July 11: The Nepal Rastra Bank (NRB) has sought suggestions from all quarters for the upcoming monetary policy.…
July 11: The Nepal Rastra Bank (NRB) has sought suggestions from all quarters for the upcoming monetary policy.…
July 10: India's policy of curbing the rise in prices of cooking oil in its domestic market has adversely affected Nepal's…
July 10: A survey conducted by the Central Bureau of Statistics has found that 746 large industries have been opened in Nepal in a span of 27 years from 1992 to…
uly 10: Nepal exported gold jewelry worth Rs 485.32 million as of mid-June of the current fiscal year.…
July 10: The government has introduced new provisions for giving land owned by the government on lease up to 40…
July 10: The Consumer Awareness Campaign Nepal (CACN), an organisation working in the consumer's rights sector, has drawn the attention of the government on controlling the spiraling…
July 10: Two persons infected by poisonous Nairobi fly are receiving treatment at Civil Hospital in…
July 8: The then Finance Minister Janardan Sharma and the entire finance ministry courted controversy soon after the budget for the upcoming fiscal year (FY 2022/23) was unveiled on May…
July 8: Shinzo Abe, Japan's longest-serving prime minister died on Friday hours after he was shot while campaigning for a parliamentary…
July 8: A study conducted by Tribhuvan University has concluded that credit flow of banks and financial institutions and remittances are the main reasons for the country’s burgeoning trade…
July 8: FIFA World Cup is one of the most prominent international football…
July 8: The construction of Nagdhunga tunnel, which was supposed to be completed within 42 months from the start of the project, is now 56 percent…
July 8: The Federation of Nepalese Chambers of Commerce and Industry (FNCCI) is preparing to hold a Nepal-China Investment…
July 8: Newly-appointed Minister for Labour, Employment and Social Security, Sher Bahadur Kunwar, has said the coverage of social security would be expanded to the informal sector…
July 8: The Supreme Court has issued an interlocutory order asking the government to give continuity to Yubaraj Adhikari as the executive chairperson of Nepal Airlines Corporation…
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', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">July 11: The Nepal Rastra Bank (NRB) has sought suggestions from all quarters for the new monetary policy. The NRB said it is seeking suggestions from the stakeholders for the monetary policy for the Fiscal Year 2022/23 as per the NRB Act, 2058. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Clause 44 of Section-5 under the NRB Act has given full authority to the NRB to formulate and implement the monetary policy. For this, the economic investigation department at NRB has said anyone can furnish suggestions through email at monetarypolicy@nrb.org.np. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The NRB had made public the monetary policy for the current fiscal year on July 13, 2021. Generally, the monetary policy is made public a month after the budget announcement. -- RSS </span></span></span><br /> </p> ', 'published' => true, 'created' => '2022-07-11', 'modified' => '2022-07-11', 'keywords' => '', 'description' => '', 'sortorder' => '15336', 'image' => '20220711081144_20220707061750_Nepal_Rastra_Bank2 2.jpg', 'article_date' => '2022-07-11 08:11:11', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '15594', 'article_category_id' => '1', 'title' => 'Export of Cooking Oil Plummets due to India’s Policy to Check Price Hike', 'sub_title' => '', 'summary' => 'July 10: India's policy of curbing the rise in prices of cooking oil in its domestic market has adversely affected Nepal's exports.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Om Prakash Khanal</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">July 10: India's policy of curbing the rise in prices of cooking oil in its domestic market has adversely affected Nepal's exports. Exports of refined oil from Nepal have plummeted after India slashed tariffs on imports of raw materials required to extract oil. Entrepreneurs of Nepal say that if this situation continues, the export of cooking oil will be completely stopped.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">India has waived import duty and agriculture infrastructure development tax on 2 million metric tonnes each for semi-refined soybean and sunflower oil in the current fiscal year and the next fiscal year. On this basis, 8 million tonnes of semi-refined oil will enter India at zero customs duty by March 2024.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">In case of importing more than that amount, 2.5 percent customs duty will be charged. At one time, India raised the tariff to 40 percent to protect its farmers and local producers. Many industries in Nepal also expanded their capacity to take advantage of this opportunity. Now that the import duty has been reduced in India, the investment of Nepal's industry is at risk, says industrialist Suresh Rungta.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Chief Customs Officer of Birgunj Customs Harihar Poudel said that the impact of Indian policy has been seen in oil exports from Nepal. Poudel informed that the export of refined oil from Birgunj, the main export point of the country, has declined in the months of April and May of the current fiscal year.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">India reduced import duty on soybean and sunflower oil and agricultural infrastructure development tax to zero in May. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">“Before that, about 135 tankers of semi-refined oil used to enter from Birgunj daily. At present, hardly 30/35 tankers enter the country in a day,” said Chief Customs Officer. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Entrepreneur Rungta, who is also the operator of Birgunj-based OCB Foods, says that the Indian policy has adversely affected oil exports from Nepal. Import of semi-refined oil in Nepal is subject to 10 percent customs duty and 13 percent value added tax. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Despite India's reduction in import duties, exports were possible for some time on the back of rising prices of semi-refined oil in the international market. Thus, Nepali entrepreneurs were exporting stockpiled oil. The entrepreneur said that due to the war between Russia and Ukraine and the export restrictions imposed by various countries, the stock could not be exported at the current price.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Entrepreneurs say that the possibility of export is over now after India has completely waived taxes. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Refined oil is one of Nepal's major exports. Producers say that the trade deficit will increase after its export is stopped. Former Joint Secretary at the Ministry of Industry, Commerce and Supplies, Ravi Shankar Sainju, says that the export of edible oil is not a lasting solution to reduce trade deficit as the profit depends on the difference in customs rates between Nepal and India which is subject to change. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">“India was aware of the difference in tax rates. Now, due to the current economic crisis, India adopted this policy a little early. Sooner or later, exports would have to stop,” says Sainju.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">He compares the current problems in the oil industry with the situation faced by the vegetable ghee industry. The ghee industry, which had made a good profit by taking advantage of the tariff difference, had collapsed after India imposed quota system on its imports.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Exports from Birgunj have decreased in April and May of the current fiscal year as compared to the corresponding period of the last fiscal year. Altogether 2,244 tonnes of soybean oil has been exported to India in May this year. This amount was 22,200 tons in the same month last year. Similarly, the export of sunflower oil has also declined significantly.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-07-10', 'modified' => '2022-07-10', 'keywords' => '', 'description' => '', 'sortorder' => '15335', 'image' => '20220710061616_soybean.jpg', 'article_date' => '2022-07-10 18:15:23', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '15593', 'article_category_id' => '1', 'title' => '746 Big Industries Registered in 27 Years', 'sub_title' => '', 'summary' => 'July 10: A survey conducted by the Central Bureau of Statistics has found that 746 large industries have been opened in Nepal in a span of 27 years from 1992 to 2019.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">July 10: A survey conducted by the Central Bureau of Statistics has found that 746 large industries have been opened in Nepal in a span of 27 years from 1992 to 2019.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">According to the survey, there were 4,281 large industrial establishments in Nepal in 1992, which increased to 5,017 by 2019. According to the survey, the number of people involved in large industrial establishments increased by 64,707 in the same period from 223,000 in 1992 to 288,000 in 2019.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Meanwhile, Anjaan Neupane, an expert on foreign investment, says the number of industries added during this period is unsatisfactory. He stated that if there had been an investment-friendly environment, more number of big industries would have been established by now. According to Neupane, the state is to blame for the lack of adequate industrialization in Nepal. He said that different rules and multiple taxation imposed on companies after the country went into federalism discouraged investors.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Former Industry and Commerce Secretary, Chandra Kumar Ghimire also says that the environment is still not investment friendly in the country. According to him, the state is failing to attract investment even though there are countless possibilities within the country. He said that despite some increase in investment in hydropower, manufacturing, tourism and service sectors, investment in agriculture, physical infrastructure, information technology, mining and minerals on the other hand is weak. Ghimire said that Nepal is still unable to convince investors.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">“We have not been able to create an environment of trust for investment. Introduction of laws related to startups has also been delayed,” he said.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">The industrial survey revealed that the country's industrial sector is completely affected by the Covid-19 pandemic. According to the survey, 63 percent of industries completely shut down due to the prohibitory order imposed for the prevention and control of the pandemic. The report mentions that 24 percent of the industrial establishments are partially operational and the remaining 13 percent are fully operational. According to the survey, about 17 percent of the workers had to quit their jobs permanently without any facilities during the restriction period.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">It is also mentioned in the report that 60 percent of the workers were temporarily jobless without pay due to the impact of Covid-19. Similarly, the survey shows that the salary of 11 percent workers was partially reduced and the remaining 12 percent received the salary later than the stipulated time. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">According to the survey, 60,185 industries operating in Nepal have assets worth Rs 619 billion. These industries provide employment to 381,687 people. According to the department, this figure is based on the data of the fiscal year 2075/76.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">According to the survey, the above mentioned industries paid a salary of Rs 107.89 billion in 2019. A total of 76 percent of the industrial establishments operate for 270 days, 19 percent for 180 to 269 days, 4 percent for 90 to 179 days and 1 percent for less than 90 days. The industries operate at 25 to 99 percent of their total production capacity.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">The main reasons for not operating at full capacity lack of market or lack of demand (46 percent), lack of raw materials (10 percent), lack of resources (8 percent) and lack of skilled workers (8 percent). The number of industries operating for more than 18 hours a day is 1 percent. Similarly, 77 percent of industries operate for 6 to 11 hours a day.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">The survey revealed that the tendency to take loans among small manufacturing industries involving less than 10 people is low. Only 34 percent of such industries took loans from financial institutions. According to the department, 5 percent of small scale industries are in the process of getting loan and 60 percent are not in the process of getting a loan.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Large industries involving more than 10 people are ahead in terms of loans. The report showed that 45 percent of the large industries took loans from banks and financial institutions.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Among the industries operating in the country, 356 are related to mining and quarrying, 56,000 are involved in production, 994 in electricity, gas, steam and air-conditioned services and 2,224 in water supply, sewerage and waste management.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">The survey has shown that the number of employees in the mining and quarrying sector is 5,700. Similarly, 346,000 employees are involved in industrial production, 17,000 in electricity, gas, steam and air-conditioned services and 12,500 employees in water supply, sewerage and waste management sectors. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-07-10', 'modified' => '2022-07-10', 'keywords' => '', 'description' => '', 'sortorder' => '15334', 'image' => '20220710030230_Industries.jpg', 'article_date' => '2022-07-10 15:01:47', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '15592', 'article_category_id' => '1', 'title' => 'Export of Jewelry up by 40 Percent', 'sub_title' => '', 'summary' => 'uly 10: Nepal exported gold jewelry worth Rs 485.32 million as of mid-June of the current fiscal year. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">July 10: Nepal exported gold jewelry worth Rs 485.32 million as of mid-June of the current fiscal year. Nepal has been exporting gold jewelry since the last fiscal year. As per the data of the Department of Customs, the export of jewelry has been increasing of late.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">The exports of gold jewelry has increased by 40 percent during the review period. Gold jewelry worth Rs 345.11 million was exported during the same period of last fiscal year. This time, the export of jewelry increased by Rs 135.1 million. On the basis of quantity, jewelry weighing 55 kg and 514 grams were exported in the review period.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Gold jewelry is being exported since last fiscal year after the Department of Customs issued its harmonic code. Entrepreneurs say that the export of gold jewelry is increasing lately.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">According to statistics, Nepal exports gold jewelry to the United States, Australia and Hong Kong. Of these three countries, the maximum export was made to the United States. Jewelry worth Rs 411.6 million was exported to the United States during the review period. Likewise, jewelry worth Rs 52.7 million was exported to Hong Kong and Rs 18.8 million to Australia.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Prior to this, Nepal had exported gold jewelry worth Rs 1.516 million to China six years ago in the fiscal year 2072/73. After that, insignificant amount of gold jewelry may have been exported, says a businessman. As per the businessmen, since the last fiscal year, the export of gold jewelry started in large scale.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Lately, the number of Nepalis living in countries like the USA, Hong Kong and Australia is increasing. They are the ones who make demand for gold ornaments made in Nepal.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Officials of the Federation of Gold and Silver Dealers Association say that the people living abroad are demanding traditional Nepali jewelry.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">The Non Resident Nepalese (NRNs) make demand of the jewelry that cannot be made abroad. They demand jewelry like tilhari and bangles which are not made abroad. Some businessmen have also started exporting Nepal's original jewelry by contacting businessmen abroad.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-07-10', 'modified' => '2022-07-10', 'keywords' => '', 'description' => '', 'sortorder' => '15333', 'image' => '20220710021055_jewellry.jpg', 'article_date' => '2022-07-10 14:10:11', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '15591', 'article_category_id' => '1', 'title' => 'Government Introduces New Provisions for Land Leasehold ', 'sub_title' => '', 'summary' => 'July 10: The government has introduced new provisions for giving land owned by the government on lease up to 40 years. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">July 10: The government has introduced new provisions for giving land owned by the government on lease up to 40 years. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The government has issued an action plan relating to the registration and utilization of public land and providing it on lease, 2079 BS in the Nepal Gazette. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the new provisions, foreign diplomatic missions and UN-affiliated bodies in the country, inter-governmental organisations, universities, board committees or other autonomous organisations established under the province government or local levels and any organisation registered in the Federal government, province government or the local level shall be eligible for acquiring land on lease. Moreover, it can be given to an individual as well. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The period of lease shall be for five years (short-term), 15 years (mid-term) and 40 years (long-term). </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Any organisation meeting criteria for demanding the land on lease or any interested individual shall apply for it and the application charge has been fixed at Rs 5,000. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The work procedures require statements justifying reasons for demanding the land on lease and an action plan as well. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Moreover, recommendations of respective local level executive, recommendation of the Ministry of Foreign Affairs in case of foreign diplomatic missions and UN-affiliated intergovernmental organizations are necessary to proceed with getting the land on lease. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">In addition to this, the recommendation of the District Disaster Management Committee stating that it does not need the land for disaster management is also demanded by the procedure. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">There shall be a recommendation committee coordinated by Chief District Officer to make recommendations for the use or lease of government land. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2022-07-10', 'modified' => '2022-07-10', 'keywords' => '', 'description' => '', 'sortorder' => '15332', 'image' => '20220710085757_new_logo.jpg', 'article_date' => '2022-07-10 08:57:18', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '15590', 'article_category_id' => '1', 'title' => 'Consumer Rights Activists Draw Government's Attention to Spiraling Inflation ', 'sub_title' => '', 'summary' => 'July 10: The Consumer Awareness Campaign Nepal (CACN), an organisation working in the consumer's rights sector, has drawn the attention of the government on controlling the spiraling inflation. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">July 10: The Consumer Awareness Campaign Nepal (CACN), an organisation working in the consumer's rights sector, has drawn the attention of the government on controlling the spiraling inflation. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The campaigners on Thursday met with the Chief Secretary Shanker Das Bairagi and the officials of the Ministry of Industry, Commerce and Supplies and the Department of Commerce, Supplies and Consumer Protection in this connection. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">A delegation led by the Campaign's president Krishna Prasad Bhandari Marseli submitted a memorandum and urged the government to immediately control the market price hike. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The memorandum states that unfair business practices such as cartelling, monopoly and unlawful activities have been taking place in the market. It also points out that the market monitoring was also not meaningful and effective. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The memorandum suggests adopting a policy of market intervention and supplying the daily essential commodities through the Food Management and Trading Company and the Salt Trading Corporation Limited to ease the supply system and control the market prices. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">It has also called on the Ministry of Industry, Commerce and Supplies to analyze the gate price of goods at the industries and customs points. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2022-07-10', 'modified' => '2022-07-10', 'keywords' => '', 'description' => '', 'sortorder' => '15331', 'image' => '20220710084948_market monitoring.jpg', 'article_date' => '2022-07-10 08:49:08', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '15589', 'article_category_id' => '1', 'title' => 'Infection of Nairobi Fly Reported with the Onset of Monson', 'sub_title' => '', 'summary' => 'July 10: Two persons infected by poisonous Nairobi fly are receiving treatment at Civil Hospital in Kathmandu. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">July 10: Two persons infected by poisonous Nairobi fly are receiving treatment at Civil Hospital in Kathmandu. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The patients have shown severe skin infections caused due to contact with the acid released by the fly, said Dr Gokarna Dahal, chief of the Vector Borne Disease Control Section under the Epidemiology and Infectious Disease Control Division. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Three to four infection cases were reported in the country last year too, he said, adding that it has now been reported in eastern Nepal and Kanchanpur district. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"The infection has been confirmed in the country. It is non-communicable and does not turn into a pandemic", he added. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">According to Dr Dahal, the fly seems to have reproduced in Nepal instead of migrating from foreign countries.</span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Although the infection has been reported, there is no need to panic, opined Dr Dahal. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The fly releases poisonous acid when it comes in contact with the human body, causing skin rashes and itchy skin, he stated. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Dahal further said "Most of the infected people get recovered without any medical treatment. One needs treatment when the problem persists." -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-07-10', 'modified' => '2022-07-10', 'keywords' => '', 'description' => '', 'sortorder' => '15330', 'image' => '20220710084209_maxresdefault.jpg', 'article_date' => '2022-07-10 08:40:42', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '15587', 'article_category_id' => '1', 'title' => 'Role of Finance Secretary also Suspicious', 'sub_title' => '', 'summary' => 'July 8: The then Finance Minister Janardan Sharma and the entire finance ministry courted controversy soon after the budget for the upcoming fiscal year (FY 2022/23) was unveiled on May 29.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Bijay Damase </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">July 8: The then Finance Minister Janardan Sharma and the entire finance ministry courted controversy soon after the budget for the upcoming fiscal year (FY 2022/23) was unveiled on May 29. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Sharma has been accused of changing the tax rates in favour of certain business houses. It was also reported that Sharma had allowed unauthorized persons to enter the ministry on the eve of the budget announcement, drawing criticism from all quarters. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Sharma on the other hand has been maintaining his innocence. The main opposition party CPN UML has demanded the government to show CCTV footage to prove that unauthorized persons had not entered the ministry on May 28. In an interview with a television channel, Sharma said that the UML will not be shown that video. Later, Sharma made an irresponsible remark that the video has been deleted although the ministry is required to maintain video records of at least three months.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">As the controversy reached its climax, Sharma resigned from the post of finance minister. An 11-member parliamentary special probe committee has been formed to investigate into the issue.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">In this entire controversy, the role of Finance Secretary Madhu Kumar Marasini, who enjoys the authority to make ministerial-level decisions, seems to be dubious.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">If the unauthorized persons had indeed entered the ministry on the eve of budget announcement on May 28, he should have made efforts to stop them. Had he failed to do so, he should have revealed everything in a display of high moral standard. However, he failed in this front. He remained silent even when the issue got heated. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">If any unauthorized person had not entered the ministry, he should have defended the ministry by all means. His silence indicates that either he was fearful of the then Finance Minister Janardan Sharma or he was trying to hide the wrongdoings of the minister.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">The reply given to those seeking CCTV footage by the ministry staffers has also dragged Marasini into controversy. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">The ministry had told the secretary of Consumer Welfare Protection Forum Jaya Prasad Poudel that the CCTV footage will be gradually deleted after 13 days. The ministry’s response is against the CCTV Installation and Operation Work Procedure 2072 issued by the Ministry of Home Affairs, which clearly states that the CCTV footage should be maintained for at least three months.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">The work procedure further mentions that the CCTV footage should be immediately made available to the Nepal Police or other government agencies for investigation if needed.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Former Chief Secretary Bimal Prasad Koirala argues that a government secretary has more knowledge about the CCTV footage than a minister. He says that the finance secretary should also step down on moral grounds along with the finance minister.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Koirala, who is also a former finance secretary, said that the government must initiate an investigation against Marasini as well.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">It is believed that the finance ministry officials said the CCTV footage has been deleted upon the instruction of Marasini because he is the second in command in the ministry. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif""> The then Financial Comptroller General Marasisi was called to the finance ministry at the behest of Sharma.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Since he was close to the Maoists, Sharma removed the then finance secretary Sishir Dhungana and appointed Marasini in his place.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">A government source told New Business Age that Marasini did not dare to speak against Sharma because of this compulsion.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">CPN UML’s chief whip Bishal Bhattarai argues that the core team of the finance ministry headed by Janardan Sharma has betrayed the country by formulating a controversial budget.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">“It is not possible that the finance secretary can get away from it without taking moral responsibility,” says Bhattarai, adding, “All of them would have landed in jail if such incident had happened in developed country. We will bring all of them to justice.”</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">When the situation went out of control due to pressure in parliament and on the streets demanding resignation of Sharma, Marasini took an indefinite leave on Wednesday but returned back to office the very next day after Sharma resigned from his post.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Another finance secretary Krishna Hari Pushkar was in Australia at that time.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">The ministry currently lacks a minister at a time when the economy is in crisis. Although arrangements have been made for the prime minister to look after the finance ministry, experts say that a proper minister is needed during such challenging times.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-07-08', 'modified' => '2022-07-08', 'keywords' => 'Role, finance, secretary, economy, ministry, Janardan, Sharma, Marasini, Madhu, Kumar, suspicious, dubious, budget, unauthorised, CCTV, footage', 'description' => '', 'sortorder' => '15329', 'image' => '20220708040524_budget new.jpg', 'article_date' => '2022-07-08 16:04:35', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '15588', 'article_category_id' => '1', 'title' => 'Japan’s Longest-Serving PM Shinzo Abe Shot Dead', 'sub_title' => 'Abe is Best known for his “Abenomics” Policy of Aggressive Monetary Easing and Fiscal Spending', 'summary' => 'July 8: Shinzo Abe, Japan's longest-serving prime minister died on Friday hours after he was shot while campaigning for a parliamentary election.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Agencies</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">July 8: Shinzo Abe, Japan's longest-serving prime minister who launched his "Abenomics" policies to lift the economy out of deflation, beefed up Japan's military and sought to counter China's growing clout in a historic two-term tenure died on Friday hours after he was shot while campaigning for a parliamentary election. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The unexpected event shocked a country in which political violence is rare and guns are tightly controlled, Reuters reported.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">According to the news agency, the yen rose and Japan's Nikkei index fell on news of the shooting, partially driven by a knee-jerk flight to safety.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Police said a 41-year-old man suspected of carrying out the shooting had been arrested. NHK quoted the suspect as telling police he was dissatisfied with Abe and wanted to kill him.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">It was the first assassination of a sitting or former Japanese premier since the days of prewar militarism in 1936.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The 67-year old Abe is best known for his “Abenomics” policy of aggressive monetary easing and fiscal spending. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">He launched the three-pronged "Abenomics" strategy to beat persistent deflation and revive economic growth with hyper-easy monetary policy and fiscal spending, along with structural reform to cope with a fast-aging, shrinking population, Reuters further reported.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">He also bolstered defence spending after years of declines and expanded the military’s ability to project power abroad.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">In a historic shift in 2014, his government reinterpreted the postwar, pacifist constitution to allow troops to fight overseas for the first time since World War Two.</span></span></span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-07-08', 'modified' => '2022-07-08', 'keywords' => 'Abe, shot, dead, Japan, Abenomics, prime minister, World War, ', 'description' => '', 'sortorder' => '15328', 'image' => '20220708045422_1657273430.jpg', 'article_date' => '2022-07-08 16:52:54', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '15586', 'article_category_id' => '1', 'title' => 'Credit Flow and Remittances are the Main Causes of Trade Deficit', 'sub_title' => '', 'summary' => 'July 8: A study conducted by Tribhuvan University has concluded that credit flow of banks and financial institutions and remittances are the main reasons for the country’s burgeoning trade deficit.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">July 8: A study conducted by Tribhuvan University has concluded that credit flow of banks and financial institutions and remittances are the main reasons for the country’s burgeoning trade deficit.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">A study on remittances, credit flow to private sector from banks and Nepal’s trade deficit conducted by Tribhuvan University in collaboration with the Confederation of Banks and Financial Institutions Nepal (CBIFIN) has pointed out that half of the banking sector's loans have been found to have contributed to the long-term trade deficit of the country. The report states that one percent of loans from banks and financial institutions contributes to a 0.5 percent trade deficit.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">"If banks and financial institutions expand credit by 1 per cent, half of that will increase the trade deficit," said Professor Dr Shivraj Adhikari, coordinator of the study, and head of the central department of economics at Tribhuvan University.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">The report stated that remittances are also interlinked with increasing the country's trade deficit along with the credit flow of banks. Stating that the trade deficit has increased by 75 per cent due to remittances, the study pointed out that the government should bring a policy to invest remittances compulsorily in projects or should be saved.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Unveiling the report at a press conference on Thursday, the study team coordinator suggested that remittances should be saved in the banks for a longer period or invested in projects. "There should be a policy of holding remittances as bank deposits for at least two years," he said.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">An earlier study by Nepal Rastra Bank had shown that a large portion of remittances was spent on consumption. The report pointed out that remittances have increased consumption which in turn increased the trade deficit. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">According to the Department of Customs, the country's trade deficit has reached Rs 1.577 trillion as of May this year. As of May, goods worth Rs. 1,763.22 billion have been imported while exports amounted to Rs 185.83 billion. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">The growth rate of the trade deficit has not stopped even though the NRB adopted a policy to discourage imports from the beginning of the current fiscal year. The balance of payments has been high due to high imports while the foreign exchange reserves have also started declining. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">NRB Governor Maha Prasad Adhikari has admitting that a large part of the loans of banks and financial institutions have been used for imports.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong> </strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Therefore, the central bank is ready to discourage the use of bank credit in unproductive sector like the import of consumer goods from the upcoming fiscal year.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">At the press conference, CBIFIN also urged the central bank to take a policy of expanding investment in the productive sector in order to promote exports. It has urged the central bank to continue the crackdown on imports of unnecessary and luxury goods. CBIFIN Chairman Pawan Kumar Golyan said that a policy should be brought in to reduce the interest rate on loans to the productive sector.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-07-08', 'modified' => '2022-07-08', 'keywords' => '', 'description' => '', 'sortorder' => '15327', 'image' => '20220708021520_Remittance.jpg', 'article_date' => '2022-07-08 14:14:47', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '15584', 'article_category_id' => '1', 'title' => 'Vivo Announces its Partnership as the Official Sponsor of FIFA World Cup 2022', 'sub_title' => '', 'summary' => 'July 8: FIFA World Cup is one of the most prominent international football tournaments.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">July 8: FIFA World Cup is one of the most prominent international football tournaments. People from all over the world have eyes fixed on this mega event. Vivo has announced its partnership as the official smart phone partner of the FIFA World Cup 2022 which kicks off in Qatar on November 21.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Vivo said in a statement that it has been the official smartphone partner of the FIFA World Cup for two editions since 2017. Therefore, through this partnership, Vivo plans to leverage its rights for the FIFA World Cup, using official emblem, official brand identities, and running unique promotions to connect with passionate football fans globally.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Expressing excitement on the partnership, CEO of Vivo Nepal said, “This collaboration with the</span></span><strong> </strong><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">FIFA World Cup Qatar 2022 is a defining moment for Vivo. Football, termed as the ‘Beautiful Game’ has the power to bring joy to billions around the world and bring them together regardless of their age, race, gender and culture. Indeed, it has a truly global reach – it has the ability to influence and inspire billions around the world, making the iconic FIFA World Cup Qatar 2022 an ideal stage for vivo as we expand our presence across more than 60 countries and regions across the globe.” </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">The CEO added that this partnership reflects Vivo’s inherent value of promoting sports that help inspire joy among millions and provide a unique experience for consumers worldwide.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Since its debut in South Asia, Vivo said it is focused and committed to making superb product experiences available to local customers. Vivo managed to gain rapid market growth share due to its localized product and marketing strategies, the statement added. Vivo further pledged to continue putting users at the center and constantly innovating to deliver pioneering smart phone technologies.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong> </strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong> </strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong> </strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong> </strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong> </strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong> </strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong> </strong></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-07-08', 'modified' => '2022-07-08', 'keywords' => '', 'description' => '', 'sortorder' => '15326', 'image' => '20220708013259_pjimage-34-10.jpg', 'article_date' => '2022-07-08 13:32:13', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '15585', 'article_category_id' => '1', 'title' => 'Construction of Nagdhunga Tunnel 56 Percent Complete', 'sub_title' => '', 'summary' => 'July 8: The construction of Nagdhunga tunnel, which was supposed to be completed within 42 months from the start of the project, is now 56 percent complete.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">July 8: The construction of Nagdhunga tunnel, which was supposed to be completed within 42 months from the start of the project, is now 56 percent complete. The total length of the tunnel is projected to be 5.7 km.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">The project made such progress despite hurdles like the Covid-19 pandemic, prohibitory order as well as the obstruction from the locals. The foundation stone of the tunnel was laid by the then Prime Minister KP Sharma Oli in October, 2019. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif""> According to the details provided by the project, a total of 3,072 meters of work has been completed including the main, auxiliary, audit and cross passages. Of them, 1,377 meters are dug on the east and west sides of the main tunnel and 1,507 meters on both sides of the auxiliary tunnel.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Among the other structures of the project, two underpasses have been constructed. There are plans to build three underpasses in the project. Similarly, 4 box culverts, 1 overpass and 3 bridges have also been constructed. The flyover is under construction. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Japanese construction company Hazama Ando Corporation had demanded an extension of deadline as the work was delayed due to the pandemic, restrictions and a few days of interruption by the locals.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">The deadline of the project has been extended by three months after assessing the situation. An agreement was reached between the Government of Nepal and the Japan International Cooperation Agency (JICA) in 2016 to construct the tunnel. The total cost of the tunnel is estimated to be around Rs 22 billion, of which JICA will bear Rs 16 billion and the Government of Nepal will bear Rs 6 billion. According to the project, the financial progress is 45.50 percent.</span></span></span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-07-08', 'modified' => '2022-07-10', 'keywords' => '', 'description' => '', 'sortorder' => '15325', 'image' => '20220708015827_Untitled.jpg', 'article_date' => '2022-07-08 13:57:46', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '15583', 'article_category_id' => '1', 'title' => 'FNCCI to Organize Nepal China Investment Summit', 'sub_title' => '', 'summary' => 'July 8: The Federation of Nepalese Chambers of Commerce and Industry (FNCCI) is preparing to hold a Nepal-China Investment Summit.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">July 8: The Federation of Nepalese Chambers of Commerce and Industry (FNCCI) is preparing to hold a Nepal-China Investment Summit. FNCCI announced that the summit is being held with the objective of attracting Chinese investment in Nepal.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">FNCCI has requested the Nepalese Embassy in Beijing, China to assist for the summit. Senior Vice President of FNCCI, Chandra Prasad Dhakal and newly appointed Nepali Ambassador to the People's Republic of China Bishnu Pukar Shrestha held a meeting on Thursday regarding the summit where Dhakal made such request. The FNCCI expects Ambassador Shrestha to play a leading role in China's cooperation with Nepal at the summit.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Dhakal also stressed on the necessity of promoting Chinese investment in Nepal. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">“We need diplomatic efforts to bring in Chinese investment. The private sector expects the assistance of the embassy to promote the export of Nepali goods to China and increase Chinese tourists in Nepal,” said Dhakal.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Dhakal, who is currently the acting president of the federation, emphasized on the need to make the relationship between FNCCI and the All-China Federation of Industry and Commerce (ACFIC) and the China Council for the Promotion of International Trade (CCPIT) more fruitful. He said that the federation is ready for cooperation in bringing investment, technology and skills by expanding economic and trade relations between the two countries through the Nepal China Non-Governmental Cooperation Forum established in 1996 with the support of the governments of the two countries.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">After the meeting, Ambassador Shrestha stated that the discussions with the federation were fruitful. He said that he would take suggestions from the federation and move forth accordingly by prioritizing those suggestions.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Former President of the federation and Joint President of Nepal-China Non-Governmental Cooperation Forum Binod Bahadur Shrestha, former President of the Federation Suraj Baidya, Director General of the Federation Gokarna Awasthi and Deputy Director Arun Shrestha were present at the meeting.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-07-08', 'modified' => '2022-07-08', 'keywords' => '', 'description' => '', 'sortorder' => '15324', 'image' => '20220708010938_Flag-Pins-Nepal-China.jpg', 'article_date' => '2022-07-08 13:08:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '15582', 'article_category_id' => '1', 'title' => 'Social Security to Cover Informal Sector and Self-Employed Workers: Labour Minister', 'sub_title' => '', 'summary' => 'July 8: Newly-appointed Minister for Labour, Employment and Social Security, Sher Bahadur Kunwar, has said the coverage of social security would be expanded to the informal sector workers.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">July 8: Newly-appointed Minister for Labour, Employment and Social Security, Sher Bahadur Kunwar, has said the coverage of social security would be expanded to the informal sector workers. </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"">Speaking at a programme organised by the Tarai Development and Communications Centre on Thursday, Labour Minister Kunwar said that Nepali citizens working in the informal sector as well as the ones who are self-employed and those working in foreign employment would be included in the social security fund. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">At present, only the workers of the formal sector are covered by the social security fund. A total of 344,248 contributors and 17,156 employers are associated with the fund so far. The fund has been making work procedure in order to bring the workers of the informal sector under its coverage from the upcoming fiscal year. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Minister Kunwar further said that the facilities provided by the fund would be increased. The fund has been providing financial support to contributors under four types of schemes--Accidental and Disability Protection Scheme, Medical and Safe Maternity Scheme, Dependent Protection Scheme and Pension Scheme. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, Secretary at the Labour Ministry Ek Narayan Aryal shared that workers who are in overseas employment would be associated with the fund and they would be provided concessional loan upon their return in order to make them entrepreneurs. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The fund would provide loan on different topics to contributors from August 17. A total of Rs 19.62 billion has been deposited in the fund so far. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Executive Director of the fund, Kapil Mani Gyawali, shared that the fund has forwarded short-term, mid-term and long-term plans to reduce the possible risks that might occur in workers' life. -- RSS </span></span></span><br /> </p> ', 'published' => true, 'created' => '2022-07-08', 'modified' => '2022-07-08', 'keywords' => '', 'description' => '', 'sortorder' => '15323', 'image' => '20220708081717_SSF.jpg', 'article_date' => '2022-07-08 08:16:50', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '15581', 'article_category_id' => '1', 'title' => 'SC Orders Government to Give Continuity to Adhikari as NAC Executive Chair ', 'sub_title' => '', 'summary' => 'July 8: The Supreme Court has issued an interlocutory order asking the government to give continuity to Yubaraj Adhikari as the executive chairperson of Nepal Airlines Corporation (NAC). ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">July 8: The Supreme Court has issued an interlocutory order asking the government to give continuity to Yubaraj Adhikari as the executive chairperson of Nepal Airlines Corporation (NAC). </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Adhikari was appointed for a four-year term by the government, so his term needs to be enforced, the apex court said. Meanwhile, the SC also prohibited newly-appointed General Manager of NAC, Dipu Raj Jwarchan, from carrying out his responsibilities until further notice. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Adhikari was appointed by the government on October 28, 2021. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Petitioner Adhikari's appointment letter had explicitly mentioned that he was appointed for four years' term but a wrong provision of NAC Act, 2019 was invoked by the government to sack him. </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"">Section 20 of the NAC Act, 2019 does not allow the government to suspend and sack the executive chairperson of the NAC, the SC stated. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2022-07-08', 'modified' => '2022-07-08', 'keywords' => '', 'description' => '', 'sortorder' => '15322', 'image' => '20220708081637_20220701033256_Supreme Court.jpg', 'article_date' => '2022-07-08 08:15:47', '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' => '15595', 'article_category_id' => '1', 'title' => 'NRB Seeks Suggestions for Monetary Policy ', 'sub_title' => '', 'summary' => 'July 11: The Nepal Rastra Bank (NRB) has sought suggestions from all quarters for the upcoming monetary policy. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">July 11: The Nepal Rastra Bank (NRB) has sought suggestions from all quarters for the new monetary policy. The NRB said it is seeking suggestions from the stakeholders for the monetary policy for the Fiscal Year 2022/23 as per the NRB Act, 2058. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Clause 44 of Section-5 under the NRB Act has given full authority to the NRB to formulate and implement the monetary policy. For this, the economic investigation department at NRB has said anyone can furnish suggestions through email at monetarypolicy@nrb.org.np. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The NRB had made public the monetary policy for the current fiscal year on July 13, 2021. Generally, the monetary policy is made public a month after the budget announcement. -- RSS </span></span></span><br /> </p> ', 'published' => true, 'created' => '2022-07-11', 'modified' => '2022-07-11', 'keywords' => '', 'description' => '', 'sortorder' => '15336', 'image' => '20220711081144_20220707061750_Nepal_Rastra_Bank2 2.jpg', 'article_date' => '2022-07-11 08:11:11', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '15594', 'article_category_id' => '1', 'title' => 'Export of Cooking Oil Plummets due to India’s Policy to Check Price Hike', 'sub_title' => '', 'summary' => 'July 10: India's policy of curbing the rise in prices of cooking oil in its domestic market has adversely affected Nepal's exports.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Om Prakash Khanal</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">July 10: India's policy of curbing the rise in prices of cooking oil in its domestic market has adversely affected Nepal's exports. Exports of refined oil from Nepal have plummeted after India slashed tariffs on imports of raw materials required to extract oil. Entrepreneurs of Nepal say that if this situation continues, the export of cooking oil will be completely stopped.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">India has waived import duty and agriculture infrastructure development tax on 2 million metric tonnes each for semi-refined soybean and sunflower oil in the current fiscal year and the next fiscal year. On this basis, 8 million tonnes of semi-refined oil will enter India at zero customs duty by March 2024.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">In case of importing more than that amount, 2.5 percent customs duty will be charged. At one time, India raised the tariff to 40 percent to protect its farmers and local producers. Many industries in Nepal also expanded their capacity to take advantage of this opportunity. Now that the import duty has been reduced in India, the investment of Nepal's industry is at risk, says industrialist Suresh Rungta.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Chief Customs Officer of Birgunj Customs Harihar Poudel said that the impact of Indian policy has been seen in oil exports from Nepal. Poudel informed that the export of refined oil from Birgunj, the main export point of the country, has declined in the months of April and May of the current fiscal year.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">India reduced import duty on soybean and sunflower oil and agricultural infrastructure development tax to zero in May. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">“Before that, about 135 tankers of semi-refined oil used to enter from Birgunj daily. At present, hardly 30/35 tankers enter the country in a day,” said Chief Customs Officer. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Entrepreneur Rungta, who is also the operator of Birgunj-based OCB Foods, says that the Indian policy has adversely affected oil exports from Nepal. Import of semi-refined oil in Nepal is subject to 10 percent customs duty and 13 percent value added tax. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Despite India's reduction in import duties, exports were possible for some time on the back of rising prices of semi-refined oil in the international market. Thus, Nepali entrepreneurs were exporting stockpiled oil. The entrepreneur said that due to the war between Russia and Ukraine and the export restrictions imposed by various countries, the stock could not be exported at the current price.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Entrepreneurs say that the possibility of export is over now after India has completely waived taxes. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Refined oil is one of Nepal's major exports. Producers say that the trade deficit will increase after its export is stopped. Former Joint Secretary at the Ministry of Industry, Commerce and Supplies, Ravi Shankar Sainju, says that the export of edible oil is not a lasting solution to reduce trade deficit as the profit depends on the difference in customs rates between Nepal and India which is subject to change. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">“India was aware of the difference in tax rates. Now, due to the current economic crisis, India adopted this policy a little early. Sooner or later, exports would have to stop,” says Sainju.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">He compares the current problems in the oil industry with the situation faced by the vegetable ghee industry. The ghee industry, which had made a good profit by taking advantage of the tariff difference, had collapsed after India imposed quota system on its imports.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Exports from Birgunj have decreased in April and May of the current fiscal year as compared to the corresponding period of the last fiscal year. Altogether 2,244 tonnes of soybean oil has been exported to India in May this year. This amount was 22,200 tons in the same month last year. Similarly, the export of sunflower oil has also declined significantly.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-07-10', 'modified' => '2022-07-10', 'keywords' => '', 'description' => '', 'sortorder' => '15335', 'image' => '20220710061616_soybean.jpg', 'article_date' => '2022-07-10 18:15:23', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '15593', 'article_category_id' => '1', 'title' => '746 Big Industries Registered in 27 Years', 'sub_title' => '', 'summary' => 'July 10: A survey conducted by the Central Bureau of Statistics has found that 746 large industries have been opened in Nepal in a span of 27 years from 1992 to 2019.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">July 10: A survey conducted by the Central Bureau of Statistics has found that 746 large industries have been opened in Nepal in a span of 27 years from 1992 to 2019.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">According to the survey, there were 4,281 large industrial establishments in Nepal in 1992, which increased to 5,017 by 2019. According to the survey, the number of people involved in large industrial establishments increased by 64,707 in the same period from 223,000 in 1992 to 288,000 in 2019.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Meanwhile, Anjaan Neupane, an expert on foreign investment, says the number of industries added during this period is unsatisfactory. He stated that if there had been an investment-friendly environment, more number of big industries would have been established by now. According to Neupane, the state is to blame for the lack of adequate industrialization in Nepal. He said that different rules and multiple taxation imposed on companies after the country went into federalism discouraged investors.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Former Industry and Commerce Secretary, Chandra Kumar Ghimire also says that the environment is still not investment friendly in the country. According to him, the state is failing to attract investment even though there are countless possibilities within the country. He said that despite some increase in investment in hydropower, manufacturing, tourism and service sectors, investment in agriculture, physical infrastructure, information technology, mining and minerals on the other hand is weak. Ghimire said that Nepal is still unable to convince investors.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">“We have not been able to create an environment of trust for investment. Introduction of laws related to startups has also been delayed,” he said.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">The industrial survey revealed that the country's industrial sector is completely affected by the Covid-19 pandemic. According to the survey, 63 percent of industries completely shut down due to the prohibitory order imposed for the prevention and control of the pandemic. The report mentions that 24 percent of the industrial establishments are partially operational and the remaining 13 percent are fully operational. According to the survey, about 17 percent of the workers had to quit their jobs permanently without any facilities during the restriction period.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">It is also mentioned in the report that 60 percent of the workers were temporarily jobless without pay due to the impact of Covid-19. Similarly, the survey shows that the salary of 11 percent workers was partially reduced and the remaining 12 percent received the salary later than the stipulated time. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">According to the survey, 60,185 industries operating in Nepal have assets worth Rs 619 billion. These industries provide employment to 381,687 people. According to the department, this figure is based on the data of the fiscal year 2075/76.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">According to the survey, the above mentioned industries paid a salary of Rs 107.89 billion in 2019. A total of 76 percent of the industrial establishments operate for 270 days, 19 percent for 180 to 269 days, 4 percent for 90 to 179 days and 1 percent for less than 90 days. The industries operate at 25 to 99 percent of their total production capacity.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">The main reasons for not operating at full capacity lack of market or lack of demand (46 percent), lack of raw materials (10 percent), lack of resources (8 percent) and lack of skilled workers (8 percent). The number of industries operating for more than 18 hours a day is 1 percent. Similarly, 77 percent of industries operate for 6 to 11 hours a day.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">The survey revealed that the tendency to take loans among small manufacturing industries involving less than 10 people is low. Only 34 percent of such industries took loans from financial institutions. According to the department, 5 percent of small scale industries are in the process of getting loan and 60 percent are not in the process of getting a loan.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Large industries involving more than 10 people are ahead in terms of loans. The report showed that 45 percent of the large industries took loans from banks and financial institutions.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Among the industries operating in the country, 356 are related to mining and quarrying, 56,000 are involved in production, 994 in electricity, gas, steam and air-conditioned services and 2,224 in water supply, sewerage and waste management.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">The survey has shown that the number of employees in the mining and quarrying sector is 5,700. Similarly, 346,000 employees are involved in industrial production, 17,000 in electricity, gas, steam and air-conditioned services and 12,500 employees in water supply, sewerage and waste management sectors. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-07-10', 'modified' => '2022-07-10', 'keywords' => '', 'description' => '', 'sortorder' => '15334', 'image' => '20220710030230_Industries.jpg', 'article_date' => '2022-07-10 15:01:47', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '15592', 'article_category_id' => '1', 'title' => 'Export of Jewelry up by 40 Percent', 'sub_title' => '', 'summary' => 'uly 10: Nepal exported gold jewelry worth Rs 485.32 million as of mid-June of the current fiscal year. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">July 10: Nepal exported gold jewelry worth Rs 485.32 million as of mid-June of the current fiscal year. Nepal has been exporting gold jewelry since the last fiscal year. As per the data of the Department of Customs, the export of jewelry has been increasing of late.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">The exports of gold jewelry has increased by 40 percent during the review period. Gold jewelry worth Rs 345.11 million was exported during the same period of last fiscal year. This time, the export of jewelry increased by Rs 135.1 million. On the basis of quantity, jewelry weighing 55 kg and 514 grams were exported in the review period.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Gold jewelry is being exported since last fiscal year after the Department of Customs issued its harmonic code. Entrepreneurs say that the export of gold jewelry is increasing lately.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">According to statistics, Nepal exports gold jewelry to the United States, Australia and Hong Kong. Of these three countries, the maximum export was made to the United States. Jewelry worth Rs 411.6 million was exported to the United States during the review period. Likewise, jewelry worth Rs 52.7 million was exported to Hong Kong and Rs 18.8 million to Australia.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Prior to this, Nepal had exported gold jewelry worth Rs 1.516 million to China six years ago in the fiscal year 2072/73. After that, insignificant amount of gold jewelry may have been exported, says a businessman. As per the businessmen, since the last fiscal year, the export of gold jewelry started in large scale.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Lately, the number of Nepalis living in countries like the USA, Hong Kong and Australia is increasing. They are the ones who make demand for gold ornaments made in Nepal.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Officials of the Federation of Gold and Silver Dealers Association say that the people living abroad are demanding traditional Nepali jewelry.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">The Non Resident Nepalese (NRNs) make demand of the jewelry that cannot be made abroad. They demand jewelry like tilhari and bangles which are not made abroad. Some businessmen have also started exporting Nepal's original jewelry by contacting businessmen abroad.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-07-10', 'modified' => '2022-07-10', 'keywords' => '', 'description' => '', 'sortorder' => '15333', 'image' => '20220710021055_jewellry.jpg', 'article_date' => '2022-07-10 14:10:11', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '15591', 'article_category_id' => '1', 'title' => 'Government Introduces New Provisions for Land Leasehold ', 'sub_title' => '', 'summary' => 'July 10: The government has introduced new provisions for giving land owned by the government on lease up to 40 years. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">July 10: The government has introduced new provisions for giving land owned by the government on lease up to 40 years. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The government has issued an action plan relating to the registration and utilization of public land and providing it on lease, 2079 BS in the Nepal Gazette. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the new provisions, foreign diplomatic missions and UN-affiliated bodies in the country, inter-governmental organisations, universities, board committees or other autonomous organisations established under the province government or local levels and any organisation registered in the Federal government, province government or the local level shall be eligible for acquiring land on lease. Moreover, it can be given to an individual as well. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The period of lease shall be for five years (short-term), 15 years (mid-term) and 40 years (long-term). </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Any organisation meeting criteria for demanding the land on lease or any interested individual shall apply for it and the application charge has been fixed at Rs 5,000. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The work procedures require statements justifying reasons for demanding the land on lease and an action plan as well. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Moreover, recommendations of respective local level executive, recommendation of the Ministry of Foreign Affairs in case of foreign diplomatic missions and UN-affiliated intergovernmental organizations are necessary to proceed with getting the land on lease. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">In addition to this, the recommendation of the District Disaster Management Committee stating that it does not need the land for disaster management is also demanded by the procedure. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">There shall be a recommendation committee coordinated by Chief District Officer to make recommendations for the use or lease of government land. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2022-07-10', 'modified' => '2022-07-10', 'keywords' => '', 'description' => '', 'sortorder' => '15332', 'image' => '20220710085757_new_logo.jpg', 'article_date' => '2022-07-10 08:57:18', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '15590', 'article_category_id' => '1', 'title' => 'Consumer Rights Activists Draw Government's Attention to Spiraling Inflation ', 'sub_title' => '', 'summary' => 'July 10: The Consumer Awareness Campaign Nepal (CACN), an organisation working in the consumer's rights sector, has drawn the attention of the government on controlling the spiraling inflation. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">July 10: The Consumer Awareness Campaign Nepal (CACN), an organisation working in the consumer's rights sector, has drawn the attention of the government on controlling the spiraling inflation. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The campaigners on Thursday met with the Chief Secretary Shanker Das Bairagi and the officials of the Ministry of Industry, Commerce and Supplies and the Department of Commerce, Supplies and Consumer Protection in this connection. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">A delegation led by the Campaign's president Krishna Prasad Bhandari Marseli submitted a memorandum and urged the government to immediately control the market price hike. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The memorandum states that unfair business practices such as cartelling, monopoly and unlawful activities have been taking place in the market. It also points out that the market monitoring was also not meaningful and effective. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The memorandum suggests adopting a policy of market intervention and supplying the daily essential commodities through the Food Management and Trading Company and the Salt Trading Corporation Limited to ease the supply system and control the market prices. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">It has also called on the Ministry of Industry, Commerce and Supplies to analyze the gate price of goods at the industries and customs points. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2022-07-10', 'modified' => '2022-07-10', 'keywords' => '', 'description' => '', 'sortorder' => '15331', 'image' => '20220710084948_market monitoring.jpg', 'article_date' => '2022-07-10 08:49:08', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '15589', 'article_category_id' => '1', 'title' => 'Infection of Nairobi Fly Reported with the Onset of Monson', 'sub_title' => '', 'summary' => 'July 10: Two persons infected by poisonous Nairobi fly are receiving treatment at Civil Hospital in Kathmandu. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">July 10: Two persons infected by poisonous Nairobi fly are receiving treatment at Civil Hospital in Kathmandu. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The patients have shown severe skin infections caused due to contact with the acid released by the fly, said Dr Gokarna Dahal, chief of the Vector Borne Disease Control Section under the Epidemiology and Infectious Disease Control Division. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Three to four infection cases were reported in the country last year too, he said, adding that it has now been reported in eastern Nepal and Kanchanpur district. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"The infection has been confirmed in the country. It is non-communicable and does not turn into a pandemic", he added. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">According to Dr Dahal, the fly seems to have reproduced in Nepal instead of migrating from foreign countries.</span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Although the infection has been reported, there is no need to panic, opined Dr Dahal. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The fly releases poisonous acid when it comes in contact with the human body, causing skin rashes and itchy skin, he stated. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Dahal further said "Most of the infected people get recovered without any medical treatment. One needs treatment when the problem persists." -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-07-10', 'modified' => '2022-07-10', 'keywords' => '', 'description' => '', 'sortorder' => '15330', 'image' => '20220710084209_maxresdefault.jpg', 'article_date' => '2022-07-10 08:40:42', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '15587', 'article_category_id' => '1', 'title' => 'Role of Finance Secretary also Suspicious', 'sub_title' => '', 'summary' => 'July 8: The then Finance Minister Janardan Sharma and the entire finance ministry courted controversy soon after the budget for the upcoming fiscal year (FY 2022/23) was unveiled on May 29.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Bijay Damase </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">July 8: The then Finance Minister Janardan Sharma and the entire finance ministry courted controversy soon after the budget for the upcoming fiscal year (FY 2022/23) was unveiled on May 29. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Sharma has been accused of changing the tax rates in favour of certain business houses. It was also reported that Sharma had allowed unauthorized persons to enter the ministry on the eve of the budget announcement, drawing criticism from all quarters. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Sharma on the other hand has been maintaining his innocence. The main opposition party CPN UML has demanded the government to show CCTV footage to prove that unauthorized persons had not entered the ministry on May 28. In an interview with a television channel, Sharma said that the UML will not be shown that video. Later, Sharma made an irresponsible remark that the video has been deleted although the ministry is required to maintain video records of at least three months.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">As the controversy reached its climax, Sharma resigned from the post of finance minister. An 11-member parliamentary special probe committee has been formed to investigate into the issue.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">In this entire controversy, the role of Finance Secretary Madhu Kumar Marasini, who enjoys the authority to make ministerial-level decisions, seems to be dubious.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">If the unauthorized persons had indeed entered the ministry on the eve of budget announcement on May 28, he should have made efforts to stop them. Had he failed to do so, he should have revealed everything in a display of high moral standard. However, he failed in this front. He remained silent even when the issue got heated. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">If any unauthorized person had not entered the ministry, he should have defended the ministry by all means. His silence indicates that either he was fearful of the then Finance Minister Janardan Sharma or he was trying to hide the wrongdoings of the minister.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">The reply given to those seeking CCTV footage by the ministry staffers has also dragged Marasini into controversy. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">The ministry had told the secretary of Consumer Welfare Protection Forum Jaya Prasad Poudel that the CCTV footage will be gradually deleted after 13 days. The ministry’s response is against the CCTV Installation and Operation Work Procedure 2072 issued by the Ministry of Home Affairs, which clearly states that the CCTV footage should be maintained for at least three months.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">The work procedure further mentions that the CCTV footage should be immediately made available to the Nepal Police or other government agencies for investigation if needed.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Former Chief Secretary Bimal Prasad Koirala argues that a government secretary has more knowledge about the CCTV footage than a minister. He says that the finance secretary should also step down on moral grounds along with the finance minister.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Koirala, who is also a former finance secretary, said that the government must initiate an investigation against Marasini as well.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">It is believed that the finance ministry officials said the CCTV footage has been deleted upon the instruction of Marasini because he is the second in command in the ministry. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif""> The then Financial Comptroller General Marasisi was called to the finance ministry at the behest of Sharma.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Since he was close to the Maoists, Sharma removed the then finance secretary Sishir Dhungana and appointed Marasini in his place.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">A government source told New Business Age that Marasini did not dare to speak against Sharma because of this compulsion.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">CPN UML’s chief whip Bishal Bhattarai argues that the core team of the finance ministry headed by Janardan Sharma has betrayed the country by formulating a controversial budget.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">“It is not possible that the finance secretary can get away from it without taking moral responsibility,” says Bhattarai, adding, “All of them would have landed in jail if such incident had happened in developed country. We will bring all of them to justice.”</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">When the situation went out of control due to pressure in parliament and on the streets demanding resignation of Sharma, Marasini took an indefinite leave on Wednesday but returned back to office the very next day after Sharma resigned from his post.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Another finance secretary Krishna Hari Pushkar was in Australia at that time.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">The ministry currently lacks a minister at a time when the economy is in crisis. Although arrangements have been made for the prime minister to look after the finance ministry, experts say that a proper minister is needed during such challenging times.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-07-08', 'modified' => '2022-07-08', 'keywords' => 'Role, finance, secretary, economy, ministry, Janardan, Sharma, Marasini, Madhu, Kumar, suspicious, dubious, budget, unauthorised, CCTV, footage', 'description' => '', 'sortorder' => '15329', 'image' => '20220708040524_budget new.jpg', 'article_date' => '2022-07-08 16:04:35', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '15588', 'article_category_id' => '1', 'title' => 'Japan’s Longest-Serving PM Shinzo Abe Shot Dead', 'sub_title' => 'Abe is Best known for his “Abenomics” Policy of Aggressive Monetary Easing and Fiscal Spending', 'summary' => 'July 8: Shinzo Abe, Japan's longest-serving prime minister died on Friday hours after he was shot while campaigning for a parliamentary election.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Agencies</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">July 8: Shinzo Abe, Japan's longest-serving prime minister who launched his "Abenomics" policies to lift the economy out of deflation, beefed up Japan's military and sought to counter China's growing clout in a historic two-term tenure died on Friday hours after he was shot while campaigning for a parliamentary election. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The unexpected event shocked a country in which political violence is rare and guns are tightly controlled, Reuters reported.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">According to the news agency, the yen rose and Japan's Nikkei index fell on news of the shooting, partially driven by a knee-jerk flight to safety.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Police said a 41-year-old man suspected of carrying out the shooting had been arrested. NHK quoted the suspect as telling police he was dissatisfied with Abe and wanted to kill him.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">It was the first assassination of a sitting or former Japanese premier since the days of prewar militarism in 1936.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The 67-year old Abe is best known for his “Abenomics” policy of aggressive monetary easing and fiscal spending. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">He launched the three-pronged "Abenomics" strategy to beat persistent deflation and revive economic growth with hyper-easy monetary policy and fiscal spending, along with structural reform to cope with a fast-aging, shrinking population, Reuters further reported.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">He also bolstered defence spending after years of declines and expanded the military’s ability to project power abroad.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">In a historic shift in 2014, his government reinterpreted the postwar, pacifist constitution to allow troops to fight overseas for the first time since World War Two.</span></span></span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-07-08', 'modified' => '2022-07-08', 'keywords' => 'Abe, shot, dead, Japan, Abenomics, prime minister, World War, ', 'description' => '', 'sortorder' => '15328', 'image' => '20220708045422_1657273430.jpg', 'article_date' => '2022-07-08 16:52:54', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '15586', 'article_category_id' => '1', 'title' => 'Credit Flow and Remittances are the Main Causes of Trade Deficit', 'sub_title' => '', 'summary' => 'July 8: A study conducted by Tribhuvan University has concluded that credit flow of banks and financial institutions and remittances are the main reasons for the country’s burgeoning trade deficit.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">July 8: A study conducted by Tribhuvan University has concluded that credit flow of banks and financial institutions and remittances are the main reasons for the country’s burgeoning trade deficit.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">A study on remittances, credit flow to private sector from banks and Nepal’s trade deficit conducted by Tribhuvan University in collaboration with the Confederation of Banks and Financial Institutions Nepal (CBIFIN) has pointed out that half of the banking sector's loans have been found to have contributed to the long-term trade deficit of the country. The report states that one percent of loans from banks and financial institutions contributes to a 0.5 percent trade deficit.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">"If banks and financial institutions expand credit by 1 per cent, half of that will increase the trade deficit," said Professor Dr Shivraj Adhikari, coordinator of the study, and head of the central department of economics at Tribhuvan University.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">The report stated that remittances are also interlinked with increasing the country's trade deficit along with the credit flow of banks. Stating that the trade deficit has increased by 75 per cent due to remittances, the study pointed out that the government should bring a policy to invest remittances compulsorily in projects or should be saved.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Unveiling the report at a press conference on Thursday, the study team coordinator suggested that remittances should be saved in the banks for a longer period or invested in projects. "There should be a policy of holding remittances as bank deposits for at least two years," he said.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">An earlier study by Nepal Rastra Bank had shown that a large portion of remittances was spent on consumption. The report pointed out that remittances have increased consumption which in turn increased the trade deficit. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">According to the Department of Customs, the country's trade deficit has reached Rs 1.577 trillion as of May this year. As of May, goods worth Rs. 1,763.22 billion have been imported while exports amounted to Rs 185.83 billion. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">The growth rate of the trade deficit has not stopped even though the NRB adopted a policy to discourage imports from the beginning of the current fiscal year. The balance of payments has been high due to high imports while the foreign exchange reserves have also started declining. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">NRB Governor Maha Prasad Adhikari has admitting that a large part of the loans of banks and financial institutions have been used for imports.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong> </strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Therefore, the central bank is ready to discourage the use of bank credit in unproductive sector like the import of consumer goods from the upcoming fiscal year.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">At the press conference, CBIFIN also urged the central bank to take a policy of expanding investment in the productive sector in order to promote exports. It has urged the central bank to continue the crackdown on imports of unnecessary and luxury goods. CBIFIN Chairman Pawan Kumar Golyan said that a policy should be brought in to reduce the interest rate on loans to the productive sector.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-07-08', 'modified' => '2022-07-08', 'keywords' => '', 'description' => '', 'sortorder' => '15327', 'image' => '20220708021520_Remittance.jpg', 'article_date' => '2022-07-08 14:14:47', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '15584', 'article_category_id' => '1', 'title' => 'Vivo Announces its Partnership as the Official Sponsor of FIFA World Cup 2022', 'sub_title' => '', 'summary' => 'July 8: FIFA World Cup is one of the most prominent international football tournaments.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">July 8: FIFA World Cup is one of the most prominent international football tournaments. People from all over the world have eyes fixed on this mega event. Vivo has announced its partnership as the official smart phone partner of the FIFA World Cup 2022 which kicks off in Qatar on November 21.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Vivo said in a statement that it has been the official smartphone partner of the FIFA World Cup for two editions since 2017. Therefore, through this partnership, Vivo plans to leverage its rights for the FIFA World Cup, using official emblem, official brand identities, and running unique promotions to connect with passionate football fans globally.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Expressing excitement on the partnership, CEO of Vivo Nepal said, “This collaboration with the</span></span><strong> </strong><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">FIFA World Cup Qatar 2022 is a defining moment for Vivo. Football, termed as the ‘Beautiful Game’ has the power to bring joy to billions around the world and bring them together regardless of their age, race, gender and culture. Indeed, it has a truly global reach – it has the ability to influence and inspire billions around the world, making the iconic FIFA World Cup Qatar 2022 an ideal stage for vivo as we expand our presence across more than 60 countries and regions across the globe.” </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">The CEO added that this partnership reflects Vivo’s inherent value of promoting sports that help inspire joy among millions and provide a unique experience for consumers worldwide.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Since its debut in South Asia, Vivo said it is focused and committed to making superb product experiences available to local customers. Vivo managed to gain rapid market growth share due to its localized product and marketing strategies, the statement added. Vivo further pledged to continue putting users at the center and constantly innovating to deliver pioneering smart phone technologies.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong> </strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong> </strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong> </strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong> </strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong> </strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong> </strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong> </strong></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-07-08', 'modified' => '2022-07-08', 'keywords' => '', 'description' => '', 'sortorder' => '15326', 'image' => '20220708013259_pjimage-34-10.jpg', 'article_date' => '2022-07-08 13:32:13', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '15585', 'article_category_id' => '1', 'title' => 'Construction of Nagdhunga Tunnel 56 Percent Complete', 'sub_title' => '', 'summary' => 'July 8: The construction of Nagdhunga tunnel, which was supposed to be completed within 42 months from the start of the project, is now 56 percent complete.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">July 8: The construction of Nagdhunga tunnel, which was supposed to be completed within 42 months from the start of the project, is now 56 percent complete. The total length of the tunnel is projected to be 5.7 km.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">The project made such progress despite hurdles like the Covid-19 pandemic, prohibitory order as well as the obstruction from the locals. The foundation stone of the tunnel was laid by the then Prime Minister KP Sharma Oli in October, 2019. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif""> According to the details provided by the project, a total of 3,072 meters of work has been completed including the main, auxiliary, audit and cross passages. Of them, 1,377 meters are dug on the east and west sides of the main tunnel and 1,507 meters on both sides of the auxiliary tunnel.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Among the other structures of the project, two underpasses have been constructed. There are plans to build three underpasses in the project. Similarly, 4 box culverts, 1 overpass and 3 bridges have also been constructed. The flyover is under construction. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Japanese construction company Hazama Ando Corporation had demanded an extension of deadline as the work was delayed due to the pandemic, restrictions and a few days of interruption by the locals.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">The deadline of the project has been extended by three months after assessing the situation. An agreement was reached between the Government of Nepal and the Japan International Cooperation Agency (JICA) in 2016 to construct the tunnel. The total cost of the tunnel is estimated to be around Rs 22 billion, of which JICA will bear Rs 16 billion and the Government of Nepal will bear Rs 6 billion. According to the project, the financial progress is 45.50 percent.</span></span></span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-07-08', 'modified' => '2022-07-10', 'keywords' => '', 'description' => '', 'sortorder' => '15325', 'image' => '20220708015827_Untitled.jpg', 'article_date' => '2022-07-08 13:57:46', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '15583', 'article_category_id' => '1', 'title' => 'FNCCI to Organize Nepal China Investment Summit', 'sub_title' => '', 'summary' => 'July 8: The Federation of Nepalese Chambers of Commerce and Industry (FNCCI) is preparing to hold a Nepal-China Investment Summit.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">July 8: The Federation of Nepalese Chambers of Commerce and Industry (FNCCI) is preparing to hold a Nepal-China Investment Summit. FNCCI announced that the summit is being held with the objective of attracting Chinese investment in Nepal.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">FNCCI has requested the Nepalese Embassy in Beijing, China to assist for the summit. Senior Vice President of FNCCI, Chandra Prasad Dhakal and newly appointed Nepali Ambassador to the People's Republic of China Bishnu Pukar Shrestha held a meeting on Thursday regarding the summit where Dhakal made such request. The FNCCI expects Ambassador Shrestha to play a leading role in China's cooperation with Nepal at the summit.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Dhakal also stressed on the necessity of promoting Chinese investment in Nepal. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">“We need diplomatic efforts to bring in Chinese investment. The private sector expects the assistance of the embassy to promote the export of Nepali goods to China and increase Chinese tourists in Nepal,” said Dhakal.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Dhakal, who is currently the acting president of the federation, emphasized on the need to make the relationship between FNCCI and the All-China Federation of Industry and Commerce (ACFIC) and the China Council for the Promotion of International Trade (CCPIT) more fruitful. He said that the federation is ready for cooperation in bringing investment, technology and skills by expanding economic and trade relations between the two countries through the Nepal China Non-Governmental Cooperation Forum established in 1996 with the support of the governments of the two countries.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">After the meeting, Ambassador Shrestha stated that the discussions with the federation were fruitful. He said that he would take suggestions from the federation and move forth accordingly by prioritizing those suggestions.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Former President of the federation and Joint President of Nepal-China Non-Governmental Cooperation Forum Binod Bahadur Shrestha, former President of the Federation Suraj Baidya, Director General of the Federation Gokarna Awasthi and Deputy Director Arun Shrestha were present at the meeting.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-07-08', 'modified' => '2022-07-08', 'keywords' => '', 'description' => '', 'sortorder' => '15324', 'image' => '20220708010938_Flag-Pins-Nepal-China.jpg', 'article_date' => '2022-07-08 13:08:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '15582', 'article_category_id' => '1', 'title' => 'Social Security to Cover Informal Sector and Self-Employed Workers: Labour Minister', 'sub_title' => '', 'summary' => 'July 8: Newly-appointed Minister for Labour, Employment and Social Security, Sher Bahadur Kunwar, has said the coverage of social security would be expanded to the informal sector workers.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">July 8: Newly-appointed Minister for Labour, Employment and Social Security, Sher Bahadur Kunwar, has said the coverage of social security would be expanded to the informal sector workers. </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"">Speaking at a programme organised by the Tarai Development and Communications Centre on Thursday, Labour Minister Kunwar said that Nepali citizens working in the informal sector as well as the ones who are self-employed and those working in foreign employment would be included in the social security fund. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">At present, only the workers of the formal sector are covered by the social security fund. A total of 344,248 contributors and 17,156 employers are associated with the fund so far. The fund has been making work procedure in order to bring the workers of the informal sector under its coverage from the upcoming fiscal year. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Minister Kunwar further said that the facilities provided by the fund would be increased. The fund has been providing financial support to contributors under four types of schemes--Accidental and Disability Protection Scheme, Medical and Safe Maternity Scheme, Dependent Protection Scheme and Pension Scheme. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, Secretary at the Labour Ministry Ek Narayan Aryal shared that workers who are in overseas employment would be associated with the fund and they would be provided concessional loan upon their return in order to make them entrepreneurs. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The fund would provide loan on different topics to contributors from August 17. A total of Rs 19.62 billion has been deposited in the fund so far. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Executive Director of the fund, Kapil Mani Gyawali, shared that the fund has forwarded short-term, mid-term and long-term plans to reduce the possible risks that might occur in workers' life. -- RSS </span></span></span><br /> </p> ', 'published' => true, 'created' => '2022-07-08', 'modified' => '2022-07-08', 'keywords' => '', 'description' => '', 'sortorder' => '15323', 'image' => '20220708081717_SSF.jpg', 'article_date' => '2022-07-08 08:16:50', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '15581', 'article_category_id' => '1', 'title' => 'SC Orders Government to Give Continuity to Adhikari as NAC Executive Chair ', 'sub_title' => '', 'summary' => 'July 8: The Supreme Court has issued an interlocutory order asking the government to give continuity to Yubaraj Adhikari as the executive chairperson of Nepal Airlines Corporation (NAC). ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">July 8: The Supreme Court has issued an interlocutory order asking the government to give continuity to Yubaraj Adhikari as the executive chairperson of Nepal Airlines Corporation (NAC). </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Adhikari was appointed for a four-year term by the government, so his term needs to be enforced, the apex court said. Meanwhile, the SC also prohibited newly-appointed General Manager of NAC, Dipu Raj Jwarchan, from carrying out his responsibilities until further notice. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Adhikari was appointed by the government on October 28, 2021. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Petitioner Adhikari's appointment letter had explicitly mentioned that he was appointed for four years' term but a wrong provision of NAC Act, 2019 was invoked by the government to sack him. </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"">Section 20 of the NAC Act, 2019 does not allow the government to suspend and sack the executive chairperson of the NAC, the SC stated. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2022-07-08', 'modified' => '2022-07-08', 'keywords' => '', 'description' => '', 'sortorder' => '15322', 'image' => '20220708081637_20220701033256_Supreme Court.jpg', 'article_date' => '2022-07-08 08:15:47', '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' => '15595', 'article_category_id' => '1', 'title' => 'NRB Seeks Suggestions for Monetary Policy ', 'sub_title' => '', 'summary' => 'July 11: The Nepal Rastra Bank (NRB) has sought suggestions from all quarters for the upcoming monetary policy. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">July 11: The Nepal Rastra Bank (NRB) has sought suggestions from all quarters for the new monetary policy. The NRB said it is seeking suggestions from the stakeholders for the monetary policy for the Fiscal Year 2022/23 as per the NRB Act, 2058. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Clause 44 of Section-5 under the NRB Act has given full authority to the NRB to formulate and implement the monetary policy. For this, the economic investigation department at NRB has said anyone can furnish suggestions through email at monetarypolicy@nrb.org.np. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The NRB had made public the monetary policy for the current fiscal year on July 13, 2021. Generally, the monetary policy is made public a month after the budget announcement. -- RSS </span></span></span><br /> </p> ', 'published' => true, 'created' => '2022-07-11', 'modified' => '2022-07-11', 'keywords' => '', 'description' => '', 'sortorder' => '15336', 'image' => '20220711081144_20220707061750_Nepal_Rastra_Bank2 2.jpg', 'article_date' => '2022-07-11 08:11:11', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '15594', 'article_category_id' => '1', 'title' => 'Export of Cooking Oil Plummets due to India’s Policy to Check Price Hike', 'sub_title' => '', 'summary' => 'July 10: India's policy of curbing the rise in prices of cooking oil in its domestic market has adversely affected Nepal's exports.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Om Prakash Khanal</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">July 10: India's policy of curbing the rise in prices of cooking oil in its domestic market has adversely affected Nepal's exports. Exports of refined oil from Nepal have plummeted after India slashed tariffs on imports of raw materials required to extract oil. Entrepreneurs of Nepal say that if this situation continues, the export of cooking oil will be completely stopped.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">India has waived import duty and agriculture infrastructure development tax on 2 million metric tonnes each for semi-refined soybean and sunflower oil in the current fiscal year and the next fiscal year. On this basis, 8 million tonnes of semi-refined oil will enter India at zero customs duty by March 2024.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">In case of importing more than that amount, 2.5 percent customs duty will be charged. At one time, India raised the tariff to 40 percent to protect its farmers and local producers. Many industries in Nepal also expanded their capacity to take advantage of this opportunity. Now that the import duty has been reduced in India, the investment of Nepal's industry is at risk, says industrialist Suresh Rungta.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Chief Customs Officer of Birgunj Customs Harihar Poudel said that the impact of Indian policy has been seen in oil exports from Nepal. Poudel informed that the export of refined oil from Birgunj, the main export point of the country, has declined in the months of April and May of the current fiscal year.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">India reduced import duty on soybean and sunflower oil and agricultural infrastructure development tax to zero in May. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">“Before that, about 135 tankers of semi-refined oil used to enter from Birgunj daily. At present, hardly 30/35 tankers enter the country in a day,” said Chief Customs Officer. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Entrepreneur Rungta, who is also the operator of Birgunj-based OCB Foods, says that the Indian policy has adversely affected oil exports from Nepal. Import of semi-refined oil in Nepal is subject to 10 percent customs duty and 13 percent value added tax. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Despite India's reduction in import duties, exports were possible for some time on the back of rising prices of semi-refined oil in the international market. Thus, Nepali entrepreneurs were exporting stockpiled oil. The entrepreneur said that due to the war between Russia and Ukraine and the export restrictions imposed by various countries, the stock could not be exported at the current price.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Entrepreneurs say that the possibility of export is over now after India has completely waived taxes. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Refined oil is one of Nepal's major exports. Producers say that the trade deficit will increase after its export is stopped. Former Joint Secretary at the Ministry of Industry, Commerce and Supplies, Ravi Shankar Sainju, says that the export of edible oil is not a lasting solution to reduce trade deficit as the profit depends on the difference in customs rates between Nepal and India which is subject to change. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">“India was aware of the difference in tax rates. Now, due to the current economic crisis, India adopted this policy a little early. Sooner or later, exports would have to stop,” says Sainju.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">He compares the current problems in the oil industry with the situation faced by the vegetable ghee industry. The ghee industry, which had made a good profit by taking advantage of the tariff difference, had collapsed after India imposed quota system on its imports.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Exports from Birgunj have decreased in April and May of the current fiscal year as compared to the corresponding period of the last fiscal year. Altogether 2,244 tonnes of soybean oil has been exported to India in May this year. This amount was 22,200 tons in the same month last year. Similarly, the export of sunflower oil has also declined significantly.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-07-10', 'modified' => '2022-07-10', 'keywords' => '', 'description' => '', 'sortorder' => '15335', 'image' => '20220710061616_soybean.jpg', 'article_date' => '2022-07-10 18:15:23', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '15593', 'article_category_id' => '1', 'title' => '746 Big Industries Registered in 27 Years', 'sub_title' => '', 'summary' => 'July 10: A survey conducted by the Central Bureau of Statistics has found that 746 large industries have been opened in Nepal in a span of 27 years from 1992 to 2019.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">July 10: A survey conducted by the Central Bureau of Statistics has found that 746 large industries have been opened in Nepal in a span of 27 years from 1992 to 2019.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">According to the survey, there were 4,281 large industrial establishments in Nepal in 1992, which increased to 5,017 by 2019. According to the survey, the number of people involved in large industrial establishments increased by 64,707 in the same period from 223,000 in 1992 to 288,000 in 2019.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Meanwhile, Anjaan Neupane, an expert on foreign investment, says the number of industries added during this period is unsatisfactory. He stated that if there had been an investment-friendly environment, more number of big industries would have been established by now. According to Neupane, the state is to blame for the lack of adequate industrialization in Nepal. He said that different rules and multiple taxation imposed on companies after the country went into federalism discouraged investors.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Former Industry and Commerce Secretary, Chandra Kumar Ghimire also says that the environment is still not investment friendly in the country. According to him, the state is failing to attract investment even though there are countless possibilities within the country. He said that despite some increase in investment in hydropower, manufacturing, tourism and service sectors, investment in agriculture, physical infrastructure, information technology, mining and minerals on the other hand is weak. Ghimire said that Nepal is still unable to convince investors.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">“We have not been able to create an environment of trust for investment. Introduction of laws related to startups has also been delayed,” he said.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">The industrial survey revealed that the country's industrial sector is completely affected by the Covid-19 pandemic. According to the survey, 63 percent of industries completely shut down due to the prohibitory order imposed for the prevention and control of the pandemic. The report mentions that 24 percent of the industrial establishments are partially operational and the remaining 13 percent are fully operational. According to the survey, about 17 percent of the workers had to quit their jobs permanently without any facilities during the restriction period.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">It is also mentioned in the report that 60 percent of the workers were temporarily jobless without pay due to the impact of Covid-19. Similarly, the survey shows that the salary of 11 percent workers was partially reduced and the remaining 12 percent received the salary later than the stipulated time. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">According to the survey, 60,185 industries operating in Nepal have assets worth Rs 619 billion. These industries provide employment to 381,687 people. According to the department, this figure is based on the data of the fiscal year 2075/76.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">According to the survey, the above mentioned industries paid a salary of Rs 107.89 billion in 2019. A total of 76 percent of the industrial establishments operate for 270 days, 19 percent for 180 to 269 days, 4 percent for 90 to 179 days and 1 percent for less than 90 days. The industries operate at 25 to 99 percent of their total production capacity.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">The main reasons for not operating at full capacity lack of market or lack of demand (46 percent), lack of raw materials (10 percent), lack of resources (8 percent) and lack of skilled workers (8 percent). The number of industries operating for more than 18 hours a day is 1 percent. Similarly, 77 percent of industries operate for 6 to 11 hours a day.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">The survey revealed that the tendency to take loans among small manufacturing industries involving less than 10 people is low. Only 34 percent of such industries took loans from financial institutions. According to the department, 5 percent of small scale industries are in the process of getting loan and 60 percent are not in the process of getting a loan.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Large industries involving more than 10 people are ahead in terms of loans. The report showed that 45 percent of the large industries took loans from banks and financial institutions.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Among the industries operating in the country, 356 are related to mining and quarrying, 56,000 are involved in production, 994 in electricity, gas, steam and air-conditioned services and 2,224 in water supply, sewerage and waste management.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">The survey has shown that the number of employees in the mining and quarrying sector is 5,700. Similarly, 346,000 employees are involved in industrial production, 17,000 in electricity, gas, steam and air-conditioned services and 12,500 employees in water supply, sewerage and waste management sectors. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-07-10', 'modified' => '2022-07-10', 'keywords' => '', 'description' => '', 'sortorder' => '15334', 'image' => '20220710030230_Industries.jpg', 'article_date' => '2022-07-10 15:01:47', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '15592', 'article_category_id' => '1', 'title' => 'Export of Jewelry up by 40 Percent', 'sub_title' => '', 'summary' => 'uly 10: Nepal exported gold jewelry worth Rs 485.32 million as of mid-June of the current fiscal year. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">July 10: Nepal exported gold jewelry worth Rs 485.32 million as of mid-June of the current fiscal year. Nepal has been exporting gold jewelry since the last fiscal year. As per the data of the Department of Customs, the export of jewelry has been increasing of late.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">The exports of gold jewelry has increased by 40 percent during the review period. Gold jewelry worth Rs 345.11 million was exported during the same period of last fiscal year. This time, the export of jewelry increased by Rs 135.1 million. On the basis of quantity, jewelry weighing 55 kg and 514 grams were exported in the review period.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Gold jewelry is being exported since last fiscal year after the Department of Customs issued its harmonic code. Entrepreneurs say that the export of gold jewelry is increasing lately.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">According to statistics, Nepal exports gold jewelry to the United States, Australia and Hong Kong. Of these three countries, the maximum export was made to the United States. Jewelry worth Rs 411.6 million was exported to the United States during the review period. Likewise, jewelry worth Rs 52.7 million was exported to Hong Kong and Rs 18.8 million to Australia.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Prior to this, Nepal had exported gold jewelry worth Rs 1.516 million to China six years ago in the fiscal year 2072/73. After that, insignificant amount of gold jewelry may have been exported, says a businessman. As per the businessmen, since the last fiscal year, the export of gold jewelry started in large scale.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Lately, the number of Nepalis living in countries like the USA, Hong Kong and Australia is increasing. They are the ones who make demand for gold ornaments made in Nepal.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Officials of the Federation of Gold and Silver Dealers Association say that the people living abroad are demanding traditional Nepali jewelry.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">The Non Resident Nepalese (NRNs) make demand of the jewelry that cannot be made abroad. They demand jewelry like tilhari and bangles which are not made abroad. Some businessmen have also started exporting Nepal's original jewelry by contacting businessmen abroad.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-07-10', 'modified' => '2022-07-10', 'keywords' => '', 'description' => '', 'sortorder' => '15333', 'image' => '20220710021055_jewellry.jpg', 'article_date' => '2022-07-10 14:10:11', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '15591', 'article_category_id' => '1', 'title' => 'Government Introduces New Provisions for Land Leasehold ', 'sub_title' => '', 'summary' => 'July 10: The government has introduced new provisions for giving land owned by the government on lease up to 40 years. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">July 10: The government has introduced new provisions for giving land owned by the government on lease up to 40 years. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The government has issued an action plan relating to the registration and utilization of public land and providing it on lease, 2079 BS in the Nepal Gazette. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the new provisions, foreign diplomatic missions and UN-affiliated bodies in the country, inter-governmental organisations, universities, board committees or other autonomous organisations established under the province government or local levels and any organisation registered in the Federal government, province government or the local level shall be eligible for acquiring land on lease. Moreover, it can be given to an individual as well. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The period of lease shall be for five years (short-term), 15 years (mid-term) and 40 years (long-term). </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Any organisation meeting criteria for demanding the land on lease or any interested individual shall apply for it and the application charge has been fixed at Rs 5,000. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The work procedures require statements justifying reasons for demanding the land on lease and an action plan as well. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Moreover, recommendations of respective local level executive, recommendation of the Ministry of Foreign Affairs in case of foreign diplomatic missions and UN-affiliated intergovernmental organizations are necessary to proceed with getting the land on lease. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">In addition to this, the recommendation of the District Disaster Management Committee stating that it does not need the land for disaster management is also demanded by the procedure. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">There shall be a recommendation committee coordinated by Chief District Officer to make recommendations for the use or lease of government land. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2022-07-10', 'modified' => '2022-07-10', 'keywords' => '', 'description' => '', 'sortorder' => '15332', 'image' => '20220710085757_new_logo.jpg', 'article_date' => '2022-07-10 08:57:18', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '15590', 'article_category_id' => '1', 'title' => 'Consumer Rights Activists Draw Government's Attention to Spiraling Inflation ', 'sub_title' => '', 'summary' => 'July 10: The Consumer Awareness Campaign Nepal (CACN), an organisation working in the consumer's rights sector, has drawn the attention of the government on controlling the spiraling inflation. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">July 10: The Consumer Awareness Campaign Nepal (CACN), an organisation working in the consumer's rights sector, has drawn the attention of the government on controlling the spiraling inflation. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The campaigners on Thursday met with the Chief Secretary Shanker Das Bairagi and the officials of the Ministry of Industry, Commerce and Supplies and the Department of Commerce, Supplies and Consumer Protection in this connection. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">A delegation led by the Campaign's president Krishna Prasad Bhandari Marseli submitted a memorandum and urged the government to immediately control the market price hike. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The memorandum states that unfair business practices such as cartelling, monopoly and unlawful activities have been taking place in the market. It also points out that the market monitoring was also not meaningful and effective. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The memorandum suggests adopting a policy of market intervention and supplying the daily essential commodities through the Food Management and Trading Company and the Salt Trading Corporation Limited to ease the supply system and control the market prices. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">It has also called on the Ministry of Industry, Commerce and Supplies to analyze the gate price of goods at the industries and customs points. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2022-07-10', 'modified' => '2022-07-10', 'keywords' => '', 'description' => '', 'sortorder' => '15331', 'image' => '20220710084948_market monitoring.jpg', 'article_date' => '2022-07-10 08:49:08', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '15589', 'article_category_id' => '1', 'title' => 'Infection of Nairobi Fly Reported with the Onset of Monson', 'sub_title' => '', 'summary' => 'July 10: Two persons infected by poisonous Nairobi fly are receiving treatment at Civil Hospital in Kathmandu. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">July 10: Two persons infected by poisonous Nairobi fly are receiving treatment at Civil Hospital in Kathmandu. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The patients have shown severe skin infections caused due to contact with the acid released by the fly, said Dr Gokarna Dahal, chief of the Vector Borne Disease Control Section under the Epidemiology and Infectious Disease Control Division. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Three to four infection cases were reported in the country last year too, he said, adding that it has now been reported in eastern Nepal and Kanchanpur district. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"The infection has been confirmed in the country. It is non-communicable and does not turn into a pandemic", he added. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">According to Dr Dahal, the fly seems to have reproduced in Nepal instead of migrating from foreign countries.</span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Although the infection has been reported, there is no need to panic, opined Dr Dahal. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The fly releases poisonous acid when it comes in contact with the human body, causing skin rashes and itchy skin, he stated. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Dahal further said "Most of the infected people get recovered without any medical treatment. One needs treatment when the problem persists." -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-07-10', 'modified' => '2022-07-10', 'keywords' => '', 'description' => '', 'sortorder' => '15330', 'image' => '20220710084209_maxresdefault.jpg', 'article_date' => '2022-07-10 08:40:42', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '15587', 'article_category_id' => '1', 'title' => 'Role of Finance Secretary also Suspicious', 'sub_title' => '', 'summary' => 'July 8: The then Finance Minister Janardan Sharma and the entire finance ministry courted controversy soon after the budget for the upcoming fiscal year (FY 2022/23) was unveiled on May 29.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Bijay Damase </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">July 8: The then Finance Minister Janardan Sharma and the entire finance ministry courted controversy soon after the budget for the upcoming fiscal year (FY 2022/23) was unveiled on May 29. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Sharma has been accused of changing the tax rates in favour of certain business houses. It was also reported that Sharma had allowed unauthorized persons to enter the ministry on the eve of the budget announcement, drawing criticism from all quarters. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Sharma on the other hand has been maintaining his innocence. The main opposition party CPN UML has demanded the government to show CCTV footage to prove that unauthorized persons had not entered the ministry on May 28. In an interview with a television channel, Sharma said that the UML will not be shown that video. Later, Sharma made an irresponsible remark that the video has been deleted although the ministry is required to maintain video records of at least three months.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">As the controversy reached its climax, Sharma resigned from the post of finance minister. An 11-member parliamentary special probe committee has been formed to investigate into the issue.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">In this entire controversy, the role of Finance Secretary Madhu Kumar Marasini, who enjoys the authority to make ministerial-level decisions, seems to be dubious.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">If the unauthorized persons had indeed entered the ministry on the eve of budget announcement on May 28, he should have made efforts to stop them. Had he failed to do so, he should have revealed everything in a display of high moral standard. However, he failed in this front. He remained silent even when the issue got heated. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">If any unauthorized person had not entered the ministry, he should have defended the ministry by all means. His silence indicates that either he was fearful of the then Finance Minister Janardan Sharma or he was trying to hide the wrongdoings of the minister.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">The reply given to those seeking CCTV footage by the ministry staffers has also dragged Marasini into controversy. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">The ministry had told the secretary of Consumer Welfare Protection Forum Jaya Prasad Poudel that the CCTV footage will be gradually deleted after 13 days. The ministry’s response is against the CCTV Installation and Operation Work Procedure 2072 issued by the Ministry of Home Affairs, which clearly states that the CCTV footage should be maintained for at least three months.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">The work procedure further mentions that the CCTV footage should be immediately made available to the Nepal Police or other government agencies for investigation if needed.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Former Chief Secretary Bimal Prasad Koirala argues that a government secretary has more knowledge about the CCTV footage than a minister. He says that the finance secretary should also step down on moral grounds along with the finance minister.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Koirala, who is also a former finance secretary, said that the government must initiate an investigation against Marasini as well.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">It is believed that the finance ministry officials said the CCTV footage has been deleted upon the instruction of Marasini because he is the second in command in the ministry. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif""> The then Financial Comptroller General Marasisi was called to the finance ministry at the behest of Sharma.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Since he was close to the Maoists, Sharma removed the then finance secretary Sishir Dhungana and appointed Marasini in his place.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">A government source told New Business Age that Marasini did not dare to speak against Sharma because of this compulsion.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">CPN UML’s chief whip Bishal Bhattarai argues that the core team of the finance ministry headed by Janardan Sharma has betrayed the country by formulating a controversial budget.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">“It is not possible that the finance secretary can get away from it without taking moral responsibility,” says Bhattarai, adding, “All of them would have landed in jail if such incident had happened in developed country. We will bring all of them to justice.”</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">When the situation went out of control due to pressure in parliament and on the streets demanding resignation of Sharma, Marasini took an indefinite leave on Wednesday but returned back to office the very next day after Sharma resigned from his post.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Another finance secretary Krishna Hari Pushkar was in Australia at that time.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">The ministry currently lacks a minister at a time when the economy is in crisis. Although arrangements have been made for the prime minister to look after the finance ministry, experts say that a proper minister is needed during such challenging times.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-07-08', 'modified' => '2022-07-08', 'keywords' => 'Role, finance, secretary, economy, ministry, Janardan, Sharma, Marasini, Madhu, Kumar, suspicious, dubious, budget, unauthorised, CCTV, footage', 'description' => '', 'sortorder' => '15329', 'image' => '20220708040524_budget new.jpg', 'article_date' => '2022-07-08 16:04:35', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '15588', 'article_category_id' => '1', 'title' => 'Japan’s Longest-Serving PM Shinzo Abe Shot Dead', 'sub_title' => 'Abe is Best known for his “Abenomics” Policy of Aggressive Monetary Easing and Fiscal Spending', 'summary' => 'July 8: Shinzo Abe, Japan's longest-serving prime minister died on Friday hours after he was shot while campaigning for a parliamentary election.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Agencies</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">July 8: Shinzo Abe, Japan's longest-serving prime minister who launched his "Abenomics" policies to lift the economy out of deflation, beefed up Japan's military and sought to counter China's growing clout in a historic two-term tenure died on Friday hours after he was shot while campaigning for a parliamentary election. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The unexpected event shocked a country in which political violence is rare and guns are tightly controlled, Reuters reported.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">According to the news agency, the yen rose and Japan's Nikkei index fell on news of the shooting, partially driven by a knee-jerk flight to safety.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Police said a 41-year-old man suspected of carrying out the shooting had been arrested. NHK quoted the suspect as telling police he was dissatisfied with Abe and wanted to kill him.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">It was the first assassination of a sitting or former Japanese premier since the days of prewar militarism in 1936.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The 67-year old Abe is best known for his “Abenomics” policy of aggressive monetary easing and fiscal spending. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">He launched the three-pronged "Abenomics" strategy to beat persistent deflation and revive economic growth with hyper-easy monetary policy and fiscal spending, along with structural reform to cope with a fast-aging, shrinking population, Reuters further reported.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">He also bolstered defence spending after years of declines and expanded the military’s ability to project power abroad.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">In a historic shift in 2014, his government reinterpreted the postwar, pacifist constitution to allow troops to fight overseas for the first time since World War Two.</span></span></span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-07-08', 'modified' => '2022-07-08', 'keywords' => 'Abe, shot, dead, Japan, Abenomics, prime minister, World War, ', 'description' => '', 'sortorder' => '15328', 'image' => '20220708045422_1657273430.jpg', 'article_date' => '2022-07-08 16:52:54', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '15586', 'article_category_id' => '1', 'title' => 'Credit Flow and Remittances are the Main Causes of Trade Deficit', 'sub_title' => '', 'summary' => 'July 8: A study conducted by Tribhuvan University has concluded that credit flow of banks and financial institutions and remittances are the main reasons for the country’s burgeoning trade deficit.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">July 8: A study conducted by Tribhuvan University has concluded that credit flow of banks and financial institutions and remittances are the main reasons for the country’s burgeoning trade deficit.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">A study on remittances, credit flow to private sector from banks and Nepal’s trade deficit conducted by Tribhuvan University in collaboration with the Confederation of Banks and Financial Institutions Nepal (CBIFIN) has pointed out that half of the banking sector's loans have been found to have contributed to the long-term trade deficit of the country. The report states that one percent of loans from banks and financial institutions contributes to a 0.5 percent trade deficit.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">"If banks and financial institutions expand credit by 1 per cent, half of that will increase the trade deficit," said Professor Dr Shivraj Adhikari, coordinator of the study, and head of the central department of economics at Tribhuvan University.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">The report stated that remittances are also interlinked with increasing the country's trade deficit along with the credit flow of banks. Stating that the trade deficit has increased by 75 per cent due to remittances, the study pointed out that the government should bring a policy to invest remittances compulsorily in projects or should be saved.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Unveiling the report at a press conference on Thursday, the study team coordinator suggested that remittances should be saved in the banks for a longer period or invested in projects. "There should be a policy of holding remittances as bank deposits for at least two years," he said.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">An earlier study by Nepal Rastra Bank had shown that a large portion of remittances was spent on consumption. The report pointed out that remittances have increased consumption which in turn increased the trade deficit. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">According to the Department of Customs, the country's trade deficit has reached Rs 1.577 trillion as of May this year. As of May, goods worth Rs. 1,763.22 billion have been imported while exports amounted to Rs 185.83 billion. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">The growth rate of the trade deficit has not stopped even though the NRB adopted a policy to discourage imports from the beginning of the current fiscal year. The balance of payments has been high due to high imports while the foreign exchange reserves have also started declining. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">NRB Governor Maha Prasad Adhikari has admitting that a large part of the loans of banks and financial institutions have been used for imports.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong> </strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Therefore, the central bank is ready to discourage the use of bank credit in unproductive sector like the import of consumer goods from the upcoming fiscal year.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">At the press conference, CBIFIN also urged the central bank to take a policy of expanding investment in the productive sector in order to promote exports. It has urged the central bank to continue the crackdown on imports of unnecessary and luxury goods. CBIFIN Chairman Pawan Kumar Golyan said that a policy should be brought in to reduce the interest rate on loans to the productive sector.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-07-08', 'modified' => '2022-07-08', 'keywords' => '', 'description' => '', 'sortorder' => '15327', 'image' => '20220708021520_Remittance.jpg', 'article_date' => '2022-07-08 14:14:47', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '15584', 'article_category_id' => '1', 'title' => 'Vivo Announces its Partnership as the Official Sponsor of FIFA World Cup 2022', 'sub_title' => '', 'summary' => 'July 8: FIFA World Cup is one of the most prominent international football tournaments.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">July 8: FIFA World Cup is one of the most prominent international football tournaments. People from all over the world have eyes fixed on this mega event. Vivo has announced its partnership as the official smart phone partner of the FIFA World Cup 2022 which kicks off in Qatar on November 21.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Vivo said in a statement that it has been the official smartphone partner of the FIFA World Cup for two editions since 2017. Therefore, through this partnership, Vivo plans to leverage its rights for the FIFA World Cup, using official emblem, official brand identities, and running unique promotions to connect with passionate football fans globally.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Expressing excitement on the partnership, CEO of Vivo Nepal said, “This collaboration with the</span></span><strong> </strong><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">FIFA World Cup Qatar 2022 is a defining moment for Vivo. Football, termed as the ‘Beautiful Game’ has the power to bring joy to billions around the world and bring them together regardless of their age, race, gender and culture. Indeed, it has a truly global reach – it has the ability to influence and inspire billions around the world, making the iconic FIFA World Cup Qatar 2022 an ideal stage for vivo as we expand our presence across more than 60 countries and regions across the globe.” </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">The CEO added that this partnership reflects Vivo’s inherent value of promoting sports that help inspire joy among millions and provide a unique experience for consumers worldwide.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Since its debut in South Asia, Vivo said it is focused and committed to making superb product experiences available to local customers. Vivo managed to gain rapid market growth share due to its localized product and marketing strategies, the statement added. Vivo further pledged to continue putting users at the center and constantly innovating to deliver pioneering smart phone technologies.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong> </strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong> </strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong> </strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong> </strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong> </strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong> </strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong> </strong></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-07-08', 'modified' => '2022-07-08', 'keywords' => '', 'description' => '', 'sortorder' => '15326', 'image' => '20220708013259_pjimage-34-10.jpg', 'article_date' => '2022-07-08 13:32:13', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '15585', 'article_category_id' => '1', 'title' => 'Construction of Nagdhunga Tunnel 56 Percent Complete', 'sub_title' => '', 'summary' => 'July 8: The construction of Nagdhunga tunnel, which was supposed to be completed within 42 months from the start of the project, is now 56 percent complete.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">July 8: The construction of Nagdhunga tunnel, which was supposed to be completed within 42 months from the start of the project, is now 56 percent complete. The total length of the tunnel is projected to be 5.7 km.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">The project made such progress despite hurdles like the Covid-19 pandemic, prohibitory order as well as the obstruction from the locals. The foundation stone of the tunnel was laid by the then Prime Minister KP Sharma Oli in October, 2019. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif""> According to the details provided by the project, a total of 3,072 meters of work has been completed including the main, auxiliary, audit and cross passages. Of them, 1,377 meters are dug on the east and west sides of the main tunnel and 1,507 meters on both sides of the auxiliary tunnel.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Among the other structures of the project, two underpasses have been constructed. There are plans to build three underpasses in the project. Similarly, 4 box culverts, 1 overpass and 3 bridges have also been constructed. The flyover is under construction. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Japanese construction company Hazama Ando Corporation had demanded an extension of deadline as the work was delayed due to the pandemic, restrictions and a few days of interruption by the locals.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">The deadline of the project has been extended by three months after assessing the situation. An agreement was reached between the Government of Nepal and the Japan International Cooperation Agency (JICA) in 2016 to construct the tunnel. The total cost of the tunnel is estimated to be around Rs 22 billion, of which JICA will bear Rs 16 billion and the Government of Nepal will bear Rs 6 billion. According to the project, the financial progress is 45.50 percent.</span></span></span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-07-08', 'modified' => '2022-07-10', 'keywords' => '', 'description' => '', 'sortorder' => '15325', 'image' => '20220708015827_Untitled.jpg', 'article_date' => '2022-07-08 13:57:46', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '15583', 'article_category_id' => '1', 'title' => 'FNCCI to Organize Nepal China Investment Summit', 'sub_title' => '', 'summary' => 'July 8: The Federation of Nepalese Chambers of Commerce and Industry (FNCCI) is preparing to hold a Nepal-China Investment Summit.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">July 8: The Federation of Nepalese Chambers of Commerce and Industry (FNCCI) is preparing to hold a Nepal-China Investment Summit. FNCCI announced that the summit is being held with the objective of attracting Chinese investment in Nepal.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">FNCCI has requested the Nepalese Embassy in Beijing, China to assist for the summit. Senior Vice President of FNCCI, Chandra Prasad Dhakal and newly appointed Nepali Ambassador to the People's Republic of China Bishnu Pukar Shrestha held a meeting on Thursday regarding the summit where Dhakal made such request. The FNCCI expects Ambassador Shrestha to play a leading role in China's cooperation with Nepal at the summit.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Dhakal also stressed on the necessity of promoting Chinese investment in Nepal. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">“We need diplomatic efforts to bring in Chinese investment. The private sector expects the assistance of the embassy to promote the export of Nepali goods to China and increase Chinese tourists in Nepal,” said Dhakal.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Dhakal, who is currently the acting president of the federation, emphasized on the need to make the relationship between FNCCI and the All-China Federation of Industry and Commerce (ACFIC) and the China Council for the Promotion of International Trade (CCPIT) more fruitful. He said that the federation is ready for cooperation in bringing investment, technology and skills by expanding economic and trade relations between the two countries through the Nepal China Non-Governmental Cooperation Forum established in 1996 with the support of the governments of the two countries.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">After the meeting, Ambassador Shrestha stated that the discussions with the federation were fruitful. He said that he would take suggestions from the federation and move forth accordingly by prioritizing those suggestions.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Former President of the federation and Joint President of Nepal-China Non-Governmental Cooperation Forum Binod Bahadur Shrestha, former President of the Federation Suraj Baidya, Director General of the Federation Gokarna Awasthi and Deputy Director Arun Shrestha were present at the meeting.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-07-08', 'modified' => '2022-07-08', 'keywords' => '', 'description' => '', 'sortorder' => '15324', 'image' => '20220708010938_Flag-Pins-Nepal-China.jpg', 'article_date' => '2022-07-08 13:08:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '15582', 'article_category_id' => '1', 'title' => 'Social Security to Cover Informal Sector and Self-Employed Workers: Labour Minister', 'sub_title' => '', 'summary' => 'July 8: Newly-appointed Minister for Labour, Employment and Social Security, Sher Bahadur Kunwar, has said the coverage of social security would be expanded to the informal sector workers.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">July 8: Newly-appointed Minister for Labour, Employment and Social Security, Sher Bahadur Kunwar, has said the coverage of social security would be expanded to the informal sector workers. </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"">Speaking at a programme organised by the Tarai Development and Communications Centre on Thursday, Labour Minister Kunwar said that Nepali citizens working in the informal sector as well as the ones who are self-employed and those working in foreign employment would be included in the social security fund. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">At present, only the workers of the formal sector are covered by the social security fund. A total of 344,248 contributors and 17,156 employers are associated with the fund so far. The fund has been making work procedure in order to bring the workers of the informal sector under its coverage from the upcoming fiscal year. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Minister Kunwar further said that the facilities provided by the fund would be increased. The fund has been providing financial support to contributors under four types of schemes--Accidental and Disability Protection Scheme, Medical and Safe Maternity Scheme, Dependent Protection Scheme and Pension Scheme. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, Secretary at the Labour Ministry Ek Narayan Aryal shared that workers who are in overseas employment would be associated with the fund and they would be provided concessional loan upon their return in order to make them entrepreneurs. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The fund would provide loan on different topics to contributors from August 17. A total of Rs 19.62 billion has been deposited in the fund so far. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Executive Director of the fund, Kapil Mani Gyawali, shared that the fund has forwarded short-term, mid-term and long-term plans to reduce the possible risks that might occur in workers' life. -- RSS </span></span></span><br /> </p> ', 'published' => true, 'created' => '2022-07-08', 'modified' => '2022-07-08', 'keywords' => '', 'description' => '', 'sortorder' => '15323', 'image' => '20220708081717_SSF.jpg', 'article_date' => '2022-07-08 08:16:50', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '15581', 'article_category_id' => '1', 'title' => 'SC Orders Government to Give Continuity to Adhikari as NAC Executive Chair ', 'sub_title' => '', 'summary' => 'July 8: The Supreme Court has issued an interlocutory order asking the government to give continuity to Yubaraj Adhikari as the executive chairperson of Nepal Airlines Corporation (NAC). ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">July 8: The Supreme Court has issued an interlocutory order asking the government to give continuity to Yubaraj Adhikari as the executive chairperson of Nepal Airlines Corporation (NAC). </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Adhikari was appointed for a four-year term by the government, so his term needs to be enforced, the apex court said. Meanwhile, the SC also prohibited newly-appointed General Manager of NAC, Dipu Raj Jwarchan, from carrying out his responsibilities until further notice. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Adhikari was appointed by the government on October 28, 2021. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Petitioner Adhikari's appointment letter had explicitly mentioned that he was appointed for four years' term but a wrong provision of NAC Act, 2019 was invoked by the government to sack him. </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"">Section 20 of the NAC Act, 2019 does not allow the government to suspend and sack the executive chairperson of the NAC, the SC stated. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2022-07-08', 'modified' => '2022-07-08', 'keywords' => '', 'description' => '', 'sortorder' => '15322', 'image' => '20220708081637_20220701033256_Supreme Court.jpg', 'article_date' => '2022-07-08 08:15:47', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ) ) $current_user = null $logged_in = false $xml = falseinclude - APP/View/Elements/side_bar.ctp, line 133 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
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', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">July 11: The Nepal Rastra Bank (NRB) has sought suggestions from all quarters for the new monetary policy. The NRB said it is seeking suggestions from the stakeholders for the monetary policy for the Fiscal Year 2022/23 as per the NRB Act, 2058. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Clause 44 of Section-5 under the NRB Act has given full authority to the NRB to formulate and implement the monetary policy. For this, the economic investigation department at NRB has said anyone can furnish suggestions through email at monetarypolicy@nrb.org.np. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The NRB had made public the monetary policy for the current fiscal year on July 13, 2021. Generally, the monetary policy is made public a month after the budget announcement. -- RSS </span></span></span><br /> </p> ', 'published' => true, 'created' => '2022-07-11', 'modified' => '2022-07-11', 'keywords' => '', 'description' => '', 'sortorder' => '15336', 'image' => '20220711081144_20220707061750_Nepal_Rastra_Bank2 2.jpg', 'article_date' => '2022-07-11 08:11:11', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '15594', 'article_category_id' => '1', 'title' => 'Export of Cooking Oil Plummets due to India’s Policy to Check Price Hike', 'sub_title' => '', 'summary' => 'July 10: India's policy of curbing the rise in prices of cooking oil in its domestic market has adversely affected Nepal's exports.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Om Prakash Khanal</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">July 10: India's policy of curbing the rise in prices of cooking oil in its domestic market has adversely affected Nepal's exports. Exports of refined oil from Nepal have plummeted after India slashed tariffs on imports of raw materials required to extract oil. Entrepreneurs of Nepal say that if this situation continues, the export of cooking oil will be completely stopped.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">India has waived import duty and agriculture infrastructure development tax on 2 million metric tonnes each for semi-refined soybean and sunflower oil in the current fiscal year and the next fiscal year. On this basis, 8 million tonnes of semi-refined oil will enter India at zero customs duty by March 2024.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">In case of importing more than that amount, 2.5 percent customs duty will be charged. At one time, India raised the tariff to 40 percent to protect its farmers and local producers. Many industries in Nepal also expanded their capacity to take advantage of this opportunity. Now that the import duty has been reduced in India, the investment of Nepal's industry is at risk, says industrialist Suresh Rungta.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Chief Customs Officer of Birgunj Customs Harihar Poudel said that the impact of Indian policy has been seen in oil exports from Nepal. Poudel informed that the export of refined oil from Birgunj, the main export point of the country, has declined in the months of April and May of the current fiscal year.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">India reduced import duty on soybean and sunflower oil and agricultural infrastructure development tax to zero in May. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">“Before that, about 135 tankers of semi-refined oil used to enter from Birgunj daily. At present, hardly 30/35 tankers enter the country in a day,” said Chief Customs Officer. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Entrepreneur Rungta, who is also the operator of Birgunj-based OCB Foods, says that the Indian policy has adversely affected oil exports from Nepal. Import of semi-refined oil in Nepal is subject to 10 percent customs duty and 13 percent value added tax. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Despite India's reduction in import duties, exports were possible for some time on the back of rising prices of semi-refined oil in the international market. Thus, Nepali entrepreneurs were exporting stockpiled oil. The entrepreneur said that due to the war between Russia and Ukraine and the export restrictions imposed by various countries, the stock could not be exported at the current price.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Entrepreneurs say that the possibility of export is over now after India has completely waived taxes. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Refined oil is one of Nepal's major exports. Producers say that the trade deficit will increase after its export is stopped. Former Joint Secretary at the Ministry of Industry, Commerce and Supplies, Ravi Shankar Sainju, says that the export of edible oil is not a lasting solution to reduce trade deficit as the profit depends on the difference in customs rates between Nepal and India which is subject to change. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">“India was aware of the difference in tax rates. Now, due to the current economic crisis, India adopted this policy a little early. Sooner or later, exports would have to stop,” says Sainju.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">He compares the current problems in the oil industry with the situation faced by the vegetable ghee industry. The ghee industry, which had made a good profit by taking advantage of the tariff difference, had collapsed after India imposed quota system on its imports.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Exports from Birgunj have decreased in April and May of the current fiscal year as compared to the corresponding period of the last fiscal year. Altogether 2,244 tonnes of soybean oil has been exported to India in May this year. This amount was 22,200 tons in the same month last year. Similarly, the export of sunflower oil has also declined significantly.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-07-10', 'modified' => '2022-07-10', 'keywords' => '', 'description' => '', 'sortorder' => '15335', 'image' => '20220710061616_soybean.jpg', 'article_date' => '2022-07-10 18:15:23', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '15593', 'article_category_id' => '1', 'title' => '746 Big Industries Registered in 27 Years', 'sub_title' => '', 'summary' => 'July 10: A survey conducted by the Central Bureau of Statistics has found that 746 large industries have been opened in Nepal in a span of 27 years from 1992 to 2019.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">July 10: A survey conducted by the Central Bureau of Statistics has found that 746 large industries have been opened in Nepal in a span of 27 years from 1992 to 2019.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">According to the survey, there were 4,281 large industrial establishments in Nepal in 1992, which increased to 5,017 by 2019. According to the survey, the number of people involved in large industrial establishments increased by 64,707 in the same period from 223,000 in 1992 to 288,000 in 2019.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Meanwhile, Anjaan Neupane, an expert on foreign investment, says the number of industries added during this period is unsatisfactory. He stated that if there had been an investment-friendly environment, more number of big industries would have been established by now. According to Neupane, the state is to blame for the lack of adequate industrialization in Nepal. He said that different rules and multiple taxation imposed on companies after the country went into federalism discouraged investors.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Former Industry and Commerce Secretary, Chandra Kumar Ghimire also says that the environment is still not investment friendly in the country. According to him, the state is failing to attract investment even though there are countless possibilities within the country. He said that despite some increase in investment in hydropower, manufacturing, tourism and service sectors, investment in agriculture, physical infrastructure, information technology, mining and minerals on the other hand is weak. Ghimire said that Nepal is still unable to convince investors.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">“We have not been able to create an environment of trust for investment. Introduction of laws related to startups has also been delayed,” he said.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">The industrial survey revealed that the country's industrial sector is completely affected by the Covid-19 pandemic. According to the survey, 63 percent of industries completely shut down due to the prohibitory order imposed for the prevention and control of the pandemic. The report mentions that 24 percent of the industrial establishments are partially operational and the remaining 13 percent are fully operational. According to the survey, about 17 percent of the workers had to quit their jobs permanently without any facilities during the restriction period.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">It is also mentioned in the report that 60 percent of the workers were temporarily jobless without pay due to the impact of Covid-19. Similarly, the survey shows that the salary of 11 percent workers was partially reduced and the remaining 12 percent received the salary later than the stipulated time. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">According to the survey, 60,185 industries operating in Nepal have assets worth Rs 619 billion. These industries provide employment to 381,687 people. According to the department, this figure is based on the data of the fiscal year 2075/76.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">According to the survey, the above mentioned industries paid a salary of Rs 107.89 billion in 2019. A total of 76 percent of the industrial establishments operate for 270 days, 19 percent for 180 to 269 days, 4 percent for 90 to 179 days and 1 percent for less than 90 days. The industries operate at 25 to 99 percent of their total production capacity.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">The main reasons for not operating at full capacity lack of market or lack of demand (46 percent), lack of raw materials (10 percent), lack of resources (8 percent) and lack of skilled workers (8 percent). The number of industries operating for more than 18 hours a day is 1 percent. Similarly, 77 percent of industries operate for 6 to 11 hours a day.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">The survey revealed that the tendency to take loans among small manufacturing industries involving less than 10 people is low. Only 34 percent of such industries took loans from financial institutions. According to the department, 5 percent of small scale industries are in the process of getting loan and 60 percent are not in the process of getting a loan.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Large industries involving more than 10 people are ahead in terms of loans. The report showed that 45 percent of the large industries took loans from banks and financial institutions.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Among the industries operating in the country, 356 are related to mining and quarrying, 56,000 are involved in production, 994 in electricity, gas, steam and air-conditioned services and 2,224 in water supply, sewerage and waste management.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">The survey has shown that the number of employees in the mining and quarrying sector is 5,700. Similarly, 346,000 employees are involved in industrial production, 17,000 in electricity, gas, steam and air-conditioned services and 12,500 employees in water supply, sewerage and waste management sectors. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-07-10', 'modified' => '2022-07-10', 'keywords' => '', 'description' => '', 'sortorder' => '15334', 'image' => '20220710030230_Industries.jpg', 'article_date' => '2022-07-10 15:01:47', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '15592', 'article_category_id' => '1', 'title' => 'Export of Jewelry up by 40 Percent', 'sub_title' => '', 'summary' => 'uly 10: Nepal exported gold jewelry worth Rs 485.32 million as of mid-June of the current fiscal year. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">July 10: Nepal exported gold jewelry worth Rs 485.32 million as of mid-June of the current fiscal year. Nepal has been exporting gold jewelry since the last fiscal year. As per the data of the Department of Customs, the export of jewelry has been increasing of late.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">The exports of gold jewelry has increased by 40 percent during the review period. Gold jewelry worth Rs 345.11 million was exported during the same period of last fiscal year. This time, the export of jewelry increased by Rs 135.1 million. On the basis of quantity, jewelry weighing 55 kg and 514 grams were exported in the review period.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Gold jewelry is being exported since last fiscal year after the Department of Customs issued its harmonic code. Entrepreneurs say that the export of gold jewelry is increasing lately.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">According to statistics, Nepal exports gold jewelry to the United States, Australia and Hong Kong. Of these three countries, the maximum export was made to the United States. Jewelry worth Rs 411.6 million was exported to the United States during the review period. Likewise, jewelry worth Rs 52.7 million was exported to Hong Kong and Rs 18.8 million to Australia.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Prior to this, Nepal had exported gold jewelry worth Rs 1.516 million to China six years ago in the fiscal year 2072/73. After that, insignificant amount of gold jewelry may have been exported, says a businessman. As per the businessmen, since the last fiscal year, the export of gold jewelry started in large scale.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Lately, the number of Nepalis living in countries like the USA, Hong Kong and Australia is increasing. They are the ones who make demand for gold ornaments made in Nepal.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Officials of the Federation of Gold and Silver Dealers Association say that the people living abroad are demanding traditional Nepali jewelry.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">The Non Resident Nepalese (NRNs) make demand of the jewelry that cannot be made abroad. They demand jewelry like tilhari and bangles which are not made abroad. Some businessmen have also started exporting Nepal's original jewelry by contacting businessmen abroad.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-07-10', 'modified' => '2022-07-10', 'keywords' => '', 'description' => '', 'sortorder' => '15333', 'image' => '20220710021055_jewellry.jpg', 'article_date' => '2022-07-10 14:10:11', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '15591', 'article_category_id' => '1', 'title' => 'Government Introduces New Provisions for Land Leasehold ', 'sub_title' => '', 'summary' => 'July 10: The government has introduced new provisions for giving land owned by the government on lease up to 40 years. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">July 10: The government has introduced new provisions for giving land owned by the government on lease up to 40 years. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The government has issued an action plan relating to the registration and utilization of public land and providing it on lease, 2079 BS in the Nepal Gazette. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the new provisions, foreign diplomatic missions and UN-affiliated bodies in the country, inter-governmental organisations, universities, board committees or other autonomous organisations established under the province government or local levels and any organisation registered in the Federal government, province government or the local level shall be eligible for acquiring land on lease. Moreover, it can be given to an individual as well. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The period of lease shall be for five years (short-term), 15 years (mid-term) and 40 years (long-term). </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Any organisation meeting criteria for demanding the land on lease or any interested individual shall apply for it and the application charge has been fixed at Rs 5,000. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The work procedures require statements justifying reasons for demanding the land on lease and an action plan as well. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Moreover, recommendations of respective local level executive, recommendation of the Ministry of Foreign Affairs in case of foreign diplomatic missions and UN-affiliated intergovernmental organizations are necessary to proceed with getting the land on lease. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">In addition to this, the recommendation of the District Disaster Management Committee stating that it does not need the land for disaster management is also demanded by the procedure. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">There shall be a recommendation committee coordinated by Chief District Officer to make recommendations for the use or lease of government land. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2022-07-10', 'modified' => '2022-07-10', 'keywords' => '', 'description' => '', 'sortorder' => '15332', 'image' => '20220710085757_new_logo.jpg', 'article_date' => '2022-07-10 08:57:18', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '15590', 'article_category_id' => '1', 'title' => 'Consumer Rights Activists Draw Government's Attention to Spiraling Inflation ', 'sub_title' => '', 'summary' => 'July 10: The Consumer Awareness Campaign Nepal (CACN), an organisation working in the consumer's rights sector, has drawn the attention of the government on controlling the spiraling inflation. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">July 10: The Consumer Awareness Campaign Nepal (CACN), an organisation working in the consumer's rights sector, has drawn the attention of the government on controlling the spiraling inflation. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The campaigners on Thursday met with the Chief Secretary Shanker Das Bairagi and the officials of the Ministry of Industry, Commerce and Supplies and the Department of Commerce, Supplies and Consumer Protection in this connection. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">A delegation led by the Campaign's president Krishna Prasad Bhandari Marseli submitted a memorandum and urged the government to immediately control the market price hike. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The memorandum states that unfair business practices such as cartelling, monopoly and unlawful activities have been taking place in the market. It also points out that the market monitoring was also not meaningful and effective. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The memorandum suggests adopting a policy of market intervention and supplying the daily essential commodities through the Food Management and Trading Company and the Salt Trading Corporation Limited to ease the supply system and control the market prices. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">It has also called on the Ministry of Industry, Commerce and Supplies to analyze the gate price of goods at the industries and customs points. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2022-07-10', 'modified' => '2022-07-10', 'keywords' => '', 'description' => '', 'sortorder' => '15331', 'image' => '20220710084948_market monitoring.jpg', 'article_date' => '2022-07-10 08:49:08', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '15589', 'article_category_id' => '1', 'title' => 'Infection of Nairobi Fly Reported with the Onset of Monson', 'sub_title' => '', 'summary' => 'July 10: Two persons infected by poisonous Nairobi fly are receiving treatment at Civil Hospital in Kathmandu. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">July 10: Two persons infected by poisonous Nairobi fly are receiving treatment at Civil Hospital in Kathmandu. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The patients have shown severe skin infections caused due to contact with the acid released by the fly, said Dr Gokarna Dahal, chief of the Vector Borne Disease Control Section under the Epidemiology and Infectious Disease Control Division. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Three to four infection cases were reported in the country last year too, he said, adding that it has now been reported in eastern Nepal and Kanchanpur district. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"The infection has been confirmed in the country. It is non-communicable and does not turn into a pandemic", he added. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">According to Dr Dahal, the fly seems to have reproduced in Nepal instead of migrating from foreign countries.</span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Although the infection has been reported, there is no need to panic, opined Dr Dahal. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The fly releases poisonous acid when it comes in contact with the human body, causing skin rashes and itchy skin, he stated. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Dahal further said "Most of the infected people get recovered without any medical treatment. One needs treatment when the problem persists." -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-07-10', 'modified' => '2022-07-10', 'keywords' => '', 'description' => '', 'sortorder' => '15330', 'image' => '20220710084209_maxresdefault.jpg', 'article_date' => '2022-07-10 08:40:42', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '15587', 'article_category_id' => '1', 'title' => 'Role of Finance Secretary also Suspicious', 'sub_title' => '', 'summary' => 'July 8: The then Finance Minister Janardan Sharma and the entire finance ministry courted controversy soon after the budget for the upcoming fiscal year (FY 2022/23) was unveiled on May 29.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Bijay Damase </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">July 8: The then Finance Minister Janardan Sharma and the entire finance ministry courted controversy soon after the budget for the upcoming fiscal year (FY 2022/23) was unveiled on May 29. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Sharma has been accused of changing the tax rates in favour of certain business houses. It was also reported that Sharma had allowed unauthorized persons to enter the ministry on the eve of the budget announcement, drawing criticism from all quarters. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Sharma on the other hand has been maintaining his innocence. The main opposition party CPN UML has demanded the government to show CCTV footage to prove that unauthorized persons had not entered the ministry on May 28. In an interview with a television channel, Sharma said that the UML will not be shown that video. Later, Sharma made an irresponsible remark that the video has been deleted although the ministry is required to maintain video records of at least three months.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">As the controversy reached its climax, Sharma resigned from the post of finance minister. An 11-member parliamentary special probe committee has been formed to investigate into the issue.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">In this entire controversy, the role of Finance Secretary Madhu Kumar Marasini, who enjoys the authority to make ministerial-level decisions, seems to be dubious.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">If the unauthorized persons had indeed entered the ministry on the eve of budget announcement on May 28, he should have made efforts to stop them. Had he failed to do so, he should have revealed everything in a display of high moral standard. However, he failed in this front. He remained silent even when the issue got heated. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">If any unauthorized person had not entered the ministry, he should have defended the ministry by all means. His silence indicates that either he was fearful of the then Finance Minister Janardan Sharma or he was trying to hide the wrongdoings of the minister.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">The reply given to those seeking CCTV footage by the ministry staffers has also dragged Marasini into controversy. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">The ministry had told the secretary of Consumer Welfare Protection Forum Jaya Prasad Poudel that the CCTV footage will be gradually deleted after 13 days. The ministry’s response is against the CCTV Installation and Operation Work Procedure 2072 issued by the Ministry of Home Affairs, which clearly states that the CCTV footage should be maintained for at least three months.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">The work procedure further mentions that the CCTV footage should be immediately made available to the Nepal Police or other government agencies for investigation if needed.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Former Chief Secretary Bimal Prasad Koirala argues that a government secretary has more knowledge about the CCTV footage than a minister. He says that the finance secretary should also step down on moral grounds along with the finance minister.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Koirala, who is also a former finance secretary, said that the government must initiate an investigation against Marasini as well.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">It is believed that the finance ministry officials said the CCTV footage has been deleted upon the instruction of Marasini because he is the second in command in the ministry. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif""> The then Financial Comptroller General Marasisi was called to the finance ministry at the behest of Sharma.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Since he was close to the Maoists, Sharma removed the then finance secretary Sishir Dhungana and appointed Marasini in his place.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">A government source told New Business Age that Marasini did not dare to speak against Sharma because of this compulsion.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">CPN UML’s chief whip Bishal Bhattarai argues that the core team of the finance ministry headed by Janardan Sharma has betrayed the country by formulating a controversial budget.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">“It is not possible that the finance secretary can get away from it without taking moral responsibility,” says Bhattarai, adding, “All of them would have landed in jail if such incident had happened in developed country. We will bring all of them to justice.”</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">When the situation went out of control due to pressure in parliament and on the streets demanding resignation of Sharma, Marasini took an indefinite leave on Wednesday but returned back to office the very next day after Sharma resigned from his post.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Another finance secretary Krishna Hari Pushkar was in Australia at that time.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">The ministry currently lacks a minister at a time when the economy is in crisis. Although arrangements have been made for the prime minister to look after the finance ministry, experts say that a proper minister is needed during such challenging times.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-07-08', 'modified' => '2022-07-08', 'keywords' => 'Role, finance, secretary, economy, ministry, Janardan, Sharma, Marasini, Madhu, Kumar, suspicious, dubious, budget, unauthorised, CCTV, footage', 'description' => '', 'sortorder' => '15329', 'image' => '20220708040524_budget new.jpg', 'article_date' => '2022-07-08 16:04:35', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '15588', 'article_category_id' => '1', 'title' => 'Japan’s Longest-Serving PM Shinzo Abe Shot Dead', 'sub_title' => 'Abe is Best known for his “Abenomics” Policy of Aggressive Monetary Easing and Fiscal Spending', 'summary' => 'July 8: Shinzo Abe, Japan's longest-serving prime minister died on Friday hours after he was shot while campaigning for a parliamentary election.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Agencies</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">July 8: Shinzo Abe, Japan's longest-serving prime minister who launched his "Abenomics" policies to lift the economy out of deflation, beefed up Japan's military and sought to counter China's growing clout in a historic two-term tenure died on Friday hours after he was shot while campaigning for a parliamentary election. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The unexpected event shocked a country in which political violence is rare and guns are tightly controlled, Reuters reported.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">According to the news agency, the yen rose and Japan's Nikkei index fell on news of the shooting, partially driven by a knee-jerk flight to safety.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Police said a 41-year-old man suspected of carrying out the shooting had been arrested. NHK quoted the suspect as telling police he was dissatisfied with Abe and wanted to kill him.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">It was the first assassination of a sitting or former Japanese premier since the days of prewar militarism in 1936.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The 67-year old Abe is best known for his “Abenomics” policy of aggressive monetary easing and fiscal spending. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">He launched the three-pronged "Abenomics" strategy to beat persistent deflation and revive economic growth with hyper-easy monetary policy and fiscal spending, along with structural reform to cope with a fast-aging, shrinking population, Reuters further reported.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">He also bolstered defence spending after years of declines and expanded the military’s ability to project power abroad.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">In a historic shift in 2014, his government reinterpreted the postwar, pacifist constitution to allow troops to fight overseas for the first time since World War Two.</span></span></span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-07-08', 'modified' => '2022-07-08', 'keywords' => 'Abe, shot, dead, Japan, Abenomics, prime minister, World War, ', 'description' => '', 'sortorder' => '15328', 'image' => '20220708045422_1657273430.jpg', 'article_date' => '2022-07-08 16:52:54', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '15586', 'article_category_id' => '1', 'title' => 'Credit Flow and Remittances are the Main Causes of Trade Deficit', 'sub_title' => '', 'summary' => 'July 8: A study conducted by Tribhuvan University has concluded that credit flow of banks and financial institutions and remittances are the main reasons for the country’s burgeoning trade deficit.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">July 8: A study conducted by Tribhuvan University has concluded that credit flow of banks and financial institutions and remittances are the main reasons for the country’s burgeoning trade deficit.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">A study on remittances, credit flow to private sector from banks and Nepal’s trade deficit conducted by Tribhuvan University in collaboration with the Confederation of Banks and Financial Institutions Nepal (CBIFIN) has pointed out that half of the banking sector's loans have been found to have contributed to the long-term trade deficit of the country. The report states that one percent of loans from banks and financial institutions contributes to a 0.5 percent trade deficit.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">"If banks and financial institutions expand credit by 1 per cent, half of that will increase the trade deficit," said Professor Dr Shivraj Adhikari, coordinator of the study, and head of the central department of economics at Tribhuvan University.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">The report stated that remittances are also interlinked with increasing the country's trade deficit along with the credit flow of banks. Stating that the trade deficit has increased by 75 per cent due to remittances, the study pointed out that the government should bring a policy to invest remittances compulsorily in projects or should be saved.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Unveiling the report at a press conference on Thursday, the study team coordinator suggested that remittances should be saved in the banks for a longer period or invested in projects. "There should be a policy of holding remittances as bank deposits for at least two years," he said.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">An earlier study by Nepal Rastra Bank had shown that a large portion of remittances was spent on consumption. The report pointed out that remittances have increased consumption which in turn increased the trade deficit. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">According to the Department of Customs, the country's trade deficit has reached Rs 1.577 trillion as of May this year. As of May, goods worth Rs. 1,763.22 billion have been imported while exports amounted to Rs 185.83 billion. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">The growth rate of the trade deficit has not stopped even though the NRB adopted a policy to discourage imports from the beginning of the current fiscal year. The balance of payments has been high due to high imports while the foreign exchange reserves have also started declining. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">NRB Governor Maha Prasad Adhikari has admitting that a large part of the loans of banks and financial institutions have been used for imports.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong> </strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Therefore, the central bank is ready to discourage the use of bank credit in unproductive sector like the import of consumer goods from the upcoming fiscal year.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">At the press conference, CBIFIN also urged the central bank to take a policy of expanding investment in the productive sector in order to promote exports. It has urged the central bank to continue the crackdown on imports of unnecessary and luxury goods. CBIFIN Chairman Pawan Kumar Golyan said that a policy should be brought in to reduce the interest rate on loans to the productive sector.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-07-08', 'modified' => '2022-07-08', 'keywords' => '', 'description' => '', 'sortorder' => '15327', 'image' => '20220708021520_Remittance.jpg', 'article_date' => '2022-07-08 14:14:47', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '15584', 'article_category_id' => '1', 'title' => 'Vivo Announces its Partnership as the Official Sponsor of FIFA World Cup 2022', 'sub_title' => '', 'summary' => 'July 8: FIFA World Cup is one of the most prominent international football tournaments.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">July 8: FIFA World Cup is one of the most prominent international football tournaments. People from all over the world have eyes fixed on this mega event. Vivo has announced its partnership as the official smart phone partner of the FIFA World Cup 2022 which kicks off in Qatar on November 21.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Vivo said in a statement that it has been the official smartphone partner of the FIFA World Cup for two editions since 2017. Therefore, through this partnership, Vivo plans to leverage its rights for the FIFA World Cup, using official emblem, official brand identities, and running unique promotions to connect with passionate football fans globally.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Expressing excitement on the partnership, CEO of Vivo Nepal said, “This collaboration with the</span></span><strong> </strong><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">FIFA World Cup Qatar 2022 is a defining moment for Vivo. Football, termed as the ‘Beautiful Game’ has the power to bring joy to billions around the world and bring them together regardless of their age, race, gender and culture. Indeed, it has a truly global reach – it has the ability to influence and inspire billions around the world, making the iconic FIFA World Cup Qatar 2022 an ideal stage for vivo as we expand our presence across more than 60 countries and regions across the globe.” </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">The CEO added that this partnership reflects Vivo’s inherent value of promoting sports that help inspire joy among millions and provide a unique experience for consumers worldwide.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Since its debut in South Asia, Vivo said it is focused and committed to making superb product experiences available to local customers. Vivo managed to gain rapid market growth share due to its localized product and marketing strategies, the statement added. Vivo further pledged to continue putting users at the center and constantly innovating to deliver pioneering smart phone technologies.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong> </strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong> </strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong> </strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong> </strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong> </strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong> </strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong> </strong></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-07-08', 'modified' => '2022-07-08', 'keywords' => '', 'description' => '', 'sortorder' => '15326', 'image' => '20220708013259_pjimage-34-10.jpg', 'article_date' => '2022-07-08 13:32:13', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '15585', 'article_category_id' => '1', 'title' => 'Construction of Nagdhunga Tunnel 56 Percent Complete', 'sub_title' => '', 'summary' => 'July 8: The construction of Nagdhunga tunnel, which was supposed to be completed within 42 months from the start of the project, is now 56 percent complete.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">July 8: The construction of Nagdhunga tunnel, which was supposed to be completed within 42 months from the start of the project, is now 56 percent complete. The total length of the tunnel is projected to be 5.7 km.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">The project made such progress despite hurdles like the Covid-19 pandemic, prohibitory order as well as the obstruction from the locals. The foundation stone of the tunnel was laid by the then Prime Minister KP Sharma Oli in October, 2019. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif""> According to the details provided by the project, a total of 3,072 meters of work has been completed including the main, auxiliary, audit and cross passages. Of them, 1,377 meters are dug on the east and west sides of the main tunnel and 1,507 meters on both sides of the auxiliary tunnel.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Among the other structures of the project, two underpasses have been constructed. There are plans to build three underpasses in the project. Similarly, 4 box culverts, 1 overpass and 3 bridges have also been constructed. The flyover is under construction. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Japanese construction company Hazama Ando Corporation had demanded an extension of deadline as the work was delayed due to the pandemic, restrictions and a few days of interruption by the locals.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">The deadline of the project has been extended by three months after assessing the situation. An agreement was reached between the Government of Nepal and the Japan International Cooperation Agency (JICA) in 2016 to construct the tunnel. The total cost of the tunnel is estimated to be around Rs 22 billion, of which JICA will bear Rs 16 billion and the Government of Nepal will bear Rs 6 billion. According to the project, the financial progress is 45.50 percent.</span></span></span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-07-08', 'modified' => '2022-07-10', 'keywords' => '', 'description' => '', 'sortorder' => '15325', 'image' => '20220708015827_Untitled.jpg', 'article_date' => '2022-07-08 13:57:46', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '15583', 'article_category_id' => '1', 'title' => 'FNCCI to Organize Nepal China Investment Summit', 'sub_title' => '', 'summary' => 'July 8: The Federation of Nepalese Chambers of Commerce and Industry (FNCCI) is preparing to hold a Nepal-China Investment Summit.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">July 8: The Federation of Nepalese Chambers of Commerce and Industry (FNCCI) is preparing to hold a Nepal-China Investment Summit. FNCCI announced that the summit is being held with the objective of attracting Chinese investment in Nepal.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">FNCCI has requested the Nepalese Embassy in Beijing, China to assist for the summit. Senior Vice President of FNCCI, Chandra Prasad Dhakal and newly appointed Nepali Ambassador to the People's Republic of China Bishnu Pukar Shrestha held a meeting on Thursday regarding the summit where Dhakal made such request. The FNCCI expects Ambassador Shrestha to play a leading role in China's cooperation with Nepal at the summit.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Dhakal also stressed on the necessity of promoting Chinese investment in Nepal. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">“We need diplomatic efforts to bring in Chinese investment. The private sector expects the assistance of the embassy to promote the export of Nepali goods to China and increase Chinese tourists in Nepal,” said Dhakal.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Dhakal, who is currently the acting president of the federation, emphasized on the need to make the relationship between FNCCI and the All-China Federation of Industry and Commerce (ACFIC) and the China Council for the Promotion of International Trade (CCPIT) more fruitful. He said that the federation is ready for cooperation in bringing investment, technology and skills by expanding economic and trade relations between the two countries through the Nepal China Non-Governmental Cooperation Forum established in 1996 with the support of the governments of the two countries.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">After the meeting, Ambassador Shrestha stated that the discussions with the federation were fruitful. He said that he would take suggestions from the federation and move forth accordingly by prioritizing those suggestions.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Former President of the federation and Joint President of Nepal-China Non-Governmental Cooperation Forum Binod Bahadur Shrestha, former President of the Federation Suraj Baidya, Director General of the Federation Gokarna Awasthi and Deputy Director Arun Shrestha were present at the meeting.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-07-08', 'modified' => '2022-07-08', 'keywords' => '', 'description' => '', 'sortorder' => '15324', 'image' => '20220708010938_Flag-Pins-Nepal-China.jpg', 'article_date' => '2022-07-08 13:08:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '15582', 'article_category_id' => '1', 'title' => 'Social Security to Cover Informal Sector and Self-Employed Workers: Labour Minister', 'sub_title' => '', 'summary' => 'July 8: Newly-appointed Minister for Labour, Employment and Social Security, Sher Bahadur Kunwar, has said the coverage of social security would be expanded to the informal sector workers.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">July 8: Newly-appointed Minister for Labour, Employment and Social Security, Sher Bahadur Kunwar, has said the coverage of social security would be expanded to the informal sector workers. </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"">Speaking at a programme organised by the Tarai Development and Communications Centre on Thursday, Labour Minister Kunwar said that Nepali citizens working in the informal sector as well as the ones who are self-employed and those working in foreign employment would be included in the social security fund. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">At present, only the workers of the formal sector are covered by the social security fund. A total of 344,248 contributors and 17,156 employers are associated with the fund so far. The fund has been making work procedure in order to bring the workers of the informal sector under its coverage from the upcoming fiscal year. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Minister Kunwar further said that the facilities provided by the fund would be increased. The fund has been providing financial support to contributors under four types of schemes--Accidental and Disability Protection Scheme, Medical and Safe Maternity Scheme, Dependent Protection Scheme and Pension Scheme. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, Secretary at the Labour Ministry Ek Narayan Aryal shared that workers who are in overseas employment would be associated with the fund and they would be provided concessional loan upon their return in order to make them entrepreneurs. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The fund would provide loan on different topics to contributors from August 17. A total of Rs 19.62 billion has been deposited in the fund so far. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Executive Director of the fund, Kapil Mani Gyawali, shared that the fund has forwarded short-term, mid-term and long-term plans to reduce the possible risks that might occur in workers' life. -- RSS </span></span></span><br /> </p> ', 'published' => true, 'created' => '2022-07-08', 'modified' => '2022-07-08', 'keywords' => '', 'description' => '', 'sortorder' => '15323', 'image' => '20220708081717_SSF.jpg', 'article_date' => '2022-07-08 08:16:50', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '15581', 'article_category_id' => '1', 'title' => 'SC Orders Government to Give Continuity to Adhikari as NAC Executive Chair ', 'sub_title' => '', 'summary' => 'July 8: The Supreme Court has issued an interlocutory order asking the government to give continuity to Yubaraj Adhikari as the executive chairperson of Nepal Airlines Corporation (NAC). ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">July 8: The Supreme Court has issued an interlocutory order asking the government to give continuity to Yubaraj Adhikari as the executive chairperson of Nepal Airlines Corporation (NAC). </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Adhikari was appointed for a four-year term by the government, so his term needs to be enforced, the apex court said. Meanwhile, the SC also prohibited newly-appointed General Manager of NAC, Dipu Raj Jwarchan, from carrying out his responsibilities until further notice. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Adhikari was appointed by the government on October 28, 2021. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Petitioner Adhikari's appointment letter had explicitly mentioned that he was appointed for four years' term but a wrong provision of NAC Act, 2019 was invoked by the government to sack him. </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"">Section 20 of the NAC Act, 2019 does not allow the government to suspend and sack the executive chairperson of the NAC, the SC stated. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2022-07-08', 'modified' => '2022-07-08', 'keywords' => '', 'description' => '', 'sortorder' => '15322', 'image' => '20220708081637_20220701033256_Supreme Court.jpg', 'article_date' => '2022-07-08 08:15:47', '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
