KATHMANDU: With growing public interest in electronic payments, South Asian countries are increasingly considering issuing digital…
KATHMANDU: With growing public interest in electronic payments, South Asian countries are increasingly considering issuing digital…
KATHMANDU: The Department of Hydrology and Meteorology has warned the possibility of excessive heat in the Tarai region in the coming few days based on an analysis of temperature conditions throughout the…
KATHMANDU: The price of gold has dropped by Rs 4,000 per tola (11.66 grams) in the domestic market on…
KATHMANDU: The price of eggs has increased sharply in the last one month due to the spread of the H9 virus in chickens across the…
KATHMANDU: The number of tourists visiting Lumbini, a UNESCO World Heritage Site, has started declining due to poor condition of the Narayangadh-Bhutwal road…
The construction of the 400-KV Hetauda substation, capable of carrying and distributing nearly 4,000 megawatts of electricity, has been…
The Nepal Electricity Authority (NEA) has reported a profit exceeding Rs 11 billion in the first nine months of the current fiscal year, 2080-81 BS (2024-25). Specifically, during this period, NEA achieved a profit of Rs 11.06…
KATHMANDU: The 285 MW Upper Tamor Semi-reservoir Hydropower Project has secured significant investment under a consortium led by Everest…
Washington DC: The government authorities of Nepal and the International Monetary Fund (IMF) reached a staff-level agreement on the policies and reforms needed to complete the 4th review under the extended credit facility…
KATHMANDU: The price of gold has increased by Rs 1,000 per tola (11.66 grams) in the domestic market of Nepal to reach an all-time high record on…
KATHMANDU: Unilever Nepal Limited continued it support to the Mountain Clean-up Campaign spearheaded by the Nepalese Army this year, especially in the waste management and recycling of the waste collected under this…
KATHMANDU: Despite the rising number of problematic cooperatives, the government has not been able to effectively mobilize the Cooperative Promotion Fund, which was set up by the government to promote cooperative…
PARIS: More money is pouring into solar power than all other electricity sources combined, with investments set to reach half a trillion dollars this year, the world's top energy research body said…
KATHMANDU: The meeting of the House of Representatives on Thursday passed the proposal seeking consideration on the Bill relating to Banks and Financial Institutions (First Amendment),…
CG Brand, a part of the Chaudhary Group, has launched a new line of BLDC (Brushless Direct Current) ceiling fans to help combat the rising summer…
Notice (8): Undefined variable: file [APP/View/Elements/side_bar.ctp, line 60]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' => '21215', 'article_category_id' => '1', 'title' => 'Growing Attraction of South Asian Countries toward Digital Currency', 'sub_title' => '', 'summary' => 'KATHMANDU: With growing public interest in electronic payments, South Asian countries are increasingly considering issuing digital currencies.', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">KATHMANDU: With growing public interest in electronic payments, South Asian countries are increasingly considering issuing digital currencies. While most South Asian nations, including Nepal, are still conducting feasibility studies and technology tests, India has already piloted electronic currency, according to a study report.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">As central banks worldwide strive to modernize payment systems, reduce the costs of cash transactions, and enhance financial inclusion through electronic currency, South Asian countries are following suit. This interest is highlighted in a report by the South Asian Financial Inclusion Initiative Project titled "Payment Innovation and Risks in South Asia."</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">According to the report, India introduced a test version of its digital currency, the digital rupee, in November 2022. Other countries in the region are still researching the feasibility of digital currency issuance. Bangladesh Bank is assessing the feasibility, Nepal Rastra Bank is preparing a legal draft, and Pakistan is testing technology for electronic currency transactions. Bhutan, the Maldives, and Sri Lanka are also conducting studies.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The increasing public interest in electronic currencies, including private sector cryptocurrencies, has prompted central banks to explore issuing Central Bank Digital Currencies (CBDCs). The study focused on new innovations and risks in the payment sector within South Asian countries. It noted that the COVID-19 pandemic accelerated the general public's attraction to electronic payments, a trend supported by government initiatives. QR code-based technology has become particularly popular for electronic payments.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">In Nepal, both electronic transactions and paper-based payments have increased. Payments made through paper grew by 37 percent from 2018 to 2022. Despite limited access to smartphones and the internet in rural areas, mobile banking transactions without internet have facilitated electronic transactions.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The report highlights that 32.1 percent of the population in South Asian countries lack access to financial services, the highest in Bangladesh at 47.2 percent. In Nepal, 46 percent of the population does not have access to banking services. Additionally, 25.05 percent of women and 20.95 percent of men in the region lack banking access.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Dr. Dilliram Pokharel, deputy spokesperson for Nepal Rastra Bank, informed that the bank formed a steering committee for electronic currency in 2078 under the coordination of Deputy Governor Bam Bahadur Mishra. A committee led by Director Anuj Dahal submitted a feasibility study report in June 2079. Following the report's recommendations, a separate unit has been established in the Payment System Department to work on CBDC development.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The central bank stated that further work on issuing CBDC will continue based on the feasibility study as part of the current fiscal year's monetary policy. NRB Governor Maha Prasad Adhikari has hinted that the central bank aims to issue its own CBDC within three years.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-09', 'modified' => '2024-06-09', 'keywords' => '', 'description' => '', 'sortorder' => '20943', 'image' => '20240609020134_analyticsinsight_import_wp-content_uploads_2020_11_Digital-Currency.jpg', 'article_date' => '2024-06-09 14:00:47', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '21217', 'article_category_id' => '1', 'title' => 'Department of Meteorology Forecasts Heat Wave in Tarai, Urges Precaution ', 'sub_title' => '', 'summary' => 'KATHMANDU: The Department of Hydrology and Meteorology has warned the possibility of excessive heat in the Tarai region in the coming few days based on an analysis of temperature conditions throughout the country. ', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">KATHMANDU: The Department of Hydrology and Meteorology has warned the possibility of excessive heat in the Tarai region in the coming few days based on an analysis of temperature conditions throughout the country. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The Meteorological Forecasting Division under the department has urged one and all for necessary preparedness and alertness as the temperature is likely to increase later this week. Meteorologist Binu Maharjan said that heat is predicted to intensify especially in Tarai and in Sudurpaschim and Lumbini provinces. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"Necessary precaution is advised, as there is the possibility of hot wind and heat wave in the Tarai region until June 10," the Department said. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">This year, the highest temperature of 44.2 degrees Celsius was recorded recently in Nepalgunj. Similarly, Dhangadhi recorded 44.1 degrees Celsius temperature. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The weather is currently partly cloudy in the hill areas and clear in the rest of the country. This is due to the effect of local and westerly winds and low pressure area formed around Bihar, India, says the Department of Hydrology and Meteorology. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Later this afternoon, the weather will remain partial and generally cloudy in the hill areas of Koshi, Bagmati and Gandaki provinces and clear in the remaining parts of the country. There is a possibility of light to moderate rain with thunder and lightning at some places in the hill areas of Bagmati, Gandaki and Koshi provinces. There is also possibility of storm in some places of Lumbini, Karnali and Sudurpaschim provinces. -- RSS </span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-09', 'modified' => '2024-06-09', 'keywords' => '', 'description' => '', 'sortorder' => '20942', 'image' => '20240609021605_20240423103916_Document.jpg', 'article_date' => '2024-06-09 14:15:30', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '21214', 'article_category_id' => '1', 'title' => 'Price of Gold Plummets by Rs 4,000 per Tola ', 'sub_title' => '', 'summary' => 'KATHMANDU: The price of gold has dropped by Rs 4,000 per tola (11.66 grams) in the domestic market on Sunday. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">KATHMANDU: The price of gold has dropped by Rs 4,000 per tola (11.66 grams) in the domestic market on Sunday. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the Federation of Nepal Gold and Silver Dealers' Association, the price of hallmark gold has been fixed at Rs 141,000 per tola on Sunday while worked gold is being traded at Rs 140,300 per tola. On Friday, the price of the precious yellow metal (hallmark gold) was Rs 144,000 per tola. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, the price of silver has declined by Rs 75 per tola on Sunday compared to Friday, and is being traded at Rs 1,825 per tola. -- RSS </span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-09', 'modified' => '2024-06-09', 'keywords' => '', 'description' => '', 'sortorder' => '20941', 'image' => '20240609012604_gold newwww.jpg', 'article_date' => '2024-06-09 13:25:13', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '21213', 'article_category_id' => '1', 'title' => 'Why is the Price of Eggs Skyrocketing?', 'sub_title' => '', 'summary' => 'KATHMANDU: The price of eggs has increased sharply in the last one month due to the spread of the H9 virus in chickens across the country.', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">KATHMANDU: The price of eggs has increased sharply in the last one month due to the spread of the H9 virus in chickens across the country. The virus has been attributed to the death of chickens and the resulting decrease in egg production.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Praveen KC, president of the Nepal Egg Producers' Association, stated that hatcheries across the country used to produce around 50 million to 55 million eggs daily about a month ago. However, this has now dropped to approximately 24 million to 25 million. He mentioned that the price of eggs skyrocketed as production fell short of demand.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">He further explained that about 1.5 million layer chickens have died due to the disease spread during the summer, severely impacting egg production. Experts note that the egg production capacity of chickens decreases significantly after contracting this disease. The retail price of large eggs, which was Rs 480 per crate a month ago, has now risen to Rs 600. Similarly, the price of medium eggs has increased from Rs 465 per crate to Rs 580 per carat, and small eggs have gone up from Rs 450 to Rs 565 per crate.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Although the H9 virus does not exhibit a high mortality rate like other strains of bird flu, entire flocks can sometimes die if the virus is combined with other infections. Consequently, egg producers do not receive compensation when chickens die from this virus, unlike in cases of bird flu. Government policy stipulates that relief is only provided if chickens die due to the H5 bird flu virus. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Dr. Chandra Dhakal, spokesperson for the Animal Services Department, confirmed that the H9 virus is a type of bird flu, primarily affecting egg-laying hens. It reduces both the fertility and egg production capacity of chickens. He stated that despite its impact on production, the infectious disease control regulations of the government do not provide compensation for this disease as it is not transmissible to humans like bird flu.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Currently, no vaccination has been administered in Nepal for the prevention and control of the H9 virus, and the government has yet to decide on its use. Experts recommend that farmers adopt biological methods of prevention, emphasizing cleanliness and the protection of healthy chickens from infected farms.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-09', 'modified' => '2024-06-09', 'keywords' => '', 'description' => '', 'sortorder' => '20940', 'image' => '20240609114859_1681451071.Egg.jpg', 'article_date' => '2024-06-09 11:48:16', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '21212', 'article_category_id' => '1', 'title' => 'Number of Tourists Visiting Lumbini Declines due to Poor Condition of Road', 'sub_title' => '', 'summary' => 'KATHMANDU: The number of tourists visiting Lumbini, a UNESCO World Heritage Site, has started declining due to poor condition of the Narayangadh-Bhutwal road section. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">KATHMANDU: The number of tourists visiting Lumbini, a UNESCO World Heritage Site, has started declining due to poor condition of the Narayangadh-Bhutwal road section. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the Lumbini Development Trust, at least one million domestic tourists used to visit Lumbini annually before 2076 BS. However, less than one million tourists have visited Lumbini for two years after the project to upgrade the road section started.</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"">Member-Secretary of the Trust, Sanuraja Shakya, told RSS that although the country returned to normalcy after coronavirus pandemic, around 600,000 tourists visit Lumbini every year now because of the poor condition of the road. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Sharing that it took 13 hours to reach Kathmandu from Butwal in an office vehicle, he stressed the need for upgrading alternative roads to increase religious tourists. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Though infrastructures were developed in Lumbini area, the tourists have been complaining about the problems, especially of the Narayangadh-Butwal road section, he mentioned. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Arrival of domestic and foreign tourists in Lumbini as well as different districts of western Nepal is expected to increase if the Narayangadh-Butwal road is upgraded on time. -- RSS</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-09', 'modified' => '2024-06-09', 'keywords' => '', 'description' => '', 'sortorder' => '20939', 'image' => '20240609111110_20230831114220_LumbiniRSS.jpg', 'article_date' => '2024-06-09 11:10:34', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '21211', 'article_category_id' => '1', 'title' => '400-KV Hetauda Substation Completed, Boosting Nepal's Power Grid', 'sub_title' => '', 'summary' => 'The construction of the 400-KV Hetauda substation, capable of carrying and distributing nearly 4,000 megawatts of electricity, has been completed.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">June 9: The construction of the 400-KV Hetauda substation, capable of carrying and distributing nearly 4,000 megawatts of electricity, has been completed. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Located in Hetauda Sub-metropolis-11, this substation is part of efforts to strengthen and expand Nepal's electricity transmission and distribution system.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The Hetauda substation, based on a Gas Insulated System (GIS), is the third-largest 400-KV substation in the country and was officially brought into operation on Friday evening.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Additionally, the construction of 220-KV and 132/11 KV substations at Thanabharyang under the Nepal-India Electricity Transmission and Trade Project has also been completed. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Dhalkebar is Nepal's first 400-KV GIS-based substation, followed by Inaruwa and Hetauda as the second and third largest, respectively. These substations are crucial for ensuring a reliable east-west power supply. </span></span><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The Dhalkebar-Inaruwa project is nearing completion, while work on the Hetauda-Dhalkebar section is ongoing. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Executive Director of Nepal Electricity Authority, Kul Man Ghising, stated that the Hetauda substation will ensure a reliable and quality power supply to Hetauda, Bharatpur, Simara, and Birgunj.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Furthermore, a 400-KV double circuit transmission line, to be constructed at Ratmate in Nuwakot under the Millennium Challenge Corporation, will be connected to the Hetauda substation. Necessary infrastructure has already been established at Hetauda for this purpose. (RSS)</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-09', 'modified' => '2024-06-09', 'keywords' => '', 'description' => '', 'sortorder' => '20938', 'image' => '20240609071740_collage (27).jpg', 'article_date' => '2024-06-09 07:16:15', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 6 => array( 'Article' => array( 'id' => '21210', 'article_category_id' => '1', 'title' => 'NEA's Nine-Month Profit Exceeds Rs 11 Billion', 'sub_title' => '', 'summary' => 'The Nepal Electricity Authority (NEA) has reported a profit exceeding Rs 11 billion in the first nine months of the current fiscal year, 2080-81 BS (2024-25). Specifically, during this period, NEA achieved a profit of Rs 11.06 billion.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">June 7: The Nepal Electricity Authority (NEA) has reported a profit exceeding Rs 11 billion in the first nine months of the current fiscal year, 2080-81 BS (2024-25). Specifically, during this period, NEA achieved a profit of Rs 11.06 billion.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">NEA's financial details (unprocessed) data until the month of Chait (mid-April) show that the organization earned a total revenue of Rs 93.94 billion during this period. This figure does not include tax. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">According to proactive disclosures, NEA's total expenditures, including electricity purchases, administrative costs, and project investments, amounted to Rs 82.88 billion.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">In the corresponding period of the last fiscal year, NEA's profit was Rs 8.88 billion, with a total annual profit of Rs 13.37 billion. The accumulated profit of the NEA has now reached Rs 33.64 billion.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The NEA has been earning a profit since the fiscal year 2072-73 BS (2015-16). Prior to this, it was incurring an annual loss of Rs 8.89 billion.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">NEA attributes its recent profits to the control of electricity leakage, increased domestic consumption, exports to India, and austerity measures in expenditures. From power supplies, NEA netted Rs 68.89 billion, and it also exported surplus power to India, earning Rs 13.42 billion during this period. (RSS) </span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-07', 'modified' => '2024-06-07', 'keywords' => '', 'description' => '', 'sortorder' => '20937', 'image' => '20240607031808_collage (25).jpg', 'article_date' => '2024-06-07 15:16:39', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 7 => array( 'Article' => array( 'id' => '21209', 'article_category_id' => '1', 'title' => 'Upper Tamor Hydropower Project Secures Investment from Domestic Sector of Nepal', 'sub_title' => '', 'summary' => 'KATHMANDU: The 285 MW Upper Tamor Semi-reservoir Hydropower Project has secured significant investment under a consortium led by Everest Bank.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:16.0pt">KATHMANDU: The 285 MW Upper Tamor Semi-reservoir Hydropower Project has secured significant investment under a consortium led by Everest Bank. The project will receive Rs 38.60 billion from various banks and financial institutions. Tamor Energy Pvt Ltd, the project's promoter, and Everest Bank signed a loan investment agreement during a recent ceremony in Kathmandu.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:16.0pt">Pushpa Jyoti Dhungana, president of Tamor Energy Pvt Ltd, and Sudesh Khaling, Chief Executive Officer (CEO) of Everest Bank, signed the agreement on behalf of their respective organisations.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:16.0pt">Under Everest Bank's consortium, Krishi Bikas Bank, Hydropower Investment and Development Company (HIDCL), Rastriya Banijya Bank, Prabhu Bank, Laxmi Sunrise Bank, Nepal SBI Bank, and Garima Bikas Bank will collectively invest in the project.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:16.0pt">This project, marking the largest investment by the domestic private sector till date, aims to commence operations by mid-June 2028. It is designed to provide electricity at full capacity for 6 hours during peak evening hours. The total cost of the project, including interest, is estimated at Rs 55 billion, with 30 percent equity and 70 percent debt financing.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:16.0pt">Dhungana expressed confidence that the successful construction of the Upper Tamor project will be a significant milestone for Nepal's energy sector. He emphasized that financial management is the primary challenge for hydropower projects, and effective management is crucial for progress. He stated that this project will be realized through domestic investment.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:16.0pt">Speaking at the event, Everest Bank’s CEO Khaling highlighted that the agreement demonstrates the capability of domestic banks to finance large-scale hydropower projects. He believes this initiative will encourage other banks to invest in similar large projects.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:16.0pt">"We are ready to invest in the energy sector. Initiatives should be taken to raise investment from internal sources as well as other alternative sources," Khaling said.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:16.0pt">Khaling also expressed optimism that international investments could further propel Nepal's energy sector forward. The Upper Tamor project is expected to produce 1.47 billion units of electricity annually, with 1.3 billion units generated during the rainy season and the remainder during the dry season. Initial construction has already commenced, and the project is expected to be completed by mid-June 2028.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-07', 'modified' => '2024-06-07', 'keywords' => '', 'description' => '', 'sortorder' => '20936', 'image' => '20240607023546_hydro.jpg', 'article_date' => '2024-06-07 14:34:43', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '21208', 'article_category_id' => '1', 'title' => 'IMF Reaches Staff-level Agreement with Nepal on 4th Review Under Extended Credit Facility', 'sub_title' => '', 'summary' => 'Washington DC: The government authorities of Nepal and the International Monetary Fund (IMF) reached a staff-level agreement on the policies and reforms needed to complete the 4th review under the extended credit facility (ECF).', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Washington DC: The government authorities of Nepal and the International Monetary Fund (IMF) reached a staff-level agreement on the policies and reforms needed to complete the 4th review under the extended credit facility (ECF).</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">IMF’s Deputy Division Chief for the Asia and Pacific Department and the IMF Mission Chief for Nepal Tidiane Kinda confirmed the agreement by issuing a statement on Thursday after completing a two-week long visit to Nepal on June 5. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">An IMF delegation led by Kinda visited Kathmandu during May 22 to June 5 to hold discussions on the policies and reforms of economic program supported by the IMF’s Extended Credit Facility (ECF). The agreement, however, is subject to approval by the IMF’s Executive Board, the statement added. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Completion of the review would entitle Nepal to a Special Drawing Rights (SDR) of 31.4 million (about US$41.6 million), bringing total disbursements under the ECF thus far to SDR 188.3 million (about US$249.7 million), the statement added.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">“Nepal continues to make progress with the implementation of the ECF-supported program. On the fiscal front, important achievements include approval of (i) a Domestic Revenue Mobilization Strategy by the Ministry of Finance aimed at strengthening tax collection, and (ii) an Action Plan by the National Planning Commission (NPC) aimed at improving execution of budgeted capital projects,” reads the statement, adding, “Other envisaged reforms to further enhance fiscal transparency are well advanced.” </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">These include incorporating most Extra Budgetary Funds accounts in the annual financial statements published by the Financial Comptroller General Office, and publishing audited financial statements for some key public enterprises.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The IMF noted that major achievements by the Nepal Rastra Bank (NRB) include the finalization and full implementation of the Supervisory Information System for all banks and progress on the procurement of an independent international consultant to assist NRB in the conduct of the Loan Portfolio Review (LPR) of the 10 largest banks. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Both reforms aim at strengthening NRB’s capability to assess bank asset quality and credit risk management, said the IMF.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The IMF delegation however said that Nepal’s economy continues to face challenges as growth, projected around 3 percent in FY2023/24, remains below potential in the context of subdued domestic demand and post-pandemic balance sheet repairs. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Reflecting timely policy actions, favorable commodity prices, and subdued domestic demand, inflation has decreased from a peak of 8.6 percent in September 2022 to 4.6 percent in April 2024, added the IMF.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">“Despite some recovery, tax-to-GDP ratio remains below pre-pandemic levels, limiting fiscal space for development spending, including on infrastructure and targeted social benefits,” reads the statement.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">According to the IMF, the non-performing loans of banks have doubled since August 2022 to 4.0 percent in April 2024 and profitability has declined, while the financial health of the savings and credit cooperatives (SACCO) sector has deteriorated. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">On the bright side, Nepal’s external position continues to strengthen, reflecting prudent policies, buoyant remittances, and subdued imports.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">“Looking ahead, economic activity is expected to pick up with growth reaching 4.9 percent in FY2024/25, supported by stronger domestic demand. The cautiously accommodative monetary policy stance, planned increase in capital expenditure in the FY2024/25 budget, additional hydropower generation, and continued increase in tourist arrivals are expected to boost domestic demand and growth,” the IMF statement added.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">According to the IMF, inflation is expected to remain within the NRB’s target ceiling of 5.5 percent. Nepal’s medium-term outlook remains favorable as strategic investments in infrastructure, especially in the energy sector, are expected to support potential growth.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">“Against this background, policies and reforms envisaged under the ECF-supported program remain well-placed to help preserve macroeconomic stability and strengthen Nepal’s policy making framework. Accelerating capital spending is key to boost domestic demand. In that regard, executing the planned increase in capital expenditure while limiting overall spending growth, as envisaged in the FY2024/25 budget, bode well for achieving a growth-friendly fiscal consolidation. Pursuing the cautious and data-driven approach to monetary policy and strengthening the monetary framework remains essential to maintain price and external stability.”</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The IMF however cautioned that continuing to strengthen Nepal’s financial system remains a top priority. In this context, it is essential to launch the LPR of the banking system, submit to Parliament amendments of the NRB Act, and involve the service of experts with international experience in auditing and central bank auditing for an audit of NRB’s FY23/24 financial statements, said the IMF. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">According to the statement, the government authorities of Nepal and IMF staff also agreed on giving priority to the publication of annual financial statements by all majority and wholly owned public enterprises, the audit of the financial statements of four priority public enterprises, and the implementation of key reforms in the 2023 Financial Sector Stability Report. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Other important reforms envisaged for the near future include publication of a comprehensive tax expenditure report, publication of a fiscal risk statement, revising and approving the National Project Bank Operational Procedures and the Unified Directives related to project development, prioritization, and selection, and reporting consolidated financial information of all extra-budgetary operational funds. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">In addition, the authorities are starting to develop a strategy to deal with issues in the cooperative sector, including to reform the supervisory framework and architecture, which is welcome, said IMF.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">“Nepal is committed to strengthening its AML/CFT framework. Amendments to a set of 15 laws, including on money laundering, have been recently enacted—and secondary legislation is under preparation—to bring Nepal’s AML/CFT legal framework in line with international standards. Nepal remains determined to ensure the effectiveness of the new legal framework, with technical support from the IMF and other donors,” the statement further said.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The IMF team also expressed its gratitude to the Nepali authorities for their hospitality and for open and constructive discussions. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The statement added that the IMF team met with Minister for Finance Barsha Man Pun, Nepal Rastra Bank’s Governor Maha Prasad Adhikari, National Planning Commission’s Vice-Chairman Dr Min Bahadur Shrestha, other senior government and NRB officials, development partners and representatives of the business and banking community.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-07', 'modified' => '2024-06-07', 'keywords' => '', 'description' => '', 'sortorder' => '20935', 'image' => '20240607022031_20240131105230_iiii.jpg', 'article_date' => '2024-06-07 14:19:59', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '21206', 'article_category_id' => '1', 'title' => 'Price of Gold Sets New Record at Rs 145,000 per Tola ', 'sub_title' => '', 'summary' => 'KATHMANDU: The price of gold has increased by Rs 1,000 per tola (11.66 grams) in the domestic market of Nepal to reach an all-time high record on Friday.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">KATHMANDU: The price of gold has increased by Rs 1,000 per tola (11.66 grams) in the domestic market of Nepal to reach an all-time high record on Friday.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the Federation of Nepal Gold and Silver Dealers Association, the price of hallmark gold has been fixed at Rs 145,000 per tola on Friday. It was traded at Rs 144,000 on Thursday. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Similarly, the price of worked gold is being fixed at RS 144,300 per tola Friday against Rs 143,300 on Thursday. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The price of gold has been rising steadily in the past few months. The federation fixes the price of gold and silver based on the price in the international market.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The recent geopolitical tension due to the Israel’s offensive in Gaza and the Russia-Ukraine war have led to investors to invest in gold considering it as a safe haven in times of turmoil.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Likewise, the price of silver has increased by Rs 50 per tola and is being traded at Rs 1,900 on Friday. It was traded at Rs 1,850 on Thursday. </span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-06-07', 'modified' => '2024-06-07', 'keywords' => '', 'description' => '', 'sortorder' => '20934', 'image' => '20240607011127_20240604064715_20240531012532_gold newwww.jpg', 'article_date' => '2024-06-07 13:10:53', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '21207', 'article_category_id' => '1', 'title' => 'Unilever Continues Support to Mountain Clean-Up Campaign of Nepalese Army', 'sub_title' => '', 'summary' => 'KATHMANDU: Unilever Nepal Limited continued it support to the Mountain Clean-up Campaign spearheaded by the Nepalese Army this year, especially in the waste management and recycling of the waste collected under this campaign.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">KATHMANDU: Unilever Nepal Limited continued it support to the Mountain Clean-up Campaign spearheaded by the Nepalese Army this year, especially in the waste management and recycling of the waste collected under this campaign.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Nepalese Army had organised the Mountain Clean-up Campaign-2024 in collaboration with other government agencies from April 11 to June 5. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Issuing a statement, Unilever Nepal said that it supported Avni Ventures, the official waste management/ recycling partner for recycling the collected waste in this campaign. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">This year’s campaign collected 11,000 kgs of waste and remains of five deceased individuals including one skeleton from Mt Everest, Mt Lhotse and Mt Nuptse, the statement added. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Unilever claimed that it supported the Mountain Clean-up Campaign directly to the Nepalese Army in the years 2021, 2022 and 2023. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The company said it is honoured to be a part of such an initiative that adds value to sustainability efforts and an opportunity to serve Nepal in keeping the environment pristine.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“Such campaigns to reduce the climate change, especially in this region, and preserve the natural beauty of these peaks has been appreciated by those involved as well as other supporters. Unilever believes that sustainability and change for the betterment of the environment should be supported and practiced,” the statement added.</span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-06-07', 'modified' => '2024-06-07', 'keywords' => '', 'description' => '', 'sortorder' => '20933', 'image' => '20240607015007_1.jpg', 'article_date' => '2024-06-07 13:49:29', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '21205', 'article_category_id' => '1', 'title' => 'Govt Fails to Mobilize Cooperative Promotion Fund Despite Rise in Number of Troubled Cooperatives', 'sub_title' => '', 'summary' => 'KATHMANDU: Despite the rising number of problematic cooperatives, the government has not been able to effectively mobilize the Cooperative Promotion Fund, which was set up by the government to promote cooperative businesses.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">KATHMANDU: Despite the rising number of problematic cooperatives, the government has not been able to effectively mobilize the Cooperative Promotion Fund, which was set up by the government to promote cooperative businesses. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The Ministry of Land Management, Cooperatives, and Poverty Alleviation had established the fund in 2077 BS in accordance with the Cooperative Act 2074. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Due to the government’s failure to effectively mobilize the fund, the cooperatives have stopped contributing to the fund. As a result, even the accumulated amount remains unutilized.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The Auditor General's 61st annual report highlights that most of the cooperatives operational in the country have not deposited funds into the Cooperative Promotion Fund, and the government lacks detailed records of those that have deposited the amount. There are more than 31,000 registered cooperatives in the country. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The report criticizes the Fund for not maintaining the details of the amount collected so far. It mentions that the Fund has only kept records of bank statement which shows the total amount of money deposited in the Fund.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The Auditor General’s report has instructed the effective mobilization of the collected funds.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Despite previous reports urging the government to mobilize these funds, the government has yet to take any action. The Cooperative Act mandates that organizations deposit 0.5 percent of their surplus into the Cooperative Promotion Fund after allocating profit to the reserve fund. Additionally, the Cooperative Regulations 2075 specify a committee, coordinated by the Minister of Cooperatives, to distribute the funds. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">This committee includes the deputy chairman of the National Cooperative Development Board, secretary of the Cooperative Ministry, joint secretary of the Ministry of Finance, the chairman of the Cooperative Federation, the chairman of the Central Savings and Credit Cooperative Association, and the registrar of the Department of Cooperatives.</span></span></span></p> <p> </p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">According to the regulations, at least 75 percent of the fund must be invested in cooperative business infrastructure, with the remainder spent on business promotion, education, information, training, market promotion, and monitoring. The affiliated associations are required to maintain separate records of the received funds, audit them according to prevailing laws, and make the details public.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">National Cooperative Federation’s President Om Devi Malla expressed frustration, stating that the government is not interested in mobilizing the funds. "We have been urging the ministry to utilize the collected funds, but no action has been taken so far," Malla said.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Gokarnamani Duwadi, secretary of the Ministry of Land Management, Cooperatives, and Poverty Alleviation, acknowledged the difficulty in deciding on mobilizing the money due to the lack of detailed records of the Fund. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">"We have no problem mobilizing the money according to the legal system," Duwadi said, "But we need detailed information about the organizations contributing to the fund."</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Additionally, the establishment of cooperative promotion funds by provincial and local governments has further halted contributions to the federal fund. According to the constitution, the authority to register and regulate cooperatives rests with the local level. Consequently, cooperatives have started depositing funds into the accounts of their respective regulatory bodies instead of the federal government's fund.</span></span></span></p> ', 'published' => true, 'created' => '2024-06-07', 'modified' => '2024-06-07', 'keywords' => '', 'description' => '', 'sortorder' => '20932', 'image' => '20240607122125_20230501020439_cooperative-new.jpg', 'article_date' => '2024-06-07 12:20:10', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '21203', 'article_category_id' => '1', 'title' => 'Solar Investment Outstrips All Other Power Forms: IEA ', 'sub_title' => '', 'summary' => 'PARIS: More money is pouring into solar power than all other electricity sources combined, with investments set to reach half a trillion dollars this year, the world's top energy research body said Thursday. ', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">PARIS: More money is pouring into solar power than all other electricity sources combined, with investments set to reach half a trillion dollars this year, the world's top energy research body said Thursday. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The International Energy Agency (IEA) forecast in a report that global investment in clean energy this year will hit $2 trillion, twice the amount going to fossil fuels. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">It said combined investment in renewable power and grids overtook the amount spent on fossil fuels for the first time in 2023. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"Clean energy investment is setting new records even in challenging economic conditions, highlighting the momentum behind the new global energy economy," IEA executive director Fatih Birol said in a statement accompanying the agency's annual World Energy Investment report. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Companies and governments worldwide are raising spending on clean energy production to reduce the carbon emissions from burning fossil fuels that are driving deadly climate change. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The report said improving supply chains and lower costs were driving up investment in forms of so-called clean energy, which include solar panels, wind turbines, electric cars and heat pumps, as well as nuclear power generation. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Combined investment in renewables and nuclear for electricity generation is now set to reach 10 times the amount going to fossil-fuel power, led by solar, with China investing the biggest share. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"More money is now going into solar PV (photovoltaic panels) than all other electricity generation technologies combined," the report said. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Solar panel costs have decreased by 30 percent over the past two years and in 2024 "investment in solar PV is set to grow to $500 billion as falling module prices spur new investments." </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">By comparison, global upstream oil and gas investment is expected to increase by seven percent in 2024 to reach $570 billion, following a similar rise in 2023. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The IEA warned however of "major imbalances and shortfalls in energy investment flows in many parts of the world" where clean energy projects remain prohibitively expensive. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Excluding renewable energy giant China, the $300 billion invested by emerging and developing economies remained "far below what is required to meet growing energy demand in many of these countries". </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"More must be done to ensure that investment reaches the places where it is needed most," Birol said. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The IEA said that meeting medium-term global goals to reduce harmful carbon emissions would require investment in renewable power to be doubled worldwide by 2030. – AFP/RSS</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-07', 'modified' => '2024-06-07', 'keywords' => '', 'description' => '', 'sortorder' => '20931', 'image' => '20240607104732_solar.jpg', 'article_date' => '2024-06-07 10:46:52', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '21204', 'article_category_id' => '1', 'title' => 'HoR Endorses Proposal to Consider Bill related to BFIs ', 'sub_title' => '', 'summary' => 'KATHMANDU: The meeting of the House of Representatives on Thursday passed the proposal seeking consideration on the Bill relating to Banks and Financial Institutions (First Amendment), 2080. ', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">KATHMANDU: The meeting of the House of Representatives on Thursday passed the proposal seeking consideration on the Bill relating to Banks and Financial Institutions (First Amendment), 2080. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The proposal presented by Finance Minister Barshman Pun was passed by a majority of the house. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Earlier, MPs Dr Chanda Karki Bhandari, Laxmi Tiwari, Ashok Kumar Chaudhary, Prem Suwal, Narayani Sharma, Durga Rai, Sarita Bhusal, Sobita Gautam, Nisha Dangi, Ramkrishna Yadav, Rajendra Kumar KC and Nagina Yadav took part in the deliberations on the proposal. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Responding to the queries raised in the discussion, Finance Minister Pun said that the bill had to be introduced to effectively manage and regulate banks and financial institutions based on national and international financial systems and instruments, financial security and risks. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The bill is also required to institutionalize the implementation of the financial jurisdiction of the three levels of government as mandated in the Constitution and prevailing laws of Nepal. -- RSS </span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-07', 'modified' => '2024-06-07', 'keywords' => '', 'description' => '', 'sortorder' => '20930', 'image' => '20240607113932_Parliament.jpg', 'article_date' => '2024-06-07 11:38:46', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '21202', 'article_category_id' => '1', 'title' => 'CG Brand Introduces Energy-Efficient BLDC Ceiling Fans in Nepal', 'sub_title' => '', 'summary' => 'CG Brand, a part of the Chaudhary Group, has launched a new line of BLDC (Brushless Direct Current) ceiling fans to help combat the rising summer temperatures.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">June 7: CG Brand, a part of the Chaudhary Group, has launched a new line of BLDC (Brushless Direct Current) ceiling fans to help combat the rising summer temperatures. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">These fans are marketed with the slogan "Stay Cool, Save Energy Switch to BLDC Fan Today" and are designed to be more energy-efficient than traditional ceiling fans, saving at least 43% more electricity. They also operate quietly without compromising on performance.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Featuring durable and reliable BLDC motors, these fans are Nepal's first OEM brand with BLDC technology. They are designed to handle Nepal's fluctuating voltage, particularly in regions like Terai, operating efficiently between 110 to 280 volts. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The fans come with a 2-year warranty on the motor and PCB and are available in four attractive colors. Additionally, CG Brand offers various models and designs of ceiling, stand, table, wall, and exhaust fans. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The decorative series of ceiling fans are noted for their attractive designs and colors, while the high-speed series is known for superior airflow. These products are distributed through CG's channels and dealer outlets across Nepal.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-07', 'modified' => '2024-06-07', 'keywords' => '', 'description' => '', 'sortorder' => '20929', 'image' => '20240607101247_collage (24).jpg', 'article_date' => '2024-06-07 10:11:17', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ) ) $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' => '21215', 'article_category_id' => '1', 'title' => 'Growing Attraction of South Asian Countries toward Digital Currency', 'sub_title' => '', 'summary' => 'KATHMANDU: With growing public interest in electronic payments, South Asian countries are increasingly considering issuing digital currencies.', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">KATHMANDU: With growing public interest in electronic payments, South Asian countries are increasingly considering issuing digital currencies. While most South Asian nations, including Nepal, are still conducting feasibility studies and technology tests, India has already piloted electronic currency, according to a study report.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">As central banks worldwide strive to modernize payment systems, reduce the costs of cash transactions, and enhance financial inclusion through electronic currency, South Asian countries are following suit. This interest is highlighted in a report by the South Asian Financial Inclusion Initiative Project titled "Payment Innovation and Risks in South Asia."</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">According to the report, India introduced a test version of its digital currency, the digital rupee, in November 2022. Other countries in the region are still researching the feasibility of digital currency issuance. Bangladesh Bank is assessing the feasibility, Nepal Rastra Bank is preparing a legal draft, and Pakistan is testing technology for electronic currency transactions. Bhutan, the Maldives, and Sri Lanka are also conducting studies.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The increasing public interest in electronic currencies, including private sector cryptocurrencies, has prompted central banks to explore issuing Central Bank Digital Currencies (CBDCs). The study focused on new innovations and risks in the payment sector within South Asian countries. It noted that the COVID-19 pandemic accelerated the general public's attraction to electronic payments, a trend supported by government initiatives. QR code-based technology has become particularly popular for electronic payments.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">In Nepal, both electronic transactions and paper-based payments have increased. Payments made through paper grew by 37 percent from 2018 to 2022. Despite limited access to smartphones and the internet in rural areas, mobile banking transactions without internet have facilitated electronic transactions.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The report highlights that 32.1 percent of the population in South Asian countries lack access to financial services, the highest in Bangladesh at 47.2 percent. In Nepal, 46 percent of the population does not have access to banking services. Additionally, 25.05 percent of women and 20.95 percent of men in the region lack banking access.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Dr. Dilliram Pokharel, deputy spokesperson for Nepal Rastra Bank, informed that the bank formed a steering committee for electronic currency in 2078 under the coordination of Deputy Governor Bam Bahadur Mishra. A committee led by Director Anuj Dahal submitted a feasibility study report in June 2079. Following the report's recommendations, a separate unit has been established in the Payment System Department to work on CBDC development.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The central bank stated that further work on issuing CBDC will continue based on the feasibility study as part of the current fiscal year's monetary policy. NRB Governor Maha Prasad Adhikari has hinted that the central bank aims to issue its own CBDC within three years.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-09', 'modified' => '2024-06-09', 'keywords' => '', 'description' => '', 'sortorder' => '20943', 'image' => '20240609020134_analyticsinsight_import_wp-content_uploads_2020_11_Digital-Currency.jpg', 'article_date' => '2024-06-09 14:00:47', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '21217', 'article_category_id' => '1', 'title' => 'Department of Meteorology Forecasts Heat Wave in Tarai, Urges Precaution ', 'sub_title' => '', 'summary' => 'KATHMANDU: The Department of Hydrology and Meteorology has warned the possibility of excessive heat in the Tarai region in the coming few days based on an analysis of temperature conditions throughout the country. ', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">KATHMANDU: The Department of Hydrology and Meteorology has warned the possibility of excessive heat in the Tarai region in the coming few days based on an analysis of temperature conditions throughout the country. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The Meteorological Forecasting Division under the department has urged one and all for necessary preparedness and alertness as the temperature is likely to increase later this week. Meteorologist Binu Maharjan said that heat is predicted to intensify especially in Tarai and in Sudurpaschim and Lumbini provinces. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"Necessary precaution is advised, as there is the possibility of hot wind and heat wave in the Tarai region until June 10," the Department said. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">This year, the highest temperature of 44.2 degrees Celsius was recorded recently in Nepalgunj. Similarly, Dhangadhi recorded 44.1 degrees Celsius temperature. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The weather is currently partly cloudy in the hill areas and clear in the rest of the country. This is due to the effect of local and westerly winds and low pressure area formed around Bihar, India, says the Department of Hydrology and Meteorology. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Later this afternoon, the weather will remain partial and generally cloudy in the hill areas of Koshi, Bagmati and Gandaki provinces and clear in the remaining parts of the country. There is a possibility of light to moderate rain with thunder and lightning at some places in the hill areas of Bagmati, Gandaki and Koshi provinces. There is also possibility of storm in some places of Lumbini, Karnali and Sudurpaschim provinces. -- RSS </span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-09', 'modified' => '2024-06-09', 'keywords' => '', 'description' => '', 'sortorder' => '20942', 'image' => '20240609021605_20240423103916_Document.jpg', 'article_date' => '2024-06-09 14:15:30', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '21214', 'article_category_id' => '1', 'title' => 'Price of Gold Plummets by Rs 4,000 per Tola ', 'sub_title' => '', 'summary' => 'KATHMANDU: The price of gold has dropped by Rs 4,000 per tola (11.66 grams) in the domestic market on Sunday. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">KATHMANDU: The price of gold has dropped by Rs 4,000 per tola (11.66 grams) in the domestic market on Sunday. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the Federation of Nepal Gold and Silver Dealers' Association, the price of hallmark gold has been fixed at Rs 141,000 per tola on Sunday while worked gold is being traded at Rs 140,300 per tola. On Friday, the price of the precious yellow metal (hallmark gold) was Rs 144,000 per tola. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, the price of silver has declined by Rs 75 per tola on Sunday compared to Friday, and is being traded at Rs 1,825 per tola. -- RSS </span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-09', 'modified' => '2024-06-09', 'keywords' => '', 'description' => '', 'sortorder' => '20941', 'image' => '20240609012604_gold newwww.jpg', 'article_date' => '2024-06-09 13:25:13', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '21213', 'article_category_id' => '1', 'title' => 'Why is the Price of Eggs Skyrocketing?', 'sub_title' => '', 'summary' => 'KATHMANDU: The price of eggs has increased sharply in the last one month due to the spread of the H9 virus in chickens across the country.', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">KATHMANDU: The price of eggs has increased sharply in the last one month due to the spread of the H9 virus in chickens across the country. The virus has been attributed to the death of chickens and the resulting decrease in egg production.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Praveen KC, president of the Nepal Egg Producers' Association, stated that hatcheries across the country used to produce around 50 million to 55 million eggs daily about a month ago. However, this has now dropped to approximately 24 million to 25 million. He mentioned that the price of eggs skyrocketed as production fell short of demand.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">He further explained that about 1.5 million layer chickens have died due to the disease spread during the summer, severely impacting egg production. Experts note that the egg production capacity of chickens decreases significantly after contracting this disease. The retail price of large eggs, which was Rs 480 per crate a month ago, has now risen to Rs 600. Similarly, the price of medium eggs has increased from Rs 465 per crate to Rs 580 per carat, and small eggs have gone up from Rs 450 to Rs 565 per crate.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Although the H9 virus does not exhibit a high mortality rate like other strains of bird flu, entire flocks can sometimes die if the virus is combined with other infections. Consequently, egg producers do not receive compensation when chickens die from this virus, unlike in cases of bird flu. Government policy stipulates that relief is only provided if chickens die due to the H5 bird flu virus. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Dr. Chandra Dhakal, spokesperson for the Animal Services Department, confirmed that the H9 virus is a type of bird flu, primarily affecting egg-laying hens. It reduces both the fertility and egg production capacity of chickens. He stated that despite its impact on production, the infectious disease control regulations of the government do not provide compensation for this disease as it is not transmissible to humans like bird flu.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Currently, no vaccination has been administered in Nepal for the prevention and control of the H9 virus, and the government has yet to decide on its use. Experts recommend that farmers adopt biological methods of prevention, emphasizing cleanliness and the protection of healthy chickens from infected farms.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-09', 'modified' => '2024-06-09', 'keywords' => '', 'description' => '', 'sortorder' => '20940', 'image' => '20240609114859_1681451071.Egg.jpg', 'article_date' => '2024-06-09 11:48:16', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '21212', 'article_category_id' => '1', 'title' => 'Number of Tourists Visiting Lumbini Declines due to Poor Condition of Road', 'sub_title' => '', 'summary' => 'KATHMANDU: The number of tourists visiting Lumbini, a UNESCO World Heritage Site, has started declining due to poor condition of the Narayangadh-Bhutwal road section. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">KATHMANDU: The number of tourists visiting Lumbini, a UNESCO World Heritage Site, has started declining due to poor condition of the Narayangadh-Bhutwal road section. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the Lumbini Development Trust, at least one million domestic tourists used to visit Lumbini annually before 2076 BS. However, less than one million tourists have visited Lumbini for two years after the project to upgrade the road section started.</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"">Member-Secretary of the Trust, Sanuraja Shakya, told RSS that although the country returned to normalcy after coronavirus pandemic, around 600,000 tourists visit Lumbini every year now because of the poor condition of the road. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Sharing that it took 13 hours to reach Kathmandu from Butwal in an office vehicle, he stressed the need for upgrading alternative roads to increase religious tourists. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Though infrastructures were developed in Lumbini area, the tourists have been complaining about the problems, especially of the Narayangadh-Butwal road section, he mentioned. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Arrival of domestic and foreign tourists in Lumbini as well as different districts of western Nepal is expected to increase if the Narayangadh-Butwal road is upgraded on time. -- RSS</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-09', 'modified' => '2024-06-09', 'keywords' => '', 'description' => '', 'sortorder' => '20939', 'image' => '20240609111110_20230831114220_LumbiniRSS.jpg', 'article_date' => '2024-06-09 11:10:34', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '21211', 'article_category_id' => '1', 'title' => '400-KV Hetauda Substation Completed, Boosting Nepal's Power Grid', 'sub_title' => '', 'summary' => 'The construction of the 400-KV Hetauda substation, capable of carrying and distributing nearly 4,000 megawatts of electricity, has been completed.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">June 9: The construction of the 400-KV Hetauda substation, capable of carrying and distributing nearly 4,000 megawatts of electricity, has been completed. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Located in Hetauda Sub-metropolis-11, this substation is part of efforts to strengthen and expand Nepal's electricity transmission and distribution system.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The Hetauda substation, based on a Gas Insulated System (GIS), is the third-largest 400-KV substation in the country and was officially brought into operation on Friday evening.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Additionally, the construction of 220-KV and 132/11 KV substations at Thanabharyang under the Nepal-India Electricity Transmission and Trade Project has also been completed. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Dhalkebar is Nepal's first 400-KV GIS-based substation, followed by Inaruwa and Hetauda as the second and third largest, respectively. These substations are crucial for ensuring a reliable east-west power supply. </span></span><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The Dhalkebar-Inaruwa project is nearing completion, while work on the Hetauda-Dhalkebar section is ongoing. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Executive Director of Nepal Electricity Authority, Kul Man Ghising, stated that the Hetauda substation will ensure a reliable and quality power supply to Hetauda, Bharatpur, Simara, and Birgunj.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Furthermore, a 400-KV double circuit transmission line, to be constructed at Ratmate in Nuwakot under the Millennium Challenge Corporation, will be connected to the Hetauda substation. Necessary infrastructure has already been established at Hetauda for this purpose. (RSS)</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-09', 'modified' => '2024-06-09', 'keywords' => '', 'description' => '', 'sortorder' => '20938', 'image' => '20240609071740_collage (27).jpg', 'article_date' => '2024-06-09 07:16:15', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 6 => array( 'Article' => array( 'id' => '21210', 'article_category_id' => '1', 'title' => 'NEA's Nine-Month Profit Exceeds Rs 11 Billion', 'sub_title' => '', 'summary' => 'The Nepal Electricity Authority (NEA) has reported a profit exceeding Rs 11 billion in the first nine months of the current fiscal year, 2080-81 BS (2024-25). Specifically, during this period, NEA achieved a profit of Rs 11.06 billion.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">June 7: The Nepal Electricity Authority (NEA) has reported a profit exceeding Rs 11 billion in the first nine months of the current fiscal year, 2080-81 BS (2024-25). Specifically, during this period, NEA achieved a profit of Rs 11.06 billion.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">NEA's financial details (unprocessed) data until the month of Chait (mid-April) show that the organization earned a total revenue of Rs 93.94 billion during this period. This figure does not include tax. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">According to proactive disclosures, NEA's total expenditures, including electricity purchases, administrative costs, and project investments, amounted to Rs 82.88 billion.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">In the corresponding period of the last fiscal year, NEA's profit was Rs 8.88 billion, with a total annual profit of Rs 13.37 billion. The accumulated profit of the NEA has now reached Rs 33.64 billion.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The NEA has been earning a profit since the fiscal year 2072-73 BS (2015-16). Prior to this, it was incurring an annual loss of Rs 8.89 billion.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">NEA attributes its recent profits to the control of electricity leakage, increased domestic consumption, exports to India, and austerity measures in expenditures. From power supplies, NEA netted Rs 68.89 billion, and it also exported surplus power to India, earning Rs 13.42 billion during this period. (RSS) </span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-07', 'modified' => '2024-06-07', 'keywords' => '', 'description' => '', 'sortorder' => '20937', 'image' => '20240607031808_collage (25).jpg', 'article_date' => '2024-06-07 15:16:39', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 7 => array( 'Article' => array( 'id' => '21209', 'article_category_id' => '1', 'title' => 'Upper Tamor Hydropower Project Secures Investment from Domestic Sector of Nepal', 'sub_title' => '', 'summary' => 'KATHMANDU: The 285 MW Upper Tamor Semi-reservoir Hydropower Project has secured significant investment under a consortium led by Everest Bank.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:16.0pt">KATHMANDU: The 285 MW Upper Tamor Semi-reservoir Hydropower Project has secured significant investment under a consortium led by Everest Bank. The project will receive Rs 38.60 billion from various banks and financial institutions. Tamor Energy Pvt Ltd, the project's promoter, and Everest Bank signed a loan investment agreement during a recent ceremony in Kathmandu.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:16.0pt">Pushpa Jyoti Dhungana, president of Tamor Energy Pvt Ltd, and Sudesh Khaling, Chief Executive Officer (CEO) of Everest Bank, signed the agreement on behalf of their respective organisations.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:16.0pt">Under Everest Bank's consortium, Krishi Bikas Bank, Hydropower Investment and Development Company (HIDCL), Rastriya Banijya Bank, Prabhu Bank, Laxmi Sunrise Bank, Nepal SBI Bank, and Garima Bikas Bank will collectively invest in the project.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:16.0pt">This project, marking the largest investment by the domestic private sector till date, aims to commence operations by mid-June 2028. It is designed to provide electricity at full capacity for 6 hours during peak evening hours. The total cost of the project, including interest, is estimated at Rs 55 billion, with 30 percent equity and 70 percent debt financing.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:16.0pt">Dhungana expressed confidence that the successful construction of the Upper Tamor project will be a significant milestone for Nepal's energy sector. He emphasized that financial management is the primary challenge for hydropower projects, and effective management is crucial for progress. He stated that this project will be realized through domestic investment.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:16.0pt">Speaking at the event, Everest Bank’s CEO Khaling highlighted that the agreement demonstrates the capability of domestic banks to finance large-scale hydropower projects. He believes this initiative will encourage other banks to invest in similar large projects.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:16.0pt">"We are ready to invest in the energy sector. Initiatives should be taken to raise investment from internal sources as well as other alternative sources," Khaling said.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:16.0pt">Khaling also expressed optimism that international investments could further propel Nepal's energy sector forward. The Upper Tamor project is expected to produce 1.47 billion units of electricity annually, with 1.3 billion units generated during the rainy season and the remainder during the dry season. Initial construction has already commenced, and the project is expected to be completed by mid-June 2028.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-07', 'modified' => '2024-06-07', 'keywords' => '', 'description' => '', 'sortorder' => '20936', 'image' => '20240607023546_hydro.jpg', 'article_date' => '2024-06-07 14:34:43', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '21208', 'article_category_id' => '1', 'title' => 'IMF Reaches Staff-level Agreement with Nepal on 4th Review Under Extended Credit Facility', 'sub_title' => '', 'summary' => 'Washington DC: The government authorities of Nepal and the International Monetary Fund (IMF) reached a staff-level agreement on the policies and reforms needed to complete the 4th review under the extended credit facility (ECF).', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Washington DC: The government authorities of Nepal and the International Monetary Fund (IMF) reached a staff-level agreement on the policies and reforms needed to complete the 4th review under the extended credit facility (ECF).</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">IMF’s Deputy Division Chief for the Asia and Pacific Department and the IMF Mission Chief for Nepal Tidiane Kinda confirmed the agreement by issuing a statement on Thursday after completing a two-week long visit to Nepal on June 5. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">An IMF delegation led by Kinda visited Kathmandu during May 22 to June 5 to hold discussions on the policies and reforms of economic program supported by the IMF’s Extended Credit Facility (ECF). The agreement, however, is subject to approval by the IMF’s Executive Board, the statement added. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Completion of the review would entitle Nepal to a Special Drawing Rights (SDR) of 31.4 million (about US$41.6 million), bringing total disbursements under the ECF thus far to SDR 188.3 million (about US$249.7 million), the statement added.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">“Nepal continues to make progress with the implementation of the ECF-supported program. On the fiscal front, important achievements include approval of (i) a Domestic Revenue Mobilization Strategy by the Ministry of Finance aimed at strengthening tax collection, and (ii) an Action Plan by the National Planning Commission (NPC) aimed at improving execution of budgeted capital projects,” reads the statement, adding, “Other envisaged reforms to further enhance fiscal transparency are well advanced.” </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">These include incorporating most Extra Budgetary Funds accounts in the annual financial statements published by the Financial Comptroller General Office, and publishing audited financial statements for some key public enterprises.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The IMF noted that major achievements by the Nepal Rastra Bank (NRB) include the finalization and full implementation of the Supervisory Information System for all banks and progress on the procurement of an independent international consultant to assist NRB in the conduct of the Loan Portfolio Review (LPR) of the 10 largest banks. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Both reforms aim at strengthening NRB’s capability to assess bank asset quality and credit risk management, said the IMF.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The IMF delegation however said that Nepal’s economy continues to face challenges as growth, projected around 3 percent in FY2023/24, remains below potential in the context of subdued domestic demand and post-pandemic balance sheet repairs. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Reflecting timely policy actions, favorable commodity prices, and subdued domestic demand, inflation has decreased from a peak of 8.6 percent in September 2022 to 4.6 percent in April 2024, added the IMF.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">“Despite some recovery, tax-to-GDP ratio remains below pre-pandemic levels, limiting fiscal space for development spending, including on infrastructure and targeted social benefits,” reads the statement.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">According to the IMF, the non-performing loans of banks have doubled since August 2022 to 4.0 percent in April 2024 and profitability has declined, while the financial health of the savings and credit cooperatives (SACCO) sector has deteriorated. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">On the bright side, Nepal’s external position continues to strengthen, reflecting prudent policies, buoyant remittances, and subdued imports.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">“Looking ahead, economic activity is expected to pick up with growth reaching 4.9 percent in FY2024/25, supported by stronger domestic demand. The cautiously accommodative monetary policy stance, planned increase in capital expenditure in the FY2024/25 budget, additional hydropower generation, and continued increase in tourist arrivals are expected to boost domestic demand and growth,” the IMF statement added.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">According to the IMF, inflation is expected to remain within the NRB’s target ceiling of 5.5 percent. Nepal’s medium-term outlook remains favorable as strategic investments in infrastructure, especially in the energy sector, are expected to support potential growth.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">“Against this background, policies and reforms envisaged under the ECF-supported program remain well-placed to help preserve macroeconomic stability and strengthen Nepal’s policy making framework. Accelerating capital spending is key to boost domestic demand. In that regard, executing the planned increase in capital expenditure while limiting overall spending growth, as envisaged in the FY2024/25 budget, bode well for achieving a growth-friendly fiscal consolidation. Pursuing the cautious and data-driven approach to monetary policy and strengthening the monetary framework remains essential to maintain price and external stability.”</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The IMF however cautioned that continuing to strengthen Nepal’s financial system remains a top priority. In this context, it is essential to launch the LPR of the banking system, submit to Parliament amendments of the NRB Act, and involve the service of experts with international experience in auditing and central bank auditing for an audit of NRB’s FY23/24 financial statements, said the IMF. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">According to the statement, the government authorities of Nepal and IMF staff also agreed on giving priority to the publication of annual financial statements by all majority and wholly owned public enterprises, the audit of the financial statements of four priority public enterprises, and the implementation of key reforms in the 2023 Financial Sector Stability Report. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Other important reforms envisaged for the near future include publication of a comprehensive tax expenditure report, publication of a fiscal risk statement, revising and approving the National Project Bank Operational Procedures and the Unified Directives related to project development, prioritization, and selection, and reporting consolidated financial information of all extra-budgetary operational funds. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">In addition, the authorities are starting to develop a strategy to deal with issues in the cooperative sector, including to reform the supervisory framework and architecture, which is welcome, said IMF.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">“Nepal is committed to strengthening its AML/CFT framework. Amendments to a set of 15 laws, including on money laundering, have been recently enacted—and secondary legislation is under preparation—to bring Nepal’s AML/CFT legal framework in line with international standards. Nepal remains determined to ensure the effectiveness of the new legal framework, with technical support from the IMF and other donors,” the statement further said.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The IMF team also expressed its gratitude to the Nepali authorities for their hospitality and for open and constructive discussions. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The statement added that the IMF team met with Minister for Finance Barsha Man Pun, Nepal Rastra Bank’s Governor Maha Prasad Adhikari, National Planning Commission’s Vice-Chairman Dr Min Bahadur Shrestha, other senior government and NRB officials, development partners and representatives of the business and banking community.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-07', 'modified' => '2024-06-07', 'keywords' => '', 'description' => '', 'sortorder' => '20935', 'image' => '20240607022031_20240131105230_iiii.jpg', 'article_date' => '2024-06-07 14:19:59', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '21206', 'article_category_id' => '1', 'title' => 'Price of Gold Sets New Record at Rs 145,000 per Tola ', 'sub_title' => '', 'summary' => 'KATHMANDU: The price of gold has increased by Rs 1,000 per tola (11.66 grams) in the domestic market of Nepal to reach an all-time high record on Friday.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">KATHMANDU: The price of gold has increased by Rs 1,000 per tola (11.66 grams) in the domestic market of Nepal to reach an all-time high record on Friday.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the Federation of Nepal Gold and Silver Dealers Association, the price of hallmark gold has been fixed at Rs 145,000 per tola on Friday. It was traded at Rs 144,000 on Thursday. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Similarly, the price of worked gold is being fixed at RS 144,300 per tola Friday against Rs 143,300 on Thursday. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The price of gold has been rising steadily in the past few months. The federation fixes the price of gold and silver based on the price in the international market.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The recent geopolitical tension due to the Israel’s offensive in Gaza and the Russia-Ukraine war have led to investors to invest in gold considering it as a safe haven in times of turmoil.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Likewise, the price of silver has increased by Rs 50 per tola and is being traded at Rs 1,900 on Friday. It was traded at Rs 1,850 on Thursday. </span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-06-07', 'modified' => '2024-06-07', 'keywords' => '', 'description' => '', 'sortorder' => '20934', 'image' => '20240607011127_20240604064715_20240531012532_gold newwww.jpg', 'article_date' => '2024-06-07 13:10:53', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '21207', 'article_category_id' => '1', 'title' => 'Unilever Continues Support to Mountain Clean-Up Campaign of Nepalese Army', 'sub_title' => '', 'summary' => 'KATHMANDU: Unilever Nepal Limited continued it support to the Mountain Clean-up Campaign spearheaded by the Nepalese Army this year, especially in the waste management and recycling of the waste collected under this campaign.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">KATHMANDU: Unilever Nepal Limited continued it support to the Mountain Clean-up Campaign spearheaded by the Nepalese Army this year, especially in the waste management and recycling of the waste collected under this campaign.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Nepalese Army had organised the Mountain Clean-up Campaign-2024 in collaboration with other government agencies from April 11 to June 5. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Issuing a statement, Unilever Nepal said that it supported Avni Ventures, the official waste management/ recycling partner for recycling the collected waste in this campaign. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">This year’s campaign collected 11,000 kgs of waste and remains of five deceased individuals including one skeleton from Mt Everest, Mt Lhotse and Mt Nuptse, the statement added. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Unilever claimed that it supported the Mountain Clean-up Campaign directly to the Nepalese Army in the years 2021, 2022 and 2023. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The company said it is honoured to be a part of such an initiative that adds value to sustainability efforts and an opportunity to serve Nepal in keeping the environment pristine.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“Such campaigns to reduce the climate change, especially in this region, and preserve the natural beauty of these peaks has been appreciated by those involved as well as other supporters. Unilever believes that sustainability and change for the betterment of the environment should be supported and practiced,” the statement added.</span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-06-07', 'modified' => '2024-06-07', 'keywords' => '', 'description' => '', 'sortorder' => '20933', 'image' => '20240607015007_1.jpg', 'article_date' => '2024-06-07 13:49:29', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '21205', 'article_category_id' => '1', 'title' => 'Govt Fails to Mobilize Cooperative Promotion Fund Despite Rise in Number of Troubled Cooperatives', 'sub_title' => '', 'summary' => 'KATHMANDU: Despite the rising number of problematic cooperatives, the government has not been able to effectively mobilize the Cooperative Promotion Fund, which was set up by the government to promote cooperative businesses.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">KATHMANDU: Despite the rising number of problematic cooperatives, the government has not been able to effectively mobilize the Cooperative Promotion Fund, which was set up by the government to promote cooperative businesses. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The Ministry of Land Management, Cooperatives, and Poverty Alleviation had established the fund in 2077 BS in accordance with the Cooperative Act 2074. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Due to the government’s failure to effectively mobilize the fund, the cooperatives have stopped contributing to the fund. As a result, even the accumulated amount remains unutilized.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The Auditor General's 61st annual report highlights that most of the cooperatives operational in the country have not deposited funds into the Cooperative Promotion Fund, and the government lacks detailed records of those that have deposited the amount. There are more than 31,000 registered cooperatives in the country. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The report criticizes the Fund for not maintaining the details of the amount collected so far. It mentions that the Fund has only kept records of bank statement which shows the total amount of money deposited in the Fund.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The Auditor General’s report has instructed the effective mobilization of the collected funds.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Despite previous reports urging the government to mobilize these funds, the government has yet to take any action. The Cooperative Act mandates that organizations deposit 0.5 percent of their surplus into the Cooperative Promotion Fund after allocating profit to the reserve fund. Additionally, the Cooperative Regulations 2075 specify a committee, coordinated by the Minister of Cooperatives, to distribute the funds. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">This committee includes the deputy chairman of the National Cooperative Development Board, secretary of the Cooperative Ministry, joint secretary of the Ministry of Finance, the chairman of the Cooperative Federation, the chairman of the Central Savings and Credit Cooperative Association, and the registrar of the Department of Cooperatives.</span></span></span></p> <p> </p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">According to the regulations, at least 75 percent of the fund must be invested in cooperative business infrastructure, with the remainder spent on business promotion, education, information, training, market promotion, and monitoring. The affiliated associations are required to maintain separate records of the received funds, audit them according to prevailing laws, and make the details public.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">National Cooperative Federation’s President Om Devi Malla expressed frustration, stating that the government is not interested in mobilizing the funds. "We have been urging the ministry to utilize the collected funds, but no action has been taken so far," Malla said.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Gokarnamani Duwadi, secretary of the Ministry of Land Management, Cooperatives, and Poverty Alleviation, acknowledged the difficulty in deciding on mobilizing the money due to the lack of detailed records of the Fund. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">"We have no problem mobilizing the money according to the legal system," Duwadi said, "But we need detailed information about the organizations contributing to the fund."</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Additionally, the establishment of cooperative promotion funds by provincial and local governments has further halted contributions to the federal fund. According to the constitution, the authority to register and regulate cooperatives rests with the local level. Consequently, cooperatives have started depositing funds into the accounts of their respective regulatory bodies instead of the federal government's fund.</span></span></span></p> ', 'published' => true, 'created' => '2024-06-07', 'modified' => '2024-06-07', 'keywords' => '', 'description' => '', 'sortorder' => '20932', 'image' => '20240607122125_20230501020439_cooperative-new.jpg', 'article_date' => '2024-06-07 12:20:10', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '21203', 'article_category_id' => '1', 'title' => 'Solar Investment Outstrips All Other Power Forms: IEA ', 'sub_title' => '', 'summary' => 'PARIS: More money is pouring into solar power than all other electricity sources combined, with investments set to reach half a trillion dollars this year, the world's top energy research body said Thursday. ', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">PARIS: More money is pouring into solar power than all other electricity sources combined, with investments set to reach half a trillion dollars this year, the world's top energy research body said Thursday. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The International Energy Agency (IEA) forecast in a report that global investment in clean energy this year will hit $2 trillion, twice the amount going to fossil fuels. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">It said combined investment in renewable power and grids overtook the amount spent on fossil fuels for the first time in 2023. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"Clean energy investment is setting new records even in challenging economic conditions, highlighting the momentum behind the new global energy economy," IEA executive director Fatih Birol said in a statement accompanying the agency's annual World Energy Investment report. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Companies and governments worldwide are raising spending on clean energy production to reduce the carbon emissions from burning fossil fuels that are driving deadly climate change. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The report said improving supply chains and lower costs were driving up investment in forms of so-called clean energy, which include solar panels, wind turbines, electric cars and heat pumps, as well as nuclear power generation. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Combined investment in renewables and nuclear for electricity generation is now set to reach 10 times the amount going to fossil-fuel power, led by solar, with China investing the biggest share. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"More money is now going into solar PV (photovoltaic panels) than all other electricity generation technologies combined," the report said. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Solar panel costs have decreased by 30 percent over the past two years and in 2024 "investment in solar PV is set to grow to $500 billion as falling module prices spur new investments." </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">By comparison, global upstream oil and gas investment is expected to increase by seven percent in 2024 to reach $570 billion, following a similar rise in 2023. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The IEA warned however of "major imbalances and shortfalls in energy investment flows in many parts of the world" where clean energy projects remain prohibitively expensive. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Excluding renewable energy giant China, the $300 billion invested by emerging and developing economies remained "far below what is required to meet growing energy demand in many of these countries". </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"More must be done to ensure that investment reaches the places where it is needed most," Birol said. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The IEA said that meeting medium-term global goals to reduce harmful carbon emissions would require investment in renewable power to be doubled worldwide by 2030. – AFP/RSS</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-07', 'modified' => '2024-06-07', 'keywords' => '', 'description' => '', 'sortorder' => '20931', 'image' => '20240607104732_solar.jpg', 'article_date' => '2024-06-07 10:46:52', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '21204', 'article_category_id' => '1', 'title' => 'HoR Endorses Proposal to Consider Bill related to BFIs ', 'sub_title' => '', 'summary' => 'KATHMANDU: The meeting of the House of Representatives on Thursday passed the proposal seeking consideration on the Bill relating to Banks and Financial Institutions (First Amendment), 2080. ', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">KATHMANDU: The meeting of the House of Representatives on Thursday passed the proposal seeking consideration on the Bill relating to Banks and Financial Institutions (First Amendment), 2080. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The proposal presented by Finance Minister Barshman Pun was passed by a majority of the house. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Earlier, MPs Dr Chanda Karki Bhandari, Laxmi Tiwari, Ashok Kumar Chaudhary, Prem Suwal, Narayani Sharma, Durga Rai, Sarita Bhusal, Sobita Gautam, Nisha Dangi, Ramkrishna Yadav, Rajendra Kumar KC and Nagina Yadav took part in the deliberations on the proposal. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Responding to the queries raised in the discussion, Finance Minister Pun said that the bill had to be introduced to effectively manage and regulate banks and financial institutions based on national and international financial systems and instruments, financial security and risks. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The bill is also required to institutionalize the implementation of the financial jurisdiction of the three levels of government as mandated in the Constitution and prevailing laws of Nepal. -- RSS </span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-07', 'modified' => '2024-06-07', 'keywords' => '', 'description' => '', 'sortorder' => '20930', 'image' => '20240607113932_Parliament.jpg', 'article_date' => '2024-06-07 11:38:46', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '21202', 'article_category_id' => '1', 'title' => 'CG Brand Introduces Energy-Efficient BLDC Ceiling Fans in Nepal', 'sub_title' => '', 'summary' => 'CG Brand, a part of the Chaudhary Group, has launched a new line of BLDC (Brushless Direct Current) ceiling fans to help combat the rising summer temperatures.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">June 7: CG Brand, a part of the Chaudhary Group, has launched a new line of BLDC (Brushless Direct Current) ceiling fans to help combat the rising summer temperatures. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">These fans are marketed with the slogan "Stay Cool, Save Energy Switch to BLDC Fan Today" and are designed to be more energy-efficient than traditional ceiling fans, saving at least 43% more electricity. They also operate quietly without compromising on performance.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Featuring durable and reliable BLDC motors, these fans are Nepal's first OEM brand with BLDC technology. They are designed to handle Nepal's fluctuating voltage, particularly in regions like Terai, operating efficiently between 110 to 280 volts. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The fans come with a 2-year warranty on the motor and PCB and are available in four attractive colors. Additionally, CG Brand offers various models and designs of ceiling, stand, table, wall, and exhaust fans. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The decorative series of ceiling fans are noted for their attractive designs and colors, while the high-speed series is known for superior airflow. These products are distributed through CG's channels and dealer outlets across Nepal.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-07', 'modified' => '2024-06-07', 'keywords' => '', 'description' => '', 'sortorder' => '20929', 'image' => '20240607101247_collage (24).jpg', 'article_date' => '2024-06-07 10:11:17', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ) ) $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' => '21215', 'article_category_id' => '1', 'title' => 'Growing Attraction of South Asian Countries toward Digital Currency', 'sub_title' => '', 'summary' => 'KATHMANDU: With growing public interest in electronic payments, South Asian countries are increasingly considering issuing digital currencies.', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">KATHMANDU: With growing public interest in electronic payments, South Asian countries are increasingly considering issuing digital currencies. While most South Asian nations, including Nepal, are still conducting feasibility studies and technology tests, India has already piloted electronic currency, according to a study report.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">As central banks worldwide strive to modernize payment systems, reduce the costs of cash transactions, and enhance financial inclusion through electronic currency, South Asian countries are following suit. This interest is highlighted in a report by the South Asian Financial Inclusion Initiative Project titled "Payment Innovation and Risks in South Asia."</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">According to the report, India introduced a test version of its digital currency, the digital rupee, in November 2022. Other countries in the region are still researching the feasibility of digital currency issuance. Bangladesh Bank is assessing the feasibility, Nepal Rastra Bank is preparing a legal draft, and Pakistan is testing technology for electronic currency transactions. Bhutan, the Maldives, and Sri Lanka are also conducting studies.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The increasing public interest in electronic currencies, including private sector cryptocurrencies, has prompted central banks to explore issuing Central Bank Digital Currencies (CBDCs). The study focused on new innovations and risks in the payment sector within South Asian countries. It noted that the COVID-19 pandemic accelerated the general public's attraction to electronic payments, a trend supported by government initiatives. QR code-based technology has become particularly popular for electronic payments.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">In Nepal, both electronic transactions and paper-based payments have increased. Payments made through paper grew by 37 percent from 2018 to 2022. Despite limited access to smartphones and the internet in rural areas, mobile banking transactions without internet have facilitated electronic transactions.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The report highlights that 32.1 percent of the population in South Asian countries lack access to financial services, the highest in Bangladesh at 47.2 percent. In Nepal, 46 percent of the population does not have access to banking services. Additionally, 25.05 percent of women and 20.95 percent of men in the region lack banking access.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Dr. Dilliram Pokharel, deputy spokesperson for Nepal Rastra Bank, informed that the bank formed a steering committee for electronic currency in 2078 under the coordination of Deputy Governor Bam Bahadur Mishra. A committee led by Director Anuj Dahal submitted a feasibility study report in June 2079. Following the report's recommendations, a separate unit has been established in the Payment System Department to work on CBDC development.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The central bank stated that further work on issuing CBDC will continue based on the feasibility study as part of the current fiscal year's monetary policy. NRB Governor Maha Prasad Adhikari has hinted that the central bank aims to issue its own CBDC within three years.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-09', 'modified' => '2024-06-09', 'keywords' => '', 'description' => '', 'sortorder' => '20943', 'image' => '20240609020134_analyticsinsight_import_wp-content_uploads_2020_11_Digital-Currency.jpg', 'article_date' => '2024-06-09 14:00:47', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '21217', 'article_category_id' => '1', 'title' => 'Department of Meteorology Forecasts Heat Wave in Tarai, Urges Precaution ', 'sub_title' => '', 'summary' => 'KATHMANDU: The Department of Hydrology and Meteorology has warned the possibility of excessive heat in the Tarai region in the coming few days based on an analysis of temperature conditions throughout the country. ', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">KATHMANDU: The Department of Hydrology and Meteorology has warned the possibility of excessive heat in the Tarai region in the coming few days based on an analysis of temperature conditions throughout the country. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The Meteorological Forecasting Division under the department has urged one and all for necessary preparedness and alertness as the temperature is likely to increase later this week. Meteorologist Binu Maharjan said that heat is predicted to intensify especially in Tarai and in Sudurpaschim and Lumbini provinces. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"Necessary precaution is advised, as there is the possibility of hot wind and heat wave in the Tarai region until June 10," the Department said. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">This year, the highest temperature of 44.2 degrees Celsius was recorded recently in Nepalgunj. Similarly, Dhangadhi recorded 44.1 degrees Celsius temperature. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The weather is currently partly cloudy in the hill areas and clear in the rest of the country. This is due to the effect of local and westerly winds and low pressure area formed around Bihar, India, says the Department of Hydrology and Meteorology. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Later this afternoon, the weather will remain partial and generally cloudy in the hill areas of Koshi, Bagmati and Gandaki provinces and clear in the remaining parts of the country. There is a possibility of light to moderate rain with thunder and lightning at some places in the hill areas of Bagmati, Gandaki and Koshi provinces. There is also possibility of storm in some places of Lumbini, Karnali and Sudurpaschim provinces. -- RSS </span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-09', 'modified' => '2024-06-09', 'keywords' => '', 'description' => '', 'sortorder' => '20942', 'image' => '20240609021605_20240423103916_Document.jpg', 'article_date' => '2024-06-09 14:15:30', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '21214', 'article_category_id' => '1', 'title' => 'Price of Gold Plummets by Rs 4,000 per Tola ', 'sub_title' => '', 'summary' => 'KATHMANDU: The price of gold has dropped by Rs 4,000 per tola (11.66 grams) in the domestic market on Sunday. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">KATHMANDU: The price of gold has dropped by Rs 4,000 per tola (11.66 grams) in the domestic market on Sunday. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the Federation of Nepal Gold and Silver Dealers' Association, the price of hallmark gold has been fixed at Rs 141,000 per tola on Sunday while worked gold is being traded at Rs 140,300 per tola. On Friday, the price of the precious yellow metal (hallmark gold) was Rs 144,000 per tola. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, the price of silver has declined by Rs 75 per tola on Sunday compared to Friday, and is being traded at Rs 1,825 per tola. -- RSS </span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-09', 'modified' => '2024-06-09', 'keywords' => '', 'description' => '', 'sortorder' => '20941', 'image' => '20240609012604_gold newwww.jpg', 'article_date' => '2024-06-09 13:25:13', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '21213', 'article_category_id' => '1', 'title' => 'Why is the Price of Eggs Skyrocketing?', 'sub_title' => '', 'summary' => 'KATHMANDU: The price of eggs has increased sharply in the last one month due to the spread of the H9 virus in chickens across the country.', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">KATHMANDU: The price of eggs has increased sharply in the last one month due to the spread of the H9 virus in chickens across the country. The virus has been attributed to the death of chickens and the resulting decrease in egg production.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Praveen KC, president of the Nepal Egg Producers' Association, stated that hatcheries across the country used to produce around 50 million to 55 million eggs daily about a month ago. However, this has now dropped to approximately 24 million to 25 million. He mentioned that the price of eggs skyrocketed as production fell short of demand.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">He further explained that about 1.5 million layer chickens have died due to the disease spread during the summer, severely impacting egg production. Experts note that the egg production capacity of chickens decreases significantly after contracting this disease. The retail price of large eggs, which was Rs 480 per crate a month ago, has now risen to Rs 600. Similarly, the price of medium eggs has increased from Rs 465 per crate to Rs 580 per carat, and small eggs have gone up from Rs 450 to Rs 565 per crate.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Although the H9 virus does not exhibit a high mortality rate like other strains of bird flu, entire flocks can sometimes die if the virus is combined with other infections. Consequently, egg producers do not receive compensation when chickens die from this virus, unlike in cases of bird flu. Government policy stipulates that relief is only provided if chickens die due to the H5 bird flu virus. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Dr. Chandra Dhakal, spokesperson for the Animal Services Department, confirmed that the H9 virus is a type of bird flu, primarily affecting egg-laying hens. It reduces both the fertility and egg production capacity of chickens. He stated that despite its impact on production, the infectious disease control regulations of the government do not provide compensation for this disease as it is not transmissible to humans like bird flu.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Currently, no vaccination has been administered in Nepal for the prevention and control of the H9 virus, and the government has yet to decide on its use. Experts recommend that farmers adopt biological methods of prevention, emphasizing cleanliness and the protection of healthy chickens from infected farms.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-09', 'modified' => '2024-06-09', 'keywords' => '', 'description' => '', 'sortorder' => '20940', 'image' => '20240609114859_1681451071.Egg.jpg', 'article_date' => '2024-06-09 11:48:16', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '21212', 'article_category_id' => '1', 'title' => 'Number of Tourists Visiting Lumbini Declines due to Poor Condition of Road', 'sub_title' => '', 'summary' => 'KATHMANDU: The number of tourists visiting Lumbini, a UNESCO World Heritage Site, has started declining due to poor condition of the Narayangadh-Bhutwal road section. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">KATHMANDU: The number of tourists visiting Lumbini, a UNESCO World Heritage Site, has started declining due to poor condition of the Narayangadh-Bhutwal road section. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the Lumbini Development Trust, at least one million domestic tourists used to visit Lumbini annually before 2076 BS. However, less than one million tourists have visited Lumbini for two years after the project to upgrade the road section started.</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"">Member-Secretary of the Trust, Sanuraja Shakya, told RSS that although the country returned to normalcy after coronavirus pandemic, around 600,000 tourists visit Lumbini every year now because of the poor condition of the road. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Sharing that it took 13 hours to reach Kathmandu from Butwal in an office vehicle, he stressed the need for upgrading alternative roads to increase religious tourists. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Though infrastructures were developed in Lumbini area, the tourists have been complaining about the problems, especially of the Narayangadh-Butwal road section, he mentioned. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Arrival of domestic and foreign tourists in Lumbini as well as different districts of western Nepal is expected to increase if the Narayangadh-Butwal road is upgraded on time. -- RSS</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-09', 'modified' => '2024-06-09', 'keywords' => '', 'description' => '', 'sortorder' => '20939', 'image' => '20240609111110_20230831114220_LumbiniRSS.jpg', 'article_date' => '2024-06-09 11:10:34', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '21211', 'article_category_id' => '1', 'title' => '400-KV Hetauda Substation Completed, Boosting Nepal's Power Grid', 'sub_title' => '', 'summary' => 'The construction of the 400-KV Hetauda substation, capable of carrying and distributing nearly 4,000 megawatts of electricity, has been completed.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">June 9: The construction of the 400-KV Hetauda substation, capable of carrying and distributing nearly 4,000 megawatts of electricity, has been completed. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Located in Hetauda Sub-metropolis-11, this substation is part of efforts to strengthen and expand Nepal's electricity transmission and distribution system.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The Hetauda substation, based on a Gas Insulated System (GIS), is the third-largest 400-KV substation in the country and was officially brought into operation on Friday evening.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Additionally, the construction of 220-KV and 132/11 KV substations at Thanabharyang under the Nepal-India Electricity Transmission and Trade Project has also been completed. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Dhalkebar is Nepal's first 400-KV GIS-based substation, followed by Inaruwa and Hetauda as the second and third largest, respectively. These substations are crucial for ensuring a reliable east-west power supply. </span></span><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The Dhalkebar-Inaruwa project is nearing completion, while work on the Hetauda-Dhalkebar section is ongoing. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Executive Director of Nepal Electricity Authority, Kul Man Ghising, stated that the Hetauda substation will ensure a reliable and quality power supply to Hetauda, Bharatpur, Simara, and Birgunj.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Furthermore, a 400-KV double circuit transmission line, to be constructed at Ratmate in Nuwakot under the Millennium Challenge Corporation, will be connected to the Hetauda substation. Necessary infrastructure has already been established at Hetauda for this purpose. (RSS)</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-09', 'modified' => '2024-06-09', 'keywords' => '', 'description' => '', 'sortorder' => '20938', 'image' => '20240609071740_collage (27).jpg', 'article_date' => '2024-06-09 07:16:15', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 6 => array( 'Article' => array( 'id' => '21210', 'article_category_id' => '1', 'title' => 'NEA's Nine-Month Profit Exceeds Rs 11 Billion', 'sub_title' => '', 'summary' => 'The Nepal Electricity Authority (NEA) has reported a profit exceeding Rs 11 billion in the first nine months of the current fiscal year, 2080-81 BS (2024-25). Specifically, during this period, NEA achieved a profit of Rs 11.06 billion.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">June 7: The Nepal Electricity Authority (NEA) has reported a profit exceeding Rs 11 billion in the first nine months of the current fiscal year, 2080-81 BS (2024-25). Specifically, during this period, NEA achieved a profit of Rs 11.06 billion.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">NEA's financial details (unprocessed) data until the month of Chait (mid-April) show that the organization earned a total revenue of Rs 93.94 billion during this period. This figure does not include tax. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">According to proactive disclosures, NEA's total expenditures, including electricity purchases, administrative costs, and project investments, amounted to Rs 82.88 billion.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">In the corresponding period of the last fiscal year, NEA's profit was Rs 8.88 billion, with a total annual profit of Rs 13.37 billion. The accumulated profit of the NEA has now reached Rs 33.64 billion.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The NEA has been earning a profit since the fiscal year 2072-73 BS (2015-16). Prior to this, it was incurring an annual loss of Rs 8.89 billion.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">NEA attributes its recent profits to the control of electricity leakage, increased domestic consumption, exports to India, and austerity measures in expenditures. From power supplies, NEA netted Rs 68.89 billion, and it also exported surplus power to India, earning Rs 13.42 billion during this period. (RSS) </span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-07', 'modified' => '2024-06-07', 'keywords' => '', 'description' => '', 'sortorder' => '20937', 'image' => '20240607031808_collage (25).jpg', 'article_date' => '2024-06-07 15:16:39', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 7 => array( 'Article' => array( 'id' => '21209', 'article_category_id' => '1', 'title' => 'Upper Tamor Hydropower Project Secures Investment from Domestic Sector of Nepal', 'sub_title' => '', 'summary' => 'KATHMANDU: The 285 MW Upper Tamor Semi-reservoir Hydropower Project has secured significant investment under a consortium led by Everest Bank.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:16.0pt">KATHMANDU: The 285 MW Upper Tamor Semi-reservoir Hydropower Project has secured significant investment under a consortium led by Everest Bank. The project will receive Rs 38.60 billion from various banks and financial institutions. Tamor Energy Pvt Ltd, the project's promoter, and Everest Bank signed a loan investment agreement during a recent ceremony in Kathmandu.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:16.0pt">Pushpa Jyoti Dhungana, president of Tamor Energy Pvt Ltd, and Sudesh Khaling, Chief Executive Officer (CEO) of Everest Bank, signed the agreement on behalf of their respective organisations.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:16.0pt">Under Everest Bank's consortium, Krishi Bikas Bank, Hydropower Investment and Development Company (HIDCL), Rastriya Banijya Bank, Prabhu Bank, Laxmi Sunrise Bank, Nepal SBI Bank, and Garima Bikas Bank will collectively invest in the project.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:16.0pt">This project, marking the largest investment by the domestic private sector till date, aims to commence operations by mid-June 2028. It is designed to provide electricity at full capacity for 6 hours during peak evening hours. The total cost of the project, including interest, is estimated at Rs 55 billion, with 30 percent equity and 70 percent debt financing.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:16.0pt">Dhungana expressed confidence that the successful construction of the Upper Tamor project will be a significant milestone for Nepal's energy sector. He emphasized that financial management is the primary challenge for hydropower projects, and effective management is crucial for progress. He stated that this project will be realized through domestic investment.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:16.0pt">Speaking at the event, Everest Bank’s CEO Khaling highlighted that the agreement demonstrates the capability of domestic banks to finance large-scale hydropower projects. He believes this initiative will encourage other banks to invest in similar large projects.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:16.0pt">"We are ready to invest in the energy sector. Initiatives should be taken to raise investment from internal sources as well as other alternative sources," Khaling said.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:16.0pt">Khaling also expressed optimism that international investments could further propel Nepal's energy sector forward. The Upper Tamor project is expected to produce 1.47 billion units of electricity annually, with 1.3 billion units generated during the rainy season and the remainder during the dry season. Initial construction has already commenced, and the project is expected to be completed by mid-June 2028.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-07', 'modified' => '2024-06-07', 'keywords' => '', 'description' => '', 'sortorder' => '20936', 'image' => '20240607023546_hydro.jpg', 'article_date' => '2024-06-07 14:34:43', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '21208', 'article_category_id' => '1', 'title' => 'IMF Reaches Staff-level Agreement with Nepal on 4th Review Under Extended Credit Facility', 'sub_title' => '', 'summary' => 'Washington DC: The government authorities of Nepal and the International Monetary Fund (IMF) reached a staff-level agreement on the policies and reforms needed to complete the 4th review under the extended credit facility (ECF).', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Washington DC: The government authorities of Nepal and the International Monetary Fund (IMF) reached a staff-level agreement on the policies and reforms needed to complete the 4th review under the extended credit facility (ECF).</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">IMF’s Deputy Division Chief for the Asia and Pacific Department and the IMF Mission Chief for Nepal Tidiane Kinda confirmed the agreement by issuing a statement on Thursday after completing a two-week long visit to Nepal on June 5. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">An IMF delegation led by Kinda visited Kathmandu during May 22 to June 5 to hold discussions on the policies and reforms of economic program supported by the IMF’s Extended Credit Facility (ECF). The agreement, however, is subject to approval by the IMF’s Executive Board, the statement added. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Completion of the review would entitle Nepal to a Special Drawing Rights (SDR) of 31.4 million (about US$41.6 million), bringing total disbursements under the ECF thus far to SDR 188.3 million (about US$249.7 million), the statement added.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">“Nepal continues to make progress with the implementation of the ECF-supported program. On the fiscal front, important achievements include approval of (i) a Domestic Revenue Mobilization Strategy by the Ministry of Finance aimed at strengthening tax collection, and (ii) an Action Plan by the National Planning Commission (NPC) aimed at improving execution of budgeted capital projects,” reads the statement, adding, “Other envisaged reforms to further enhance fiscal transparency are well advanced.” </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">These include incorporating most Extra Budgetary Funds accounts in the annual financial statements published by the Financial Comptroller General Office, and publishing audited financial statements for some key public enterprises.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The IMF noted that major achievements by the Nepal Rastra Bank (NRB) include the finalization and full implementation of the Supervisory Information System for all banks and progress on the procurement of an independent international consultant to assist NRB in the conduct of the Loan Portfolio Review (LPR) of the 10 largest banks. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Both reforms aim at strengthening NRB’s capability to assess bank asset quality and credit risk management, said the IMF.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The IMF delegation however said that Nepal’s economy continues to face challenges as growth, projected around 3 percent in FY2023/24, remains below potential in the context of subdued domestic demand and post-pandemic balance sheet repairs. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Reflecting timely policy actions, favorable commodity prices, and subdued domestic demand, inflation has decreased from a peak of 8.6 percent in September 2022 to 4.6 percent in April 2024, added the IMF.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">“Despite some recovery, tax-to-GDP ratio remains below pre-pandemic levels, limiting fiscal space for development spending, including on infrastructure and targeted social benefits,” reads the statement.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">According to the IMF, the non-performing loans of banks have doubled since August 2022 to 4.0 percent in April 2024 and profitability has declined, while the financial health of the savings and credit cooperatives (SACCO) sector has deteriorated. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">On the bright side, Nepal’s external position continues to strengthen, reflecting prudent policies, buoyant remittances, and subdued imports.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">“Looking ahead, economic activity is expected to pick up with growth reaching 4.9 percent in FY2024/25, supported by stronger domestic demand. The cautiously accommodative monetary policy stance, planned increase in capital expenditure in the FY2024/25 budget, additional hydropower generation, and continued increase in tourist arrivals are expected to boost domestic demand and growth,” the IMF statement added.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">According to the IMF, inflation is expected to remain within the NRB’s target ceiling of 5.5 percent. Nepal’s medium-term outlook remains favorable as strategic investments in infrastructure, especially in the energy sector, are expected to support potential growth.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">“Against this background, policies and reforms envisaged under the ECF-supported program remain well-placed to help preserve macroeconomic stability and strengthen Nepal’s policy making framework. Accelerating capital spending is key to boost domestic demand. In that regard, executing the planned increase in capital expenditure while limiting overall spending growth, as envisaged in the FY2024/25 budget, bode well for achieving a growth-friendly fiscal consolidation. Pursuing the cautious and data-driven approach to monetary policy and strengthening the monetary framework remains essential to maintain price and external stability.”</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The IMF however cautioned that continuing to strengthen Nepal’s financial system remains a top priority. In this context, it is essential to launch the LPR of the banking system, submit to Parliament amendments of the NRB Act, and involve the service of experts with international experience in auditing and central bank auditing for an audit of NRB’s FY23/24 financial statements, said the IMF. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">According to the statement, the government authorities of Nepal and IMF staff also agreed on giving priority to the publication of annual financial statements by all majority and wholly owned public enterprises, the audit of the financial statements of four priority public enterprises, and the implementation of key reforms in the 2023 Financial Sector Stability Report. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Other important reforms envisaged for the near future include publication of a comprehensive tax expenditure report, publication of a fiscal risk statement, revising and approving the National Project Bank Operational Procedures and the Unified Directives related to project development, prioritization, and selection, and reporting consolidated financial information of all extra-budgetary operational funds. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">In addition, the authorities are starting to develop a strategy to deal with issues in the cooperative sector, including to reform the supervisory framework and architecture, which is welcome, said IMF.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">“Nepal is committed to strengthening its AML/CFT framework. Amendments to a set of 15 laws, including on money laundering, have been recently enacted—and secondary legislation is under preparation—to bring Nepal’s AML/CFT legal framework in line with international standards. Nepal remains determined to ensure the effectiveness of the new legal framework, with technical support from the IMF and other donors,” the statement further said.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The IMF team also expressed its gratitude to the Nepali authorities for their hospitality and for open and constructive discussions. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The statement added that the IMF team met with Minister for Finance Barsha Man Pun, Nepal Rastra Bank’s Governor Maha Prasad Adhikari, National Planning Commission’s Vice-Chairman Dr Min Bahadur Shrestha, other senior government and NRB officials, development partners and representatives of the business and banking community.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-07', 'modified' => '2024-06-07', 'keywords' => '', 'description' => '', 'sortorder' => '20935', 'image' => '20240607022031_20240131105230_iiii.jpg', 'article_date' => '2024-06-07 14:19:59', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '21206', 'article_category_id' => '1', 'title' => 'Price of Gold Sets New Record at Rs 145,000 per Tola ', 'sub_title' => '', 'summary' => 'KATHMANDU: The price of gold has increased by Rs 1,000 per tola (11.66 grams) in the domestic market of Nepal to reach an all-time high record on Friday.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">KATHMANDU: The price of gold has increased by Rs 1,000 per tola (11.66 grams) in the domestic market of Nepal to reach an all-time high record on Friday.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the Federation of Nepal Gold and Silver Dealers Association, the price of hallmark gold has been fixed at Rs 145,000 per tola on Friday. It was traded at Rs 144,000 on Thursday. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Similarly, the price of worked gold is being fixed at RS 144,300 per tola Friday against Rs 143,300 on Thursday. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The price of gold has been rising steadily in the past few months. The federation fixes the price of gold and silver based on the price in the international market.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The recent geopolitical tension due to the Israel’s offensive in Gaza and the Russia-Ukraine war have led to investors to invest in gold considering it as a safe haven in times of turmoil.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Likewise, the price of silver has increased by Rs 50 per tola and is being traded at Rs 1,900 on Friday. It was traded at Rs 1,850 on Thursday. </span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-06-07', 'modified' => '2024-06-07', 'keywords' => '', 'description' => '', 'sortorder' => '20934', 'image' => '20240607011127_20240604064715_20240531012532_gold newwww.jpg', 'article_date' => '2024-06-07 13:10:53', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '21207', 'article_category_id' => '1', 'title' => 'Unilever Continues Support to Mountain Clean-Up Campaign of Nepalese Army', 'sub_title' => '', 'summary' => 'KATHMANDU: Unilever Nepal Limited continued it support to the Mountain Clean-up Campaign spearheaded by the Nepalese Army this year, especially in the waste management and recycling of the waste collected under this campaign.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">KATHMANDU: Unilever Nepal Limited continued it support to the Mountain Clean-up Campaign spearheaded by the Nepalese Army this year, especially in the waste management and recycling of the waste collected under this campaign.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Nepalese Army had organised the Mountain Clean-up Campaign-2024 in collaboration with other government agencies from April 11 to June 5. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Issuing a statement, Unilever Nepal said that it supported Avni Ventures, the official waste management/ recycling partner for recycling the collected waste in this campaign. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">This year’s campaign collected 11,000 kgs of waste and remains of five deceased individuals including one skeleton from Mt Everest, Mt Lhotse and Mt Nuptse, the statement added. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Unilever claimed that it supported the Mountain Clean-up Campaign directly to the Nepalese Army in the years 2021, 2022 and 2023. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The company said it is honoured to be a part of such an initiative that adds value to sustainability efforts and an opportunity to serve Nepal in keeping the environment pristine.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“Such campaigns to reduce the climate change, especially in this region, and preserve the natural beauty of these peaks has been appreciated by those involved as well as other supporters. Unilever believes that sustainability and change for the betterment of the environment should be supported and practiced,” the statement added.</span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-06-07', 'modified' => '2024-06-07', 'keywords' => '', 'description' => '', 'sortorder' => '20933', 'image' => '20240607015007_1.jpg', 'article_date' => '2024-06-07 13:49:29', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '21205', 'article_category_id' => '1', 'title' => 'Govt Fails to Mobilize Cooperative Promotion Fund Despite Rise in Number of Troubled Cooperatives', 'sub_title' => '', 'summary' => 'KATHMANDU: Despite the rising number of problematic cooperatives, the government has not been able to effectively mobilize the Cooperative Promotion Fund, which was set up by the government to promote cooperative businesses.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">KATHMANDU: Despite the rising number of problematic cooperatives, the government has not been able to effectively mobilize the Cooperative Promotion Fund, which was set up by the government to promote cooperative businesses. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The Ministry of Land Management, Cooperatives, and Poverty Alleviation had established the fund in 2077 BS in accordance with the Cooperative Act 2074. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Due to the government’s failure to effectively mobilize the fund, the cooperatives have stopped contributing to the fund. As a result, even the accumulated amount remains unutilized.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The Auditor General's 61st annual report highlights that most of the cooperatives operational in the country have not deposited funds into the Cooperative Promotion Fund, and the government lacks detailed records of those that have deposited the amount. There are more than 31,000 registered cooperatives in the country. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The report criticizes the Fund for not maintaining the details of the amount collected so far. It mentions that the Fund has only kept records of bank statement which shows the total amount of money deposited in the Fund.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The Auditor General’s report has instructed the effective mobilization of the collected funds.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Despite previous reports urging the government to mobilize these funds, the government has yet to take any action. The Cooperative Act mandates that organizations deposit 0.5 percent of their surplus into the Cooperative Promotion Fund after allocating profit to the reserve fund. Additionally, the Cooperative Regulations 2075 specify a committee, coordinated by the Minister of Cooperatives, to distribute the funds. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">This committee includes the deputy chairman of the National Cooperative Development Board, secretary of the Cooperative Ministry, joint secretary of the Ministry of Finance, the chairman of the Cooperative Federation, the chairman of the Central Savings and Credit Cooperative Association, and the registrar of the Department of Cooperatives.</span></span></span></p> <p> </p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">According to the regulations, at least 75 percent of the fund must be invested in cooperative business infrastructure, with the remainder spent on business promotion, education, information, training, market promotion, and monitoring. The affiliated associations are required to maintain separate records of the received funds, audit them according to prevailing laws, and make the details public.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">National Cooperative Federation’s President Om Devi Malla expressed frustration, stating that the government is not interested in mobilizing the funds. "We have been urging the ministry to utilize the collected funds, but no action has been taken so far," Malla said.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Gokarnamani Duwadi, secretary of the Ministry of Land Management, Cooperatives, and Poverty Alleviation, acknowledged the difficulty in deciding on mobilizing the money due to the lack of detailed records of the Fund. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">"We have no problem mobilizing the money according to the legal system," Duwadi said, "But we need detailed information about the organizations contributing to the fund."</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Additionally, the establishment of cooperative promotion funds by provincial and local governments has further halted contributions to the federal fund. According to the constitution, the authority to register and regulate cooperatives rests with the local level. Consequently, cooperatives have started depositing funds into the accounts of their respective regulatory bodies instead of the federal government's fund.</span></span></span></p> ', 'published' => true, 'created' => '2024-06-07', 'modified' => '2024-06-07', 'keywords' => '', 'description' => '', 'sortorder' => '20932', 'image' => '20240607122125_20230501020439_cooperative-new.jpg', 'article_date' => '2024-06-07 12:20:10', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '21203', 'article_category_id' => '1', 'title' => 'Solar Investment Outstrips All Other Power Forms: IEA ', 'sub_title' => '', 'summary' => 'PARIS: More money is pouring into solar power than all other electricity sources combined, with investments set to reach half a trillion dollars this year, the world's top energy research body said Thursday. ', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">PARIS: More money is pouring into solar power than all other electricity sources combined, with investments set to reach half a trillion dollars this year, the world's top energy research body said Thursday. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The International Energy Agency (IEA) forecast in a report that global investment in clean energy this year will hit $2 trillion, twice the amount going to fossil fuels. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">It said combined investment in renewable power and grids overtook the amount spent on fossil fuels for the first time in 2023. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"Clean energy investment is setting new records even in challenging economic conditions, highlighting the momentum behind the new global energy economy," IEA executive director Fatih Birol said in a statement accompanying the agency's annual World Energy Investment report. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Companies and governments worldwide are raising spending on clean energy production to reduce the carbon emissions from burning fossil fuels that are driving deadly climate change. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The report said improving supply chains and lower costs were driving up investment in forms of so-called clean energy, which include solar panels, wind turbines, electric cars and heat pumps, as well as nuclear power generation. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Combined investment in renewables and nuclear for electricity generation is now set to reach 10 times the amount going to fossil-fuel power, led by solar, with China investing the biggest share. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"More money is now going into solar PV (photovoltaic panels) than all other electricity generation technologies combined," the report said. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Solar panel costs have decreased by 30 percent over the past two years and in 2024 "investment in solar PV is set to grow to $500 billion as falling module prices spur new investments." </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">By comparison, global upstream oil and gas investment is expected to increase by seven percent in 2024 to reach $570 billion, following a similar rise in 2023. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The IEA warned however of "major imbalances and shortfalls in energy investment flows in many parts of the world" where clean energy projects remain prohibitively expensive. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Excluding renewable energy giant China, the $300 billion invested by emerging and developing economies remained "far below what is required to meet growing energy demand in many of these countries". </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"More must be done to ensure that investment reaches the places where it is needed most," Birol said. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The IEA said that meeting medium-term global goals to reduce harmful carbon emissions would require investment in renewable power to be doubled worldwide by 2030. – AFP/RSS</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-07', 'modified' => '2024-06-07', 'keywords' => '', 'description' => '', 'sortorder' => '20931', 'image' => '20240607104732_solar.jpg', 'article_date' => '2024-06-07 10:46:52', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '21204', 'article_category_id' => '1', 'title' => 'HoR Endorses Proposal to Consider Bill related to BFIs ', 'sub_title' => '', 'summary' => 'KATHMANDU: The meeting of the House of Representatives on Thursday passed the proposal seeking consideration on the Bill relating to Banks and Financial Institutions (First Amendment), 2080. ', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">KATHMANDU: The meeting of the House of Representatives on Thursday passed the proposal seeking consideration on the Bill relating to Banks and Financial Institutions (First Amendment), 2080. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The proposal presented by Finance Minister Barshman Pun was passed by a majority of the house. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Earlier, MPs Dr Chanda Karki Bhandari, Laxmi Tiwari, Ashok Kumar Chaudhary, Prem Suwal, Narayani Sharma, Durga Rai, Sarita Bhusal, Sobita Gautam, Nisha Dangi, Ramkrishna Yadav, Rajendra Kumar KC and Nagina Yadav took part in the deliberations on the proposal. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Responding to the queries raised in the discussion, Finance Minister Pun said that the bill had to be introduced to effectively manage and regulate banks and financial institutions based on national and international financial systems and instruments, financial security and risks. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The bill is also required to institutionalize the implementation of the financial jurisdiction of the three levels of government as mandated in the Constitution and prevailing laws of Nepal. -- RSS </span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-07', 'modified' => '2024-06-07', 'keywords' => '', 'description' => '', 'sortorder' => '20930', 'image' => '20240607113932_Parliament.jpg', 'article_date' => '2024-06-07 11:38:46', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '21202', 'article_category_id' => '1', 'title' => 'CG Brand Introduces Energy-Efficient BLDC Ceiling Fans in Nepal', 'sub_title' => '', 'summary' => 'CG Brand, a part of the Chaudhary Group, has launched a new line of BLDC (Brushless Direct Current) ceiling fans to help combat the rising summer temperatures.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">June 7: CG Brand, a part of the Chaudhary Group, has launched a new line of BLDC (Brushless Direct Current) ceiling fans to help combat the rising summer temperatures. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">These fans are marketed with the slogan "Stay Cool, Save Energy Switch to BLDC Fan Today" and are designed to be more energy-efficient than traditional ceiling fans, saving at least 43% more electricity. They also operate quietly without compromising on performance.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Featuring durable and reliable BLDC motors, these fans are Nepal's first OEM brand with BLDC technology. They are designed to handle Nepal's fluctuating voltage, particularly in regions like Terai, operating efficiently between 110 to 280 volts. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The fans come with a 2-year warranty on the motor and PCB and are available in four attractive colors. Additionally, CG Brand offers various models and designs of ceiling, stand, table, wall, and exhaust fans. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The decorative series of ceiling fans are noted for their attractive designs and colors, while the high-speed series is known for superior airflow. These products are distributed through CG's channels and dealer outlets across Nepal.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-07', 'modified' => '2024-06-07', 'keywords' => '', 'description' => '', 'sortorder' => '20929', 'image' => '20240607101247_collage (24).jpg', 'article_date' => '2024-06-07 10:11:17', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ) ) $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
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 133]file not found!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' => '21215', 'article_category_id' => '1', 'title' => 'Growing Attraction of South Asian Countries toward Digital Currency', 'sub_title' => '', 'summary' => 'KATHMANDU: With growing public interest in electronic payments, South Asian countries are increasingly considering issuing digital currencies.', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">KATHMANDU: With growing public interest in electronic payments, South Asian countries are increasingly considering issuing digital currencies. While most South Asian nations, including Nepal, are still conducting feasibility studies and technology tests, India has already piloted electronic currency, according to a study report.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">As central banks worldwide strive to modernize payment systems, reduce the costs of cash transactions, and enhance financial inclusion through electronic currency, South Asian countries are following suit. This interest is highlighted in a report by the South Asian Financial Inclusion Initiative Project titled "Payment Innovation and Risks in South Asia."</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">According to the report, India introduced a test version of its digital currency, the digital rupee, in November 2022. Other countries in the region are still researching the feasibility of digital currency issuance. Bangladesh Bank is assessing the feasibility, Nepal Rastra Bank is preparing a legal draft, and Pakistan is testing technology for electronic currency transactions. Bhutan, the Maldives, and Sri Lanka are also conducting studies.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The increasing public interest in electronic currencies, including private sector cryptocurrencies, has prompted central banks to explore issuing Central Bank Digital Currencies (CBDCs). The study focused on new innovations and risks in the payment sector within South Asian countries. It noted that the COVID-19 pandemic accelerated the general public's attraction to electronic payments, a trend supported by government initiatives. QR code-based technology has become particularly popular for electronic payments.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">In Nepal, both electronic transactions and paper-based payments have increased. Payments made through paper grew by 37 percent from 2018 to 2022. Despite limited access to smartphones and the internet in rural areas, mobile banking transactions without internet have facilitated electronic transactions.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The report highlights that 32.1 percent of the population in South Asian countries lack access to financial services, the highest in Bangladesh at 47.2 percent. In Nepal, 46 percent of the population does not have access to banking services. Additionally, 25.05 percent of women and 20.95 percent of men in the region lack banking access.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Dr. Dilliram Pokharel, deputy spokesperson for Nepal Rastra Bank, informed that the bank formed a steering committee for electronic currency in 2078 under the coordination of Deputy Governor Bam Bahadur Mishra. A committee led by Director Anuj Dahal submitted a feasibility study report in June 2079. Following the report's recommendations, a separate unit has been established in the Payment System Department to work on CBDC development.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The central bank stated that further work on issuing CBDC will continue based on the feasibility study as part of the current fiscal year's monetary policy. NRB Governor Maha Prasad Adhikari has hinted that the central bank aims to issue its own CBDC within three years.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-09', 'modified' => '2024-06-09', 'keywords' => '', 'description' => '', 'sortorder' => '20943', 'image' => '20240609020134_analyticsinsight_import_wp-content_uploads_2020_11_Digital-Currency.jpg', 'article_date' => '2024-06-09 14:00:47', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '21217', 'article_category_id' => '1', 'title' => 'Department of Meteorology Forecasts Heat Wave in Tarai, Urges Precaution ', 'sub_title' => '', 'summary' => 'KATHMANDU: The Department of Hydrology and Meteorology has warned the possibility of excessive heat in the Tarai region in the coming few days based on an analysis of temperature conditions throughout the country. ', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">KATHMANDU: The Department of Hydrology and Meteorology has warned the possibility of excessive heat in the Tarai region in the coming few days based on an analysis of temperature conditions throughout the country. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The Meteorological Forecasting Division under the department has urged one and all for necessary preparedness and alertness as the temperature is likely to increase later this week. Meteorologist Binu Maharjan said that heat is predicted to intensify especially in Tarai and in Sudurpaschim and Lumbini provinces. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"Necessary precaution is advised, as there is the possibility of hot wind and heat wave in the Tarai region until June 10," the Department said. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">This year, the highest temperature of 44.2 degrees Celsius was recorded recently in Nepalgunj. Similarly, Dhangadhi recorded 44.1 degrees Celsius temperature. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The weather is currently partly cloudy in the hill areas and clear in the rest of the country. This is due to the effect of local and westerly winds and low pressure area formed around Bihar, India, says the Department of Hydrology and Meteorology. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Later this afternoon, the weather will remain partial and generally cloudy in the hill areas of Koshi, Bagmati and Gandaki provinces and clear in the remaining parts of the country. There is a possibility of light to moderate rain with thunder and lightning at some places in the hill areas of Bagmati, Gandaki and Koshi provinces. There is also possibility of storm in some places of Lumbini, Karnali and Sudurpaschim provinces. -- RSS </span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-09', 'modified' => '2024-06-09', 'keywords' => '', 'description' => '', 'sortorder' => '20942', 'image' => '20240609021605_20240423103916_Document.jpg', 'article_date' => '2024-06-09 14:15:30', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '21214', 'article_category_id' => '1', 'title' => 'Price of Gold Plummets by Rs 4,000 per Tola ', 'sub_title' => '', 'summary' => 'KATHMANDU: The price of gold has dropped by Rs 4,000 per tola (11.66 grams) in the domestic market on Sunday. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">KATHMANDU: The price of gold has dropped by Rs 4,000 per tola (11.66 grams) in the domestic market on Sunday. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the Federation of Nepal Gold and Silver Dealers' Association, the price of hallmark gold has been fixed at Rs 141,000 per tola on Sunday while worked gold is being traded at Rs 140,300 per tola. On Friday, the price of the precious yellow metal (hallmark gold) was Rs 144,000 per tola. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, the price of silver has declined by Rs 75 per tola on Sunday compared to Friday, and is being traded at Rs 1,825 per tola. -- RSS </span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-09', 'modified' => '2024-06-09', 'keywords' => '', 'description' => '', 'sortorder' => '20941', 'image' => '20240609012604_gold newwww.jpg', 'article_date' => '2024-06-09 13:25:13', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '21213', 'article_category_id' => '1', 'title' => 'Why is the Price of Eggs Skyrocketing?', 'sub_title' => '', 'summary' => 'KATHMANDU: The price of eggs has increased sharply in the last one month due to the spread of the H9 virus in chickens across the country.', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">KATHMANDU: The price of eggs has increased sharply in the last one month due to the spread of the H9 virus in chickens across the country. The virus has been attributed to the death of chickens and the resulting decrease in egg production.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Praveen KC, president of the Nepal Egg Producers' Association, stated that hatcheries across the country used to produce around 50 million to 55 million eggs daily about a month ago. However, this has now dropped to approximately 24 million to 25 million. He mentioned that the price of eggs skyrocketed as production fell short of demand.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">He further explained that about 1.5 million layer chickens have died due to the disease spread during the summer, severely impacting egg production. Experts note that the egg production capacity of chickens decreases significantly after contracting this disease. The retail price of large eggs, which was Rs 480 per crate a month ago, has now risen to Rs 600. Similarly, the price of medium eggs has increased from Rs 465 per crate to Rs 580 per carat, and small eggs have gone up from Rs 450 to Rs 565 per crate.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Although the H9 virus does not exhibit a high mortality rate like other strains of bird flu, entire flocks can sometimes die if the virus is combined with other infections. Consequently, egg producers do not receive compensation when chickens die from this virus, unlike in cases of bird flu. Government policy stipulates that relief is only provided if chickens die due to the H5 bird flu virus. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Dr. Chandra Dhakal, spokesperson for the Animal Services Department, confirmed that the H9 virus is a type of bird flu, primarily affecting egg-laying hens. It reduces both the fertility and egg production capacity of chickens. He stated that despite its impact on production, the infectious disease control regulations of the government do not provide compensation for this disease as it is not transmissible to humans like bird flu.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Currently, no vaccination has been administered in Nepal for the prevention and control of the H9 virus, and the government has yet to decide on its use. Experts recommend that farmers adopt biological methods of prevention, emphasizing cleanliness and the protection of healthy chickens from infected farms.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-09', 'modified' => '2024-06-09', 'keywords' => '', 'description' => '', 'sortorder' => '20940', 'image' => '20240609114859_1681451071.Egg.jpg', 'article_date' => '2024-06-09 11:48:16', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '21212', 'article_category_id' => '1', 'title' => 'Number of Tourists Visiting Lumbini Declines due to Poor Condition of Road', 'sub_title' => '', 'summary' => 'KATHMANDU: The number of tourists visiting Lumbini, a UNESCO World Heritage Site, has started declining due to poor condition of the Narayangadh-Bhutwal road section. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">KATHMANDU: The number of tourists visiting Lumbini, a UNESCO World Heritage Site, has started declining due to poor condition of the Narayangadh-Bhutwal road section. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the Lumbini Development Trust, at least one million domestic tourists used to visit Lumbini annually before 2076 BS. However, less than one million tourists have visited Lumbini for two years after the project to upgrade the road section started.</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"">Member-Secretary of the Trust, Sanuraja Shakya, told RSS that although the country returned to normalcy after coronavirus pandemic, around 600,000 tourists visit Lumbini every year now because of the poor condition of the road. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Sharing that it took 13 hours to reach Kathmandu from Butwal in an office vehicle, he stressed the need for upgrading alternative roads to increase religious tourists. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Though infrastructures were developed in Lumbini area, the tourists have been complaining about the problems, especially of the Narayangadh-Butwal road section, he mentioned. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Arrival of domestic and foreign tourists in Lumbini as well as different districts of western Nepal is expected to increase if the Narayangadh-Butwal road is upgraded on time. -- RSS</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-09', 'modified' => '2024-06-09', 'keywords' => '', 'description' => '', 'sortorder' => '20939', 'image' => '20240609111110_20230831114220_LumbiniRSS.jpg', 'article_date' => '2024-06-09 11:10:34', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '21211', 'article_category_id' => '1', 'title' => '400-KV Hetauda Substation Completed, Boosting Nepal's Power Grid', 'sub_title' => '', 'summary' => 'The construction of the 400-KV Hetauda substation, capable of carrying and distributing nearly 4,000 megawatts of electricity, has been completed.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">June 9: The construction of the 400-KV Hetauda substation, capable of carrying and distributing nearly 4,000 megawatts of electricity, has been completed. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Located in Hetauda Sub-metropolis-11, this substation is part of efforts to strengthen and expand Nepal's electricity transmission and distribution system.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The Hetauda substation, based on a Gas Insulated System (GIS), is the third-largest 400-KV substation in the country and was officially brought into operation on Friday evening.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Additionally, the construction of 220-KV and 132/11 KV substations at Thanabharyang under the Nepal-India Electricity Transmission and Trade Project has also been completed. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Dhalkebar is Nepal's first 400-KV GIS-based substation, followed by Inaruwa and Hetauda as the second and third largest, respectively. These substations are crucial for ensuring a reliable east-west power supply. </span></span><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The Dhalkebar-Inaruwa project is nearing completion, while work on the Hetauda-Dhalkebar section is ongoing. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Executive Director of Nepal Electricity Authority, Kul Man Ghising, stated that the Hetauda substation will ensure a reliable and quality power supply to Hetauda, Bharatpur, Simara, and Birgunj.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Furthermore, a 400-KV double circuit transmission line, to be constructed at Ratmate in Nuwakot under the Millennium Challenge Corporation, will be connected to the Hetauda substation. Necessary infrastructure has already been established at Hetauda for this purpose. (RSS)</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-09', 'modified' => '2024-06-09', 'keywords' => '', 'description' => '', 'sortorder' => '20938', 'image' => '20240609071740_collage (27).jpg', 'article_date' => '2024-06-09 07:16:15', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 6 => array( 'Article' => array( 'id' => '21210', 'article_category_id' => '1', 'title' => 'NEA's Nine-Month Profit Exceeds Rs 11 Billion', 'sub_title' => '', 'summary' => 'The Nepal Electricity Authority (NEA) has reported a profit exceeding Rs 11 billion in the first nine months of the current fiscal year, 2080-81 BS (2024-25). Specifically, during this period, NEA achieved a profit of Rs 11.06 billion.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">June 7: The Nepal Electricity Authority (NEA) has reported a profit exceeding Rs 11 billion in the first nine months of the current fiscal year, 2080-81 BS (2024-25). Specifically, during this period, NEA achieved a profit of Rs 11.06 billion.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">NEA's financial details (unprocessed) data until the month of Chait (mid-April) show that the organization earned a total revenue of Rs 93.94 billion during this period. This figure does not include tax. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">According to proactive disclosures, NEA's total expenditures, including electricity purchases, administrative costs, and project investments, amounted to Rs 82.88 billion.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">In the corresponding period of the last fiscal year, NEA's profit was Rs 8.88 billion, with a total annual profit of Rs 13.37 billion. The accumulated profit of the NEA has now reached Rs 33.64 billion.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The NEA has been earning a profit since the fiscal year 2072-73 BS (2015-16). Prior to this, it was incurring an annual loss of Rs 8.89 billion.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">NEA attributes its recent profits to the control of electricity leakage, increased domestic consumption, exports to India, and austerity measures in expenditures. From power supplies, NEA netted Rs 68.89 billion, and it also exported surplus power to India, earning Rs 13.42 billion during this period. (RSS) </span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-07', 'modified' => '2024-06-07', 'keywords' => '', 'description' => '', 'sortorder' => '20937', 'image' => '20240607031808_collage (25).jpg', 'article_date' => '2024-06-07 15:16:39', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 7 => array( 'Article' => array( 'id' => '21209', 'article_category_id' => '1', 'title' => 'Upper Tamor Hydropower Project Secures Investment from Domestic Sector of Nepal', 'sub_title' => '', 'summary' => 'KATHMANDU: The 285 MW Upper Tamor Semi-reservoir Hydropower Project has secured significant investment under a consortium led by Everest Bank.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:16.0pt">KATHMANDU: The 285 MW Upper Tamor Semi-reservoir Hydropower Project has secured significant investment under a consortium led by Everest Bank. The project will receive Rs 38.60 billion from various banks and financial institutions. Tamor Energy Pvt Ltd, the project's promoter, and Everest Bank signed a loan investment agreement during a recent ceremony in Kathmandu.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:16.0pt">Pushpa Jyoti Dhungana, president of Tamor Energy Pvt Ltd, and Sudesh Khaling, Chief Executive Officer (CEO) of Everest Bank, signed the agreement on behalf of their respective organisations.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:16.0pt">Under Everest Bank's consortium, Krishi Bikas Bank, Hydropower Investment and Development Company (HIDCL), Rastriya Banijya Bank, Prabhu Bank, Laxmi Sunrise Bank, Nepal SBI Bank, and Garima Bikas Bank will collectively invest in the project.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:16.0pt">This project, marking the largest investment by the domestic private sector till date, aims to commence operations by mid-June 2028. It is designed to provide electricity at full capacity for 6 hours during peak evening hours. The total cost of the project, including interest, is estimated at Rs 55 billion, with 30 percent equity and 70 percent debt financing.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:16.0pt">Dhungana expressed confidence that the successful construction of the Upper Tamor project will be a significant milestone for Nepal's energy sector. He emphasized that financial management is the primary challenge for hydropower projects, and effective management is crucial for progress. He stated that this project will be realized through domestic investment.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:16.0pt">Speaking at the event, Everest Bank’s CEO Khaling highlighted that the agreement demonstrates the capability of domestic banks to finance large-scale hydropower projects. He believes this initiative will encourage other banks to invest in similar large projects.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:16.0pt">"We are ready to invest in the energy sector. Initiatives should be taken to raise investment from internal sources as well as other alternative sources," Khaling said.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:16.0pt">Khaling also expressed optimism that international investments could further propel Nepal's energy sector forward. The Upper Tamor project is expected to produce 1.47 billion units of electricity annually, with 1.3 billion units generated during the rainy season and the remainder during the dry season. Initial construction has already commenced, and the project is expected to be completed by mid-June 2028.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-07', 'modified' => '2024-06-07', 'keywords' => '', 'description' => '', 'sortorder' => '20936', 'image' => '20240607023546_hydro.jpg', 'article_date' => '2024-06-07 14:34:43', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '21208', 'article_category_id' => '1', 'title' => 'IMF Reaches Staff-level Agreement with Nepal on 4th Review Under Extended Credit Facility', 'sub_title' => '', 'summary' => 'Washington DC: The government authorities of Nepal and the International Monetary Fund (IMF) reached a staff-level agreement on the policies and reforms needed to complete the 4th review under the extended credit facility (ECF).', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Washington DC: The government authorities of Nepal and the International Monetary Fund (IMF) reached a staff-level agreement on the policies and reforms needed to complete the 4th review under the extended credit facility (ECF).</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">IMF’s Deputy Division Chief for the Asia and Pacific Department and the IMF Mission Chief for Nepal Tidiane Kinda confirmed the agreement by issuing a statement on Thursday after completing a two-week long visit to Nepal on June 5. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">An IMF delegation led by Kinda visited Kathmandu during May 22 to June 5 to hold discussions on the policies and reforms of economic program supported by the IMF’s Extended Credit Facility (ECF). The agreement, however, is subject to approval by the IMF’s Executive Board, the statement added. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Completion of the review would entitle Nepal to a Special Drawing Rights (SDR) of 31.4 million (about US$41.6 million), bringing total disbursements under the ECF thus far to SDR 188.3 million (about US$249.7 million), the statement added.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">“Nepal continues to make progress with the implementation of the ECF-supported program. On the fiscal front, important achievements include approval of (i) a Domestic Revenue Mobilization Strategy by the Ministry of Finance aimed at strengthening tax collection, and (ii) an Action Plan by the National Planning Commission (NPC) aimed at improving execution of budgeted capital projects,” reads the statement, adding, “Other envisaged reforms to further enhance fiscal transparency are well advanced.” </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">These include incorporating most Extra Budgetary Funds accounts in the annual financial statements published by the Financial Comptroller General Office, and publishing audited financial statements for some key public enterprises.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The IMF noted that major achievements by the Nepal Rastra Bank (NRB) include the finalization and full implementation of the Supervisory Information System for all banks and progress on the procurement of an independent international consultant to assist NRB in the conduct of the Loan Portfolio Review (LPR) of the 10 largest banks. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Both reforms aim at strengthening NRB’s capability to assess bank asset quality and credit risk management, said the IMF.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The IMF delegation however said that Nepal’s economy continues to face challenges as growth, projected around 3 percent in FY2023/24, remains below potential in the context of subdued domestic demand and post-pandemic balance sheet repairs. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Reflecting timely policy actions, favorable commodity prices, and subdued domestic demand, inflation has decreased from a peak of 8.6 percent in September 2022 to 4.6 percent in April 2024, added the IMF.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">“Despite some recovery, tax-to-GDP ratio remains below pre-pandemic levels, limiting fiscal space for development spending, including on infrastructure and targeted social benefits,” reads the statement.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">According to the IMF, the non-performing loans of banks have doubled since August 2022 to 4.0 percent in April 2024 and profitability has declined, while the financial health of the savings and credit cooperatives (SACCO) sector has deteriorated. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">On the bright side, Nepal’s external position continues to strengthen, reflecting prudent policies, buoyant remittances, and subdued imports.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">“Looking ahead, economic activity is expected to pick up with growth reaching 4.9 percent in FY2024/25, supported by stronger domestic demand. The cautiously accommodative monetary policy stance, planned increase in capital expenditure in the FY2024/25 budget, additional hydropower generation, and continued increase in tourist arrivals are expected to boost domestic demand and growth,” the IMF statement added.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">According to the IMF, inflation is expected to remain within the NRB’s target ceiling of 5.5 percent. Nepal’s medium-term outlook remains favorable as strategic investments in infrastructure, especially in the energy sector, are expected to support potential growth.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">“Against this background, policies and reforms envisaged under the ECF-supported program remain well-placed to help preserve macroeconomic stability and strengthen Nepal’s policy making framework. Accelerating capital spending is key to boost domestic demand. In that regard, executing the planned increase in capital expenditure while limiting overall spending growth, as envisaged in the FY2024/25 budget, bode well for achieving a growth-friendly fiscal consolidation. Pursuing the cautious and data-driven approach to monetary policy and strengthening the monetary framework remains essential to maintain price and external stability.”</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The IMF however cautioned that continuing to strengthen Nepal’s financial system remains a top priority. In this context, it is essential to launch the LPR of the banking system, submit to Parliament amendments of the NRB Act, and involve the service of experts with international experience in auditing and central bank auditing for an audit of NRB’s FY23/24 financial statements, said the IMF. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">According to the statement, the government authorities of Nepal and IMF staff also agreed on giving priority to the publication of annual financial statements by all majority and wholly owned public enterprises, the audit of the financial statements of four priority public enterprises, and the implementation of key reforms in the 2023 Financial Sector Stability Report. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Other important reforms envisaged for the near future include publication of a comprehensive tax expenditure report, publication of a fiscal risk statement, revising and approving the National Project Bank Operational Procedures and the Unified Directives related to project development, prioritization, and selection, and reporting consolidated financial information of all extra-budgetary operational funds. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">In addition, the authorities are starting to develop a strategy to deal with issues in the cooperative sector, including to reform the supervisory framework and architecture, which is welcome, said IMF.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">“Nepal is committed to strengthening its AML/CFT framework. Amendments to a set of 15 laws, including on money laundering, have been recently enacted—and secondary legislation is under preparation—to bring Nepal’s AML/CFT legal framework in line with international standards. Nepal remains determined to ensure the effectiveness of the new legal framework, with technical support from the IMF and other donors,” the statement further said.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The IMF team also expressed its gratitude to the Nepali authorities for their hospitality and for open and constructive discussions. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The statement added that the IMF team met with Minister for Finance Barsha Man Pun, Nepal Rastra Bank’s Governor Maha Prasad Adhikari, National Planning Commission’s Vice-Chairman Dr Min Bahadur Shrestha, other senior government and NRB officials, development partners and representatives of the business and banking community.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-07', 'modified' => '2024-06-07', 'keywords' => '', 'description' => '', 'sortorder' => '20935', 'image' => '20240607022031_20240131105230_iiii.jpg', 'article_date' => '2024-06-07 14:19:59', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '21206', 'article_category_id' => '1', 'title' => 'Price of Gold Sets New Record at Rs 145,000 per Tola ', 'sub_title' => '', 'summary' => 'KATHMANDU: The price of gold has increased by Rs 1,000 per tola (11.66 grams) in the domestic market of Nepal to reach an all-time high record on Friday.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">KATHMANDU: The price of gold has increased by Rs 1,000 per tola (11.66 grams) in the domestic market of Nepal to reach an all-time high record on Friday.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the Federation of Nepal Gold and Silver Dealers Association, the price of hallmark gold has been fixed at Rs 145,000 per tola on Friday. It was traded at Rs 144,000 on Thursday. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Similarly, the price of worked gold is being fixed at RS 144,300 per tola Friday against Rs 143,300 on Thursday. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The price of gold has been rising steadily in the past few months. The federation fixes the price of gold and silver based on the price in the international market.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The recent geopolitical tension due to the Israel’s offensive in Gaza and the Russia-Ukraine war have led to investors to invest in gold considering it as a safe haven in times of turmoil.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Likewise, the price of silver has increased by Rs 50 per tola and is being traded at Rs 1,900 on Friday. It was traded at Rs 1,850 on Thursday. </span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-06-07', 'modified' => '2024-06-07', 'keywords' => '', 'description' => '', 'sortorder' => '20934', 'image' => '20240607011127_20240604064715_20240531012532_gold newwww.jpg', 'article_date' => '2024-06-07 13:10:53', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '21207', 'article_category_id' => '1', 'title' => 'Unilever Continues Support to Mountain Clean-Up Campaign of Nepalese Army', 'sub_title' => '', 'summary' => 'KATHMANDU: Unilever Nepal Limited continued it support to the Mountain Clean-up Campaign spearheaded by the Nepalese Army this year, especially in the waste management and recycling of the waste collected under this campaign.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">KATHMANDU: Unilever Nepal Limited continued it support to the Mountain Clean-up Campaign spearheaded by the Nepalese Army this year, especially in the waste management and recycling of the waste collected under this campaign.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Nepalese Army had organised the Mountain Clean-up Campaign-2024 in collaboration with other government agencies from April 11 to June 5. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Issuing a statement, Unilever Nepal said that it supported Avni Ventures, the official waste management/ recycling partner for recycling the collected waste in this campaign. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">This year’s campaign collected 11,000 kgs of waste and remains of five deceased individuals including one skeleton from Mt Everest, Mt Lhotse and Mt Nuptse, the statement added. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Unilever claimed that it supported the Mountain Clean-up Campaign directly to the Nepalese Army in the years 2021, 2022 and 2023. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The company said it is honoured to be a part of such an initiative that adds value to sustainability efforts and an opportunity to serve Nepal in keeping the environment pristine.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“Such campaigns to reduce the climate change, especially in this region, and preserve the natural beauty of these peaks has been appreciated by those involved as well as other supporters. Unilever believes that sustainability and change for the betterment of the environment should be supported and practiced,” the statement added.</span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-06-07', 'modified' => '2024-06-07', 'keywords' => '', 'description' => '', 'sortorder' => '20933', 'image' => '20240607015007_1.jpg', 'article_date' => '2024-06-07 13:49:29', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '21205', 'article_category_id' => '1', 'title' => 'Govt Fails to Mobilize Cooperative Promotion Fund Despite Rise in Number of Troubled Cooperatives', 'sub_title' => '', 'summary' => 'KATHMANDU: Despite the rising number of problematic cooperatives, the government has not been able to effectively mobilize the Cooperative Promotion Fund, which was set up by the government to promote cooperative businesses.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">KATHMANDU: Despite the rising number of problematic cooperatives, the government has not been able to effectively mobilize the Cooperative Promotion Fund, which was set up by the government to promote cooperative businesses. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The Ministry of Land Management, Cooperatives, and Poverty Alleviation had established the fund in 2077 BS in accordance with the Cooperative Act 2074. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Due to the government’s failure to effectively mobilize the fund, the cooperatives have stopped contributing to the fund. As a result, even the accumulated amount remains unutilized.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The Auditor General's 61st annual report highlights that most of the cooperatives operational in the country have not deposited funds into the Cooperative Promotion Fund, and the government lacks detailed records of those that have deposited the amount. There are more than 31,000 registered cooperatives in the country. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The report criticizes the Fund for not maintaining the details of the amount collected so far. It mentions that the Fund has only kept records of bank statement which shows the total amount of money deposited in the Fund.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The Auditor General’s report has instructed the effective mobilization of the collected funds.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Despite previous reports urging the government to mobilize these funds, the government has yet to take any action. The Cooperative Act mandates that organizations deposit 0.5 percent of their surplus into the Cooperative Promotion Fund after allocating profit to the reserve fund. Additionally, the Cooperative Regulations 2075 specify a committee, coordinated by the Minister of Cooperatives, to distribute the funds. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">This committee includes the deputy chairman of the National Cooperative Development Board, secretary of the Cooperative Ministry, joint secretary of the Ministry of Finance, the chairman of the Cooperative Federation, the chairman of the Central Savings and Credit Cooperative Association, and the registrar of the Department of Cooperatives.</span></span></span></p> <p> </p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">According to the regulations, at least 75 percent of the fund must be invested in cooperative business infrastructure, with the remainder spent on business promotion, education, information, training, market promotion, and monitoring. The affiliated associations are required to maintain separate records of the received funds, audit them according to prevailing laws, and make the details public.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">National Cooperative Federation’s President Om Devi Malla expressed frustration, stating that the government is not interested in mobilizing the funds. "We have been urging the ministry to utilize the collected funds, but no action has been taken so far," Malla said.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Gokarnamani Duwadi, secretary of the Ministry of Land Management, Cooperatives, and Poverty Alleviation, acknowledged the difficulty in deciding on mobilizing the money due to the lack of detailed records of the Fund. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">"We have no problem mobilizing the money according to the legal system," Duwadi said, "But we need detailed information about the organizations contributing to the fund."</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Additionally, the establishment of cooperative promotion funds by provincial and local governments has further halted contributions to the federal fund. According to the constitution, the authority to register and regulate cooperatives rests with the local level. Consequently, cooperatives have started depositing funds into the accounts of their respective regulatory bodies instead of the federal government's fund.</span></span></span></p> ', 'published' => true, 'created' => '2024-06-07', 'modified' => '2024-06-07', 'keywords' => '', 'description' => '', 'sortorder' => '20932', 'image' => '20240607122125_20230501020439_cooperative-new.jpg', 'article_date' => '2024-06-07 12:20:10', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '21203', 'article_category_id' => '1', 'title' => 'Solar Investment Outstrips All Other Power Forms: IEA ', 'sub_title' => '', 'summary' => 'PARIS: More money is pouring into solar power than all other electricity sources combined, with investments set to reach half a trillion dollars this year, the world's top energy research body said Thursday. ', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">PARIS: More money is pouring into solar power than all other electricity sources combined, with investments set to reach half a trillion dollars this year, the world's top energy research body said Thursday. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The International Energy Agency (IEA) forecast in a report that global investment in clean energy this year will hit $2 trillion, twice the amount going to fossil fuels. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">It said combined investment in renewable power and grids overtook the amount spent on fossil fuels for the first time in 2023. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"Clean energy investment is setting new records even in challenging economic conditions, highlighting the momentum behind the new global energy economy," IEA executive director Fatih Birol said in a statement accompanying the agency's annual World Energy Investment report. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Companies and governments worldwide are raising spending on clean energy production to reduce the carbon emissions from burning fossil fuels that are driving deadly climate change. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The report said improving supply chains and lower costs were driving up investment in forms of so-called clean energy, which include solar panels, wind turbines, electric cars and heat pumps, as well as nuclear power generation. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Combined investment in renewables and nuclear for electricity generation is now set to reach 10 times the amount going to fossil-fuel power, led by solar, with China investing the biggest share. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"More money is now going into solar PV (photovoltaic panels) than all other electricity generation technologies combined," the report said. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Solar panel costs have decreased by 30 percent over the past two years and in 2024 "investment in solar PV is set to grow to $500 billion as falling module prices spur new investments." </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">By comparison, global upstream oil and gas investment is expected to increase by seven percent in 2024 to reach $570 billion, following a similar rise in 2023. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The IEA warned however of "major imbalances and shortfalls in energy investment flows in many parts of the world" where clean energy projects remain prohibitively expensive. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Excluding renewable energy giant China, the $300 billion invested by emerging and developing economies remained "far below what is required to meet growing energy demand in many of these countries". </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"More must be done to ensure that investment reaches the places where it is needed most," Birol said. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The IEA said that meeting medium-term global goals to reduce harmful carbon emissions would require investment in renewable power to be doubled worldwide by 2030. – AFP/RSS</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-07', 'modified' => '2024-06-07', 'keywords' => '', 'description' => '', 'sortorder' => '20931', 'image' => '20240607104732_solar.jpg', 'article_date' => '2024-06-07 10:46:52', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '21204', 'article_category_id' => '1', 'title' => 'HoR Endorses Proposal to Consider Bill related to BFIs ', 'sub_title' => '', 'summary' => 'KATHMANDU: The meeting of the House of Representatives on Thursday passed the proposal seeking consideration on the Bill relating to Banks and Financial Institutions (First Amendment), 2080. ', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">KATHMANDU: The meeting of the House of Representatives on Thursday passed the proposal seeking consideration on the Bill relating to Banks and Financial Institutions (First Amendment), 2080. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The proposal presented by Finance Minister Barshman Pun was passed by a majority of the house. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Earlier, MPs Dr Chanda Karki Bhandari, Laxmi Tiwari, Ashok Kumar Chaudhary, Prem Suwal, Narayani Sharma, Durga Rai, Sarita Bhusal, Sobita Gautam, Nisha Dangi, Ramkrishna Yadav, Rajendra Kumar KC and Nagina Yadav took part in the deliberations on the proposal. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Responding to the queries raised in the discussion, Finance Minister Pun said that the bill had to be introduced to effectively manage and regulate banks and financial institutions based on national and international financial systems and instruments, financial security and risks. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The bill is also required to institutionalize the implementation of the financial jurisdiction of the three levels of government as mandated in the Constitution and prevailing laws of Nepal. -- RSS </span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-07', 'modified' => '2024-06-07', 'keywords' => '', 'description' => '', 'sortorder' => '20930', 'image' => '20240607113932_Parliament.jpg', 'article_date' => '2024-06-07 11:38:46', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '21202', 'article_category_id' => '1', 'title' => 'CG Brand Introduces Energy-Efficient BLDC Ceiling Fans in Nepal', 'sub_title' => '', 'summary' => 'CG Brand, a part of the Chaudhary Group, has launched a new line of BLDC (Brushless Direct Current) ceiling fans to help combat the rising summer temperatures.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">June 7: CG Brand, a part of the Chaudhary Group, has launched a new line of BLDC (Brushless Direct Current) ceiling fans to help combat the rising summer temperatures. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">These fans are marketed with the slogan "Stay Cool, Save Energy Switch to BLDC Fan Today" and are designed to be more energy-efficient than traditional ceiling fans, saving at least 43% more electricity. They also operate quietly without compromising on performance.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Featuring durable and reliable BLDC motors, these fans are Nepal's first OEM brand with BLDC technology. They are designed to handle Nepal's fluctuating voltage, particularly in regions like Terai, operating efficiently between 110 to 280 volts. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The fans come with a 2-year warranty on the motor and PCB and are available in four attractive colors. Additionally, CG Brand offers various models and designs of ceiling, stand, table, wall, and exhaust fans. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The decorative series of ceiling fans are noted for their attractive designs and colors, while the high-speed series is known for superior airflow. These products are distributed through CG's channels and dealer outlets across Nepal.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-07', 'modified' => '2024-06-07', 'keywords' => '', 'description' => '', 'sortorder' => '20929', 'image' => '20240607101247_collage (24).jpg', 'article_date' => '2024-06-07 10:11:17', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ) ) $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
