit, are making extra money at the expenses of the investors and industrialists. The statement further says that move that benefits the banking sector but threatens other sectors is an attempt to establish a system of feudal lords who are represented by banks in the modern day. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-09-26', 'modified' => '2022-09-26', 'keywords' => '', 'description' => '', 'sortorder' => '15814', 'image' => '20220926035307_interest-eight.jpg', 'article_date' => '2022-09-26 15:52:27', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '16072', 'article_category_id' => '1', 'title' => 'Govt Warns of Terminating Contract of Narayanghat-Butwal Road Section Citing Slow Progress ', 'sub_title' => '', 'summary' => 'September 26: As the construction works along the Narayanghat-Butwal road section of the East West Highway has been intolerably slow, the government has warned the contractor of terminating the contract. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">September 26: As the construction works along the Narayanghat-Butwal road section of the East West Highway has been intolerably slow, the government has warned the contractor of terminating the contract. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Issuing a notice on Sunday, the South Asia Sub-Regional Economic Cooperation Road Connectivity Project of the Department of Roads said that the contract agreement would be terminated if the existing working style of the contractor is not improved. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The 114 kilometres of road stretch was divided in two sections while awarding the contract through a global bidding process. The China State Construction Engineering Corporation Limited had won the tender bids of both sections considering its proposal to construct the road section at the minimum base rate. However, several complaints have been received on part of the construction company regarding the dillydallying of the project. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The project was expected to be completed in August 7, 2022. However, the construction company has completed only 18 per cent of the total work even after the final deadline. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Against this backdrop, the Department of Roads has warned the construction company to mend its ways and ensure reforms within a month. Otherwise, the department has warned the company to get ready to face contract termination. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The department has further said that the travelers and vehicles have faced several issues including difficulties in travel, air pollution and others problems due to carelessness of the construction company. The locals in the affected area have also suffered while road accidents have increased. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">As the contract agreement ended on August 7, the government has extended the deadline for one more year at the request of the construction company but the construction works at present have halted, said Chief Engineer of Narayanghat-Butwal Road Project (Eastern Section) Ramesh Kumar Dristi. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The project is being developed with nearly Rs 17 billion in loan assistance from the Asian Development Bank. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-09-26', 'modified' => '2022-09-26', 'keywords' => '', 'description' => '', 'sortorder' => '15813', 'image' => '20220926014301_road.jpg', 'article_date' => '2022-09-26 13:42:22', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '16071', 'article_category_id' => '1', 'title' => 'Foreign Trade Affected due to Decline in Imports and Exports', 'sub_title' => '', 'summary' => 'September 26: Nepal’s foreign trade has been affected due to various reasons including the Covid-19 pandemic, economic recession, lack of liquidity in banks and government policy to discourage imports.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">September 26: Nepal’s foreign trade has been affected due to various reasons including the Covid-19 pandemic, economic recession, lack of liquidity in banks and government policy to discourage imports. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The policy adopted by the government has caused a decline in imports since mid-July while the exports have also slumped, affecting the overall foreign trade of Nepal.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to the Department of Customs, the country's foreign trade has decreased by 15.70 percent as of mid-September in the current fiscal year compared to the corresponding period of last fiscal year. The country’s foreign trade amounted to Rs 358.55 billion during last Setpember which dropped to Rs 302.28 billion this September. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to the data released by the department on Sunday, while the import declined by 13.01 percent in mid-September, the export dropped by 34.88 percent. The trade deficit also declined by 9.45 percent as Nepal’s export volume is negligible compared to imports.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Since the beginning of this year, the government adopted a policy of discouraging imports due to pressure on foreign exchange reserves. To reduce imports, the NRB had reduced the gold import quota and increased the requirement of cash margin for imports. The government also banned the import of certain luxury goods.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Diesel tops the list of imported goods with imports worth Rs 18.42 billion in the first two months of the current fiscal year. Similarly, petrol worth Rs 12.18 billion, LPG gas worth Rs 10.42 billion were imported during the review period.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">By mid-August 2079, the trade deficit reached Rs 244 billion. Due to excessive imports, the foreign exchange reserves started to decrease. This made NRB intervene and it initiated a policy to discourage imports from the beginning of this year. Similarly, the government also banned the import of luxury goods from April.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-09-26', 'modified' => '2022-09-26', 'keywords' => '', 'description' => '', 'sortorder' => '15812', 'image' => '20220926124538_Trade.jpg', 'article_date' => '2022-09-26 12:45:01', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '16070', 'article_category_id' => '1', 'title' => 'Festival of Dashain Begins from Today ', 'sub_title' => '', 'summary' => 'September 26: The Navaratri Parba or the nine-night festival of Bada Dashain, the great festival of the Hindus of Nepal, has commenced from today. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">September 26: The Navaratri Parba or the nine-night festival of Bada Dashain, the great festival of the Hindus of Nepal, has commenced from today (September 26). </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The first day of the Dashain festival is called "Ghatasthapana" that falls on the first day of the bright half of the lunar calendar in the Nepali month of Ashwin (mid-September to mid-October). </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"">On the day of Ghatasthapana, all Nepali Hindus worship Diyo (an oil-fed lamp), Kalas (auspicious jar) and lord Ganesh in accordance with the Vedic rituals and sow maize and barley seeds in a jar filled with soil and cow dung for germination of the auspicious Jamara (barley shoots). </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The auspicious hour for observing Ghatasthapana is 10:23 am today, according to Nepal Calendar Determination Committee. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Devotees offer prayers to Durga Bhavani, the goddess of power, today. Germination of the auspicious "Jamara" is also done at the Hanumandhoka Palace in accordance with the Vedic rituals today. There is also a tradition of sacrificing animals while initiating the germination of the "Jamara". </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Also today, prayers are offered to goddess Mahakali, Mahalaxmi and Mahasaraswati at the Dashain Ghar of Hanumandhoka Palace, marking the beginning of the Navaratri (nine nights). </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif""> The golden barley shoots and the auspicious Tika are given by parents to their children and by elders to their juniors on the tenth day of the Bada Dashain festival with blessings for peace, prosperity and happiness. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The auspicious hour for receiving Tika this year is 11:51 am, according to the committee Chairperson Shree Krishna Adhikari. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">During the Navaratri, thousands of devotees visit temples such as Naxal Bhagawati, Shobha Bhagawati, Maitidevi, Guheswori, Bhadrakali, Kalikasthan, Sankata, Mahankalsthan, Naradevi, Bijayeswori, Indrayani, Dakshinkali, Chamunda and other shrines of goddess Durga Bhavani. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">People also recite sacred verses and hymns dedicated to Durga Bhawani at temples and shrines as well as at their homes throughout the Dashain period. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-09-26', 'modified' => '2022-09-26', 'keywords' => '', 'description' => '', 'sortorder' => '15811', 'image' => '20220926112257_dashain image.jpg', 'article_date' => '2022-09-26 11:21:06', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '16069', 'article_category_id' => '1', 'title' => 'Supreme Court Issues Show Cause Notice to Government over Forced Labour', 'sub_title' => '', 'summary' => 'September 26: The Supreme Court has issued a show cause notice against the government over the issue of forced labour. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">September 26: The Supreme Court has issued a show cause notice against the government over the issue of forced labour. Responding to a writ petition filed by Advocate Puroshottam Prajapati, a single bench of Justice Ishwar Prasad Khatiwada instructed the Government of Nepal and the Office of the Prime Minister and Council of Ministers to show cause for the forced labour prevalent in the country.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Various data prepared by the government and NGOs suggest that around 55,000 people are working as forced labourers in the country. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Senior Advocate Narayan Prasai and Advocate Som Luitel pleaded on behalf of the petitioners on Sunday. The apex court has asked the government to show cause within 15 days.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Human rights activists have been demanding an end to forced labour. Although the international laws have addressed this issue, Nepal is yet to implement its commitment made in international forums. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Nepal is a signatory to the Forced Labour Convention, 1930; Abolition of Forced Labour Convention, 1957; and the Convention to Suppress the Slave Trade and Slavery 1926.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Government of Nepal is responsible to implement the international treaties.</span></span></p> ', 'published' => true, 'created' => '2022-09-26', 'modified' => '2022-09-26', 'keywords' => '', 'description' => '', 'sortorder' => '15810', 'image' => '20220926103739_Supreme Court.jpg', 'article_date' => '2022-09-26 10:36:52', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '16068', 'article_category_id' => '1', 'title' => 'AIPN Organises Monthly Talk Series on FDI Risk in Hydropower Sector', 'sub_title' => '', 'summary' => 'September 25: The Association of Investment Professional Nepal (AIPN) has started a monthly talk series on FDI risk in hydroelectricity sector and financial management of hydropower projects.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Nirmala UI","sans-serif"">September 25: The Association of Investment Professional Nepal (AIPN) has started a monthly talk series on the topic of FDI risk in hydroelectricity sector and financial management of hydropower projects. The talk series is focused on providing financial literacy to the potential investors, reads a statement issued by AIPN, a non-profit organization registered in Nepal. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Nirmala UI","sans-serif"">According to the statement, AIPN started the talk series under its first monthly discussion and interaction programme held at City Centre, Kamalpokhari on September 23.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Nirmala UI","sans-serif"">This talk series was moderated by financial analyst and Chartered Accountant Bikash Kabariya, who has the experience of working in the hydropower sector representing both the project developers as well as the government. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Nirmala UI","sans-serif"">The first talk series focused on introduction on types of hydropower projects and Public Private Partnership. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Nirmala UI","sans-serif"">Participants of the talk series discussed about the need to minimize risk in hydropower projects, improvement in hedging guidelines and risk of interest rate fluctuation.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Nirmala UI","sans-serif"">AIPN is preparing to launch another talk series in October after the Dashain festival.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-09-25', 'modified' => '2022-09-25', 'keywords' => '', 'description' => '', 'sortorder' => '15809', 'image' => '20220925051249_AIPN 2022-09-25 at 11.33.20 AM.jpeg', 'article_date' => '2022-09-25 17:12:03', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '16067', 'article_category_id' => '1', 'title' => 'Government Intensifies Market Monitoring', 'sub_title' => '175 Shops Face Action in Current Fiscal Year', 'summary' => 'September 25: The Department of Commerce, Supplies and Consumer Protection has intensified market monitoring in the wake of approaching festivals. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">September 25: The Department of Commerce, Supplies and Consumer Protection has intensified market monitoring in the wake of approaching festivals. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The department monitored 272 firms last week. A team of inspectors mobilized by the department fined Rs 200,000 to a department store in Madhyapur Thimi, Bhaktapur on Wednesday. The department fined the store after the store changed the standards, price and weigh of the goods by violating the rules. Similarly, the team on Thursday fined Rs 200,000 to a grocery shop located at Imadol of Lalitpur after it was found that the shop was cheating consumers. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">A total of 844 firms have monitored in the current fiscal year since July 17, among which 175 firms have been fined. A total of Rs 3.531 million revenue has been collected from the fine. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Inedible goods worth Rs 2.399 million have been destroyed during the inspection, according to the department. The monitoring team has urged shops to keep their registration document updated and display the price list and registration certificates which the consumers can see easily. The firms facing action has been instructed to be present at the department along with their sales bill. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Ten monitoring teams of the department monitored groceries, vegetable and fruit shops, pharmacies, fresh houses, liquor store, dairy, cosmetic stores and sweet shops. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Director at the Department, Hari Pangeni, said that they have intensified market monitoring so that the consumers would not be cheated when buying goods during the festivals. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Meanwhile, organisations working for the rights of the consumers shared that the government has not been able to carry out market monitoring effectively. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Chairperson of Consumer Rights Research Forum, Madhav Timilsina, shared that the government mechanism had not been able to carry out effective works in order to protect and promote consumer rights. He said that the consumers are being cheated in different pretexts in the market as the government has no clear data of supply and consumption of daily essentials. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-09-25', 'modified' => '2022-09-25', 'keywords' => '', 'description' => '', 'sortorder' => '15808', 'image' => '20220925124811_market monitoring.jpg', 'article_date' => '2022-09-25 12:47:29', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '16066', 'article_category_id' => '1', 'title' => 'Central Bank Proposes One-Year Provision for Lender of Last Resort Facility', 'sub_title' => '', 'summary' => 'September 25: Nepal Rastra Bank (NRB) has proposed one year period for the payment of the lender of last resort facility, a financial tool used by banks and financial institutions in cases of an extreme shortage of liquidity. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">September 25: Nepal Rastra Bank (NRB) has proposed one year period for the payment of the lender of last resort facility, a financial tool used by banks and financial institutions in cases of an extreme shortage of liquidity. The central bank has prepared a draft of the Lender of Last Resort Facility Bylaws-2079 with a proposal to specify the payment period and to increase the sectoral scope in which it can be used.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to the Credit Policy 2067, the payment period of the lender of last resort facility has not been fixed so far. NRB has informed that it is going to issue bylaws to manage such facility.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">A lender of last resort facility is a financial instrument used by banks and financial institutions in case of extreme liquidity crisis when they are unable to return the deposits of the general public. Until now, only Vibor Bikas Bank has used it. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Similarly, the proposed bylaws mention that the interest rate for the lender of last resort facility will be as specified by Nepal Rastra Bank. Currently, there is a provision that the interest rate of this facility will be equal to the bank rate.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The draft of the bylaws has also increased the scope of the lender of last resort facility.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Banks can avail this facility on condition that they are not able to manage the required liquidity through the interbank market, daily liquidity facility, open market transactions and standing liquidity facility. Banks can also use this facility if they are unable manage liquidity or to meet their immediate obligations due to lack of marketable assets, and if they are unable to meet their immediate obligations after returning large amount of deposits and are unable to disbursed loans as per their commitment.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Similarly, the draft proposes providing this facility to banks if the economy and financial system faces challenges due to systemic risk posed by a single bank, or if there is a decline in trust of the general public towards the banking system, or if a bank is unable to pay immediate obligations due to natural disasters, and if it is unable to fulfil its immediate obligations due to national and international crisis and the bank is liquidated.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The board of directors of the problematic bank must file an application with the NRB with reasons for seeking the lender of last resort facility and the required amount and payment plan to avail such facility. Along with the application, a 6-month cash flow projection, statement of assets and liabilities of different periods, statement of deposits and other short-term liabilities, and an action plan for revival should also be submitted.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-09-25', 'modified' => '2022-09-25', 'keywords' => '', 'description' => '', 'sortorder' => '15807', 'image' => '20220925124619_Banks - Copy.jpg', 'article_date' => '2022-09-25 12:45:36', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ) ) $current_user = null $logged_in = falseinclude - APP/View/Elements/side_bar.ctp, line 60 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
Warning (2): simplexml_load_file() [<a href='http://php.net/function.simplexml-load-file'>function.simplexml-load-file</a>]: I/O warning : failed to load external entity "" [APP/View/Elements/side_bar.ctp, line 60]file not found!Code Context// $file = 'http://aabhiyan:QUVLg8Wzs2F7G9N7@nepalstock.com.np/api/indexdata.xml';if(!$xml = simplexml_load_file($file)){$viewFile = '/var/www/html/newbusinessage.com/app/View/Elements/side_bar.ctp' $dataForView = array( 'articles' => array( (int) 0 => array( 'Article' => array( [maximum depth reached] ) ), (int) 1 => array( 'Article' => array( [maximum depth reached] ) ), (int) 2 => array( 'Article' => array( [maximum depth reached] ) ), (int) 3 => array( 'Article' => array( [maximum depth reached] ) ), (int) 4 => array( 'Article' => array( [maximum depth reached] ) ), (int) 5 => array( 'Article' => array( [maximum depth reached] ) ), (int) 6 => array( 'Article' => array( [maximum depth reached] ) ), (int) 7 => array( 'Article' => array( [maximum depth reached] ) ), (int) 8 => array( 'Article' => array( [maximum depth reached] ) ), (int) 9 => array( 'Article' => array( [maximum depth reached] ) ), (int) 10 => array( 'Article' => array( [maximum depth reached] ) ), (int) 11 => array( 'Article' => array( [maximum depth reached] ) ), (int) 12 => array( 'Article' => array( [maximum depth reached] ) ), (int) 13 => array( 'Article' => array( [maximum depth reached] ) ), (int) 14 => array( 'Article' => array( [maximum depth reached] ) ) ), 'current_user' => null, 'logged_in' => false ) $articles = array( (int) 0 => array( 'Article' => array( 'id' => '16081', 'article_category_id' => '1', 'title' => 'Production of Cement and Rod Industries Shrinks to One-Fourth of the Total Capacity', 'sub_title' => '', 'summary' => 'September 27: The cost of every commodity has increased in the market due to the adverse situation created by the Covid-19 pandemic.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">September 27: The cost of every commodity has increased in the market due to the adverse situation created by the Covid-19 pandemic. There is no demand in the market. The domestic market of cement and iron industry has shrunk. According to the concerned industrialists, these industries have not only reduced their production but are also forced to lower their prices than the actual cost.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Due to the disruption in the production and supply chain due to the Covid-19 pandemic, the cost of goods and services has increased, but the market has shrunk. The increase in the price of goods and services in the international market has increased the price of goods in Nepal which is dependent on imports.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">According to Satish Chachan, managing director of Narayani Cement Industry, the demand in the market has decreased as the general public has started spending only on essential goods. This is due to the lack of investable funds in banks and the tightening of investment due to rumors of a serious economic crisis, argues Chachan.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">"People are spending only on essential things. As construction is not given priority, the demand for construction materials is decreasing," Chachan said. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The government's priority is the upcoming elections. As a result, the development budget has not been spent and this in turn has affected the demand for cement and iron.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Stakeholders say that the cement industry has reduced production to a quarter of its capacity.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">“There is no demand in the market. The demand for cement decreases during the rainy season. On top of that, due to strict policy in investment and high interest rates, there is no demand for construction materials,” said an industrialist, adding, “The production of such industries has now dropped to 25/30 per cent of their total capacity.”</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">This has affected the price of the product. Since there is no demand, there is competition between the industries to sell their products at throw-away prices. So much so that some have started selling their products at less than the cost price. The average price of Ordinary Portland Cement (OPC) per bag (50 kg) is Rs 750. But now, it has been reduced by as much as Rs 150 per bag. Although the cost of cement differs from one company to another, the average price of such cement in the market is between Rs 600 to Rs 650 per sack.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The price of PPC cement has dropped between Rs 500 to Rs 570 per sack.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The rod industries are also facing similar problems. Ramesh Agrawal of Jagdamba Enterprises says that they are operating their business not to make profit but to reduce losses.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">“Therefore, we are forced to sell iron rods at low price,” says Agrawal. </span></span></p> <p> </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> ', 'published' => true, 'created' => '2022-09-27', 'modified' => '2022-09-27', 'keywords' => '', 'description' => '', 'sortorder' => '15822', 'image' => '20220927024152_cementtttt.jpg', 'article_date' => '2022-09-27 14:41:04', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '16080', 'article_category_id' => '1', 'title' => 'One Killed in Manaslu Avalanche, 10 Rescued Alive', 'sub_title' => '', 'summary' => 'September 27: One person missing in an avalanche that occurred at the base camp of Mount Manaslu on Monday morning has been found dead while 10 others have been rescued alive. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">September 27: One person missing in an avalanche that occurred at the base camp of Mount Manaslu on Monday morning has been found dead while 10 others have been rescued alive. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The deceased has been identified as Anup Rai of Sankhuwasabha, shared Superintendent of Police Kedar Khanal at the District Police Office, Gorkha. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">He added that preparation is underway to send Rai's body to Tribhuvan University Teaching Hospital, Kathmandu, for post mortems. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Four persons were rescued on Monday while six more were rescued this morning (September 27), said SP Khanal. </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"">Nima Dorjee Sherpa, Dawa Sherpa, Furita Sherpa, Lakpa Tamang, Nima Sherpa and Phurte Sherpa were rescued on Tuesday morning and brought to Samagaun. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Two choppers of Simrik Air, one each of Kailash Air and Everest Air were mobilized during the rescue operation. All the injured brought to Samagaun have been sent to Kathmandu-based Karuna Hospital for treatment. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">SP Khanal said two persons, who were rescued from avalanche, are in normal health condition and they are still at the base camp. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-09-27', 'modified' => '2022-09-27', 'keywords' => '', 'description' => '', 'sortorder' => '15820', 'image' => '20220927014340_manaslu.jpg', 'article_date' => '2022-09-27 13:43:04', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '16078', 'article_category_id' => '1', 'title' => '2.2 Million People Expected to Leave Kathmandu Valley during Dashain', 'sub_title' => '', 'summary' => 'September 27: This year, around 2.2 million people are expected to leave the Kathmandu valley to celebrate Dashain in their hometowns and villages.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Prashant Khadka</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">September 27: This year, around 2.2 million people are expected to leave the Kathmandu valley to celebrate Dashain in their hometowns and villages. Transport entrepreneurs have estimated that around 500,000 more passengers may leave the valley before Dashain this year as compared to last year due to the election of the House of Representatives and the Provincial Assembly after the Dashain and Tihar festivals.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">In previous years, the number of passengers leaving Kathmandu Valley during Dashain used to be around 1.7 million. Due to the impact of the coronavirus pandemic, about 1 million passengers were evacuated during last Dashain. Bijay Swar, the president of the Federation of Nepalese National Transport Entrepreneurs, informed that nearly 200,000 passengers have already left the valley since September 17. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to him, since most of the schools and colleges get closed after Ghatasthapana, the first day of Dashain festival, the number of passengers leaving the valley increases after the festival officially kicks off.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The maximum number passengers leave the valley on the occasion of Fulpati and Astami which fall on the sixth to eighth day of the festival. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to Senior Superintendent of Police Rajendra Prasad Bhatta, Information Officer of Kathmandu Valley Traffic Police Office, the number of passengers leaving the valley is increasing each day. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">“Currently, more than 50,000 passengers are leaving the valley from Nagadhunga, Koteshwar, Pharping and other check points every day,” said SSP Bhatta.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The traffic police has set up passenger help desks at 14 locations in the valley for the safety and convenience of the passengers.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The federation said that the vehicles entering and exiting the valley are facing problems due to roads damaged by monsoon-induced disasters in various places.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">“It takes up to 10 hours to travel the 121 kilometers of Butwal-Narayangadh road section. When the road is good, this distance can be covered in 4 hours. Due to the damaged road, passengers who booked tickets in advance have had to suffer because the vehicles did not arrive in Kathmandu on time,” said Swar. He added that it takes more than 5 hours to travel 63 kilometers due to the bad condition of the road from Abukhaireni to Kotre.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><strong>Public transport route permit opened</strong></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The government has opened route permits for public transport targeting passengers who leave the valley to return back to their villages to celebrate Dashain and Tihar festivals. Route permits have been opened from Ghatastapana till Kojagrat Purnima or the full moon day.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Once the route permit is opened, the vehicles will be able to run on any route without interruption. The Department of Transport Management has decided to ban vehicles carrying heavy goods on the route from Narayangadh to Kathmandu from October 1 to 8. The department also informed that this decision has been taken because the passenger buses running on the road may face difficulty due to the cargo vehicles.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-09-27', 'modified' => '2022-09-27', 'keywords' => '', 'description' => '', 'sortorder' => '15819', 'image' => '20220927120743_Kathmandu Valley.jpg', 'article_date' => '2022-09-27 12:06:56', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '16077', 'article_category_id' => '1', 'title' => 'It is not Possible to Run Businesses due to Exorbitant Interest Rates: NCC', 'sub_title' => '', 'summary' => 'September 27: The Nepal Chamber of Commerce has concluded that it is impossible to run businesses due to the excessive interest rates charged by banks.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">September 27: The Nepal Chamber of Commerce has concluded that it is impossible to run businesses due to the excessive interest rates charged by banks.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The NCC has drawn the attention of Nepal Rastra Bank to this issue and has requested the central bank to control the excessive rise in interest rates. The umbrella body of private enterprises has submitted a nine-point demand to NRB regarding this issue.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Stating that the effect of high rate of interest on deposits is starting to affect the interest on loans the NCC requested the central bank to make the current spread rate and base rate of banks relevant. A statement issued by the NCC states that the rising interest rates has created a situation where the commercial activities of the country will come to a standstill.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">It also states that high interest rates on deposits discourage investment in industries and increases the risk of financial instability.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The chamber demanded the removal of various types of service charges charged by banks and financial institutions while granting and renewing loans. The NCC also requested the central bank to bring down the interest rates to a single digit to meet the goal of high economic growth. It also demanded that the base rate of the banks should be kept as low as possible and a maximum of 2 percent premium should be added as in previous years.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The chamber stressed the need to maintain a fixed interest rate for a certain period on the loans provided for infrastructure development project and tourism sector. NCC also requested NRB to make arrangement to maintain a fixed interest rate for three months.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">In addition, the chamber has emphasized on timely capital expenditure to address the liquidity crisis faced by the banking system.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-09-27', 'modified' => '2022-09-27', 'keywords' => '', 'description' => '', 'sortorder' => '15818', 'image' => '20220927105201_interest ratee.jpg', 'article_date' => '2022-09-27 10:51:15', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '16076', 'article_category_id' => '1', 'title' => 'Monsoon-Induced Incidents Obstruct 28 Roads across the Country ', 'sub_title' => '', 'summary' => 'September 27: Six roads across the country were completely obstructed while 22 others were partially closed due to monsoon-induced disasters on Monday. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">September </span>27:<span style="font-family:"Arial Unicode MS","sans-serif""> Six roads across the country were completely obstructed while 22 others were partially closed due to monsoon-induced disasters on Monday. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the state-owned national news agency RSS, yhe obstructed roads include Sanphebagar-Martadi-Kolti road, Balaju-Trishuli-Dhunche-Syaphrubensi road, Siddhartha Highway, Dumre-Bensisahar road, Karnali Highway, Surkhet Tallo Dungeshwor-Dullu road and Pipalkot-Khulalu-Manma-Nagma-Jumla road. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">One-way traffic has been allowed in the 22 partially obstructed roads including Koshi Highway, Prithvi Highway, Pushpalal Mid-Hill Highway, Siddhartha Highway, Araniko Highway and Bheri Corridor, while efforts were being made to reopen the completely blocked roads by the time this news was prepared.</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"">Citing government officials, RSS reported that excavators have been deployed to remove debris, and discussions with locals were underway to create diversions. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Transportation services on at least 145 roads obstructed due to rain-induced incidents this year have resumed completely, said the Department of Roads, adding that workforces and required equipment have been mobilized to reopen the obstructed roads. </span><br /> </span></span></p> ', 'published' => true, 'created' => '2022-09-27', 'modified' => '2022-09-27', 'keywords' => '', 'description' => '', 'sortorder' => '15817', 'image' => '20220927103058_20210706024111_KRG_Baglung.jpg', 'article_date' => '2022-09-27 10:29:59', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '16075', 'article_category_id' => '1', 'title' => 'Finance Minister Takes Initiative to Control Rising Interest Rates', 'sub_title' => '', 'summary' => 'September 26: Finance Minister Janardan Sharma has taken initiative to control the spiraling interest rates.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">September 26: Finance Minister Janardan Sharma has taken initiative to control the spiraling interest rates. Although the jurisdiction of regulating the monetary and financial market rests with the central bank, Finance Minister Sharma has overlooked this issue and formed a high-level committee to study the interest rates.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The committee headed by Joint Secretary Baburam Subedi, who is also the chief of the Economic Policy Analysis Division of the ministry, will not only study the interest rates but also the Working Capital Loan Guidelines issued recently by the Nepal Rastra Bank.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Finance Minister Sharma has said that the ministry will take further steps as per the recommendation of the committee.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The committee has one representative each from the Office of the Prime Minister and Council of Ministers, Nepal Rastra Bank, National Planning Commission and the Ministry of Industry, Supplies and Commerce.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The finance minister’s private secretariat informed New Business Age that the committee also has one representative each from the Federation of Nepalese Chamber of Commerce and Industry, the Confederation of Nepalese Industries and Nepal Chamber of Commerce while the banking sector is being represented by two members of Nepal Bankers Association. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The committee has been instructed to submit its report within seven days.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The committee will recommend how much concession or relief needs to be provided on interest charged by banks. The committee formed by the finance minister is questionable because banks have the right to determine interest rates as per the automated system in a free market economy. Even if the government has to issue any directive to change the interest rates, the jurisdiction falls within the central bank. Analysts argue that the decision of the finance minister to form the study committee is against the laws. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Former Executive Director of Nepal Rastra Bank Trilochan Pangeni says that the finance minister’s decision to form the study committee is against Nepal Rastra Bank Act. He insists that the Nepal Rastra Bank Act has given the central bank the right to determine the interest rate.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">“If the finance ministry intervenes in matters related to Nepal Rastra Bank, it undermines the autonomy of the central bank. There is risk that the central bank will become like a department of the ministry,” said Pangeni.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">On the other hand, another former Executive Director of NRB Nara Bahadur Thapa says that it is better to take action after conducting a proper study instead of taking decisions at somebody’s whims.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">“It is not necessary that all the policies adopted by the central bank will be right. The finance minister has taken the right decision,” said Thapa.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Banks have increased the interest rates effective from September 17. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Finance Minister Sharma had held hours long discussion at the ministry on Sunday after the industrialists and entrepreneurs complained that the central bank didn’t intervene when the banks decided to increase the interest rates.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The entrepreneurs had strongly objected to the high interest rates and the Working Capital Loan Guidelines.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">“The banks have increased the premium and excise duty against the agreement with the customers. This is not acceptable at all,” said Shekhar Golchha, president of the FNCCI.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">He said that the regulatory body should intervene in such situation and requested for help from the ministry and the central bank.</span></span></p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-09-26', 'modified' => '2022-09-26', 'keywords' => '', 'description' => '', 'sortorder' => '15816', 'image' => '20220926050939_Banks - Copy.jpg', 'article_date' => '2022-09-26 17:09:05', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '16074', 'article_category_id' => '1', 'title' => 'Avalanche Hits Manaslu Base Camp', 'sub_title' => '12 People Injured, Three Seriously Hurt in the Incident ', 'summary' => 'September 26: An avalanche has occurred at the base camp of Mt Manaslu in Gorkha district. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">September 26: An avalanche has occurred at the base camp of Mt Manaslu in Gorkha district. Director General of the Department of Tourism (DoT) Hom Prasad Luintel told RSS that an avalanche hit the base camp of Manaslu on Monday. According to Luintel, 12 people have been injured in the incident. He further said that three of them are seriously injured while six are in normal condition. He also said a foreign climber has gone missing while descending after summiting the mountain. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Three helicopters have been flown from Kathmandu towards the disaster site for rescuing those affected by the avalanche. It is said the rescue choppers have not been able to land at the site due to bad weather. The helicopters have landed at Samagaun of Gorkha. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Mingma Sherpa, who went for rescue of the people injured in the avalanche, said that the rescue has become difficult due to inclement weather. He shared that a team of Sherpas was standby along with three helicopters at Samagaun. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The avalanche occurred at the base camp of Mt Manaslu at Chumanubri Rural Municipality-1 of Gorkha district. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The foreigners who were on mountaineering expedition and their Nepali assistants are at the base camp. The climbers have gone to the base camp of Mt Manaslu from various companies including the Seven Summit Trek. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">DoT's Mountaineering Section said 404 climbers of 38 expedition teams have taken permit for climbing Mt Manaslu in the autumn season. A total of 506 mountaineers belonging to 58 expedition teams have acquired permission for climbing 15 mountains and peaks including Mt Everest and Mt Manaslu this autumn. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-09-26', 'modified' => '2022-09-26', 'keywords' => '', 'description' => '', 'sortorder' => '15815', 'image' => '20220926043557_manaslu.jpg', 'article_date' => '2022-09-26 16:34:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '16073', 'article_category_id' => '1', 'title' => 'Industrialists Voice Concern over Excessive Hike in Interest Rates', 'sub_title' => '', 'summary' => 'September 26: Industrialists have expressed concerns regarding the excessive hike in interest rates by almost all commercial banks effective from September 17.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">September 26: Industrialists have expressed concerns regarding the excessive hike in interest rates by almost all commercial banks effective from September 17.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Province 1 chapter of the Confederation of Nepalese Industries (CNI) has drawn the attention of Nepal Rastra Bank to this issue. CNI Province 1 members complained that the banks ignored their suggestion not to increase interest rates for one year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Stating that the banks were also indulged in unhealthy competition to increase interest rates in the past, the Province 1 chapter of CNI reminded that such move did not help in addressing the liquidity crisis. It argued that the banks should not have increased the interest rates at a time when the central bank has already mentioned in its report that the liquidity crisis is further deepening.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The industrialists argued that the banks’ move has threatened the existence of the industrial sector which has been reeling under the effects of the Covid-19 pandemic, Russia-Ukraine war. The Province 1 chapter of CNI also noted that the industries are struggling also because of the decline in purchasing power of the consumers.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Issuing a statement, CNI Province 1 chapter said that the banks, which are running in profit, are making extra money at the expenses of the investors and industrialists. The statement further says that move that benefits the banking sector but threatens other sectors is an attempt to establish a system of feudal lords who are represented by banks in the modern day. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-09-26', 'modified' => '2022-09-26', 'keywords' => '', 'description' => '', 'sortorder' => '15814', 'image' => '20220926035307_interest-eight.jpg', 'article_date' => '2022-09-26 15:52:27', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '16072', 'article_category_id' => '1', 'title' => 'Govt Warns of Terminating Contract of Narayanghat-Butwal Road Section Citing Slow Progress ', 'sub_title' => '', 'summary' => 'September 26: As the construction works along the Narayanghat-Butwal road section of the East West Highway has been intolerably slow, the government has warned the contractor of terminating the contract. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">September 26: As the construction works along the Narayanghat-Butwal road section of the East West Highway has been intolerably slow, the government has warned the contractor of terminating the contract. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Issuing a notice on Sunday, the South Asia Sub-Regional Economic Cooperation Road Connectivity Project of the Department of Roads said that the contract agreement would be terminated if the existing working style of the contractor is not improved. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The 114 kilometres of road stretch was divided in two sections while awarding the contract through a global bidding process. The China State Construction Engineering Corporation Limited had won the tender bids of both sections considering its proposal to construct the road section at the minimum base rate. However, several complaints have been received on part of the construction company regarding the dillydallying of the project. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The project was expected to be completed in August 7, 2022. However, the construction company has completed only 18 per cent of the total work even after the final deadline. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Against this backdrop, the Department of Roads has warned the construction company to mend its ways and ensure reforms within a month. Otherwise, the department has warned the company to get ready to face contract termination. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The department has further said that the travelers and vehicles have faced several issues including difficulties in travel, air pollution and others problems due to carelessness of the construction company. The locals in the affected area have also suffered while road accidents have increased. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">As the contract agreement ended on August 7, the government has extended the deadline for one more year at the request of the construction company but the construction works at present have halted, said Chief Engineer of Narayanghat-Butwal Road Project (Eastern Section) Ramesh Kumar Dristi. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The project is being developed with nearly Rs 17 billion in loan assistance from the Asian Development Bank. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-09-26', 'modified' => '2022-09-26', 'keywords' => '', 'description' => '', 'sortorder' => '15813', 'image' => '20220926014301_road.jpg', 'article_date' => '2022-09-26 13:42:22', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '16071', 'article_category_id' => '1', 'title' => 'Foreign Trade Affected due to Decline in Imports and Exports', 'sub_title' => '', 'summary' => 'September 26: Nepal’s foreign trade has been affected due to various reasons including the Covid-19 pandemic, economic recession, lack of liquidity in banks and government policy to discourage imports.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">September 26: Nepal’s foreign trade has been affected due to various reasons including the Covid-19 pandemic, economic recession, lack of liquidity in banks and government policy to discourage imports. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The policy adopted by the government has caused a decline in imports since mid-July while the exports have also slumped, affecting the overall foreign trade of Nepal.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to the Department of Customs, the country's foreign trade has decreased by 15.70 percent as of mid-September in the current fiscal year compared to the corresponding period of last fiscal year. The country’s foreign trade amounted to Rs 358.55 billion during last Setpember which dropped to Rs 302.28 billion this September. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to the data released by the department on Sunday, while the import declined by 13.01 percent in mid-September, the export dropped by 34.88 percent. The trade deficit also declined by 9.45 percent as Nepal’s export volume is negligible compared to imports.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Since the beginning of this year, the government adopted a policy of discouraging imports due to pressure on foreign exchange reserves. To reduce imports, the NRB had reduced the gold import quota and increased the requirement of cash margin for imports. The government also banned the import of certain luxury goods.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Diesel tops the list of imported goods with imports worth Rs 18.42 billion in the first two months of the current fiscal year. Similarly, petrol worth Rs 12.18 billion, LPG gas worth Rs 10.42 billion were imported during the review period.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">By mid-August 2079, the trade deficit reached Rs 244 billion. Due to excessive imports, the foreign exchange reserves started to decrease. This made NRB intervene and it initiated a policy to discourage imports from the beginning of this year. Similarly, the government also banned the import of luxury goods from April.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-09-26', 'modified' => '2022-09-26', 'keywords' => '', 'description' => '', 'sortorder' => '15812', 'image' => '20220926124538_Trade.jpg', 'article_date' => '2022-09-26 12:45:01', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '16070', 'article_category_id' => '1', 'title' => 'Festival of Dashain Begins from Today ', 'sub_title' => '', 'summary' => 'September 26: The Navaratri Parba or the nine-night festival of Bada Dashain, the great festival of the Hindus of Nepal, has commenced from today. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">September 26: The Navaratri Parba or the nine-night festival of Bada Dashain, the great festival of the Hindus of Nepal, has commenced from today (September 26). </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The first day of the Dashain festival is called "Ghatasthapana" that falls on the first day of the bright half of the lunar calendar in the Nepali month of Ashwin (mid-September to mid-October). </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"">On the day of Ghatasthapana, all Nepali Hindus worship Diyo (an oil-fed lamp), Kalas (auspicious jar) and lord Ganesh in accordance with the Vedic rituals and sow maize and barley seeds in a jar filled with soil and cow dung for germination of the auspicious Jamara (barley shoots). </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The auspicious hour for observing Ghatasthapana is 10:23 am today, according to Nepal Calendar Determination Committee. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Devotees offer prayers to Durga Bhavani, the goddess of power, today. Germination of the auspicious "Jamara" is also done at the Hanumandhoka Palace in accordance with the Vedic rituals today. There is also a tradition of sacrificing animals while initiating the germination of the "Jamara". </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Also today, prayers are offered to goddess Mahakali, Mahalaxmi and Mahasaraswati at the Dashain Ghar of Hanumandhoka Palace, marking the beginning of the Navaratri (nine nights). </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif""> The golden barley shoots and the auspicious Tika are given by parents to their children and by elders to their juniors on the tenth day of the Bada Dashain festival with blessings for peace, prosperity and happiness. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The auspicious hour for receiving Tika this year is 11:51 am, according to the committee Chairperson Shree Krishna Adhikari. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">During the Navaratri, thousands of devotees visit temples such as Naxal Bhagawati, Shobha Bhagawati, Maitidevi, Guheswori, Bhadrakali, Kalikasthan, Sankata, Mahankalsthan, Naradevi, Bijayeswori, Indrayani, Dakshinkali, Chamunda and other shrines of goddess Durga Bhavani. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">People also recite sacred verses and hymns dedicated to Durga Bhawani at temples and shrines as well as at their homes throughout the Dashain period. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-09-26', 'modified' => '2022-09-26', 'keywords' => '', 'description' => '', 'sortorder' => '15811', 'image' => '20220926112257_dashain image.jpg', 'article_date' => '2022-09-26 11:21:06', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '16069', 'article_category_id' => '1', 'title' => 'Supreme Court Issues Show Cause Notice to Government over Forced Labour', 'sub_title' => '', 'summary' => 'September 26: The Supreme Court has issued a show cause notice against the government over the issue of forced labour. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">September 26: The Supreme Court has issued a show cause notice against the government over the issue of forced labour. Responding to a writ petition filed by Advocate Puroshottam Prajapati, a single bench of Justice Ishwar Prasad Khatiwada instructed the Government of Nepal and the Office of the Prime Minister and Council of Ministers to show cause for the forced labour prevalent in the country.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Various data prepared by the government and NGOs suggest that around 55,000 people are working as forced labourers in the country. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Senior Advocate Narayan Prasai and Advocate Som Luitel pleaded on behalf of the petitioners on Sunday. The apex court has asked the government to show cause within 15 days.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Human rights activists have been demanding an end to forced labour. Although the international laws have addressed this issue, Nepal is yet to implement its commitment made in international forums. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Nepal is a signatory to the Forced Labour Convention, 1930; Abolition of Forced Labour Convention, 1957; and the Convention to Suppress the Slave Trade and Slavery 1926.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Government of Nepal is responsible to implement the international treaties.</span></span></p> ', 'published' => true, 'created' => '2022-09-26', 'modified' => '2022-09-26', 'keywords' => '', 'description' => '', 'sortorder' => '15810', 'image' => '20220926103739_Supreme Court.jpg', 'article_date' => '2022-09-26 10:36:52', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '16068', 'article_category_id' => '1', 'title' => 'AIPN Organises Monthly Talk Series on FDI Risk in Hydropower Sector', 'sub_title' => '', 'summary' => 'September 25: The Association of Investment Professional Nepal (AIPN) has started a monthly talk series on FDI risk in hydroelectricity sector and financial management of hydropower projects.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Nirmala UI","sans-serif"">September 25: The Association of Investment Professional Nepal (AIPN) has started a monthly talk series on the topic of FDI risk in hydroelectricity sector and financial management of hydropower projects. The talk series is focused on providing financial literacy to the potential investors, reads a statement issued by AIPN, a non-profit organization registered in Nepal. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Nirmala UI","sans-serif"">According to the statement, AIPN started the talk series under its first monthly discussion and interaction programme held at City Centre, Kamalpokhari on September 23.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Nirmala UI","sans-serif"">This talk series was moderated by financial analyst and Chartered Accountant Bikash Kabariya, who has the experience of working in the hydropower sector representing both the project developers as well as the government. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Nirmala UI","sans-serif"">The first talk series focused on introduction on types of hydropower projects and Public Private Partnership. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Nirmala UI","sans-serif"">Participants of the talk series discussed about the need to minimize risk in hydropower projects, improvement in hedging guidelines and risk of interest rate fluctuation.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Nirmala UI","sans-serif"">AIPN is preparing to launch another talk series in October after the Dashain festival.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-09-25', 'modified' => '2022-09-25', 'keywords' => '', 'description' => '', 'sortorder' => '15809', 'image' => '20220925051249_AIPN 2022-09-25 at 11.33.20 AM.jpeg', 'article_date' => '2022-09-25 17:12:03', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '16067', 'article_category_id' => '1', 'title' => 'Government Intensifies Market Monitoring', 'sub_title' => '175 Shops Face Action in Current Fiscal Year', 'summary' => 'September 25: The Department of Commerce, Supplies and Consumer Protection has intensified market monitoring in the wake of approaching festivals. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">September 25: The Department of Commerce, Supplies and Consumer Protection has intensified market monitoring in the wake of approaching festivals. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The department monitored 272 firms last week. A team of inspectors mobilized by the department fined Rs 200,000 to a department store in Madhyapur Thimi, Bhaktapur on Wednesday. The department fined the store after the store changed the standards, price and weigh of the goods by violating the rules. Similarly, the team on Thursday fined Rs 200,000 to a grocery shop located at Imadol of Lalitpur after it was found that the shop was cheating consumers. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">A total of 844 firms have monitored in the current fiscal year since July 17, among which 175 firms have been fined. A total of Rs 3.531 million revenue has been collected from the fine. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Inedible goods worth Rs 2.399 million have been destroyed during the inspection, according to the department. The monitoring team has urged shops to keep their registration document updated and display the price list and registration certificates which the consumers can see easily. The firms facing action has been instructed to be present at the department along with their sales bill. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Ten monitoring teams of the department monitored groceries, vegetable and fruit shops, pharmacies, fresh houses, liquor store, dairy, cosmetic stores and sweet shops. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Director at the Department, Hari Pangeni, said that they have intensified market monitoring so that the consumers would not be cheated when buying goods during the festivals. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Meanwhile, organisations working for the rights of the consumers shared that the government has not been able to carry out market monitoring effectively. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Chairperson of Consumer Rights Research Forum, Madhav Timilsina, shared that the government mechanism had not been able to carry out effective works in order to protect and promote consumer rights. He said that the consumers are being cheated in different pretexts in the market as the government has no clear data of supply and consumption of daily essentials. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-09-25', 'modified' => '2022-09-25', 'keywords' => '', 'description' => '', 'sortorder' => '15808', 'image' => '20220925124811_market monitoring.jpg', 'article_date' => '2022-09-25 12:47:29', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '16066', 'article_category_id' => '1', 'title' => 'Central Bank Proposes One-Year Provision for Lender of Last Resort Facility', 'sub_title' => '', 'summary' => 'September 25: Nepal Rastra Bank (NRB) has proposed one year period for the payment of the lender of last resort facility, a financial tool used by banks and financial institutions in cases of an extreme shortage of liquidity. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">September 25: Nepal Rastra Bank (NRB) has proposed one year period for the payment of the lender of last resort facility, a financial tool used by banks and financial institutions in cases of an extreme shortage of liquidity. The central bank has prepared a draft of the Lender of Last Resort Facility Bylaws-2079 with a proposal to specify the payment period and to increase the sectoral scope in which it can be used.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to the Credit Policy 2067, the payment period of the lender of last resort facility has not been fixed so far. NRB has informed that it is going to issue bylaws to manage such facility.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">A lender of last resort facility is a financial instrument used by banks and financial institutions in case of extreme liquidity crisis when they are unable to return the deposits of the general public. Until now, only Vibor Bikas Bank has used it. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Similarly, the proposed bylaws mention that the interest rate for the lender of last resort facility will be as specified by Nepal Rastra Bank. Currently, there is a provision that the interest rate of this facility will be equal to the bank rate.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The draft of the bylaws has also increased the scope of the lender of last resort facility.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Banks can avail this facility on condition that they are not able to manage the required liquidity through the interbank market, daily liquidity facility, open market transactions and standing liquidity facility. Banks can also use this facility if they are unable manage liquidity or to meet their immediate obligations due to lack of marketable assets, and if they are unable to meet their immediate obligations after returning large amount of deposits and are unable to disbursed loans as per their commitment.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Similarly, the draft proposes providing this facility to banks if the economy and financial system faces challenges due to systemic risk posed by a single bank, or if there is a decline in trust of the general public towards the banking system, or if a bank is unable to pay immediate obligations due to natural disasters, and if it is unable to fulfil its immediate obligations due to national and international crisis and the bank is liquidated.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The board of directors of the problematic bank must file an application with the NRB with reasons for seeking the lender of last resort facility and the required amount and payment plan to avail such facility. Along with the application, a 6-month cash flow projection, statement of assets and liabilities of different periods, statement of deposits and other short-term liabilities, and an action plan for revival should also be submitted.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-09-25', 'modified' => '2022-09-25', 'keywords' => '', 'description' => '', 'sortorder' => '15807', 'image' => '20220925124619_Banks - Copy.jpg', 'article_date' => '2022-09-25 12:45:36', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ) ) $current_user = null $logged_in = falsesimplexml_load_file - [internal], line ?? include - APP/View/Elements/side_bar.ctp, line 60 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
Notice (8): Undefined variable: file [APP/View/Elements/side_bar.ctp, line 133]Code Context// $file = 'http://aabhiyan:QUVLg8Wzs2F7G9N7@nepalstock.com.np/api/subindexdata.xml';if(!$xml = simplexml_load_file($file)){$viewFile = '/var/www/html/newbusinessage.com/app/View/Elements/side_bar.ctp' $dataForView = array( 'articles' => array( (int) 0 => array( 'Article' => array( [maximum depth reached] ) ), (int) 1 => array( 'Article' => array( [maximum depth reached] ) ), (int) 2 => array( 'Article' => array( [maximum depth reached] ) ), (int) 3 => array( 'Article' => array( [maximum depth reached] ) ), (int) 4 => array( 'Article' => array( [maximum depth reached] ) ), (int) 5 => array( 'Article' => array( [maximum depth reached] ) ), (int) 6 => array( 'Article' => array( [maximum depth reached] ) ), (int) 7 => array( 'Article' => array( [maximum depth reached] ) ), (int) 8 => array( 'Article' => array( [maximum depth reached] ) ), (int) 9 => array( 'Article' => array( [maximum depth reached] ) ), (int) 10 => array( 'Article' => array( [maximum depth reached] ) ), (int) 11 => array( 'Article' => array( [maximum depth reached] ) ), (int) 12 => array( 'Article' => array( [maximum depth reached] ) ), (int) 13 => array( 'Article' => array( [maximum depth reached] ) ), (int) 14 => array( 'Article' => array( [maximum depth reached] ) ) ), 'current_user' => null, 'logged_in' => false ) $articles = array( (int) 0 => array( 'Article' => array( 'id' => '16081', 'article_category_id' => '1', 'title' => 'Production of Cement and Rod Industries Shrinks to One-Fourth of the Total Capacity', 'sub_title' => '', 'summary' => 'September 27: The cost of every commodity has increased in the market due to the adverse situation created by the Covid-19 pandemic.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">September 27: The cost of every commodity has increased in the market due to the adverse situation created by the Covid-19 pandemic. There is no demand in the market. The domestic market of cement and iron industry has shrunk. According to the concerned industrialists, these industries have not only reduced their production but are also forced to lower their prices than the actual cost.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Due to the disruption in the production and supply chain due to the Covid-19 pandemic, the cost of goods and services has increased, but the market has shrunk. The increase in the price of goods and services in the international market has increased the price of goods in Nepal which is dependent on imports.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">According to Satish Chachan, managing director of Narayani Cement Industry, the demand in the market has decreased as the general public has started spending only on essential goods. This is due to the lack of investable funds in banks and the tightening of investment due to rumors of a serious economic crisis, argues Chachan.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">"People are spending only on essential things. As construction is not given priority, the demand for construction materials is decreasing," Chachan said. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The government's priority is the upcoming elections. As a result, the development budget has not been spent and this in turn has affected the demand for cement and iron.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Stakeholders say that the cement industry has reduced production to a quarter of its capacity.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">“There is no demand in the market. The demand for cement decreases during the rainy season. On top of that, due to strict policy in investment and high interest rates, there is no demand for construction materials,” said an industrialist, adding, “The production of such industries has now dropped to 25/30 per cent of their total capacity.”</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">This has affected the price of the product. Since there is no demand, there is competition between the industries to sell their products at throw-away prices. So much so that some have started selling their products at less than the cost price. The average price of Ordinary Portland Cement (OPC) per bag (50 kg) is Rs 750. But now, it has been reduced by as much as Rs 150 per bag. Although the cost of cement differs from one company to another, the average price of such cement in the market is between Rs 600 to Rs 650 per sack.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The price of PPC cement has dropped between Rs 500 to Rs 570 per sack.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The rod industries are also facing similar problems. Ramesh Agrawal of Jagdamba Enterprises says that they are operating their business not to make profit but to reduce losses.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">“Therefore, we are forced to sell iron rods at low price,” says Agrawal. </span></span></p> <p> </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> ', 'published' => true, 'created' => '2022-09-27', 'modified' => '2022-09-27', 'keywords' => '', 'description' => '', 'sortorder' => '15822', 'image' => '20220927024152_cementtttt.jpg', 'article_date' => '2022-09-27 14:41:04', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '16080', 'article_category_id' => '1', 'title' => 'One Killed in Manaslu Avalanche, 10 Rescued Alive', 'sub_title' => '', 'summary' => 'September 27: One person missing in an avalanche that occurred at the base camp of Mount Manaslu on Monday morning has been found dead while 10 others have been rescued alive. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">September 27: One person missing in an avalanche that occurred at the base camp of Mount Manaslu on Monday morning has been found dead while 10 others have been rescued alive. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The deceased has been identified as Anup Rai of Sankhuwasabha, shared Superintendent of Police Kedar Khanal at the District Police Office, Gorkha. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">He added that preparation is underway to send Rai's body to Tribhuvan University Teaching Hospital, Kathmandu, for post mortems. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Four persons were rescued on Monday while six more were rescued this morning (September 27), said SP Khanal. </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"">Nima Dorjee Sherpa, Dawa Sherpa, Furita Sherpa, Lakpa Tamang, Nima Sherpa and Phurte Sherpa were rescued on Tuesday morning and brought to Samagaun. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Two choppers of Simrik Air, one each of Kailash Air and Everest Air were mobilized during the rescue operation. All the injured brought to Samagaun have been sent to Kathmandu-based Karuna Hospital for treatment. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">SP Khanal said two persons, who were rescued from avalanche, are in normal health condition and they are still at the base camp. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-09-27', 'modified' => '2022-09-27', 'keywords' => '', 'description' => '', 'sortorder' => '15820', 'image' => '20220927014340_manaslu.jpg', 'article_date' => '2022-09-27 13:43:04', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '16078', 'article_category_id' => '1', 'title' => '2.2 Million People Expected to Leave Kathmandu Valley during Dashain', 'sub_title' => '', 'summary' => 'September 27: This year, around 2.2 million people are expected to leave the Kathmandu valley to celebrate Dashain in their hometowns and villages.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Prashant Khadka</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">September 27: This year, around 2.2 million people are expected to leave the Kathmandu valley to celebrate Dashain in their hometowns and villages. Transport entrepreneurs have estimated that around 500,000 more passengers may leave the valley before Dashain this year as compared to last year due to the election of the House of Representatives and the Provincial Assembly after the Dashain and Tihar festivals.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">In previous years, the number of passengers leaving Kathmandu Valley during Dashain used to be around 1.7 million. Due to the impact of the coronavirus pandemic, about 1 million passengers were evacuated during last Dashain. Bijay Swar, the president of the Federation of Nepalese National Transport Entrepreneurs, informed that nearly 200,000 passengers have already left the valley since September 17. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to him, since most of the schools and colleges get closed after Ghatasthapana, the first day of Dashain festival, the number of passengers leaving the valley increases after the festival officially kicks off.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The maximum number passengers leave the valley on the occasion of Fulpati and Astami which fall on the sixth to eighth day of the festival. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to Senior Superintendent of Police Rajendra Prasad Bhatta, Information Officer of Kathmandu Valley Traffic Police Office, the number of passengers leaving the valley is increasing each day. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">“Currently, more than 50,000 passengers are leaving the valley from Nagadhunga, Koteshwar, Pharping and other check points every day,” said SSP Bhatta.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The traffic police has set up passenger help desks at 14 locations in the valley for the safety and convenience of the passengers.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The federation said that the vehicles entering and exiting the valley are facing problems due to roads damaged by monsoon-induced disasters in various places.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">“It takes up to 10 hours to travel the 121 kilometers of Butwal-Narayangadh road section. When the road is good, this distance can be covered in 4 hours. Due to the damaged road, passengers who booked tickets in advance have had to suffer because the vehicles did not arrive in Kathmandu on time,” said Swar. He added that it takes more than 5 hours to travel 63 kilometers due to the bad condition of the road from Abukhaireni to Kotre.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><strong>Public transport route permit opened</strong></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The government has opened route permits for public transport targeting passengers who leave the valley to return back to their villages to celebrate Dashain and Tihar festivals. Route permits have been opened from Ghatastapana till Kojagrat Purnima or the full moon day.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Once the route permit is opened, the vehicles will be able to run on any route without interruption. The Department of Transport Management has decided to ban vehicles carrying heavy goods on the route from Narayangadh to Kathmandu from October 1 to 8. The department also informed that this decision has been taken because the passenger buses running on the road may face difficulty due to the cargo vehicles.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-09-27', 'modified' => '2022-09-27', 'keywords' => '', 'description' => '', 'sortorder' => '15819', 'image' => '20220927120743_Kathmandu Valley.jpg', 'article_date' => '2022-09-27 12:06:56', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '16077', 'article_category_id' => '1', 'title' => 'It is not Possible to Run Businesses due to Exorbitant Interest Rates: NCC', 'sub_title' => '', 'summary' => 'September 27: The Nepal Chamber of Commerce has concluded that it is impossible to run businesses due to the excessive interest rates charged by banks.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">September 27: The Nepal Chamber of Commerce has concluded that it is impossible to run businesses due to the excessive interest rates charged by banks.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The NCC has drawn the attention of Nepal Rastra Bank to this issue and has requested the central bank to control the excessive rise in interest rates. The umbrella body of private enterprises has submitted a nine-point demand to NRB regarding this issue.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Stating that the effect of high rate of interest on deposits is starting to affect the interest on loans the NCC requested the central bank to make the current spread rate and base rate of banks relevant. A statement issued by the NCC states that the rising interest rates has created a situation where the commercial activities of the country will come to a standstill.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">It also states that high interest rates on deposits discourage investment in industries and increases the risk of financial instability.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The chamber demanded the removal of various types of service charges charged by banks and financial institutions while granting and renewing loans. The NCC also requested the central bank to bring down the interest rates to a single digit to meet the goal of high economic growth. It also demanded that the base rate of the banks should be kept as low as possible and a maximum of 2 percent premium should be added as in previous years.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The chamber stressed the need to maintain a fixed interest rate for a certain period on the loans provided for infrastructure development project and tourism sector. NCC also requested NRB to make arrangement to maintain a fixed interest rate for three months.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">In addition, the chamber has emphasized on timely capital expenditure to address the liquidity crisis faced by the banking system.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-09-27', 'modified' => '2022-09-27', 'keywords' => '', 'description' => '', 'sortorder' => '15818', 'image' => '20220927105201_interest ratee.jpg', 'article_date' => '2022-09-27 10:51:15', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '16076', 'article_category_id' => '1', 'title' => 'Monsoon-Induced Incidents Obstruct 28 Roads across the Country ', 'sub_title' => '', 'summary' => 'September 27: Six roads across the country were completely obstructed while 22 others were partially closed due to monsoon-induced disasters on Monday. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">September </span>27:<span style="font-family:"Arial Unicode MS","sans-serif""> Six roads across the country were completely obstructed while 22 others were partially closed due to monsoon-induced disasters on Monday. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the state-owned national news agency RSS, yhe obstructed roads include Sanphebagar-Martadi-Kolti road, Balaju-Trishuli-Dhunche-Syaphrubensi road, Siddhartha Highway, Dumre-Bensisahar road, Karnali Highway, Surkhet Tallo Dungeshwor-Dullu road and Pipalkot-Khulalu-Manma-Nagma-Jumla road. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">One-way traffic has been allowed in the 22 partially obstructed roads including Koshi Highway, Prithvi Highway, Pushpalal Mid-Hill Highway, Siddhartha Highway, Araniko Highway and Bheri Corridor, while efforts were being made to reopen the completely blocked roads by the time this news was prepared.</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"">Citing government officials, RSS reported that excavators have been deployed to remove debris, and discussions with locals were underway to create diversions. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Transportation services on at least 145 roads obstructed due to rain-induced incidents this year have resumed completely, said the Department of Roads, adding that workforces and required equipment have been mobilized to reopen the obstructed roads. </span><br /> </span></span></p> ', 'published' => true, 'created' => '2022-09-27', 'modified' => '2022-09-27', 'keywords' => '', 'description' => '', 'sortorder' => '15817', 'image' => '20220927103058_20210706024111_KRG_Baglung.jpg', 'article_date' => '2022-09-27 10:29:59', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '16075', 'article_category_id' => '1', 'title' => 'Finance Minister Takes Initiative to Control Rising Interest Rates', 'sub_title' => '', 'summary' => 'September 26: Finance Minister Janardan Sharma has taken initiative to control the spiraling interest rates.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">September 26: Finance Minister Janardan Sharma has taken initiative to control the spiraling interest rates. Although the jurisdiction of regulating the monetary and financial market rests with the central bank, Finance Minister Sharma has overlooked this issue and formed a high-level committee to study the interest rates.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The committee headed by Joint Secretary Baburam Subedi, who is also the chief of the Economic Policy Analysis Division of the ministry, will not only study the interest rates but also the Working Capital Loan Guidelines issued recently by the Nepal Rastra Bank.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Finance Minister Sharma has said that the ministry will take further steps as per the recommendation of the committee.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The committee has one representative each from the Office of the Prime Minister and Council of Ministers, Nepal Rastra Bank, National Planning Commission and the Ministry of Industry, Supplies and Commerce.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The finance minister’s private secretariat informed New Business Age that the committee also has one representative each from the Federation of Nepalese Chamber of Commerce and Industry, the Confederation of Nepalese Industries and Nepal Chamber of Commerce while the banking sector is being represented by two members of Nepal Bankers Association. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The committee has been instructed to submit its report within seven days.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The committee will recommend how much concession or relief needs to be provided on interest charged by banks. The committee formed by the finance minister is questionable because banks have the right to determine interest rates as per the automated system in a free market economy. Even if the government has to issue any directive to change the interest rates, the jurisdiction falls within the central bank. Analysts argue that the decision of the finance minister to form the study committee is against the laws. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Former Executive Director of Nepal Rastra Bank Trilochan Pangeni says that the finance minister’s decision to form the study committee is against Nepal Rastra Bank Act. He insists that the Nepal Rastra Bank Act has given the central bank the right to determine the interest rate.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">“If the finance ministry intervenes in matters related to Nepal Rastra Bank, it undermines the autonomy of the central bank. There is risk that the central bank will become like a department of the ministry,” said Pangeni.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">On the other hand, another former Executive Director of NRB Nara Bahadur Thapa says that it is better to take action after conducting a proper study instead of taking decisions at somebody’s whims.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">“It is not necessary that all the policies adopted by the central bank will be right. The finance minister has taken the right decision,” said Thapa.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Banks have increased the interest rates effective from September 17. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Finance Minister Sharma had held hours long discussion at the ministry on Sunday after the industrialists and entrepreneurs complained that the central bank didn’t intervene when the banks decided to increase the interest rates.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The entrepreneurs had strongly objected to the high interest rates and the Working Capital Loan Guidelines.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">“The banks have increased the premium and excise duty against the agreement with the customers. This is not acceptable at all,” said Shekhar Golchha, president of the FNCCI.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">He said that the regulatory body should intervene in such situation and requested for help from the ministry and the central bank.</span></span></p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-09-26', 'modified' => '2022-09-26', 'keywords' => '', 'description' => '', 'sortorder' => '15816', 'image' => '20220926050939_Banks - Copy.jpg', 'article_date' => '2022-09-26 17:09:05', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '16074', 'article_category_id' => '1', 'title' => 'Avalanche Hits Manaslu Base Camp', 'sub_title' => '12 People Injured, Three Seriously Hurt in the Incident ', 'summary' => 'September 26: An avalanche has occurred at the base camp of Mt Manaslu in Gorkha district. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">September 26: An avalanche has occurred at the base camp of Mt Manaslu in Gorkha district. Director General of the Department of Tourism (DoT) Hom Prasad Luintel told RSS that an avalanche hit the base camp of Manaslu on Monday. According to Luintel, 12 people have been injured in the incident. He further said that three of them are seriously injured while six are in normal condition. He also said a foreign climber has gone missing while descending after summiting the mountain. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Three helicopters have been flown from Kathmandu towards the disaster site for rescuing those affected by the avalanche. It is said the rescue choppers have not been able to land at the site due to bad weather. The helicopters have landed at Samagaun of Gorkha. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Mingma Sherpa, who went for rescue of the people injured in the avalanche, said that the rescue has become difficult due to inclement weather. He shared that a team of Sherpas was standby along with three helicopters at Samagaun. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The avalanche occurred at the base camp of Mt Manaslu at Chumanubri Rural Municipality-1 of Gorkha district. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The foreigners who were on mountaineering expedition and their Nepali assistants are at the base camp. The climbers have gone to the base camp of Mt Manaslu from various companies including the Seven Summit Trek. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">DoT's Mountaineering Section said 404 climbers of 38 expedition teams have taken permit for climbing Mt Manaslu in the autumn season. A total of 506 mountaineers belonging to 58 expedition teams have acquired permission for climbing 15 mountains and peaks including Mt Everest and Mt Manaslu this autumn. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-09-26', 'modified' => '2022-09-26', 'keywords' => '', 'description' => '', 'sortorder' => '15815', 'image' => '20220926043557_manaslu.jpg', 'article_date' => '2022-09-26 16:34:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '16073', 'article_category_id' => '1', 'title' => 'Industrialists Voice Concern over Excessive Hike in Interest Rates', 'sub_title' => '', 'summary' => 'September 26: Industrialists have expressed concerns regarding the excessive hike in interest rates by almost all commercial banks effective from September 17.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">September 26: Industrialists have expressed concerns regarding the excessive hike in interest rates by almost all commercial banks effective from September 17.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Province 1 chapter of the Confederation of Nepalese Industries (CNI) has drawn the attention of Nepal Rastra Bank to this issue. CNI Province 1 members complained that the banks ignored their suggestion not to increase interest rates for one year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Stating that the banks were also indulged in unhealthy competition to increase interest rates in the past, the Province 1 chapter of CNI reminded that such move did not help in addressing the liquidity crisis. It argued that the banks should not have increased the interest rates at a time when the central bank has already mentioned in its report that the liquidity crisis is further deepening.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The industrialists argued that the banks’ move has threatened the existence of the industrial sector which has been reeling under the effects of the Covid-19 pandemic, Russia-Ukraine war. The Province 1 chapter of CNI also noted that the industries are struggling also because of the decline in purchasing power of the consumers.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Issuing a statement, CNI Province 1 chapter said that the banks, which are running in profit, are making extra money at the expenses of the investors and industrialists. The statement further says that move that benefits the banking sector but threatens other sectors is an attempt to establish a system of feudal lords who are represented by banks in the modern day. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-09-26', 'modified' => '2022-09-26', 'keywords' => '', 'description' => '', 'sortorder' => '15814', 'image' => '20220926035307_interest-eight.jpg', 'article_date' => '2022-09-26 15:52:27', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '16072', 'article_category_id' => '1', 'title' => 'Govt Warns of Terminating Contract of Narayanghat-Butwal Road Section Citing Slow Progress ', 'sub_title' => '', 'summary' => 'September 26: As the construction works along the Narayanghat-Butwal road section of the East West Highway has been intolerably slow, the government has warned the contractor of terminating the contract. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">September 26: As the construction works along the Narayanghat-Butwal road section of the East West Highway has been intolerably slow, the government has warned the contractor of terminating the contract. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Issuing a notice on Sunday, the South Asia Sub-Regional Economic Cooperation Road Connectivity Project of the Department of Roads said that the contract agreement would be terminated if the existing working style of the contractor is not improved. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The 114 kilometres of road stretch was divided in two sections while awarding the contract through a global bidding process. The China State Construction Engineering Corporation Limited had won the tender bids of both sections considering its proposal to construct the road section at the minimum base rate. However, several complaints have been received on part of the construction company regarding the dillydallying of the project. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The project was expected to be completed in August 7, 2022. However, the construction company has completed only 18 per cent of the total work even after the final deadline. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Against this backdrop, the Department of Roads has warned the construction company to mend its ways and ensure reforms within a month. Otherwise, the department has warned the company to get ready to face contract termination. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The department has further said that the travelers and vehicles have faced several issues including difficulties in travel, air pollution and others problems due to carelessness of the construction company. The locals in the affected area have also suffered while road accidents have increased. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">As the contract agreement ended on August 7, the government has extended the deadline for one more year at the request of the construction company but the construction works at present have halted, said Chief Engineer of Narayanghat-Butwal Road Project (Eastern Section) Ramesh Kumar Dristi. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The project is being developed with nearly Rs 17 billion in loan assistance from the Asian Development Bank. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-09-26', 'modified' => '2022-09-26', 'keywords' => '', 'description' => '', 'sortorder' => '15813', 'image' => '20220926014301_road.jpg', 'article_date' => '2022-09-26 13:42:22', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '16071', 'article_category_id' => '1', 'title' => 'Foreign Trade Affected due to Decline in Imports and Exports', 'sub_title' => '', 'summary' => 'September 26: Nepal’s foreign trade has been affected due to various reasons including the Covid-19 pandemic, economic recession, lack of liquidity in banks and government policy to discourage imports.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">September 26: Nepal’s foreign trade has been affected due to various reasons including the Covid-19 pandemic, economic recession, lack of liquidity in banks and government policy to discourage imports. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The policy adopted by the government has caused a decline in imports since mid-July while the exports have also slumped, affecting the overall foreign trade of Nepal.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to the Department of Customs, the country's foreign trade has decreased by 15.70 percent as of mid-September in the current fiscal year compared to the corresponding period of last fiscal year. The country’s foreign trade amounted to Rs 358.55 billion during last Setpember which dropped to Rs 302.28 billion this September. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to the data released by the department on Sunday, while the import declined by 13.01 percent in mid-September, the export dropped by 34.88 percent. The trade deficit also declined by 9.45 percent as Nepal’s export volume is negligible compared to imports.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Since the beginning of this year, the government adopted a policy of discouraging imports due to pressure on foreign exchange reserves. To reduce imports, the NRB had reduced the gold import quota and increased the requirement of cash margin for imports. The government also banned the import of certain luxury goods.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Diesel tops the list of imported goods with imports worth Rs 18.42 billion in the first two months of the current fiscal year. Similarly, petrol worth Rs 12.18 billion, LPG gas worth Rs 10.42 billion were imported during the review period.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">By mid-August 2079, the trade deficit reached Rs 244 billion. Due to excessive imports, the foreign exchange reserves started to decrease. This made NRB intervene and it initiated a policy to discourage imports from the beginning of this year. Similarly, the government also banned the import of luxury goods from April.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-09-26', 'modified' => '2022-09-26', 'keywords' => '', 'description' => '', 'sortorder' => '15812', 'image' => '20220926124538_Trade.jpg', 'article_date' => '2022-09-26 12:45:01', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '16070', 'article_category_id' => '1', 'title' => 'Festival of Dashain Begins from Today ', 'sub_title' => '', 'summary' => 'September 26: The Navaratri Parba or the nine-night festival of Bada Dashain, the great festival of the Hindus of Nepal, has commenced from today. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">September 26: The Navaratri Parba or the nine-night festival of Bada Dashain, the great festival of the Hindus of Nepal, has commenced from today (September 26). </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The first day of the Dashain festival is called "Ghatasthapana" that falls on the first day of the bright half of the lunar calendar in the Nepali month of Ashwin (mid-September to mid-October). </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"">On the day of Ghatasthapana, all Nepali Hindus worship Diyo (an oil-fed lamp), Kalas (auspicious jar) and lord Ganesh in accordance with the Vedic rituals and sow maize and barley seeds in a jar filled with soil and cow dung for germination of the auspicious Jamara (barley shoots). </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The auspicious hour for observing Ghatasthapana is 10:23 am today, according to Nepal Calendar Determination Committee. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Devotees offer prayers to Durga Bhavani, the goddess of power, today. Germination of the auspicious "Jamara" is also done at the Hanumandhoka Palace in accordance with the Vedic rituals today. There is also a tradition of sacrificing animals while initiating the germination of the "Jamara". </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Also today, prayers are offered to goddess Mahakali, Mahalaxmi and Mahasaraswati at the Dashain Ghar of Hanumandhoka Palace, marking the beginning of the Navaratri (nine nights). </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif""> The golden barley shoots and the auspicious Tika are given by parents to their children and by elders to their juniors on the tenth day of the Bada Dashain festival with blessings for peace, prosperity and happiness. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The auspicious hour for receiving Tika this year is 11:51 am, according to the committee Chairperson Shree Krishna Adhikari. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">During the Navaratri, thousands of devotees visit temples such as Naxal Bhagawati, Shobha Bhagawati, Maitidevi, Guheswori, Bhadrakali, Kalikasthan, Sankata, Mahankalsthan, Naradevi, Bijayeswori, Indrayani, Dakshinkali, Chamunda and other shrines of goddess Durga Bhavani. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">People also recite sacred verses and hymns dedicated to Durga Bhawani at temples and shrines as well as at their homes throughout the Dashain period. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-09-26', 'modified' => '2022-09-26', 'keywords' => '', 'description' => '', 'sortorder' => '15811', 'image' => '20220926112257_dashain image.jpg', 'article_date' => '2022-09-26 11:21:06', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '16069', 'article_category_id' => '1', 'title' => 'Supreme Court Issues Show Cause Notice to Government over Forced Labour', 'sub_title' => '', 'summary' => 'September 26: The Supreme Court has issued a show cause notice against the government over the issue of forced labour. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">September 26: The Supreme Court has issued a show cause notice against the government over the issue of forced labour. Responding to a writ petition filed by Advocate Puroshottam Prajapati, a single bench of Justice Ishwar Prasad Khatiwada instructed the Government of Nepal and the Office of the Prime Minister and Council of Ministers to show cause for the forced labour prevalent in the country.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Various data prepared by the government and NGOs suggest that around 55,000 people are working as forced labourers in the country. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Senior Advocate Narayan Prasai and Advocate Som Luitel pleaded on behalf of the petitioners on Sunday. The apex court has asked the government to show cause within 15 days.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Human rights activists have been demanding an end to forced labour. Although the international laws have addressed this issue, Nepal is yet to implement its commitment made in international forums. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Nepal is a signatory to the Forced Labour Convention, 1930; Abolition of Forced Labour Convention, 1957; and the Convention to Suppress the Slave Trade and Slavery 1926.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Government of Nepal is responsible to implement the international treaties.</span></span></p> ', 'published' => true, 'created' => '2022-09-26', 'modified' => '2022-09-26', 'keywords' => '', 'description' => '', 'sortorder' => '15810', 'image' => '20220926103739_Supreme Court.jpg', 'article_date' => '2022-09-26 10:36:52', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '16068', 'article_category_id' => '1', 'title' => 'AIPN Organises Monthly Talk Series on FDI Risk in Hydropower Sector', 'sub_title' => '', 'summary' => 'September 25: The Association of Investment Professional Nepal (AIPN) has started a monthly talk series on FDI risk in hydroelectricity sector and financial management of hydropower projects.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Nirmala UI","sans-serif"">September 25: The Association of Investment Professional Nepal (AIPN) has started a monthly talk series on the topic of FDI risk in hydroelectricity sector and financial management of hydropower projects. The talk series is focused on providing financial literacy to the potential investors, reads a statement issued by AIPN, a non-profit organization registered in Nepal. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Nirmala UI","sans-serif"">According to the statement, AIPN started the talk series under its first monthly discussion and interaction programme held at City Centre, Kamalpokhari on September 23.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Nirmala UI","sans-serif"">This talk series was moderated by financial analyst and Chartered Accountant Bikash Kabariya, who has the experience of working in the hydropower sector representing both the project developers as well as the government. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Nirmala UI","sans-serif"">The first talk series focused on introduction on types of hydropower projects and Public Private Partnership. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Nirmala UI","sans-serif"">Participants of the talk series discussed about the need to minimize risk in hydropower projects, improvement in hedging guidelines and risk of interest rate fluctuation.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Nirmala UI","sans-serif"">AIPN is preparing to launch another talk series in October after the Dashain festival.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-09-25', 'modified' => '2022-09-25', 'keywords' => '', 'description' => '', 'sortorder' => '15809', 'image' => '20220925051249_AIPN 2022-09-25 at 11.33.20 AM.jpeg', 'article_date' => '2022-09-25 17:12:03', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '16067', 'article_category_id' => '1', 'title' => 'Government Intensifies Market Monitoring', 'sub_title' => '175 Shops Face Action in Current Fiscal Year', 'summary' => 'September 25: The Department of Commerce, Supplies and Consumer Protection has intensified market monitoring in the wake of approaching festivals. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">September 25: The Department of Commerce, Supplies and Consumer Protection has intensified market monitoring in the wake of approaching festivals. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The department monitored 272 firms last week. A team of inspectors mobilized by the department fined Rs 200,000 to a department store in Madhyapur Thimi, Bhaktapur on Wednesday. The department fined the store after the store changed the standards, price and weigh of the goods by violating the rules. Similarly, the team on Thursday fined Rs 200,000 to a grocery shop located at Imadol of Lalitpur after it was found that the shop was cheating consumers. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">A total of 844 firms have monitored in the current fiscal year since July 17, among which 175 firms have been fined. A total of Rs 3.531 million revenue has been collected from the fine. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Inedible goods worth Rs 2.399 million have been destroyed during the inspection, according to the department. The monitoring team has urged shops to keep their registration document updated and display the price list and registration certificates which the consumers can see easily. The firms facing action has been instructed to be present at the department along with their sales bill. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Ten monitoring teams of the department monitored groceries, vegetable and fruit shops, pharmacies, fresh houses, liquor store, dairy, cosmetic stores and sweet shops. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Director at the Department, Hari Pangeni, said that they have intensified market monitoring so that the consumers would not be cheated when buying goods during the festivals. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Meanwhile, organisations working for the rights of the consumers shared that the government has not been able to carry out market monitoring effectively. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Chairperson of Consumer Rights Research Forum, Madhav Timilsina, shared that the government mechanism had not been able to carry out effective works in order to protect and promote consumer rights. He said that the consumers are being cheated in different pretexts in the market as the government has no clear data of supply and consumption of daily essentials. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-09-25', 'modified' => '2022-09-25', 'keywords' => '', 'description' => '', 'sortorder' => '15808', 'image' => '20220925124811_market monitoring.jpg', 'article_date' => '2022-09-25 12:47:29', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '16066', 'article_category_id' => '1', 'title' => 'Central Bank Proposes One-Year Provision for Lender of Last Resort Facility', 'sub_title' => '', 'summary' => 'September 25: Nepal Rastra Bank (NRB) has proposed one year period for the payment of the lender of last resort facility, a financial tool used by banks and financial institutions in cases of an extreme shortage of liquidity. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">September 25: Nepal Rastra Bank (NRB) has proposed one year period for the payment of the lender of last resort facility, a financial tool used by banks and financial institutions in cases of an extreme shortage of liquidity. The central bank has prepared a draft of the Lender of Last Resort Facility Bylaws-2079 with a proposal to specify the payment period and to increase the sectoral scope in which it can be used.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to the Credit Policy 2067, the payment period of the lender of last resort facility has not been fixed so far. NRB has informed that it is going to issue bylaws to manage such facility.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">A lender of last resort facility is a financial instrument used by banks and financial institutions in case of extreme liquidity crisis when they are unable to return the deposits of the general public. Until now, only Vibor Bikas Bank has used it. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Similarly, the proposed bylaws mention that the interest rate for the lender of last resort facility will be as specified by Nepal Rastra Bank. Currently, there is a provision that the interest rate of this facility will be equal to the bank rate.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The draft of the bylaws has also increased the scope of the lender of last resort facility.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Banks can avail this facility on condition that they are not able to manage the required liquidity through the interbank market, daily liquidity facility, open market transactions and standing liquidity facility. Banks can also use this facility if they are unable manage liquidity or to meet their immediate obligations due to lack of marketable assets, and if they are unable to meet their immediate obligations after returning large amount of deposits and are unable to disbursed loans as per their commitment.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Similarly, the draft proposes providing this facility to banks if the economy and financial system faces challenges due to systemic risk posed by a single bank, or if there is a decline in trust of the general public towards the banking system, or if a bank is unable to pay immediate obligations due to natural disasters, and if it is unable to fulfil its immediate obligations due to national and international crisis and the bank is liquidated.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The board of directors of the problematic bank must file an application with the NRB with reasons for seeking the lender of last resort facility and the required amount and payment plan to avail such facility. Along with the application, a 6-month cash flow projection, statement of assets and liabilities of different periods, statement of deposits and other short-term liabilities, and an action plan for revival should also be submitted.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-09-25', 'modified' => '2022-09-25', 'keywords' => '', 'description' => '', 'sortorder' => '15807', 'image' => '20220925124619_Banks - Copy.jpg', 'article_date' => '2022-09-25 12:45:36', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ) ) $current_user = null $logged_in = false $xml = falseinclude - APP/View/Elements/side_bar.ctp, line 133 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
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There is no demand in the market. The domestic market of cement and iron industry has shrunk. According to the concerned industrialists, these industries have not only reduced their production but are also forced to lower their prices than the actual cost.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Due to the disruption in the production and supply chain due to the Covid-19 pandemic, the cost of goods and services has increased, but the market has shrunk. The increase in the price of goods and services in the international market has increased the price of goods in Nepal which is dependent on imports.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">According to Satish Chachan, managing director of Narayani Cement Industry, the demand in the market has decreased as the general public has started spending only on essential goods. This is due to the lack of investable funds in banks and the tightening of investment due to rumors of a serious economic crisis, argues Chachan.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">"People are spending only on essential things. As construction is not given priority, the demand for construction materials is decreasing," Chachan said. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The government's priority is the upcoming elections. As a result, the development budget has not been spent and this in turn has affected the demand for cement and iron.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Stakeholders say that the cement industry has reduced production to a quarter of its capacity.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">“There is no demand in the market. The demand for cement decreases during the rainy season. On top of that, due to strict policy in investment and high interest rates, there is no demand for construction materials,” said an industrialist, adding, “The production of such industries has now dropped to 25/30 per cent of their total capacity.”</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">This has affected the price of the product. Since there is no demand, there is competition between the industries to sell their products at throw-away prices. So much so that some have started selling their products at less than the cost price. The average price of Ordinary Portland Cement (OPC) per bag (50 kg) is Rs 750. But now, it has been reduced by as much as Rs 150 per bag. Although the cost of cement differs from one company to another, the average price of such cement in the market is between Rs 600 to Rs 650 per sack.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The price of PPC cement has dropped between Rs 500 to Rs 570 per sack.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The rod industries are also facing similar problems. Ramesh Agrawal of Jagdamba Enterprises says that they are operating their business not to make profit but to reduce losses.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">“Therefore, we are forced to sell iron rods at low price,” says Agrawal. </span></span></p> <p> </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> ', 'published' => true, 'created' => '2022-09-27', 'modified' => '2022-09-27', 'keywords' => '', 'description' => '', 'sortorder' => '15822', 'image' => '20220927024152_cementtttt.jpg', 'article_date' => '2022-09-27 14:41:04', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '16080', 'article_category_id' => '1', 'title' => 'One Killed in Manaslu Avalanche, 10 Rescued Alive', 'sub_title' => '', 'summary' => 'September 27: One person missing in an avalanche that occurred at the base camp of Mount Manaslu on Monday morning has been found dead while 10 others have been rescued alive. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">September 27: One person missing in an avalanche that occurred at the base camp of Mount Manaslu on Monday morning has been found dead while 10 others have been rescued alive. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The deceased has been identified as Anup Rai of Sankhuwasabha, shared Superintendent of Police Kedar Khanal at the District Police Office, Gorkha. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">He added that preparation is underway to send Rai's body to Tribhuvan University Teaching Hospital, Kathmandu, for post mortems. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Four persons were rescued on Monday while six more were rescued this morning (September 27), said SP Khanal. </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"">Nima Dorjee Sherpa, Dawa Sherpa, Furita Sherpa, Lakpa Tamang, Nima Sherpa and Phurte Sherpa were rescued on Tuesday morning and brought to Samagaun. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Two choppers of Simrik Air, one each of Kailash Air and Everest Air were mobilized during the rescue operation. All the injured brought to Samagaun have been sent to Kathmandu-based Karuna Hospital for treatment. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">SP Khanal said two persons, who were rescued from avalanche, are in normal health condition and they are still at the base camp. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-09-27', 'modified' => '2022-09-27', 'keywords' => '', 'description' => '', 'sortorder' => '15820', 'image' => '20220927014340_manaslu.jpg', 'article_date' => '2022-09-27 13:43:04', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '16078', 'article_category_id' => '1', 'title' => '2.2 Million People Expected to Leave Kathmandu Valley during Dashain', 'sub_title' => '', 'summary' => 'September 27: This year, around 2.2 million people are expected to leave the Kathmandu valley to celebrate Dashain in their hometowns and villages.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Prashant Khadka</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">September 27: This year, around 2.2 million people are expected to leave the Kathmandu valley to celebrate Dashain in their hometowns and villages. Transport entrepreneurs have estimated that around 500,000 more passengers may leave the valley before Dashain this year as compared to last year due to the election of the House of Representatives and the Provincial Assembly after the Dashain and Tihar festivals.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">In previous years, the number of passengers leaving Kathmandu Valley during Dashain used to be around 1.7 million. Due to the impact of the coronavirus pandemic, about 1 million passengers were evacuated during last Dashain. Bijay Swar, the president of the Federation of Nepalese National Transport Entrepreneurs, informed that nearly 200,000 passengers have already left the valley since September 17. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to him, since most of the schools and colleges get closed after Ghatasthapana, the first day of Dashain festival, the number of passengers leaving the valley increases after the festival officially kicks off.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The maximum number passengers leave the valley on the occasion of Fulpati and Astami which fall on the sixth to eighth day of the festival. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to Senior Superintendent of Police Rajendra Prasad Bhatta, Information Officer of Kathmandu Valley Traffic Police Office, the number of passengers leaving the valley is increasing each day. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">“Currently, more than 50,000 passengers are leaving the valley from Nagadhunga, Koteshwar, Pharping and other check points every day,” said SSP Bhatta.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The traffic police has set up passenger help desks at 14 locations in the valley for the safety and convenience of the passengers.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The federation said that the vehicles entering and exiting the valley are facing problems due to roads damaged by monsoon-induced disasters in various places.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">“It takes up to 10 hours to travel the 121 kilometers of Butwal-Narayangadh road section. When the road is good, this distance can be covered in 4 hours. Due to the damaged road, passengers who booked tickets in advance have had to suffer because the vehicles did not arrive in Kathmandu on time,” said Swar. He added that it takes more than 5 hours to travel 63 kilometers due to the bad condition of the road from Abukhaireni to Kotre.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><strong>Public transport route permit opened</strong></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The government has opened route permits for public transport targeting passengers who leave the valley to return back to their villages to celebrate Dashain and Tihar festivals. Route permits have been opened from Ghatastapana till Kojagrat Purnima or the full moon day.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Once the route permit is opened, the vehicles will be able to run on any route without interruption. The Department of Transport Management has decided to ban vehicles carrying heavy goods on the route from Narayangadh to Kathmandu from October 1 to 8. The department also informed that this decision has been taken because the passenger buses running on the road may face difficulty due to the cargo vehicles.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-09-27', 'modified' => '2022-09-27', 'keywords' => '', 'description' => '', 'sortorder' => '15819', 'image' => '20220927120743_Kathmandu Valley.jpg', 'article_date' => '2022-09-27 12:06:56', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '16077', 'article_category_id' => '1', 'title' => 'It is not Possible to Run Businesses due to Exorbitant Interest Rates: NCC', 'sub_title' => '', 'summary' => 'September 27: The Nepal Chamber of Commerce has concluded that it is impossible to run businesses due to the excessive interest rates charged by banks.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">September 27: The Nepal Chamber of Commerce has concluded that it is impossible to run businesses due to the excessive interest rates charged by banks.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The NCC has drawn the attention of Nepal Rastra Bank to this issue and has requested the central bank to control the excessive rise in interest rates. The umbrella body of private enterprises has submitted a nine-point demand to NRB regarding this issue.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Stating that the effect of high rate of interest on deposits is starting to affect the interest on loans the NCC requested the central bank to make the current spread rate and base rate of banks relevant. A statement issued by the NCC states that the rising interest rates has created a situation where the commercial activities of the country will come to a standstill.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">It also states that high interest rates on deposits discourage investment in industries and increases the risk of financial instability.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The chamber demanded the removal of various types of service charges charged by banks and financial institutions while granting and renewing loans. The NCC also requested the central bank to bring down the interest rates to a single digit to meet the goal of high economic growth. It also demanded that the base rate of the banks should be kept as low as possible and a maximum of 2 percent premium should be added as in previous years.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The chamber stressed the need to maintain a fixed interest rate for a certain period on the loans provided for infrastructure development project and tourism sector. NCC also requested NRB to make arrangement to maintain a fixed interest rate for three months.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">In addition, the chamber has emphasized on timely capital expenditure to address the liquidity crisis faced by the banking system.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-09-27', 'modified' => '2022-09-27', 'keywords' => '', 'description' => '', 'sortorder' => '15818', 'image' => '20220927105201_interest ratee.jpg', 'article_date' => '2022-09-27 10:51:15', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '16076', 'article_category_id' => '1', 'title' => 'Monsoon-Induced Incidents Obstruct 28 Roads across the Country ', 'sub_title' => '', 'summary' => 'September 27: Six roads across the country were completely obstructed while 22 others were partially closed due to monsoon-induced disasters on Monday. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">September </span>27:<span style="font-family:"Arial Unicode MS","sans-serif""> Six roads across the country were completely obstructed while 22 others were partially closed due to monsoon-induced disasters on Monday. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the state-owned national news agency RSS, yhe obstructed roads include Sanphebagar-Martadi-Kolti road, Balaju-Trishuli-Dhunche-Syaphrubensi road, Siddhartha Highway, Dumre-Bensisahar road, Karnali Highway, Surkhet Tallo Dungeshwor-Dullu road and Pipalkot-Khulalu-Manma-Nagma-Jumla road. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">One-way traffic has been allowed in the 22 partially obstructed roads including Koshi Highway, Prithvi Highway, Pushpalal Mid-Hill Highway, Siddhartha Highway, Araniko Highway and Bheri Corridor, while efforts were being made to reopen the completely blocked roads by the time this news was prepared.</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"">Citing government officials, RSS reported that excavators have been deployed to remove debris, and discussions with locals were underway to create diversions. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Transportation services on at least 145 roads obstructed due to rain-induced incidents this year have resumed completely, said the Department of Roads, adding that workforces and required equipment have been mobilized to reopen the obstructed roads. </span><br /> </span></span></p> ', 'published' => true, 'created' => '2022-09-27', 'modified' => '2022-09-27', 'keywords' => '', 'description' => '', 'sortorder' => '15817', 'image' => '20220927103058_20210706024111_KRG_Baglung.jpg', 'article_date' => '2022-09-27 10:29:59', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '16075', 'article_category_id' => '1', 'title' => 'Finance Minister Takes Initiative to Control Rising Interest Rates', 'sub_title' => '', 'summary' => 'September 26: Finance Minister Janardan Sharma has taken initiative to control the spiraling interest rates.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">September 26: Finance Minister Janardan Sharma has taken initiative to control the spiraling interest rates. Although the jurisdiction of regulating the monetary and financial market rests with the central bank, Finance Minister Sharma has overlooked this issue and formed a high-level committee to study the interest rates.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The committee headed by Joint Secretary Baburam Subedi, who is also the chief of the Economic Policy Analysis Division of the ministry, will not only study the interest rates but also the Working Capital Loan Guidelines issued recently by the Nepal Rastra Bank.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Finance Minister Sharma has said that the ministry will take further steps as per the recommendation of the committee.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The committee has one representative each from the Office of the Prime Minister and Council of Ministers, Nepal Rastra Bank, National Planning Commission and the Ministry of Industry, Supplies and Commerce.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The finance minister’s private secretariat informed New Business Age that the committee also has one representative each from the Federation of Nepalese Chamber of Commerce and Industry, the Confederation of Nepalese Industries and Nepal Chamber of Commerce while the banking sector is being represented by two members of Nepal Bankers Association. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The committee has been instructed to submit its report within seven days.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The committee will recommend how much concession or relief needs to be provided on interest charged by banks. The committee formed by the finance minister is questionable because banks have the right to determine interest rates as per the automated system in a free market economy. Even if the government has to issue any directive to change the interest rates, the jurisdiction falls within the central bank. Analysts argue that the decision of the finance minister to form the study committee is against the laws. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Former Executive Director of Nepal Rastra Bank Trilochan Pangeni says that the finance minister’s decision to form the study committee is against Nepal Rastra Bank Act. He insists that the Nepal Rastra Bank Act has given the central bank the right to determine the interest rate.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">“If the finance ministry intervenes in matters related to Nepal Rastra Bank, it undermines the autonomy of the central bank. There is risk that the central bank will become like a department of the ministry,” said Pangeni.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">On the other hand, another former Executive Director of NRB Nara Bahadur Thapa says that it is better to take action after conducting a proper study instead of taking decisions at somebody’s whims.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">“It is not necessary that all the policies adopted by the central bank will be right. The finance minister has taken the right decision,” said Thapa.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Banks have increased the interest rates effective from September 17. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Finance Minister Sharma had held hours long discussion at the ministry on Sunday after the industrialists and entrepreneurs complained that the central bank didn’t intervene when the banks decided to increase the interest rates.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The entrepreneurs had strongly objected to the high interest rates and the Working Capital Loan Guidelines.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">“The banks have increased the premium and excise duty against the agreement with the customers. This is not acceptable at all,” said Shekhar Golchha, president of the FNCCI.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">He said that the regulatory body should intervene in such situation and requested for help from the ministry and the central bank.</span></span></p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-09-26', 'modified' => '2022-09-26', 'keywords' => '', 'description' => '', 'sortorder' => '15816', 'image' => '20220926050939_Banks - Copy.jpg', 'article_date' => '2022-09-26 17:09:05', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '16074', 'article_category_id' => '1', 'title' => 'Avalanche Hits Manaslu Base Camp', 'sub_title' => '12 People Injured, Three Seriously Hurt in the Incident ', 'summary' => 'September 26: An avalanche has occurred at the base camp of Mt Manaslu in Gorkha district. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">September 26: An avalanche has occurred at the base camp of Mt Manaslu in Gorkha district. Director General of the Department of Tourism (DoT) Hom Prasad Luintel told RSS that an avalanche hit the base camp of Manaslu on Monday. According to Luintel, 12 people have been injured in the incident. He further said that three of them are seriously injured while six are in normal condition. He also said a foreign climber has gone missing while descending after summiting the mountain. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Three helicopters have been flown from Kathmandu towards the disaster site for rescuing those affected by the avalanche. It is said the rescue choppers have not been able to land at the site due to bad weather. The helicopters have landed at Samagaun of Gorkha. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Mingma Sherpa, who went for rescue of the people injured in the avalanche, said that the rescue has become difficult due to inclement weather. He shared that a team of Sherpas was standby along with three helicopters at Samagaun. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The avalanche occurred at the base camp of Mt Manaslu at Chumanubri Rural Municipality-1 of Gorkha district. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The foreigners who were on mountaineering expedition and their Nepali assistants are at the base camp. The climbers have gone to the base camp of Mt Manaslu from various companies including the Seven Summit Trek. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">DoT's Mountaineering Section said 404 climbers of 38 expedition teams have taken permit for climbing Mt Manaslu in the autumn season. A total of 506 mountaineers belonging to 58 expedition teams have acquired permission for climbing 15 mountains and peaks including Mt Everest and Mt Manaslu this autumn. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-09-26', 'modified' => '2022-09-26', 'keywords' => '', 'description' => '', 'sortorder' => '15815', 'image' => '20220926043557_manaslu.jpg', 'article_date' => '2022-09-26 16:34:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '16073', 'article_category_id' => '1', 'title' => 'Industrialists Voice Concern over Excessive Hike in Interest Rates', 'sub_title' => '', 'summary' => 'September 26: Industrialists have expressed concerns regarding the excessive hike in interest rates by almost all commercial banks effective from September 17.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">September 26: Industrialists have expressed concerns regarding the excessive hike in interest rates by almost all commercial banks effective from September 17.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Province 1 chapter of the Confederation of Nepalese Industries (CNI) has drawn the attention of Nepal Rastra Bank to this issue. CNI Province 1 members complained that the banks ignored their suggestion not to increase interest rates for one year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Stating that the banks were also indulged in unhealthy competition to increase interest rates in the past, the Province 1 chapter of CNI reminded that such move did not help in addressing the liquidity crisis. It argued that the banks should not have increased the interest rates at a time when the central bank has already mentioned in its report that the liquidity crisis is further deepening.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The industrialists argued that the banks’ move has threatened the existence of the industrial sector which has been reeling under the effects of the Covid-19 pandemic, Russia-Ukraine war. The Province 1 chapter of CNI also noted that the industries are struggling also because of the decline in purchasing power of the consumers.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Issuing a statement, CNI Province 1 chapter said that the banks, which are running in profit, are making extra money at the expenses of the investors and industrialists. The statement further says that move that benefits the banking sector but threatens other sectors is an attempt to establish a system of feudal lords who are represented by banks in the modern day. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-09-26', 'modified' => '2022-09-26', 'keywords' => '', 'description' => '', 'sortorder' => '15814', 'image' => '20220926035307_interest-eight.jpg', 'article_date' => '2022-09-26 15:52:27', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '16072', 'article_category_id' => '1', 'title' => 'Govt Warns of Terminating Contract of Narayanghat-Butwal Road Section Citing Slow Progress ', 'sub_title' => '', 'summary' => 'September 26: As the construction works along the Narayanghat-Butwal road section of the East West Highway has been intolerably slow, the government has warned the contractor of terminating the contract. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">September 26: As the construction works along the Narayanghat-Butwal road section of the East West Highway has been intolerably slow, the government has warned the contractor of terminating the contract. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Issuing a notice on Sunday, the South Asia Sub-Regional Economic Cooperation Road Connectivity Project of the Department of Roads said that the contract agreement would be terminated if the existing working style of the contractor is not improved. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The 114 kilometres of road stretch was divided in two sections while awarding the contract through a global bidding process. The China State Construction Engineering Corporation Limited had won the tender bids of both sections considering its proposal to construct the road section at the minimum base rate. However, several complaints have been received on part of the construction company regarding the dillydallying of the project. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The project was expected to be completed in August 7, 2022. However, the construction company has completed only 18 per cent of the total work even after the final deadline. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Against this backdrop, the Department of Roads has warned the construction company to mend its ways and ensure reforms within a month. Otherwise, the department has warned the company to get ready to face contract termination. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The department has further said that the travelers and vehicles have faced several issues including difficulties in travel, air pollution and others problems due to carelessness of the construction company. The locals in the affected area have also suffered while road accidents have increased. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">As the contract agreement ended on August 7, the government has extended the deadline for one more year at the request of the construction company but the construction works at present have halted, said Chief Engineer of Narayanghat-Butwal Road Project (Eastern Section) Ramesh Kumar Dristi. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The project is being developed with nearly Rs 17 billion in loan assistance from the Asian Development Bank. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-09-26', 'modified' => '2022-09-26', 'keywords' => '', 'description' => '', 'sortorder' => '15813', 'image' => '20220926014301_road.jpg', 'article_date' => '2022-09-26 13:42:22', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '16071', 'article_category_id' => '1', 'title' => 'Foreign Trade Affected due to Decline in Imports and Exports', 'sub_title' => '', 'summary' => 'September 26: Nepal’s foreign trade has been affected due to various reasons including the Covid-19 pandemic, economic recession, lack of liquidity in banks and government policy to discourage imports.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">September 26: Nepal’s foreign trade has been affected due to various reasons including the Covid-19 pandemic, economic recession, lack of liquidity in banks and government policy to discourage imports. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The policy adopted by the government has caused a decline in imports since mid-July while the exports have also slumped, affecting the overall foreign trade of Nepal.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to the Department of Customs, the country's foreign trade has decreased by 15.70 percent as of mid-September in the current fiscal year compared to the corresponding period of last fiscal year. The country’s foreign trade amounted to Rs 358.55 billion during last Setpember which dropped to Rs 302.28 billion this September. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to the data released by the department on Sunday, while the import declined by 13.01 percent in mid-September, the export dropped by 34.88 percent. The trade deficit also declined by 9.45 percent as Nepal’s export volume is negligible compared to imports.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Since the beginning of this year, the government adopted a policy of discouraging imports due to pressure on foreign exchange reserves. To reduce imports, the NRB had reduced the gold import quota and increased the requirement of cash margin for imports. The government also banned the import of certain luxury goods.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Diesel tops the list of imported goods with imports worth Rs 18.42 billion in the first two months of the current fiscal year. Similarly, petrol worth Rs 12.18 billion, LPG gas worth Rs 10.42 billion were imported during the review period.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">By mid-August 2079, the trade deficit reached Rs 244 billion. Due to excessive imports, the foreign exchange reserves started to decrease. This made NRB intervene and it initiated a policy to discourage imports from the beginning of this year. Similarly, the government also banned the import of luxury goods from April.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-09-26', 'modified' => '2022-09-26', 'keywords' => '', 'description' => '', 'sortorder' => '15812', 'image' => '20220926124538_Trade.jpg', 'article_date' => '2022-09-26 12:45:01', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '16070', 'article_category_id' => '1', 'title' => 'Festival of Dashain Begins from Today ', 'sub_title' => '', 'summary' => 'September 26: The Navaratri Parba or the nine-night festival of Bada Dashain, the great festival of the Hindus of Nepal, has commenced from today. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">September 26: The Navaratri Parba or the nine-night festival of Bada Dashain, the great festival of the Hindus of Nepal, has commenced from today (September 26). </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The first day of the Dashain festival is called "Ghatasthapana" that falls on the first day of the bright half of the lunar calendar in the Nepali month of Ashwin (mid-September to mid-October). </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"">On the day of Ghatasthapana, all Nepali Hindus worship Diyo (an oil-fed lamp), Kalas (auspicious jar) and lord Ganesh in accordance with the Vedic rituals and sow maize and barley seeds in a jar filled with soil and cow dung for germination of the auspicious Jamara (barley shoots). </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The auspicious hour for observing Ghatasthapana is 10:23 am today, according to Nepal Calendar Determination Committee. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Devotees offer prayers to Durga Bhavani, the goddess of power, today. Germination of the auspicious "Jamara" is also done at the Hanumandhoka Palace in accordance with the Vedic rituals today. There is also a tradition of sacrificing animals while initiating the germination of the "Jamara". </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Also today, prayers are offered to goddess Mahakali, Mahalaxmi and Mahasaraswati at the Dashain Ghar of Hanumandhoka Palace, marking the beginning of the Navaratri (nine nights). </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif""> The golden barley shoots and the auspicious Tika are given by parents to their children and by elders to their juniors on the tenth day of the Bada Dashain festival with blessings for peace, prosperity and happiness. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The auspicious hour for receiving Tika this year is 11:51 am, according to the committee Chairperson Shree Krishna Adhikari. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">During the Navaratri, thousands of devotees visit temples such as Naxal Bhagawati, Shobha Bhagawati, Maitidevi, Guheswori, Bhadrakali, Kalikasthan, Sankata, Mahankalsthan, Naradevi, Bijayeswori, Indrayani, Dakshinkali, Chamunda and other shrines of goddess Durga Bhavani. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">People also recite sacred verses and hymns dedicated to Durga Bhawani at temples and shrines as well as at their homes throughout the Dashain period. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-09-26', 'modified' => '2022-09-26', 'keywords' => '', 'description' => '', 'sortorder' => '15811', 'image' => '20220926112257_dashain image.jpg', 'article_date' => '2022-09-26 11:21:06', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '16069', 'article_category_id' => '1', 'title' => 'Supreme Court Issues Show Cause Notice to Government over Forced Labour', 'sub_title' => '', 'summary' => 'September 26: The Supreme Court has issued a show cause notice against the government over the issue of forced labour. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">September 26: The Supreme Court has issued a show cause notice against the government over the issue of forced labour. Responding to a writ petition filed by Advocate Puroshottam Prajapati, a single bench of Justice Ishwar Prasad Khatiwada instructed the Government of Nepal and the Office of the Prime Minister and Council of Ministers to show cause for the forced labour prevalent in the country.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Various data prepared by the government and NGOs suggest that around 55,000 people are working as forced labourers in the country. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Senior Advocate Narayan Prasai and Advocate Som Luitel pleaded on behalf of the petitioners on Sunday. The apex court has asked the government to show cause within 15 days.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Human rights activists have been demanding an end to forced labour. Although the international laws have addressed this issue, Nepal is yet to implement its commitment made in international forums. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Nepal is a signatory to the Forced Labour Convention, 1930; Abolition of Forced Labour Convention, 1957; and the Convention to Suppress the Slave Trade and Slavery 1926.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Government of Nepal is responsible to implement the international treaties.</span></span></p> ', 'published' => true, 'created' => '2022-09-26', 'modified' => '2022-09-26', 'keywords' => '', 'description' => '', 'sortorder' => '15810', 'image' => '20220926103739_Supreme Court.jpg', 'article_date' => '2022-09-26 10:36:52', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '16068', 'article_category_id' => '1', 'title' => 'AIPN Organises Monthly Talk Series on FDI Risk in Hydropower Sector', 'sub_title' => '', 'summary' => 'September 25: The Association of Investment Professional Nepal (AIPN) has started a monthly talk series on FDI risk in hydroelectricity sector and financial management of hydropower projects.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Nirmala UI","sans-serif"">September 25: The Association of Investment Professional Nepal (AIPN) has started a monthly talk series on the topic of FDI risk in hydroelectricity sector and financial management of hydropower projects. The talk series is focused on providing financial literacy to the potential investors, reads a statement issued by AIPN, a non-profit organization registered in Nepal. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Nirmala UI","sans-serif"">According to the statement, AIPN started the talk series under its first monthly discussion and interaction programme held at City Centre, Kamalpokhari on September 23.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Nirmala UI","sans-serif"">This talk series was moderated by financial analyst and Chartered Accountant Bikash Kabariya, who has the experience of working in the hydropower sector representing both the project developers as well as the government. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Nirmala UI","sans-serif"">The first talk series focused on introduction on types of hydropower projects and Public Private Partnership. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Nirmala UI","sans-serif"">Participants of the talk series discussed about the need to minimize risk in hydropower projects, improvement in hedging guidelines and risk of interest rate fluctuation.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Nirmala UI","sans-serif"">AIPN is preparing to launch another talk series in October after the Dashain festival.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-09-25', 'modified' => '2022-09-25', 'keywords' => '', 'description' => '', 'sortorder' => '15809', 'image' => '20220925051249_AIPN 2022-09-25 at 11.33.20 AM.jpeg', 'article_date' => '2022-09-25 17:12:03', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '16067', 'article_category_id' => '1', 'title' => 'Government Intensifies Market Monitoring', 'sub_title' => '175 Shops Face Action in Current Fiscal Year', 'summary' => 'September 25: The Department of Commerce, Supplies and Consumer Protection has intensified market monitoring in the wake of approaching festivals. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">September 25: The Department of Commerce, Supplies and Consumer Protection has intensified market monitoring in the wake of approaching festivals. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The department monitored 272 firms last week. A team of inspectors mobilized by the department fined Rs 200,000 to a department store in Madhyapur Thimi, Bhaktapur on Wednesday. The department fined the store after the store changed the standards, price and weigh of the goods by violating the rules. Similarly, the team on Thursday fined Rs 200,000 to a grocery shop located at Imadol of Lalitpur after it was found that the shop was cheating consumers. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">A total of 844 firms have monitored in the current fiscal year since July 17, among which 175 firms have been fined. A total of Rs 3.531 million revenue has been collected from the fine. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Inedible goods worth Rs 2.399 million have been destroyed during the inspection, according to the department. The monitoring team has urged shops to keep their registration document updated and display the price list and registration certificates which the consumers can see easily. The firms facing action has been instructed to be present at the department along with their sales bill. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Ten monitoring teams of the department monitored groceries, vegetable and fruit shops, pharmacies, fresh houses, liquor store, dairy, cosmetic stores and sweet shops. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Director at the Department, Hari Pangeni, said that they have intensified market monitoring so that the consumers would not be cheated when buying goods during the festivals. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Meanwhile, organisations working for the rights of the consumers shared that the government has not been able to carry out market monitoring effectively. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Chairperson of Consumer Rights Research Forum, Madhav Timilsina, shared that the government mechanism had not been able to carry out effective works in order to protect and promote consumer rights. He said that the consumers are being cheated in different pretexts in the market as the government has no clear data of supply and consumption of daily essentials. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-09-25', 'modified' => '2022-09-25', 'keywords' => '', 'description' => '', 'sortorder' => '15808', 'image' => '20220925124811_market monitoring.jpg', 'article_date' => '2022-09-25 12:47:29', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '16066', 'article_category_id' => '1', 'title' => 'Central Bank Proposes One-Year Provision for Lender of Last Resort Facility', 'sub_title' => '', 'summary' => 'September 25: Nepal Rastra Bank (NRB) has proposed one year period for the payment of the lender of last resort facility, a financial tool used by banks and financial institutions in cases of an extreme shortage of liquidity. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">September 25: Nepal Rastra Bank (NRB) has proposed one year period for the payment of the lender of last resort facility, a financial tool used by banks and financial institutions in cases of an extreme shortage of liquidity. The central bank has prepared a draft of the Lender of Last Resort Facility Bylaws-2079 with a proposal to specify the payment period and to increase the sectoral scope in which it can be used.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to the Credit Policy 2067, the payment period of the lender of last resort facility has not been fixed so far. NRB has informed that it is going to issue bylaws to manage such facility.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">A lender of last resort facility is a financial instrument used by banks and financial institutions in case of extreme liquidity crisis when they are unable to return the deposits of the general public. Until now, only Vibor Bikas Bank has used it. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Similarly, the proposed bylaws mention that the interest rate for the lender of last resort facility will be as specified by Nepal Rastra Bank. Currently, there is a provision that the interest rate of this facility will be equal to the bank rate.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The draft of the bylaws has also increased the scope of the lender of last resort facility.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Banks can avail this facility on condition that they are not able to manage the required liquidity through the interbank market, daily liquidity facility, open market transactions and standing liquidity facility. Banks can also use this facility if they are unable manage liquidity or to meet their immediate obligations due to lack of marketable assets, and if they are unable to meet their immediate obligations after returning large amount of deposits and are unable to disbursed loans as per their commitment.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Similarly, the draft proposes providing this facility to banks if the economy and financial system faces challenges due to systemic risk posed by a single bank, or if there is a decline in trust of the general public towards the banking system, or if a bank is unable to pay immediate obligations due to natural disasters, and if it is unable to fulfil its immediate obligations due to national and international crisis and the bank is liquidated.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The board of directors of the problematic bank must file an application with the NRB with reasons for seeking the lender of last resort facility and the required amount and payment plan to avail such facility. Along with the application, a 6-month cash flow projection, statement of assets and liabilities of different periods, statement of deposits and other short-term liabilities, and an action plan for revival should also be submitted.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-09-25', 'modified' => '2022-09-25', 'keywords' => '', 'description' => '', 'sortorder' => '15807', 'image' => '20220925124619_Banks - Copy.jpg', 'article_date' => '2022-09-25 12:45:36', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ) ) $current_user = null $logged_in = false $xml = falsesimplexml_load_file - [internal], line ?? include - APP/View/Elements/side_bar.ctp, line 133 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
| Currency | Unit |
Buy | Sell |
| U.S. Dollar | 1 | 121.23 | 121.83 |
| European Euro | 1 | 131.65 | 132.31 |
| UK Pound Sterling | 1 | 142.47 | 143.18 |
| Swiss Franc | 1 | 124.29 | 124.90 |
| Australian Dollar | 1 | 71.69 | 72.05 |
| Canadian Dollar | 1 | 83.90 | 84.32 |
| Japanese Yen | 10 | 10.94 | 11.00 |
| Chinese Yuan | 1 | 17.17 | 17.26 |
| Saudi Arabian Riyal | 1 | 32.27 | 32.43 |
| UAE Dirham | 1 | 33.01 | 33.17 |
| Malaysian Ringgit | 1 | 27.36 | 27.50 |
| South Korean Won | 100 | 9.77 | 9.82 |
Update: 2020-03-25 | Source: Nepal Rastra Bank (NRB)
| Fine Gold | 1 tola | 77000.00 |
| Tejabi Gold | 1 tola | 76700.00 |
| Silver | 1 tola | 720.00 |
Update : 2020-03-25
Source: Federation of Nepal Gold and Silver Dealers' Association
| Petrol | 1 Liter | 106.00 |
| Diesel | 1 Liter | 95.00 |
| Kerosene | 1 Liter | 95.00 |
| LP Gas | 1 Cylinder | 1375.00 |
Update : 2020-03-25
