KATHMANDU, August 9: The Supreme Court (SC) has directed the government not to proceed with its decision to dismiss Bhakta Bahadur Pun and Kapil Acharya from their positions as Board of Directors of the Nepal Electricity Authority…
KATHMANDU, August 9: The Supreme Court (SC) has directed the government not to proceed with its decision to dismiss Bhakta Bahadur Pun and Kapil Acharya from their positions as Board of Directors of the Nepal Electricity Authority…
The Nepal Electricity Authority (NEA) on Thursday submitted to the Public Account Committee (PAC) a detailed record of the electricity, inducing the time of the day (TOD) Metre data, supplied to the industries through the dedicated feeders and trunk…
KATHMANDU, August 8: A new study has emphasised the need for Nepal to adopt a comprehensive approach to navigate the complexities of its upcoming graduation from Least Developed Country (LDC) status in…
KATHMANDU, August 8: Tulips HRM, an international HR solution provider, has developed an advanced Human Resource Information System (HRIS) specifically tailored for the Nepalese…
The Nepal Stock Exchange (NEPSE) Index experienced a slight increase of 6.70 points, or 0.24%, closing at 2766.38 on the last trading day of the week, Thursday.…
KATHMANDU, August 8: Although three months have passed since the Supreme Court dismissed the petition challenging the Nepal Telecommunications Authority's decision to impose the maintenance tax on internet service providers, the government has yet to collect the outstanding dues of Rs 3…
KATHMANDU, August 8: Four Chinese citizens and a Nepali pilot died in a helicopter crash on Wednesday, sparking widespread concern over the safety of Nepal's aviation sector.…
The price of gold surged by Rs 300 per tola (11.66 grams) in the domestic market of Nepal on Thursday (August…
Interest rates on loans are expected to decline further due to a reduction in the cost of capital for commercial…
KATHMANDU, August 8: The Ministry of Culture, Tourism, and Civil Aviation has initiated efforts to implement immediate, mid-term, and long-term reforms with a high priority on aviation…
KATHMANDU, August 7: The government has formed a three-member commission to investigate the Air Dynasty chopper…
KATHMANDU, Aug 8: A Turkish Airlines aircraft from Istanbul overshot the runway during its approach to land at the Tribhuvan International Airport (TIA) in Kathmandu today…
KATHMANDU, August 7: An Air Dynasty helicopter crashed in the Shivapuri area of Nuwakot district this afternoon (Wednesday), killing five people on…
President of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) Chandra Prasad Dhakal highlighted Nepal's readiness to welcome foreign investors and the importance of trade facilitation for regional economic…
KATHMANDU, August 7: The Federation of Handicraft Associations of Nepal (FHAN) signed a Memorandum of Understanding (MoU) with the Thailand-based Songkhla Chamber of Commerce during an SMEs trade fair in Songkhla, Thailand…
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directed the government not to proceed with its decision to dismiss Bhakta Bahadur Pun and Kapil Acharya from their positions as Board of Directors of the Nepal Electricity Authority (NEA).</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">A single bench of SC Justice Sunil Kumar Pokharel issued an interim order on Thursday preventing the government from implementing its decision to remove Pun and Acharya from their roles.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The SC has also asked the government to provide the reasons behind their dismissal.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The decision to remove Pun and Acharya was made at the ministerial level by Minister for Energy, Water Resources, and Irrigation Dipak Khadka on August 2.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Following their removal, the government had appointed Devendra Karki and Mahendra Bahadur Gurung to the positions. -- RSS</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-09', 'modified' => '2024-08-09', 'keywords' => '', 'description' => '', 'sortorder' => '21513', 'image' => '20240809083511_20220922045627_Supreme Court.jpg', 'article_date' => '2024-08-09 08:34:28', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '21786', 'article_category_id' => '1', 'title' => 'NEA Submits PAC 100,000 Page-Long Details of Electricity Supplied to Industries', 'sub_title' => '', 'summary' => 'The Nepal Electricity Authority (NEA) on Thursday submitted to the Public Account Committee (PAC) a detailed record of the electricity, inducing the time of the day (TOD) Metre data, supplied to the industries through the dedicated feeders and trunk lines.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Georgia","serif"">NewBiz Report</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Georgia","serif"">KATHMANDU, August 8</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Nepal Electricity Authority (NEA) on Thursday submitted to the Public Account Committee (PAC) a detailed record of the electricity, inducing the time of the day (TOD) Metre data, supplied to the industries through the dedicated feeders and trunk lines.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Kulman Ghising, NEA's managing director, confirmed to New Business Age that the around 100,000 pages of information on the TOD metre data, logbooks, billing in Ampere, and details of bills provided to industrialists were submitted to the parliamentary committee.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“The TOD metre data was not necessary earlier. However, since it is being sought after, we have submitted it,” said Ghising.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Eakram Giri, secretary of the Public Accounts Committee of parliament, said that they have received around three dozen packs of files, including the TOD metre data.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“The committee will review the data and discuss it in the next meeting,” Giri said.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The industries, which have defaulted in payment of bill for the use of electricity supplied under the dedicated feeders and trunk lines during the load-shedding period, have been demanding the TOD metre data for the settlement of dues.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The defaulting industries have taken a stance that they will not pay the dues unless the NEA provides them with the TOD metre data.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The NEA, on the other hand, maintains that it has provided all the required bills and has repeatedly asked the industries to clear the bills.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the NEA, the industrialists owe Rs 6.65 billion in addition to a 25 per cent fine, amounting to about Rs 8.25 billion. Initially, the NEA had calculated that industrialists who consumed electricity from the dedicated feeder and trunk line owed Rs 21.3 billion. However, the arrears were revised after taking into consideration the recommendation of a commission formed by the government to address the dispute.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Specifically, Jagdamba Steel owes Rs 1.60 billion, Jagdamba Synthetic Rs 200 million, Reliance Spinning Mills Rs 753.7 million, Ghorahi Cement Rs 510 million, Arghakhanchi Cement Rs 440 million, and Hulas Steel Rs 140 million.</span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-08-08', 'modified' => '2024-08-08', 'keywords' => '', 'description' => '', 'sortorder' => '21512', 'image' => '20240808084020_75689f13.jpeg', 'article_date' => '2024-08-08 20:39:29', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '21784', 'article_category_id' => '1', 'title' => 'Comprehensive Strategy Needed to Mitigate Post-LDC Graduation Challenges: Study', 'sub_title' => 'The study also warns that Nepal might forfeit its trade preferences under the GSP and Duty-Free Quota-Free schemes, resulting in increased tariffs on exports', 'summary' => 'KATHMANDU, August 8: A new study has emphasised the need for Nepal to adopt a comprehensive approach to navigate the complexities of its upcoming graduation from Least Developed Country (LDC) status in 2026. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">KATHMANDU, August 8: </span></span></span></span><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">A new study has emphasised the need for Nepal to adopt a comprehensive approach to navigate the complexities of its upcoming graduation from Least Developed Country (LDC) status in 2026. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The study, titled "Nepal LDC Graduation: Report on Trade Policy Reforms to Mitigate the Impact on WTO Obligations," commissioned by the Ministry of Industry, Commerce and Supplies with support from the European Union Nepal Trade and Investment Programme (TIP), was presented at a public-private dialogue on Wednesday.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The study emphasises the need for Nepal to update its laws and regulations, improve institutional processes, strengthen human resource skills, expand export markets, and enhance international cooperation.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Policymakers, trade experts, development partners, and private sector representatives hold a common view that Nepal must expedite legal and policy reforms, and strengthen institutional and human resource capacities to be better prepared to face the post-graduation trade scenarios.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Secretary at the Ministry of Industry, Commerce, and Supplies, Krishna Bahadur Raut, who was presiding over the program, said the government is serious about the concerns raised and suggestions offered by the private sector regarding Nepal’s preparation for graduation.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Raut expressed commitment to making maximum efforts from the government to ensure post-graduation benefits for Nepal.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Joint Secretary at the ministry Dev Raj Joshi said Nepal’s graduation presents both challenges and opportunities adding that Nepal needs to continue to make reforms in trade-related policies and laws. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Purushottam Ojha, a trade expert and former Commerce Secretary, emphasised the importance of adhering to new WTO obligations, including agreements on agriculture, subsidies, the Agreement on Trade-Related Aspects of Intellectual Property Rights (TRIPS), and the Trade Facilitation Agreement (TFA) for a smooth transition.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">An International Trade Expert from the International Trade Centre, Abhijit Das, cautioned that the transition leads to stricter rules and reduced benefits, such as the loss of lower tariffs stressing the urgent need to implement the action plan to ensure a smooth transition from LDC status.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Shobha Gyawali, president of the Federation of Nepal Women Entrepreneurs’ Association (FWEAN), said that Nepal is not yet ready for LDC graduation and emphasised the need to ensure that women entrepreneurs benefit from international trade.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Other representatives of the private sector said graduation seemed to be without due preparation given the low competitiveness of Nepali businessmen and the higher cost of production and export compared to other countries. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The study also warns that Nepal might forfeit its trade preferences under the Generalised System of Preferences (GSP) and Duty-Free Quota-Free schemes, which could result in increased tariffs on exports. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">It suggests conducting a thorough diagnostic study to identify vulnerable products and markets, exploring alternative trade arrangements such as GSP-Plus in the European Union, and enhancing industry awareness through workshops.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Strengthening national capacity to address non-tariff barriers, developing national standards, forming mutual recognition agreements with key trade partners, promoting products prioritised by the Nepal Trade Integration Strategy (NTIS) 2023, drawing lessons from other LDC-graduated countries, fostering partnership among governments, private sector, and international partners, are other recommendations of the study to ensure a successful transition by mitigating the impacts of LDC graduation.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-08-08', 'modified' => '2024-08-08', 'keywords' => '', 'description' => '', 'sortorder' => '21511', 'image' => '20240808084706_LDC.jpg', 'article_date' => '2024-08-08 16:37:26', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '21785', 'article_category_id' => '266', 'title' => 'Tulips HRM Introduces Advanced HR Information System Tailored for Nepalese Market', 'sub_title' => '', 'summary' => 'KATHMANDU, August 8: Tulips HRM, an international HR solution provider, has developed an advanced Human Resource Information System (HRIS) specifically tailored for the Nepalese market.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">KATHMANDU, August 8: Tulips HRM, an international HR solution provider, has developed an advanced Human Resource Information System (HRIS) specifically tailored for the Nepalese market.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Issuing a recent statement, the company said that the HRIS, designed to meet the diverse needs of local businesses, reflects Tulips HRM's evolution from its origins as an IT outsourcing company to a comprehensive HR solutions provider.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Founded 16 years ago and formerly known as Eattendance.com, Tulips HRM initially focused on attendance management. Over the years, it has expanded its offerings to include a complete HR management suite that addresses a wide range of organizational needs, the statement added.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to Tulips HRM, the software's customizable features cater to various industries and organizational requirements, distinguishing it from its competitors.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Tulips HRM claimed that the company serves a diverse clientele, including 15,000 users at the Nepal Electricity Authority (NEA), and is expanding into the banking sector. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the company, the HRIS, developed in 2008, has proven its effectiveness and versatility by supporting over a thousand clients worldwide. It streamlines HR activities such as employee data management, recruitment, performance evaluations, training, and payroll processing. The software also includes modules for appraisals, recruitment portals, and online examinations, covering the entire employee lifecycle from recruitment to retirement, added the statement.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">In addition to its presence in Nepal, Tulips HRM is utilized in several international markets, including Congo, Rwanda, Russia, and India. The company said that the software supports multiple languages, including Nepali, English, French, Russian, and Chinese, ensuring accessibility for a broad range of users.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">As businesses continue to seek efficient and integrated HR management solutions, Tulips HRM's latest offering represents a significant advancement in the HRIS landscape, catering to both local and international markets.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-08', 'modified' => '2024-08-08', 'keywords' => '', 'description' => '', 'sortorder' => '21510', 'image' => '20240808050031_HRIS.jpg', 'article_date' => '2024-08-08 16:59:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '21783', 'article_category_id' => '1', 'title' => 'NEPSE Index and Turnover Amount Rise', 'sub_title' => '', 'summary' => 'The Nepal Stock Exchange (NEPSE) Index experienced a slight increase of 6.70 points, or 0.24%, closing at 2766.38 on the last trading day of the week, Thursday. ', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">August 8: The Nepal Stock Exchange (NEPSE) Index experienced a slight increase of 6.70 points, or 0.24%, closing at 2766.38 on the last trading day of the week, Thursday. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">In today's trading session, 322 scrips were traded through 209,965 transactions. A total of 50,946,832 units of shares were exchanged, resulting in a total turnover of Rs 20.7 billion.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Shivam Cements Limited (SHIVM) led in turnover amount, with transactions worth Rs 1.20 billion. Six companies, including Shivam Cements Limited (SHIVM) and Sonapur Minerals and Oil Limited (SONA), saw a 10% gain each, hitting the upper circuit limit for the day.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">NRN Infrastructure and Development Limited (NRN) faced the highest loss, dropping 8.04% to close at Rs 999 per share.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The Sensitive Index and Sensitive Float Index increased by 0.04% and 0.18%, respectively, while the Float Index dropped by 0.08%.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">In terms of sector indices, five closed in the green, while the remaining indices were in the red.</span></span><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The Manufacturing and Processing Index achieved the highest gain of 5.87%, while the Hotels and Tourism Index saw the largest loss at 1.27%.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-08', 'modified' => '2024-08-08', 'keywords' => '', 'description' => '', 'sortorder' => '21509', 'image' => '20240808033859_collage (94).jpg', 'article_date' => '2024-08-08 15:37:38', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 5 => array( 'Article' => array( 'id' => '21782', 'article_category_id' => '1', 'title' => 'Govt Unable to Collect Taxes due to Delay in Full Text of SC Verdict on ISPs’ Arrears', 'sub_title' => '', 'summary' => 'KATHMANDU, August 8: Although three months have passed since the Supreme Court dismissed the petition challenging the Nepal Telecommunications Authority's decision to impose the maintenance tax on internet service providers, the government has yet to collect the outstanding dues of Rs 3 billion.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">KATHMANDU, August 8: Although three months have passed since the Supreme Court dismissed the petition challenging the Nepal Telecommunications Authority's decision to impose the maintenance tax on internet service providers, the government has yet to collect the outstanding dues of Rs 3 billion. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">The Supreme Court dismissed the writ filed by Worldlink Communications, which argued against the tax, on May 12. However, the full text of the court’s decision has not been released, preventing the internet service providers from settling the tax and hindering the government's ability to take action. According to Santosh Paudel, spokesperson for the NTA, while the court's decision was in the government's favour, the lack of detailed text has delayed tax collection. "Once the full text is available, it will be duly notified," Paudel said.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">The delay in releasing the full verdict is causing additional interest to accrue on the tax arrears. Paudel noted that interest is being added monthly, and it is preferable for companies to pay as soon as possible. The total amount due, including interest, has now reached approximately Rs 3.5 billion.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">With the dismissal of the writ, companies like Worldlink must now pay the tax. A representative from Worldlink stated that the tax will not be paid until the full text is received. "We are not satisfied with the court’s order," the representative said. "We will discuss the terms of payment once the full text is released."</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Prior to the court’s decision, internet service providers had been reluctant to pay the rural telecommunication fund and royalty amounts on time. As a result, the government refused to provide foreign currency exchange facility to the ISPs. This issue impacted internet services during the National Information and Communication Technology Day on May 2, when India's Airtel halted bandwidth provision to Nepali ISPs due to non-payment. Following negotiations at the government level, Airtel resumed the service.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">After the SC verdict, the internet service providers have no further legal recourse and are now seeking concessions such as installment facilities and interest exemptions. However, government officials have indicated that such concessions are unlikely.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">"If the tax had been paid on time, this issue might have been avoided, but the authority has the discretion to make all decisions," said Gajendra Kumar Thakur, joint secretary of the Ministry of Communications. "The ministry will not interfere in this matter."</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">As of last year, the tax arrears for various companies were as follows:</span></span></span></span></p> <ul> <li><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Worldlink Communications: Rs 1.253 billion</span></span></span></span></li> <li><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Subisu Cable Net Pvt Ltd: Rs 269.7 million</span></span></span></span></li> <li><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Vianet Communication: Rs 267.6 million</span></span></span></span></li> <li><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Classictech: Rs 237.1 million</span></span></span></span></li> <li><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Mercantile: Rs 91.6 million</span></span></span></span></li> <li><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Websurfer: Rs 73.3 million</span></span></span></span></li> <li><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Pokhara Internet: Rs 33.3 million</span></span></span></span></li> <li><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Netmax: Rs 10.9 million</span></span></span></span></li> <li><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Techminds: Rs 2.36 million</span></span></span></span></li> </ul> <p> </p> ', 'published' => true, 'created' => '2024-08-08', 'modified' => '2024-08-08', 'keywords' => '', 'description' => '', 'sortorder' => '21508', 'image' => '20240808024507_1635752064.broadband_internet.jpg', 'article_date' => '2024-08-08 14:44:32', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '21780', 'article_category_id' => '1', 'title' => 'Another Crash in Two Weeks Raises Questions about Air Safety in Nepal', 'sub_title' => '', 'summary' => 'KATHMANDU, August 8: Four Chinese citizens and a Nepali pilot died in a helicopter crash on Wednesday, sparking widespread concern over the safety of Nepal's aviation sector. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">HIMA BK</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">KATHMANDU, August 8: Four Chinese citizens and a Nepali pilot died in a helicopter crash on Wednesday, sparking widespread concern over the safety of Nepal's aviation sector. The Air Dynasty helicopter, en route from Kathmandu to Syafrubesi in Rasuwa, crashed in Surya Chaur of Shivapuri Rural Municipality, Ward No. 7, Nuwakot district killing all five people on board.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Chief District Officer of Nuwakot, Ramakrishna Adhikari, confirmed that pilot Arun Malla and the four Chinese citizens were killed in the crash. This incident comes just two weeks after the Saurya Airlines plane crash at Tribhuvan International Airport on July 25, which claimed the lives of 18 people.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The Chinese nationals who perished in the crash were identified as Tang Chutao, Wu Yiao, Li Chiy, and Si Chamin. The bodies were recovered on Wednesday and transported to Tribhuvan University Teaching Hospital in Maharajgunj, Kathmandu, for postmortem, according to a press statement released by the Civil Aviation Authority of Nepal (CAAN).</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Pilot Arun Malla, who had previously survived an air crash in Lukla in October 2013, was piloting the Air Dynasty helicopter when it met with the accident. The helicopter took off from Kathmandu-based airport at 1:54 PM on Wednesday, but lost contact with the tower just three minutes after takeoff. The crash was later confirmed in Surya Chaur. Balkrishna Pandit, a senior manager at Air Dynasty, stated that the purpose of the Chinese passengers' trip to Syafrubesi remains unclear.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Government officials have not yet determined the cause of the accident. CAAN spokesperson Hansraj Pandey stated that the cause will be identified after further investigation. The Department of Hydrology and Meteorology had forecast weather changes from normal to severe, with potential for light to moderate rainfall on Tuesday and Wednesday, which could have affected air traffic. The department had issued a warning beforehand for necessary caution and preparedness on August 6.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">In March 2023, another Air Dynasty helicopter was involved in an accident while landing at HAMS Hospital in Kathmandu, though no casualties were reported. The increasing frequency of air accidents in Nepal has raised serious concerns about the country’s air safety standards.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">CAAN spokesperson Pandey acknowledged the growing concerns over recent air accidents, despite government documents indicating improvements in air safety. He questioned whether there is a gap between documented improvements and actual practice. The responsibility for safety lies heavily on pilots once the aircraft is airborne, although the authority maintains communication through air traffic control.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The International Civil Aviation Organization (ICAO) conducted an audit of Nepal's air safety in April 2022. According to the air safety report issued by CAAN, Nepal's air safety implementation capacity improved to a score of 70.1 percent in 2023, above the international average of 67.5 percent. However, the string of recent accidents has called CAAN’s effectiveness into question.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">During a meeting of the Tourism and International Coordination Committee under the House of Representatives on July 25, MP Udaya Shumsher Rana criticized CAAN leadership for the seven air accidents that occurred since Pradeep Adhikari took charge, urging for greater accountability. The ICAO has recommended that CAAN be divided into two separate organizations—one as a regulator and the other as a service provider—to enhance regulatory capacity, a suggestion that has yet to be implemented.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Following the Air Dynasty helicopter crash, the government formed a three-member commission to investigate the incident. The commission, led by senior pilot Subas Thapa of the Nepalese Army, includes Maintenance Manager of Simrik Air Bishnu Basnyat and Senior Divisional Engineer of the Ministry of Culture, Tourism, and Civil Aviation Tanuja Pokharel. They are mandated to submit a report on the incident within a month.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Air Dynasty, a helicopter company with the most flights in Nepal, has been providing helicopter services for nearly 30 years. According to the Nepal Tourism Statistics 2023, Air Dynasty conducted 2,234 flights that year, serving 6,840 passengers, the highest among helicopter companies. The crash on Wednesday destroyed one of the company’s helicopters, but plans are already in place to add another helicopter to the fleet within the next few months, according to senior manager Balkrishna Pandit. The company is managed by Pavitra Kumar Karki.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><strong>Warning of Permit Cancellation for Non-Compliance with Safety Standards</strong></span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The government has decided to cancel the air service permits of airlines and helicopter service providers that fail to meet the minimum safety standards set by the High-Level Security Coordination Committee. According to ICAO's World Aviation Safety Plan (2020-2022), air service providers must maintain at least 60% progress in their safety management system implementation.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">CAAN has announced that the decision to revoke permits for non-compliant air service providers was made at a committee meeting on August 2. In 2023, four airlines and all four helicopter companies failed to meet the required safety criteria. The committee has also decided to impose penalties, such as reducing the number of flights, not extending permit periods, and requiring re-certification after major maintenance for those who do not comply with the safety standards.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-08', 'modified' => '2024-08-08', 'keywords' => '', 'description' => '', 'sortorder' => '21507', 'image' => '20240808020245_Air_Dynasty_Heli_Service,_Nepal.jpg', 'article_date' => '2024-08-08 14:01:55', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '21781', 'article_category_id' => '1', 'title' => 'Price of Gold Surges, Silver Declines in Domestic Market', 'sub_title' => '', 'summary' => 'The price of gold surged by Rs 300 per tola (11.66 grams) in the domestic market of Nepal on Thursday (August 8).', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">NewBiz Report</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">KATHMANDU, August 8</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The price of gold surged by Rs 300 per tola (11.66 grams) in the domestic market of Nepal on Thursday (August 8).</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">According to the Federation of Nepal Gold and Silver Dealers' Association, the price of fine gold rose to Rs 146,600 per tola on Thursday from Rs 146,300 per tola a day ago and that of worked gold to Rs 145,900 from Rs 145,600 per tola.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">In contrast, silver became cheaper by Rs 20 per tola to be traded at Rs 1,690 per tola.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-08', 'modified' => '2024-08-08', 'keywords' => '', 'description' => '', 'sortorder' => '21506', 'image' => '20240808020551_20240801032633_cd5483b7.jpeg', 'article_date' => '2024-08-08 14:04:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '21779', 'article_category_id' => '1', 'title' => 'Interest Rates on Loans Likely to Drop as Capital Costs of Banks Decrease', 'sub_title' => '', 'summary' => 'Interest rates on loans are expected to decline further due to a reduction in the cost of capital for commercial banks.', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Newbiz Report<br /> KATHMANDU, August 8</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Interest rates on loans are expected to decline further due to a reduction in the cost of capital for commercial banks. According to the unaudited financial statements published by banks, the average base rate of commercial banks fell to 8.09 percent in mid-June to mid-July 2024, down from 10.12 percent in the corresponding period a year ago.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Banks and financial institutions calculate the base rate by adding a 0.75 percent return to their cost, following the procedure set by Nepal Rastra Bank (NRB). The interest rate on loan is then determined by adding a certain percentage premium to this base rate. There is a provision to consider the base rate of the last three months when issuing loans. As a result, if a bank's average base rate decreases each quarter, interest rates on loan will automatically follow suit, and vice versa.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Due to a lack of liquidity in the previous fiscal year, banks consistently raised interest rates on deposits, peaking at 12.33 percent in December/January 2022. However, since mid-April 2023, commercial banks have fixed interest rates on deposits at a single digit. From mid-July 2023 onwards, banks have been setting these rates independently, unlike a gentlemen’s agreement in the past to fix a uniform interest rate by the members of the Nepal Bankers Association.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">As a result, interest rates have been gradually decreasing. Former banker Parshuram Kunwar Chhetri notes that the base rate dropped when interest rates were lower during the last fiscal year. However, he also mentioned that the base rate remains relatively high due to banks securing long-term deposits at elevated interest rates during the liquidity crisis in the previous year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">In mid-July to mid-August 2024, Standard Chartered Bank had the lowest base rate among commercial banks at 8.60 percent, while NIC Asia Bank had the highest at 9.19 percent. Exactly a year ago, several banks had double-digit base rates, but by mid-July 2024, all had managed to reduce them to single digits.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Currently, commercial banks set interest rates on loan by adding a maximum 5 percent premium to the base rate. NRB regulations stipulate that this fixed premium cannot be altered once a loan agreement is signed with a customer. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-08', 'modified' => '2024-08-08', 'keywords' => '', 'description' => '', 'sortorder' => '21505', 'image' => '20240808012349_20240717011652_20240624011617_bankkkkkkk.jpg', 'article_date' => '2024-08-08 13:22:52', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '21778', 'article_category_id' => '1', 'title' => 'Tourism Minister Pledges Swift Reforms for Aviation Safety', 'sub_title' => '', 'summary' => 'KATHMANDU, August 8: The Ministry of Culture, Tourism, and Civil Aviation has initiated efforts to implement immediate, mid-term, and long-term reforms with a high priority on aviation safety.', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">KATHMANDU, August 8: The Ministry of Culture, Tourism, and Civil Aviation has initiated efforts to implement immediate, mid-term, and long-term reforms with a high priority on aviation safety.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">In a statement issued on Wednesday evening, Minister for Culture, Tourism, and Civil Aviation Badri Prasad Pandey pledged to focus on aviation safety for the coming week by postponing all non-urgent pre-scheduled programs. He emphasized that the ministry and its subordinate agencies would be mobilized to take necessary initiatives towards enhancing safety measures.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The pledge follows the tragic crash of an Air Dynasty helicopter in Shivapuri Rural Municipality-7, Surya Chaur, Nuwakot, which resulted in the deaths of four Chinese nationals and pilot Arun Malla.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Minister Pandey called for support, cooperation, and suggestions from all stakeholders to address the challenges faced by the aviation sector. The ministry has requested all stakeholders to send recommendations for immediate and long-term actions to its official email address.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The minister also paid tribute to those who lost their lives in the helicopter accident and expressed his condolences to the bereaved families. -- RSS</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-08', 'modified' => '2024-08-08', 'keywords' => '', 'description' => '', 'sortorder' => '21504', 'image' => '20240808123829_aviation report.jpg', 'article_date' => '2024-08-08 12:37:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '21777', 'article_category_id' => '1', 'title' => 'Government Forms 3-Member Commission to Investigate Air Dynasty Chopper Crash', 'sub_title' => '', 'summary' => 'KATHMANDU, August 7: The government has formed a three-member commission to investigate the Air Dynasty chopper crash.', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">KATHMANDU, August 7: The government has formed a three-member commission to investigate the Air Dynasty chopper crash.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">An emergency Cabinet meeting held at Singha Durbar on Wednesday appointed senior pilot of the Nepalese Army, Subas Thapa, as the commission's coordinator, according to Minister for Communications and Information Technology, Prithvi Subba Gurung. The commission also includes aeronautical engineer Bishnu Basnet and Under-Secretary (Technical) of the Ministry of Culture, Tourism and Civil Aviation, Tanuja Pokharel. The commission has been tasked with submitting its report within 30 days.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The government expressed its condolences to the families of those who lost their lives in the crash. Minister Gurung paid tribute to all the victims of the incident.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The crash claimed the lives of five people, including the pilot, Arun Malla. The helicopter, with call sign 9N-AJD, met with an accident at Shivapuri Rural Municipality-7 on Wednesday afternoon. It had departed from Nalinchowk in Bhaktapur district for Syaphrubesi in Rasuwa district.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The Chinese nationals killed in the crash were identified as Tang Jutao, Wu Yiyao, Li Jie, and Xie Zeming.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">All the bodies have been transferred to Tribhuvan University Teaching Hospital in Maharajgunj for postmortem examination, according to the Civil Aviation Authority of Nepal. -- RSS</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-08', 'modified' => '2024-08-08', 'keywords' => '', 'description' => '', 'sortorder' => '21503', 'image' => '20240808114456_HRB-KTM-23Saun.jpg', 'article_date' => '2024-08-08 11:44:18', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '21776', 'article_category_id' => '1', 'title' => 'Turkish Airlines Plane 'Overshoots' at TIA Due to Missed Approach', 'sub_title' => '', 'summary' => 'KATHMANDU, Aug 8: A Turkish Airlines aircraft from Istanbul overshot the runway during its approach to land at the Tribhuvan International Airport (TIA) in Kathmandu today (Thursday).', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">KATHMANDU, Aug 8: A Turkish Airlines aircraft from Istanbul overshot the runway during its approach to land at the Tribhuvan International Airport (TIA) in Kathmandu today (Thursday).</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to flight radar data, the plane, which was scheduled to land at 6:10 am, touched down 20 minutes later after the overshoot.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The airport office reported that the aircraft overshot due to a 'missed approach.' An air traffic controller (ATC) noted that the incident occurred following an 'unstable approach.' </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The incident occurred just a day after a fatal crash of an Air Dynasty helicopter in which four Chinese passengers and the pilot were killed on the border of Kathmandu.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Earlier on March </span></span>4<span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">, 2015, a Turkish Airlines plane skidded off the runway at TIA and landed on the grassland near the runway after losing balance during landing. No major injuries were reported back then. <em>(With inputs from RSS)</em></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-08-08', 'modified' => '2024-08-08', 'keywords' => '', 'description' => '', 'sortorder' => '21502', 'image' => '20240808111005_iu.jpeg', 'article_date' => '2024-08-08 11:09:19', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '21772', 'article_category_id' => '228', 'title' => 'Air Dynasty Helicopter Crashes in Shivapuri, Killing Five', 'sub_title' => '', 'summary' => 'KATHMANDU, August 7: An Air Dynasty helicopter crashed in the Shivapuri area of Nuwakot district this afternoon (Wednesday), killing five people on board.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">KATHMANDU, August 7: An Air Dynasty helicopter crashed in the Shivapuri area of Nuwakot district this afternoon (Wednesday), killing five people on board.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Tribhuvan International Airport's General Manager, Jagannath Niraula, confirmed the crash.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Locals, suspecting an accident, informed the police after noticing flames and smoke over Suryachaur in the Shivapuri forest area, located in Shivapuri Rural Municipality-7, Nuwakot, according to Assistant Chief District Officer Krishna Prasad Humagain.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The police confirmed that four men and one woman were among the deceased.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Superintendent of Police (SP) Shantiraj Koirala from the District Police Office, Nuwakot, stated that the helicopter crashed in the Suryachaur area of Shivapuri Forest.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">"Some security personnel and locals have already reached the crash site and are currently working to extinguish the fire," informed SP Koirala.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Further details on the accident are awaited. -- RSS</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-07', 'modified' => '2024-08-07', 'keywords' => '', 'description' => '', 'sortorder' => '21501', 'image' => '20240807042654_IMG-20240807-WA0005.jpg', 'article_date' => '2024-08-07 16:17:06', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '21774', 'article_category_id' => '1', 'title' => 'Nepal Ready to Welcome Foreign Investors: FNCCI President Dhakal', 'sub_title' => '', 'summary' => 'President of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) Chandra Prasad Dhakal highlighted Nepal's readiness to welcome foreign investors and the importance of trade facilitation for regional economic growth.', 'content' => '<p><span style="font-size:18px">KATHMANDU, August 7: President of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) Chandra Prasad Dhakal highlighted Nepal's readiness to welcome foreign investors and the importance of trade facilitation for regional economic growth.<br /> Addressing the BIMSTEC Business Summit 2024 in New Delhi on Wednesday President Dhakal emphasized that recent economic progress in Nepal, supported by significant amendments in eight investment-related laws and the establishment of a Bilateral Investment Agreement framework, has created a favorable environment for foreign investment. <br /> He invited investors to explore opportunities in sectors such as tourism, hydropower, education, and information technology.<br /> He noted that increased trade and investment are essential for economic growth, job creation, and poverty reduction. Dhakal cited the World Trade Organization's suggestion that implementing the Trade Facilitation Agreement could reduce global trade costs by an average of 14.3 percent.<br /> Dhakal called for enhanced cross-border linkages and trade infrastructure among BIMSTEC states to harness this potential. <br /> He proposed improving transport infrastructure, including the BIMSTEC highway and railway systems, and developing a railway project parallel to Nepal's East-West Highway. Enhancing border infrastructure to simplify customs procedures was also emphasized.<br /> To support these developments, Dhakal proposed establishing a BIMSTEC Infrastructure Development Fund. He stressed that improved regional connectivity would benefit all member states and strengthen their collective voice in international forums.<br /> The BIMSTEC Business Summit 2024, organized by the Confederation of Indian Industry, provided a platform for discussing key issues and opportunities for promoting trade facilitation and economic growth in the region.</span></p> ', 'published' => true, 'created' => '2024-08-07', 'modified' => '2024-08-07', 'keywords' => '', 'description' => '', 'sortorder' => '21500', 'image' => '20240807083410_IMG-20240807-WA0002.jpg', 'article_date' => '2024-08-07 20:33:20', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '21775', 'article_category_id' => '266', 'title' => 'FHAN Signs MoU with Songkhla Chamber of Commerce at Thai SMEs Trade Fair', 'sub_title' => '', 'summary' => 'KATHMANDU, August 7: The Federation of Handicraft Associations of Nepal (FHAN) signed a Memorandum of Understanding (MoU) with the Thailand-based Songkhla Chamber of Commerce during an SMEs trade fair in Songkhla, Thailand recently.', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">KATHMANDU, August 7: The Federation of Handicraft Associations of Nepal (FHAN) signed a Memorandum of Understanding (MoU) with the Thailand-based Songkhla Chamber of Commerce during an SMEs trade fair in Songkhla, Thailand recently.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The MoU, aimed at fostering collaboration in trade and skill transfer between Nepal and Thailand, was signed by FHAN President Prachanda Shakya and Songpon, president of the Songkhla Chamber of Commerce, reads a statement issued by FHAN. The signing ceremony was attended by Mahamapisakri Wamae, deputy governor of Songkhla Province, and Chatsuda Chumsaeng, director of Songkhla Provincial Commerce.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The MoU signing was a key highlight of the FHAN delegation's visit to the trade fair, which took place from July 18 to 21. Led by President Shakya and Vice President Dilli Ratna Tuladhar, the delegation attended the event as honored guests, following an invitation from the Office of Provincial Commercial Affairs, Songkhla Province. The trade fair was organized by the Songkhla Chamber of Commerce with support from the provincial government.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">During the event, the FHAN delegation engaged with various government officials, business leaders, and representatives of SMEs. President Shakya addressed the attendees at the opening ceremony, emphasizing the potential for collaboration between Nepal and Thailand's SMEs and business communities, particularly in skill transfer and trade promotion. Vice President Tuladhar echoed this sentiment in his speech, reinforcing the message of cooperation and mutual benefit.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">In addition to their participation in the trade fair, the FHAN delegation met with the Nepalese Ambassador to Thailand, Dhan Bahadur Oli, at his office. During the meeting, the delegation sought the ambassador's assistance in promoting Nepalese handicraft products in Thailand. Ambassador Oli assured the delegation of his full support and commitment to this cause.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">According to FHAN, the visit to the Songkhla SMEs trade fair marks a significant step towards strengthening trade relations and skill development between Nepal and Thailand, underscoring the potential for future collaboration and growth in the handicraft sector.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-07', 'modified' => '2024-08-07', 'keywords' => '', 'description' => '', 'sortorder' => '21499', 'image' => '20240807084809_IMG-20240807-WA0003 - Copy.jpg', 'article_date' => '2024-08-07 20:46:24', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ) ) $current_user = null $logged_in = falseinclude - APP/View/Elements/side_bar.ctp, line 60 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
Warning (2): simplexml_load_file() [<a href='http://php.net/function.simplexml-load-file'>function.simplexml-load-file</a>]: I/O warning : failed to load external entity "" [APP/View/Elements/side_bar.ctp, line 60]file not found!Code Context// $file = 'http://aabhiyan:QUVLg8Wzs2F7G9N7@nepalstock.com.np/api/indexdata.xml';if(!$xml = simplexml_load_file($file)){$viewFile = '/var/www/html/newbusinessage.com/app/View/Elements/side_bar.ctp' $dataForView = array( 'articles' => array( (int) 0 => array( 'Article' => array( [maximum depth reached] ) ), (int) 1 => array( 'Article' => array( [maximum depth reached] ) ), (int) 2 => array( 'Article' => array( [maximum depth reached] ) ), (int) 3 => array( 'Article' => array( [maximum depth reached] ) ), (int) 4 => array( 'Article' => array( [maximum depth reached] ) ), (int) 5 => array( 'Article' => array( [maximum depth reached] ) ), (int) 6 => array( 'Article' => array( [maximum depth reached] ) ), (int) 7 => array( 'Article' => array( [maximum 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(NEA).', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">KATHMANDU, August 9: The Supreme Court (SC) has directed the government not to proceed with its decision to dismiss Bhakta Bahadur Pun and Kapil Acharya from their positions as Board of Directors of the Nepal Electricity Authority (NEA).</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">A single bench of SC Justice Sunil Kumar Pokharel issued an interim order on Thursday preventing the government from implementing its decision to remove Pun and Acharya from their roles.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The SC has also asked the government to provide the reasons behind their dismissal.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The decision to remove Pun and Acharya was made at the ministerial level by Minister for Energy, Water Resources, and Irrigation Dipak Khadka on August 2.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Following their removal, the government had appointed Devendra Karki and Mahendra Bahadur Gurung to the positions. -- RSS</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-09', 'modified' => '2024-08-09', 'keywords' => '', 'description' => '', 'sortorder' => '21513', 'image' => '20240809083511_20220922045627_Supreme Court.jpg', 'article_date' => '2024-08-09 08:34:28', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '21786', 'article_category_id' => '1', 'title' => 'NEA Submits PAC 100,000 Page-Long Details of Electricity Supplied to Industries', 'sub_title' => '', 'summary' => 'The Nepal Electricity Authority (NEA) on Thursday submitted to the Public Account Committee (PAC) a detailed record of the electricity, inducing the time of the day (TOD) Metre data, supplied to the industries through the dedicated feeders and trunk lines.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Georgia","serif"">NewBiz Report</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Georgia","serif"">KATHMANDU, August 8</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Nepal Electricity Authority (NEA) on Thursday submitted to the Public Account Committee (PAC) a detailed record of the electricity, inducing the time of the day (TOD) Metre data, supplied to the industries through the dedicated feeders and trunk lines.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Kulman Ghising, NEA's managing director, confirmed to New Business Age that the around 100,000 pages of information on the TOD metre data, logbooks, billing in Ampere, and details of bills provided to industrialists were submitted to the parliamentary committee.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“The TOD metre data was not necessary earlier. However, since it is being sought after, we have submitted it,” said Ghising.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Eakram Giri, secretary of the Public Accounts Committee of parliament, said that they have received around three dozen packs of files, including the TOD metre data.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“The committee will review the data and discuss it in the next meeting,” Giri said.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The industries, which have defaulted in payment of bill for the use of electricity supplied under the dedicated feeders and trunk lines during the load-shedding period, have been demanding the TOD metre data for the settlement of dues.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The defaulting industries have taken a stance that they will not pay the dues unless the NEA provides them with the TOD metre data.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The NEA, on the other hand, maintains that it has provided all the required bills and has repeatedly asked the industries to clear the bills.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the NEA, the industrialists owe Rs 6.65 billion in addition to a 25 per cent fine, amounting to about Rs 8.25 billion. Initially, the NEA had calculated that industrialists who consumed electricity from the dedicated feeder and trunk line owed Rs 21.3 billion. However, the arrears were revised after taking into consideration the recommendation of a commission formed by the government to address the dispute.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Specifically, Jagdamba Steel owes Rs 1.60 billion, Jagdamba Synthetic Rs 200 million, Reliance Spinning Mills Rs 753.7 million, Ghorahi Cement Rs 510 million, Arghakhanchi Cement Rs 440 million, and Hulas Steel Rs 140 million.</span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-08-08', 'modified' => '2024-08-08', 'keywords' => '', 'description' => '', 'sortorder' => '21512', 'image' => '20240808084020_75689f13.jpeg', 'article_date' => '2024-08-08 20:39:29', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '21784', 'article_category_id' => '1', 'title' => 'Comprehensive Strategy Needed to Mitigate Post-LDC Graduation Challenges: Study', 'sub_title' => 'The study also warns that Nepal might forfeit its trade preferences under the GSP and Duty-Free Quota-Free schemes, resulting in increased tariffs on exports', 'summary' => 'KATHMANDU, August 8: A new study has emphasised the need for Nepal to adopt a comprehensive approach to navigate the complexities of its upcoming graduation from Least Developed Country (LDC) status in 2026. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">KATHMANDU, August 8: </span></span></span></span><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">A new study has emphasised the need for Nepal to adopt a comprehensive approach to navigate the complexities of its upcoming graduation from Least Developed Country (LDC) status in 2026. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The study, titled "Nepal LDC Graduation: Report on Trade Policy Reforms to Mitigate the Impact on WTO Obligations," commissioned by the Ministry of Industry, Commerce and Supplies with support from the European Union Nepal Trade and Investment Programme (TIP), was presented at a public-private dialogue on Wednesday.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The study emphasises the need for Nepal to update its laws and regulations, improve institutional processes, strengthen human resource skills, expand export markets, and enhance international cooperation.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Policymakers, trade experts, development partners, and private sector representatives hold a common view that Nepal must expedite legal and policy reforms, and strengthen institutional and human resource capacities to be better prepared to face the post-graduation trade scenarios.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Secretary at the Ministry of Industry, Commerce, and Supplies, Krishna Bahadur Raut, who was presiding over the program, said the government is serious about the concerns raised and suggestions offered by the private sector regarding Nepal’s preparation for graduation.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Raut expressed commitment to making maximum efforts from the government to ensure post-graduation benefits for Nepal.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Joint Secretary at the ministry Dev Raj Joshi said Nepal’s graduation presents both challenges and opportunities adding that Nepal needs to continue to make reforms in trade-related policies and laws. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Purushottam Ojha, a trade expert and former Commerce Secretary, emphasised the importance of adhering to new WTO obligations, including agreements on agriculture, subsidies, the Agreement on Trade-Related Aspects of Intellectual Property Rights (TRIPS), and the Trade Facilitation Agreement (TFA) for a smooth transition.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">An International Trade Expert from the International Trade Centre, Abhijit Das, cautioned that the transition leads to stricter rules and reduced benefits, such as the loss of lower tariffs stressing the urgent need to implement the action plan to ensure a smooth transition from LDC status.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Shobha Gyawali, president of the Federation of Nepal Women Entrepreneurs’ Association (FWEAN), said that Nepal is not yet ready for LDC graduation and emphasised the need to ensure that women entrepreneurs benefit from international trade.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Other representatives of the private sector said graduation seemed to be without due preparation given the low competitiveness of Nepali businessmen and the higher cost of production and export compared to other countries. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The study also warns that Nepal might forfeit its trade preferences under the Generalised System of Preferences (GSP) and Duty-Free Quota-Free schemes, which could result in increased tariffs on exports. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">It suggests conducting a thorough diagnostic study to identify vulnerable products and markets, exploring alternative trade arrangements such as GSP-Plus in the European Union, and enhancing industry awareness through workshops.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Strengthening national capacity to address non-tariff barriers, developing national standards, forming mutual recognition agreements with key trade partners, promoting products prioritised by the Nepal Trade Integration Strategy (NTIS) 2023, drawing lessons from other LDC-graduated countries, fostering partnership among governments, private sector, and international partners, are other recommendations of the study to ensure a successful transition by mitigating the impacts of LDC graduation.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-08-08', 'modified' => '2024-08-08', 'keywords' => '', 'description' => '', 'sortorder' => '21511', 'image' => '20240808084706_LDC.jpg', 'article_date' => '2024-08-08 16:37:26', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '21785', 'article_category_id' => '266', 'title' => 'Tulips HRM Introduces Advanced HR Information System Tailored for Nepalese Market', 'sub_title' => '', 'summary' => 'KATHMANDU, August 8: Tulips HRM, an international HR solution provider, has developed an advanced Human Resource Information System (HRIS) specifically tailored for the Nepalese market.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">KATHMANDU, August 8: Tulips HRM, an international HR solution provider, has developed an advanced Human Resource Information System (HRIS) specifically tailored for the Nepalese market.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Issuing a recent statement, the company said that the HRIS, designed to meet the diverse needs of local businesses, reflects Tulips HRM's evolution from its origins as an IT outsourcing company to a comprehensive HR solutions provider.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Founded 16 years ago and formerly known as Eattendance.com, Tulips HRM initially focused on attendance management. Over the years, it has expanded its offerings to include a complete HR management suite that addresses a wide range of organizational needs, the statement added.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to Tulips HRM, the software's customizable features cater to various industries and organizational requirements, distinguishing it from its competitors.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Tulips HRM claimed that the company serves a diverse clientele, including 15,000 users at the Nepal Electricity Authority (NEA), and is expanding into the banking sector. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the company, the HRIS, developed in 2008, has proven its effectiveness and versatility by supporting over a thousand clients worldwide. It streamlines HR activities such as employee data management, recruitment, performance evaluations, training, and payroll processing. The software also includes modules for appraisals, recruitment portals, and online examinations, covering the entire employee lifecycle from recruitment to retirement, added the statement.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">In addition to its presence in Nepal, Tulips HRM is utilized in several international markets, including Congo, Rwanda, Russia, and India. The company said that the software supports multiple languages, including Nepali, English, French, Russian, and Chinese, ensuring accessibility for a broad range of users.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">As businesses continue to seek efficient and integrated HR management solutions, Tulips HRM's latest offering represents a significant advancement in the HRIS landscape, catering to both local and international markets.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-08', 'modified' => '2024-08-08', 'keywords' => '', 'description' => '', 'sortorder' => '21510', 'image' => '20240808050031_HRIS.jpg', 'article_date' => '2024-08-08 16:59:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '21783', 'article_category_id' => '1', 'title' => 'NEPSE Index and Turnover Amount Rise', 'sub_title' => '', 'summary' => 'The Nepal Stock Exchange (NEPSE) Index experienced a slight increase of 6.70 points, or 0.24%, closing at 2766.38 on the last trading day of the week, Thursday. ', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">August 8: The Nepal Stock Exchange (NEPSE) Index experienced a slight increase of 6.70 points, or 0.24%, closing at 2766.38 on the last trading day of the week, Thursday. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">In today's trading session, 322 scrips were traded through 209,965 transactions. A total of 50,946,832 units of shares were exchanged, resulting in a total turnover of Rs 20.7 billion.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Shivam Cements Limited (SHIVM) led in turnover amount, with transactions worth Rs 1.20 billion. Six companies, including Shivam Cements Limited (SHIVM) and Sonapur Minerals and Oil Limited (SONA), saw a 10% gain each, hitting the upper circuit limit for the day.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">NRN Infrastructure and Development Limited (NRN) faced the highest loss, dropping 8.04% to close at Rs 999 per share.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The Sensitive Index and Sensitive Float Index increased by 0.04% and 0.18%, respectively, while the Float Index dropped by 0.08%.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">In terms of sector indices, five closed in the green, while the remaining indices were in the red.</span></span><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The Manufacturing and Processing Index achieved the highest gain of 5.87%, while the Hotels and Tourism Index saw the largest loss at 1.27%.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-08', 'modified' => '2024-08-08', 'keywords' => '', 'description' => '', 'sortorder' => '21509', 'image' => '20240808033859_collage (94).jpg', 'article_date' => '2024-08-08 15:37:38', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 5 => array( 'Article' => array( 'id' => '21782', 'article_category_id' => '1', 'title' => 'Govt Unable to Collect Taxes due to Delay in Full Text of SC Verdict on ISPs’ Arrears', 'sub_title' => '', 'summary' => 'KATHMANDU, August 8: Although three months have passed since the Supreme Court dismissed the petition challenging the Nepal Telecommunications Authority's decision to impose the maintenance tax on internet service providers, the government has yet to collect the outstanding dues of Rs 3 billion.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">KATHMANDU, August 8: Although three months have passed since the Supreme Court dismissed the petition challenging the Nepal Telecommunications Authority's decision to impose the maintenance tax on internet service providers, the government has yet to collect the outstanding dues of Rs 3 billion. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">The Supreme Court dismissed the writ filed by Worldlink Communications, which argued against the tax, on May 12. However, the full text of the court’s decision has not been released, preventing the internet service providers from settling the tax and hindering the government's ability to take action. According to Santosh Paudel, spokesperson for the NTA, while the court's decision was in the government's favour, the lack of detailed text has delayed tax collection. "Once the full text is available, it will be duly notified," Paudel said.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">The delay in releasing the full verdict is causing additional interest to accrue on the tax arrears. Paudel noted that interest is being added monthly, and it is preferable for companies to pay as soon as possible. The total amount due, including interest, has now reached approximately Rs 3.5 billion.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">With the dismissal of the writ, companies like Worldlink must now pay the tax. A representative from Worldlink stated that the tax will not be paid until the full text is received. "We are not satisfied with the court’s order," the representative said. "We will discuss the terms of payment once the full text is released."</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Prior to the court’s decision, internet service providers had been reluctant to pay the rural telecommunication fund and royalty amounts on time. As a result, the government refused to provide foreign currency exchange facility to the ISPs. This issue impacted internet services during the National Information and Communication Technology Day on May 2, when India's Airtel halted bandwidth provision to Nepali ISPs due to non-payment. Following negotiations at the government level, Airtel resumed the service.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">After the SC verdict, the internet service providers have no further legal recourse and are now seeking concessions such as installment facilities and interest exemptions. However, government officials have indicated that such concessions are unlikely.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">"If the tax had been paid on time, this issue might have been avoided, but the authority has the discretion to make all decisions," said Gajendra Kumar Thakur, joint secretary of the Ministry of Communications. "The ministry will not interfere in this matter."</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">As of last year, the tax arrears for various companies were as follows:</span></span></span></span></p> <ul> <li><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Worldlink Communications: Rs 1.253 billion</span></span></span></span></li> <li><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Subisu Cable Net Pvt Ltd: Rs 269.7 million</span></span></span></span></li> <li><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Vianet Communication: Rs 267.6 million</span></span></span></span></li> <li><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Classictech: Rs 237.1 million</span></span></span></span></li> <li><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Mercantile: Rs 91.6 million</span></span></span></span></li> <li><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Websurfer: Rs 73.3 million</span></span></span></span></li> <li><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Pokhara Internet: Rs 33.3 million</span></span></span></span></li> <li><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Netmax: Rs 10.9 million</span></span></span></span></li> <li><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Techminds: Rs 2.36 million</span></span></span></span></li> </ul> <p> </p> ', 'published' => true, 'created' => '2024-08-08', 'modified' => '2024-08-08', 'keywords' => '', 'description' => '', 'sortorder' => '21508', 'image' => '20240808024507_1635752064.broadband_internet.jpg', 'article_date' => '2024-08-08 14:44:32', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '21780', 'article_category_id' => '1', 'title' => 'Another Crash in Two Weeks Raises Questions about Air Safety in Nepal', 'sub_title' => '', 'summary' => 'KATHMANDU, August 8: Four Chinese citizens and a Nepali pilot died in a helicopter crash on Wednesday, sparking widespread concern over the safety of Nepal's aviation sector. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">HIMA BK</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">KATHMANDU, August 8: Four Chinese citizens and a Nepali pilot died in a helicopter crash on Wednesday, sparking widespread concern over the safety of Nepal's aviation sector. The Air Dynasty helicopter, en route from Kathmandu to Syafrubesi in Rasuwa, crashed in Surya Chaur of Shivapuri Rural Municipality, Ward No. 7, Nuwakot district killing all five people on board.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Chief District Officer of Nuwakot, Ramakrishna Adhikari, confirmed that pilot Arun Malla and the four Chinese citizens were killed in the crash. This incident comes just two weeks after the Saurya Airlines plane crash at Tribhuvan International Airport on July 25, which claimed the lives of 18 people.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The Chinese nationals who perished in the crash were identified as Tang Chutao, Wu Yiao, Li Chiy, and Si Chamin. The bodies were recovered on Wednesday and transported to Tribhuvan University Teaching Hospital in Maharajgunj, Kathmandu, for postmortem, according to a press statement released by the Civil Aviation Authority of Nepal (CAAN).</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Pilot Arun Malla, who had previously survived an air crash in Lukla in October 2013, was piloting the Air Dynasty helicopter when it met with the accident. The helicopter took off from Kathmandu-based airport at 1:54 PM on Wednesday, but lost contact with the tower just three minutes after takeoff. The crash was later confirmed in Surya Chaur. Balkrishna Pandit, a senior manager at Air Dynasty, stated that the purpose of the Chinese passengers' trip to Syafrubesi remains unclear.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Government officials have not yet determined the cause of the accident. CAAN spokesperson Hansraj Pandey stated that the cause will be identified after further investigation. The Department of Hydrology and Meteorology had forecast weather changes from normal to severe, with potential for light to moderate rainfall on Tuesday and Wednesday, which could have affected air traffic. The department had issued a warning beforehand for necessary caution and preparedness on August 6.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">In March 2023, another Air Dynasty helicopter was involved in an accident while landing at HAMS Hospital in Kathmandu, though no casualties were reported. The increasing frequency of air accidents in Nepal has raised serious concerns about the country’s air safety standards.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">CAAN spokesperson Pandey acknowledged the growing concerns over recent air accidents, despite government documents indicating improvements in air safety. He questioned whether there is a gap between documented improvements and actual practice. The responsibility for safety lies heavily on pilots once the aircraft is airborne, although the authority maintains communication through air traffic control.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The International Civil Aviation Organization (ICAO) conducted an audit of Nepal's air safety in April 2022. According to the air safety report issued by CAAN, Nepal's air safety implementation capacity improved to a score of 70.1 percent in 2023, above the international average of 67.5 percent. However, the string of recent accidents has called CAAN’s effectiveness into question.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">During a meeting of the Tourism and International Coordination Committee under the House of Representatives on July 25, MP Udaya Shumsher Rana criticized CAAN leadership for the seven air accidents that occurred since Pradeep Adhikari took charge, urging for greater accountability. The ICAO has recommended that CAAN be divided into two separate organizations—one as a regulator and the other as a service provider—to enhance regulatory capacity, a suggestion that has yet to be implemented.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Following the Air Dynasty helicopter crash, the government formed a three-member commission to investigate the incident. The commission, led by senior pilot Subas Thapa of the Nepalese Army, includes Maintenance Manager of Simrik Air Bishnu Basnyat and Senior Divisional Engineer of the Ministry of Culture, Tourism, and Civil Aviation Tanuja Pokharel. They are mandated to submit a report on the incident within a month.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Air Dynasty, a helicopter company with the most flights in Nepal, has been providing helicopter services for nearly 30 years. According to the Nepal Tourism Statistics 2023, Air Dynasty conducted 2,234 flights that year, serving 6,840 passengers, the highest among helicopter companies. The crash on Wednesday destroyed one of the company’s helicopters, but plans are already in place to add another helicopter to the fleet within the next few months, according to senior manager Balkrishna Pandit. The company is managed by Pavitra Kumar Karki.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><strong>Warning of Permit Cancellation for Non-Compliance with Safety Standards</strong></span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The government has decided to cancel the air service permits of airlines and helicopter service providers that fail to meet the minimum safety standards set by the High-Level Security Coordination Committee. According to ICAO's World Aviation Safety Plan (2020-2022), air service providers must maintain at least 60% progress in their safety management system implementation.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">CAAN has announced that the decision to revoke permits for non-compliant air service providers was made at a committee meeting on August 2. In 2023, four airlines and all four helicopter companies failed to meet the required safety criteria. The committee has also decided to impose penalties, such as reducing the number of flights, not extending permit periods, and requiring re-certification after major maintenance for those who do not comply with the safety standards.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-08', 'modified' => '2024-08-08', 'keywords' => '', 'description' => '', 'sortorder' => '21507', 'image' => '20240808020245_Air_Dynasty_Heli_Service,_Nepal.jpg', 'article_date' => '2024-08-08 14:01:55', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '21781', 'article_category_id' => '1', 'title' => 'Price of Gold Surges, Silver Declines in Domestic Market', 'sub_title' => '', 'summary' => 'The price of gold surged by Rs 300 per tola (11.66 grams) in the domestic market of Nepal on Thursday (August 8).', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">NewBiz Report</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">KATHMANDU, August 8</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The price of gold surged by Rs 300 per tola (11.66 grams) in the domestic market of Nepal on Thursday (August 8).</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">According to the Federation of Nepal Gold and Silver Dealers' Association, the price of fine gold rose to Rs 146,600 per tola on Thursday from Rs 146,300 per tola a day ago and that of worked gold to Rs 145,900 from Rs 145,600 per tola.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">In contrast, silver became cheaper by Rs 20 per tola to be traded at Rs 1,690 per tola.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-08', 'modified' => '2024-08-08', 'keywords' => '', 'description' => '', 'sortorder' => '21506', 'image' => '20240808020551_20240801032633_cd5483b7.jpeg', 'article_date' => '2024-08-08 14:04:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '21779', 'article_category_id' => '1', 'title' => 'Interest Rates on Loans Likely to Drop as Capital Costs of Banks Decrease', 'sub_title' => '', 'summary' => 'Interest rates on loans are expected to decline further due to a reduction in the cost of capital for commercial banks.', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Newbiz Report<br /> KATHMANDU, August 8</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Interest rates on loans are expected to decline further due to a reduction in the cost of capital for commercial banks. According to the unaudited financial statements published by banks, the average base rate of commercial banks fell to 8.09 percent in mid-June to mid-July 2024, down from 10.12 percent in the corresponding period a year ago.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Banks and financial institutions calculate the base rate by adding a 0.75 percent return to their cost, following the procedure set by Nepal Rastra Bank (NRB). The interest rate on loan is then determined by adding a certain percentage premium to this base rate. There is a provision to consider the base rate of the last three months when issuing loans. As a result, if a bank's average base rate decreases each quarter, interest rates on loan will automatically follow suit, and vice versa.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Due to a lack of liquidity in the previous fiscal year, banks consistently raised interest rates on deposits, peaking at 12.33 percent in December/January 2022. However, since mid-April 2023, commercial banks have fixed interest rates on deposits at a single digit. From mid-July 2023 onwards, banks have been setting these rates independently, unlike a gentlemen’s agreement in the past to fix a uniform interest rate by the members of the Nepal Bankers Association.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">As a result, interest rates have been gradually decreasing. Former banker Parshuram Kunwar Chhetri notes that the base rate dropped when interest rates were lower during the last fiscal year. However, he also mentioned that the base rate remains relatively high due to banks securing long-term deposits at elevated interest rates during the liquidity crisis in the previous year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">In mid-July to mid-August 2024, Standard Chartered Bank had the lowest base rate among commercial banks at 8.60 percent, while NIC Asia Bank had the highest at 9.19 percent. Exactly a year ago, several banks had double-digit base rates, but by mid-July 2024, all had managed to reduce them to single digits.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Currently, commercial banks set interest rates on loan by adding a maximum 5 percent premium to the base rate. NRB regulations stipulate that this fixed premium cannot be altered once a loan agreement is signed with a customer. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-08', 'modified' => '2024-08-08', 'keywords' => '', 'description' => '', 'sortorder' => '21505', 'image' => '20240808012349_20240717011652_20240624011617_bankkkkkkk.jpg', 'article_date' => '2024-08-08 13:22:52', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '21778', 'article_category_id' => '1', 'title' => 'Tourism Minister Pledges Swift Reforms for Aviation Safety', 'sub_title' => '', 'summary' => 'KATHMANDU, August 8: The Ministry of Culture, Tourism, and Civil Aviation has initiated efforts to implement immediate, mid-term, and long-term reforms with a high priority on aviation safety.', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">KATHMANDU, August 8: The Ministry of Culture, Tourism, and Civil Aviation has initiated efforts to implement immediate, mid-term, and long-term reforms with a high priority on aviation safety.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">In a statement issued on Wednesday evening, Minister for Culture, Tourism, and Civil Aviation Badri Prasad Pandey pledged to focus on aviation safety for the coming week by postponing all non-urgent pre-scheduled programs. He emphasized that the ministry and its subordinate agencies would be mobilized to take necessary initiatives towards enhancing safety measures.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The pledge follows the tragic crash of an Air Dynasty helicopter in Shivapuri Rural Municipality-7, Surya Chaur, Nuwakot, which resulted in the deaths of four Chinese nationals and pilot Arun Malla.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Minister Pandey called for support, cooperation, and suggestions from all stakeholders to address the challenges faced by the aviation sector. The ministry has requested all stakeholders to send recommendations for immediate and long-term actions to its official email address.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The minister also paid tribute to those who lost their lives in the helicopter accident and expressed his condolences to the bereaved families. -- RSS</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-08', 'modified' => '2024-08-08', 'keywords' => '', 'description' => '', 'sortorder' => '21504', 'image' => '20240808123829_aviation report.jpg', 'article_date' => '2024-08-08 12:37:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '21777', 'article_category_id' => '1', 'title' => 'Government Forms 3-Member Commission to Investigate Air Dynasty Chopper Crash', 'sub_title' => '', 'summary' => 'KATHMANDU, August 7: The government has formed a three-member commission to investigate the Air Dynasty chopper crash.', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">KATHMANDU, August 7: The government has formed a three-member commission to investigate the Air Dynasty chopper crash.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">An emergency Cabinet meeting held at Singha Durbar on Wednesday appointed senior pilot of the Nepalese Army, Subas Thapa, as the commission's coordinator, according to Minister for Communications and Information Technology, Prithvi Subba Gurung. The commission also includes aeronautical engineer Bishnu Basnet and Under-Secretary (Technical) of the Ministry of Culture, Tourism and Civil Aviation, Tanuja Pokharel. The commission has been tasked with submitting its report within 30 days.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The government expressed its condolences to the families of those who lost their lives in the crash. Minister Gurung paid tribute to all the victims of the incident.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The crash claimed the lives of five people, including the pilot, Arun Malla. The helicopter, with call sign 9N-AJD, met with an accident at Shivapuri Rural Municipality-7 on Wednesday afternoon. It had departed from Nalinchowk in Bhaktapur district for Syaphrubesi in Rasuwa district.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The Chinese nationals killed in the crash were identified as Tang Jutao, Wu Yiyao, Li Jie, and Xie Zeming.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">All the bodies have been transferred to Tribhuvan University Teaching Hospital in Maharajgunj for postmortem examination, according to the Civil Aviation Authority of Nepal. -- RSS</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-08', 'modified' => '2024-08-08', 'keywords' => '', 'description' => '', 'sortorder' => '21503', 'image' => '20240808114456_HRB-KTM-23Saun.jpg', 'article_date' => '2024-08-08 11:44:18', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '21776', 'article_category_id' => '1', 'title' => 'Turkish Airlines Plane 'Overshoots' at TIA Due to Missed Approach', 'sub_title' => '', 'summary' => 'KATHMANDU, Aug 8: A Turkish Airlines aircraft from Istanbul overshot the runway during its approach to land at the Tribhuvan International Airport (TIA) in Kathmandu today (Thursday).', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">KATHMANDU, Aug 8: A Turkish Airlines aircraft from Istanbul overshot the runway during its approach to land at the Tribhuvan International Airport (TIA) in Kathmandu today (Thursday).</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to flight radar data, the plane, which was scheduled to land at 6:10 am, touched down 20 minutes later after the overshoot.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The airport office reported that the aircraft overshot due to a 'missed approach.' An air traffic controller (ATC) noted that the incident occurred following an 'unstable approach.' </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The incident occurred just a day after a fatal crash of an Air Dynasty helicopter in which four Chinese passengers and the pilot were killed on the border of Kathmandu.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Earlier on March </span></span>4<span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">, 2015, a Turkish Airlines plane skidded off the runway at TIA and landed on the grassland near the runway after losing balance during landing. No major injuries were reported back then. <em>(With inputs from RSS)</em></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-08-08', 'modified' => '2024-08-08', 'keywords' => '', 'description' => '', 'sortorder' => '21502', 'image' => '20240808111005_iu.jpeg', 'article_date' => '2024-08-08 11:09:19', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '21772', 'article_category_id' => '228', 'title' => 'Air Dynasty Helicopter Crashes in Shivapuri, Killing Five', 'sub_title' => '', 'summary' => 'KATHMANDU, August 7: An Air Dynasty helicopter crashed in the Shivapuri area of Nuwakot district this afternoon (Wednesday), killing five people on board.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">KATHMANDU, August 7: An Air Dynasty helicopter crashed in the Shivapuri area of Nuwakot district this afternoon (Wednesday), killing five people on board.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Tribhuvan International Airport's General Manager, Jagannath Niraula, confirmed the crash.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Locals, suspecting an accident, informed the police after noticing flames and smoke over Suryachaur in the Shivapuri forest area, located in Shivapuri Rural Municipality-7, Nuwakot, according to Assistant Chief District Officer Krishna Prasad Humagain.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The police confirmed that four men and one woman were among the deceased.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Superintendent of Police (SP) Shantiraj Koirala from the District Police Office, Nuwakot, stated that the helicopter crashed in the Suryachaur area of Shivapuri Forest.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">"Some security personnel and locals have already reached the crash site and are currently working to extinguish the fire," informed SP Koirala.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Further details on the accident are awaited. -- RSS</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-07', 'modified' => '2024-08-07', 'keywords' => '', 'description' => '', 'sortorder' => '21501', 'image' => '20240807042654_IMG-20240807-WA0005.jpg', 'article_date' => '2024-08-07 16:17:06', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '21774', 'article_category_id' => '1', 'title' => 'Nepal Ready to Welcome Foreign Investors: FNCCI President Dhakal', 'sub_title' => '', 'summary' => 'President of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) Chandra Prasad Dhakal highlighted Nepal's readiness to welcome foreign investors and the importance of trade facilitation for regional economic growth.', 'content' => '<p><span style="font-size:18px">KATHMANDU, August 7: President of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) Chandra Prasad Dhakal highlighted Nepal's readiness to welcome foreign investors and the importance of trade facilitation for regional economic growth.<br /> Addressing the BIMSTEC Business Summit 2024 in New Delhi on Wednesday President Dhakal emphasized that recent economic progress in Nepal, supported by significant amendments in eight investment-related laws and the establishment of a Bilateral Investment Agreement framework, has created a favorable environment for foreign investment. <br /> He invited investors to explore opportunities in sectors such as tourism, hydropower, education, and information technology.<br /> He noted that increased trade and investment are essential for economic growth, job creation, and poverty reduction. Dhakal cited the World Trade Organization's suggestion that implementing the Trade Facilitation Agreement could reduce global trade costs by an average of 14.3 percent.<br /> Dhakal called for enhanced cross-border linkages and trade infrastructure among BIMSTEC states to harness this potential. <br /> He proposed improving transport infrastructure, including the BIMSTEC highway and railway systems, and developing a railway project parallel to Nepal's East-West Highway. Enhancing border infrastructure to simplify customs procedures was also emphasized.<br /> To support these developments, Dhakal proposed establishing a BIMSTEC Infrastructure Development Fund. He stressed that improved regional connectivity would benefit all member states and strengthen their collective voice in international forums.<br /> The BIMSTEC Business Summit 2024, organized by the Confederation of Indian Industry, provided a platform for discussing key issues and opportunities for promoting trade facilitation and economic growth in the region.</span></p> ', 'published' => true, 'created' => '2024-08-07', 'modified' => '2024-08-07', 'keywords' => '', 'description' => '', 'sortorder' => '21500', 'image' => '20240807083410_IMG-20240807-WA0002.jpg', 'article_date' => '2024-08-07 20:33:20', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '21775', 'article_category_id' => '266', 'title' => 'FHAN Signs MoU with Songkhla Chamber of Commerce at Thai SMEs Trade Fair', 'sub_title' => '', 'summary' => 'KATHMANDU, August 7: The Federation of Handicraft Associations of Nepal (FHAN) signed a Memorandum of Understanding (MoU) with the Thailand-based Songkhla Chamber of Commerce during an SMEs trade fair in Songkhla, Thailand recently.', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">KATHMANDU, August 7: The Federation of Handicraft Associations of Nepal (FHAN) signed a Memorandum of Understanding (MoU) with the Thailand-based Songkhla Chamber of Commerce during an SMEs trade fair in Songkhla, Thailand recently.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The MoU, aimed at fostering collaboration in trade and skill transfer between Nepal and Thailand, was signed by FHAN President Prachanda Shakya and Songpon, president of the Songkhla Chamber of Commerce, reads a statement issued by FHAN. The signing ceremony was attended by Mahamapisakri Wamae, deputy governor of Songkhla Province, and Chatsuda Chumsaeng, director of Songkhla Provincial Commerce.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The MoU signing was a key highlight of the FHAN delegation's visit to the trade fair, which took place from July 18 to 21. Led by President Shakya and Vice President Dilli Ratna Tuladhar, the delegation attended the event as honored guests, following an invitation from the Office of Provincial Commercial Affairs, Songkhla Province. The trade fair was organized by the Songkhla Chamber of Commerce with support from the provincial government.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">During the event, the FHAN delegation engaged with various government officials, business leaders, and representatives of SMEs. President Shakya addressed the attendees at the opening ceremony, emphasizing the potential for collaboration between Nepal and Thailand's SMEs and business communities, particularly in skill transfer and trade promotion. Vice President Tuladhar echoed this sentiment in his speech, reinforcing the message of cooperation and mutual benefit.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">In addition to their participation in the trade fair, the FHAN delegation met with the Nepalese Ambassador to Thailand, Dhan Bahadur Oli, at his office. During the meeting, the delegation sought the ambassador's assistance in promoting Nepalese handicraft products in Thailand. Ambassador Oli assured the delegation of his full support and commitment to this cause.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">According to FHAN, the visit to the Songkhla SMEs trade fair marks a significant step towards strengthening trade relations and skill development between Nepal and Thailand, underscoring the potential for future collaboration and growth in the handicraft sector.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-07', 'modified' => '2024-08-07', 'keywords' => '', 'description' => '', 'sortorder' => '21499', 'image' => '20240807084809_IMG-20240807-WA0003 - Copy.jpg', 'article_date' => '2024-08-07 20:46:24', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, '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] 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directed the government not to proceed with its decision to dismiss Bhakta Bahadur Pun and Kapil Acharya from their positions as Board of Directors of the Nepal Electricity Authority (NEA).</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">A single bench of SC Justice Sunil Kumar Pokharel issued an interim order on Thursday preventing the government from implementing its decision to remove Pun and Acharya from their roles.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The SC has also asked the government to provide the reasons behind their dismissal.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The decision to remove Pun and Acharya was made at the ministerial level by Minister for Energy, Water Resources, and Irrigation Dipak Khadka on August 2.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Following their removal, the government had appointed Devendra Karki and Mahendra Bahadur Gurung to the positions. -- RSS</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-09', 'modified' => '2024-08-09', 'keywords' => '', 'description' => '', 'sortorder' => '21513', 'image' => '20240809083511_20220922045627_Supreme Court.jpg', 'article_date' => '2024-08-09 08:34:28', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '21786', 'article_category_id' => '1', 'title' => 'NEA Submits PAC 100,000 Page-Long Details of Electricity Supplied to Industries', 'sub_title' => '', 'summary' => 'The Nepal Electricity Authority (NEA) on Thursday submitted to the Public Account Committee (PAC) a detailed record of the electricity, inducing the time of the day (TOD) Metre data, supplied to the industries through the dedicated feeders and trunk lines.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Georgia","serif"">NewBiz Report</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Georgia","serif"">KATHMANDU, August 8</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Nepal Electricity Authority (NEA) on Thursday submitted to the Public Account Committee (PAC) a detailed record of the electricity, inducing the time of the day (TOD) Metre data, supplied to the industries through the dedicated feeders and trunk lines.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Kulman Ghising, NEA's managing director, confirmed to New Business Age that the around 100,000 pages of information on the TOD metre data, logbooks, billing in Ampere, and details of bills provided to industrialists were submitted to the parliamentary committee.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“The TOD metre data was not necessary earlier. However, since it is being sought after, we have submitted it,” said Ghising.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Eakram Giri, secretary of the Public Accounts Committee of parliament, said that they have received around three dozen packs of files, including the TOD metre data.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“The committee will review the data and discuss it in the next meeting,” Giri said.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The industries, which have defaulted in payment of bill for the use of electricity supplied under the dedicated feeders and trunk lines during the load-shedding period, have been demanding the TOD metre data for the settlement of dues.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The defaulting industries have taken a stance that they will not pay the dues unless the NEA provides them with the TOD metre data.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The NEA, on the other hand, maintains that it has provided all the required bills and has repeatedly asked the industries to clear the bills.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the NEA, the industrialists owe Rs 6.65 billion in addition to a 25 per cent fine, amounting to about Rs 8.25 billion. Initially, the NEA had calculated that industrialists who consumed electricity from the dedicated feeder and trunk line owed Rs 21.3 billion. However, the arrears were revised after taking into consideration the recommendation of a commission formed by the government to address the dispute.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Specifically, Jagdamba Steel owes Rs 1.60 billion, Jagdamba Synthetic Rs 200 million, Reliance Spinning Mills Rs 753.7 million, Ghorahi Cement Rs 510 million, Arghakhanchi Cement Rs 440 million, and Hulas Steel Rs 140 million.</span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-08-08', 'modified' => '2024-08-08', 'keywords' => '', 'description' => '', 'sortorder' => '21512', 'image' => '20240808084020_75689f13.jpeg', 'article_date' => '2024-08-08 20:39:29', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '21784', 'article_category_id' => '1', 'title' => 'Comprehensive Strategy Needed to Mitigate Post-LDC Graduation Challenges: Study', 'sub_title' => 'The study also warns that Nepal might forfeit its trade preferences under the GSP and Duty-Free Quota-Free schemes, resulting in increased tariffs on exports', 'summary' => 'KATHMANDU, August 8: A new study has emphasised the need for Nepal to adopt a comprehensive approach to navigate the complexities of its upcoming graduation from Least Developed Country (LDC) status in 2026. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">KATHMANDU, August 8: </span></span></span></span><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">A new study has emphasised the need for Nepal to adopt a comprehensive approach to navigate the complexities of its upcoming graduation from Least Developed Country (LDC) status in 2026. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The study, titled "Nepal LDC Graduation: Report on Trade Policy Reforms to Mitigate the Impact on WTO Obligations," commissioned by the Ministry of Industry, Commerce and Supplies with support from the European Union Nepal Trade and Investment Programme (TIP), was presented at a public-private dialogue on Wednesday.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The study emphasises the need for Nepal to update its laws and regulations, improve institutional processes, strengthen human resource skills, expand export markets, and enhance international cooperation.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Policymakers, trade experts, development partners, and private sector representatives hold a common view that Nepal must expedite legal and policy reforms, and strengthen institutional and human resource capacities to be better prepared to face the post-graduation trade scenarios.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Secretary at the Ministry of Industry, Commerce, and Supplies, Krishna Bahadur Raut, who was presiding over the program, said the government is serious about the concerns raised and suggestions offered by the private sector regarding Nepal’s preparation for graduation.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Raut expressed commitment to making maximum efforts from the government to ensure post-graduation benefits for Nepal.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Joint Secretary at the ministry Dev Raj Joshi said Nepal’s graduation presents both challenges and opportunities adding that Nepal needs to continue to make reforms in trade-related policies and laws. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Purushottam Ojha, a trade expert and former Commerce Secretary, emphasised the importance of adhering to new WTO obligations, including agreements on agriculture, subsidies, the Agreement on Trade-Related Aspects of Intellectual Property Rights (TRIPS), and the Trade Facilitation Agreement (TFA) for a smooth transition.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">An International Trade Expert from the International Trade Centre, Abhijit Das, cautioned that the transition leads to stricter rules and reduced benefits, such as the loss of lower tariffs stressing the urgent need to implement the action plan to ensure a smooth transition from LDC status.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Shobha Gyawali, president of the Federation of Nepal Women Entrepreneurs’ Association (FWEAN), said that Nepal is not yet ready for LDC graduation and emphasised the need to ensure that women entrepreneurs benefit from international trade.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Other representatives of the private sector said graduation seemed to be without due preparation given the low competitiveness of Nepali businessmen and the higher cost of production and export compared to other countries. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The study also warns that Nepal might forfeit its trade preferences under the Generalised System of Preferences (GSP) and Duty-Free Quota-Free schemes, which could result in increased tariffs on exports. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">It suggests conducting a thorough diagnostic study to identify vulnerable products and markets, exploring alternative trade arrangements such as GSP-Plus in the European Union, and enhancing industry awareness through workshops.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Strengthening national capacity to address non-tariff barriers, developing national standards, forming mutual recognition agreements with key trade partners, promoting products prioritised by the Nepal Trade Integration Strategy (NTIS) 2023, drawing lessons from other LDC-graduated countries, fostering partnership among governments, private sector, and international partners, are other recommendations of the study to ensure a successful transition by mitigating the impacts of LDC graduation.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-08-08', 'modified' => '2024-08-08', 'keywords' => '', 'description' => '', 'sortorder' => '21511', 'image' => '20240808084706_LDC.jpg', 'article_date' => '2024-08-08 16:37:26', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '21785', 'article_category_id' => '266', 'title' => 'Tulips HRM Introduces Advanced HR Information System Tailored for Nepalese Market', 'sub_title' => '', 'summary' => 'KATHMANDU, August 8: Tulips HRM, an international HR solution provider, has developed an advanced Human Resource Information System (HRIS) specifically tailored for the Nepalese market.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">KATHMANDU, August 8: Tulips HRM, an international HR solution provider, has developed an advanced Human Resource Information System (HRIS) specifically tailored for the Nepalese market.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Issuing a recent statement, the company said that the HRIS, designed to meet the diverse needs of local businesses, reflects Tulips HRM's evolution from its origins as an IT outsourcing company to a comprehensive HR solutions provider.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Founded 16 years ago and formerly known as Eattendance.com, Tulips HRM initially focused on attendance management. Over the years, it has expanded its offerings to include a complete HR management suite that addresses a wide range of organizational needs, the statement added.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to Tulips HRM, the software's customizable features cater to various industries and organizational requirements, distinguishing it from its competitors.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Tulips HRM claimed that the company serves a diverse clientele, including 15,000 users at the Nepal Electricity Authority (NEA), and is expanding into the banking sector. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the company, the HRIS, developed in 2008, has proven its effectiveness and versatility by supporting over a thousand clients worldwide. It streamlines HR activities such as employee data management, recruitment, performance evaluations, training, and payroll processing. The software also includes modules for appraisals, recruitment portals, and online examinations, covering the entire employee lifecycle from recruitment to retirement, added the statement.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">In addition to its presence in Nepal, Tulips HRM is utilized in several international markets, including Congo, Rwanda, Russia, and India. The company said that the software supports multiple languages, including Nepali, English, French, Russian, and Chinese, ensuring accessibility for a broad range of users.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">As businesses continue to seek efficient and integrated HR management solutions, Tulips HRM's latest offering represents a significant advancement in the HRIS landscape, catering to both local and international markets.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-08', 'modified' => '2024-08-08', 'keywords' => '', 'description' => '', 'sortorder' => '21510', 'image' => '20240808050031_HRIS.jpg', 'article_date' => '2024-08-08 16:59:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '21783', 'article_category_id' => '1', 'title' => 'NEPSE Index and Turnover Amount Rise', 'sub_title' => '', 'summary' => 'The Nepal Stock Exchange (NEPSE) Index experienced a slight increase of 6.70 points, or 0.24%, closing at 2766.38 on the last trading day of the week, Thursday. ', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">August 8: The Nepal Stock Exchange (NEPSE) Index experienced a slight increase of 6.70 points, or 0.24%, closing at 2766.38 on the last trading day of the week, Thursday. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">In today's trading session, 322 scrips were traded through 209,965 transactions. A total of 50,946,832 units of shares were exchanged, resulting in a total turnover of Rs 20.7 billion.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Shivam Cements Limited (SHIVM) led in turnover amount, with transactions worth Rs 1.20 billion. Six companies, including Shivam Cements Limited (SHIVM) and Sonapur Minerals and Oil Limited (SONA), saw a 10% gain each, hitting the upper circuit limit for the day.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">NRN Infrastructure and Development Limited (NRN) faced the highest loss, dropping 8.04% to close at Rs 999 per share.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The Sensitive Index and Sensitive Float Index increased by 0.04% and 0.18%, respectively, while the Float Index dropped by 0.08%.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">In terms of sector indices, five closed in the green, while the remaining indices were in the red.</span></span><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The Manufacturing and Processing Index achieved the highest gain of 5.87%, while the Hotels and Tourism Index saw the largest loss at 1.27%.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-08', 'modified' => '2024-08-08', 'keywords' => '', 'description' => '', 'sortorder' => '21509', 'image' => '20240808033859_collage (94).jpg', 'article_date' => '2024-08-08 15:37:38', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 5 => array( 'Article' => array( 'id' => '21782', 'article_category_id' => '1', 'title' => 'Govt Unable to Collect Taxes due to Delay in Full Text of SC Verdict on ISPs’ Arrears', 'sub_title' => '', 'summary' => 'KATHMANDU, August 8: Although three months have passed since the Supreme Court dismissed the petition challenging the Nepal Telecommunications Authority's decision to impose the maintenance tax on internet service providers, the government has yet to collect the outstanding dues of Rs 3 billion.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">KATHMANDU, August 8: Although three months have passed since the Supreme Court dismissed the petition challenging the Nepal Telecommunications Authority's decision to impose the maintenance tax on internet service providers, the government has yet to collect the outstanding dues of Rs 3 billion. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">The Supreme Court dismissed the writ filed by Worldlink Communications, which argued against the tax, on May 12. However, the full text of the court’s decision has not been released, preventing the internet service providers from settling the tax and hindering the government's ability to take action. According to Santosh Paudel, spokesperson for the NTA, while the court's decision was in the government's favour, the lack of detailed text has delayed tax collection. "Once the full text is available, it will be duly notified," Paudel said.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">The delay in releasing the full verdict is causing additional interest to accrue on the tax arrears. Paudel noted that interest is being added monthly, and it is preferable for companies to pay as soon as possible. The total amount due, including interest, has now reached approximately Rs 3.5 billion.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">With the dismissal of the writ, companies like Worldlink must now pay the tax. A representative from Worldlink stated that the tax will not be paid until the full text is received. "We are not satisfied with the court’s order," the representative said. "We will discuss the terms of payment once the full text is released."</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Prior to the court’s decision, internet service providers had been reluctant to pay the rural telecommunication fund and royalty amounts on time. As a result, the government refused to provide foreign currency exchange facility to the ISPs. This issue impacted internet services during the National Information and Communication Technology Day on May 2, when India's Airtel halted bandwidth provision to Nepali ISPs due to non-payment. Following negotiations at the government level, Airtel resumed the service.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">After the SC verdict, the internet service providers have no further legal recourse and are now seeking concessions such as installment facilities and interest exemptions. However, government officials have indicated that such concessions are unlikely.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">"If the tax had been paid on time, this issue might have been avoided, but the authority has the discretion to make all decisions," said Gajendra Kumar Thakur, joint secretary of the Ministry of Communications. "The ministry will not interfere in this matter."</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">As of last year, the tax arrears for various companies were as follows:</span></span></span></span></p> <ul> <li><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Worldlink Communications: Rs 1.253 billion</span></span></span></span></li> <li><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Subisu Cable Net Pvt Ltd: Rs 269.7 million</span></span></span></span></li> <li><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Vianet Communication: Rs 267.6 million</span></span></span></span></li> <li><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Classictech: Rs 237.1 million</span></span></span></span></li> <li><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Mercantile: Rs 91.6 million</span></span></span></span></li> <li><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Websurfer: Rs 73.3 million</span></span></span></span></li> <li><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Pokhara Internet: Rs 33.3 million</span></span></span></span></li> <li><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Netmax: Rs 10.9 million</span></span></span></span></li> <li><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Techminds: Rs 2.36 million</span></span></span></span></li> </ul> <p> </p> ', 'published' => true, 'created' => '2024-08-08', 'modified' => '2024-08-08', 'keywords' => '', 'description' => '', 'sortorder' => '21508', 'image' => '20240808024507_1635752064.broadband_internet.jpg', 'article_date' => '2024-08-08 14:44:32', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '21780', 'article_category_id' => '1', 'title' => 'Another Crash in Two Weeks Raises Questions about Air Safety in Nepal', 'sub_title' => '', 'summary' => 'KATHMANDU, August 8: Four Chinese citizens and a Nepali pilot died in a helicopter crash on Wednesday, sparking widespread concern over the safety of Nepal's aviation sector. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">HIMA BK</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">KATHMANDU, August 8: Four Chinese citizens and a Nepali pilot died in a helicopter crash on Wednesday, sparking widespread concern over the safety of Nepal's aviation sector. The Air Dynasty helicopter, en route from Kathmandu to Syafrubesi in Rasuwa, crashed in Surya Chaur of Shivapuri Rural Municipality, Ward No. 7, Nuwakot district killing all five people on board.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Chief District Officer of Nuwakot, Ramakrishna Adhikari, confirmed that pilot Arun Malla and the four Chinese citizens were killed in the crash. This incident comes just two weeks after the Saurya Airlines plane crash at Tribhuvan International Airport on July 25, which claimed the lives of 18 people.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The Chinese nationals who perished in the crash were identified as Tang Chutao, Wu Yiao, Li Chiy, and Si Chamin. The bodies were recovered on Wednesday and transported to Tribhuvan University Teaching Hospital in Maharajgunj, Kathmandu, for postmortem, according to a press statement released by the Civil Aviation Authority of Nepal (CAAN).</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Pilot Arun Malla, who had previously survived an air crash in Lukla in October 2013, was piloting the Air Dynasty helicopter when it met with the accident. The helicopter took off from Kathmandu-based airport at 1:54 PM on Wednesday, but lost contact with the tower just three minutes after takeoff. The crash was later confirmed in Surya Chaur. Balkrishna Pandit, a senior manager at Air Dynasty, stated that the purpose of the Chinese passengers' trip to Syafrubesi remains unclear.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Government officials have not yet determined the cause of the accident. CAAN spokesperson Hansraj Pandey stated that the cause will be identified after further investigation. The Department of Hydrology and Meteorology had forecast weather changes from normal to severe, with potential for light to moderate rainfall on Tuesday and Wednesday, which could have affected air traffic. The department had issued a warning beforehand for necessary caution and preparedness on August 6.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">In March 2023, another Air Dynasty helicopter was involved in an accident while landing at HAMS Hospital in Kathmandu, though no casualties were reported. The increasing frequency of air accidents in Nepal has raised serious concerns about the country’s air safety standards.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">CAAN spokesperson Pandey acknowledged the growing concerns over recent air accidents, despite government documents indicating improvements in air safety. He questioned whether there is a gap between documented improvements and actual practice. The responsibility for safety lies heavily on pilots once the aircraft is airborne, although the authority maintains communication through air traffic control.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The International Civil Aviation Organization (ICAO) conducted an audit of Nepal's air safety in April 2022. According to the air safety report issued by CAAN, Nepal's air safety implementation capacity improved to a score of 70.1 percent in 2023, above the international average of 67.5 percent. However, the string of recent accidents has called CAAN’s effectiveness into question.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">During a meeting of the Tourism and International Coordination Committee under the House of Representatives on July 25, MP Udaya Shumsher Rana criticized CAAN leadership for the seven air accidents that occurred since Pradeep Adhikari took charge, urging for greater accountability. The ICAO has recommended that CAAN be divided into two separate organizations—one as a regulator and the other as a service provider—to enhance regulatory capacity, a suggestion that has yet to be implemented.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Following the Air Dynasty helicopter crash, the government formed a three-member commission to investigate the incident. The commission, led by senior pilot Subas Thapa of the Nepalese Army, includes Maintenance Manager of Simrik Air Bishnu Basnyat and Senior Divisional Engineer of the Ministry of Culture, Tourism, and Civil Aviation Tanuja Pokharel. They are mandated to submit a report on the incident within a month.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Air Dynasty, a helicopter company with the most flights in Nepal, has been providing helicopter services for nearly 30 years. According to the Nepal Tourism Statistics 2023, Air Dynasty conducted 2,234 flights that year, serving 6,840 passengers, the highest among helicopter companies. The crash on Wednesday destroyed one of the company’s helicopters, but plans are already in place to add another helicopter to the fleet within the next few months, according to senior manager Balkrishna Pandit. The company is managed by Pavitra Kumar Karki.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><strong>Warning of Permit Cancellation for Non-Compliance with Safety Standards</strong></span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The government has decided to cancel the air service permits of airlines and helicopter service providers that fail to meet the minimum safety standards set by the High-Level Security Coordination Committee. According to ICAO's World Aviation Safety Plan (2020-2022), air service providers must maintain at least 60% progress in their safety management system implementation.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">CAAN has announced that the decision to revoke permits for non-compliant air service providers was made at a committee meeting on August 2. In 2023, four airlines and all four helicopter companies failed to meet the required safety criteria. The committee has also decided to impose penalties, such as reducing the number of flights, not extending permit periods, and requiring re-certification after major maintenance for those who do not comply with the safety standards.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-08', 'modified' => '2024-08-08', 'keywords' => '', 'description' => '', 'sortorder' => '21507', 'image' => '20240808020245_Air_Dynasty_Heli_Service,_Nepal.jpg', 'article_date' => '2024-08-08 14:01:55', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '21781', 'article_category_id' => '1', 'title' => 'Price of Gold Surges, Silver Declines in Domestic Market', 'sub_title' => '', 'summary' => 'The price of gold surged by Rs 300 per tola (11.66 grams) in the domestic market of Nepal on Thursday (August 8).', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">NewBiz Report</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">KATHMANDU, August 8</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The price of gold surged by Rs 300 per tola (11.66 grams) in the domestic market of Nepal on Thursday (August 8).</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">According to the Federation of Nepal Gold and Silver Dealers' Association, the price of fine gold rose to Rs 146,600 per tola on Thursday from Rs 146,300 per tola a day ago and that of worked gold to Rs 145,900 from Rs 145,600 per tola.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">In contrast, silver became cheaper by Rs 20 per tola to be traded at Rs 1,690 per tola.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-08', 'modified' => '2024-08-08', 'keywords' => '', 'description' => '', 'sortorder' => '21506', 'image' => '20240808020551_20240801032633_cd5483b7.jpeg', 'article_date' => '2024-08-08 14:04:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '21779', 'article_category_id' => '1', 'title' => 'Interest Rates on Loans Likely to Drop as Capital Costs of Banks Decrease', 'sub_title' => '', 'summary' => 'Interest rates on loans are expected to decline further due to a reduction in the cost of capital for commercial banks.', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Newbiz Report<br /> KATHMANDU, August 8</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Interest rates on loans are expected to decline further due to a reduction in the cost of capital for commercial banks. According to the unaudited financial statements published by banks, the average base rate of commercial banks fell to 8.09 percent in mid-June to mid-July 2024, down from 10.12 percent in the corresponding period a year ago.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Banks and financial institutions calculate the base rate by adding a 0.75 percent return to their cost, following the procedure set by Nepal Rastra Bank (NRB). The interest rate on loan is then determined by adding a certain percentage premium to this base rate. There is a provision to consider the base rate of the last three months when issuing loans. As a result, if a bank's average base rate decreases each quarter, interest rates on loan will automatically follow suit, and vice versa.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Due to a lack of liquidity in the previous fiscal year, banks consistently raised interest rates on deposits, peaking at 12.33 percent in December/January 2022. However, since mid-April 2023, commercial banks have fixed interest rates on deposits at a single digit. From mid-July 2023 onwards, banks have been setting these rates independently, unlike a gentlemen’s agreement in the past to fix a uniform interest rate by the members of the Nepal Bankers Association.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">As a result, interest rates have been gradually decreasing. Former banker Parshuram Kunwar Chhetri notes that the base rate dropped when interest rates were lower during the last fiscal year. However, he also mentioned that the base rate remains relatively high due to banks securing long-term deposits at elevated interest rates during the liquidity crisis in the previous year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">In mid-July to mid-August 2024, Standard Chartered Bank had the lowest base rate among commercial banks at 8.60 percent, while NIC Asia Bank had the highest at 9.19 percent. Exactly a year ago, several banks had double-digit base rates, but by mid-July 2024, all had managed to reduce them to single digits.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Currently, commercial banks set interest rates on loan by adding a maximum 5 percent premium to the base rate. NRB regulations stipulate that this fixed premium cannot be altered once a loan agreement is signed with a customer. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-08', 'modified' => '2024-08-08', 'keywords' => '', 'description' => '', 'sortorder' => '21505', 'image' => '20240808012349_20240717011652_20240624011617_bankkkkkkk.jpg', 'article_date' => '2024-08-08 13:22:52', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '21778', 'article_category_id' => '1', 'title' => 'Tourism Minister Pledges Swift Reforms for Aviation Safety', 'sub_title' => '', 'summary' => 'KATHMANDU, August 8: The Ministry of Culture, Tourism, and Civil Aviation has initiated efforts to implement immediate, mid-term, and long-term reforms with a high priority on aviation safety.', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">KATHMANDU, August 8: The Ministry of Culture, Tourism, and Civil Aviation has initiated efforts to implement immediate, mid-term, and long-term reforms with a high priority on aviation safety.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">In a statement issued on Wednesday evening, Minister for Culture, Tourism, and Civil Aviation Badri Prasad Pandey pledged to focus on aviation safety for the coming week by postponing all non-urgent pre-scheduled programs. He emphasized that the ministry and its subordinate agencies would be mobilized to take necessary initiatives towards enhancing safety measures.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The pledge follows the tragic crash of an Air Dynasty helicopter in Shivapuri Rural Municipality-7, Surya Chaur, Nuwakot, which resulted in the deaths of four Chinese nationals and pilot Arun Malla.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Minister Pandey called for support, cooperation, and suggestions from all stakeholders to address the challenges faced by the aviation sector. The ministry has requested all stakeholders to send recommendations for immediate and long-term actions to its official email address.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The minister also paid tribute to those who lost their lives in the helicopter accident and expressed his condolences to the bereaved families. -- RSS</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-08', 'modified' => '2024-08-08', 'keywords' => '', 'description' => '', 'sortorder' => '21504', 'image' => '20240808123829_aviation report.jpg', 'article_date' => '2024-08-08 12:37:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '21777', 'article_category_id' => '1', 'title' => 'Government Forms 3-Member Commission to Investigate Air Dynasty Chopper Crash', 'sub_title' => '', 'summary' => 'KATHMANDU, August 7: The government has formed a three-member commission to investigate the Air Dynasty chopper crash.', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">KATHMANDU, August 7: The government has formed a three-member commission to investigate the Air Dynasty chopper crash.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">An emergency Cabinet meeting held at Singha Durbar on Wednesday appointed senior pilot of the Nepalese Army, Subas Thapa, as the commission's coordinator, according to Minister for Communications and Information Technology, Prithvi Subba Gurung. The commission also includes aeronautical engineer Bishnu Basnet and Under-Secretary (Technical) of the Ministry of Culture, Tourism and Civil Aviation, Tanuja Pokharel. The commission has been tasked with submitting its report within 30 days.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The government expressed its condolences to the families of those who lost their lives in the crash. Minister Gurung paid tribute to all the victims of the incident.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The crash claimed the lives of five people, including the pilot, Arun Malla. The helicopter, with call sign 9N-AJD, met with an accident at Shivapuri Rural Municipality-7 on Wednesday afternoon. It had departed from Nalinchowk in Bhaktapur district for Syaphrubesi in Rasuwa district.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The Chinese nationals killed in the crash were identified as Tang Jutao, Wu Yiyao, Li Jie, and Xie Zeming.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">All the bodies have been transferred to Tribhuvan University Teaching Hospital in Maharajgunj for postmortem examination, according to the Civil Aviation Authority of Nepal. -- RSS</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-08', 'modified' => '2024-08-08', 'keywords' => '', 'description' => '', 'sortorder' => '21503', 'image' => '20240808114456_HRB-KTM-23Saun.jpg', 'article_date' => '2024-08-08 11:44:18', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '21776', 'article_category_id' => '1', 'title' => 'Turkish Airlines Plane 'Overshoots' at TIA Due to Missed Approach', 'sub_title' => '', 'summary' => 'KATHMANDU, Aug 8: A Turkish Airlines aircraft from Istanbul overshot the runway during its approach to land at the Tribhuvan International Airport (TIA) in Kathmandu today (Thursday).', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">KATHMANDU, Aug 8: A Turkish Airlines aircraft from Istanbul overshot the runway during its approach to land at the Tribhuvan International Airport (TIA) in Kathmandu today (Thursday).</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to flight radar data, the plane, which was scheduled to land at 6:10 am, touched down 20 minutes later after the overshoot.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The airport office reported that the aircraft overshot due to a 'missed approach.' An air traffic controller (ATC) noted that the incident occurred following an 'unstable approach.' </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The incident occurred just a day after a fatal crash of an Air Dynasty helicopter in which four Chinese passengers and the pilot were killed on the border of Kathmandu.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Earlier on March </span></span>4<span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">, 2015, a Turkish Airlines plane skidded off the runway at TIA and landed on the grassland near the runway after losing balance during landing. No major injuries were reported back then. <em>(With inputs from RSS)</em></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-08-08', 'modified' => '2024-08-08', 'keywords' => '', 'description' => '', 'sortorder' => '21502', 'image' => '20240808111005_iu.jpeg', 'article_date' => '2024-08-08 11:09:19', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '21772', 'article_category_id' => '228', 'title' => 'Air Dynasty Helicopter Crashes in Shivapuri, Killing Five', 'sub_title' => '', 'summary' => 'KATHMANDU, August 7: An Air Dynasty helicopter crashed in the Shivapuri area of Nuwakot district this afternoon (Wednesday), killing five people on board.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">KATHMANDU, August 7: An Air Dynasty helicopter crashed in the Shivapuri area of Nuwakot district this afternoon (Wednesday), killing five people on board.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Tribhuvan International Airport's General Manager, Jagannath Niraula, confirmed the crash.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Locals, suspecting an accident, informed the police after noticing flames and smoke over Suryachaur in the Shivapuri forest area, located in Shivapuri Rural Municipality-7, Nuwakot, according to Assistant Chief District Officer Krishna Prasad Humagain.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The police confirmed that four men and one woman were among the deceased.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Superintendent of Police (SP) Shantiraj Koirala from the District Police Office, Nuwakot, stated that the helicopter crashed in the Suryachaur area of Shivapuri Forest.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">"Some security personnel and locals have already reached the crash site and are currently working to extinguish the fire," informed SP Koirala.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Further details on the accident are awaited. -- RSS</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-07', 'modified' => '2024-08-07', 'keywords' => '', 'description' => '', 'sortorder' => '21501', 'image' => '20240807042654_IMG-20240807-WA0005.jpg', 'article_date' => '2024-08-07 16:17:06', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '21774', 'article_category_id' => '1', 'title' => 'Nepal Ready to Welcome Foreign Investors: FNCCI President Dhakal', 'sub_title' => '', 'summary' => 'President of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) Chandra Prasad Dhakal highlighted Nepal's readiness to welcome foreign investors and the importance of trade facilitation for regional economic growth.', 'content' => '<p><span style="font-size:18px">KATHMANDU, August 7: President of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) Chandra Prasad Dhakal highlighted Nepal's readiness to welcome foreign investors and the importance of trade facilitation for regional economic growth.<br /> Addressing the BIMSTEC Business Summit 2024 in New Delhi on Wednesday President Dhakal emphasized that recent economic progress in Nepal, supported by significant amendments in eight investment-related laws and the establishment of a Bilateral Investment Agreement framework, has created a favorable environment for foreign investment. <br /> He invited investors to explore opportunities in sectors such as tourism, hydropower, education, and information technology.<br /> He noted that increased trade and investment are essential for economic growth, job creation, and poverty reduction. Dhakal cited the World Trade Organization's suggestion that implementing the Trade Facilitation Agreement could reduce global trade costs by an average of 14.3 percent.<br /> Dhakal called for enhanced cross-border linkages and trade infrastructure among BIMSTEC states to harness this potential. <br /> He proposed improving transport infrastructure, including the BIMSTEC highway and railway systems, and developing a railway project parallel to Nepal's East-West Highway. Enhancing border infrastructure to simplify customs procedures was also emphasized.<br /> To support these developments, Dhakal proposed establishing a BIMSTEC Infrastructure Development Fund. He stressed that improved regional connectivity would benefit all member states and strengthen their collective voice in international forums.<br /> The BIMSTEC Business Summit 2024, organized by the Confederation of Indian Industry, provided a platform for discussing key issues and opportunities for promoting trade facilitation and economic growth in the region.</span></p> ', 'published' => true, 'created' => '2024-08-07', 'modified' => '2024-08-07', 'keywords' => '', 'description' => '', 'sortorder' => '21500', 'image' => '20240807083410_IMG-20240807-WA0002.jpg', 'article_date' => '2024-08-07 20:33:20', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '21775', 'article_category_id' => '266', 'title' => 'FHAN Signs MoU with Songkhla Chamber of Commerce at Thai SMEs Trade Fair', 'sub_title' => '', 'summary' => 'KATHMANDU, August 7: The Federation of Handicraft Associations of Nepal (FHAN) signed a Memorandum of Understanding (MoU) with the Thailand-based Songkhla Chamber of Commerce during an SMEs trade fair in Songkhla, Thailand recently.', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">KATHMANDU, August 7: The Federation of Handicraft Associations of Nepal (FHAN) signed a Memorandum of Understanding (MoU) with the Thailand-based Songkhla Chamber of Commerce during an SMEs trade fair in Songkhla, Thailand recently.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The MoU, aimed at fostering collaboration in trade and skill transfer between Nepal and Thailand, was signed by FHAN President Prachanda Shakya and Songpon, president of the Songkhla Chamber of Commerce, reads a statement issued by FHAN. The signing ceremony was attended by Mahamapisakri Wamae, deputy governor of Songkhla Province, and Chatsuda Chumsaeng, director of Songkhla Provincial Commerce.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The MoU signing was a key highlight of the FHAN delegation's visit to the trade fair, which took place from July 18 to 21. Led by President Shakya and Vice President Dilli Ratna Tuladhar, the delegation attended the event as honored guests, following an invitation from the Office of Provincial Commercial Affairs, Songkhla Province. The trade fair was organized by the Songkhla Chamber of Commerce with support from the provincial government.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">During the event, the FHAN delegation engaged with various government officials, business leaders, and representatives of SMEs. President Shakya addressed the attendees at the opening ceremony, emphasizing the potential for collaboration between Nepal and Thailand's SMEs and business communities, particularly in skill transfer and trade promotion. Vice President Tuladhar echoed this sentiment in his speech, reinforcing the message of cooperation and mutual benefit.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">In addition to their participation in the trade fair, the FHAN delegation met with the Nepalese Ambassador to Thailand, Dhan Bahadur Oli, at his office. During the meeting, the delegation sought the ambassador's assistance in promoting Nepalese handicraft products in Thailand. Ambassador Oli assured the delegation of his full support and commitment to this cause.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">According to FHAN, the visit to the Songkhla SMEs trade fair marks a significant step towards strengthening trade relations and skill development between Nepal and Thailand, underscoring the potential for future collaboration and growth in the handicraft sector.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-07', 'modified' => '2024-08-07', 'keywords' => '', 'description' => '', 'sortorder' => '21499', 'image' => '20240807084809_IMG-20240807-WA0003 - Copy.jpg', 'article_date' => '2024-08-07 20:46:24', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, '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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Authority (NEA).', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">KATHMANDU, August 9: The Supreme Court (SC) has directed the government not to proceed with its decision to dismiss Bhakta Bahadur Pun and Kapil Acharya from their positions as Board of Directors of the Nepal Electricity Authority (NEA).</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">A single bench of SC Justice Sunil Kumar Pokharel issued an interim order on Thursday preventing the government from implementing its decision to remove Pun and Acharya from their roles.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The SC has also asked the government to provide the reasons behind their dismissal.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The decision to remove Pun and Acharya was made at the ministerial level by Minister for Energy, Water Resources, and Irrigation Dipak Khadka on August 2.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Following their removal, the government had appointed Devendra Karki and Mahendra Bahadur Gurung to the positions. -- RSS</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-09', 'modified' => '2024-08-09', 'keywords' => '', 'description' => '', 'sortorder' => '21513', 'image' => '20240809083511_20220922045627_Supreme Court.jpg', 'article_date' => '2024-08-09 08:34:28', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '21786', 'article_category_id' => '1', 'title' => 'NEA Submits PAC 100,000 Page-Long Details of Electricity Supplied to Industries', 'sub_title' => '', 'summary' => 'The Nepal Electricity Authority (NEA) on Thursday submitted to the Public Account Committee (PAC) a detailed record of the electricity, inducing the time of the day (TOD) Metre data, supplied to the industries through the dedicated feeders and trunk lines.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Georgia","serif"">NewBiz Report</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Georgia","serif"">KATHMANDU, August 8</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Nepal Electricity Authority (NEA) on Thursday submitted to the Public Account Committee (PAC) a detailed record of the electricity, inducing the time of the day (TOD) Metre data, supplied to the industries through the dedicated feeders and trunk lines.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Kulman Ghising, NEA's managing director, confirmed to New Business Age that the around 100,000 pages of information on the TOD metre data, logbooks, billing in Ampere, and details of bills provided to industrialists were submitted to the parliamentary committee.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“The TOD metre data was not necessary earlier. However, since it is being sought after, we have submitted it,” said Ghising.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Eakram Giri, secretary of the Public Accounts Committee of parliament, said that they have received around three dozen packs of files, including the TOD metre data.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“The committee will review the data and discuss it in the next meeting,” Giri said.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The industries, which have defaulted in payment of bill for the use of electricity supplied under the dedicated feeders and trunk lines during the load-shedding period, have been demanding the TOD metre data for the settlement of dues.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The defaulting industries have taken a stance that they will not pay the dues unless the NEA provides them with the TOD metre data.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The NEA, on the other hand, maintains that it has provided all the required bills and has repeatedly asked the industries to clear the bills.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the NEA, the industrialists owe Rs 6.65 billion in addition to a 25 per cent fine, amounting to about Rs 8.25 billion. Initially, the NEA had calculated that industrialists who consumed electricity from the dedicated feeder and trunk line owed Rs 21.3 billion. However, the arrears were revised after taking into consideration the recommendation of a commission formed by the government to address the dispute.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Specifically, Jagdamba Steel owes Rs 1.60 billion, Jagdamba Synthetic Rs 200 million, Reliance Spinning Mills Rs 753.7 million, Ghorahi Cement Rs 510 million, Arghakhanchi Cement Rs 440 million, and Hulas Steel Rs 140 million.</span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-08-08', 'modified' => '2024-08-08', 'keywords' => '', 'description' => '', 'sortorder' => '21512', 'image' => '20240808084020_75689f13.jpeg', 'article_date' => '2024-08-08 20:39:29', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '21784', 'article_category_id' => '1', 'title' => 'Comprehensive Strategy Needed to Mitigate Post-LDC Graduation Challenges: Study', 'sub_title' => 'The study also warns that Nepal might forfeit its trade preferences under the GSP and Duty-Free Quota-Free schemes, resulting in increased tariffs on exports', 'summary' => 'KATHMANDU, August 8: A new study has emphasised the need for Nepal to adopt a comprehensive approach to navigate the complexities of its upcoming graduation from Least Developed Country (LDC) status in 2026. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">KATHMANDU, August 8: </span></span></span></span><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">A new study has emphasised the need for Nepal to adopt a comprehensive approach to navigate the complexities of its upcoming graduation from Least Developed Country (LDC) status in 2026. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The study, titled "Nepal LDC Graduation: Report on Trade Policy Reforms to Mitigate the Impact on WTO Obligations," commissioned by the Ministry of Industry, Commerce and Supplies with support from the European Union Nepal Trade and Investment Programme (TIP), was presented at a public-private dialogue on Wednesday.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The study emphasises the need for Nepal to update its laws and regulations, improve institutional processes, strengthen human resource skills, expand export markets, and enhance international cooperation.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Policymakers, trade experts, development partners, and private sector representatives hold a common view that Nepal must expedite legal and policy reforms, and strengthen institutional and human resource capacities to be better prepared to face the post-graduation trade scenarios.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Secretary at the Ministry of Industry, Commerce, and Supplies, Krishna Bahadur Raut, who was presiding over the program, said the government is serious about the concerns raised and suggestions offered by the private sector regarding Nepal’s preparation for graduation.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Raut expressed commitment to making maximum efforts from the government to ensure post-graduation benefits for Nepal.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Joint Secretary at the ministry Dev Raj Joshi said Nepal’s graduation presents both challenges and opportunities adding that Nepal needs to continue to make reforms in trade-related policies and laws. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Purushottam Ojha, a trade expert and former Commerce Secretary, emphasised the importance of adhering to new WTO obligations, including agreements on agriculture, subsidies, the Agreement on Trade-Related Aspects of Intellectual Property Rights (TRIPS), and the Trade Facilitation Agreement (TFA) for a smooth transition.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">An International Trade Expert from the International Trade Centre, Abhijit Das, cautioned that the transition leads to stricter rules and reduced benefits, such as the loss of lower tariffs stressing the urgent need to implement the action plan to ensure a smooth transition from LDC status.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Shobha Gyawali, president of the Federation of Nepal Women Entrepreneurs’ Association (FWEAN), said that Nepal is not yet ready for LDC graduation and emphasised the need to ensure that women entrepreneurs benefit from international trade.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Other representatives of the private sector said graduation seemed to be without due preparation given the low competitiveness of Nepali businessmen and the higher cost of production and export compared to other countries. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The study also warns that Nepal might forfeit its trade preferences under the Generalised System of Preferences (GSP) and Duty-Free Quota-Free schemes, which could result in increased tariffs on exports. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">It suggests conducting a thorough diagnostic study to identify vulnerable products and markets, exploring alternative trade arrangements such as GSP-Plus in the European Union, and enhancing industry awareness through workshops.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Strengthening national capacity to address non-tariff barriers, developing national standards, forming mutual recognition agreements with key trade partners, promoting products prioritised by the Nepal Trade Integration Strategy (NTIS) 2023, drawing lessons from other LDC-graduated countries, fostering partnership among governments, private sector, and international partners, are other recommendations of the study to ensure a successful transition by mitigating the impacts of LDC graduation.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-08-08', 'modified' => '2024-08-08', 'keywords' => '', 'description' => '', 'sortorder' => '21511', 'image' => '20240808084706_LDC.jpg', 'article_date' => '2024-08-08 16:37:26', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '21785', 'article_category_id' => '266', 'title' => 'Tulips HRM Introduces Advanced HR Information System Tailored for Nepalese Market', 'sub_title' => '', 'summary' => 'KATHMANDU, August 8: Tulips HRM, an international HR solution provider, has developed an advanced Human Resource Information System (HRIS) specifically tailored for the Nepalese market.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">KATHMANDU, August 8: Tulips HRM, an international HR solution provider, has developed an advanced Human Resource Information System (HRIS) specifically tailored for the Nepalese market.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Issuing a recent statement, the company said that the HRIS, designed to meet the diverse needs of local businesses, reflects Tulips HRM's evolution from its origins as an IT outsourcing company to a comprehensive HR solutions provider.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Founded 16 years ago and formerly known as Eattendance.com, Tulips HRM initially focused on attendance management. Over the years, it has expanded its offerings to include a complete HR management suite that addresses a wide range of organizational needs, the statement added.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to Tulips HRM, the software's customizable features cater to various industries and organizational requirements, distinguishing it from its competitors.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Tulips HRM claimed that the company serves a diverse clientele, including 15,000 users at the Nepal Electricity Authority (NEA), and is expanding into the banking sector. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the company, the HRIS, developed in 2008, has proven its effectiveness and versatility by supporting over a thousand clients worldwide. It streamlines HR activities such as employee data management, recruitment, performance evaluations, training, and payroll processing. The software also includes modules for appraisals, recruitment portals, and online examinations, covering the entire employee lifecycle from recruitment to retirement, added the statement.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">In addition to its presence in Nepal, Tulips HRM is utilized in several international markets, including Congo, Rwanda, Russia, and India. The company said that the software supports multiple languages, including Nepali, English, French, Russian, and Chinese, ensuring accessibility for a broad range of users.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">As businesses continue to seek efficient and integrated HR management solutions, Tulips HRM's latest offering represents a significant advancement in the HRIS landscape, catering to both local and international markets.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-08', 'modified' => '2024-08-08', 'keywords' => '', 'description' => '', 'sortorder' => '21510', 'image' => '20240808050031_HRIS.jpg', 'article_date' => '2024-08-08 16:59:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '21783', 'article_category_id' => '1', 'title' => 'NEPSE Index and Turnover Amount Rise', 'sub_title' => '', 'summary' => 'The Nepal Stock Exchange (NEPSE) Index experienced a slight increase of 6.70 points, or 0.24%, closing at 2766.38 on the last trading day of the week, Thursday. ', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">August 8: The Nepal Stock Exchange (NEPSE) Index experienced a slight increase of 6.70 points, or 0.24%, closing at 2766.38 on the last trading day of the week, Thursday. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">In today's trading session, 322 scrips were traded through 209,965 transactions. A total of 50,946,832 units of shares were exchanged, resulting in a total turnover of Rs 20.7 billion.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Shivam Cements Limited (SHIVM) led in turnover amount, with transactions worth Rs 1.20 billion. Six companies, including Shivam Cements Limited (SHIVM) and Sonapur Minerals and Oil Limited (SONA), saw a 10% gain each, hitting the upper circuit limit for the day.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">NRN Infrastructure and Development Limited (NRN) faced the highest loss, dropping 8.04% to close at Rs 999 per share.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The Sensitive Index and Sensitive Float Index increased by 0.04% and 0.18%, respectively, while the Float Index dropped by 0.08%.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">In terms of sector indices, five closed in the green, while the remaining indices were in the red.</span></span><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The Manufacturing and Processing Index achieved the highest gain of 5.87%, while the Hotels and Tourism Index saw the largest loss at 1.27%.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-08', 'modified' => '2024-08-08', 'keywords' => '', 'description' => '', 'sortorder' => '21509', 'image' => '20240808033859_collage (94).jpg', 'article_date' => '2024-08-08 15:37:38', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 5 => array( 'Article' => array( 'id' => '21782', 'article_category_id' => '1', 'title' => 'Govt Unable to Collect Taxes due to Delay in Full Text of SC Verdict on ISPs’ Arrears', 'sub_title' => '', 'summary' => 'KATHMANDU, August 8: Although three months have passed since the Supreme Court dismissed the petition challenging the Nepal Telecommunications Authority's decision to impose the maintenance tax on internet service providers, the government has yet to collect the outstanding dues of Rs 3 billion.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">KATHMANDU, August 8: Although three months have passed since the Supreme Court dismissed the petition challenging the Nepal Telecommunications Authority's decision to impose the maintenance tax on internet service providers, the government has yet to collect the outstanding dues of Rs 3 billion. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">The Supreme Court dismissed the writ filed by Worldlink Communications, which argued against the tax, on May 12. However, the full text of the court’s decision has not been released, preventing the internet service providers from settling the tax and hindering the government's ability to take action. According to Santosh Paudel, spokesperson for the NTA, while the court's decision was in the government's favour, the lack of detailed text has delayed tax collection. "Once the full text is available, it will be duly notified," Paudel said.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">The delay in releasing the full verdict is causing additional interest to accrue on the tax arrears. Paudel noted that interest is being added monthly, and it is preferable for companies to pay as soon as possible. The total amount due, including interest, has now reached approximately Rs 3.5 billion.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">With the dismissal of the writ, companies like Worldlink must now pay the tax. A representative from Worldlink stated that the tax will not be paid until the full text is received. "We are not satisfied with the court’s order," the representative said. "We will discuss the terms of payment once the full text is released."</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Prior to the court’s decision, internet service providers had been reluctant to pay the rural telecommunication fund and royalty amounts on time. As a result, the government refused to provide foreign currency exchange facility to the ISPs. This issue impacted internet services during the National Information and Communication Technology Day on May 2, when India's Airtel halted bandwidth provision to Nepali ISPs due to non-payment. Following negotiations at the government level, Airtel resumed the service.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">After the SC verdict, the internet service providers have no further legal recourse and are now seeking concessions such as installment facilities and interest exemptions. However, government officials have indicated that such concessions are unlikely.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">"If the tax had been paid on time, this issue might have been avoided, but the authority has the discretion to make all decisions," said Gajendra Kumar Thakur, joint secretary of the Ministry of Communications. "The ministry will not interfere in this matter."</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">As of last year, the tax arrears for various companies were as follows:</span></span></span></span></p> <ul> <li><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Worldlink Communications: Rs 1.253 billion</span></span></span></span></li> <li><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Subisu Cable Net Pvt Ltd: Rs 269.7 million</span></span></span></span></li> <li><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Vianet Communication: Rs 267.6 million</span></span></span></span></li> <li><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Classictech: Rs 237.1 million</span></span></span></span></li> <li><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Mercantile: Rs 91.6 million</span></span></span></span></li> <li><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Websurfer: Rs 73.3 million</span></span></span></span></li> <li><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Pokhara Internet: Rs 33.3 million</span></span></span></span></li> <li><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Netmax: Rs 10.9 million</span></span></span></span></li> <li><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Techminds: Rs 2.36 million</span></span></span></span></li> </ul> <p> </p> ', 'published' => true, 'created' => '2024-08-08', 'modified' => '2024-08-08', 'keywords' => '', 'description' => '', 'sortorder' => '21508', 'image' => '20240808024507_1635752064.broadband_internet.jpg', 'article_date' => '2024-08-08 14:44:32', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '21780', 'article_category_id' => '1', 'title' => 'Another Crash in Two Weeks Raises Questions about Air Safety in Nepal', 'sub_title' => '', 'summary' => 'KATHMANDU, August 8: Four Chinese citizens and a Nepali pilot died in a helicopter crash on Wednesday, sparking widespread concern over the safety of Nepal's aviation sector. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">HIMA BK</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">KATHMANDU, August 8: Four Chinese citizens and a Nepali pilot died in a helicopter crash on Wednesday, sparking widespread concern over the safety of Nepal's aviation sector. The Air Dynasty helicopter, en route from Kathmandu to Syafrubesi in Rasuwa, crashed in Surya Chaur of Shivapuri Rural Municipality, Ward No. 7, Nuwakot district killing all five people on board.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Chief District Officer of Nuwakot, Ramakrishna Adhikari, confirmed that pilot Arun Malla and the four Chinese citizens were killed in the crash. This incident comes just two weeks after the Saurya Airlines plane crash at Tribhuvan International Airport on July 25, which claimed the lives of 18 people.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The Chinese nationals who perished in the crash were identified as Tang Chutao, Wu Yiao, Li Chiy, and Si Chamin. The bodies were recovered on Wednesday and transported to Tribhuvan University Teaching Hospital in Maharajgunj, Kathmandu, for postmortem, according to a press statement released by the Civil Aviation Authority of Nepal (CAAN).</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Pilot Arun Malla, who had previously survived an air crash in Lukla in October 2013, was piloting the Air Dynasty helicopter when it met with the accident. The helicopter took off from Kathmandu-based airport at 1:54 PM on Wednesday, but lost contact with the tower just three minutes after takeoff. The crash was later confirmed in Surya Chaur. Balkrishna Pandit, a senior manager at Air Dynasty, stated that the purpose of the Chinese passengers' trip to Syafrubesi remains unclear.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Government officials have not yet determined the cause of the accident. CAAN spokesperson Hansraj Pandey stated that the cause will be identified after further investigation. The Department of Hydrology and Meteorology had forecast weather changes from normal to severe, with potential for light to moderate rainfall on Tuesday and Wednesday, which could have affected air traffic. The department had issued a warning beforehand for necessary caution and preparedness on August 6.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">In March 2023, another Air Dynasty helicopter was involved in an accident while landing at HAMS Hospital in Kathmandu, though no casualties were reported. The increasing frequency of air accidents in Nepal has raised serious concerns about the country’s air safety standards.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">CAAN spokesperson Pandey acknowledged the growing concerns over recent air accidents, despite government documents indicating improvements in air safety. He questioned whether there is a gap between documented improvements and actual practice. The responsibility for safety lies heavily on pilots once the aircraft is airborne, although the authority maintains communication through air traffic control.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The International Civil Aviation Organization (ICAO) conducted an audit of Nepal's air safety in April 2022. According to the air safety report issued by CAAN, Nepal's air safety implementation capacity improved to a score of 70.1 percent in 2023, above the international average of 67.5 percent. However, the string of recent accidents has called CAAN’s effectiveness into question.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">During a meeting of the Tourism and International Coordination Committee under the House of Representatives on July 25, MP Udaya Shumsher Rana criticized CAAN leadership for the seven air accidents that occurred since Pradeep Adhikari took charge, urging for greater accountability. The ICAO has recommended that CAAN be divided into two separate organizations—one as a regulator and the other as a service provider—to enhance regulatory capacity, a suggestion that has yet to be implemented.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Following the Air Dynasty helicopter crash, the government formed a three-member commission to investigate the incident. The commission, led by senior pilot Subas Thapa of the Nepalese Army, includes Maintenance Manager of Simrik Air Bishnu Basnyat and Senior Divisional Engineer of the Ministry of Culture, Tourism, and Civil Aviation Tanuja Pokharel. They are mandated to submit a report on the incident within a month.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Air Dynasty, a helicopter company with the most flights in Nepal, has been providing helicopter services for nearly 30 years. According to the Nepal Tourism Statistics 2023, Air Dynasty conducted 2,234 flights that year, serving 6,840 passengers, the highest among helicopter companies. The crash on Wednesday destroyed one of the company’s helicopters, but plans are already in place to add another helicopter to the fleet within the next few months, according to senior manager Balkrishna Pandit. The company is managed by Pavitra Kumar Karki.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><strong>Warning of Permit Cancellation for Non-Compliance with Safety Standards</strong></span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The government has decided to cancel the air service permits of airlines and helicopter service providers that fail to meet the minimum safety standards set by the High-Level Security Coordination Committee. According to ICAO's World Aviation Safety Plan (2020-2022), air service providers must maintain at least 60% progress in their safety management system implementation.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">CAAN has announced that the decision to revoke permits for non-compliant air service providers was made at a committee meeting on August 2. In 2023, four airlines and all four helicopter companies failed to meet the required safety criteria. The committee has also decided to impose penalties, such as reducing the number of flights, not extending permit periods, and requiring re-certification after major maintenance for those who do not comply with the safety standards.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-08', 'modified' => '2024-08-08', 'keywords' => '', 'description' => '', 'sortorder' => '21507', 'image' => '20240808020245_Air_Dynasty_Heli_Service,_Nepal.jpg', 'article_date' => '2024-08-08 14:01:55', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '21781', 'article_category_id' => '1', 'title' => 'Price of Gold Surges, Silver Declines in Domestic Market', 'sub_title' => '', 'summary' => 'The price of gold surged by Rs 300 per tola (11.66 grams) in the domestic market of Nepal on Thursday (August 8).', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">NewBiz Report</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">KATHMANDU, August 8</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The price of gold surged by Rs 300 per tola (11.66 grams) in the domestic market of Nepal on Thursday (August 8).</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">According to the Federation of Nepal Gold and Silver Dealers' Association, the price of fine gold rose to Rs 146,600 per tola on Thursday from Rs 146,300 per tola a day ago and that of worked gold to Rs 145,900 from Rs 145,600 per tola.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">In contrast, silver became cheaper by Rs 20 per tola to be traded at Rs 1,690 per tola.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-08', 'modified' => '2024-08-08', 'keywords' => '', 'description' => '', 'sortorder' => '21506', 'image' => '20240808020551_20240801032633_cd5483b7.jpeg', 'article_date' => '2024-08-08 14:04:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '21779', 'article_category_id' => '1', 'title' => 'Interest Rates on Loans Likely to Drop as Capital Costs of Banks Decrease', 'sub_title' => '', 'summary' => 'Interest rates on loans are expected to decline further due to a reduction in the cost of capital for commercial banks.', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Newbiz Report<br /> KATHMANDU, August 8</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Interest rates on loans are expected to decline further due to a reduction in the cost of capital for commercial banks. According to the unaudited financial statements published by banks, the average base rate of commercial banks fell to 8.09 percent in mid-June to mid-July 2024, down from 10.12 percent in the corresponding period a year ago.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Banks and financial institutions calculate the base rate by adding a 0.75 percent return to their cost, following the procedure set by Nepal Rastra Bank (NRB). The interest rate on loan is then determined by adding a certain percentage premium to this base rate. There is a provision to consider the base rate of the last three months when issuing loans. As a result, if a bank's average base rate decreases each quarter, interest rates on loan will automatically follow suit, and vice versa.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Due to a lack of liquidity in the previous fiscal year, banks consistently raised interest rates on deposits, peaking at 12.33 percent in December/January 2022. However, since mid-April 2023, commercial banks have fixed interest rates on deposits at a single digit. From mid-July 2023 onwards, banks have been setting these rates independently, unlike a gentlemen’s agreement in the past to fix a uniform interest rate by the members of the Nepal Bankers Association.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">As a result, interest rates have been gradually decreasing. Former banker Parshuram Kunwar Chhetri notes that the base rate dropped when interest rates were lower during the last fiscal year. However, he also mentioned that the base rate remains relatively high due to banks securing long-term deposits at elevated interest rates during the liquidity crisis in the previous year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">In mid-July to mid-August 2024, Standard Chartered Bank had the lowest base rate among commercial banks at 8.60 percent, while NIC Asia Bank had the highest at 9.19 percent. Exactly a year ago, several banks had double-digit base rates, but by mid-July 2024, all had managed to reduce them to single digits.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Currently, commercial banks set interest rates on loan by adding a maximum 5 percent premium to the base rate. NRB regulations stipulate that this fixed premium cannot be altered once a loan agreement is signed with a customer. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-08', 'modified' => '2024-08-08', 'keywords' => '', 'description' => '', 'sortorder' => '21505', 'image' => '20240808012349_20240717011652_20240624011617_bankkkkkkk.jpg', 'article_date' => '2024-08-08 13:22:52', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '21778', 'article_category_id' => '1', 'title' => 'Tourism Minister Pledges Swift Reforms for Aviation Safety', 'sub_title' => '', 'summary' => 'KATHMANDU, August 8: The Ministry of Culture, Tourism, and Civil Aviation has initiated efforts to implement immediate, mid-term, and long-term reforms with a high priority on aviation safety.', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">KATHMANDU, August 8: The Ministry of Culture, Tourism, and Civil Aviation has initiated efforts to implement immediate, mid-term, and long-term reforms with a high priority on aviation safety.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">In a statement issued on Wednesday evening, Minister for Culture, Tourism, and Civil Aviation Badri Prasad Pandey pledged to focus on aviation safety for the coming week by postponing all non-urgent pre-scheduled programs. He emphasized that the ministry and its subordinate agencies would be mobilized to take necessary initiatives towards enhancing safety measures.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The pledge follows the tragic crash of an Air Dynasty helicopter in Shivapuri Rural Municipality-7, Surya Chaur, Nuwakot, which resulted in the deaths of four Chinese nationals and pilot Arun Malla.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Minister Pandey called for support, cooperation, and suggestions from all stakeholders to address the challenges faced by the aviation sector. The ministry has requested all stakeholders to send recommendations for immediate and long-term actions to its official email address.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The minister also paid tribute to those who lost their lives in the helicopter accident and expressed his condolences to the bereaved families. -- RSS</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-08', 'modified' => '2024-08-08', 'keywords' => '', 'description' => '', 'sortorder' => '21504', 'image' => '20240808123829_aviation report.jpg', 'article_date' => '2024-08-08 12:37:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '21777', 'article_category_id' => '1', 'title' => 'Government Forms 3-Member Commission to Investigate Air Dynasty Chopper Crash', 'sub_title' => '', 'summary' => 'KATHMANDU, August 7: The government has formed a three-member commission to investigate the Air Dynasty chopper crash.', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">KATHMANDU, August 7: The government has formed a three-member commission to investigate the Air Dynasty chopper crash.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">An emergency Cabinet meeting held at Singha Durbar on Wednesday appointed senior pilot of the Nepalese Army, Subas Thapa, as the commission's coordinator, according to Minister for Communications and Information Technology, Prithvi Subba Gurung. The commission also includes aeronautical engineer Bishnu Basnet and Under-Secretary (Technical) of the Ministry of Culture, Tourism and Civil Aviation, Tanuja Pokharel. The commission has been tasked with submitting its report within 30 days.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The government expressed its condolences to the families of those who lost their lives in the crash. Minister Gurung paid tribute to all the victims of the incident.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The crash claimed the lives of five people, including the pilot, Arun Malla. The helicopter, with call sign 9N-AJD, met with an accident at Shivapuri Rural Municipality-7 on Wednesday afternoon. It had departed from Nalinchowk in Bhaktapur district for Syaphrubesi in Rasuwa district.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The Chinese nationals killed in the crash were identified as Tang Jutao, Wu Yiyao, Li Jie, and Xie Zeming.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">All the bodies have been transferred to Tribhuvan University Teaching Hospital in Maharajgunj for postmortem examination, according to the Civil Aviation Authority of Nepal. -- RSS</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-08', 'modified' => '2024-08-08', 'keywords' => '', 'description' => '', 'sortorder' => '21503', 'image' => '20240808114456_HRB-KTM-23Saun.jpg', 'article_date' => '2024-08-08 11:44:18', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '21776', 'article_category_id' => '1', 'title' => 'Turkish Airlines Plane 'Overshoots' at TIA Due to Missed Approach', 'sub_title' => '', 'summary' => 'KATHMANDU, Aug 8: A Turkish Airlines aircraft from Istanbul overshot the runway during its approach to land at the Tribhuvan International Airport (TIA) in Kathmandu today (Thursday).', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">KATHMANDU, Aug 8: A Turkish Airlines aircraft from Istanbul overshot the runway during its approach to land at the Tribhuvan International Airport (TIA) in Kathmandu today (Thursday).</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to flight radar data, the plane, which was scheduled to land at 6:10 am, touched down 20 minutes later after the overshoot.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The airport office reported that the aircraft overshot due to a 'missed approach.' An air traffic controller (ATC) noted that the incident occurred following an 'unstable approach.' </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The incident occurred just a day after a fatal crash of an Air Dynasty helicopter in which four Chinese passengers and the pilot were killed on the border of Kathmandu.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Earlier on March </span></span>4<span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">, 2015, a Turkish Airlines plane skidded off the runway at TIA and landed on the grassland near the runway after losing balance during landing. No major injuries were reported back then. <em>(With inputs from RSS)</em></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-08-08', 'modified' => '2024-08-08', 'keywords' => '', 'description' => '', 'sortorder' => '21502', 'image' => '20240808111005_iu.jpeg', 'article_date' => '2024-08-08 11:09:19', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '21772', 'article_category_id' => '228', 'title' => 'Air Dynasty Helicopter Crashes in Shivapuri, Killing Five', 'sub_title' => '', 'summary' => 'KATHMANDU, August 7: An Air Dynasty helicopter crashed in the Shivapuri area of Nuwakot district this afternoon (Wednesday), killing five people on board.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">KATHMANDU, August 7: An Air Dynasty helicopter crashed in the Shivapuri area of Nuwakot district this afternoon (Wednesday), killing five people on board.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Tribhuvan International Airport's General Manager, Jagannath Niraula, confirmed the crash.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Locals, suspecting an accident, informed the police after noticing flames and smoke over Suryachaur in the Shivapuri forest area, located in Shivapuri Rural Municipality-7, Nuwakot, according to Assistant Chief District Officer Krishna Prasad Humagain.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The police confirmed that four men and one woman were among the deceased.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Superintendent of Police (SP) Shantiraj Koirala from the District Police Office, Nuwakot, stated that the helicopter crashed in the Suryachaur area of Shivapuri Forest.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">"Some security personnel and locals have already reached the crash site and are currently working to extinguish the fire," informed SP Koirala.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Further details on the accident are awaited. -- RSS</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-07', 'modified' => '2024-08-07', 'keywords' => '', 'description' => '', 'sortorder' => '21501', 'image' => '20240807042654_IMG-20240807-WA0005.jpg', 'article_date' => '2024-08-07 16:17:06', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '21774', 'article_category_id' => '1', 'title' => 'Nepal Ready to Welcome Foreign Investors: FNCCI President Dhakal', 'sub_title' => '', 'summary' => 'President of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) Chandra Prasad Dhakal highlighted Nepal's readiness to welcome foreign investors and the importance of trade facilitation for regional economic growth.', 'content' => '<p><span style="font-size:18px">KATHMANDU, August 7: President of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) Chandra Prasad Dhakal highlighted Nepal's readiness to welcome foreign investors and the importance of trade facilitation for regional economic growth.<br /> Addressing the BIMSTEC Business Summit 2024 in New Delhi on Wednesday President Dhakal emphasized that recent economic progress in Nepal, supported by significant amendments in eight investment-related laws and the establishment of a Bilateral Investment Agreement framework, has created a favorable environment for foreign investment. <br /> He invited investors to explore opportunities in sectors such as tourism, hydropower, education, and information technology.<br /> He noted that increased trade and investment are essential for economic growth, job creation, and poverty reduction. Dhakal cited the World Trade Organization's suggestion that implementing the Trade Facilitation Agreement could reduce global trade costs by an average of 14.3 percent.<br /> Dhakal called for enhanced cross-border linkages and trade infrastructure among BIMSTEC states to harness this potential. <br /> He proposed improving transport infrastructure, including the BIMSTEC highway and railway systems, and developing a railway project parallel to Nepal's East-West Highway. Enhancing border infrastructure to simplify customs procedures was also emphasized.<br /> To support these developments, Dhakal proposed establishing a BIMSTEC Infrastructure Development Fund. He stressed that improved regional connectivity would benefit all member states and strengthen their collective voice in international forums.<br /> The BIMSTEC Business Summit 2024, organized by the Confederation of Indian Industry, provided a platform for discussing key issues and opportunities for promoting trade facilitation and economic growth in the region.</span></p> ', 'published' => true, 'created' => '2024-08-07', 'modified' => '2024-08-07', 'keywords' => '', 'description' => '', 'sortorder' => '21500', 'image' => '20240807083410_IMG-20240807-WA0002.jpg', 'article_date' => '2024-08-07 20:33:20', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '21775', 'article_category_id' => '266', 'title' => 'FHAN Signs MoU with Songkhla Chamber of Commerce at Thai SMEs Trade Fair', 'sub_title' => '', 'summary' => 'KATHMANDU, August 7: The Federation of Handicraft Associations of Nepal (FHAN) signed a Memorandum of Understanding (MoU) with the Thailand-based Songkhla Chamber of Commerce during an SMEs trade fair in Songkhla, Thailand recently.', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">KATHMANDU, August 7: The Federation of Handicraft Associations of Nepal (FHAN) signed a Memorandum of Understanding (MoU) with the Thailand-based Songkhla Chamber of Commerce during an SMEs trade fair in Songkhla, Thailand recently.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The MoU, aimed at fostering collaboration in trade and skill transfer between Nepal and Thailand, was signed by FHAN President Prachanda Shakya and Songpon, president of the Songkhla Chamber of Commerce, reads a statement issued by FHAN. The signing ceremony was attended by Mahamapisakri Wamae, deputy governor of Songkhla Province, and Chatsuda Chumsaeng, director of Songkhla Provincial Commerce.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The MoU signing was a key highlight of the FHAN delegation's visit to the trade fair, which took place from July 18 to 21. Led by President Shakya and Vice President Dilli Ratna Tuladhar, the delegation attended the event as honored guests, following an invitation from the Office of Provincial Commercial Affairs, Songkhla Province. The trade fair was organized by the Songkhla Chamber of Commerce with support from the provincial government.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">During the event, the FHAN delegation engaged with various government officials, business leaders, and representatives of SMEs. President Shakya addressed the attendees at the opening ceremony, emphasizing the potential for collaboration between Nepal and Thailand's SMEs and business communities, particularly in skill transfer and trade promotion. Vice President Tuladhar echoed this sentiment in his speech, reinforcing the message of cooperation and mutual benefit.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">In addition to their participation in the trade fair, the FHAN delegation met with the Nepalese Ambassador to Thailand, Dhan Bahadur Oli, at his office. During the meeting, the delegation sought the ambassador's assistance in promoting Nepalese handicraft products in Thailand. Ambassador Oli assured the delegation of his full support and commitment to this cause.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">According to FHAN, the visit to the Songkhla SMEs trade fair marks a significant step towards strengthening trade relations and skill development between Nepal and Thailand, underscoring the potential for future collaboration and growth in the handicraft sector.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-07', 'modified' => '2024-08-07', 'keywords' => '', 'description' => '', 'sortorder' => '21499', 'image' => '20240807084809_IMG-20240807-WA0003 - Copy.jpg', 'article_date' => '2024-08-07 20:46:24', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, '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
