June 26: The industrialists of Province 1 have been protesting since the first week of June against new tax…
June 26: The industrialists of Province 1 have been protesting since the first week of June against new tax…
June 26: The government has decided to make market monitoring effective in order to control the skyrocketing price and avoid shortage of daily…
June 26: Nepal Oil Corporation (NOC) has decided to slash the prices of petroleum products effective from June 26 following a cabinet decision on Saturday.…
June 24: There is a "real risk" of multiple famines this year, UN chief Antonio Guterres said on Friday.…
June 24: The entrepreneurs of eastern Nepal have started the second phase of protest on Thursday stating that the assurance given by Finance Minister Janardan Sharma has not been fulfilled yet.…
June 24: With the objective of increasing investment in the country, the government has reduced the minimum limit for foreign investment in the budget announced of the upcoming fiscal year (FY…
June 24: The Insurance Board has fined 22 insurance companies for not submitting their audit…
June 24: Finance Minister Janardan Sharma said that the government has adopted a policy to encourage farmers instead of providing them with grants from the upcoming fiscal…
June 24: Kathmandu University has signed an agreement with the state government of Bagmati Province to conduct a feasibility study on production of urea, a chemical fertilizer which is extensively used in…
June 23: Fuel import through Birgunj transit point has increased significantly.…
June 23: The Securities Board of Nepal (SEBON) is facing protests since the last nine days with the agitating sides demanding reforms in the capital…
June 23: Increase in prices of petroleum products is certain to cause inflation in the market as it results in rise in the transportation cost that causes a chain…
June 23: Different government bodies publish different types of data from time to time.…
June 23: Big hospitals in the country are planning to close down the health insurance programme announced by the government. …
June 22: The number of pilots working in airline companies in Nepal has reached…
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However, the new customs rate announced in the budget of the upcoming fiscal year (FY 2022/23) has been fixed in such a way that it makes it cheaper to import finished goods than raw materials. This has compelled the industrialists and entrepreneurs of Province 1 to start agitation.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">As part of the protest, the entrepreneurs picketed the Inland Revenue Office in Biratnagar on Friday.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">The industrialists and entrepreneurs of Province 1 have been protesting since the first week of June accusing the Finance Minister of fixing the tariff rates in the interest of certain industries and importers. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">Stating that he would hold talks with the agitating entrepreneurs, Finance Minister Janardan Sharma had called on the chairpersons and office bearers of Morang Trade Association, Confederation of Nepalese Industries, Province 1 and Chamber of Industries Morang for talks on June 11. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">Although the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) and the Confederation of Nepalese Industries (CNI) issued a statement on June 10 welcoming the budget, they had also expressed solidarity with the demands raised by the agitating entrepreneurs.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">After the budget was announced by the Finance Minister, President of FNCCI, Shekhar Golchha, President of Morang Merchants Association, Naveen Rijal, General Secretary Anil Sharda, former President Pawan Sharda, President of Chamber of Industries Morang, Suyash Raj Pyakurel, President of Province 1 chapter of the Confederation of Nepalese Industries, Bhim Ghimire, Finance Minister Janardan Sharma and Finance Secretary Madhu Kumar Marasini, had a verbal agreement to solve the issues raised by the entrepreneurs on June 15. The entrepreneurs, who postponed the protest after the verbal agreement, resumed it once again after the minister did not fulfill his promises.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">While picketing the tax office, Naveen Rijal, president of the Morang Merchants Association urged all to oppose the anti-industrial and anti-labor tax provision issued by the government.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">Bhim Ghimire, president of the Province 1 chapter of the Confederation of Nepalese Industries said that the government brought the budget against its commitment. He said that the provisions in the budget affected the GI wire and sanitary pad industry and demanded revision in the tax rate.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">Chamber of Industries Morang chairman Pyakurel expressed outrage saying that the government discussed the issue with them before preparing the budget at various stages, but it was all just for a show.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">President of Samajwadi Trade Union Province 1 Mohammad Nasrul said the government should pay attention to the fact that thousands of workers will lose their livelihood if the industries get shut down.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-06-26', 'modified' => '2022-06-26', 'keywords' => 'tax, rate, finance minister, entrepreneurs, industrialists, picket, protest, raw materials, finished goods', 'description' => '', 'sortorder' => '15246', 'image' => '20220626012331_1656198154.Clipboard19.jpg', 'article_date' => '2022-06-26 13:20:58', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '15503', 'article_category_id' => '1', 'title' => 'Government Promises Effective Market Monitoring', 'sub_title' => '', 'summary' => 'June 26: The government has decided to make market monitoring effective in order to control the skyrocketing price and avoid shortage of daily essentials. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">June 26: The government has decided to make market monitoring effective in order to control the skyrocketing price and avoid shortage of daily essentials. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Speaking at a press conference following the cabinet meeting on Saturday, Minister for Industry, Commerce and Supplies Dilendra Prasad Badu pledged to control the spiraling price through effective market monitoring in coordination with federal, provincial and local governments. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The minister urged the business community to reduce the price of all consumable goods in the market and cooperate with the government in its bid to provide relief to the people. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The minister also warned that anyone found increasing market price of consumable goods arbitrarily would be punished. He also called for support from the media and consumers to this end. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Minister Badu further said that the government decided to lower the fuel prices in a bid to provide some respite to the people.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The prices in the market has been steadily rising in the last few years due to various reasons such as the Covid-19 pandemic, shortage of raw materials and food grains due to the Russia-Ukraine war and hike in fuel prices following the rise in prices in the international market.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Last week, the UN issued a warning of multiple famines this year urging the ministers meeting on food security to take practical steps to stabilize food markers and reduce commodity price volatility.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">In the context of Nepal, the task seems to be an uphill battle due to the wrong policies taken by the government while the Department of Industry, Supply and Consumer Protection Department has only 40 employees for market monitoring. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Consumer rights activists have been complaining that the businessmen are fixing prices in the market arbitrarily due to ineffective market monitoring by the department.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The budget announced by the government for the upcoming fiscal year has provisions of charging higher tariff for raw materials than the finished goods prompting fears that it might encourage imports against the government’s own policy. The industrialists have been arguing that such irrational decision of the government will result in higher prices of goods produced in the country compared to the imported goods.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-06-26', 'modified' => '2022-06-26', 'keywords' => '', 'description' => '', 'sortorder' => '15245', 'image' => '20220626115933_20220623032220_market monitoring.jpg', 'article_date' => '2022-06-26 11:58:55', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '15502', 'article_category_id' => '1', 'title' => 'NOC Slashes Fuel Prices', 'sub_title' => 'Price of Petrol Reduced by Rs 20 Per Litre', 'summary' => 'June 26: Nepal Oil Corporation (NOC) has decided to slash the prices of petroleum products effective from June 26 following a cabinet decision on Saturday. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">June 26: Nepal Oil Corporation (NOC) has decided to slash the prices of petroleum products effective from June 26 following a cabinet decision on Saturday. <br /> A meeting of the Council of Ministers on Saturday decided to reduce the prices of petrol, diesel and kerosene, said Minister for Industry, Commerce and Supplies Dilendra Prasad Badu.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">As per the decision, NOC has reduced the price of petrol by Rs 20 per litre, diesel and kerosene by Rs 29 per litre.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">With this decision, petrol will now cost Rs 179 per litre while diesel and kerosene will cost Rs 163 per litre each.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Minister Badu said that the excessive hike of fuel prices had affected the general public and the government acted to provide some relief to the people. He said that the government decided to lower the fuel prices by reducing the taxes imposed on petroleum products. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">The coalition parties had held a meeting chaired by Prime Minister Sher Bahadur Deuba on Saturday morning to discuss the impact of excessive hike in prices of fuel on the general public. The government decided to adjust the fuel prices after the meeting in order to give respite to the people.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">The meeting was also attended by the secretaries of the respective ministries and high ranking officials of the Nepal Oil Corporation, the state-owned oil enterprise which enjoys monopoly in import and distribution of petroleum products. </span></span><br /> <span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Minister Badu added that the government has also decided to encourage the use of electric stoves and vehicles to decrease the consumption of petroleum products and cooking gas. The use of electric appliances and vehicles in government offices in accordance to the provision in the budget will be implemented acting on recommendation by a high level taskforce formed under the leadership of National Planning Commission Vice-chair. Government offices will use electric vehicles while fuel-run old and heavy vehicles will be converted into electric ones, added Minister Badu.<br /> </span></span></span></span><br /> </p> <p> </p> ', 'published' => true, 'created' => '2022-06-26', 'modified' => '2022-06-26', 'keywords' => 'fuel, petroleum, products, price, NOC, government, cabinet, Council of Ministers, petrol, diesel, kerosene, LPG, cooking gas, electric appliances, electric vehicles, EV, slash, relief', 'description' => '', 'sortorder' => '15244', 'image' => '20220626104933_petroo - Copy.jpg', 'article_date' => '2022-06-26 10:47:28', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '15501', 'article_category_id' => '1', 'title' => 'World Faces Unprecedented Global Hunger Crisis: UN Chief', 'sub_title' => '', 'summary' => 'June 24: There is a "real risk" of multiple famines this year, UN chief Antonio Guterres said on Friday. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">June 24: There is a "real risk" of multiple famines this year, UN chief Antonio Guterres said on Friday. According to Reuters, the UN chief urged ministers meeting on food security to take practical steps to stabilize food markets and reduce commodity price volatility.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"We face an unprecedented global hunger crisis," Guterres told the meeting in Berlin via video. "The war in Ukraine has compounded problems that have been brewing for years: climate disruption; the COVID-19 pandemic; the deeply unequal recovery," the news agency quoted him as saying.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to Reuters, more than 460,000 people in Somalia, Yemen and South Sudan are in famine conditions under the Integrated Food Security Phase Classification (IPC) - a scale used by UN agencies, regional bodies and aid groups to determine food insecurity. This is the step before a declaration of famine in a region.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Millions of people in 34 other countries are on the brink of famine, according to the IPC.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"There is a real risk that multiple famines will be declared in 2022. And 2023 could be even worse," said Guterres, calling mass hunger and starvation unacceptable in the 21st century.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Guterres said there could be no effective solution to the crisis unless Ukraine and Russia, which produce about 29 percent of global wheat exports, find a way to properly resume trade.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Reuters reported that shipments from Ukrainian ports have been halted by Russia's invasion of its neighbor. Moscow wants certain Western sanctions lifted in order to resume its grain and fertilizer exports.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The United Nations and Turkey are reportedly trying to broker a deal but Guterres did not elaborate on the talks, saying, "Public statements could hinder success."</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">He also asked ministers at the Berlin meeting to address a finance crisis in developing countries, Reuters reported.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-06-24', 'modified' => '2022-06-24', 'keywords' => 'hunger, starvation, UN, Antonio, unprecedented, famine, wheat, Ukraine, Russia, war, pandemic, climate, Guterres, Berlin, Covid-19, risk, food, security', 'description' => '', 'sortorder' => '15243', 'image' => '20220624080252_wheatttttt.jpg', 'article_date' => '2022-06-24 20:00:24', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '15500', 'article_category_id' => '1', 'title' => 'Entrepreneurs of Eastern Nepal begin Second Phase of Protests', 'sub_title' => '', 'summary' => 'June 24: The entrepreneurs of eastern Nepal have started the second phase of protest on Thursday stating that the assurance given by Finance Minister Janardan Sharma has not been fulfilled yet. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Times New Roman","serif"">June 24: The entrepreneurs of eastern Nepal have started the second phase of protest on Thursday stating that the assurance given by Finance Minister Janardan Sharma has not been fulfilled yet. They argue that the provisions related to revenue in the Finance Act 2079 BS is leading to the closure of industries.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Times New Roman","serif"">The agitating entrepreneurs staged protest at Gokuwa Chowk along the Dharan-Biratnagar road and demanded resignation of Finance Minister Sharma. They said that the customs duty on finished goods should be one level higher than that of raw materials. However, as per the entrepreneurs, industries based on vegetable oil, sanitary pads and MS wire rods are on the verge of shut down after the rate of revenue was manipulated so that finished goods could be imported at a lower customs rate than the raw materials.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Times New Roman","serif"">Earlier, the industrialists hit the streets demanding a reversal of the tax rate. They postponed the agitation after finance minister assured them of resolving the issue by mid-June. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Times New Roman","serif"">President of the Morang Merchants’ Association Naveen Rijal said that they were compelled to protest as the finance minister did not fulfill his promise. Industrialists, businessmen and workers protested from Gokuwa Chowk along the Dharan-Biratnagar Highway in Budhiganga Municipality and held a corner meeting at Nemuwa Chowk.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Times New Roman","serif"">Addressing the corner meeting, Rijal said that the corruption policy of the finance minister benefited only limited industries. Circumstances are created prompting other industries to shut down, thousands of workers have lost their livelihood and billions of rupees gone down the drain. He also informed that there is a programme to picket the Inland Revenue Office and Biratnagar Customs Office on Friday. Rijal said the agitation will continue until the revised tax rates are withdrawn and the finance minister resigns.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Times New Roman","serif"">Finance Minister Sharma has been alleged of changing the tax rate with the intention of shutting down the GI wire, vegetable oil and sanitary pad industries while protecting a limited number of industries. Trade unions affiliated to the CPN-UML, Nepali Congress, Maoist Center and CPN-S are also involved in the agitation along with Morang Merchants Association, Chamber of Industries Morang and Confederation of Nepalese Industries, Province 1 chapter.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Times New Roman","serif"">Former president of the Chamber of Industries Morang Pawan Kumar Sharda stated that Finance Minister Sharma and Finance Secretary Madhu Kumar Marasini had promised to address the demand the day after the budget was passed by inviting industrialists and businessmen for talks.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Times New Roman","serif"">Chairman of the chamber Suyash Raj Pyakurel and Chairman of Province 1 chapter of the Confederation of Nepalese Industries Bhim Ghimire also said that the agitation started after the Finance Minister and the Finance Secretary failed to fulfill their promise. They said that the protest will continue till the assurance given by the finance minister to the industrialists is fulfilled.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Times New Roman","serif"">Former president of the union, Prakash Mundada, said that the government should take responsibility for any unpleasant incident occurred during the protest as the government is the one responsible for getting businessmen and workers to the streets.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Times New Roman","serif"">Finance Minister Sharma had called the industrialists of Sunsari-Morang Industrial Corridor to Kathmandu for talks in the middle of the protest and accepted the error made in the budget announced on May 29. He had assured them that the budget would be passed with amendment. The entrepreneurs had postponed their agitation after the assurance of the finance minister. However, the parliament passed the Finance Bill 2079 without amending the proposed tax rates.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-06-24', 'modified' => '2022-06-24', 'keywords' => 'Protest, entrepreneurs, eastern Nepal, Biratnagar, Dharan, Chamber of Industries Morang, CNI, Province 1, agitation, assurance, finance minister, budget, finance bill', 'description' => '', 'sortorder' => '15242', 'image' => '20220624072547_Chamber of industries morang new.jpg', 'article_date' => '2022-06-24 19:25:06', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '15499', 'article_category_id' => '1', 'title' => 'Government Lowers Minimum Limit for Foreign Investment but Procedural Hassles Remain', 'sub_title' => '', 'summary' => 'June 24: With the objective of increasing investment in the country, the government has reduced the minimum limit for foreign investment in the budget announced of the upcoming fiscal year (FY 2022/23).', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">June 24: With the objective of increasing investment in the country, the government has reduced the minimum limit required for foreign investment in the budget announced of the upcoming fiscal year (FY 2022/23). The government had raised the minimum limit for foreign investment from Rs 5 million to Rs 50 million in the budget three years ago in accordance to sub-section 3 of section 3 of the Foreign Investment and Technology Transfer Act 2075 BS.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Now the minimum limit has been set at Rs 20 million. According to foreign investment experts, although the reduction of the minimum limit is positive, it is not possible to attract large investments immediately. According to Anjan Neupane, an expert on foreign investment, there is a possibility of additional investment in the IT, tourism, and service sector if the government lowers the minimum limit. He says the threshold is still too high.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">According to him, it is not yet easy to attract investment in Nepal. Foreign investors have to face the obstacles on every step that starts after pouring their investment.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">“The Department of Industry has a one-door system. NRB has two employees. That’s all. The old problems are still there,” said Neupane. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">According to Neupane, no procedural reforms have been made in the bodies that deal with foreign investors such as the Department of Industry, the Office of the Registrar of Companies, and the Immigration Department.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Investors are well aware that the obstacles in investment approval, company registration, visa permission, business establishment, and operation have not been solved yet. According to Neupane, more than two dozen agencies, including half a dozen ministries, are still needed to take the project to the construction stage. The one-door system is just for the sake of name.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Former Vice-Chairman of the National Planning Commission Dipendra Bahadur Chhetri says that an investment-friendly environment has not been created in the country yet. According to him, the law and system have changed in Nepal but the mindset and tendency of the bureaucracy have not changed and the investors have to suffer due to this. He suggested that the government should create an investment-friendly environment by implementing the provisions in the budget properly.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">The budget announced by the government on May 29 has a provision that allows foreign investment of up to Rs 100 million to be sanctioned through the automated system. In addition, if large investors request foreign direct investment approval through electronic means, preliminary approval will be given within seven days to complete the preparatory work. The remaining work related to investment approval and operation of the industry can be completed within six months. The budget also mentions that land will be available for the industry for 50 years on lease.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">The laws and processes related to foreign investment are in the budget to attract the investment of non-resident Nepalis.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Whatever the provisions the budget has to attract foreign investment, it must immediately remove the procedural hurdles to attract more investment, says Ganesh Karki, vice-president of the Independent Power Producers' Association (IPPAN).</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">According to him, the main reason for the inability to attract foreign investment in Nepal's hydropower sector is the procedural hurdles and inability to trust the investors. “No one comes to invest less than Rs 2/4 billion in hydropower sector. The government has set an unnecessary threshold, which is meaningless,” Karki said, adding, “The government should focus on creating a conducive environment for foreign investors.”</span></span></span></p> <p> </p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-06-24', 'modified' => '2022-06-24', 'keywords' => 'foreign investment, reform, minimum limit, threshold, government, conducive, environment, attract, billion, million, hydropower', 'description' => '', 'sortorder' => '15241', 'image' => '20220624051313_Foreign investment.jpg', 'article_date' => '2022-06-24 17:11:21', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '15498', 'article_category_id' => '1', 'title' => '22 Insurance Companies Fined', 'sub_title' => '', 'summary' => 'June 24: The Insurance Board has fined 22 insurance companies for not submitting their audit reports.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">June 24: The Insurance Board has fined 22 insurance companies for not submitting their audit reports. The board decided to slap fines ranging from Rs 10,000 to Rs 15,000 to such companies.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">There is a legal provision that insurance companies have to submit the audit report to the board within 10 months after the end of each fiscal year. Accordingly, the insurance companies should have submitted the audit report of the previous fiscal year to the board by mid-April. However, 22 companies are yet to submit the reporst. Therefore, Rajuraman Poudel, the executive director of the board said that the board decided to make the companies pay a fine of Rs 10,000 each.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">He said that an additional fine of Rs 5000 will be levied to the companies who did not submit the audit report on time in the fiscal year 2076/77 as well and proceeded to violate the rules this fiscal year as well.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">Insurance companies are used to submitting the audit report late as the actuarial valuation needs to be done abroad. The board was lenient in this regard previously. However, it decided to fine the companies this time. Executive Director Poudel said that the companies have been fined as per the law.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">“We have been forced to make such decision as the companies failed to submit their audit reports within the stipulated time. Although actions were taken in the past as well in the same regard, it was not strict,”</span> he said.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">The Insurance Act, 2049 BS stipulates that the audit report must be submitted to the board within 10 months of the end of each fiscal year with the provision that the board can take action if it is not submitted in time.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">Among the insurance companies that failed to submit their audit reports for the fiscal year 2077/78 are Nepal Reinsurance Company, Life Insurance Corporation (Nepal), Asian Life Insurance Company, Surya Life Insurance Company, Prime Life Insurance Company, Jyoti Life Insurance Company, Reliance Life Insurance Company, Citizen Life Insurance Company, Prabhu Life Insurance Company and Mahalakshmi Life Insurance Company. Each of the companies have been fined Rs 10,000.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">While on the other hand, Rastriya Beema Sansthan, National Life Insurance Company, Nepal Life Insurance Company, Gurans Life Insurance Company, IME Life Insurance Company, Union Life Insurance Company, Sun Nepal Life Insurance Company, Reliable Nepal Life Insurance Company, Sanima Life Insurance Company, Oriental Insurance Company, National Insurance Company have been fined Rs 15,000 each.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-06-24', 'modified' => '2022-06-24', 'keywords' => '', 'description' => '', 'sortorder' => '15240', 'image' => '20220624020759_Insurance.jpg', 'article_date' => '2022-06-24 14:07:16', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '15497', 'article_category_id' => '1', 'title' => 'Government has Cut Grants to Encourage Farmers: Finance Minister', 'sub_title' => '', 'summary' => 'June 24: Finance Minister Janardan Sharma said that the government has adopted a policy to encourage farmers instead of providing them with grants from the upcoming fiscal year. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">June 24: Finance Minister Janardan Sharma said that the government has adopted a policy to encourage farmers instead of providing them with grants from the upcoming fiscal year. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The finance minister made such remark during a meeting with a delegation of World Bank led by its managing director Mari Elka Pangestu on Thursday. The Finance Minister argued that the government’s new move was targeted to increase production by encouraging the farmers. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">“The loan has not reached to the poor farmers. There are examples that small farmers have honestly repaid the loans if they had borrowed. However, the grants have not reached to the genuine farmers. So, we opted the policy to encourage the farmers,” Minister Sharma argued. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Stating that the budget has accorded top priority to the agriculture sector in the upcoming fiscal year, Finance Minister Sharma said that Nepal needs support from the development partners in this regard. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Sharing that the government has unveiled the idea of agriculture ambulance to ensure an accessible supply of agricultural goods to the market, the Finance Minister said Nepal’s trade deficit cannot be reduced until the imports of agricultural goods worth Rs 350 billion was substituted. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">“In order to substitute imports, we have focused on increasing agricultural produce and industrial production and to promote their export,” the finance minister told the World Bank delegation.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">During the meeting, World Bank’s Managing Director Pangestu urged the minister to pay attention to food security adding that green, resilient and inclusive development (GRID) is about building a better future in an integrated manner. </span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-06-24', 'modified' => '2022-06-24', 'keywords' => '', 'description' => '', 'sortorder' => '15239', 'image' => '20220624100212_fin min sharma.jpg', 'article_date' => '2022-06-24 10:01:35', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '15496', 'article_category_id' => '1', 'title' => 'KU to Conduct Feasibility Study on Fertilizer Plant ', 'sub_title' => '', 'summary' => 'June 24: Kathmandu University has signed an agreement with the state government of Bagmati Province to conduct a feasibility study on production of urea, a chemical fertilizer which is extensively used in Nepal.', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial Unicode MS","sans-serif"">June 24: Kathmandu University has signed an agreement with the state government of Bagmati Province to conduct a feasibility study on production of urea, a chemical fertilizer which is extensively used in Nepal. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The two sides signed an agreement to this effect amid a programme on Thursday.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial Unicode MS","sans-serif"">According to the Ministry of Livestock and Poultry Development of Bagmati Province, Minister for Livestock Development Basundhara Humagain and Vice Chancellor of the University Prof Dr Bhola Thapa signed the agreement to conduct the feasibility study and detailed project report on production of urea. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Minister Humagain reportedly said that the process of setting up a urea fertilizer plant will be taken forward on the basis of the feasibility study. According to the minister, the feasibility study is expected to be completed within six months. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Setting up a plant would boost production of urea in the context that Nepal has been facing shortage of fertilizer every year. Farmers have complained that their production has declined due to lack of fertilizer. Authorities responsible for importing chemical fertilizer have been blaming the Ukraine-Russia war for the delay is supply of fertilizer. However, the shortage of fertilizer is not a new problem in Nepal. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""> </span></span></p> ', 'published' => true, 'created' => '2022-06-24', 'modified' => '2022-06-24', 'keywords' => '', 'description' => '', 'sortorder' => '15238', 'image' => '20220624091714_Fertilizer.jpg', 'article_date' => '2022-06-24 09:12:07', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '15495', 'article_category_id' => '1', 'title' => 'Fuel Import from Birgunj Transit up by 78 Percent ', 'sub_title' => '', 'summary' => 'June 23: Fuel import through Birgunj transit point has increased significantly. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">June 23: Fuel import through Birgunj transit point has increased significantly. The import of petroleum products via this major trade transit point of the country has gone up by 78 per cent in the 11 months of the current fiscal year compared to the corresponding period of last fiscal year, the Birgunj Customs Office said. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">More than 1.41 million kilolitres of petroleum products worth Rs 74.34 billion was imported through this transit from July 16, 2021 to June 14, 2022 of the last fiscal year. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Meanwhile, 2.53 million kilolitres of petroleum products worth Rs 153.36 billion has been imported through the Birgunj transit in the 11 months of the current fiscal year (FY 2021/22). This volume of import is 78.51 per cent more than that of 11 months of the previous fiscal year. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, the import of cooking gas (LPG) has increased by around 8 per cent. Altogether 258,150 metric tonnes of LPG has been imported through Birgunj transit in the last 11 months of the current fiscal year as compared to 239,638 metric tonnes in the corresponding period of the previous fiscal year. The import of LPG during the review period of this fiscal year is more by 18,500 metric tonnes compared to last fiscal year. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Although the import of diesel, petrol, aviation fuel and LPG has increased in this period, the import of kerosene has decreased by 30 per cent, said Sumit Gupta, Information Officer of the Birgunj Customs Office. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to him, approximately 34 per cent more revenue has been collected in 11 months of the current fiscal year compared to last fiscal year. Revenue of Rs 54.53 billion was collected during last fiscal year whereas Rs 72.82 billion has been collected from fuel imports in this fiscal year. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Seventy per cent of fuel and 85 per cent of LPG that is consumed in the country is imported through Birgunj customs. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-06-23', 'modified' => '2022-06-23', 'keywords' => '', 'description' => '', 'sortorder' => '15237', 'image' => '20220623064048_Birgunj.jpg', 'article_date' => '2022-06-23 18:40:05', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '15494', 'article_category_id' => '1', 'title' => 'How Relevant is the Protest at Securities Board? ', 'sub_title' => '', 'summary' => 'June 23: The Securities Board of Nepal (SEBON) is facing protests since the last nine days with the agitating sides demanding reforms in the capital market.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">June 23: The Securities Board of Nepal (SEBON) is facing protests since the last nine days with the agitating sides demanding reforms in the capital market. Discussions are underway to address the demands of the protesters.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Chairman of the board Ramesh Kumar Hamal, upon his return from a foreign trip, met the protesters and urged them to withdraw the agitation. However, no agreement has been reached yet. On Tuesday, Hamal briefed the media on the work being done by the board and the demands of the agitating investors.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">At the press conference, Hamal said that the board has already addressed the demands of the investors and only a few issues are left. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">"The demands of the investors are part of what we're trying to do," he said, adding, “Most of these demands are being addressed.”</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">It would not be appropriate to hold a sit-in at his gate demanding something that does not have connection with the board, he said.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">When studying the demands of the investors, most of them seem to be related to the Ministry of Finance. The main issue of the investors seems to be related to Nepal Rastra Bank (NRB).</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">It seems unreasonable to protest at the board’s office when the main demand is related to the central bank and the finance ministry.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Although the demands are practical and justified, the expressions of some of the agitating securities brokers and interest groups are making the movement unjustified.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">The slogans of the investors during the rally clearly indicate that their main demand is not related with the board but with the Ministry of Finance and NRB. Their main demand is to remove the credit limit of Rs 40 million and Rs 120 million. Chairman of the board Hamal has also made it clear that most of the demands put before the board have been implemented. However, investors have withdrawn their protests.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">The securities board is the regulatory body of the capital market. It is not wrong to take your demands to your parents. In a democracy, any person should be able to live freely and express what is in his mind.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">However, some say that there is more to current movement than meets the eye.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Nevertheless, they have used their power to push for capital market reform. Their demands are not illegitimate.</span> <span style="font-family:"Arial","sans-serif"">The board is positive about the investors’ demand. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">At a press conference on Tuesday, the board’s chairman said that seven points of the 19-point demand were related to the board and they have been implemented. Chairman Hamal said that there was no reason for investors to be angry with the board. This is an indication that there are the demands are related to the NRB and ministry rather than the securities board. However, investors are protesting at the board premises. The Ministry and NRB should address their demands. Another positive aspect is the assurance given by the chairman of the board for coordination with the concerned ministry and NRB in order to address their demands. Investors should take it positively and move forward.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-06-23', 'modified' => '2022-06-23', 'keywords' => '', 'description' => '', 'sortorder' => '15236', 'image' => '20220623044147_sebonn.jpg', 'article_date' => '2022-06-23 16:40:53', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '15493', 'article_category_id' => '1', 'title' => 'Businessmen Fixing Prices of Daily Essentials Arbitrarily on the Pretext of Fuel Price Hike', 'sub_title' => '', 'summary' => 'June 23: Increase in prices of petroleum products is certain to cause inflation in the market as it results in rise in the transportation cost that causes a chain reaction.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Prashant Khadka</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">June 23: Increase in prices of petroleum products is certain to cause inflation in the market as it results in rise in the transportation cost that causes a chain reaction. However, businessmen have started fixing prices of goods arbitrarily taking advantage of the hike in fuel prices.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Nepal Oil Corporation (NOC) had increased the price of petrol by Rs 21 per liter and the price of diesel and kerosene by Rs 27 per litre on Sunday night. Following the decision of NOC to hike fuel prices, the Department of Transport Management increased the inter-state transportation fare through automatic pricing mechanism. Passenger and cargo vehicles have increased the fare by 5.3 percent to 7 percent. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">After the department increased the transportation cost on Monday, businessmen started increasing the prices of daily essentials at their whims from the very next day. The businessmen have been accused of increasing the prices of goods that were kept as stock since the last two to three months.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Nepal Retailers Association has fixed the price of sugar at Rs 105 per kilogram. However, it has been found that sugar is being sold in the market for as much as Rs 110 per kg.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Red lentil which costs Rs 175 per kg in the retail market was found to be sold at Rs 180 per kg. Likewise, mustard oil, which costs Rs 280 per litre was found to be sold at Rs 385 to Rs 390 per litre.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Sharmila Gautam, who visited the Kalimati market to purchase daily essentials, told New Business Age that she bought a litre of soybean oil at Rs 340. The retail price of soybean oil is Rs 330 per litre.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“We don’t know the market price. When we asked the reason behind skyrocketing price, the businessmen say it is due to the increase in price of fuel,” she said.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">She is just a representative case of people being duped by the businessmen. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Rupesh Basnet purchased sunflower oil at Rs 360 per litre a few days ago although the retail price is Rs 350 per litre. Besides oil, flour, rice and sugar, the prices of vegetables have also skyrocketed in recent days. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the price list of Kalimati Fruits and Vegetables Market, the price of a kilogram of tomato has increased from Rs 30 to Rs 60. Likewise, the price of bitter gourd has increased from Rs 50 per kg to Rs 80 per kg. Similarly, the price of ladies finger has increased from Rs 40 per kg to Rs 60 per kg and the list goes on.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">General Secretary of Nepal Retailers Association Amul Kaji Tuladhar says that the association has not received any complaint in the regard so far. However, he said that it is not right to increase the prices of essential goods a day after the rise in fuel prices. “Such malpractice must be stopped,” said Tuladhar, adding, “It is not appropriate because the businessmen have stock of goods which they cannot increase overnight citing price hike or the Russian-Ukraine war.”</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Industry, Supply and Consumer Protection Department claims that it has doubled market monitoring in the last few months. Director General of the department Lila Prasad Sharma says that ten out of 40 employees of the department have been regularly monitoring the market and have not left any room for lapses. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">However, consumer rights activists say that the businessmen are fixing prices in the market arbitrarily due to ineffective market monitoring by the department. </span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-06-23', 'modified' => '2022-06-23', 'keywords' => '', 'description' => '', 'sortorder' => '15235', 'image' => '20220623032220_market monitoring.jpg', 'article_date' => '2022-06-23 15:21:33', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '15492', 'article_category_id' => '1', 'title' => 'Agriculture Statistics does not Match with Data of other Government Agencies', 'sub_title' => '', 'summary' => 'June 23: Different government bodies publish different types of data from time to time. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> </span></span><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">Rudra Khadka/Prashant Khadka</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">June 23: Different government bodies publish different types of data from time to time. Although the data made public by the Department of Customs, Nepal Rastra Bank (NRB), and Central Bureau of Statistics (CBS) are based on records, surveys and studies, some agencies make data public based on speculation.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">The practice of publishing data randomly has raised serious questions about the authenticity of data. An example of this is the data published by the Ministry of Agriculture and Livestock Development. Due to the negligence of the officials of the ministry and its subordinate bodies, it has been found that about 1.1 million metric tonnes of rice have been misappropriated in one fiscal year.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">According to the Ministry of Agriculture, Nepal had produced 5.55 million metric tons of paddy in the fiscal year 2076/77. This amount of paddy produces 3.774 million metric tons of rice. This figure is based on the assumption that 0.68 kg of rice is produced from one kg of paddy. This has been the upheld in Nepal since the last four decades (since 2045 BS). </span></span></span><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">However, due to the recent increase in efficiency of modern rice mills, it is estimated that more than 0.68 kg of rice will be produced from one kg of rice. However, the ministry is still working on the assumption that 0.68 kg of rice can be produced from 1 kg of paddy.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">According to the Ministry, progress reports for the fiscal years 2077/78 and 2078/79 are being published. Although the paddy production did not decrease much in the Fiscal Year 2077/78 compared to the previous year, it has declined by about 8 per cent in the current fiscal year.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">Officials said unseasonal rainfall during the paddy harvesting season last October led to such a decline in production. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">"Paddy production has declined by about 8 per cent compared to the previous year due to problems including unseasonal rainfall at the time of harvesting," said Prakash Kumar Sanjel, joint secretary and spokesperson of the ministry.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">About 8 per cent of the previous year's paddy production was 31,997 tons. In this regard, in the current Fiscal Year 2078/79, Nepal has produced 3.47 million metric tons of rice.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> </span></span><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">Now let's look at the statistics of Nepal's population and per capita annual rice consumption. According to the Central Bureau of Statistics, the population of Nepal is 29.19 million. About 2.2 million of them live abroad. Assuming that the number of foreigners working in Nepal is the same, 27.2 million people are currently living in Nepal.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">According to the Household Survey-2016/17 published by the Department of Statistics, an average person consumes 117.8 kg of rice in a year. Accordingly, Nepal needs about 3.43 million metric tons of rice annually. This statistic shows that Nepal has become self-sufficient in rice in terms of production and consumption. Even if a person consumes 125 kg of rice instead of 117 kg, Nepal does not have to import much to meet the internal demand of rice.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">However, according to the data of the Department of Customs for the Fiscal Year 2077/78, Nepal imported 1.18 million metric tons of rice. Some questions have been raised after more than 1.1 million tons of rice were imported, even though the rice required for Nepal's population was sufficient.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-06-23', 'modified' => '2022-06-23', 'keywords' => 'agriculture, paddy, data, statistics, government, CBS, NRB, customs, import, sufficient, production, harvesting, season', 'description' => '', 'sortorder' => '15234', 'image' => '20220623113156_rice-paddy.jpg', 'article_date' => '2022-06-23 11:28:59', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '15491', 'article_category_id' => '1', 'title' => 'Big Hospitals Warn of Closing Health Insurance Programme ', 'sub_title' => '', 'summary' => 'June 23: Big hospitals in the country are planning to close down the health insurance programme announced by the government. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">June 23: Big hospitals in the country are planning to close down the health insurance programme announced by the government. The hospitals started closing the health insurance programme saying that Health Insurance Board has not provided the due amount for treatment to those with health insurance policy. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Tribhuvan University Teaching Hospital in Kathmandu, B&C Medical College in Birtamod, Jhapa and Nobel Medical College, Biratnagar, have said they would no longer run the health insurance programme. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Organising a news conference organised on Wednesday, Executive Director of B&C Hospital, Durga Prasain, said they would not run the health insurance programme at the hospital as the Health Insurance Board has not provided the due amount for the treatment of those affiliated to the health insurance scheme. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The government has to provide more than Rs 450 million to B&C Hospital. The hospital carries out the treatment of around 500 people enrolled in the scheme daily. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"We have time and again demanded the amount of the treatment of those enrolled in the scheme, but to no avail," shared Prasain. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">He added that they would not run the health insurance programme from July 4 if the hospital does not get the due amount. Prasain further said that the hospital has been facing problems to provide salary to the staff and to run medical college due to this reason. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, Executive Director of TU Teaching Hospital, Dr Kinesh Kafle, said the hospital is not going to provide health insurance facility from June 29 as the board has not provided the money for the health insurance programme. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, Bhim Bahadur Chand of Nobel Medical College said that the hospital has not received the money spent for the treatment of those enrolled in the health insurance programme for the past seven months. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Nobel Medical College is yet to receive more than Rs 543 million under this scheme. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">However, Executive Director of the Health Insurance Board, Dr Damodar Basaula, said the board has been providing the amount under the health insurance programme to hospitals as per the act, rule and procedures. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"We are verifying the documents sent by hospitals," he said. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Basaula claimed that around Rs 8.13 billion has been provided to the hospitals under the scheme since the beginning of the current fiscal year. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The board has signed agreements with 450 hospitals to run the health insurance programme. Around 5.7 million people across the nation are enrolled in the health insurance programme. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2022-06-23', 'modified' => '2022-06-23', 'keywords' => 'Hospital, health, insurance, scheme, board, warn, due', 'description' => '', 'sortorder' => '15233', 'image' => '20220623081147_health-insurance-policy-myths.jpg', 'article_date' => '2022-06-23 08:11:05', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '15489', 'article_category_id' => '1', 'title' => 'Nepal has 459 Commercial Pilots', 'sub_title' => '', 'summary' => 'June 22: The number of pilots working in airline companies in Nepal has reached 459.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">June 22: The number of pilots working in airline companies in Nepal has reached 459. Those pilots and co-pilots are currently rendering services for 10 airline companies including helicopter operators.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">A study report on the implementation of air security in Nepal prepared by the Ministry of Culture, Tourism and Civil Aviation states that the 459 pilots are currently engaged with the airline companies of Nepal.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">According to the report, 408 people are working as pilots and co-pilots flying 75 aircraft operated by 10 airliners.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">Of them, 205 are pilots, and the rest are co-pilots.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">Private airline Buddha Air has the largest number of pilots and co-pilots. Buddha Air has 63 pilots and 62 co-pilots operating flights with 15 aircraft. However, Buddha Air has not been able to improve flight safety standard as in previous years. In 2021, Buddha Air's flight safety standard was measured at 74 per cent against 79 percent in 2019.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">The state-owned Nepal Airlines Corporation is the second-largest recruiter of pilots and co-pilots. The company flies 14 fixed-wing aircraft and has 31 pilots and 41 co-pilots. Nepal Airlines has also been weak in improving flight safety standard. In 2021, its flight safety standard dropped from 77 per cent to 64 per cent.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">Similarly, Shree Airlines has 36 pilots and co-pilots. The company operates 15 fixed-wing aircraft. According to the report, its security has also declined. In 2021, the company's flight safety standard dropped to 64 per cent.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">Likewise, Yeti Airlines has 38 pilots and co-pilots and operates flights with five fixed-wing aircraft. There has been a significant improvement in in-flight safety of the company. Yeti's security has improved from 69 per cent in 2019 to 79 per cent in 2021.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">Similarly, Himalayan Airlines has four Airbus A-320 narrow-body aircraft and has 44 pilots and co-pilots. Himalayan Airlines has seen an improvement in the company's flight safety. In 2021, the company's flight safety standard reached 87 per cent. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">Besides, there also helicopter pilots with 10 different helicopter companies. Of them, 13 are foreign pilots. Air Dynasty has the highest number of pilots which stands at 10.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-06-22', 'modified' => '2022-06-22', 'keywords' => 'Pilots, aviation, safety, airlines, Nepal', 'description' => '', 'sortorder' => '15232', 'image' => '20220622062001_IMG_20220622_181423.jpg', 'article_date' => '2022-06-22 18:18:58', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ) ) $current_user = null $logged_in = falseinclude - APP/View/Elements/side_bar.ctp, line 60 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
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However, the new customs rate announced in the budget of the upcoming fiscal year (FY 2022/23) has been fixed in such a way that it makes it cheaper to import finished goods than raw materials. This has compelled the industrialists and entrepreneurs of Province 1 to start agitation.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">As part of the protest, the entrepreneurs picketed the Inland Revenue Office in Biratnagar on Friday.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">The industrialists and entrepreneurs of Province 1 have been protesting since the first week of June accusing the Finance Minister of fixing the tariff rates in the interest of certain industries and importers. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">Stating that he would hold talks with the agitating entrepreneurs, Finance Minister Janardan Sharma had called on the chairpersons and office bearers of Morang Trade Association, Confederation of Nepalese Industries, Province 1 and Chamber of Industries Morang for talks on June 11. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">Although the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) and the Confederation of Nepalese Industries (CNI) issued a statement on June 10 welcoming the budget, they had also expressed solidarity with the demands raised by the agitating entrepreneurs.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">After the budget was announced by the Finance Minister, President of FNCCI, Shekhar Golchha, President of Morang Merchants Association, Naveen Rijal, General Secretary Anil Sharda, former President Pawan Sharda, President of Chamber of Industries Morang, Suyash Raj Pyakurel, President of Province 1 chapter of the Confederation of Nepalese Industries, Bhim Ghimire, Finance Minister Janardan Sharma and Finance Secretary Madhu Kumar Marasini, had a verbal agreement to solve the issues raised by the entrepreneurs on June 15. The entrepreneurs, who postponed the protest after the verbal agreement, resumed it once again after the minister did not fulfill his promises.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">While picketing the tax office, Naveen Rijal, president of the Morang Merchants Association urged all to oppose the anti-industrial and anti-labor tax provision issued by the government.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">Bhim Ghimire, president of the Province 1 chapter of the Confederation of Nepalese Industries said that the government brought the budget against its commitment. He said that the provisions in the budget affected the GI wire and sanitary pad industry and demanded revision in the tax rate.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">Chamber of Industries Morang chairman Pyakurel expressed outrage saying that the government discussed the issue with them before preparing the budget at various stages, but it was all just for a show.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">President of Samajwadi Trade Union Province 1 Mohammad Nasrul said the government should pay attention to the fact that thousands of workers will lose their livelihood if the industries get shut down.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-06-26', 'modified' => '2022-06-26', 'keywords' => 'tax, rate, finance minister, entrepreneurs, industrialists, picket, protest, raw materials, finished goods', 'description' => '', 'sortorder' => '15246', 'image' => '20220626012331_1656198154.Clipboard19.jpg', 'article_date' => '2022-06-26 13:20:58', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '15503', 'article_category_id' => '1', 'title' => 'Government Promises Effective Market Monitoring', 'sub_title' => '', 'summary' => 'June 26: The government has decided to make market monitoring effective in order to control the skyrocketing price and avoid shortage of daily essentials. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">June 26: The government has decided to make market monitoring effective in order to control the skyrocketing price and avoid shortage of daily essentials. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Speaking at a press conference following the cabinet meeting on Saturday, Minister for Industry, Commerce and Supplies Dilendra Prasad Badu pledged to control the spiraling price through effective market monitoring in coordination with federal, provincial and local governments. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The minister urged the business community to reduce the price of all consumable goods in the market and cooperate with the government in its bid to provide relief to the people. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The minister also warned that anyone found increasing market price of consumable goods arbitrarily would be punished. He also called for support from the media and consumers to this end. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Minister Badu further said that the government decided to lower the fuel prices in a bid to provide some respite to the people.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The prices in the market has been steadily rising in the last few years due to various reasons such as the Covid-19 pandemic, shortage of raw materials and food grains due to the Russia-Ukraine war and hike in fuel prices following the rise in prices in the international market.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Last week, the UN issued a warning of multiple famines this year urging the ministers meeting on food security to take practical steps to stabilize food markers and reduce commodity price volatility.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">In the context of Nepal, the task seems to be an uphill battle due to the wrong policies taken by the government while the Department of Industry, Supply and Consumer Protection Department has only 40 employees for market monitoring. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Consumer rights activists have been complaining that the businessmen are fixing prices in the market arbitrarily due to ineffective market monitoring by the department.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The budget announced by the government for the upcoming fiscal year has provisions of charging higher tariff for raw materials than the finished goods prompting fears that it might encourage imports against the government’s own policy. The industrialists have been arguing that such irrational decision of the government will result in higher prices of goods produced in the country compared to the imported goods.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-06-26', 'modified' => '2022-06-26', 'keywords' => '', 'description' => '', 'sortorder' => '15245', 'image' => '20220626115933_20220623032220_market monitoring.jpg', 'article_date' => '2022-06-26 11:58:55', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '15502', 'article_category_id' => '1', 'title' => 'NOC Slashes Fuel Prices', 'sub_title' => 'Price of Petrol Reduced by Rs 20 Per Litre', 'summary' => 'June 26: Nepal Oil Corporation (NOC) has decided to slash the prices of petroleum products effective from June 26 following a cabinet decision on Saturday. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">June 26: Nepal Oil Corporation (NOC) has decided to slash the prices of petroleum products effective from June 26 following a cabinet decision on Saturday. <br /> A meeting of the Council of Ministers on Saturday decided to reduce the prices of petrol, diesel and kerosene, said Minister for Industry, Commerce and Supplies Dilendra Prasad Badu.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">As per the decision, NOC has reduced the price of petrol by Rs 20 per litre, diesel and kerosene by Rs 29 per litre.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">With this decision, petrol will now cost Rs 179 per litre while diesel and kerosene will cost Rs 163 per litre each.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Minister Badu said that the excessive hike of fuel prices had affected the general public and the government acted to provide some relief to the people. He said that the government decided to lower the fuel prices by reducing the taxes imposed on petroleum products. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">The coalition parties had held a meeting chaired by Prime Minister Sher Bahadur Deuba on Saturday morning to discuss the impact of excessive hike in prices of fuel on the general public. The government decided to adjust the fuel prices after the meeting in order to give respite to the people.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">The meeting was also attended by the secretaries of the respective ministries and high ranking officials of the Nepal Oil Corporation, the state-owned oil enterprise which enjoys monopoly in import and distribution of petroleum products. </span></span><br /> <span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Minister Badu added that the government has also decided to encourage the use of electric stoves and vehicles to decrease the consumption of petroleum products and cooking gas. The use of electric appliances and vehicles in government offices in accordance to the provision in the budget will be implemented acting on recommendation by a high level taskforce formed under the leadership of National Planning Commission Vice-chair. Government offices will use electric vehicles while fuel-run old and heavy vehicles will be converted into electric ones, added Minister Badu.<br /> </span></span></span></span><br /> </p> <p> </p> ', 'published' => true, 'created' => '2022-06-26', 'modified' => '2022-06-26', 'keywords' => 'fuel, petroleum, products, price, NOC, government, cabinet, Council of Ministers, petrol, diesel, kerosene, LPG, cooking gas, electric appliances, electric vehicles, EV, slash, relief', 'description' => '', 'sortorder' => '15244', 'image' => '20220626104933_petroo - Copy.jpg', 'article_date' => '2022-06-26 10:47:28', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '15501', 'article_category_id' => '1', 'title' => 'World Faces Unprecedented Global Hunger Crisis: UN Chief', 'sub_title' => '', 'summary' => 'June 24: There is a "real risk" of multiple famines this year, UN chief Antonio Guterres said on Friday. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">June 24: There is a "real risk" of multiple famines this year, UN chief Antonio Guterres said on Friday. According to Reuters, the UN chief urged ministers meeting on food security to take practical steps to stabilize food markets and reduce commodity price volatility.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"We face an unprecedented global hunger crisis," Guterres told the meeting in Berlin via video. "The war in Ukraine has compounded problems that have been brewing for years: climate disruption; the COVID-19 pandemic; the deeply unequal recovery," the news agency quoted him as saying.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to Reuters, more than 460,000 people in Somalia, Yemen and South Sudan are in famine conditions under the Integrated Food Security Phase Classification (IPC) - a scale used by UN agencies, regional bodies and aid groups to determine food insecurity. This is the step before a declaration of famine in a region.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Millions of people in 34 other countries are on the brink of famine, according to the IPC.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"There is a real risk that multiple famines will be declared in 2022. And 2023 could be even worse," said Guterres, calling mass hunger and starvation unacceptable in the 21st century.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Guterres said there could be no effective solution to the crisis unless Ukraine and Russia, which produce about 29 percent of global wheat exports, find a way to properly resume trade.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Reuters reported that shipments from Ukrainian ports have been halted by Russia's invasion of its neighbor. Moscow wants certain Western sanctions lifted in order to resume its grain and fertilizer exports.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The United Nations and Turkey are reportedly trying to broker a deal but Guterres did not elaborate on the talks, saying, "Public statements could hinder success."</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">He also asked ministers at the Berlin meeting to address a finance crisis in developing countries, Reuters reported.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-06-24', 'modified' => '2022-06-24', 'keywords' => 'hunger, starvation, UN, Antonio, unprecedented, famine, wheat, Ukraine, Russia, war, pandemic, climate, Guterres, Berlin, Covid-19, risk, food, security', 'description' => '', 'sortorder' => '15243', 'image' => '20220624080252_wheatttttt.jpg', 'article_date' => '2022-06-24 20:00:24', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '15500', 'article_category_id' => '1', 'title' => 'Entrepreneurs of Eastern Nepal begin Second Phase of Protests', 'sub_title' => '', 'summary' => 'June 24: The entrepreneurs of eastern Nepal have started the second phase of protest on Thursday stating that the assurance given by Finance Minister Janardan Sharma has not been fulfilled yet. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Times New Roman","serif"">June 24: The entrepreneurs of eastern Nepal have started the second phase of protest on Thursday stating that the assurance given by Finance Minister Janardan Sharma has not been fulfilled yet. They argue that the provisions related to revenue in the Finance Act 2079 BS is leading to the closure of industries.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Times New Roman","serif"">The agitating entrepreneurs staged protest at Gokuwa Chowk along the Dharan-Biratnagar road and demanded resignation of Finance Minister Sharma. They said that the customs duty on finished goods should be one level higher than that of raw materials. However, as per the entrepreneurs, industries based on vegetable oil, sanitary pads and MS wire rods are on the verge of shut down after the rate of revenue was manipulated so that finished goods could be imported at a lower customs rate than the raw materials.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Times New Roman","serif"">Earlier, the industrialists hit the streets demanding a reversal of the tax rate. They postponed the agitation after finance minister assured them of resolving the issue by mid-June. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Times New Roman","serif"">President of the Morang Merchants’ Association Naveen Rijal said that they were compelled to protest as the finance minister did not fulfill his promise. Industrialists, businessmen and workers protested from Gokuwa Chowk along the Dharan-Biratnagar Highway in Budhiganga Municipality and held a corner meeting at Nemuwa Chowk.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Times New Roman","serif"">Addressing the corner meeting, Rijal said that the corruption policy of the finance minister benefited only limited industries. Circumstances are created prompting other industries to shut down, thousands of workers have lost their livelihood and billions of rupees gone down the drain. He also informed that there is a programme to picket the Inland Revenue Office and Biratnagar Customs Office on Friday. Rijal said the agitation will continue until the revised tax rates are withdrawn and the finance minister resigns.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Times New Roman","serif"">Finance Minister Sharma has been alleged of changing the tax rate with the intention of shutting down the GI wire, vegetable oil and sanitary pad industries while protecting a limited number of industries. Trade unions affiliated to the CPN-UML, Nepali Congress, Maoist Center and CPN-S are also involved in the agitation along with Morang Merchants Association, Chamber of Industries Morang and Confederation of Nepalese Industries, Province 1 chapter.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Times New Roman","serif"">Former president of the Chamber of Industries Morang Pawan Kumar Sharda stated that Finance Minister Sharma and Finance Secretary Madhu Kumar Marasini had promised to address the demand the day after the budget was passed by inviting industrialists and businessmen for talks.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Times New Roman","serif"">Chairman of the chamber Suyash Raj Pyakurel and Chairman of Province 1 chapter of the Confederation of Nepalese Industries Bhim Ghimire also said that the agitation started after the Finance Minister and the Finance Secretary failed to fulfill their promise. They said that the protest will continue till the assurance given by the finance minister to the industrialists is fulfilled.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Times New Roman","serif"">Former president of the union, Prakash Mundada, said that the government should take responsibility for any unpleasant incident occurred during the protest as the government is the one responsible for getting businessmen and workers to the streets.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Times New Roman","serif"">Finance Minister Sharma had called the industrialists of Sunsari-Morang Industrial Corridor to Kathmandu for talks in the middle of the protest and accepted the error made in the budget announced on May 29. He had assured them that the budget would be passed with amendment. The entrepreneurs had postponed their agitation after the assurance of the finance minister. However, the parliament passed the Finance Bill 2079 without amending the proposed tax rates.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-06-24', 'modified' => '2022-06-24', 'keywords' => 'Protest, entrepreneurs, eastern Nepal, Biratnagar, Dharan, Chamber of Industries Morang, CNI, Province 1, agitation, assurance, finance minister, budget, finance bill', 'description' => '', 'sortorder' => '15242', 'image' => '20220624072547_Chamber of industries morang new.jpg', 'article_date' => '2022-06-24 19:25:06', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '15499', 'article_category_id' => '1', 'title' => 'Government Lowers Minimum Limit for Foreign Investment but Procedural Hassles Remain', 'sub_title' => '', 'summary' => 'June 24: With the objective of increasing investment in the country, the government has reduced the minimum limit for foreign investment in the budget announced of the upcoming fiscal year (FY 2022/23).', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">June 24: With the objective of increasing investment in the country, the government has reduced the minimum limit required for foreign investment in the budget announced of the upcoming fiscal year (FY 2022/23). The government had raised the minimum limit for foreign investment from Rs 5 million to Rs 50 million in the budget three years ago in accordance to sub-section 3 of section 3 of the Foreign Investment and Technology Transfer Act 2075 BS.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Now the minimum limit has been set at Rs 20 million. According to foreign investment experts, although the reduction of the minimum limit is positive, it is not possible to attract large investments immediately. According to Anjan Neupane, an expert on foreign investment, there is a possibility of additional investment in the IT, tourism, and service sector if the government lowers the minimum limit. He says the threshold is still too high.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">According to him, it is not yet easy to attract investment in Nepal. Foreign investors have to face the obstacles on every step that starts after pouring their investment.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">“The Department of Industry has a one-door system. NRB has two employees. That’s all. The old problems are still there,” said Neupane. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">According to Neupane, no procedural reforms have been made in the bodies that deal with foreign investors such as the Department of Industry, the Office of the Registrar of Companies, and the Immigration Department.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Investors are well aware that the obstacles in investment approval, company registration, visa permission, business establishment, and operation have not been solved yet. According to Neupane, more than two dozen agencies, including half a dozen ministries, are still needed to take the project to the construction stage. The one-door system is just for the sake of name.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Former Vice-Chairman of the National Planning Commission Dipendra Bahadur Chhetri says that an investment-friendly environment has not been created in the country yet. According to him, the law and system have changed in Nepal but the mindset and tendency of the bureaucracy have not changed and the investors have to suffer due to this. He suggested that the government should create an investment-friendly environment by implementing the provisions in the budget properly.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">The budget announced by the government on May 29 has a provision that allows foreign investment of up to Rs 100 million to be sanctioned through the automated system. In addition, if large investors request foreign direct investment approval through electronic means, preliminary approval will be given within seven days to complete the preparatory work. The remaining work related to investment approval and operation of the industry can be completed within six months. The budget also mentions that land will be available for the industry for 50 years on lease.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">The laws and processes related to foreign investment are in the budget to attract the investment of non-resident Nepalis.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Whatever the provisions the budget has to attract foreign investment, it must immediately remove the procedural hurdles to attract more investment, says Ganesh Karki, vice-president of the Independent Power Producers' Association (IPPAN).</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">According to him, the main reason for the inability to attract foreign investment in Nepal's hydropower sector is the procedural hurdles and inability to trust the investors. “No one comes to invest less than Rs 2/4 billion in hydropower sector. The government has set an unnecessary threshold, which is meaningless,” Karki said, adding, “The government should focus on creating a conducive environment for foreign investors.”</span></span></span></p> <p> </p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-06-24', 'modified' => '2022-06-24', 'keywords' => 'foreign investment, reform, minimum limit, threshold, government, conducive, environment, attract, billion, million, hydropower', 'description' => '', 'sortorder' => '15241', 'image' => '20220624051313_Foreign investment.jpg', 'article_date' => '2022-06-24 17:11:21', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '15498', 'article_category_id' => '1', 'title' => '22 Insurance Companies Fined', 'sub_title' => '', 'summary' => 'June 24: The Insurance Board has fined 22 insurance companies for not submitting their audit reports.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">June 24: The Insurance Board has fined 22 insurance companies for not submitting their audit reports. The board decided to slap fines ranging from Rs 10,000 to Rs 15,000 to such companies.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">There is a legal provision that insurance companies have to submit the audit report to the board within 10 months after the end of each fiscal year. Accordingly, the insurance companies should have submitted the audit report of the previous fiscal year to the board by mid-April. However, 22 companies are yet to submit the reporst. Therefore, Rajuraman Poudel, the executive director of the board said that the board decided to make the companies pay a fine of Rs 10,000 each.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">He said that an additional fine of Rs 5000 will be levied to the companies who did not submit the audit report on time in the fiscal year 2076/77 as well and proceeded to violate the rules this fiscal year as well.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">Insurance companies are used to submitting the audit report late as the actuarial valuation needs to be done abroad. The board was lenient in this regard previously. However, it decided to fine the companies this time. Executive Director Poudel said that the companies have been fined as per the law.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">“We have been forced to make such decision as the companies failed to submit their audit reports within the stipulated time. Although actions were taken in the past as well in the same regard, it was not strict,”</span> he said.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">The Insurance Act, 2049 BS stipulates that the audit report must be submitted to the board within 10 months of the end of each fiscal year with the provision that the board can take action if it is not submitted in time.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">Among the insurance companies that failed to submit their audit reports for the fiscal year 2077/78 are Nepal Reinsurance Company, Life Insurance Corporation (Nepal), Asian Life Insurance Company, Surya Life Insurance Company, Prime Life Insurance Company, Jyoti Life Insurance Company, Reliance Life Insurance Company, Citizen Life Insurance Company, Prabhu Life Insurance Company and Mahalakshmi Life Insurance Company. Each of the companies have been fined Rs 10,000.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">While on the other hand, Rastriya Beema Sansthan, National Life Insurance Company, Nepal Life Insurance Company, Gurans Life Insurance Company, IME Life Insurance Company, Union Life Insurance Company, Sun Nepal Life Insurance Company, Reliable Nepal Life Insurance Company, Sanima Life Insurance Company, Oriental Insurance Company, National Insurance Company have been fined Rs 15,000 each.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-06-24', 'modified' => '2022-06-24', 'keywords' => '', 'description' => '', 'sortorder' => '15240', 'image' => '20220624020759_Insurance.jpg', 'article_date' => '2022-06-24 14:07:16', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '15497', 'article_category_id' => '1', 'title' => 'Government has Cut Grants to Encourage Farmers: Finance Minister', 'sub_title' => '', 'summary' => 'June 24: Finance Minister Janardan Sharma said that the government has adopted a policy to encourage farmers instead of providing them with grants from the upcoming fiscal year. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">June 24: Finance Minister Janardan Sharma said that the government has adopted a policy to encourage farmers instead of providing them with grants from the upcoming fiscal year. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The finance minister made such remark during a meeting with a delegation of World Bank led by its managing director Mari Elka Pangestu on Thursday. The Finance Minister argued that the government’s new move was targeted to increase production by encouraging the farmers. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">“The loan has not reached to the poor farmers. There are examples that small farmers have honestly repaid the loans if they had borrowed. However, the grants have not reached to the genuine farmers. So, we opted the policy to encourage the farmers,” Minister Sharma argued. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Stating that the budget has accorded top priority to the agriculture sector in the upcoming fiscal year, Finance Minister Sharma said that Nepal needs support from the development partners in this regard. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Sharing that the government has unveiled the idea of agriculture ambulance to ensure an accessible supply of agricultural goods to the market, the Finance Minister said Nepal’s trade deficit cannot be reduced until the imports of agricultural goods worth Rs 350 billion was substituted. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">“In order to substitute imports, we have focused on increasing agricultural produce and industrial production and to promote their export,” the finance minister told the World Bank delegation.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">During the meeting, World Bank’s Managing Director Pangestu urged the minister to pay attention to food security adding that green, resilient and inclusive development (GRID) is about building a better future in an integrated manner. </span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-06-24', 'modified' => '2022-06-24', 'keywords' => '', 'description' => '', 'sortorder' => '15239', 'image' => '20220624100212_fin min sharma.jpg', 'article_date' => '2022-06-24 10:01:35', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '15496', 'article_category_id' => '1', 'title' => 'KU to Conduct Feasibility Study on Fertilizer Plant ', 'sub_title' => '', 'summary' => 'June 24: Kathmandu University has signed an agreement with the state government of Bagmati Province to conduct a feasibility study on production of urea, a chemical fertilizer which is extensively used in Nepal.', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial Unicode MS","sans-serif"">June 24: Kathmandu University has signed an agreement with the state government of Bagmati Province to conduct a feasibility study on production of urea, a chemical fertilizer which is extensively used in Nepal. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The two sides signed an agreement to this effect amid a programme on Thursday.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial Unicode MS","sans-serif"">According to the Ministry of Livestock and Poultry Development of Bagmati Province, Minister for Livestock Development Basundhara Humagain and Vice Chancellor of the University Prof Dr Bhola Thapa signed the agreement to conduct the feasibility study and detailed project report on production of urea. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Minister Humagain reportedly said that the process of setting up a urea fertilizer plant will be taken forward on the basis of the feasibility study. According to the minister, the feasibility study is expected to be completed within six months. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Setting up a plant would boost production of urea in the context that Nepal has been facing shortage of fertilizer every year. Farmers have complained that their production has declined due to lack of fertilizer. Authorities responsible for importing chemical fertilizer have been blaming the Ukraine-Russia war for the delay is supply of fertilizer. However, the shortage of fertilizer is not a new problem in Nepal. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""> </span></span></p> ', 'published' => true, 'created' => '2022-06-24', 'modified' => '2022-06-24', 'keywords' => '', 'description' => '', 'sortorder' => '15238', 'image' => '20220624091714_Fertilizer.jpg', 'article_date' => '2022-06-24 09:12:07', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '15495', 'article_category_id' => '1', 'title' => 'Fuel Import from Birgunj Transit up by 78 Percent ', 'sub_title' => '', 'summary' => 'June 23: Fuel import through Birgunj transit point has increased significantly. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">June 23: Fuel import through Birgunj transit point has increased significantly. The import of petroleum products via this major trade transit point of the country has gone up by 78 per cent in the 11 months of the current fiscal year compared to the corresponding period of last fiscal year, the Birgunj Customs Office said. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">More than 1.41 million kilolitres of petroleum products worth Rs 74.34 billion was imported through this transit from July 16, 2021 to June 14, 2022 of the last fiscal year. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Meanwhile, 2.53 million kilolitres of petroleum products worth Rs 153.36 billion has been imported through the Birgunj transit in the 11 months of the current fiscal year (FY 2021/22). This volume of import is 78.51 per cent more than that of 11 months of the previous fiscal year. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, the import of cooking gas (LPG) has increased by around 8 per cent. Altogether 258,150 metric tonnes of LPG has been imported through Birgunj transit in the last 11 months of the current fiscal year as compared to 239,638 metric tonnes in the corresponding period of the previous fiscal year. The import of LPG during the review period of this fiscal year is more by 18,500 metric tonnes compared to last fiscal year. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Although the import of diesel, petrol, aviation fuel and LPG has increased in this period, the import of kerosene has decreased by 30 per cent, said Sumit Gupta, Information Officer of the Birgunj Customs Office. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to him, approximately 34 per cent more revenue has been collected in 11 months of the current fiscal year compared to last fiscal year. Revenue of Rs 54.53 billion was collected during last fiscal year whereas Rs 72.82 billion has been collected from fuel imports in this fiscal year. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Seventy per cent of fuel and 85 per cent of LPG that is consumed in the country is imported through Birgunj customs. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-06-23', 'modified' => '2022-06-23', 'keywords' => '', 'description' => '', 'sortorder' => '15237', 'image' => '20220623064048_Birgunj.jpg', 'article_date' => '2022-06-23 18:40:05', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '15494', 'article_category_id' => '1', 'title' => 'How Relevant is the Protest at Securities Board? ', 'sub_title' => '', 'summary' => 'June 23: The Securities Board of Nepal (SEBON) is facing protests since the last nine days with the agitating sides demanding reforms in the capital market.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">June 23: The Securities Board of Nepal (SEBON) is facing protests since the last nine days with the agitating sides demanding reforms in the capital market. Discussions are underway to address the demands of the protesters.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Chairman of the board Ramesh Kumar Hamal, upon his return from a foreign trip, met the protesters and urged them to withdraw the agitation. However, no agreement has been reached yet. On Tuesday, Hamal briefed the media on the work being done by the board and the demands of the agitating investors.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">At the press conference, Hamal said that the board has already addressed the demands of the investors and only a few issues are left. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">"The demands of the investors are part of what we're trying to do," he said, adding, “Most of these demands are being addressed.”</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">It would not be appropriate to hold a sit-in at his gate demanding something that does not have connection with the board, he said.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">When studying the demands of the investors, most of them seem to be related to the Ministry of Finance. The main issue of the investors seems to be related to Nepal Rastra Bank (NRB).</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">It seems unreasonable to protest at the board’s office when the main demand is related to the central bank and the finance ministry.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Although the demands are practical and justified, the expressions of some of the agitating securities brokers and interest groups are making the movement unjustified.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">The slogans of the investors during the rally clearly indicate that their main demand is not related with the board but with the Ministry of Finance and NRB. Their main demand is to remove the credit limit of Rs 40 million and Rs 120 million. Chairman of the board Hamal has also made it clear that most of the demands put before the board have been implemented. However, investors have withdrawn their protests.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">The securities board is the regulatory body of the capital market. It is not wrong to take your demands to your parents. In a democracy, any person should be able to live freely and express what is in his mind.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">However, some say that there is more to current movement than meets the eye.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Nevertheless, they have used their power to push for capital market reform. Their demands are not illegitimate.</span> <span style="font-family:"Arial","sans-serif"">The board is positive about the investors’ demand. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">At a press conference on Tuesday, the board’s chairman said that seven points of the 19-point demand were related to the board and they have been implemented. Chairman Hamal said that there was no reason for investors to be angry with the board. This is an indication that there are the demands are related to the NRB and ministry rather than the securities board. However, investors are protesting at the board premises. The Ministry and NRB should address their demands. Another positive aspect is the assurance given by the chairman of the board for coordination with the concerned ministry and NRB in order to address their demands. Investors should take it positively and move forward.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-06-23', 'modified' => '2022-06-23', 'keywords' => '', 'description' => '', 'sortorder' => '15236', 'image' => '20220623044147_sebonn.jpg', 'article_date' => '2022-06-23 16:40:53', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '15493', 'article_category_id' => '1', 'title' => 'Businessmen Fixing Prices of Daily Essentials Arbitrarily on the Pretext of Fuel Price Hike', 'sub_title' => '', 'summary' => 'June 23: Increase in prices of petroleum products is certain to cause inflation in the market as it results in rise in the transportation cost that causes a chain reaction.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Prashant Khadka</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">June 23: Increase in prices of petroleum products is certain to cause inflation in the market as it results in rise in the transportation cost that causes a chain reaction. However, businessmen have started fixing prices of goods arbitrarily taking advantage of the hike in fuel prices.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Nepal Oil Corporation (NOC) had increased the price of petrol by Rs 21 per liter and the price of diesel and kerosene by Rs 27 per litre on Sunday night. Following the decision of NOC to hike fuel prices, the Department of Transport Management increased the inter-state transportation fare through automatic pricing mechanism. Passenger and cargo vehicles have increased the fare by 5.3 percent to 7 percent. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">After the department increased the transportation cost on Monday, businessmen started increasing the prices of daily essentials at their whims from the very next day. The businessmen have been accused of increasing the prices of goods that were kept as stock since the last two to three months.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Nepal Retailers Association has fixed the price of sugar at Rs 105 per kilogram. However, it has been found that sugar is being sold in the market for as much as Rs 110 per kg.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Red lentil which costs Rs 175 per kg in the retail market was found to be sold at Rs 180 per kg. Likewise, mustard oil, which costs Rs 280 per litre was found to be sold at Rs 385 to Rs 390 per litre.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Sharmila Gautam, who visited the Kalimati market to purchase daily essentials, told New Business Age that she bought a litre of soybean oil at Rs 340. The retail price of soybean oil is Rs 330 per litre.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“We don’t know the market price. When we asked the reason behind skyrocketing price, the businessmen say it is due to the increase in price of fuel,” she said.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">She is just a representative case of people being duped by the businessmen. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Rupesh Basnet purchased sunflower oil at Rs 360 per litre a few days ago although the retail price is Rs 350 per litre. Besides oil, flour, rice and sugar, the prices of vegetables have also skyrocketed in recent days. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the price list of Kalimati Fruits and Vegetables Market, the price of a kilogram of tomato has increased from Rs 30 to Rs 60. Likewise, the price of bitter gourd has increased from Rs 50 per kg to Rs 80 per kg. Similarly, the price of ladies finger has increased from Rs 40 per kg to Rs 60 per kg and the list goes on.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">General Secretary of Nepal Retailers Association Amul Kaji Tuladhar says that the association has not received any complaint in the regard so far. However, he said that it is not right to increase the prices of essential goods a day after the rise in fuel prices. “Such malpractice must be stopped,” said Tuladhar, adding, “It is not appropriate because the businessmen have stock of goods which they cannot increase overnight citing price hike or the Russian-Ukraine war.”</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Industry, Supply and Consumer Protection Department claims that it has doubled market monitoring in the last few months. Director General of the department Lila Prasad Sharma says that ten out of 40 employees of the department have been regularly monitoring the market and have not left any room for lapses. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">However, consumer rights activists say that the businessmen are fixing prices in the market arbitrarily due to ineffective market monitoring by the department. </span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-06-23', 'modified' => '2022-06-23', 'keywords' => '', 'description' => '', 'sortorder' => '15235', 'image' => '20220623032220_market monitoring.jpg', 'article_date' => '2022-06-23 15:21:33', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '15492', 'article_category_id' => '1', 'title' => 'Agriculture Statistics does not Match with Data of other Government Agencies', 'sub_title' => '', 'summary' => 'June 23: Different government bodies publish different types of data from time to time. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> </span></span><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">Rudra Khadka/Prashant Khadka</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">June 23: Different government bodies publish different types of data from time to time. Although the data made public by the Department of Customs, Nepal Rastra Bank (NRB), and Central Bureau of Statistics (CBS) are based on records, surveys and studies, some agencies make data public based on speculation.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">The practice of publishing data randomly has raised serious questions about the authenticity of data. An example of this is the data published by the Ministry of Agriculture and Livestock Development. Due to the negligence of the officials of the ministry and its subordinate bodies, it has been found that about 1.1 million metric tonnes of rice have been misappropriated in one fiscal year.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">According to the Ministry of Agriculture, Nepal had produced 5.55 million metric tons of paddy in the fiscal year 2076/77. This amount of paddy produces 3.774 million metric tons of rice. This figure is based on the assumption that 0.68 kg of rice is produced from one kg of paddy. This has been the upheld in Nepal since the last four decades (since 2045 BS). </span></span></span><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">However, due to the recent increase in efficiency of modern rice mills, it is estimated that more than 0.68 kg of rice will be produced from one kg of rice. However, the ministry is still working on the assumption that 0.68 kg of rice can be produced from 1 kg of paddy.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">According to the Ministry, progress reports for the fiscal years 2077/78 and 2078/79 are being published. Although the paddy production did not decrease much in the Fiscal Year 2077/78 compared to the previous year, it has declined by about 8 per cent in the current fiscal year.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">Officials said unseasonal rainfall during the paddy harvesting season last October led to such a decline in production. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">"Paddy production has declined by about 8 per cent compared to the previous year due to problems including unseasonal rainfall at the time of harvesting," said Prakash Kumar Sanjel, joint secretary and spokesperson of the ministry.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">About 8 per cent of the previous year's paddy production was 31,997 tons. In this regard, in the current Fiscal Year 2078/79, Nepal has produced 3.47 million metric tons of rice.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> </span></span><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">Now let's look at the statistics of Nepal's population and per capita annual rice consumption. According to the Central Bureau of Statistics, the population of Nepal is 29.19 million. About 2.2 million of them live abroad. Assuming that the number of foreigners working in Nepal is the same, 27.2 million people are currently living in Nepal.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">According to the Household Survey-2016/17 published by the Department of Statistics, an average person consumes 117.8 kg of rice in a year. Accordingly, Nepal needs about 3.43 million metric tons of rice annually. This statistic shows that Nepal has become self-sufficient in rice in terms of production and consumption. Even if a person consumes 125 kg of rice instead of 117 kg, Nepal does not have to import much to meet the internal demand of rice.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">However, according to the data of the Department of Customs for the Fiscal Year 2077/78, Nepal imported 1.18 million metric tons of rice. Some questions have been raised after more than 1.1 million tons of rice were imported, even though the rice required for Nepal's population was sufficient.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-06-23', 'modified' => '2022-06-23', 'keywords' => 'agriculture, paddy, data, statistics, government, CBS, NRB, customs, import, sufficient, production, harvesting, season', 'description' => '', 'sortorder' => '15234', 'image' => '20220623113156_rice-paddy.jpg', 'article_date' => '2022-06-23 11:28:59', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '15491', 'article_category_id' => '1', 'title' => 'Big Hospitals Warn of Closing Health Insurance Programme ', 'sub_title' => '', 'summary' => 'June 23: Big hospitals in the country are planning to close down the health insurance programme announced by the government. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">June 23: Big hospitals in the country are planning to close down the health insurance programme announced by the government. The hospitals started closing the health insurance programme saying that Health Insurance Board has not provided the due amount for treatment to those with health insurance policy. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Tribhuvan University Teaching Hospital in Kathmandu, B&C Medical College in Birtamod, Jhapa and Nobel Medical College, Biratnagar, have said they would no longer run the health insurance programme. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Organising a news conference organised on Wednesday, Executive Director of B&C Hospital, Durga Prasain, said they would not run the health insurance programme at the hospital as the Health Insurance Board has not provided the due amount for the treatment of those affiliated to the health insurance scheme. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The government has to provide more than Rs 450 million to B&C Hospital. The hospital carries out the treatment of around 500 people enrolled in the scheme daily. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"We have time and again demanded the amount of the treatment of those enrolled in the scheme, but to no avail," shared Prasain. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">He added that they would not run the health insurance programme from July 4 if the hospital does not get the due amount. Prasain further said that the hospital has been facing problems to provide salary to the staff and to run medical college due to this reason. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, Executive Director of TU Teaching Hospital, Dr Kinesh Kafle, said the hospital is not going to provide health insurance facility from June 29 as the board has not provided the money for the health insurance programme. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, Bhim Bahadur Chand of Nobel Medical College said that the hospital has not received the money spent for the treatment of those enrolled in the health insurance programme for the past seven months. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Nobel Medical College is yet to receive more than Rs 543 million under this scheme. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">However, Executive Director of the Health Insurance Board, Dr Damodar Basaula, said the board has been providing the amount under the health insurance programme to hospitals as per the act, rule and procedures. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"We are verifying the documents sent by hospitals," he said. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Basaula claimed that around Rs 8.13 billion has been provided to the hospitals under the scheme since the beginning of the current fiscal year. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The board has signed agreements with 450 hospitals to run the health insurance programme. Around 5.7 million people across the nation are enrolled in the health insurance programme. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2022-06-23', 'modified' => '2022-06-23', 'keywords' => 'Hospital, health, insurance, scheme, board, warn, due', 'description' => '', 'sortorder' => '15233', 'image' => '20220623081147_health-insurance-policy-myths.jpg', 'article_date' => '2022-06-23 08:11:05', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '15489', 'article_category_id' => '1', 'title' => 'Nepal has 459 Commercial Pilots', 'sub_title' => '', 'summary' => 'June 22: The number of pilots working in airline companies in Nepal has reached 459.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">June 22: The number of pilots working in airline companies in Nepal has reached 459. Those pilots and co-pilots are currently rendering services for 10 airline companies including helicopter operators.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">A study report on the implementation of air security in Nepal prepared by the Ministry of Culture, Tourism and Civil Aviation states that the 459 pilots are currently engaged with the airline companies of Nepal.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">According to the report, 408 people are working as pilots and co-pilots flying 75 aircraft operated by 10 airliners.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">Of them, 205 are pilots, and the rest are co-pilots.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">Private airline Buddha Air has the largest number of pilots and co-pilots. Buddha Air has 63 pilots and 62 co-pilots operating flights with 15 aircraft. However, Buddha Air has not been able to improve flight safety standard as in previous years. In 2021, Buddha Air's flight safety standard was measured at 74 per cent against 79 percent in 2019.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">The state-owned Nepal Airlines Corporation is the second-largest recruiter of pilots and co-pilots. The company flies 14 fixed-wing aircraft and has 31 pilots and 41 co-pilots. Nepal Airlines has also been weak in improving flight safety standard. In 2021, its flight safety standard dropped from 77 per cent to 64 per cent.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">Similarly, Shree Airlines has 36 pilots and co-pilots. The company operates 15 fixed-wing aircraft. According to the report, its security has also declined. In 2021, the company's flight safety standard dropped to 64 per cent.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">Likewise, Yeti Airlines has 38 pilots and co-pilots and operates flights with five fixed-wing aircraft. There has been a significant improvement in in-flight safety of the company. Yeti's security has improved from 69 per cent in 2019 to 79 per cent in 2021.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">Similarly, Himalayan Airlines has four Airbus A-320 narrow-body aircraft and has 44 pilots and co-pilots. Himalayan Airlines has seen an improvement in the company's flight safety. In 2021, the company's flight safety standard reached 87 per cent. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">Besides, there also helicopter pilots with 10 different helicopter companies. Of them, 13 are foreign pilots. Air Dynasty has the highest number of pilots which stands at 10.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-06-22', 'modified' => '2022-06-22', 'keywords' => 'Pilots, aviation, safety, airlines, Nepal', 'description' => '', 'sortorder' => '15232', 'image' => '20220622062001_IMG_20220622_181423.jpg', 'article_date' => '2022-06-22 18:18:58', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ) ) $current_user = null $logged_in = falsesimplexml_load_file - [internal], line ?? include - APP/View/Elements/side_bar.ctp, line 60 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
Notice (8): Undefined variable: file [APP/View/Elements/side_bar.ctp, line 133]Code Context// $file = 'http://aabhiyan:QUVLg8Wzs2F7G9N7@nepalstock.com.np/api/subindexdata.xml';if(!$xml = simplexml_load_file($file)){$viewFile = '/var/www/html/newbusinessage.com/app/View/Elements/side_bar.ctp' $dataForView = array( 'articles' => array( (int) 0 => array( 'Article' => array( [maximum depth reached] ) ), (int) 1 => array( 'Article' => array( [maximum depth reached] ) ), (int) 2 => array( 'Article' => array( [maximum depth reached] ) ), (int) 3 => array( 'Article' => array( [maximum depth reached] ) ), (int) 4 => array( 'Article' => array( [maximum depth reached] ) ), (int) 5 => array( 'Article' => array( [maximum depth reached] ) ), (int) 6 => array( 'Article' => array( [maximum depth reached] ) ), (int) 7 => array( 'Article' => array( [maximum depth reached] ) ), (int) 8 => array( 'Article' => array( [maximum depth reached] ) ), (int) 9 => array( 'Article' => array( [maximum depth reached] ) ), (int) 10 => array( 'Article' => array( [maximum depth reached] ) ), (int) 11 => array( 'Article' => array( [maximum depth reached] ) ), (int) 12 => array( 'Article' => array( [maximum depth reached] ) ), (int) 13 => array( 'Article' => array( [maximum depth reached] ) ), (int) 14 => array( 'Article' => array( [maximum depth reached] ) ) ), 'current_user' => null, 'logged_in' => false ) $articles = array( (int) 0 => array( 'Article' => array( 'id' => '15504', 'article_category_id' => '1', 'title' => 'Entrepreneurs of East Picket Revenue ', 'sub_title' => '', 'summary' => 'June 26: The industrialists of Province 1 have been protesting since the first week of June against new tax rates.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">June 26: Generally, there should be one level difference in customs duty rate between raw material and finished goods. However, the new customs rate announced in the budget of the upcoming fiscal year (FY 2022/23) has been fixed in such a way that it makes it cheaper to import finished goods than raw materials. This has compelled the industrialists and entrepreneurs of Province 1 to start agitation.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">As part of the protest, the entrepreneurs picketed the Inland Revenue Office in Biratnagar on Friday.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">The industrialists and entrepreneurs of Province 1 have been protesting since the first week of June accusing the Finance Minister of fixing the tariff rates in the interest of certain industries and importers. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">Stating that he would hold talks with the agitating entrepreneurs, Finance Minister Janardan Sharma had called on the chairpersons and office bearers of Morang Trade Association, Confederation of Nepalese Industries, Province 1 and Chamber of Industries Morang for talks on June 11. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">Although the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) and the Confederation of Nepalese Industries (CNI) issued a statement on June 10 welcoming the budget, they had also expressed solidarity with the demands raised by the agitating entrepreneurs.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">After the budget was announced by the Finance Minister, President of FNCCI, Shekhar Golchha, President of Morang Merchants Association, Naveen Rijal, General Secretary Anil Sharda, former President Pawan Sharda, President of Chamber of Industries Morang, Suyash Raj Pyakurel, President of Province 1 chapter of the Confederation of Nepalese Industries, Bhim Ghimire, Finance Minister Janardan Sharma and Finance Secretary Madhu Kumar Marasini, had a verbal agreement to solve the issues raised by the entrepreneurs on June 15. The entrepreneurs, who postponed the protest after the verbal agreement, resumed it once again after the minister did not fulfill his promises.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">While picketing the tax office, Naveen Rijal, president of the Morang Merchants Association urged all to oppose the anti-industrial and anti-labor tax provision issued by the government.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">Bhim Ghimire, president of the Province 1 chapter of the Confederation of Nepalese Industries said that the government brought the budget against its commitment. He said that the provisions in the budget affected the GI wire and sanitary pad industry and demanded revision in the tax rate.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">Chamber of Industries Morang chairman Pyakurel expressed outrage saying that the government discussed the issue with them before preparing the budget at various stages, but it was all just for a show.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">President of Samajwadi Trade Union Province 1 Mohammad Nasrul said the government should pay attention to the fact that thousands of workers will lose their livelihood if the industries get shut down.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-06-26', 'modified' => '2022-06-26', 'keywords' => 'tax, rate, finance minister, entrepreneurs, industrialists, picket, protest, raw materials, finished goods', 'description' => '', 'sortorder' => '15246', 'image' => '20220626012331_1656198154.Clipboard19.jpg', 'article_date' => '2022-06-26 13:20:58', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '15503', 'article_category_id' => '1', 'title' => 'Government Promises Effective Market Monitoring', 'sub_title' => '', 'summary' => 'June 26: The government has decided to make market monitoring effective in order to control the skyrocketing price and avoid shortage of daily essentials. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">June 26: The government has decided to make market monitoring effective in order to control the skyrocketing price and avoid shortage of daily essentials. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Speaking at a press conference following the cabinet meeting on Saturday, Minister for Industry, Commerce and Supplies Dilendra Prasad Badu pledged to control the spiraling price through effective market monitoring in coordination with federal, provincial and local governments. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The minister urged the business community to reduce the price of all consumable goods in the market and cooperate with the government in its bid to provide relief to the people. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The minister also warned that anyone found increasing market price of consumable goods arbitrarily would be punished. He also called for support from the media and consumers to this end. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Minister Badu further said that the government decided to lower the fuel prices in a bid to provide some respite to the people.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The prices in the market has been steadily rising in the last few years due to various reasons such as the Covid-19 pandemic, shortage of raw materials and food grains due to the Russia-Ukraine war and hike in fuel prices following the rise in prices in the international market.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Last week, the UN issued a warning of multiple famines this year urging the ministers meeting on food security to take practical steps to stabilize food markers and reduce commodity price volatility.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">In the context of Nepal, the task seems to be an uphill battle due to the wrong policies taken by the government while the Department of Industry, Supply and Consumer Protection Department has only 40 employees for market monitoring. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Consumer rights activists have been complaining that the businessmen are fixing prices in the market arbitrarily due to ineffective market monitoring by the department.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The budget announced by the government for the upcoming fiscal year has provisions of charging higher tariff for raw materials than the finished goods prompting fears that it might encourage imports against the government’s own policy. The industrialists have been arguing that such irrational decision of the government will result in higher prices of goods produced in the country compared to the imported goods.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-06-26', 'modified' => '2022-06-26', 'keywords' => '', 'description' => '', 'sortorder' => '15245', 'image' => '20220626115933_20220623032220_market monitoring.jpg', 'article_date' => '2022-06-26 11:58:55', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '15502', 'article_category_id' => '1', 'title' => 'NOC Slashes Fuel Prices', 'sub_title' => 'Price of Petrol Reduced by Rs 20 Per Litre', 'summary' => 'June 26: Nepal Oil Corporation (NOC) has decided to slash the prices of petroleum products effective from June 26 following a cabinet decision on Saturday. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">June 26: Nepal Oil Corporation (NOC) has decided to slash the prices of petroleum products effective from June 26 following a cabinet decision on Saturday. <br /> A meeting of the Council of Ministers on Saturday decided to reduce the prices of petrol, diesel and kerosene, said Minister for Industry, Commerce and Supplies Dilendra Prasad Badu.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">As per the decision, NOC has reduced the price of petrol by Rs 20 per litre, diesel and kerosene by Rs 29 per litre.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">With this decision, petrol will now cost Rs 179 per litre while diesel and kerosene will cost Rs 163 per litre each.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Minister Badu said that the excessive hike of fuel prices had affected the general public and the government acted to provide some relief to the people. He said that the government decided to lower the fuel prices by reducing the taxes imposed on petroleum products. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">The coalition parties had held a meeting chaired by Prime Minister Sher Bahadur Deuba on Saturday morning to discuss the impact of excessive hike in prices of fuel on the general public. The government decided to adjust the fuel prices after the meeting in order to give respite to the people.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">The meeting was also attended by the secretaries of the respective ministries and high ranking officials of the Nepal Oil Corporation, the state-owned oil enterprise which enjoys monopoly in import and distribution of petroleum products. </span></span><br /> <span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Minister Badu added that the government has also decided to encourage the use of electric stoves and vehicles to decrease the consumption of petroleum products and cooking gas. The use of electric appliances and vehicles in government offices in accordance to the provision in the budget will be implemented acting on recommendation by a high level taskforce formed under the leadership of National Planning Commission Vice-chair. Government offices will use electric vehicles while fuel-run old and heavy vehicles will be converted into electric ones, added Minister Badu.<br /> </span></span></span></span><br /> </p> <p> </p> ', 'published' => true, 'created' => '2022-06-26', 'modified' => '2022-06-26', 'keywords' => 'fuel, petroleum, products, price, NOC, government, cabinet, Council of Ministers, petrol, diesel, kerosene, LPG, cooking gas, electric appliances, electric vehicles, EV, slash, relief', 'description' => '', 'sortorder' => '15244', 'image' => '20220626104933_petroo - Copy.jpg', 'article_date' => '2022-06-26 10:47:28', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '15501', 'article_category_id' => '1', 'title' => 'World Faces Unprecedented Global Hunger Crisis: UN Chief', 'sub_title' => '', 'summary' => 'June 24: There is a "real risk" of multiple famines this year, UN chief Antonio Guterres said on Friday. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">June 24: There is a "real risk" of multiple famines this year, UN chief Antonio Guterres said on Friday. According to Reuters, the UN chief urged ministers meeting on food security to take practical steps to stabilize food markets and reduce commodity price volatility.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"We face an unprecedented global hunger crisis," Guterres told the meeting in Berlin via video. "The war in Ukraine has compounded problems that have been brewing for years: climate disruption; the COVID-19 pandemic; the deeply unequal recovery," the news agency quoted him as saying.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to Reuters, more than 460,000 people in Somalia, Yemen and South Sudan are in famine conditions under the Integrated Food Security Phase Classification (IPC) - a scale used by UN agencies, regional bodies and aid groups to determine food insecurity. This is the step before a declaration of famine in a region.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Millions of people in 34 other countries are on the brink of famine, according to the IPC.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"There is a real risk that multiple famines will be declared in 2022. And 2023 could be even worse," said Guterres, calling mass hunger and starvation unacceptable in the 21st century.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Guterres said there could be no effective solution to the crisis unless Ukraine and Russia, which produce about 29 percent of global wheat exports, find a way to properly resume trade.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Reuters reported that shipments from Ukrainian ports have been halted by Russia's invasion of its neighbor. Moscow wants certain Western sanctions lifted in order to resume its grain and fertilizer exports.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The United Nations and Turkey are reportedly trying to broker a deal but Guterres did not elaborate on the talks, saying, "Public statements could hinder success."</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">He also asked ministers at the Berlin meeting to address a finance crisis in developing countries, Reuters reported.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-06-24', 'modified' => '2022-06-24', 'keywords' => 'hunger, starvation, UN, Antonio, unprecedented, famine, wheat, Ukraine, Russia, war, pandemic, climate, Guterres, Berlin, Covid-19, risk, food, security', 'description' => '', 'sortorder' => '15243', 'image' => '20220624080252_wheatttttt.jpg', 'article_date' => '2022-06-24 20:00:24', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '15500', 'article_category_id' => '1', 'title' => 'Entrepreneurs of Eastern Nepal begin Second Phase of Protests', 'sub_title' => '', 'summary' => 'June 24: The entrepreneurs of eastern Nepal have started the second phase of protest on Thursday stating that the assurance given by Finance Minister Janardan Sharma has not been fulfilled yet. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Times New Roman","serif"">June 24: The entrepreneurs of eastern Nepal have started the second phase of protest on Thursday stating that the assurance given by Finance Minister Janardan Sharma has not been fulfilled yet. They argue that the provisions related to revenue in the Finance Act 2079 BS is leading to the closure of industries.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Times New Roman","serif"">The agitating entrepreneurs staged protest at Gokuwa Chowk along the Dharan-Biratnagar road and demanded resignation of Finance Minister Sharma. They said that the customs duty on finished goods should be one level higher than that of raw materials. However, as per the entrepreneurs, industries based on vegetable oil, sanitary pads and MS wire rods are on the verge of shut down after the rate of revenue was manipulated so that finished goods could be imported at a lower customs rate than the raw materials.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Times New Roman","serif"">Earlier, the industrialists hit the streets demanding a reversal of the tax rate. They postponed the agitation after finance minister assured them of resolving the issue by mid-June. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Times New Roman","serif"">President of the Morang Merchants’ Association Naveen Rijal said that they were compelled to protest as the finance minister did not fulfill his promise. Industrialists, businessmen and workers protested from Gokuwa Chowk along the Dharan-Biratnagar Highway in Budhiganga Municipality and held a corner meeting at Nemuwa Chowk.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Times New Roman","serif"">Addressing the corner meeting, Rijal said that the corruption policy of the finance minister benefited only limited industries. Circumstances are created prompting other industries to shut down, thousands of workers have lost their livelihood and billions of rupees gone down the drain. He also informed that there is a programme to picket the Inland Revenue Office and Biratnagar Customs Office on Friday. Rijal said the agitation will continue until the revised tax rates are withdrawn and the finance minister resigns.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Times New Roman","serif"">Finance Minister Sharma has been alleged of changing the tax rate with the intention of shutting down the GI wire, vegetable oil and sanitary pad industries while protecting a limited number of industries. Trade unions affiliated to the CPN-UML, Nepali Congress, Maoist Center and CPN-S are also involved in the agitation along with Morang Merchants Association, Chamber of Industries Morang and Confederation of Nepalese Industries, Province 1 chapter.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Times New Roman","serif"">Former president of the Chamber of Industries Morang Pawan Kumar Sharda stated that Finance Minister Sharma and Finance Secretary Madhu Kumar Marasini had promised to address the demand the day after the budget was passed by inviting industrialists and businessmen for talks.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Times New Roman","serif"">Chairman of the chamber Suyash Raj Pyakurel and Chairman of Province 1 chapter of the Confederation of Nepalese Industries Bhim Ghimire also said that the agitation started after the Finance Minister and the Finance Secretary failed to fulfill their promise. They said that the protest will continue till the assurance given by the finance minister to the industrialists is fulfilled.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Times New Roman","serif"">Former president of the union, Prakash Mundada, said that the government should take responsibility for any unpleasant incident occurred during the protest as the government is the one responsible for getting businessmen and workers to the streets.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Times New Roman","serif"">Finance Minister Sharma had called the industrialists of Sunsari-Morang Industrial Corridor to Kathmandu for talks in the middle of the protest and accepted the error made in the budget announced on May 29. He had assured them that the budget would be passed with amendment. The entrepreneurs had postponed their agitation after the assurance of the finance minister. However, the parliament passed the Finance Bill 2079 without amending the proposed tax rates.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-06-24', 'modified' => '2022-06-24', 'keywords' => 'Protest, entrepreneurs, eastern Nepal, Biratnagar, Dharan, Chamber of Industries Morang, CNI, Province 1, agitation, assurance, finance minister, budget, finance bill', 'description' => '', 'sortorder' => '15242', 'image' => '20220624072547_Chamber of industries morang new.jpg', 'article_date' => '2022-06-24 19:25:06', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '15499', 'article_category_id' => '1', 'title' => 'Government Lowers Minimum Limit for Foreign Investment but Procedural Hassles Remain', 'sub_title' => '', 'summary' => 'June 24: With the objective of increasing investment in the country, the government has reduced the minimum limit for foreign investment in the budget announced of the upcoming fiscal year (FY 2022/23).', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">June 24: With the objective of increasing investment in the country, the government has reduced the minimum limit required for foreign investment in the budget announced of the upcoming fiscal year (FY 2022/23). The government had raised the minimum limit for foreign investment from Rs 5 million to Rs 50 million in the budget three years ago in accordance to sub-section 3 of section 3 of the Foreign Investment and Technology Transfer Act 2075 BS.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Now the minimum limit has been set at Rs 20 million. According to foreign investment experts, although the reduction of the minimum limit is positive, it is not possible to attract large investments immediately. According to Anjan Neupane, an expert on foreign investment, there is a possibility of additional investment in the IT, tourism, and service sector if the government lowers the minimum limit. He says the threshold is still too high.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">According to him, it is not yet easy to attract investment in Nepal. Foreign investors have to face the obstacles on every step that starts after pouring their investment.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">“The Department of Industry has a one-door system. NRB has two employees. That’s all. The old problems are still there,” said Neupane. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">According to Neupane, no procedural reforms have been made in the bodies that deal with foreign investors such as the Department of Industry, the Office of the Registrar of Companies, and the Immigration Department.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Investors are well aware that the obstacles in investment approval, company registration, visa permission, business establishment, and operation have not been solved yet. According to Neupane, more than two dozen agencies, including half a dozen ministries, are still needed to take the project to the construction stage. The one-door system is just for the sake of name.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Former Vice-Chairman of the National Planning Commission Dipendra Bahadur Chhetri says that an investment-friendly environment has not been created in the country yet. According to him, the law and system have changed in Nepal but the mindset and tendency of the bureaucracy have not changed and the investors have to suffer due to this. He suggested that the government should create an investment-friendly environment by implementing the provisions in the budget properly.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">The budget announced by the government on May 29 has a provision that allows foreign investment of up to Rs 100 million to be sanctioned through the automated system. In addition, if large investors request foreign direct investment approval through electronic means, preliminary approval will be given within seven days to complete the preparatory work. The remaining work related to investment approval and operation of the industry can be completed within six months. The budget also mentions that land will be available for the industry for 50 years on lease.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">The laws and processes related to foreign investment are in the budget to attract the investment of non-resident Nepalis.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Whatever the provisions the budget has to attract foreign investment, it must immediately remove the procedural hurdles to attract more investment, says Ganesh Karki, vice-president of the Independent Power Producers' Association (IPPAN).</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">According to him, the main reason for the inability to attract foreign investment in Nepal's hydropower sector is the procedural hurdles and inability to trust the investors. “No one comes to invest less than Rs 2/4 billion in hydropower sector. The government has set an unnecessary threshold, which is meaningless,” Karki said, adding, “The government should focus on creating a conducive environment for foreign investors.”</span></span></span></p> <p> </p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-06-24', 'modified' => '2022-06-24', 'keywords' => 'foreign investment, reform, minimum limit, threshold, government, conducive, environment, attract, billion, million, hydropower', 'description' => '', 'sortorder' => '15241', 'image' => '20220624051313_Foreign investment.jpg', 'article_date' => '2022-06-24 17:11:21', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '15498', 'article_category_id' => '1', 'title' => '22 Insurance Companies Fined', 'sub_title' => '', 'summary' => 'June 24: The Insurance Board has fined 22 insurance companies for not submitting their audit reports.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">June 24: The Insurance Board has fined 22 insurance companies for not submitting their audit reports. The board decided to slap fines ranging from Rs 10,000 to Rs 15,000 to such companies.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">There is a legal provision that insurance companies have to submit the audit report to the board within 10 months after the end of each fiscal year. Accordingly, the insurance companies should have submitted the audit report of the previous fiscal year to the board by mid-April. However, 22 companies are yet to submit the reporst. Therefore, Rajuraman Poudel, the executive director of the board said that the board decided to make the companies pay a fine of Rs 10,000 each.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">He said that an additional fine of Rs 5000 will be levied to the companies who did not submit the audit report on time in the fiscal year 2076/77 as well and proceeded to violate the rules this fiscal year as well.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">Insurance companies are used to submitting the audit report late as the actuarial valuation needs to be done abroad. The board was lenient in this regard previously. However, it decided to fine the companies this time. Executive Director Poudel said that the companies have been fined as per the law.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">“We have been forced to make such decision as the companies failed to submit their audit reports within the stipulated time. Although actions were taken in the past as well in the same regard, it was not strict,”</span> he said.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">The Insurance Act, 2049 BS stipulates that the audit report must be submitted to the board within 10 months of the end of each fiscal year with the provision that the board can take action if it is not submitted in time.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">Among the insurance companies that failed to submit their audit reports for the fiscal year 2077/78 are Nepal Reinsurance Company, Life Insurance Corporation (Nepal), Asian Life Insurance Company, Surya Life Insurance Company, Prime Life Insurance Company, Jyoti Life Insurance Company, Reliance Life Insurance Company, Citizen Life Insurance Company, Prabhu Life Insurance Company and Mahalakshmi Life Insurance Company. Each of the companies have been fined Rs 10,000.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">While on the other hand, Rastriya Beema Sansthan, National Life Insurance Company, Nepal Life Insurance Company, Gurans Life Insurance Company, IME Life Insurance Company, Union Life Insurance Company, Sun Nepal Life Insurance Company, Reliable Nepal Life Insurance Company, Sanima Life Insurance Company, Oriental Insurance Company, National Insurance Company have been fined Rs 15,000 each.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-06-24', 'modified' => '2022-06-24', 'keywords' => '', 'description' => '', 'sortorder' => '15240', 'image' => '20220624020759_Insurance.jpg', 'article_date' => '2022-06-24 14:07:16', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '15497', 'article_category_id' => '1', 'title' => 'Government has Cut Grants to Encourage Farmers: Finance Minister', 'sub_title' => '', 'summary' => 'June 24: Finance Minister Janardan Sharma said that the government has adopted a policy to encourage farmers instead of providing them with grants from the upcoming fiscal year. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">June 24: Finance Minister Janardan Sharma said that the government has adopted a policy to encourage farmers instead of providing them with grants from the upcoming fiscal year. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The finance minister made such remark during a meeting with a delegation of World Bank led by its managing director Mari Elka Pangestu on Thursday. The Finance Minister argued that the government’s new move was targeted to increase production by encouraging the farmers. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">“The loan has not reached to the poor farmers. There are examples that small farmers have honestly repaid the loans if they had borrowed. However, the grants have not reached to the genuine farmers. So, we opted the policy to encourage the farmers,” Minister Sharma argued. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Stating that the budget has accorded top priority to the agriculture sector in the upcoming fiscal year, Finance Minister Sharma said that Nepal needs support from the development partners in this regard. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Sharing that the government has unveiled the idea of agriculture ambulance to ensure an accessible supply of agricultural goods to the market, the Finance Minister said Nepal’s trade deficit cannot be reduced until the imports of agricultural goods worth Rs 350 billion was substituted. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">“In order to substitute imports, we have focused on increasing agricultural produce and industrial production and to promote their export,” the finance minister told the World Bank delegation.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">During the meeting, World Bank’s Managing Director Pangestu urged the minister to pay attention to food security adding that green, resilient and inclusive development (GRID) is about building a better future in an integrated manner. </span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-06-24', 'modified' => '2022-06-24', 'keywords' => '', 'description' => '', 'sortorder' => '15239', 'image' => '20220624100212_fin min sharma.jpg', 'article_date' => '2022-06-24 10:01:35', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '15496', 'article_category_id' => '1', 'title' => 'KU to Conduct Feasibility Study on Fertilizer Plant ', 'sub_title' => '', 'summary' => 'June 24: Kathmandu University has signed an agreement with the state government of Bagmati Province to conduct a feasibility study on production of urea, a chemical fertilizer which is extensively used in Nepal.', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial Unicode MS","sans-serif"">June 24: Kathmandu University has signed an agreement with the state government of Bagmati Province to conduct a feasibility study on production of urea, a chemical fertilizer which is extensively used in Nepal. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The two sides signed an agreement to this effect amid a programme on Thursday.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial Unicode MS","sans-serif"">According to the Ministry of Livestock and Poultry Development of Bagmati Province, Minister for Livestock Development Basundhara Humagain and Vice Chancellor of the University Prof Dr Bhola Thapa signed the agreement to conduct the feasibility study and detailed project report on production of urea. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Minister Humagain reportedly said that the process of setting up a urea fertilizer plant will be taken forward on the basis of the feasibility study. According to the minister, the feasibility study is expected to be completed within six months. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Setting up a plant would boost production of urea in the context that Nepal has been facing shortage of fertilizer every year. Farmers have complained that their production has declined due to lack of fertilizer. Authorities responsible for importing chemical fertilizer have been blaming the Ukraine-Russia war for the delay is supply of fertilizer. However, the shortage of fertilizer is not a new problem in Nepal. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""> </span></span></p> ', 'published' => true, 'created' => '2022-06-24', 'modified' => '2022-06-24', 'keywords' => '', 'description' => '', 'sortorder' => '15238', 'image' => '20220624091714_Fertilizer.jpg', 'article_date' => '2022-06-24 09:12:07', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '15495', 'article_category_id' => '1', 'title' => 'Fuel Import from Birgunj Transit up by 78 Percent ', 'sub_title' => '', 'summary' => 'June 23: Fuel import through Birgunj transit point has increased significantly. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">June 23: Fuel import through Birgunj transit point has increased significantly. The import of petroleum products via this major trade transit point of the country has gone up by 78 per cent in the 11 months of the current fiscal year compared to the corresponding period of last fiscal year, the Birgunj Customs Office said. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">More than 1.41 million kilolitres of petroleum products worth Rs 74.34 billion was imported through this transit from July 16, 2021 to June 14, 2022 of the last fiscal year. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Meanwhile, 2.53 million kilolitres of petroleum products worth Rs 153.36 billion has been imported through the Birgunj transit in the 11 months of the current fiscal year (FY 2021/22). This volume of import is 78.51 per cent more than that of 11 months of the previous fiscal year. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, the import of cooking gas (LPG) has increased by around 8 per cent. Altogether 258,150 metric tonnes of LPG has been imported through Birgunj transit in the last 11 months of the current fiscal year as compared to 239,638 metric tonnes in the corresponding period of the previous fiscal year. The import of LPG during the review period of this fiscal year is more by 18,500 metric tonnes compared to last fiscal year. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Although the import of diesel, petrol, aviation fuel and LPG has increased in this period, the import of kerosene has decreased by 30 per cent, said Sumit Gupta, Information Officer of the Birgunj Customs Office. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to him, approximately 34 per cent more revenue has been collected in 11 months of the current fiscal year compared to last fiscal year. Revenue of Rs 54.53 billion was collected during last fiscal year whereas Rs 72.82 billion has been collected from fuel imports in this fiscal year. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Seventy per cent of fuel and 85 per cent of LPG that is consumed in the country is imported through Birgunj customs. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-06-23', 'modified' => '2022-06-23', 'keywords' => '', 'description' => '', 'sortorder' => '15237', 'image' => '20220623064048_Birgunj.jpg', 'article_date' => '2022-06-23 18:40:05', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '15494', 'article_category_id' => '1', 'title' => 'How Relevant is the Protest at Securities Board? ', 'sub_title' => '', 'summary' => 'June 23: The Securities Board of Nepal (SEBON) is facing protests since the last nine days with the agitating sides demanding reforms in the capital market.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">June 23: The Securities Board of Nepal (SEBON) is facing protests since the last nine days with the agitating sides demanding reforms in the capital market. Discussions are underway to address the demands of the protesters.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Chairman of the board Ramesh Kumar Hamal, upon his return from a foreign trip, met the protesters and urged them to withdraw the agitation. However, no agreement has been reached yet. On Tuesday, Hamal briefed the media on the work being done by the board and the demands of the agitating investors.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">At the press conference, Hamal said that the board has already addressed the demands of the investors and only a few issues are left. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">"The demands of the investors are part of what we're trying to do," he said, adding, “Most of these demands are being addressed.”</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">It would not be appropriate to hold a sit-in at his gate demanding something that does not have connection with the board, he said.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">When studying the demands of the investors, most of them seem to be related to the Ministry of Finance. The main issue of the investors seems to be related to Nepal Rastra Bank (NRB).</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">It seems unreasonable to protest at the board’s office when the main demand is related to the central bank and the finance ministry.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Although the demands are practical and justified, the expressions of some of the agitating securities brokers and interest groups are making the movement unjustified.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">The slogans of the investors during the rally clearly indicate that their main demand is not related with the board but with the Ministry of Finance and NRB. Their main demand is to remove the credit limit of Rs 40 million and Rs 120 million. Chairman of the board Hamal has also made it clear that most of the demands put before the board have been implemented. However, investors have withdrawn their protests.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">The securities board is the regulatory body of the capital market. It is not wrong to take your demands to your parents. In a democracy, any person should be able to live freely and express what is in his mind.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">However, some say that there is more to current movement than meets the eye.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Nevertheless, they have used their power to push for capital market reform. Their demands are not illegitimate.</span> <span style="font-family:"Arial","sans-serif"">The board is positive about the investors’ demand. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">At a press conference on Tuesday, the board’s chairman said that seven points of the 19-point demand were related to the board and they have been implemented. Chairman Hamal said that there was no reason for investors to be angry with the board. This is an indication that there are the demands are related to the NRB and ministry rather than the securities board. However, investors are protesting at the board premises. The Ministry and NRB should address their demands. Another positive aspect is the assurance given by the chairman of the board for coordination with the concerned ministry and NRB in order to address their demands. Investors should take it positively and move forward.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-06-23', 'modified' => '2022-06-23', 'keywords' => '', 'description' => '', 'sortorder' => '15236', 'image' => '20220623044147_sebonn.jpg', 'article_date' => '2022-06-23 16:40:53', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '15493', 'article_category_id' => '1', 'title' => 'Businessmen Fixing Prices of Daily Essentials Arbitrarily on the Pretext of Fuel Price Hike', 'sub_title' => '', 'summary' => 'June 23: Increase in prices of petroleum products is certain to cause inflation in the market as it results in rise in the transportation cost that causes a chain reaction.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Prashant Khadka</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">June 23: Increase in prices of petroleum products is certain to cause inflation in the market as it results in rise in the transportation cost that causes a chain reaction. However, businessmen have started fixing prices of goods arbitrarily taking advantage of the hike in fuel prices.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Nepal Oil Corporation (NOC) had increased the price of petrol by Rs 21 per liter and the price of diesel and kerosene by Rs 27 per litre on Sunday night. Following the decision of NOC to hike fuel prices, the Department of Transport Management increased the inter-state transportation fare through automatic pricing mechanism. Passenger and cargo vehicles have increased the fare by 5.3 percent to 7 percent. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">After the department increased the transportation cost on Monday, businessmen started increasing the prices of daily essentials at their whims from the very next day. The businessmen have been accused of increasing the prices of goods that were kept as stock since the last two to three months.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Nepal Retailers Association has fixed the price of sugar at Rs 105 per kilogram. However, it has been found that sugar is being sold in the market for as much as Rs 110 per kg.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Red lentil which costs Rs 175 per kg in the retail market was found to be sold at Rs 180 per kg. Likewise, mustard oil, which costs Rs 280 per litre was found to be sold at Rs 385 to Rs 390 per litre.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Sharmila Gautam, who visited the Kalimati market to purchase daily essentials, told New Business Age that she bought a litre of soybean oil at Rs 340. The retail price of soybean oil is Rs 330 per litre.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“We don’t know the market price. When we asked the reason behind skyrocketing price, the businessmen say it is due to the increase in price of fuel,” she said.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">She is just a representative case of people being duped by the businessmen. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Rupesh Basnet purchased sunflower oil at Rs 360 per litre a few days ago although the retail price is Rs 350 per litre. Besides oil, flour, rice and sugar, the prices of vegetables have also skyrocketed in recent days. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the price list of Kalimati Fruits and Vegetables Market, the price of a kilogram of tomato has increased from Rs 30 to Rs 60. Likewise, the price of bitter gourd has increased from Rs 50 per kg to Rs 80 per kg. Similarly, the price of ladies finger has increased from Rs 40 per kg to Rs 60 per kg and the list goes on.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">General Secretary of Nepal Retailers Association Amul Kaji Tuladhar says that the association has not received any complaint in the regard so far. However, he said that it is not right to increase the prices of essential goods a day after the rise in fuel prices. “Such malpractice must be stopped,” said Tuladhar, adding, “It is not appropriate because the businessmen have stock of goods which they cannot increase overnight citing price hike or the Russian-Ukraine war.”</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Industry, Supply and Consumer Protection Department claims that it has doubled market monitoring in the last few months. Director General of the department Lila Prasad Sharma says that ten out of 40 employees of the department have been regularly monitoring the market and have not left any room for lapses. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">However, consumer rights activists say that the businessmen are fixing prices in the market arbitrarily due to ineffective market monitoring by the department. </span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-06-23', 'modified' => '2022-06-23', 'keywords' => '', 'description' => '', 'sortorder' => '15235', 'image' => '20220623032220_market monitoring.jpg', 'article_date' => '2022-06-23 15:21:33', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '15492', 'article_category_id' => '1', 'title' => 'Agriculture Statistics does not Match with Data of other Government Agencies', 'sub_title' => '', 'summary' => 'June 23: Different government bodies publish different types of data from time to time. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> </span></span><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">Rudra Khadka/Prashant Khadka</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">June 23: Different government bodies publish different types of data from time to time. Although the data made public by the Department of Customs, Nepal Rastra Bank (NRB), and Central Bureau of Statistics (CBS) are based on records, surveys and studies, some agencies make data public based on speculation.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">The practice of publishing data randomly has raised serious questions about the authenticity of data. An example of this is the data published by the Ministry of Agriculture and Livestock Development. Due to the negligence of the officials of the ministry and its subordinate bodies, it has been found that about 1.1 million metric tonnes of rice have been misappropriated in one fiscal year.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">According to the Ministry of Agriculture, Nepal had produced 5.55 million metric tons of paddy in the fiscal year 2076/77. This amount of paddy produces 3.774 million metric tons of rice. This figure is based on the assumption that 0.68 kg of rice is produced from one kg of paddy. This has been the upheld in Nepal since the last four decades (since 2045 BS). </span></span></span><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">However, due to the recent increase in efficiency of modern rice mills, it is estimated that more than 0.68 kg of rice will be produced from one kg of rice. However, the ministry is still working on the assumption that 0.68 kg of rice can be produced from 1 kg of paddy.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">According to the Ministry, progress reports for the fiscal years 2077/78 and 2078/79 are being published. Although the paddy production did not decrease much in the Fiscal Year 2077/78 compared to the previous year, it has declined by about 8 per cent in the current fiscal year.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">Officials said unseasonal rainfall during the paddy harvesting season last October led to such a decline in production. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">"Paddy production has declined by about 8 per cent compared to the previous year due to problems including unseasonal rainfall at the time of harvesting," said Prakash Kumar Sanjel, joint secretary and spokesperson of the ministry.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">About 8 per cent of the previous year's paddy production was 31,997 tons. In this regard, in the current Fiscal Year 2078/79, Nepal has produced 3.47 million metric tons of rice.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> </span></span><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">Now let's look at the statistics of Nepal's population and per capita annual rice consumption. According to the Central Bureau of Statistics, the population of Nepal is 29.19 million. About 2.2 million of them live abroad. Assuming that the number of foreigners working in Nepal is the same, 27.2 million people are currently living in Nepal.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">According to the Household Survey-2016/17 published by the Department of Statistics, an average person consumes 117.8 kg of rice in a year. Accordingly, Nepal needs about 3.43 million metric tons of rice annually. This statistic shows that Nepal has become self-sufficient in rice in terms of production and consumption. Even if a person consumes 125 kg of rice instead of 117 kg, Nepal does not have to import much to meet the internal demand of rice.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">However, according to the data of the Department of Customs for the Fiscal Year 2077/78, Nepal imported 1.18 million metric tons of rice. Some questions have been raised after more than 1.1 million tons of rice were imported, even though the rice required for Nepal's population was sufficient.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-06-23', 'modified' => '2022-06-23', 'keywords' => 'agriculture, paddy, data, statistics, government, CBS, NRB, customs, import, sufficient, production, harvesting, season', 'description' => '', 'sortorder' => '15234', 'image' => '20220623113156_rice-paddy.jpg', 'article_date' => '2022-06-23 11:28:59', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '15491', 'article_category_id' => '1', 'title' => 'Big Hospitals Warn of Closing Health Insurance Programme ', 'sub_title' => '', 'summary' => 'June 23: Big hospitals in the country are planning to close down the health insurance programme announced by the government. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">June 23: Big hospitals in the country are planning to close down the health insurance programme announced by the government. The hospitals started closing the health insurance programme saying that Health Insurance Board has not provided the due amount for treatment to those with health insurance policy. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Tribhuvan University Teaching Hospital in Kathmandu, B&C Medical College in Birtamod, Jhapa and Nobel Medical College, Biratnagar, have said they would no longer run the health insurance programme. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Organising a news conference organised on Wednesday, Executive Director of B&C Hospital, Durga Prasain, said they would not run the health insurance programme at the hospital as the Health Insurance Board has not provided the due amount for the treatment of those affiliated to the health insurance scheme. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The government has to provide more than Rs 450 million to B&C Hospital. The hospital carries out the treatment of around 500 people enrolled in the scheme daily. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"We have time and again demanded the amount of the treatment of those enrolled in the scheme, but to no avail," shared Prasain. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">He added that they would not run the health insurance programme from July 4 if the hospital does not get the due amount. Prasain further said that the hospital has been facing problems to provide salary to the staff and to run medical college due to this reason. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, Executive Director of TU Teaching Hospital, Dr Kinesh Kafle, said the hospital is not going to provide health insurance facility from June 29 as the board has not provided the money for the health insurance programme. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, Bhim Bahadur Chand of Nobel Medical College said that the hospital has not received the money spent for the treatment of those enrolled in the health insurance programme for the past seven months. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Nobel Medical College is yet to receive more than Rs 543 million under this scheme. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">However, Executive Director of the Health Insurance Board, Dr Damodar Basaula, said the board has been providing the amount under the health insurance programme to hospitals as per the act, rule and procedures. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"We are verifying the documents sent by hospitals," he said. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Basaula claimed that around Rs 8.13 billion has been provided to the hospitals under the scheme since the beginning of the current fiscal year. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The board has signed agreements with 450 hospitals to run the health insurance programme. Around 5.7 million people across the nation are enrolled in the health insurance programme. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2022-06-23', 'modified' => '2022-06-23', 'keywords' => 'Hospital, health, insurance, scheme, board, warn, due', 'description' => '', 'sortorder' => '15233', 'image' => '20220623081147_health-insurance-policy-myths.jpg', 'article_date' => '2022-06-23 08:11:05', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '15489', 'article_category_id' => '1', 'title' => 'Nepal has 459 Commercial Pilots', 'sub_title' => '', 'summary' => 'June 22: The number of pilots working in airline companies in Nepal has reached 459.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">June 22: The number of pilots working in airline companies in Nepal has reached 459. Those pilots and co-pilots are currently rendering services for 10 airline companies including helicopter operators.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">A study report on the implementation of air security in Nepal prepared by the Ministry of Culture, Tourism and Civil Aviation states that the 459 pilots are currently engaged with the airline companies of Nepal.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">According to the report, 408 people are working as pilots and co-pilots flying 75 aircraft operated by 10 airliners.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">Of them, 205 are pilots, and the rest are co-pilots.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">Private airline Buddha Air has the largest number of pilots and co-pilots. Buddha Air has 63 pilots and 62 co-pilots operating flights with 15 aircraft. However, Buddha Air has not been able to improve flight safety standard as in previous years. In 2021, Buddha Air's flight safety standard was measured at 74 per cent against 79 percent in 2019.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">The state-owned Nepal Airlines Corporation is the second-largest recruiter of pilots and co-pilots. The company flies 14 fixed-wing aircraft and has 31 pilots and 41 co-pilots. Nepal Airlines has also been weak in improving flight safety standard. In 2021, its flight safety standard dropped from 77 per cent to 64 per cent.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">Similarly, Shree Airlines has 36 pilots and co-pilots. The company operates 15 fixed-wing aircraft. According to the report, its security has also declined. In 2021, the company's flight safety standard dropped to 64 per cent.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">Likewise, Yeti Airlines has 38 pilots and co-pilots and operates flights with five fixed-wing aircraft. There has been a significant improvement in in-flight safety of the company. Yeti's security has improved from 69 per cent in 2019 to 79 per cent in 2021.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">Similarly, Himalayan Airlines has four Airbus A-320 narrow-body aircraft and has 44 pilots and co-pilots. Himalayan Airlines has seen an improvement in the company's flight safety. In 2021, the company's flight safety standard reached 87 per cent. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">Besides, there also helicopter pilots with 10 different helicopter companies. Of them, 13 are foreign pilots. Air Dynasty has the highest number of pilots which stands at 10.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-06-22', 'modified' => '2022-06-22', 'keywords' => 'Pilots, aviation, safety, airlines, Nepal', 'description' => '', 'sortorder' => '15232', 'image' => '20220622062001_IMG_20220622_181423.jpg', 'article_date' => '2022-06-22 18:18:58', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ) ) $current_user = null $logged_in = false $xml = falseinclude - APP/View/Elements/side_bar.ctp, line 133 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
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However, the new customs rate announced in the budget of the upcoming fiscal year (FY 2022/23) has been fixed in such a way that it makes it cheaper to import finished goods than raw materials. This has compelled the industrialists and entrepreneurs of Province 1 to start agitation.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">As part of the protest, the entrepreneurs picketed the Inland Revenue Office in Biratnagar on Friday.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">The industrialists and entrepreneurs of Province 1 have been protesting since the first week of June accusing the Finance Minister of fixing the tariff rates in the interest of certain industries and importers. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">Stating that he would hold talks with the agitating entrepreneurs, Finance Minister Janardan Sharma had called on the chairpersons and office bearers of Morang Trade Association, Confederation of Nepalese Industries, Province 1 and Chamber of Industries Morang for talks on June 11. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">Although the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) and the Confederation of Nepalese Industries (CNI) issued a statement on June 10 welcoming the budget, they had also expressed solidarity with the demands raised by the agitating entrepreneurs.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">After the budget was announced by the Finance Minister, President of FNCCI, Shekhar Golchha, President of Morang Merchants Association, Naveen Rijal, General Secretary Anil Sharda, former President Pawan Sharda, President of Chamber of Industries Morang, Suyash Raj Pyakurel, President of Province 1 chapter of the Confederation of Nepalese Industries, Bhim Ghimire, Finance Minister Janardan Sharma and Finance Secretary Madhu Kumar Marasini, had a verbal agreement to solve the issues raised by the entrepreneurs on June 15. The entrepreneurs, who postponed the protest after the verbal agreement, resumed it once again after the minister did not fulfill his promises.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">While picketing the tax office, Naveen Rijal, president of the Morang Merchants Association urged all to oppose the anti-industrial and anti-labor tax provision issued by the government.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">Bhim Ghimire, president of the Province 1 chapter of the Confederation of Nepalese Industries said that the government brought the budget against its commitment. He said that the provisions in the budget affected the GI wire and sanitary pad industry and demanded revision in the tax rate.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">Chamber of Industries Morang chairman Pyakurel expressed outrage saying that the government discussed the issue with them before preparing the budget at various stages, but it was all just for a show.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">President of Samajwadi Trade Union Province 1 Mohammad Nasrul said the government should pay attention to the fact that thousands of workers will lose their livelihood if the industries get shut down.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-06-26', 'modified' => '2022-06-26', 'keywords' => 'tax, rate, finance minister, entrepreneurs, industrialists, picket, protest, raw materials, finished goods', 'description' => '', 'sortorder' => '15246', 'image' => '20220626012331_1656198154.Clipboard19.jpg', 'article_date' => '2022-06-26 13:20:58', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '15503', 'article_category_id' => '1', 'title' => 'Government Promises Effective Market Monitoring', 'sub_title' => '', 'summary' => 'June 26: The government has decided to make market monitoring effective in order to control the skyrocketing price and avoid shortage of daily essentials. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">June 26: The government has decided to make market monitoring effective in order to control the skyrocketing price and avoid shortage of daily essentials. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Speaking at a press conference following the cabinet meeting on Saturday, Minister for Industry, Commerce and Supplies Dilendra Prasad Badu pledged to control the spiraling price through effective market monitoring in coordination with federal, provincial and local governments. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The minister urged the business community to reduce the price of all consumable goods in the market and cooperate with the government in its bid to provide relief to the people. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The minister also warned that anyone found increasing market price of consumable goods arbitrarily would be punished. He also called for support from the media and consumers to this end. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Minister Badu further said that the government decided to lower the fuel prices in a bid to provide some respite to the people.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The prices in the market has been steadily rising in the last few years due to various reasons such as the Covid-19 pandemic, shortage of raw materials and food grains due to the Russia-Ukraine war and hike in fuel prices following the rise in prices in the international market.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Last week, the UN issued a warning of multiple famines this year urging the ministers meeting on food security to take practical steps to stabilize food markers and reduce commodity price volatility.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">In the context of Nepal, the task seems to be an uphill battle due to the wrong policies taken by the government while the Department of Industry, Supply and Consumer Protection Department has only 40 employees for market monitoring. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Consumer rights activists have been complaining that the businessmen are fixing prices in the market arbitrarily due to ineffective market monitoring by the department.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The budget announced by the government for the upcoming fiscal year has provisions of charging higher tariff for raw materials than the finished goods prompting fears that it might encourage imports against the government’s own policy. The industrialists have been arguing that such irrational decision of the government will result in higher prices of goods produced in the country compared to the imported goods.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-06-26', 'modified' => '2022-06-26', 'keywords' => '', 'description' => '', 'sortorder' => '15245', 'image' => '20220626115933_20220623032220_market monitoring.jpg', 'article_date' => '2022-06-26 11:58:55', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '15502', 'article_category_id' => '1', 'title' => 'NOC Slashes Fuel Prices', 'sub_title' => 'Price of Petrol Reduced by Rs 20 Per Litre', 'summary' => 'June 26: Nepal Oil Corporation (NOC) has decided to slash the prices of petroleum products effective from June 26 following a cabinet decision on Saturday. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">June 26: Nepal Oil Corporation (NOC) has decided to slash the prices of petroleum products effective from June 26 following a cabinet decision on Saturday. <br /> A meeting of the Council of Ministers on Saturday decided to reduce the prices of petrol, diesel and kerosene, said Minister for Industry, Commerce and Supplies Dilendra Prasad Badu.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">As per the decision, NOC has reduced the price of petrol by Rs 20 per litre, diesel and kerosene by Rs 29 per litre.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">With this decision, petrol will now cost Rs 179 per litre while diesel and kerosene will cost Rs 163 per litre each.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Minister Badu said that the excessive hike of fuel prices had affected the general public and the government acted to provide some relief to the people. He said that the government decided to lower the fuel prices by reducing the taxes imposed on petroleum products. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">The coalition parties had held a meeting chaired by Prime Minister Sher Bahadur Deuba on Saturday morning to discuss the impact of excessive hike in prices of fuel on the general public. The government decided to adjust the fuel prices after the meeting in order to give respite to the people.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">The meeting was also attended by the secretaries of the respective ministries and high ranking officials of the Nepal Oil Corporation, the state-owned oil enterprise which enjoys monopoly in import and distribution of petroleum products. </span></span><br /> <span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Minister Badu added that the government has also decided to encourage the use of electric stoves and vehicles to decrease the consumption of petroleum products and cooking gas. The use of electric appliances and vehicles in government offices in accordance to the provision in the budget will be implemented acting on recommendation by a high level taskforce formed under the leadership of National Planning Commission Vice-chair. Government offices will use electric vehicles while fuel-run old and heavy vehicles will be converted into electric ones, added Minister Badu.<br /> </span></span></span></span><br /> </p> <p> </p> ', 'published' => true, 'created' => '2022-06-26', 'modified' => '2022-06-26', 'keywords' => 'fuel, petroleum, products, price, NOC, government, cabinet, Council of Ministers, petrol, diesel, kerosene, LPG, cooking gas, electric appliances, electric vehicles, EV, slash, relief', 'description' => '', 'sortorder' => '15244', 'image' => '20220626104933_petroo - Copy.jpg', 'article_date' => '2022-06-26 10:47:28', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '15501', 'article_category_id' => '1', 'title' => 'World Faces Unprecedented Global Hunger Crisis: UN Chief', 'sub_title' => '', 'summary' => 'June 24: There is a "real risk" of multiple famines this year, UN chief Antonio Guterres said on Friday. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">June 24: There is a "real risk" of multiple famines this year, UN chief Antonio Guterres said on Friday. According to Reuters, the UN chief urged ministers meeting on food security to take practical steps to stabilize food markets and reduce commodity price volatility.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"We face an unprecedented global hunger crisis," Guterres told the meeting in Berlin via video. "The war in Ukraine has compounded problems that have been brewing for years: climate disruption; the COVID-19 pandemic; the deeply unequal recovery," the news agency quoted him as saying.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to Reuters, more than 460,000 people in Somalia, Yemen and South Sudan are in famine conditions under the Integrated Food Security Phase Classification (IPC) - a scale used by UN agencies, regional bodies and aid groups to determine food insecurity. This is the step before a declaration of famine in a region.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Millions of people in 34 other countries are on the brink of famine, according to the IPC.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"There is a real risk that multiple famines will be declared in 2022. And 2023 could be even worse," said Guterres, calling mass hunger and starvation unacceptable in the 21st century.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Guterres said there could be no effective solution to the crisis unless Ukraine and Russia, which produce about 29 percent of global wheat exports, find a way to properly resume trade.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Reuters reported that shipments from Ukrainian ports have been halted by Russia's invasion of its neighbor. Moscow wants certain Western sanctions lifted in order to resume its grain and fertilizer exports.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The United Nations and Turkey are reportedly trying to broker a deal but Guterres did not elaborate on the talks, saying, "Public statements could hinder success."</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">He also asked ministers at the Berlin meeting to address a finance crisis in developing countries, Reuters reported.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-06-24', 'modified' => '2022-06-24', 'keywords' => 'hunger, starvation, UN, Antonio, unprecedented, famine, wheat, Ukraine, Russia, war, pandemic, climate, Guterres, Berlin, Covid-19, risk, food, security', 'description' => '', 'sortorder' => '15243', 'image' => '20220624080252_wheatttttt.jpg', 'article_date' => '2022-06-24 20:00:24', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '15500', 'article_category_id' => '1', 'title' => 'Entrepreneurs of Eastern Nepal begin Second Phase of Protests', 'sub_title' => '', 'summary' => 'June 24: The entrepreneurs of eastern Nepal have started the second phase of protest on Thursday stating that the assurance given by Finance Minister Janardan Sharma has not been fulfilled yet. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Times New Roman","serif"">June 24: The entrepreneurs of eastern Nepal have started the second phase of protest on Thursday stating that the assurance given by Finance Minister Janardan Sharma has not been fulfilled yet. They argue that the provisions related to revenue in the Finance Act 2079 BS is leading to the closure of industries.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Times New Roman","serif"">The agitating entrepreneurs staged protest at Gokuwa Chowk along the Dharan-Biratnagar road and demanded resignation of Finance Minister Sharma. They said that the customs duty on finished goods should be one level higher than that of raw materials. However, as per the entrepreneurs, industries based on vegetable oil, sanitary pads and MS wire rods are on the verge of shut down after the rate of revenue was manipulated so that finished goods could be imported at a lower customs rate than the raw materials.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Times New Roman","serif"">Earlier, the industrialists hit the streets demanding a reversal of the tax rate. They postponed the agitation after finance minister assured them of resolving the issue by mid-June. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Times New Roman","serif"">President of the Morang Merchants’ Association Naveen Rijal said that they were compelled to protest as the finance minister did not fulfill his promise. Industrialists, businessmen and workers protested from Gokuwa Chowk along the Dharan-Biratnagar Highway in Budhiganga Municipality and held a corner meeting at Nemuwa Chowk.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Times New Roman","serif"">Addressing the corner meeting, Rijal said that the corruption policy of the finance minister benefited only limited industries. Circumstances are created prompting other industries to shut down, thousands of workers have lost their livelihood and billions of rupees gone down the drain. He also informed that there is a programme to picket the Inland Revenue Office and Biratnagar Customs Office on Friday. Rijal said the agitation will continue until the revised tax rates are withdrawn and the finance minister resigns.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Times New Roman","serif"">Finance Minister Sharma has been alleged of changing the tax rate with the intention of shutting down the GI wire, vegetable oil and sanitary pad industries while protecting a limited number of industries. Trade unions affiliated to the CPN-UML, Nepali Congress, Maoist Center and CPN-S are also involved in the agitation along with Morang Merchants Association, Chamber of Industries Morang and Confederation of Nepalese Industries, Province 1 chapter.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Times New Roman","serif"">Former president of the Chamber of Industries Morang Pawan Kumar Sharda stated that Finance Minister Sharma and Finance Secretary Madhu Kumar Marasini had promised to address the demand the day after the budget was passed by inviting industrialists and businessmen for talks.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Times New Roman","serif"">Chairman of the chamber Suyash Raj Pyakurel and Chairman of Province 1 chapter of the Confederation of Nepalese Industries Bhim Ghimire also said that the agitation started after the Finance Minister and the Finance Secretary failed to fulfill their promise. They said that the protest will continue till the assurance given by the finance minister to the industrialists is fulfilled.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Times New Roman","serif"">Former president of the union, Prakash Mundada, said that the government should take responsibility for any unpleasant incident occurred during the protest as the government is the one responsible for getting businessmen and workers to the streets.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Times New Roman","serif"">Finance Minister Sharma had called the industrialists of Sunsari-Morang Industrial Corridor to Kathmandu for talks in the middle of the protest and accepted the error made in the budget announced on May 29. He had assured them that the budget would be passed with amendment. The entrepreneurs had postponed their agitation after the assurance of the finance minister. However, the parliament passed the Finance Bill 2079 without amending the proposed tax rates.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-06-24', 'modified' => '2022-06-24', 'keywords' => 'Protest, entrepreneurs, eastern Nepal, Biratnagar, Dharan, Chamber of Industries Morang, CNI, Province 1, agitation, assurance, finance minister, budget, finance bill', 'description' => '', 'sortorder' => '15242', 'image' => '20220624072547_Chamber of industries morang new.jpg', 'article_date' => '2022-06-24 19:25:06', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '15499', 'article_category_id' => '1', 'title' => 'Government Lowers Minimum Limit for Foreign Investment but Procedural Hassles Remain', 'sub_title' => '', 'summary' => 'June 24: With the objective of increasing investment in the country, the government has reduced the minimum limit for foreign investment in the budget announced of the upcoming fiscal year (FY 2022/23).', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">June 24: With the objective of increasing investment in the country, the government has reduced the minimum limit required for foreign investment in the budget announced of the upcoming fiscal year (FY 2022/23). The government had raised the minimum limit for foreign investment from Rs 5 million to Rs 50 million in the budget three years ago in accordance to sub-section 3 of section 3 of the Foreign Investment and Technology Transfer Act 2075 BS.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Now the minimum limit has been set at Rs 20 million. According to foreign investment experts, although the reduction of the minimum limit is positive, it is not possible to attract large investments immediately. According to Anjan Neupane, an expert on foreign investment, there is a possibility of additional investment in the IT, tourism, and service sector if the government lowers the minimum limit. He says the threshold is still too high.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">According to him, it is not yet easy to attract investment in Nepal. Foreign investors have to face the obstacles on every step that starts after pouring their investment.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">“The Department of Industry has a one-door system. NRB has two employees. That’s all. The old problems are still there,” said Neupane. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">According to Neupane, no procedural reforms have been made in the bodies that deal with foreign investors such as the Department of Industry, the Office of the Registrar of Companies, and the Immigration Department.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Investors are well aware that the obstacles in investment approval, company registration, visa permission, business establishment, and operation have not been solved yet. According to Neupane, more than two dozen agencies, including half a dozen ministries, are still needed to take the project to the construction stage. The one-door system is just for the sake of name.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Former Vice-Chairman of the National Planning Commission Dipendra Bahadur Chhetri says that an investment-friendly environment has not been created in the country yet. According to him, the law and system have changed in Nepal but the mindset and tendency of the bureaucracy have not changed and the investors have to suffer due to this. He suggested that the government should create an investment-friendly environment by implementing the provisions in the budget properly.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">The budget announced by the government on May 29 has a provision that allows foreign investment of up to Rs 100 million to be sanctioned through the automated system. In addition, if large investors request foreign direct investment approval through electronic means, preliminary approval will be given within seven days to complete the preparatory work. The remaining work related to investment approval and operation of the industry can be completed within six months. The budget also mentions that land will be available for the industry for 50 years on lease.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">The laws and processes related to foreign investment are in the budget to attract the investment of non-resident Nepalis.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Whatever the provisions the budget has to attract foreign investment, it must immediately remove the procedural hurdles to attract more investment, says Ganesh Karki, vice-president of the Independent Power Producers' Association (IPPAN).</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">According to him, the main reason for the inability to attract foreign investment in Nepal's hydropower sector is the procedural hurdles and inability to trust the investors. “No one comes to invest less than Rs 2/4 billion in hydropower sector. The government has set an unnecessary threshold, which is meaningless,” Karki said, adding, “The government should focus on creating a conducive environment for foreign investors.”</span></span></span></p> <p> </p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-06-24', 'modified' => '2022-06-24', 'keywords' => 'foreign investment, reform, minimum limit, threshold, government, conducive, environment, attract, billion, million, hydropower', 'description' => '', 'sortorder' => '15241', 'image' => '20220624051313_Foreign investment.jpg', 'article_date' => '2022-06-24 17:11:21', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '15498', 'article_category_id' => '1', 'title' => '22 Insurance Companies Fined', 'sub_title' => '', 'summary' => 'June 24: The Insurance Board has fined 22 insurance companies for not submitting their audit reports.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">June 24: The Insurance Board has fined 22 insurance companies for not submitting their audit reports. The board decided to slap fines ranging from Rs 10,000 to Rs 15,000 to such companies.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">There is a legal provision that insurance companies have to submit the audit report to the board within 10 months after the end of each fiscal year. Accordingly, the insurance companies should have submitted the audit report of the previous fiscal year to the board by mid-April. However, 22 companies are yet to submit the reporst. Therefore, Rajuraman Poudel, the executive director of the board said that the board decided to make the companies pay a fine of Rs 10,000 each.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">He said that an additional fine of Rs 5000 will be levied to the companies who did not submit the audit report on time in the fiscal year 2076/77 as well and proceeded to violate the rules this fiscal year as well.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">Insurance companies are used to submitting the audit report late as the actuarial valuation needs to be done abroad. The board was lenient in this regard previously. However, it decided to fine the companies this time. Executive Director Poudel said that the companies have been fined as per the law.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">“We have been forced to make such decision as the companies failed to submit their audit reports within the stipulated time. Although actions were taken in the past as well in the same regard, it was not strict,”</span> he said.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">The Insurance Act, 2049 BS stipulates that the audit report must be submitted to the board within 10 months of the end of each fiscal year with the provision that the board can take action if it is not submitted in time.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">Among the insurance companies that failed to submit their audit reports for the fiscal year 2077/78 are Nepal Reinsurance Company, Life Insurance Corporation (Nepal), Asian Life Insurance Company, Surya Life Insurance Company, Prime Life Insurance Company, Jyoti Life Insurance Company, Reliance Life Insurance Company, Citizen Life Insurance Company, Prabhu Life Insurance Company and Mahalakshmi Life Insurance Company. Each of the companies have been fined Rs 10,000.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">While on the other hand, Rastriya Beema Sansthan, National Life Insurance Company, Nepal Life Insurance Company, Gurans Life Insurance Company, IME Life Insurance Company, Union Life Insurance Company, Sun Nepal Life Insurance Company, Reliable Nepal Life Insurance Company, Sanima Life Insurance Company, Oriental Insurance Company, National Insurance Company have been fined Rs 15,000 each.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-06-24', 'modified' => '2022-06-24', 'keywords' => '', 'description' => '', 'sortorder' => '15240', 'image' => '20220624020759_Insurance.jpg', 'article_date' => '2022-06-24 14:07:16', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '15497', 'article_category_id' => '1', 'title' => 'Government has Cut Grants to Encourage Farmers: Finance Minister', 'sub_title' => '', 'summary' => 'June 24: Finance Minister Janardan Sharma said that the government has adopted a policy to encourage farmers instead of providing them with grants from the upcoming fiscal year. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">June 24: Finance Minister Janardan Sharma said that the government has adopted a policy to encourage farmers instead of providing them with grants from the upcoming fiscal year. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The finance minister made such remark during a meeting with a delegation of World Bank led by its managing director Mari Elka Pangestu on Thursday. The Finance Minister argued that the government’s new move was targeted to increase production by encouraging the farmers. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">“The loan has not reached to the poor farmers. There are examples that small farmers have honestly repaid the loans if they had borrowed. However, the grants have not reached to the genuine farmers. So, we opted the policy to encourage the farmers,” Minister Sharma argued. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Stating that the budget has accorded top priority to the agriculture sector in the upcoming fiscal year, Finance Minister Sharma said that Nepal needs support from the development partners in this regard. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Sharing that the government has unveiled the idea of agriculture ambulance to ensure an accessible supply of agricultural goods to the market, the Finance Minister said Nepal’s trade deficit cannot be reduced until the imports of agricultural goods worth Rs 350 billion was substituted. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">“In order to substitute imports, we have focused on increasing agricultural produce and industrial production and to promote their export,” the finance minister told the World Bank delegation.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">During the meeting, World Bank’s Managing Director Pangestu urged the minister to pay attention to food security adding that green, resilient and inclusive development (GRID) is about building a better future in an integrated manner. </span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-06-24', 'modified' => '2022-06-24', 'keywords' => '', 'description' => '', 'sortorder' => '15239', 'image' => '20220624100212_fin min sharma.jpg', 'article_date' => '2022-06-24 10:01:35', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '15496', 'article_category_id' => '1', 'title' => 'KU to Conduct Feasibility Study on Fertilizer Plant ', 'sub_title' => '', 'summary' => 'June 24: Kathmandu University has signed an agreement with the state government of Bagmati Province to conduct a feasibility study on production of urea, a chemical fertilizer which is extensively used in Nepal.', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial Unicode MS","sans-serif"">June 24: Kathmandu University has signed an agreement with the state government of Bagmati Province to conduct a feasibility study on production of urea, a chemical fertilizer which is extensively used in Nepal. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The two sides signed an agreement to this effect amid a programme on Thursday.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial Unicode MS","sans-serif"">According to the Ministry of Livestock and Poultry Development of Bagmati Province, Minister for Livestock Development Basundhara Humagain and Vice Chancellor of the University Prof Dr Bhola Thapa signed the agreement to conduct the feasibility study and detailed project report on production of urea. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Minister Humagain reportedly said that the process of setting up a urea fertilizer plant will be taken forward on the basis of the feasibility study. According to the minister, the feasibility study is expected to be completed within six months. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Setting up a plant would boost production of urea in the context that Nepal has been facing shortage of fertilizer every year. Farmers have complained that their production has declined due to lack of fertilizer. Authorities responsible for importing chemical fertilizer have been blaming the Ukraine-Russia war for the delay is supply of fertilizer. However, the shortage of fertilizer is not a new problem in Nepal. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""> </span></span></p> ', 'published' => true, 'created' => '2022-06-24', 'modified' => '2022-06-24', 'keywords' => '', 'description' => '', 'sortorder' => '15238', 'image' => '20220624091714_Fertilizer.jpg', 'article_date' => '2022-06-24 09:12:07', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '15495', 'article_category_id' => '1', 'title' => 'Fuel Import from Birgunj Transit up by 78 Percent ', 'sub_title' => '', 'summary' => 'June 23: Fuel import through Birgunj transit point has increased significantly. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">June 23: Fuel import through Birgunj transit point has increased significantly. The import of petroleum products via this major trade transit point of the country has gone up by 78 per cent in the 11 months of the current fiscal year compared to the corresponding period of last fiscal year, the Birgunj Customs Office said. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">More than 1.41 million kilolitres of petroleum products worth Rs 74.34 billion was imported through this transit from July 16, 2021 to June 14, 2022 of the last fiscal year. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Meanwhile, 2.53 million kilolitres of petroleum products worth Rs 153.36 billion has been imported through the Birgunj transit in the 11 months of the current fiscal year (FY 2021/22). This volume of import is 78.51 per cent more than that of 11 months of the previous fiscal year. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, the import of cooking gas (LPG) has increased by around 8 per cent. Altogether 258,150 metric tonnes of LPG has been imported through Birgunj transit in the last 11 months of the current fiscal year as compared to 239,638 metric tonnes in the corresponding period of the previous fiscal year. The import of LPG during the review period of this fiscal year is more by 18,500 metric tonnes compared to last fiscal year. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Although the import of diesel, petrol, aviation fuel and LPG has increased in this period, the import of kerosene has decreased by 30 per cent, said Sumit Gupta, Information Officer of the Birgunj Customs Office. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to him, approximately 34 per cent more revenue has been collected in 11 months of the current fiscal year compared to last fiscal year. Revenue of Rs 54.53 billion was collected during last fiscal year whereas Rs 72.82 billion has been collected from fuel imports in this fiscal year. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Seventy per cent of fuel and 85 per cent of LPG that is consumed in the country is imported through Birgunj customs. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-06-23', 'modified' => '2022-06-23', 'keywords' => '', 'description' => '', 'sortorder' => '15237', 'image' => '20220623064048_Birgunj.jpg', 'article_date' => '2022-06-23 18:40:05', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '15494', 'article_category_id' => '1', 'title' => 'How Relevant is the Protest at Securities Board? ', 'sub_title' => '', 'summary' => 'June 23: The Securities Board of Nepal (SEBON) is facing protests since the last nine days with the agitating sides demanding reforms in the capital market.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">June 23: The Securities Board of Nepal (SEBON) is facing protests since the last nine days with the agitating sides demanding reforms in the capital market. Discussions are underway to address the demands of the protesters.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Chairman of the board Ramesh Kumar Hamal, upon his return from a foreign trip, met the protesters and urged them to withdraw the agitation. However, no agreement has been reached yet. On Tuesday, Hamal briefed the media on the work being done by the board and the demands of the agitating investors.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">At the press conference, Hamal said that the board has already addressed the demands of the investors and only a few issues are left. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">"The demands of the investors are part of what we're trying to do," he said, adding, “Most of these demands are being addressed.”</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">It would not be appropriate to hold a sit-in at his gate demanding something that does not have connection with the board, he said.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">When studying the demands of the investors, most of them seem to be related to the Ministry of Finance. The main issue of the investors seems to be related to Nepal Rastra Bank (NRB).</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">It seems unreasonable to protest at the board’s office when the main demand is related to the central bank and the finance ministry.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Although the demands are practical and justified, the expressions of some of the agitating securities brokers and interest groups are making the movement unjustified.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">The slogans of the investors during the rally clearly indicate that their main demand is not related with the board but with the Ministry of Finance and NRB. Their main demand is to remove the credit limit of Rs 40 million and Rs 120 million. Chairman of the board Hamal has also made it clear that most of the demands put before the board have been implemented. However, investors have withdrawn their protests.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">The securities board is the regulatory body of the capital market. It is not wrong to take your demands to your parents. In a democracy, any person should be able to live freely and express what is in his mind.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">However, some say that there is more to current movement than meets the eye.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Nevertheless, they have used their power to push for capital market reform. Their demands are not illegitimate.</span> <span style="font-family:"Arial","sans-serif"">The board is positive about the investors’ demand. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">At a press conference on Tuesday, the board’s chairman said that seven points of the 19-point demand were related to the board and they have been implemented. Chairman Hamal said that there was no reason for investors to be angry with the board. This is an indication that there are the demands are related to the NRB and ministry rather than the securities board. However, investors are protesting at the board premises. The Ministry and NRB should address their demands. Another positive aspect is the assurance given by the chairman of the board for coordination with the concerned ministry and NRB in order to address their demands. Investors should take it positively and move forward.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-06-23', 'modified' => '2022-06-23', 'keywords' => '', 'description' => '', 'sortorder' => '15236', 'image' => '20220623044147_sebonn.jpg', 'article_date' => '2022-06-23 16:40:53', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '15493', 'article_category_id' => '1', 'title' => 'Businessmen Fixing Prices of Daily Essentials Arbitrarily on the Pretext of Fuel Price Hike', 'sub_title' => '', 'summary' => 'June 23: Increase in prices of petroleum products is certain to cause inflation in the market as it results in rise in the transportation cost that causes a chain reaction.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Prashant Khadka</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">June 23: Increase in prices of petroleum products is certain to cause inflation in the market as it results in rise in the transportation cost that causes a chain reaction. However, businessmen have started fixing prices of goods arbitrarily taking advantage of the hike in fuel prices.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Nepal Oil Corporation (NOC) had increased the price of petrol by Rs 21 per liter and the price of diesel and kerosene by Rs 27 per litre on Sunday night. Following the decision of NOC to hike fuel prices, the Department of Transport Management increased the inter-state transportation fare through automatic pricing mechanism. Passenger and cargo vehicles have increased the fare by 5.3 percent to 7 percent. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">After the department increased the transportation cost on Monday, businessmen started increasing the prices of daily essentials at their whims from the very next day. The businessmen have been accused of increasing the prices of goods that were kept as stock since the last two to three months.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Nepal Retailers Association has fixed the price of sugar at Rs 105 per kilogram. However, it has been found that sugar is being sold in the market for as much as Rs 110 per kg.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Red lentil which costs Rs 175 per kg in the retail market was found to be sold at Rs 180 per kg. Likewise, mustard oil, which costs Rs 280 per litre was found to be sold at Rs 385 to Rs 390 per litre.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Sharmila Gautam, who visited the Kalimati market to purchase daily essentials, told New Business Age that she bought a litre of soybean oil at Rs 340. The retail price of soybean oil is Rs 330 per litre.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“We don’t know the market price. When we asked the reason behind skyrocketing price, the businessmen say it is due to the increase in price of fuel,” she said.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">She is just a representative case of people being duped by the businessmen. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Rupesh Basnet purchased sunflower oil at Rs 360 per litre a few days ago although the retail price is Rs 350 per litre. Besides oil, flour, rice and sugar, the prices of vegetables have also skyrocketed in recent days. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the price list of Kalimati Fruits and Vegetables Market, the price of a kilogram of tomato has increased from Rs 30 to Rs 60. Likewise, the price of bitter gourd has increased from Rs 50 per kg to Rs 80 per kg. Similarly, the price of ladies finger has increased from Rs 40 per kg to Rs 60 per kg and the list goes on.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">General Secretary of Nepal Retailers Association Amul Kaji Tuladhar says that the association has not received any complaint in the regard so far. However, he said that it is not right to increase the prices of essential goods a day after the rise in fuel prices. “Such malpractice must be stopped,” said Tuladhar, adding, “It is not appropriate because the businessmen have stock of goods which they cannot increase overnight citing price hike or the Russian-Ukraine war.”</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Industry, Supply and Consumer Protection Department claims that it has doubled market monitoring in the last few months. Director General of the department Lila Prasad Sharma says that ten out of 40 employees of the department have been regularly monitoring the market and have not left any room for lapses. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">However, consumer rights activists say that the businessmen are fixing prices in the market arbitrarily due to ineffective market monitoring by the department. </span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-06-23', 'modified' => '2022-06-23', 'keywords' => '', 'description' => '', 'sortorder' => '15235', 'image' => '20220623032220_market monitoring.jpg', 'article_date' => '2022-06-23 15:21:33', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '15492', 'article_category_id' => '1', 'title' => 'Agriculture Statistics does not Match with Data of other Government Agencies', 'sub_title' => '', 'summary' => 'June 23: Different government bodies publish different types of data from time to time. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> </span></span><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">Rudra Khadka/Prashant Khadka</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">June 23: Different government bodies publish different types of data from time to time. Although the data made public by the Department of Customs, Nepal Rastra Bank (NRB), and Central Bureau of Statistics (CBS) are based on records, surveys and studies, some agencies make data public based on speculation.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">The practice of publishing data randomly has raised serious questions about the authenticity of data. An example of this is the data published by the Ministry of Agriculture and Livestock Development. Due to the negligence of the officials of the ministry and its subordinate bodies, it has been found that about 1.1 million metric tonnes of rice have been misappropriated in one fiscal year.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">According to the Ministry of Agriculture, Nepal had produced 5.55 million metric tons of paddy in the fiscal year 2076/77. This amount of paddy produces 3.774 million metric tons of rice. This figure is based on the assumption that 0.68 kg of rice is produced from one kg of paddy. This has been the upheld in Nepal since the last four decades (since 2045 BS). </span></span></span><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">However, due to the recent increase in efficiency of modern rice mills, it is estimated that more than 0.68 kg of rice will be produced from one kg of rice. However, the ministry is still working on the assumption that 0.68 kg of rice can be produced from 1 kg of paddy.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">According to the Ministry, progress reports for the fiscal years 2077/78 and 2078/79 are being published. Although the paddy production did not decrease much in the Fiscal Year 2077/78 compared to the previous year, it has declined by about 8 per cent in the current fiscal year.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">Officials said unseasonal rainfall during the paddy harvesting season last October led to such a decline in production. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">"Paddy production has declined by about 8 per cent compared to the previous year due to problems including unseasonal rainfall at the time of harvesting," said Prakash Kumar Sanjel, joint secretary and spokesperson of the ministry.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">About 8 per cent of the previous year's paddy production was 31,997 tons. In this regard, in the current Fiscal Year 2078/79, Nepal has produced 3.47 million metric tons of rice.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> </span></span><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">Now let's look at the statistics of Nepal's population and per capita annual rice consumption. According to the Central Bureau of Statistics, the population of Nepal is 29.19 million. About 2.2 million of them live abroad. Assuming that the number of foreigners working in Nepal is the same, 27.2 million people are currently living in Nepal.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">According to the Household Survey-2016/17 published by the Department of Statistics, an average person consumes 117.8 kg of rice in a year. Accordingly, Nepal needs about 3.43 million metric tons of rice annually. This statistic shows that Nepal has become self-sufficient in rice in terms of production and consumption. Even if a person consumes 125 kg of rice instead of 117 kg, Nepal does not have to import much to meet the internal demand of rice.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">However, according to the data of the Department of Customs for the Fiscal Year 2077/78, Nepal imported 1.18 million metric tons of rice. Some questions have been raised after more than 1.1 million tons of rice were imported, even though the rice required for Nepal's population was sufficient.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-06-23', 'modified' => '2022-06-23', 'keywords' => 'agriculture, paddy, data, statistics, government, CBS, NRB, customs, import, sufficient, production, harvesting, season', 'description' => '', 'sortorder' => '15234', 'image' => '20220623113156_rice-paddy.jpg', 'article_date' => '2022-06-23 11:28:59', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '15491', 'article_category_id' => '1', 'title' => 'Big Hospitals Warn of Closing Health Insurance Programme ', 'sub_title' => '', 'summary' => 'June 23: Big hospitals in the country are planning to close down the health insurance programme announced by the government. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">June 23: Big hospitals in the country are planning to close down the health insurance programme announced by the government. The hospitals started closing the health insurance programme saying that Health Insurance Board has not provided the due amount for treatment to those with health insurance policy. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Tribhuvan University Teaching Hospital in Kathmandu, B&C Medical College in Birtamod, Jhapa and Nobel Medical College, Biratnagar, have said they would no longer run the health insurance programme. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Organising a news conference organised on Wednesday, Executive Director of B&C Hospital, Durga Prasain, said they would not run the health insurance programme at the hospital as the Health Insurance Board has not provided the due amount for the treatment of those affiliated to the health insurance scheme. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The government has to provide more than Rs 450 million to B&C Hospital. The hospital carries out the treatment of around 500 people enrolled in the scheme daily. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"We have time and again demanded the amount of the treatment of those enrolled in the scheme, but to no avail," shared Prasain. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">He added that they would not run the health insurance programme from July 4 if the hospital does not get the due amount. Prasain further said that the hospital has been facing problems to provide salary to the staff and to run medical college due to this reason. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, Executive Director of TU Teaching Hospital, Dr Kinesh Kafle, said the hospital is not going to provide health insurance facility from June 29 as the board has not provided the money for the health insurance programme. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, Bhim Bahadur Chand of Nobel Medical College said that the hospital has not received the money spent for the treatment of those enrolled in the health insurance programme for the past seven months. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Nobel Medical College is yet to receive more than Rs 543 million under this scheme. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">However, Executive Director of the Health Insurance Board, Dr Damodar Basaula, said the board has been providing the amount under the health insurance programme to hospitals as per the act, rule and procedures. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"We are verifying the documents sent by hospitals," he said. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Basaula claimed that around Rs 8.13 billion has been provided to the hospitals under the scheme since the beginning of the current fiscal year. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The board has signed agreements with 450 hospitals to run the health insurance programme. Around 5.7 million people across the nation are enrolled in the health insurance programme. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2022-06-23', 'modified' => '2022-06-23', 'keywords' => 'Hospital, health, insurance, scheme, board, warn, due', 'description' => '', 'sortorder' => '15233', 'image' => '20220623081147_health-insurance-policy-myths.jpg', 'article_date' => '2022-06-23 08:11:05', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '15489', 'article_category_id' => '1', 'title' => 'Nepal has 459 Commercial Pilots', 'sub_title' => '', 'summary' => 'June 22: The number of pilots working in airline companies in Nepal has reached 459.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">June 22: The number of pilots working in airline companies in Nepal has reached 459. Those pilots and co-pilots are currently rendering services for 10 airline companies including helicopter operators.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">A study report on the implementation of air security in Nepal prepared by the Ministry of Culture, Tourism and Civil Aviation states that the 459 pilots are currently engaged with the airline companies of Nepal.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">According to the report, 408 people are working as pilots and co-pilots flying 75 aircraft operated by 10 airliners.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">Of them, 205 are pilots, and the rest are co-pilots.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">Private airline Buddha Air has the largest number of pilots and co-pilots. Buddha Air has 63 pilots and 62 co-pilots operating flights with 15 aircraft. However, Buddha Air has not been able to improve flight safety standard as in previous years. In 2021, Buddha Air's flight safety standard was measured at 74 per cent against 79 percent in 2019.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">The state-owned Nepal Airlines Corporation is the second-largest recruiter of pilots and co-pilots. The company flies 14 fixed-wing aircraft and has 31 pilots and 41 co-pilots. Nepal Airlines has also been weak in improving flight safety standard. In 2021, its flight safety standard dropped from 77 per cent to 64 per cent.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">Similarly, Shree Airlines has 36 pilots and co-pilots. The company operates 15 fixed-wing aircraft. According to the report, its security has also declined. In 2021, the company's flight safety standard dropped to 64 per cent.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">Likewise, Yeti Airlines has 38 pilots and co-pilots and operates flights with five fixed-wing aircraft. There has been a significant improvement in in-flight safety of the company. Yeti's security has improved from 69 per cent in 2019 to 79 per cent in 2021.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">Similarly, Himalayan Airlines has four Airbus A-320 narrow-body aircraft and has 44 pilots and co-pilots. Himalayan Airlines has seen an improvement in the company's flight safety. In 2021, the company's flight safety standard reached 87 per cent. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">Besides, there also helicopter pilots with 10 different helicopter companies. Of them, 13 are foreign pilots. Air Dynasty has the highest number of pilots which stands at 10.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-06-22', 'modified' => '2022-06-22', 'keywords' => 'Pilots, aviation, safety, airlines, Nepal', 'description' => '', 'sortorder' => '15232', 'image' => '20220622062001_IMG_20220622_181423.jpg', 'article_date' => '2022-06-22 18:18:58', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ) ) $current_user = null $logged_in = false $xml = falsesimplexml_load_file - [internal], line ?? include - APP/View/Elements/side_bar.ctp, line 133 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
| Currency | Unit |
Buy | Sell |
| U.S. Dollar | 1 | 121.23 | 121.83 |
| European Euro | 1 | 131.65 | 132.31 |
| UK Pound Sterling | 1 | 142.47 | 143.18 |
| Swiss Franc | 1 | 124.29 | 124.90 |
| Australian Dollar | 1 | 71.69 | 72.05 |
| Canadian Dollar | 1 | 83.90 | 84.32 |
| Japanese Yen | 10 | 10.94 | 11.00 |
| Chinese Yuan | 1 | 17.17 | 17.26 |
| Saudi Arabian Riyal | 1 | 32.27 | 32.43 |
| UAE Dirham | 1 | 33.01 | 33.17 |
| Malaysian Ringgit | 1 | 27.36 | 27.50 |
| South Korean Won | 100 | 9.77 | 9.82 |
Update: 2020-03-25 | Source: Nepal Rastra Bank (NRB)
| Fine Gold | 1 tola | 77000.00 |
| Tejabi Gold | 1 tola | 76700.00 |
| Silver | 1 tola | 720.00 |
Update : 2020-03-25
Source: Federation of Nepal Gold and Silver Dealers' Association
| Petrol | 1 Liter | 106.00 |
| Diesel | 1 Liter | 95.00 |
| Kerosene | 1 Liter | 95.00 |
| LP Gas | 1 Cylinder | 1375.00 |
Update : 2020-03-25
