March 28: Bankers have urged the government for policy intervention to improve the economic indicators that have been worrying the…
March 28: Bankers have urged the government for policy intervention to improve the economic indicators that have been worrying the…
March 28: The government held an in-depth discussion with Chinese authorities regarding the high rate of interest on loans from China during the three-day visit of Chinese State Councilor and Foreign Minister Wang Yi to…
March 28: Nepal’s newly-appointed ambassador to India Dr Shankar Prasad Sharma has pledged to help promote small industries and their products in the international…
March 28: The Federation of Nepalese Chambers of Commerce and Industry (FNCCI) and the Investment Board Nepal (IBN) have signed a Memorandum of Understanding (MoU) for cooperation in promoting domestic and foreign investment in the…
March 28: China’s State Councilor and Foreign Minister Wang Yi wrapped up his three-day visit to Nepal and returned home on…
March 28: Six international companies have been shortlisted for the detailed feasibility study of Dhaubadi iron…
March 27: The night-time business has started flourishing in the lakeside area of Pokhara ever since the stakeholders decided to keep the area open for 24 hours a…
March 27: Excessive price hike in India, which produces electricity from coal plants, has had a direct impact on Nepal.…
March 27: The Chinese government has agreed to provide more than Rs 11.40 billion as grant assistance to the Government of Nepal under its financial and technical…
March 27: The Birgunj Chamber of Commerce and Industry (BICCI) has demanded the government to formulate several policies to help resolve the problems faced by the private…
March 27: The Pokhara Regional International Airport,which is being developed by Chinese construction company CAMC Engineering, has been handed over to Nepal on…
March 27: Nepal and China have signed nine different agreements to enhance mutual cooperation and partnership between the two…
March 25: The Insurance Board Nepal (IBN) has decided to increase the paid-up capital of life and non-life insurance companies.…
March 25: Stakeholders discussed the challenges faced by startups during their early stages and funding of startups from venture capital (VC’s) perspective during the 3rd edition of International Entrepreneurship Conclave – Connect…
March 25: Nepal Electricity Authority (NEA) has imported electricity from the India’s open market by bidding at the maximum…
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The parliamentary panel had called the chief executive officers (CEOs) of commercial banks to take their feedback for the upcoming budget.</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 CEOs who participated in the discussion said that the country's economic situation was deteriorating due to high Balance of Payments (BoP) and trade deficit as well as declining foreign exchange reserves and remittance inflows. They suggested that the government should take policy-level intervention to improve the situation.</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"">Anil Keshari Shah, CEO of Nabil Bank, said that the inflow of remittances during lockdown was high but declined after the restrictions were lifted. He said that inflow of remittance and imports were inter-related and urged the government to intervene saying that even in the current complex situation, unnecessary items like betel nuts and cosmetics are being imported.</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"">"When the dollar reserves can sustain imports of less than three months, the country is in a state of bankruptcy. We are in danger of reaching that point," he said. The time has come for you to stop. It is up to you to stop it,” said Shah.</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"">According to a report prepared by Nepal Rastra Bank, the current account deficit is Rs 413.86 billion and the Balance of Payments is Rs 247.03 billion as of January. The total foreign exchange reserves, which stood at Rs 1399.03 billion in mid-July last year, have declined by 16.2 percent to Rs 1177.02 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 foreign exchange reserves can sustain imports of goods for 7.4 months and 6.7 months when importing goods and services. The Department of Customs has made public the statistics that the country's trade deficit has exceeded Rs 1100 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"">Sunil KC, CEO of NMB Bank, said that if remittances were the main source of bank deposits, increasing them would reduce the liquidity crunch in the banking sector. He said that the liquidity crisis can be lessened if the money in the government's reserve fund was mobilized. About Rs 300 billion has remained unused in the fund.</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"">Ashoke Rana, CEO of Himalayan Bank, also complained that they had urged the government to provide the interest-free money deposited in state coffers to the banks but their demand was not addressed.</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"">"We have repeatedly asked the Financial Comptroller General’s Office to allow the banks to keep the government’s funds as bank deposits," he said, adding, “If that happens, Rs 250 billion to Rs 300 billion will flow to the market.”</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"">Rana said that remittances were affected due to the illegal ‘hundi’ system. He said that the traders were protesting against the recent move of NRB to control imports and investment in unproductive sector although it was the right decision. Policy intervention is needed at this time, he added.</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"">Anupama Khunjeli, CEO of Mega Bank, suggested to effectively regulate the inflow of remittances and to deposit the dollars kept abroad by NRB in Nepali bank. She said that the current problems were also due to volatile interest rates, adding that the provision of monthly interest rate review should be removed and made quarterly.</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"">Nepal Bankers Association CEO Anil Sharma said that the interest rate was volatile due to institutional deposits and the government's intervention was needed.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-03-28', 'modified' => '2022-04-06', 'keywords' => '', 'description' => '', 'sortorder' => '14750', 'image' => '20220328040124_bankers.jpg', 'article_date' => '2022-03-28 16:00:06', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '15006', 'article_category_id' => '245', 'title' => 'Nepal Expresses Concern Regarding High Interest Rate with China', 'sub_title' => '', 'summary' => 'March 28: The government held an in-depth discussion with Chinese authorities regarding the high rate of interest on loans from China during the three-day visit of Chinese State Councilor and Foreign Minister Wang Yi to Nepal.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">March 28: The government held an in-depth discussion with Chinese authorities regarding the high rate of interest on loans from China during the three-day visit of Chinese State Councilor and Foreign Minister Wang Yi to Nepal. Showing special interest on this issue, Prime Minister Sher Bahadur Deuba urged Minister Wang to facilitate Nepal as it is a poor nation and cannot afford to take such expensive loan. </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:"Times New Roman","serif"">According to high-level sources in Baluwatar, Prime Minister Deuba said during the meeting that Nepal wanted to move ahead with projects under the much-talked-about Chinese Belt and Road Initiative (BRI). A source at the Prime Minister's Secretariat said that PM Deuba made it clear to the Chinese Foreign Minister that Nepal would take the loan only if China provided the grant under BRI but it cannot take the loan in the current situation. </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:"Times New Roman","serif"">A source at the Ministry of Finance said that the two countries did not sign any immediate agreement under the BRI framework during Wang's visit as the modalities of investment in the projects under BRI were not clear. A senior official at the finance ministry said that the government did not want to sign the agreement immediately but only after finalizing the modalities of China's assistance under the BRI framework. </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:"Times New Roman","serif"">“The country's economy is deteriorating. There’s an obligation to take loan for BRI. As the Chinese debt is expensive, the country cannot bear such heavy burden. Therefore, an agreement could not be reached in this regard,” the official 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:"Times New Roman","serif"">A statement issued by the Ministry of Foreign Affairs did not mention anything about the nine projects previously planned to be built under the BRI concept of China. </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:"Times New Roman","serif"">Under the BRI project, China has invested heavily in most of the countries. The government of Nepal is alarmed as countries like Sri Lanka and Kazakhstan are facing difficulties to pay back the loans. </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:"Times New Roman","serif"">The statement issued by the Ministry of Foreign Affairs on the agreement reached during Foreign Minister Wang's visit did not even mention the name of the BRI framework. Nepal became a member of the BRI framework of China after signing the deal in 2017. Since then, not a single agreement under BRI has been implemented. China had been planning to sign the BRI Implementation Agreement between the two countries during Wang’s visit to Nepal. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">During a meeting with Foreign Minister Narayan Khadka on Saturday, the Chinese Foreign Minister said that the two countries would benefit from signing an agreement on the BRI implementation plan. </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:"Times New Roman","serif"">After signing the BRI agreement in May 2017, Nepal has already witnessed four different governments in the past five years. But Nepal hasn’t had any concrete dialogue with China about moving ahead with the projects under the BRI.</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:"Times New Roman","serif"">In 2017, Nepal proposed 35 different projects under the BRI which was later reduced to 9 upon the request of China.</span></span></span></span></p> <p> </p> <p> </p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Those projects include Kerung-Kathmandu Railway, Rasuwagadhi-Kathmandu road upgrading project, Kimathanka-Hile road, Galchi-Rasuwagadhi-Krung 400 kVA transmission line, Tamor hydropower project, Madan Bhandari Technical Institute,Fukot Karnali hydropower project, road from Dipayal to Chinese border and construction of Tokha-Bidur road.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">However, officials at the finance ministry say the government has not held any discussion with the Chinese side ever since the Deuba-led government was formed nine months ago.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Spokesperson of the finance ministry Sewa Lamsal says that the two countries are yet to complete their homework regarding the BRI agreement and therefore the projects under BRI will not be implemented anytime soon.</span></span></p> ', 'published' => true, 'created' => '2022-03-28', 'modified' => '2022-04-06', 'keywords' => '', 'description' => '', 'sortorder' => '14749', 'image' => '20220328023943_RS_KTM_20220326_0188b.jpg', 'article_date' => '2022-03-28 14:39:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '15007', 'article_category_id' => '1', 'title' => 'Nepal’s Ambassador to India pledges to Promote Small Industries', 'sub_title' => '', 'summary' => 'March 28: Nepal’s newly-appointed ambassador to India Dr Shankar Prasad Sharma has pledged to help promote small industries and their products in the international market.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">March 28: Nepal’s newly-appointed ambassador to India Dr Shankar Prasad Sharma has pledged to help promote small industries and their products in the international market. In a program organized by the Federation of Nepalese Cottage and Small Industries, ambassador Sharma said that he would take the initiatives to promote home-grown Nepali products in India.</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:"Times New Roman","serif"">He was of the view that the government and private sector can work hand in hand after determining the sectors of investment and export. He affirmed that he would take initiatives to improve the relations between the two nations and facilitate easy investment. </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:"Times New Roman","serif"">Stating that Nepal and India have good relations, he stated that the area for business is broad in both the countries as well. </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:"Times New Roman","serif"">“Two-third of Nepal’s trade is done with India. Even in exports, 75 percent of the exports are made to India,” said Sharma.</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:"Times New Roman","serif"">Umesh Prasad Singh, the chairman of the federation, stated that it is a challenge to expand productive sector industries to replace import and promote export-oriented busiensses. He expects ambassador Sharma to play a role at the diplomatic level to promote the export of domestic products. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-03-28', 'modified' => '2022-03-28', 'keywords' => '', 'description' => '', 'sortorder' => '14748', 'image' => '20220328030443_sharma.jpg', 'article_date' => '2022-03-28 15:04:07', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '15003', 'article_category_id' => '1', 'title' => 'FNCCI signs Pact with Investment Board to Promote Investment', 'sub_title' => '', 'summary' => 'March 28: The Federation of Nepalese Chambers of Commerce and Industry (FNCCI) and the Investment Board Nepal (IBN) have signed a Memorandum of Understanding (MoU) for cooperation in promoting domestic and foreign investment in the country.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">March 28: The Federation of Nepalese Chambers of Commerce and Industry (FNCCI) and the Investment Board Nepal (IBN) have signed a Memorandum of Understanding (MoU) for cooperation in promoting domestic and foreign investment in the country. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">FNCCI President Shekhar Golchha and IBN Chief Executive Officer Sushil Bhatta signed the MoU to this effect in the presence of Finance Minister Janardan Sharma, who is also the vice chairperson of the board, amid a function on Sunday (March 27). </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the MoU, a help desk related to foreign direct investment (FDI) will be set up at the FNCCI Secretariat. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, the FNCCI will actively help the IBN to identify and search for foreign investment projects. It will organise programmes relating to investments at home and in foreign countries. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, both the FNCCI and IBN have agreed to cooperate on topics related to acquiring knowledge and sharing experiences and information, and in carrying out policy reforms in investment through public private partnership concept. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Also, both the organisations agreed to cooperate in organising investment-related assemblies, conferences, exhibitions, seminars, workshops and training sessions at national and international levels in order to promote foreign direct investment and other investments. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">On the occasion, Finance Minister Sharma said that the MoU between the FNCCI and IBN has been exemplary for the promotion of domestic and foreign investment in the country and expressed the hope that both the institutions would implement the decision. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Others present on the occasion were the IBN member and FNCCI outgoing President Bhawani Rana, the IBN joint secretary Bhagawan Aryal, the FNCCI senior vice president Chandra Prasad Dhakal, vice presidents, Dinesh Shrestha, Anjana Shrestha and Ram Chandra Sanghai and President of the International Investment Promotion Committee, of FNCCI, Aananda Bagadiya. <em>(With inputs from RSS)</em></span></span></span></p> ', 'published' => true, 'created' => '2022-03-28', 'modified' => '2022-03-28', 'keywords' => '', 'description' => '', 'sortorder' => '14747', 'image' => '20220328080628_MOU SAill003.jpg', 'article_date' => '2022-03-28 07:52:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '15004', 'article_category_id' => '245', 'title' => 'Chinese Foreign Minister Wang Wraps up his 3-Day Visit to Nepal', 'sub_title' => '', 'summary' => 'March 28: China’s State Councilor and Foreign Minister Wang Yi wrapped up his three-day visit to Nepal and returned home on Sunday. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">March 28: China’s State Councilor and Foreign Minister Wang Yi wrapped up his three-day visit to Nepal and returned home on Sunday. <br /> Foreign Secretary Bharat Raj Paudyal, China’s Ambassador to Nepal, Hou Yanqi, Chief of Protocol Dr Durga Bahadur Subedi and senior officials at the Ministry of Foreign Affairs and the Embassy of China bade farewell to the special guest from the northern neighbor at Tribhuvan International Airport, the state-owned national news agency RSS reported.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Wang arrived in Nepal on Friday leading a 19-member delegation at the invitation of his Nepalese counterpart - Minister for Foreign Affairs Dr Narayan Khadka. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">During his stay in Nepal, the Chinese Minister separately called on President Bidya Devi Bhandari, Prime Minister Sher Bahadur Deuba and former Prime Ministers Pushpa Kamal Dahal and KP Sharma Oli, according to RSS. <br /> During the visit, the foreign ministry-level delegation from both the countries held a bilateral meeting on Saturday (March 26) and the officials from both sides signed nine different Memorandum of Understanding (MoUs) relating to the enhancement of mutual assistance. </span></span></span><br /> </p> ', 'published' => true, 'created' => '2022-03-28', 'modified' => '2022-04-06', 'keywords' => '', 'description' => '', 'sortorder' => '14746', 'image' => '20220328094237_RS_KTM_008A4999.jpg', 'article_date' => '2022-03-28 09:41:54', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '15005', 'article_category_id' => '1', 'title' => 'Six Int’l Companies shortlisted for Feasibility Study of Dhaubadi Iron Mine', 'sub_title' => '', 'summary' => 'March 28: Six international companies have been shortlisted for the detailed feasibility study of Dhaubadi iron mine.', '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"">March 28: Six international companies have been shortlisted for the detailed feasibility study of Dhaubadi iron mine.</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 six companies shortlisted for the detailed feasibility study of Hupsekot-based iron mine in East Nawalparasi are from India, China, the UK, Canada and Austria.</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"">Dr. Janak Bahadur Chand, Chief Executive Officer (CEO) of Dhaubadi Iron Company Limited informed that all the companies that had applied for the feasibility study have been shortlisted.</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"">According to Chand, two Chinese companies -- Capital Engineering and Research Incorporation Limited and China in Association with Development Support Consult, Canada's Mycon International Limited JV ERMC, India's Duster-SRK-Jade JV, England's London Road and Austria's Hurst Wissinger Consulting GMBH JV have been shortlisted for the feasibility study.</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"">Chand informed that one of the six shortlisted companies will conduct the feasibility study of the iron in Dhaubadi mine of East Nawalparasi. He said that the project office has called for financial and technical proposals from the shortlisted companies.</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"">One of the selected companies will submit the feasibility study report within 3/4 months. Although preliminary data show that the mine has 100 million metric tons of iron reserves, a recent study conducted by the company with the participation of an expert team found that the capacity of the ore storage to be even more.</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"">Chand informed that the mine has 150 million metric tons of iron reserves. He said that the details had been obtained through drilling. The company has informed that the detailed project report (DPR) will be prepared only after the completion of the feasibility study.</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"">International bids will also be invited for the DPR. A test conducted in China has already confirmed that iron and billets can be made from iron ore present in the mine.</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"">However, Chand said that a detailed feasibility study would provide information on how much iron can be extracted commercially from the mine. Stating that the feasibility study will be completed in the current fiscal year, he informed that the DPR report will not be ready this year.</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"">He said that they are working with international companies as mining is being done for the first time in Nepal. He said that commercial production from the Dhaubadi iron mile will take some more time. The mine was explored for the first time almost a decade ago.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-03-28', 'modified' => '2022-03-28', 'keywords' => '', 'description' => '', 'sortorder' => '14745', 'image' => '20220328101003_1648364690.धौबादी_फलाम_कम्पनी_लिमिटेड.jpg', 'article_date' => '2022-03-28 10:08:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '15002', 'article_category_id' => '1', 'title' => 'Government Allows 24-Hour Business in Lakeside Pokhara', 'sub_title' => '', 'summary' => 'March 27: The night-time business has started flourishing in the lakeside area of Pokhara ever since the stakeholders decided to keep the area open for 24 hours a day.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">March 27: The night-time business has started flourishing in the lakeside area of Pokhara ever since the stakeholders decided to keep the area open for 24 hours a day. Such decision was taken in an attempt to encourage the business activities which had hit a slump due to Covid-19 pandemic. The government decided to keep the business open at night as well in the areas that receive higher tourists like Lakeside of Pokhara, Sauraha of Chitwan, and Thamel and Durbarmarg of Kathmandu.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Earlier, the police administration used to allow night-time businesses in Lakeside Pokhara till 10 PM. Both the business community and the tourists had been complain that they were not able to avail services at night time.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">As per the businessmen, the businesses which had hit a slump due to Covid-19 are expected to gain momentum with this decision of the government to allow 24-hour business.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Govinda Sharma, a local tourism entrepreneur, said the government's decision has raised hopes of revival of the Covid-19 affected tourism industry. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">“The business has come to a standstill due to the Covid-19 infection. Even when the Covid-19 infection was less, only domestic tourists visited this area. Influx of domestic tourists alone cannot sustain the business,” he said adding “Now that the Covid-19 infection has decreased and night-time business is on the rise, the business community is excited about revival of their businesses.” He said that the decision taken by the government, although late, would send a positive message about Nepal's tourism sector. He also added that the police had been harassing the businessmen to close hotels and restaurants before 10 pm.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Domestic and foreign tourists have been eager to visit Pokhara after the business started opening till late night. Night businesses include hotels, lounge bars, dance clubs, restaurants, among others.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Chairman of the Western Regional Hotel Association Laxman Subedi said that the decision to open 24-hour business is a positive move and in the best interest of the business community. He is confident that it will also help in reviving the long-stalled tourism activities.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">“Opening a 24-hour business requires more employees -- in two shifts, which creates more employment opportunities. Along with employment, the income of entrepreneurs also increases,” said Subedi. He expressed that the long-time wish of businessmen of Lakeside to be able to operate business for 24 hours has finally been fulfilled. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">s</span></span></p> ', 'published' => true, 'created' => '2022-03-27', 'modified' => '2022-03-27', 'keywords' => '', 'description' => '', 'sortorder' => '14744', 'image' => '20220327062910_lakeside (1).jpg', 'article_date' => '2022-03-27 18:28:34', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '15001', 'article_category_id' => '1', 'title' => 'Energy Crisis puts Hydro Power Projects under Pressure for Timely Completion', 'sub_title' => '', 'summary' => 'March 27: Excessive price hike in India, which produces electricity from coal plants, has had a direct impact on Nepal. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">March 27: Excessive price hike in India, which produces electricity from coal plants, has had a direct impact on Nepal. Nepal Electricity Authority is distributing electricity imported from India at Rs 38 per unit. At present, it is not possible to predict how long the effects of the continuous increase in electricity prices in the energy exchange market will last. But for Nepal, the NEA says, such problems will persist only for the next one and a half months.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Nepal produces excess of electricity during the rainy season, but it has import electricity during the winter. The NEA, which felt a relief after the electricity produced by the Upper Tamakoshi Hydropower Project was connected to the national grid, is still facing problem in the dry season. However, there is no need to import large amount of electricity from India at present, says NEA.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to NEA Executive Director Kulman Ghising, only 350 to 400 MW electricity is being imported depending on the need. Most of the projects in Nepal are based on run-of-the-river system. Due to the severe dry weather, the water level in the rivers has dropped and only one third of the electricity is generated from these projects. Most of the private sector projects are of the same nature as well.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The total demand of electricity in Nepal is around 1,600 MW. A total of 1,300 MW of electricity flows from NEA's own projects, subsidiaries and private sector projects. The remaining 300 MW is insufficient. In such situation, there is no alternative to importing that amount of electricity.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">In India, electricity generated from solar projects is supplied throughout the day. When evening falls, the solar system's power generation stops and the coal plant has to run. Nepal has to import electricity even though it has to pay a high price for evening time management due to the global impact of price hike of coal.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Due to the crisis, the under-construction projects are in pressure to complete the works soon. If the transmission system and other technical preparations are completed, it is possible to add 150 to 200 MW of electricity to the national grid by the end of the current fiscal year.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Executive Director Ghising said that they have requested the hydropower projects to complete the final stage of construction as soon as possible. If work is done a little harder than usual, 118 MW of electricity will be added in the Dordi corridor. Similarly, there is a possibility of adding 150 MW of electricity in Solu Corridor. NEA has completed the construction of a 132 KV transmission line. This has put an end to the fear of wasting electricity due to lack of transmission lines.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Currently, the private sector is constructing projects of 3,500 MW capacity. The recent crisis has created pressure to complete these projects as soon as possible. </span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-03-27', 'modified' => '2022-03-27', 'keywords' => '', 'description' => '', 'sortorder' => '14743', 'image' => '20220327035308_hydro.jpg', 'article_date' => '2022-03-27 15:52:29', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '15000', 'article_category_id' => '1', 'title' => 'China Pledges Rs 11.4 Billion Grant Assistance for Nepal', 'sub_title' => '', 'summary' => 'March 27: The Chinese government has agreed to provide more than Rs 11.40 billion as grant assistance to the Government of Nepal under its financial and technical assistance. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">March 27: The Chinese government has agreed to provide more than Rs 11.40 billion as grant assistance to the Government of Nepal under its financial and technical assistance. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the Ministry of Finance, the amount will be spent on the implementation of China-backed projects. Visiting Chinese Foreign Minister Wang Yi confirmed the grant assistance to Nepal. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Minister Wang, who is on a three-day visit to Nepal, also pledged to provide development assistance announced during Chinese President Xi Jinping's 2019 visit to Nepal. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">He expressed such commitment during the Nepal-China Foreign Ministerial Talks held in the capital on Saturday, the state-owned national news agency RSS reported. He also agreed to fully operate the two-way movement of goods and services through the Rasuwagadhi and Tatopani border points. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">During the talks, the foreign ministers of Nepal and China agreed to instruct the concerned authorities to make necessary preparations for speedy operation of the border points. The Chinese foreign minister also assured that China will allow Nepali students to return to their universities and educational institutions as soon as possible. </span></span></span></p> ', 'published' => true, 'created' => '2022-03-27', 'modified' => '2022-03-27', 'keywords' => '', 'description' => '', 'sortorder' => '14742', 'image' => '20220327013813_Flag-Pins-Nepal-China.jpg', 'article_date' => '2022-03-27 13:37:32', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '14999', 'article_category_id' => '1', 'title' => 'Birgunj Entrepreneurs Demand Credit Act ', 'sub_title' => '', 'summary' => 'March 27: The Birgunj Chamber of Commerce and Industry (BICCI) has demanded the government to formulate several policies to help resolve the problems faced by the private sector.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">March 27: The Birgunj Chamber of Commerce and Industry (BICCI) has demanded the government to formulate several policies to help resolve the problems faced by the private sector. The chamber has urged the government to lower the interest rates to single digit, and has also sought income tax exemption, proper management of bank loans in addition to the introduction of credit act. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The BICCI delegation was in Kathmandu for a visit last week. The delegation met Prime Minister Sher Bahadur Deuba, Home Minister Bal Krishna Khand, Finance Minister Janardan Sharma, Health and Population Minister Birodh Khatiwada, secretary at the Ministry of Industry, Commerce and Supplies Dr Ganesh Prasad Pandey, Inspector General of Nepal Police Shailesh Thapa Chhetri, Inspector General of Armed Police Force Shailendra Khanal, Nepal Rastra Bank Governor Maha Prasad Adhikari, Director General of the Department of Customs Kamal Prasad Poudel, Director General of the Department of Revenue Investigation Prakash Poudel and Director General of Inland Revenue Department Ritesh Man Shakya and put forward their demand. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Organising a press conference in Kathmandu on Friday, BICCI president Dr Subodh Kumar Gupta said that the problems of the private sector have been brought to the notice of the government bodies. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">During their meeting with Prime Minister Deuba, the chamber demanded to establish a new industrial zone. They also demanded the establishment of industrial security force. They urged home minister Bal Krishna Khand to hold regular border security meetings. The delegation members said that the government should be sensitive in this regard as the industrial sector has also been affected by the criminal activities taking place from across the border. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">In a meeting with Finance Minister Janardan Sharma, they demanded tax exemption on income of up to Rs 800,000 for a single person and up to Rs 850,000 for a couple. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The delegation also insisted that there should be a difference of 15 percent in the customs duty for finished goods and industrial raw materials, and the tariff on import of pulses should be revised according to the present time. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The private sector stakeholders also urged the government to fix the rent of the Special Economic Zone at Rs 5 per square feet. The chamber also said that the provision of 60 percent export for industries operating in the SEZ should be reduced to 25 percent. Likewise, they have also demanded reduction of interest rates on concessional loans and refinancing. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">In addition, the chamber has also demanded the introduction of a credit act. The delegation also demanded 50 percent exemption in income tax for industries related to basic essentials and education. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-03-27', 'modified' => '2022-03-27', 'keywords' => '', 'description' => '', 'sortorder' => '14741', 'image' => '20220327010059_1648337823.1.jpg', 'article_date' => '2022-03-27 13:00:16', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '14998', 'article_category_id' => '1', 'title' => 'China Hands over Pokhara International Airport to Nepal', 'sub_title' => 'Tourism Minister says the airport will come into operation within 6 months ', 'summary' => 'March 27: The Pokhara Regional International Airport,which is being developed by Chinese construction company CAMC Engineering, has been handed over to Nepal on Saturday. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">March 27: The Pokhara Regional International Airport, which is being developed by Chinese construction company CAMC Engineering, has been handed over to Nepal on Saturday. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The Pokhara Regional International Airport was handed over to Nepal on Saturday evening on the occasion of the state visit of China's Foreign Affairs Minister Wang Yi to Nepal. Separate programmes were organized in Kathmandu and Pokhara Airport for the handover of the airport. In Kathmandu, Chinese Affairs Minister Wang handed over a symbolic key to Minister for Foreign Affairs Dr Narayan Khadka at the presence of Prime Minister Sher Bahadur Deuba. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">In Pokhara, Minister for Tourism, Culture and Civil Aviation Prem Bahadur Ale felicitated Chairman of CAMC Engineering Lu Yan for completing the construction of the airport. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Project Chief of the Pokhara Regional International Airport Binesh Munakarmi said the handover ceremony was organised after the completion of major construction works. The airport was constructed with a concessional loan and grant assistance of Rs 22 billion from EXIM Bank of China. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the project officials, 93 per cent of the physical works have been completed and the construction company would continue its works until the airport is 100 percent ready.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">So far, the runway, terminal building, air traffic control building, taxiway and other main works have been completed. The project which was estimated to complete by July 10, 2021 was extended for a year due to the COVID-19 pandemic. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Minister Ale said that the airport would be brought into operation soon. He claimed that the government would run the airport within six months after completing all necessary preparations. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Minister Ale urged investors to invest in paragliding, rafting and golf targeting internal and foreign tourists following the handover of the airport. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">He also shared that the government was doing ground work to announce Pokhara as a tourism capital. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">General-Manager of the Civil Aviation Authority of Nepal, Pradeep Adhikari said though main part of the airport construction was completed some problems are yet to be fixed. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2022-03-27', 'modified' => '2022-03-27', 'keywords' => '', 'description' => '', 'sortorder' => '14740', 'image' => '20220327113443_Pokhara-Airportd.jpg', 'article_date' => '2022-03-27 11:31:40', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '14997', 'article_category_id' => '1', 'title' => 'Nepal, China Ink 9 Deals to Enhance Mutual Cooperation and Partnership ', 'sub_title' => '', 'summary' => 'March 27: Nepal and China have signed nine different agreements to enhance mutual cooperation and partnership between the two countries. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">March 27: Nepal and China have signed nine different agreements to enhance mutual cooperation and partnership between the two countries. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Both the countries have agreed to further strengthen the relation and partnership between Nepal and China. The two countries reached an understanding to this effect during the Nepal-China Foreign Minister-level meeting held in Kathmandu on Saturday (March 26). After bilateral talks between Foreign Minister Dr Narayan Khadka and Chinese State Councilor and Foreign Minister Wang Yi, officials from both the countries also signed nine sets of agreements on enhancing mutual cooperation. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Finance Secretary Madhu Kumar Marasini and Chinese Ambassador to Nepal Hou Yanqi signed the agreement on economic and technical cooperation, and technical assistance schemes for China aid and feasibility study of China-Nepal cross-border railway project in Nepal on behalf of their respective governments. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, the agreement for the feasibility study of China-Nepal power grid interconnection was signed by Secretary at the Ministry of Energy, Water Resources and Irrigation, Devendra Karki and Ambassador Yanqi. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Secretary at the Ministry of Agriculture and Livestock Development Niru Dahal Pandey and Ambassador Yanqi signed a protocol on the safety and health conditions of haylage export from Nepal to China. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">A letter of exchange on duty-free treatment for 98 percent of goods imported to China was signed by Secretary at the Ministry of Industry, Commerce and Supplies Ganesh Prasad Pandey and Assistant Minister at the Ministry of Commerce of China, Sheng Qiuping. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, Secretary at the Ministry of Physical Infrastructure and Transport Rabindra Nath Shrestha and Assistant Minister at the Ministry of Commerce of China, Sheng Qiuping signed an agreement to handover certificate of Araniko Highway Maintenance Project (phase-3) and the minutes of the 7th meeting on enhancing cooperation in Railway sector. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">In addition, the delivery and acceptance certificates of Chinese aid for COVID-19 vaccines to Nepal (fifth and sixth batches -- million Sinovac Vaccines) was signed by Health Secretary Dr Roshan Pokharel and Assistant Minister at the Ministry of Commerce of China, Sheng Qiuping. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, a protocol on sending a Chinese Medical team to work in Nepal was signed by Health Secretary Dr Pokharel and Ambassador Yanqi. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Welcoming his Chinese counterpart to the bilateral talks, Minister Khadka expressed his desire to take the centuries-old Nepal-China relations to a new height. He stressed the need for the timely completion of Chinese-assisted development projects. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">He highlighted the adverse impact on the economy of Nepal due to non-operation of Nepal-China border trade points, the problems added to the economic activities by the Covid-19 pandemic, Nepal's challenges in reviving the economy, declining remittance inflows and other challenges faced by the country. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Stressing on the implementation of past treaties and agreements between the two countries, Foreign Minister Khadka requested for the early implementation of the financial assistance announced during the visit of Chinese President Xi Jinping to Nepal. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">He also drew the attention of the Chinese side to implement the past agreement to expand the Trans Himalayan Multi-dimensional Network for the construction of physical infrastructure in the border areas essential for further strengthening people-to-people relations between Nepal and China and promoting bilateral trade and commerce. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">On behalf of the Government of Nepal, the Foreign Minister expressed his heartfelt gratitude for providing various health equipment including vaccines during difficult situation and for reconstruction of the physical infrastructure destroyed by the earthquakes. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The foreign ministers of the two countries also expressed their commitment to cooperate and share issues of mutual interest and common concern. RSS</span></span></span></p> ', 'published' => true, 'created' => '2022-03-27', 'modified' => '2022-03-27', 'keywords' => '', 'description' => '', 'sortorder' => '14739', 'image' => '20220327082158_RoS-KTM-PMDeubae.jpg', 'article_date' => '2022-03-27 08:21:10', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '14995', 'article_category_id' => '1', 'title' => 'IBN Instructs Insurance Companies to Increase Paid-up Capital', 'sub_title' => '', 'summary' => 'March 25: The Insurance Board Nepal (IBN) has decided to increase the paid-up capital of life and non-life insurance companies. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">March 25: The Insurance Board Nepal (IBN) has decided to increase the paid-up capital of life and non-life insurance companies. The board has decided to raise the minimum paid-up capital of life insurance companies to Rs 5 billion and non-life insurance companies to Rs 2.5 billion. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Earlier, the minimum paid-up capital was Rs 2 billion for life insurance companies and Rs 1 billion for non-life insurance companies. A meeting of the board of directors of IBN on Thursday decided to increase the limit. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Executive Director of the board Raju Raman Poudel said that the decision was taken to increase the paid-up capital targeting risk-based capital. He said that the decision was taken based on the guidelines on risk-based capital that was issued by the board. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">"As the business of insurance companies are growing, the risk they incur is also increasing. However, the paid-up capital of the companies is not sufficient to face such risks," he said, "So we have tried to increase the risk-bearing capacity by increasing the paid-up capital." </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">He said that it would also help in encouraging companies to merge with each other, maintaining appropriate number of companies, maintaining large capital and creating healthy competition. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The board has instructed the companies to increase their paid-up capital by mid-April 2023. "The companies will have to submit a plan to increase their paid-up capital to the board within 30 days," Poudel said. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Provision has also been made for foreign companies to deposit a certain amount of paid-up capital in a separate fund. Currently, foreign insurance companies operating in Nepal do not have paid-up capital. They are operating here as a branch offices. The board insists that they should keep the an amount equal to the paid-up capital in the designated fund. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Chairman of the board Surya Prasad Silwal said that the companies should go for merger if they do not increase their capital within the stipulated time. "Now the companies have to increase the paid-up capital within one year. If not, they will have to merge,” he said. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Furthermore, he said that companies can also issue rights shares to increase their paid-up capital. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-03-25', 'modified' => '2022-03-25', 'keywords' => '', 'description' => '', 'sortorder' => '14738', 'image' => '20220325035732_Insurance board.jpg', 'article_date' => '2022-03-25 15:56:57', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '14994', 'article_category_id' => '1', 'title' => '‘Technology can Overcome Barriers in Traditional Businesses’', 'sub_title' => '', 'summary' => 'March 25: Stakeholders discussed the challenges faced by startups during their early stages and funding of startups from venture capital (VC’s) perspective during the 3rd edition of International Entrepreneurship Conclave – Connect [IN].', 'content' => '<p>March 25: Stakeholders discussed the challenges faced by startups during their early stages and funding of startups from venture capital (VC’s) perspective during the 3rd edition of International Entrepreneurship Conclave – Connect [IN] organized by the Indian embassy in Kathmandu on March 23 in collaboration with Clockb Business Innovations.</p> <p>Another important topic that featured during the panel discussion was how technology can help overcome barriers in traditional businesses.</p> <p>Participants from India during the panel discussion were Yatra Angel Network, a VC firm focusing on funding of fintech ventures, and Credenc, a startup using technology and data analytics for better decision making on disbursal of educational loans, according to the Indian Embassy.</p> <p>The day-long conclave saw participation of about twenty-five entrepreneurs, including five from India, working in domains as diverse as e-commerce, life sciences, fintech, education technology, social entrepreneurship, food tech, and financial services.</p> <p>A statement issued by the embassy says well-known startups from Nepal such as Tootle, Hatti Hatti, Pick and Drop, Pad2Go and SweetFix, and VCs such as Dolma Impact Fund and Business Oxygen also participated in the panel discussion. The event also featured speakers from Standard Chartered Bank and King’s College Kathmandu.</p> <p>The day-long conclave was organized as a part of the year-long celebrations to mark 75 years of India’s independence, the statement added.</p> <p>According to the embassy, Connect [IN] is an initiative to brings together innovators, dignitaries and thought leaders from India and Nepal to celebrate the spirit of innovation and entrepreneurship in the two countries.</p> <p>The organizers believe that the conclave provided a platform for young entrepreneurs, investors, venture capitalists and experts from India and Nepal to learn from and connect with each other on a range of domains.</p> <p>This is the third edition of the conclave following the success of the first two editions. The third edition of Connect [IN] was jointly inaugurated by Minister for Communication and Information Technology Gyanendra Bahadur Karki and Indian Ambassador to Nepal Vinay Mohan Kwatra.</p> <p>The key partners of the event were GMR, Tata Motors, Tata Meditech and Tootle.</p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-03-25', 'modified' => '2022-03-25', 'keywords' => '', 'description' => '', 'sortorder' => '14737', 'image' => '20220325032135_pic 1.jpg', 'article_date' => '2022-03-25 15:20:23', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '14993', 'article_category_id' => '224', 'title' => 'NEA Imports Electricity from India at Maximum Rate', 'sub_title' => '', 'summary' => 'March 25: Nepal Electricity Authority (NEA) has imported electricity from the India’s open market by bidding at the maximum rate.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">March 25: Nepal Electricity Authority (NEA) has imported electricity from the India’s open market by bidding at the maximum rate. Indian companies had refused to provide electricity to Nepal during the last two days (Wednesday and Thursday) at the rate proposed by NEA. As a result, NEA failed to import electricity from India. After that, NEA proposed the maximum rate to import electricity.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Currently, the maximum rate per unit of electricity in the Indian market is IRs 20 (Rs 32 in Nepal). NEA had submitted a bid to purchase electricity at the same rate for Friday. NEA spokesperson Suresh Bhattarai said that NEA has started importing electricity from India from Thursday night after the bid was approved. However, NEA will have to pay IRs 34 or Rs 45 per unit after adding various service charges, according to Bhattarai.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">"Currently, we are selling electricity at an average of Rs 10 per unit. Therefore, we are at a loss of up to Rs 25 per unit," he said, adding, "Overall, we are still in profit. There is a history of buying electricity from India for as less as Rs 1.90 per unit.”</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to NEA officials, there are indications that there will be problems in power supply to the industrial sector shortly. There is a shortage of electricity in the Indian market due to the rise in price of coal following the Russia-Ukraine war. In that case, there could be a power shortage in Nepal, says Bhattarai.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> “India generates electricity from coal. But currently, there is a shortage of coal in India, and the power generation has been automatically affected. That is likely to affect us as well,” he said.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">At present, Pakistan has 16 hours of load shedding. Similarly, Sri Lanka has started facing 6-7 hours of power cuts. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">After one month, the snow melts, and the flow of water in the rivers and streams of Nepal starts increasing. In that case, the production of electricity will also increase. NEA officials say that the situation will ease at that time.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">NEA should offer a bid on the previous day to purchase electricity from India. Separate bids should be offered every 15 minutes. Accordingly, NEA has to propose 96 bids for the next day. NEA proposed a bid accordingly for Friday. More than 90 percent of the bids were approved. It is said that electricity will be procured accordingly in the coming days as well.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Due to the dry season, even the hydropower projects in India are not running at full capacity. This is also the case in Nepal. Nepal's electricity is based on hydropower. In winter, when the water level in the river decreases, electricity generation is reduced, and electricity has to be imported from India. But during the monsoon, Nepal exports surplus electricity to India.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-03-25', 'modified' => '2022-04-06', 'keywords' => '', 'description' => '', 'sortorder' => '14736', 'image' => '20220325023645_NEA.jpg', 'article_date' => '2022-03-25 14:34:57', '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 depth reached] ) ), (int) 8 => array( 'Article' => array( [maximum depth reached] ) ), (int) 9 => array( 'Article' => array( [maximum depth reached] ) ), (int) 10 => array( 'Article' => array( [maximum depth reached] ) ), (int) 11 => array( 'Article' => array( [maximum depth reached] ) ), (int) 12 => array( 'Article' => array( [maximum depth reached] ) ), (int) 13 => array( 'Article' => array( [maximum depth reached] ) ), (int) 14 => array( 'Article' => array( [maximum depth reached] ) ) ), 'current_user' => null, 'logged_in' => false ) $articles = array( (int) 0 => array( 'Article' => array( 'id' => '15008', 'article_category_id' => '219', 'title' => 'Bankers Suggest Government for Policy Intervention to Improve Economy', 'sub_title' => '', 'summary' => 'March 28: Bankers have urged the government for policy intervention to improve the economic indicators that have been worrying the economists.', '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"">March 28: Bankers have urged the government for policy intervention to improve the economic indicators that have been worrying the economists.</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"">They gave such suggestions during a meeting of the Finance Committee of the House of Representatives. The parliamentary panel had called the chief executive officers (CEOs) of commercial banks to take their feedback for the upcoming budget.</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 CEOs who participated in the discussion said that the country's economic situation was deteriorating due to high Balance of Payments (BoP) and trade deficit as well as declining foreign exchange reserves and remittance inflows. They suggested that the government should take policy-level intervention to improve the situation.</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"">Anil Keshari Shah, CEO of Nabil Bank, said that the inflow of remittances during lockdown was high but declined after the restrictions were lifted. He said that inflow of remittance and imports were inter-related and urged the government to intervene saying that even in the current complex situation, unnecessary items like betel nuts and cosmetics are being imported.</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"">"When the dollar reserves can sustain imports of less than three months, the country is in a state of bankruptcy. We are in danger of reaching that point," he said. The time has come for you to stop. It is up to you to stop it,” said Shah.</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"">According to a report prepared by Nepal Rastra Bank, the current account deficit is Rs 413.86 billion and the Balance of Payments is Rs 247.03 billion as of January. The total foreign exchange reserves, which stood at Rs 1399.03 billion in mid-July last year, have declined by 16.2 percent to Rs 1177.02 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 foreign exchange reserves can sustain imports of goods for 7.4 months and 6.7 months when importing goods and services. The Department of Customs has made public the statistics that the country's trade deficit has exceeded Rs 1100 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"">Sunil KC, CEO of NMB Bank, said that if remittances were the main source of bank deposits, increasing them would reduce the liquidity crunch in the banking sector. He said that the liquidity crisis can be lessened if the money in the government's reserve fund was mobilized. About Rs 300 billion has remained unused in the fund.</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"">Ashoke Rana, CEO of Himalayan Bank, also complained that they had urged the government to provide the interest-free money deposited in state coffers to the banks but their demand was not addressed.</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"">"We have repeatedly asked the Financial Comptroller General’s Office to allow the banks to keep the government’s funds as bank deposits," he said, adding, “If that happens, Rs 250 billion to Rs 300 billion will flow to the market.”</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"">Rana said that remittances were affected due to the illegal ‘hundi’ system. He said that the traders were protesting against the recent move of NRB to control imports and investment in unproductive sector although it was the right decision. Policy intervention is needed at this time, he added.</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"">Anupama Khunjeli, CEO of Mega Bank, suggested to effectively regulate the inflow of remittances and to deposit the dollars kept abroad by NRB in Nepali bank. She said that the current problems were also due to volatile interest rates, adding that the provision of monthly interest rate review should be removed and made quarterly.</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"">Nepal Bankers Association CEO Anil Sharma said that the interest rate was volatile due to institutional deposits and the government's intervention was needed.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-03-28', 'modified' => '2022-04-06', 'keywords' => '', 'description' => '', 'sortorder' => '14750', 'image' => '20220328040124_bankers.jpg', 'article_date' => '2022-03-28 16:00:06', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '15006', 'article_category_id' => '245', 'title' => 'Nepal Expresses Concern Regarding High Interest Rate with China', 'sub_title' => '', 'summary' => 'March 28: The government held an in-depth discussion with Chinese authorities regarding the high rate of interest on loans from China during the three-day visit of Chinese State Councilor and Foreign Minister Wang Yi to Nepal.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">March 28: The government held an in-depth discussion with Chinese authorities regarding the high rate of interest on loans from China during the three-day visit of Chinese State Councilor and Foreign Minister Wang Yi to Nepal. Showing special interest on this issue, Prime Minister Sher Bahadur Deuba urged Minister Wang to facilitate Nepal as it is a poor nation and cannot afford to take such expensive loan. </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:"Times New Roman","serif"">According to high-level sources in Baluwatar, Prime Minister Deuba said during the meeting that Nepal wanted to move ahead with projects under the much-talked-about Chinese Belt and Road Initiative (BRI). A source at the Prime Minister's Secretariat said that PM Deuba made it clear to the Chinese Foreign Minister that Nepal would take the loan only if China provided the grant under BRI but it cannot take the loan in the current situation. </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:"Times New Roman","serif"">A source at the Ministry of Finance said that the two countries did not sign any immediate agreement under the BRI framework during Wang's visit as the modalities of investment in the projects under BRI were not clear. A senior official at the finance ministry said that the government did not want to sign the agreement immediately but only after finalizing the modalities of China's assistance under the BRI framework. </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:"Times New Roman","serif"">“The country's economy is deteriorating. There’s an obligation to take loan for BRI. As the Chinese debt is expensive, the country cannot bear such heavy burden. Therefore, an agreement could not be reached in this regard,” the official 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:"Times New Roman","serif"">A statement issued by the Ministry of Foreign Affairs did not mention anything about the nine projects previously planned to be built under the BRI concept of China. </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:"Times New Roman","serif"">Under the BRI project, China has invested heavily in most of the countries. The government of Nepal is alarmed as countries like Sri Lanka and Kazakhstan are facing difficulties to pay back the loans. </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:"Times New Roman","serif"">The statement issued by the Ministry of Foreign Affairs on the agreement reached during Foreign Minister Wang's visit did not even mention the name of the BRI framework. Nepal became a member of the BRI framework of China after signing the deal in 2017. Since then, not a single agreement under BRI has been implemented. China had been planning to sign the BRI Implementation Agreement between the two countries during Wang’s visit to Nepal. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">During a meeting with Foreign Minister Narayan Khadka on Saturday, the Chinese Foreign Minister said that the two countries would benefit from signing an agreement on the BRI implementation plan. </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:"Times New Roman","serif"">After signing the BRI agreement in May 2017, Nepal has already witnessed four different governments in the past five years. But Nepal hasn’t had any concrete dialogue with China about moving ahead with the projects under the BRI.</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:"Times New Roman","serif"">In 2017, Nepal proposed 35 different projects under the BRI which was later reduced to 9 upon the request of China.</span></span></span></span></p> <p> </p> <p> </p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Those projects include Kerung-Kathmandu Railway, Rasuwagadhi-Kathmandu road upgrading project, Kimathanka-Hile road, Galchi-Rasuwagadhi-Krung 400 kVA transmission line, Tamor hydropower project, Madan Bhandari Technical Institute,Fukot Karnali hydropower project, road from Dipayal to Chinese border and construction of Tokha-Bidur road.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">However, officials at the finance ministry say the government has not held any discussion with the Chinese side ever since the Deuba-led government was formed nine months ago.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Spokesperson of the finance ministry Sewa Lamsal says that the two countries are yet to complete their homework regarding the BRI agreement and therefore the projects under BRI will not be implemented anytime soon.</span></span></p> ', 'published' => true, 'created' => '2022-03-28', 'modified' => '2022-04-06', 'keywords' => '', 'description' => '', 'sortorder' => '14749', 'image' => '20220328023943_RS_KTM_20220326_0188b.jpg', 'article_date' => '2022-03-28 14:39:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '15007', 'article_category_id' => '1', 'title' => 'Nepal’s Ambassador to India pledges to Promote Small Industries', 'sub_title' => '', 'summary' => 'March 28: Nepal’s newly-appointed ambassador to India Dr Shankar Prasad Sharma has pledged to help promote small industries and their products in the international market.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">March 28: Nepal’s newly-appointed ambassador to India Dr Shankar Prasad Sharma has pledged to help promote small industries and their products in the international market. In a program organized by the Federation of Nepalese Cottage and Small Industries, ambassador Sharma said that he would take the initiatives to promote home-grown Nepali products in India.</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:"Times New Roman","serif"">He was of the view that the government and private sector can work hand in hand after determining the sectors of investment and export. He affirmed that he would take initiatives to improve the relations between the two nations and facilitate easy investment. </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:"Times New Roman","serif"">Stating that Nepal and India have good relations, he stated that the area for business is broad in both the countries as well. </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:"Times New Roman","serif"">“Two-third of Nepal’s trade is done with India. Even in exports, 75 percent of the exports are made to India,” said Sharma.</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:"Times New Roman","serif"">Umesh Prasad Singh, the chairman of the federation, stated that it is a challenge to expand productive sector industries to replace import and promote export-oriented busiensses. He expects ambassador Sharma to play a role at the diplomatic level to promote the export of domestic products. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-03-28', 'modified' => '2022-03-28', 'keywords' => '', 'description' => '', 'sortorder' => '14748', 'image' => '20220328030443_sharma.jpg', 'article_date' => '2022-03-28 15:04:07', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '15003', 'article_category_id' => '1', 'title' => 'FNCCI signs Pact with Investment Board to Promote Investment', 'sub_title' => '', 'summary' => 'March 28: The Federation of Nepalese Chambers of Commerce and Industry (FNCCI) and the Investment Board Nepal (IBN) have signed a Memorandum of Understanding (MoU) for cooperation in promoting domestic and foreign investment in the country.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">March 28: The Federation of Nepalese Chambers of Commerce and Industry (FNCCI) and the Investment Board Nepal (IBN) have signed a Memorandum of Understanding (MoU) for cooperation in promoting domestic and foreign investment in the country. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">FNCCI President Shekhar Golchha and IBN Chief Executive Officer Sushil Bhatta signed the MoU to this effect in the presence of Finance Minister Janardan Sharma, who is also the vice chairperson of the board, amid a function on Sunday (March 27). </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the MoU, a help desk related to foreign direct investment (FDI) will be set up at the FNCCI Secretariat. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, the FNCCI will actively help the IBN to identify and search for foreign investment projects. It will organise programmes relating to investments at home and in foreign countries. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, both the FNCCI and IBN have agreed to cooperate on topics related to acquiring knowledge and sharing experiences and information, and in carrying out policy reforms in investment through public private partnership concept. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Also, both the organisations agreed to cooperate in organising investment-related assemblies, conferences, exhibitions, seminars, workshops and training sessions at national and international levels in order to promote foreign direct investment and other investments. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">On the occasion, Finance Minister Sharma said that the MoU between the FNCCI and IBN has been exemplary for the promotion of domestic and foreign investment in the country and expressed the hope that both the institutions would implement the decision. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Others present on the occasion were the IBN member and FNCCI outgoing President Bhawani Rana, the IBN joint secretary Bhagawan Aryal, the FNCCI senior vice president Chandra Prasad Dhakal, vice presidents, Dinesh Shrestha, Anjana Shrestha and Ram Chandra Sanghai and President of the International Investment Promotion Committee, of FNCCI, Aananda Bagadiya. <em>(With inputs from RSS)</em></span></span></span></p> ', 'published' => true, 'created' => '2022-03-28', 'modified' => '2022-03-28', 'keywords' => '', 'description' => '', 'sortorder' => '14747', 'image' => '20220328080628_MOU SAill003.jpg', 'article_date' => '2022-03-28 07:52:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '15004', 'article_category_id' => '245', 'title' => 'Chinese Foreign Minister Wang Wraps up his 3-Day Visit to Nepal', 'sub_title' => '', 'summary' => 'March 28: China’s State Councilor and Foreign Minister Wang Yi wrapped up his three-day visit to Nepal and returned home on Sunday. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">March 28: China’s State Councilor and Foreign Minister Wang Yi wrapped up his three-day visit to Nepal and returned home on Sunday. <br /> Foreign Secretary Bharat Raj Paudyal, China’s Ambassador to Nepal, Hou Yanqi, Chief of Protocol Dr Durga Bahadur Subedi and senior officials at the Ministry of Foreign Affairs and the Embassy of China bade farewell to the special guest from the northern neighbor at Tribhuvan International Airport, the state-owned national news agency RSS reported.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Wang arrived in Nepal on Friday leading a 19-member delegation at the invitation of his Nepalese counterpart - Minister for Foreign Affairs Dr Narayan Khadka. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">During his stay in Nepal, the Chinese Minister separately called on President Bidya Devi Bhandari, Prime Minister Sher Bahadur Deuba and former Prime Ministers Pushpa Kamal Dahal and KP Sharma Oli, according to RSS. <br /> During the visit, the foreign ministry-level delegation from both the countries held a bilateral meeting on Saturday (March 26) and the officials from both sides signed nine different Memorandum of Understanding (MoUs) relating to the enhancement of mutual assistance. </span></span></span><br /> </p> ', 'published' => true, 'created' => '2022-03-28', 'modified' => '2022-04-06', 'keywords' => '', 'description' => '', 'sortorder' => '14746', 'image' => '20220328094237_RS_KTM_008A4999.jpg', 'article_date' => '2022-03-28 09:41:54', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '15005', 'article_category_id' => '1', 'title' => 'Six Int’l Companies shortlisted for Feasibility Study of Dhaubadi Iron Mine', 'sub_title' => '', 'summary' => 'March 28: Six international companies have been shortlisted for the detailed feasibility study of Dhaubadi iron mine.', '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"">March 28: Six international companies have been shortlisted for the detailed feasibility study of Dhaubadi iron mine.</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 six companies shortlisted for the detailed feasibility study of Hupsekot-based iron mine in East Nawalparasi are from India, China, the UK, Canada and Austria.</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"">Dr. Janak Bahadur Chand, Chief Executive Officer (CEO) of Dhaubadi Iron Company Limited informed that all the companies that had applied for the feasibility study have been shortlisted.</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"">According to Chand, two Chinese companies -- Capital Engineering and Research Incorporation Limited and China in Association with Development Support Consult, Canada's Mycon International Limited JV ERMC, India's Duster-SRK-Jade JV, England's London Road and Austria's Hurst Wissinger Consulting GMBH JV have been shortlisted for the feasibility study.</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"">Chand informed that one of the six shortlisted companies will conduct the feasibility study of the iron in Dhaubadi mine of East Nawalparasi. He said that the project office has called for financial and technical proposals from the shortlisted companies.</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"">One of the selected companies will submit the feasibility study report within 3/4 months. Although preliminary data show that the mine has 100 million metric tons of iron reserves, a recent study conducted by the company with the participation of an expert team found that the capacity of the ore storage to be even more.</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"">Chand informed that the mine has 150 million metric tons of iron reserves. He said that the details had been obtained through drilling. The company has informed that the detailed project report (DPR) will be prepared only after the completion of the feasibility study.</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"">International bids will also be invited for the DPR. A test conducted in China has already confirmed that iron and billets can be made from iron ore present in the mine.</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"">However, Chand said that a detailed feasibility study would provide information on how much iron can be extracted commercially from the mine. Stating that the feasibility study will be completed in the current fiscal year, he informed that the DPR report will not be ready this year.</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"">He said that they are working with international companies as mining is being done for the first time in Nepal. He said that commercial production from the Dhaubadi iron mile will take some more time. The mine was explored for the first time almost a decade ago.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-03-28', 'modified' => '2022-03-28', 'keywords' => '', 'description' => '', 'sortorder' => '14745', 'image' => '20220328101003_1648364690.धौबादी_फलाम_कम्पनी_लिमिटेड.jpg', 'article_date' => '2022-03-28 10:08:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '15002', 'article_category_id' => '1', 'title' => 'Government Allows 24-Hour Business in Lakeside Pokhara', 'sub_title' => '', 'summary' => 'March 27: The night-time business has started flourishing in the lakeside area of Pokhara ever since the stakeholders decided to keep the area open for 24 hours a day.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">March 27: The night-time business has started flourishing in the lakeside area of Pokhara ever since the stakeholders decided to keep the area open for 24 hours a day. Such decision was taken in an attempt to encourage the business activities which had hit a slump due to Covid-19 pandemic. The government decided to keep the business open at night as well in the areas that receive higher tourists like Lakeside of Pokhara, Sauraha of Chitwan, and Thamel and Durbarmarg of Kathmandu.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Earlier, the police administration used to allow night-time businesses in Lakeside Pokhara till 10 PM. Both the business community and the tourists had been complain that they were not able to avail services at night time.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">As per the businessmen, the businesses which had hit a slump due to Covid-19 are expected to gain momentum with this decision of the government to allow 24-hour business.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Govinda Sharma, a local tourism entrepreneur, said the government's decision has raised hopes of revival of the Covid-19 affected tourism industry. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">“The business has come to a standstill due to the Covid-19 infection. Even when the Covid-19 infection was less, only domestic tourists visited this area. Influx of domestic tourists alone cannot sustain the business,” he said adding “Now that the Covid-19 infection has decreased and night-time business is on the rise, the business community is excited about revival of their businesses.” He said that the decision taken by the government, although late, would send a positive message about Nepal's tourism sector. He also added that the police had been harassing the businessmen to close hotels and restaurants before 10 pm.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Domestic and foreign tourists have been eager to visit Pokhara after the business started opening till late night. Night businesses include hotels, lounge bars, dance clubs, restaurants, among others.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Chairman of the Western Regional Hotel Association Laxman Subedi said that the decision to open 24-hour business is a positive move and in the best interest of the business community. He is confident that it will also help in reviving the long-stalled tourism activities.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">“Opening a 24-hour business requires more employees -- in two shifts, which creates more employment opportunities. Along with employment, the income of entrepreneurs also increases,” said Subedi. He expressed that the long-time wish of businessmen of Lakeside to be able to operate business for 24 hours has finally been fulfilled. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">s</span></span></p> ', 'published' => true, 'created' => '2022-03-27', 'modified' => '2022-03-27', 'keywords' => '', 'description' => '', 'sortorder' => '14744', 'image' => '20220327062910_lakeside (1).jpg', 'article_date' => '2022-03-27 18:28:34', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '15001', 'article_category_id' => '1', 'title' => 'Energy Crisis puts Hydro Power Projects under Pressure for Timely Completion', 'sub_title' => '', 'summary' => 'March 27: Excessive price hike in India, which produces electricity from coal plants, has had a direct impact on Nepal. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">March 27: Excessive price hike in India, which produces electricity from coal plants, has had a direct impact on Nepal. Nepal Electricity Authority is distributing electricity imported from India at Rs 38 per unit. At present, it is not possible to predict how long the effects of the continuous increase in electricity prices in the energy exchange market will last. But for Nepal, the NEA says, such problems will persist only for the next one and a half months.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Nepal produces excess of electricity during the rainy season, but it has import electricity during the winter. The NEA, which felt a relief after the electricity produced by the Upper Tamakoshi Hydropower Project was connected to the national grid, is still facing problem in the dry season. However, there is no need to import large amount of electricity from India at present, says NEA.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to NEA Executive Director Kulman Ghising, only 350 to 400 MW electricity is being imported depending on the need. Most of the projects in Nepal are based on run-of-the-river system. Due to the severe dry weather, the water level in the rivers has dropped and only one third of the electricity is generated from these projects. Most of the private sector projects are of the same nature as well.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The total demand of electricity in Nepal is around 1,600 MW. A total of 1,300 MW of electricity flows from NEA's own projects, subsidiaries and private sector projects. The remaining 300 MW is insufficient. In such situation, there is no alternative to importing that amount of electricity.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">In India, electricity generated from solar projects is supplied throughout the day. When evening falls, the solar system's power generation stops and the coal plant has to run. Nepal has to import electricity even though it has to pay a high price for evening time management due to the global impact of price hike of coal.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Due to the crisis, the under-construction projects are in pressure to complete the works soon. If the transmission system and other technical preparations are completed, it is possible to add 150 to 200 MW of electricity to the national grid by the end of the current fiscal year.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Executive Director Ghising said that they have requested the hydropower projects to complete the final stage of construction as soon as possible. If work is done a little harder than usual, 118 MW of electricity will be added in the Dordi corridor. Similarly, there is a possibility of adding 150 MW of electricity in Solu Corridor. NEA has completed the construction of a 132 KV transmission line. This has put an end to the fear of wasting electricity due to lack of transmission lines.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Currently, the private sector is constructing projects of 3,500 MW capacity. The recent crisis has created pressure to complete these projects as soon as possible. </span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-03-27', 'modified' => '2022-03-27', 'keywords' => '', 'description' => '', 'sortorder' => '14743', 'image' => '20220327035308_hydro.jpg', 'article_date' => '2022-03-27 15:52:29', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '15000', 'article_category_id' => '1', 'title' => 'China Pledges Rs 11.4 Billion Grant Assistance for Nepal', 'sub_title' => '', 'summary' => 'March 27: The Chinese government has agreed to provide more than Rs 11.40 billion as grant assistance to the Government of Nepal under its financial and technical assistance. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">March 27: The Chinese government has agreed to provide more than Rs 11.40 billion as grant assistance to the Government of Nepal under its financial and technical assistance. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the Ministry of Finance, the amount will be spent on the implementation of China-backed projects. Visiting Chinese Foreign Minister Wang Yi confirmed the grant assistance to Nepal. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Minister Wang, who is on a three-day visit to Nepal, also pledged to provide development assistance announced during Chinese President Xi Jinping's 2019 visit to Nepal. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">He expressed such commitment during the Nepal-China Foreign Ministerial Talks held in the capital on Saturday, the state-owned national news agency RSS reported. He also agreed to fully operate the two-way movement of goods and services through the Rasuwagadhi and Tatopani border points. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">During the talks, the foreign ministers of Nepal and China agreed to instruct the concerned authorities to make necessary preparations for speedy operation of the border points. The Chinese foreign minister also assured that China will allow Nepali students to return to their universities and educational institutions as soon as possible. </span></span></span></p> ', 'published' => true, 'created' => '2022-03-27', 'modified' => '2022-03-27', 'keywords' => '', 'description' => '', 'sortorder' => '14742', 'image' => '20220327013813_Flag-Pins-Nepal-China.jpg', 'article_date' => '2022-03-27 13:37:32', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '14999', 'article_category_id' => '1', 'title' => 'Birgunj Entrepreneurs Demand Credit Act ', 'sub_title' => '', 'summary' => 'March 27: The Birgunj Chamber of Commerce and Industry (BICCI) has demanded the government to formulate several policies to help resolve the problems faced by the private sector.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">March 27: The Birgunj Chamber of Commerce and Industry (BICCI) has demanded the government to formulate several policies to help resolve the problems faced by the private sector. The chamber has urged the government to lower the interest rates to single digit, and has also sought income tax exemption, proper management of bank loans in addition to the introduction of credit act. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The BICCI delegation was in Kathmandu for a visit last week. The delegation met Prime Minister Sher Bahadur Deuba, Home Minister Bal Krishna Khand, Finance Minister Janardan Sharma, Health and Population Minister Birodh Khatiwada, secretary at the Ministry of Industry, Commerce and Supplies Dr Ganesh Prasad Pandey, Inspector General of Nepal Police Shailesh Thapa Chhetri, Inspector General of Armed Police Force Shailendra Khanal, Nepal Rastra Bank Governor Maha Prasad Adhikari, Director General of the Department of Customs Kamal Prasad Poudel, Director General of the Department of Revenue Investigation Prakash Poudel and Director General of Inland Revenue Department Ritesh Man Shakya and put forward their demand. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Organising a press conference in Kathmandu on Friday, BICCI president Dr Subodh Kumar Gupta said that the problems of the private sector have been brought to the notice of the government bodies. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">During their meeting with Prime Minister Deuba, the chamber demanded to establish a new industrial zone. They also demanded the establishment of industrial security force. They urged home minister Bal Krishna Khand to hold regular border security meetings. The delegation members said that the government should be sensitive in this regard as the industrial sector has also been affected by the criminal activities taking place from across the border. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">In a meeting with Finance Minister Janardan Sharma, they demanded tax exemption on income of up to Rs 800,000 for a single person and up to Rs 850,000 for a couple. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The delegation also insisted that there should be a difference of 15 percent in the customs duty for finished goods and industrial raw materials, and the tariff on import of pulses should be revised according to the present time. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The private sector stakeholders also urged the government to fix the rent of the Special Economic Zone at Rs 5 per square feet. The chamber also said that the provision of 60 percent export for industries operating in the SEZ should be reduced to 25 percent. Likewise, they have also demanded reduction of interest rates on concessional loans and refinancing. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">In addition, the chamber has also demanded the introduction of a credit act. The delegation also demanded 50 percent exemption in income tax for industries related to basic essentials and education. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-03-27', 'modified' => '2022-03-27', 'keywords' => '', 'description' => '', 'sortorder' => '14741', 'image' => '20220327010059_1648337823.1.jpg', 'article_date' => '2022-03-27 13:00:16', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '14998', 'article_category_id' => '1', 'title' => 'China Hands over Pokhara International Airport to Nepal', 'sub_title' => 'Tourism Minister says the airport will come into operation within 6 months ', 'summary' => 'March 27: The Pokhara Regional International Airport,which is being developed by Chinese construction company CAMC Engineering, has been handed over to Nepal on Saturday. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">March 27: The Pokhara Regional International Airport, which is being developed by Chinese construction company CAMC Engineering, has been handed over to Nepal on Saturday. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The Pokhara Regional International Airport was handed over to Nepal on Saturday evening on the occasion of the state visit of China's Foreign Affairs Minister Wang Yi to Nepal. Separate programmes were organized in Kathmandu and Pokhara Airport for the handover of the airport. In Kathmandu, Chinese Affairs Minister Wang handed over a symbolic key to Minister for Foreign Affairs Dr Narayan Khadka at the presence of Prime Minister Sher Bahadur Deuba. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">In Pokhara, Minister for Tourism, Culture and Civil Aviation Prem Bahadur Ale felicitated Chairman of CAMC Engineering Lu Yan for completing the construction of the airport. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Project Chief of the Pokhara Regional International Airport Binesh Munakarmi said the handover ceremony was organised after the completion of major construction works. The airport was constructed with a concessional loan and grant assistance of Rs 22 billion from EXIM Bank of China. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the project officials, 93 per cent of the physical works have been completed and the construction company would continue its works until the airport is 100 percent ready.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">So far, the runway, terminal building, air traffic control building, taxiway and other main works have been completed. The project which was estimated to complete by July 10, 2021 was extended for a year due to the COVID-19 pandemic. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Minister Ale said that the airport would be brought into operation soon. He claimed that the government would run the airport within six months after completing all necessary preparations. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Minister Ale urged investors to invest in paragliding, rafting and golf targeting internal and foreign tourists following the handover of the airport. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">He also shared that the government was doing ground work to announce Pokhara as a tourism capital. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">General-Manager of the Civil Aviation Authority of Nepal, Pradeep Adhikari said though main part of the airport construction was completed some problems are yet to be fixed. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2022-03-27', 'modified' => '2022-03-27', 'keywords' => '', 'description' => '', 'sortorder' => '14740', 'image' => '20220327113443_Pokhara-Airportd.jpg', 'article_date' => '2022-03-27 11:31:40', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '14997', 'article_category_id' => '1', 'title' => 'Nepal, China Ink 9 Deals to Enhance Mutual Cooperation and Partnership ', 'sub_title' => '', 'summary' => 'March 27: Nepal and China have signed nine different agreements to enhance mutual cooperation and partnership between the two countries. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">March 27: Nepal and China have signed nine different agreements to enhance mutual cooperation and partnership between the two countries. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Both the countries have agreed to further strengthen the relation and partnership between Nepal and China. The two countries reached an understanding to this effect during the Nepal-China Foreign Minister-level meeting held in Kathmandu on Saturday (March 26). After bilateral talks between Foreign Minister Dr Narayan Khadka and Chinese State Councilor and Foreign Minister Wang Yi, officials from both the countries also signed nine sets of agreements on enhancing mutual cooperation. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Finance Secretary Madhu Kumar Marasini and Chinese Ambassador to Nepal Hou Yanqi signed the agreement on economic and technical cooperation, and technical assistance schemes for China aid and feasibility study of China-Nepal cross-border railway project in Nepal on behalf of their respective governments. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, the agreement for the feasibility study of China-Nepal power grid interconnection was signed by Secretary at the Ministry of Energy, Water Resources and Irrigation, Devendra Karki and Ambassador Yanqi. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Secretary at the Ministry of Agriculture and Livestock Development Niru Dahal Pandey and Ambassador Yanqi signed a protocol on the safety and health conditions of haylage export from Nepal to China. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">A letter of exchange on duty-free treatment for 98 percent of goods imported to China was signed by Secretary at the Ministry of Industry, Commerce and Supplies Ganesh Prasad Pandey and Assistant Minister at the Ministry of Commerce of China, Sheng Qiuping. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, Secretary at the Ministry of Physical Infrastructure and Transport Rabindra Nath Shrestha and Assistant Minister at the Ministry of Commerce of China, Sheng Qiuping signed an agreement to handover certificate of Araniko Highway Maintenance Project (phase-3) and the minutes of the 7th meeting on enhancing cooperation in Railway sector. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">In addition, the delivery and acceptance certificates of Chinese aid for COVID-19 vaccines to Nepal (fifth and sixth batches -- million Sinovac Vaccines) was signed by Health Secretary Dr Roshan Pokharel and Assistant Minister at the Ministry of Commerce of China, Sheng Qiuping. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, a protocol on sending a Chinese Medical team to work in Nepal was signed by Health Secretary Dr Pokharel and Ambassador Yanqi. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Welcoming his Chinese counterpart to the bilateral talks, Minister Khadka expressed his desire to take the centuries-old Nepal-China relations to a new height. He stressed the need for the timely completion of Chinese-assisted development projects. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">He highlighted the adverse impact on the economy of Nepal due to non-operation of Nepal-China border trade points, the problems added to the economic activities by the Covid-19 pandemic, Nepal's challenges in reviving the economy, declining remittance inflows and other challenges faced by the country. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Stressing on the implementation of past treaties and agreements between the two countries, Foreign Minister Khadka requested for the early implementation of the financial assistance announced during the visit of Chinese President Xi Jinping to Nepal. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">He also drew the attention of the Chinese side to implement the past agreement to expand the Trans Himalayan Multi-dimensional Network for the construction of physical infrastructure in the border areas essential for further strengthening people-to-people relations between Nepal and China and promoting bilateral trade and commerce. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">On behalf of the Government of Nepal, the Foreign Minister expressed his heartfelt gratitude for providing various health equipment including vaccines during difficult situation and for reconstruction of the physical infrastructure destroyed by the earthquakes. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The foreign ministers of the two countries also expressed their commitment to cooperate and share issues of mutual interest and common concern. RSS</span></span></span></p> ', 'published' => true, 'created' => '2022-03-27', 'modified' => '2022-03-27', 'keywords' => '', 'description' => '', 'sortorder' => '14739', 'image' => '20220327082158_RoS-KTM-PMDeubae.jpg', 'article_date' => '2022-03-27 08:21:10', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '14995', 'article_category_id' => '1', 'title' => 'IBN Instructs Insurance Companies to Increase Paid-up Capital', 'sub_title' => '', 'summary' => 'March 25: The Insurance Board Nepal (IBN) has decided to increase the paid-up capital of life and non-life insurance companies. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">March 25: The Insurance Board Nepal (IBN) has decided to increase the paid-up capital of life and non-life insurance companies. The board has decided to raise the minimum paid-up capital of life insurance companies to Rs 5 billion and non-life insurance companies to Rs 2.5 billion. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Earlier, the minimum paid-up capital was Rs 2 billion for life insurance companies and Rs 1 billion for non-life insurance companies. A meeting of the board of directors of IBN on Thursday decided to increase the limit. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Executive Director of the board Raju Raman Poudel said that the decision was taken to increase the paid-up capital targeting risk-based capital. He said that the decision was taken based on the guidelines on risk-based capital that was issued by the board. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">"As the business of insurance companies are growing, the risk they incur is also increasing. However, the paid-up capital of the companies is not sufficient to face such risks," he said, "So we have tried to increase the risk-bearing capacity by increasing the paid-up capital." </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">He said that it would also help in encouraging companies to merge with each other, maintaining appropriate number of companies, maintaining large capital and creating healthy competition. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The board has instructed the companies to increase their paid-up capital by mid-April 2023. "The companies will have to submit a plan to increase their paid-up capital to the board within 30 days," Poudel said. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Provision has also been made for foreign companies to deposit a certain amount of paid-up capital in a separate fund. Currently, foreign insurance companies operating in Nepal do not have paid-up capital. They are operating here as a branch offices. The board insists that they should keep the an amount equal to the paid-up capital in the designated fund. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Chairman of the board Surya Prasad Silwal said that the companies should go for merger if they do not increase their capital within the stipulated time. "Now the companies have to increase the paid-up capital within one year. If not, they will have to merge,” he said. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Furthermore, he said that companies can also issue rights shares to increase their paid-up capital. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-03-25', 'modified' => '2022-03-25', 'keywords' => '', 'description' => '', 'sortorder' => '14738', 'image' => '20220325035732_Insurance board.jpg', 'article_date' => '2022-03-25 15:56:57', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '14994', 'article_category_id' => '1', 'title' => '‘Technology can Overcome Barriers in Traditional Businesses’', 'sub_title' => '', 'summary' => 'March 25: Stakeholders discussed the challenges faced by startups during their early stages and funding of startups from venture capital (VC’s) perspective during the 3rd edition of International Entrepreneurship Conclave – Connect [IN].', 'content' => '<p>March 25: Stakeholders discussed the challenges faced by startups during their early stages and funding of startups from venture capital (VC’s) perspective during the 3rd edition of International Entrepreneurship Conclave – Connect [IN] organized by the Indian embassy in Kathmandu on March 23 in collaboration with Clockb Business Innovations.</p> <p>Another important topic that featured during the panel discussion was how technology can help overcome barriers in traditional businesses.</p> <p>Participants from India during the panel discussion were Yatra Angel Network, a VC firm focusing on funding of fintech ventures, and Credenc, a startup using technology and data analytics for better decision making on disbursal of educational loans, according to the Indian Embassy.</p> <p>The day-long conclave saw participation of about twenty-five entrepreneurs, including five from India, working in domains as diverse as e-commerce, life sciences, fintech, education technology, social entrepreneurship, food tech, and financial services.</p> <p>A statement issued by the embassy says well-known startups from Nepal such as Tootle, Hatti Hatti, Pick and Drop, Pad2Go and SweetFix, and VCs such as Dolma Impact Fund and Business Oxygen also participated in the panel discussion. The event also featured speakers from Standard Chartered Bank and King’s College Kathmandu.</p> <p>The day-long conclave was organized as a part of the year-long celebrations to mark 75 years of India’s independence, the statement added.</p> <p>According to the embassy, Connect [IN] is an initiative to brings together innovators, dignitaries and thought leaders from India and Nepal to celebrate the spirit of innovation and entrepreneurship in the two countries.</p> <p>The organizers believe that the conclave provided a platform for young entrepreneurs, investors, venture capitalists and experts from India and Nepal to learn from and connect with each other on a range of domains.</p> <p>This is the third edition of the conclave following the success of the first two editions. The third edition of Connect [IN] was jointly inaugurated by Minister for Communication and Information Technology Gyanendra Bahadur Karki and Indian Ambassador to Nepal Vinay Mohan Kwatra.</p> <p>The key partners of the event were GMR, Tata Motors, Tata Meditech and Tootle.</p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-03-25', 'modified' => '2022-03-25', 'keywords' => '', 'description' => '', 'sortorder' => '14737', 'image' => '20220325032135_pic 1.jpg', 'article_date' => '2022-03-25 15:20:23', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '14993', 'article_category_id' => '224', 'title' => 'NEA Imports Electricity from India at Maximum Rate', 'sub_title' => '', 'summary' => 'March 25: Nepal Electricity Authority (NEA) has imported electricity from the India’s open market by bidding at the maximum rate.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">March 25: Nepal Electricity Authority (NEA) has imported electricity from the India’s open market by bidding at the maximum rate. Indian companies had refused to provide electricity to Nepal during the last two days (Wednesday and Thursday) at the rate proposed by NEA. As a result, NEA failed to import electricity from India. After that, NEA proposed the maximum rate to import electricity.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Currently, the maximum rate per unit of electricity in the Indian market is IRs 20 (Rs 32 in Nepal). NEA had submitted a bid to purchase electricity at the same rate for Friday. NEA spokesperson Suresh Bhattarai said that NEA has started importing electricity from India from Thursday night after the bid was approved. However, NEA will have to pay IRs 34 or Rs 45 per unit after adding various service charges, according to Bhattarai.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">"Currently, we are selling electricity at an average of Rs 10 per unit. Therefore, we are at a loss of up to Rs 25 per unit," he said, adding, "Overall, we are still in profit. There is a history of buying electricity from India for as less as Rs 1.90 per unit.”</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to NEA officials, there are indications that there will be problems in power supply to the industrial sector shortly. There is a shortage of electricity in the Indian market due to the rise in price of coal following the Russia-Ukraine war. In that case, there could be a power shortage in Nepal, says Bhattarai.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> “India generates electricity from coal. But currently, there is a shortage of coal in India, and the power generation has been automatically affected. That is likely to affect us as well,” he said.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">At present, Pakistan has 16 hours of load shedding. Similarly, Sri Lanka has started facing 6-7 hours of power cuts. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">After one month, the snow melts, and the flow of water in the rivers and streams of Nepal starts increasing. In that case, the production of electricity will also increase. NEA officials say that the situation will ease at that time.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">NEA should offer a bid on the previous day to purchase electricity from India. Separate bids should be offered every 15 minutes. Accordingly, NEA has to propose 96 bids for the next day. NEA proposed a bid accordingly for Friday. More than 90 percent of the bids were approved. It is said that electricity will be procured accordingly in the coming days as well.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Due to the dry season, even the hydropower projects in India are not running at full capacity. This is also the case in Nepal. Nepal's electricity is based on hydropower. In winter, when the water level in the river decreases, electricity generation is reduced, and electricity has to be imported from India. But during the monsoon, Nepal exports surplus electricity to India.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-03-25', 'modified' => '2022-04-06', 'keywords' => '', 'description' => '', 'sortorder' => '14736', 'image' => '20220325023645_NEA.jpg', 'article_date' => '2022-03-25 14:34:57', '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
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The parliamentary panel had called the chief executive officers (CEOs) of commercial banks to take their feedback for the upcoming budget.</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 CEOs who participated in the discussion said that the country's economic situation was deteriorating due to high Balance of Payments (BoP) and trade deficit as well as declining foreign exchange reserves and remittance inflows. They suggested that the government should take policy-level intervention to improve the situation.</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"">Anil Keshari Shah, CEO of Nabil Bank, said that the inflow of remittances during lockdown was high but declined after the restrictions were lifted. He said that inflow of remittance and imports were inter-related and urged the government to intervene saying that even in the current complex situation, unnecessary items like betel nuts and cosmetics are being imported.</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"">"When the dollar reserves can sustain imports of less than three months, the country is in a state of bankruptcy. We are in danger of reaching that point," he said. The time has come for you to stop. It is up to you to stop it,” said Shah.</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"">According to a report prepared by Nepal Rastra Bank, the current account deficit is Rs 413.86 billion and the Balance of Payments is Rs 247.03 billion as of January. The total foreign exchange reserves, which stood at Rs 1399.03 billion in mid-July last year, have declined by 16.2 percent to Rs 1177.02 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 foreign exchange reserves can sustain imports of goods for 7.4 months and 6.7 months when importing goods and services. The Department of Customs has made public the statistics that the country's trade deficit has exceeded Rs 1100 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"">Sunil KC, CEO of NMB Bank, said that if remittances were the main source of bank deposits, increasing them would reduce the liquidity crunch in the banking sector. He said that the liquidity crisis can be lessened if the money in the government's reserve fund was mobilized. About Rs 300 billion has remained unused in the fund.</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"">Ashoke Rana, CEO of Himalayan Bank, also complained that they had urged the government to provide the interest-free money deposited in state coffers to the banks but their demand was not addressed.</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"">"We have repeatedly asked the Financial Comptroller General’s Office to allow the banks to keep the government’s funds as bank deposits," he said, adding, “If that happens, Rs 250 billion to Rs 300 billion will flow to the market.”</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"">Rana said that remittances were affected due to the illegal ‘hundi’ system. He said that the traders were protesting against the recent move of NRB to control imports and investment in unproductive sector although it was the right decision. Policy intervention is needed at this time, he added.</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"">Anupama Khunjeli, CEO of Mega Bank, suggested to effectively regulate the inflow of remittances and to deposit the dollars kept abroad by NRB in Nepali bank. She said that the current problems were also due to volatile interest rates, adding that the provision of monthly interest rate review should be removed and made quarterly.</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"">Nepal Bankers Association CEO Anil Sharma said that the interest rate was volatile due to institutional deposits and the government's intervention was needed.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-03-28', 'modified' => '2022-04-06', 'keywords' => '', 'description' => '', 'sortorder' => '14750', 'image' => '20220328040124_bankers.jpg', 'article_date' => '2022-03-28 16:00:06', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '15006', 'article_category_id' => '245', 'title' => 'Nepal Expresses Concern Regarding High Interest Rate with China', 'sub_title' => '', 'summary' => 'March 28: The government held an in-depth discussion with Chinese authorities regarding the high rate of interest on loans from China during the three-day visit of Chinese State Councilor and Foreign Minister Wang Yi to Nepal.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">March 28: The government held an in-depth discussion with Chinese authorities regarding the high rate of interest on loans from China during the three-day visit of Chinese State Councilor and Foreign Minister Wang Yi to Nepal. Showing special interest on this issue, Prime Minister Sher Bahadur Deuba urged Minister Wang to facilitate Nepal as it is a poor nation and cannot afford to take such expensive loan. </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:"Times New Roman","serif"">According to high-level sources in Baluwatar, Prime Minister Deuba said during the meeting that Nepal wanted to move ahead with projects under the much-talked-about Chinese Belt and Road Initiative (BRI). A source at the Prime Minister's Secretariat said that PM Deuba made it clear to the Chinese Foreign Minister that Nepal would take the loan only if China provided the grant under BRI but it cannot take the loan in the current situation. </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:"Times New Roman","serif"">A source at the Ministry of Finance said that the two countries did not sign any immediate agreement under the BRI framework during Wang's visit as the modalities of investment in the projects under BRI were not clear. A senior official at the finance ministry said that the government did not want to sign the agreement immediately but only after finalizing the modalities of China's assistance under the BRI framework. </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:"Times New Roman","serif"">“The country's economy is deteriorating. There’s an obligation to take loan for BRI. As the Chinese debt is expensive, the country cannot bear such heavy burden. Therefore, an agreement could not be reached in this regard,” the official 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:"Times New Roman","serif"">A statement issued by the Ministry of Foreign Affairs did not mention anything about the nine projects previously planned to be built under the BRI concept of China. </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:"Times New Roman","serif"">Under the BRI project, China has invested heavily in most of the countries. The government of Nepal is alarmed as countries like Sri Lanka and Kazakhstan are facing difficulties to pay back the loans. </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:"Times New Roman","serif"">The statement issued by the Ministry of Foreign Affairs on the agreement reached during Foreign Minister Wang's visit did not even mention the name of the BRI framework. Nepal became a member of the BRI framework of China after signing the deal in 2017. Since then, not a single agreement under BRI has been implemented. China had been planning to sign the BRI Implementation Agreement between the two countries during Wang’s visit to Nepal. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">During a meeting with Foreign Minister Narayan Khadka on Saturday, the Chinese Foreign Minister said that the two countries would benefit from signing an agreement on the BRI implementation plan. </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:"Times New Roman","serif"">After signing the BRI agreement in May 2017, Nepal has already witnessed four different governments in the past five years. But Nepal hasn’t had any concrete dialogue with China about moving ahead with the projects under the BRI.</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:"Times New Roman","serif"">In 2017, Nepal proposed 35 different projects under the BRI which was later reduced to 9 upon the request of China.</span></span></span></span></p> <p> </p> <p> </p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Those projects include Kerung-Kathmandu Railway, Rasuwagadhi-Kathmandu road upgrading project, Kimathanka-Hile road, Galchi-Rasuwagadhi-Krung 400 kVA transmission line, Tamor hydropower project, Madan Bhandari Technical Institute,Fukot Karnali hydropower project, road from Dipayal to Chinese border and construction of Tokha-Bidur road.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">However, officials at the finance ministry say the government has not held any discussion with the Chinese side ever since the Deuba-led government was formed nine months ago.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Spokesperson of the finance ministry Sewa Lamsal says that the two countries are yet to complete their homework regarding the BRI agreement and therefore the projects under BRI will not be implemented anytime soon.</span></span></p> ', 'published' => true, 'created' => '2022-03-28', 'modified' => '2022-04-06', 'keywords' => '', 'description' => '', 'sortorder' => '14749', 'image' => '20220328023943_RS_KTM_20220326_0188b.jpg', 'article_date' => '2022-03-28 14:39:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '15007', 'article_category_id' => '1', 'title' => 'Nepal’s Ambassador to India pledges to Promote Small Industries', 'sub_title' => '', 'summary' => 'March 28: Nepal’s newly-appointed ambassador to India Dr Shankar Prasad Sharma has pledged to help promote small industries and their products in the international market.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">March 28: Nepal’s newly-appointed ambassador to India Dr Shankar Prasad Sharma has pledged to help promote small industries and their products in the international market. In a program organized by the Federation of Nepalese Cottage and Small Industries, ambassador Sharma said that he would take the initiatives to promote home-grown Nepali products in India.</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:"Times New Roman","serif"">He was of the view that the government and private sector can work hand in hand after determining the sectors of investment and export. He affirmed that he would take initiatives to improve the relations between the two nations and facilitate easy investment. </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:"Times New Roman","serif"">Stating that Nepal and India have good relations, he stated that the area for business is broad in both the countries as well. </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:"Times New Roman","serif"">“Two-third of Nepal’s trade is done with India. Even in exports, 75 percent of the exports are made to India,” said Sharma.</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:"Times New Roman","serif"">Umesh Prasad Singh, the chairman of the federation, stated that it is a challenge to expand productive sector industries to replace import and promote export-oriented busiensses. He expects ambassador Sharma to play a role at the diplomatic level to promote the export of domestic products. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-03-28', 'modified' => '2022-03-28', 'keywords' => '', 'description' => '', 'sortorder' => '14748', 'image' => '20220328030443_sharma.jpg', 'article_date' => '2022-03-28 15:04:07', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '15003', 'article_category_id' => '1', 'title' => 'FNCCI signs Pact with Investment Board to Promote Investment', 'sub_title' => '', 'summary' => 'March 28: The Federation of Nepalese Chambers of Commerce and Industry (FNCCI) and the Investment Board Nepal (IBN) have signed a Memorandum of Understanding (MoU) for cooperation in promoting domestic and foreign investment in the country.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">March 28: The Federation of Nepalese Chambers of Commerce and Industry (FNCCI) and the Investment Board Nepal (IBN) have signed a Memorandum of Understanding (MoU) for cooperation in promoting domestic and foreign investment in the country. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">FNCCI President Shekhar Golchha and IBN Chief Executive Officer Sushil Bhatta signed the MoU to this effect in the presence of Finance Minister Janardan Sharma, who is also the vice chairperson of the board, amid a function on Sunday (March 27). </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the MoU, a help desk related to foreign direct investment (FDI) will be set up at the FNCCI Secretariat. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, the FNCCI will actively help the IBN to identify and search for foreign investment projects. It will organise programmes relating to investments at home and in foreign countries. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, both the FNCCI and IBN have agreed to cooperate on topics related to acquiring knowledge and sharing experiences and information, and in carrying out policy reforms in investment through public private partnership concept. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Also, both the organisations agreed to cooperate in organising investment-related assemblies, conferences, exhibitions, seminars, workshops and training sessions at national and international levels in order to promote foreign direct investment and other investments. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">On the occasion, Finance Minister Sharma said that the MoU between the FNCCI and IBN has been exemplary for the promotion of domestic and foreign investment in the country and expressed the hope that both the institutions would implement the decision. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Others present on the occasion were the IBN member and FNCCI outgoing President Bhawani Rana, the IBN joint secretary Bhagawan Aryal, the FNCCI senior vice president Chandra Prasad Dhakal, vice presidents, Dinesh Shrestha, Anjana Shrestha and Ram Chandra Sanghai and President of the International Investment Promotion Committee, of FNCCI, Aananda Bagadiya. <em>(With inputs from RSS)</em></span></span></span></p> ', 'published' => true, 'created' => '2022-03-28', 'modified' => '2022-03-28', 'keywords' => '', 'description' => '', 'sortorder' => '14747', 'image' => '20220328080628_MOU SAill003.jpg', 'article_date' => '2022-03-28 07:52:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '15004', 'article_category_id' => '245', 'title' => 'Chinese Foreign Minister Wang Wraps up his 3-Day Visit to Nepal', 'sub_title' => '', 'summary' => 'March 28: China’s State Councilor and Foreign Minister Wang Yi wrapped up his three-day visit to Nepal and returned home on Sunday. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">March 28: China’s State Councilor and Foreign Minister Wang Yi wrapped up his three-day visit to Nepal and returned home on Sunday. <br /> Foreign Secretary Bharat Raj Paudyal, China’s Ambassador to Nepal, Hou Yanqi, Chief of Protocol Dr Durga Bahadur Subedi and senior officials at the Ministry of Foreign Affairs and the Embassy of China bade farewell to the special guest from the northern neighbor at Tribhuvan International Airport, the state-owned national news agency RSS reported.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Wang arrived in Nepal on Friday leading a 19-member delegation at the invitation of his Nepalese counterpart - Minister for Foreign Affairs Dr Narayan Khadka. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">During his stay in Nepal, the Chinese Minister separately called on President Bidya Devi Bhandari, Prime Minister Sher Bahadur Deuba and former Prime Ministers Pushpa Kamal Dahal and KP Sharma Oli, according to RSS. <br /> During the visit, the foreign ministry-level delegation from both the countries held a bilateral meeting on Saturday (March 26) and the officials from both sides signed nine different Memorandum of Understanding (MoUs) relating to the enhancement of mutual assistance. </span></span></span><br /> </p> ', 'published' => true, 'created' => '2022-03-28', 'modified' => '2022-04-06', 'keywords' => '', 'description' => '', 'sortorder' => '14746', 'image' => '20220328094237_RS_KTM_008A4999.jpg', 'article_date' => '2022-03-28 09:41:54', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '15005', 'article_category_id' => '1', 'title' => 'Six Int’l Companies shortlisted for Feasibility Study of Dhaubadi Iron Mine', 'sub_title' => '', 'summary' => 'March 28: Six international companies have been shortlisted for the detailed feasibility study of Dhaubadi iron mine.', '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"">March 28: Six international companies have been shortlisted for the detailed feasibility study of Dhaubadi iron mine.</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 six companies shortlisted for the detailed feasibility study of Hupsekot-based iron mine in East Nawalparasi are from India, China, the UK, Canada and Austria.</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"">Dr. Janak Bahadur Chand, Chief Executive Officer (CEO) of Dhaubadi Iron Company Limited informed that all the companies that had applied for the feasibility study have been shortlisted.</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"">According to Chand, two Chinese companies -- Capital Engineering and Research Incorporation Limited and China in Association with Development Support Consult, Canada's Mycon International Limited JV ERMC, India's Duster-SRK-Jade JV, England's London Road and Austria's Hurst Wissinger Consulting GMBH JV have been shortlisted for the feasibility study.</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"">Chand informed that one of the six shortlisted companies will conduct the feasibility study of the iron in Dhaubadi mine of East Nawalparasi. He said that the project office has called for financial and technical proposals from the shortlisted companies.</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"">One of the selected companies will submit the feasibility study report within 3/4 months. Although preliminary data show that the mine has 100 million metric tons of iron reserves, a recent study conducted by the company with the participation of an expert team found that the capacity of the ore storage to be even more.</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"">Chand informed that the mine has 150 million metric tons of iron reserves. He said that the details had been obtained through drilling. The company has informed that the detailed project report (DPR) will be prepared only after the completion of the feasibility study.</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"">International bids will also be invited for the DPR. A test conducted in China has already confirmed that iron and billets can be made from iron ore present in the mine.</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"">However, Chand said that a detailed feasibility study would provide information on how much iron can be extracted commercially from the mine. Stating that the feasibility study will be completed in the current fiscal year, he informed that the DPR report will not be ready this year.</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"">He said that they are working with international companies as mining is being done for the first time in Nepal. He said that commercial production from the Dhaubadi iron mile will take some more time. The mine was explored for the first time almost a decade ago.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-03-28', 'modified' => '2022-03-28', 'keywords' => '', 'description' => '', 'sortorder' => '14745', 'image' => '20220328101003_1648364690.धौबादी_फलाम_कम्पनी_लिमिटेड.jpg', 'article_date' => '2022-03-28 10:08:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '15002', 'article_category_id' => '1', 'title' => 'Government Allows 24-Hour Business in Lakeside Pokhara', 'sub_title' => '', 'summary' => 'March 27: The night-time business has started flourishing in the lakeside area of Pokhara ever since the stakeholders decided to keep the area open for 24 hours a day.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">March 27: The night-time business has started flourishing in the lakeside area of Pokhara ever since the stakeholders decided to keep the area open for 24 hours a day. Such decision was taken in an attempt to encourage the business activities which had hit a slump due to Covid-19 pandemic. The government decided to keep the business open at night as well in the areas that receive higher tourists like Lakeside of Pokhara, Sauraha of Chitwan, and Thamel and Durbarmarg of Kathmandu.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Earlier, the police administration used to allow night-time businesses in Lakeside Pokhara till 10 PM. Both the business community and the tourists had been complain that they were not able to avail services at night time.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">As per the businessmen, the businesses which had hit a slump due to Covid-19 are expected to gain momentum with this decision of the government to allow 24-hour business.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Govinda Sharma, a local tourism entrepreneur, said the government's decision has raised hopes of revival of the Covid-19 affected tourism industry. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">“The business has come to a standstill due to the Covid-19 infection. Even when the Covid-19 infection was less, only domestic tourists visited this area. Influx of domestic tourists alone cannot sustain the business,” he said adding “Now that the Covid-19 infection has decreased and night-time business is on the rise, the business community is excited about revival of their businesses.” He said that the decision taken by the government, although late, would send a positive message about Nepal's tourism sector. He also added that the police had been harassing the businessmen to close hotels and restaurants before 10 pm.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Domestic and foreign tourists have been eager to visit Pokhara after the business started opening till late night. Night businesses include hotels, lounge bars, dance clubs, restaurants, among others.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Chairman of the Western Regional Hotel Association Laxman Subedi said that the decision to open 24-hour business is a positive move and in the best interest of the business community. He is confident that it will also help in reviving the long-stalled tourism activities.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">“Opening a 24-hour business requires more employees -- in two shifts, which creates more employment opportunities. Along with employment, the income of entrepreneurs also increases,” said Subedi. He expressed that the long-time wish of businessmen of Lakeside to be able to operate business for 24 hours has finally been fulfilled. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">s</span></span></p> ', 'published' => true, 'created' => '2022-03-27', 'modified' => '2022-03-27', 'keywords' => '', 'description' => '', 'sortorder' => '14744', 'image' => '20220327062910_lakeside (1).jpg', 'article_date' => '2022-03-27 18:28:34', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '15001', 'article_category_id' => '1', 'title' => 'Energy Crisis puts Hydro Power Projects under Pressure for Timely Completion', 'sub_title' => '', 'summary' => 'March 27: Excessive price hike in India, which produces electricity from coal plants, has had a direct impact on Nepal. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">March 27: Excessive price hike in India, which produces electricity from coal plants, has had a direct impact on Nepal. Nepal Electricity Authority is distributing electricity imported from India at Rs 38 per unit. At present, it is not possible to predict how long the effects of the continuous increase in electricity prices in the energy exchange market will last. But for Nepal, the NEA says, such problems will persist only for the next one and a half months.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Nepal produces excess of electricity during the rainy season, but it has import electricity during the winter. The NEA, which felt a relief after the electricity produced by the Upper Tamakoshi Hydropower Project was connected to the national grid, is still facing problem in the dry season. However, there is no need to import large amount of electricity from India at present, says NEA.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to NEA Executive Director Kulman Ghising, only 350 to 400 MW electricity is being imported depending on the need. Most of the projects in Nepal are based on run-of-the-river system. Due to the severe dry weather, the water level in the rivers has dropped and only one third of the electricity is generated from these projects. Most of the private sector projects are of the same nature as well.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The total demand of electricity in Nepal is around 1,600 MW. A total of 1,300 MW of electricity flows from NEA's own projects, subsidiaries and private sector projects. The remaining 300 MW is insufficient. In such situation, there is no alternative to importing that amount of electricity.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">In India, electricity generated from solar projects is supplied throughout the day. When evening falls, the solar system's power generation stops and the coal plant has to run. Nepal has to import electricity even though it has to pay a high price for evening time management due to the global impact of price hike of coal.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Due to the crisis, the under-construction projects are in pressure to complete the works soon. If the transmission system and other technical preparations are completed, it is possible to add 150 to 200 MW of electricity to the national grid by the end of the current fiscal year.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Executive Director Ghising said that they have requested the hydropower projects to complete the final stage of construction as soon as possible. If work is done a little harder than usual, 118 MW of electricity will be added in the Dordi corridor. Similarly, there is a possibility of adding 150 MW of electricity in Solu Corridor. NEA has completed the construction of a 132 KV transmission line. This has put an end to the fear of wasting electricity due to lack of transmission lines.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Currently, the private sector is constructing projects of 3,500 MW capacity. The recent crisis has created pressure to complete these projects as soon as possible. </span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-03-27', 'modified' => '2022-03-27', 'keywords' => '', 'description' => '', 'sortorder' => '14743', 'image' => '20220327035308_hydro.jpg', 'article_date' => '2022-03-27 15:52:29', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '15000', 'article_category_id' => '1', 'title' => 'China Pledges Rs 11.4 Billion Grant Assistance for Nepal', 'sub_title' => '', 'summary' => 'March 27: The Chinese government has agreed to provide more than Rs 11.40 billion as grant assistance to the Government of Nepal under its financial and technical assistance. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">March 27: The Chinese government has agreed to provide more than Rs 11.40 billion as grant assistance to the Government of Nepal under its financial and technical assistance. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the Ministry of Finance, the amount will be spent on the implementation of China-backed projects. Visiting Chinese Foreign Minister Wang Yi confirmed the grant assistance to Nepal. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Minister Wang, who is on a three-day visit to Nepal, also pledged to provide development assistance announced during Chinese President Xi Jinping's 2019 visit to Nepal. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">He expressed such commitment during the Nepal-China Foreign Ministerial Talks held in the capital on Saturday, the state-owned national news agency RSS reported. He also agreed to fully operate the two-way movement of goods and services through the Rasuwagadhi and Tatopani border points. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">During the talks, the foreign ministers of Nepal and China agreed to instruct the concerned authorities to make necessary preparations for speedy operation of the border points. The Chinese foreign minister also assured that China will allow Nepali students to return to their universities and educational institutions as soon as possible. </span></span></span></p> ', 'published' => true, 'created' => '2022-03-27', 'modified' => '2022-03-27', 'keywords' => '', 'description' => '', 'sortorder' => '14742', 'image' => '20220327013813_Flag-Pins-Nepal-China.jpg', 'article_date' => '2022-03-27 13:37:32', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '14999', 'article_category_id' => '1', 'title' => 'Birgunj Entrepreneurs Demand Credit Act ', 'sub_title' => '', 'summary' => 'March 27: The Birgunj Chamber of Commerce and Industry (BICCI) has demanded the government to formulate several policies to help resolve the problems faced by the private sector.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">March 27: The Birgunj Chamber of Commerce and Industry (BICCI) has demanded the government to formulate several policies to help resolve the problems faced by the private sector. The chamber has urged the government to lower the interest rates to single digit, and has also sought income tax exemption, proper management of bank loans in addition to the introduction of credit act. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The BICCI delegation was in Kathmandu for a visit last week. The delegation met Prime Minister Sher Bahadur Deuba, Home Minister Bal Krishna Khand, Finance Minister Janardan Sharma, Health and Population Minister Birodh Khatiwada, secretary at the Ministry of Industry, Commerce and Supplies Dr Ganesh Prasad Pandey, Inspector General of Nepal Police Shailesh Thapa Chhetri, Inspector General of Armed Police Force Shailendra Khanal, Nepal Rastra Bank Governor Maha Prasad Adhikari, Director General of the Department of Customs Kamal Prasad Poudel, Director General of the Department of Revenue Investigation Prakash Poudel and Director General of Inland Revenue Department Ritesh Man Shakya and put forward their demand. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Organising a press conference in Kathmandu on Friday, BICCI president Dr Subodh Kumar Gupta said that the problems of the private sector have been brought to the notice of the government bodies. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">During their meeting with Prime Minister Deuba, the chamber demanded to establish a new industrial zone. They also demanded the establishment of industrial security force. They urged home minister Bal Krishna Khand to hold regular border security meetings. The delegation members said that the government should be sensitive in this regard as the industrial sector has also been affected by the criminal activities taking place from across the border. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">In a meeting with Finance Minister Janardan Sharma, they demanded tax exemption on income of up to Rs 800,000 for a single person and up to Rs 850,000 for a couple. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The delegation also insisted that there should be a difference of 15 percent in the customs duty for finished goods and industrial raw materials, and the tariff on import of pulses should be revised according to the present time. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The private sector stakeholders also urged the government to fix the rent of the Special Economic Zone at Rs 5 per square feet. The chamber also said that the provision of 60 percent export for industries operating in the SEZ should be reduced to 25 percent. Likewise, they have also demanded reduction of interest rates on concessional loans and refinancing. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">In addition, the chamber has also demanded the introduction of a credit act. The delegation also demanded 50 percent exemption in income tax for industries related to basic essentials and education. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-03-27', 'modified' => '2022-03-27', 'keywords' => '', 'description' => '', 'sortorder' => '14741', 'image' => '20220327010059_1648337823.1.jpg', 'article_date' => '2022-03-27 13:00:16', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '14998', 'article_category_id' => '1', 'title' => 'China Hands over Pokhara International Airport to Nepal', 'sub_title' => 'Tourism Minister says the airport will come into operation within 6 months ', 'summary' => 'March 27: The Pokhara Regional International Airport,which is being developed by Chinese construction company CAMC Engineering, has been handed over to Nepal on Saturday. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">March 27: The Pokhara Regional International Airport, which is being developed by Chinese construction company CAMC Engineering, has been handed over to Nepal on Saturday. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The Pokhara Regional International Airport was handed over to Nepal on Saturday evening on the occasion of the state visit of China's Foreign Affairs Minister Wang Yi to Nepal. Separate programmes were organized in Kathmandu and Pokhara Airport for the handover of the airport. In Kathmandu, Chinese Affairs Minister Wang handed over a symbolic key to Minister for Foreign Affairs Dr Narayan Khadka at the presence of Prime Minister Sher Bahadur Deuba. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">In Pokhara, Minister for Tourism, Culture and Civil Aviation Prem Bahadur Ale felicitated Chairman of CAMC Engineering Lu Yan for completing the construction of the airport. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Project Chief of the Pokhara Regional International Airport Binesh Munakarmi said the handover ceremony was organised after the completion of major construction works. The airport was constructed with a concessional loan and grant assistance of Rs 22 billion from EXIM Bank of China. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the project officials, 93 per cent of the physical works have been completed and the construction company would continue its works until the airport is 100 percent ready.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">So far, the runway, terminal building, air traffic control building, taxiway and other main works have been completed. The project which was estimated to complete by July 10, 2021 was extended for a year due to the COVID-19 pandemic. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Minister Ale said that the airport would be brought into operation soon. He claimed that the government would run the airport within six months after completing all necessary preparations. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Minister Ale urged investors to invest in paragliding, rafting and golf targeting internal and foreign tourists following the handover of the airport. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">He also shared that the government was doing ground work to announce Pokhara as a tourism capital. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">General-Manager of the Civil Aviation Authority of Nepal, Pradeep Adhikari said though main part of the airport construction was completed some problems are yet to be fixed. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2022-03-27', 'modified' => '2022-03-27', 'keywords' => '', 'description' => '', 'sortorder' => '14740', 'image' => '20220327113443_Pokhara-Airportd.jpg', 'article_date' => '2022-03-27 11:31:40', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '14997', 'article_category_id' => '1', 'title' => 'Nepal, China Ink 9 Deals to Enhance Mutual Cooperation and Partnership ', 'sub_title' => '', 'summary' => 'March 27: Nepal and China have signed nine different agreements to enhance mutual cooperation and partnership between the two countries. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">March 27: Nepal and China have signed nine different agreements to enhance mutual cooperation and partnership between the two countries. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Both the countries have agreed to further strengthen the relation and partnership between Nepal and China. The two countries reached an understanding to this effect during the Nepal-China Foreign Minister-level meeting held in Kathmandu on Saturday (March 26). After bilateral talks between Foreign Minister Dr Narayan Khadka and Chinese State Councilor and Foreign Minister Wang Yi, officials from both the countries also signed nine sets of agreements on enhancing mutual cooperation. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Finance Secretary Madhu Kumar Marasini and Chinese Ambassador to Nepal Hou Yanqi signed the agreement on economic and technical cooperation, and technical assistance schemes for China aid and feasibility study of China-Nepal cross-border railway project in Nepal on behalf of their respective governments. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, the agreement for the feasibility study of China-Nepal power grid interconnection was signed by Secretary at the Ministry of Energy, Water Resources and Irrigation, Devendra Karki and Ambassador Yanqi. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Secretary at the Ministry of Agriculture and Livestock Development Niru Dahal Pandey and Ambassador Yanqi signed a protocol on the safety and health conditions of haylage export from Nepal to China. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">A letter of exchange on duty-free treatment for 98 percent of goods imported to China was signed by Secretary at the Ministry of Industry, Commerce and Supplies Ganesh Prasad Pandey and Assistant Minister at the Ministry of Commerce of China, Sheng Qiuping. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, Secretary at the Ministry of Physical Infrastructure and Transport Rabindra Nath Shrestha and Assistant Minister at the Ministry of Commerce of China, Sheng Qiuping signed an agreement to handover certificate of Araniko Highway Maintenance Project (phase-3) and the minutes of the 7th meeting on enhancing cooperation in Railway sector. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">In addition, the delivery and acceptance certificates of Chinese aid for COVID-19 vaccines to Nepal (fifth and sixth batches -- million Sinovac Vaccines) was signed by Health Secretary Dr Roshan Pokharel and Assistant Minister at the Ministry of Commerce of China, Sheng Qiuping. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, a protocol on sending a Chinese Medical team to work in Nepal was signed by Health Secretary Dr Pokharel and Ambassador Yanqi. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Welcoming his Chinese counterpart to the bilateral talks, Minister Khadka expressed his desire to take the centuries-old Nepal-China relations to a new height. He stressed the need for the timely completion of Chinese-assisted development projects. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">He highlighted the adverse impact on the economy of Nepal due to non-operation of Nepal-China border trade points, the problems added to the economic activities by the Covid-19 pandemic, Nepal's challenges in reviving the economy, declining remittance inflows and other challenges faced by the country. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Stressing on the implementation of past treaties and agreements between the two countries, Foreign Minister Khadka requested for the early implementation of the financial assistance announced during the visit of Chinese President Xi Jinping to Nepal. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">He also drew the attention of the Chinese side to implement the past agreement to expand the Trans Himalayan Multi-dimensional Network for the construction of physical infrastructure in the border areas essential for further strengthening people-to-people relations between Nepal and China and promoting bilateral trade and commerce. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">On behalf of the Government of Nepal, the Foreign Minister expressed his heartfelt gratitude for providing various health equipment including vaccines during difficult situation and for reconstruction of the physical infrastructure destroyed by the earthquakes. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The foreign ministers of the two countries also expressed their commitment to cooperate and share issues of mutual interest and common concern. RSS</span></span></span></p> ', 'published' => true, 'created' => '2022-03-27', 'modified' => '2022-03-27', 'keywords' => '', 'description' => '', 'sortorder' => '14739', 'image' => '20220327082158_RoS-KTM-PMDeubae.jpg', 'article_date' => '2022-03-27 08:21:10', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '14995', 'article_category_id' => '1', 'title' => 'IBN Instructs Insurance Companies to Increase Paid-up Capital', 'sub_title' => '', 'summary' => 'March 25: The Insurance Board Nepal (IBN) has decided to increase the paid-up capital of life and non-life insurance companies. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">March 25: The Insurance Board Nepal (IBN) has decided to increase the paid-up capital of life and non-life insurance companies. The board has decided to raise the minimum paid-up capital of life insurance companies to Rs 5 billion and non-life insurance companies to Rs 2.5 billion. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Earlier, the minimum paid-up capital was Rs 2 billion for life insurance companies and Rs 1 billion for non-life insurance companies. A meeting of the board of directors of IBN on Thursday decided to increase the limit. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Executive Director of the board Raju Raman Poudel said that the decision was taken to increase the paid-up capital targeting risk-based capital. He said that the decision was taken based on the guidelines on risk-based capital that was issued by the board. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">"As the business of insurance companies are growing, the risk they incur is also increasing. However, the paid-up capital of the companies is not sufficient to face such risks," he said, "So we have tried to increase the risk-bearing capacity by increasing the paid-up capital." </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">He said that it would also help in encouraging companies to merge with each other, maintaining appropriate number of companies, maintaining large capital and creating healthy competition. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The board has instructed the companies to increase their paid-up capital by mid-April 2023. "The companies will have to submit a plan to increase their paid-up capital to the board within 30 days," Poudel said. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Provision has also been made for foreign companies to deposit a certain amount of paid-up capital in a separate fund. Currently, foreign insurance companies operating in Nepal do not have paid-up capital. They are operating here as a branch offices. The board insists that they should keep the an amount equal to the paid-up capital in the designated fund. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Chairman of the board Surya Prasad Silwal said that the companies should go for merger if they do not increase their capital within the stipulated time. "Now the companies have to increase the paid-up capital within one year. If not, they will have to merge,” he said. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Furthermore, he said that companies can also issue rights shares to increase their paid-up capital. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-03-25', 'modified' => '2022-03-25', 'keywords' => '', 'description' => '', 'sortorder' => '14738', 'image' => '20220325035732_Insurance board.jpg', 'article_date' => '2022-03-25 15:56:57', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '14994', 'article_category_id' => '1', 'title' => '‘Technology can Overcome Barriers in Traditional Businesses’', 'sub_title' => '', 'summary' => 'March 25: Stakeholders discussed the challenges faced by startups during their early stages and funding of startups from venture capital (VC’s) perspective during the 3rd edition of International Entrepreneurship Conclave – Connect [IN].', 'content' => '<p>March 25: Stakeholders discussed the challenges faced by startups during their early stages and funding of startups from venture capital (VC’s) perspective during the 3rd edition of International Entrepreneurship Conclave – Connect [IN] organized by the Indian embassy in Kathmandu on March 23 in collaboration with Clockb Business Innovations.</p> <p>Another important topic that featured during the panel discussion was how technology can help overcome barriers in traditional businesses.</p> <p>Participants from India during the panel discussion were Yatra Angel Network, a VC firm focusing on funding of fintech ventures, and Credenc, a startup using technology and data analytics for better decision making on disbursal of educational loans, according to the Indian Embassy.</p> <p>The day-long conclave saw participation of about twenty-five entrepreneurs, including five from India, working in domains as diverse as e-commerce, life sciences, fintech, education technology, social entrepreneurship, food tech, and financial services.</p> <p>A statement issued by the embassy says well-known startups from Nepal such as Tootle, Hatti Hatti, Pick and Drop, Pad2Go and SweetFix, and VCs such as Dolma Impact Fund and Business Oxygen also participated in the panel discussion. The event also featured speakers from Standard Chartered Bank and King’s College Kathmandu.</p> <p>The day-long conclave was organized as a part of the year-long celebrations to mark 75 years of India’s independence, the statement added.</p> <p>According to the embassy, Connect [IN] is an initiative to brings together innovators, dignitaries and thought leaders from India and Nepal to celebrate the spirit of innovation and entrepreneurship in the two countries.</p> <p>The organizers believe that the conclave provided a platform for young entrepreneurs, investors, venture capitalists and experts from India and Nepal to learn from and connect with each other on a range of domains.</p> <p>This is the third edition of the conclave following the success of the first two editions. The third edition of Connect [IN] was jointly inaugurated by Minister for Communication and Information Technology Gyanendra Bahadur Karki and Indian Ambassador to Nepal Vinay Mohan Kwatra.</p> <p>The key partners of the event were GMR, Tata Motors, Tata Meditech and Tootle.</p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-03-25', 'modified' => '2022-03-25', 'keywords' => '', 'description' => '', 'sortorder' => '14737', 'image' => '20220325032135_pic 1.jpg', 'article_date' => '2022-03-25 15:20:23', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '14993', 'article_category_id' => '224', 'title' => 'NEA Imports Electricity from India at Maximum Rate', 'sub_title' => '', 'summary' => 'March 25: Nepal Electricity Authority (NEA) has imported electricity from the India’s open market by bidding at the maximum rate.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">March 25: Nepal Electricity Authority (NEA) has imported electricity from the India’s open market by bidding at the maximum rate. Indian companies had refused to provide electricity to Nepal during the last two days (Wednesday and Thursday) at the rate proposed by NEA. As a result, NEA failed to import electricity from India. After that, NEA proposed the maximum rate to import electricity.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Currently, the maximum rate per unit of electricity in the Indian market is IRs 20 (Rs 32 in Nepal). NEA had submitted a bid to purchase electricity at the same rate for Friday. NEA spokesperson Suresh Bhattarai said that NEA has started importing electricity from India from Thursday night after the bid was approved. However, NEA will have to pay IRs 34 or Rs 45 per unit after adding various service charges, according to Bhattarai.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">"Currently, we are selling electricity at an average of Rs 10 per unit. Therefore, we are at a loss of up to Rs 25 per unit," he said, adding, "Overall, we are still in profit. There is a history of buying electricity from India for as less as Rs 1.90 per unit.”</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to NEA officials, there are indications that there will be problems in power supply to the industrial sector shortly. There is a shortage of electricity in the Indian market due to the rise in price of coal following the Russia-Ukraine war. In that case, there could be a power shortage in Nepal, says Bhattarai.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> “India generates electricity from coal. But currently, there is a shortage of coal in India, and the power generation has been automatically affected. That is likely to affect us as well,” he said.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">At present, Pakistan has 16 hours of load shedding. Similarly, Sri Lanka has started facing 6-7 hours of power cuts. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">After one month, the snow melts, and the flow of water in the rivers and streams of Nepal starts increasing. In that case, the production of electricity will also increase. NEA officials say that the situation will ease at that time.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">NEA should offer a bid on the previous day to purchase electricity from India. Separate bids should be offered every 15 minutes. Accordingly, NEA has to propose 96 bids for the next day. NEA proposed a bid accordingly for Friday. More than 90 percent of the bids were approved. It is said that electricity will be procured accordingly in the coming days as well.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Due to the dry season, even the hydropower projects in India are not running at full capacity. This is also the case in Nepal. Nepal's electricity is based on hydropower. In winter, when the water level in the river decreases, electricity generation is reduced, and electricity has to be imported from India. But during the monsoon, Nepal exports surplus electricity to India.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-03-25', 'modified' => '2022-04-06', 'keywords' => '', 'description' => '', 'sortorder' => '14736', 'image' => '20220325023645_NEA.jpg', 'article_date' => '2022-03-25 14:34:57', '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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The parliamentary panel had called the chief executive officers (CEOs) of commercial banks to take their feedback for the upcoming budget.</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 CEOs who participated in the discussion said that the country's economic situation was deteriorating due to high Balance of Payments (BoP) and trade deficit as well as declining foreign exchange reserves and remittance inflows. They suggested that the government should take policy-level intervention to improve the situation.</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"">Anil Keshari Shah, CEO of Nabil Bank, said that the inflow of remittances during lockdown was high but declined after the restrictions were lifted. He said that inflow of remittance and imports were inter-related and urged the government to intervene saying that even in the current complex situation, unnecessary items like betel nuts and cosmetics are being imported.</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"">"When the dollar reserves can sustain imports of less than three months, the country is in a state of bankruptcy. We are in danger of reaching that point," he said. The time has come for you to stop. It is up to you to stop it,” said Shah.</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"">According to a report prepared by Nepal Rastra Bank, the current account deficit is Rs 413.86 billion and the Balance of Payments is Rs 247.03 billion as of January. The total foreign exchange reserves, which stood at Rs 1399.03 billion in mid-July last year, have declined by 16.2 percent to Rs 1177.02 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 foreign exchange reserves can sustain imports of goods for 7.4 months and 6.7 months when importing goods and services. The Department of Customs has made public the statistics that the country's trade deficit has exceeded Rs 1100 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"">Sunil KC, CEO of NMB Bank, said that if remittances were the main source of bank deposits, increasing them would reduce the liquidity crunch in the banking sector. He said that the liquidity crisis can be lessened if the money in the government's reserve fund was mobilized. About Rs 300 billion has remained unused in the fund.</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"">Ashoke Rana, CEO of Himalayan Bank, also complained that they had urged the government to provide the interest-free money deposited in state coffers to the banks but their demand was not addressed.</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"">"We have repeatedly asked the Financial Comptroller General’s Office to allow the banks to keep the government’s funds as bank deposits," he said, adding, “If that happens, Rs 250 billion to Rs 300 billion will flow to the market.”</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"">Rana said that remittances were affected due to the illegal ‘hundi’ system. He said that the traders were protesting against the recent move of NRB to control imports and investment in unproductive sector although it was the right decision. Policy intervention is needed at this time, he added.</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"">Anupama Khunjeli, CEO of Mega Bank, suggested to effectively regulate the inflow of remittances and to deposit the dollars kept abroad by NRB in Nepali bank. She said that the current problems were also due to volatile interest rates, adding that the provision of monthly interest rate review should be removed and made quarterly.</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"">Nepal Bankers Association CEO Anil Sharma said that the interest rate was volatile due to institutional deposits and the government's intervention was needed.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-03-28', 'modified' => '2022-04-06', 'keywords' => '', 'description' => '', 'sortorder' => '14750', 'image' => '20220328040124_bankers.jpg', 'article_date' => '2022-03-28 16:00:06', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '15006', 'article_category_id' => '245', 'title' => 'Nepal Expresses Concern Regarding High Interest Rate with China', 'sub_title' => '', 'summary' => 'March 28: The government held an in-depth discussion with Chinese authorities regarding the high rate of interest on loans from China during the three-day visit of Chinese State Councilor and Foreign Minister Wang Yi to Nepal.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">March 28: The government held an in-depth discussion with Chinese authorities regarding the high rate of interest on loans from China during the three-day visit of Chinese State Councilor and Foreign Minister Wang Yi to Nepal. Showing special interest on this issue, Prime Minister Sher Bahadur Deuba urged Minister Wang to facilitate Nepal as it is a poor nation and cannot afford to take such expensive loan. </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:"Times New Roman","serif"">According to high-level sources in Baluwatar, Prime Minister Deuba said during the meeting that Nepal wanted to move ahead with projects under the much-talked-about Chinese Belt and Road Initiative (BRI). A source at the Prime Minister's Secretariat said that PM Deuba made it clear to the Chinese Foreign Minister that Nepal would take the loan only if China provided the grant under BRI but it cannot take the loan in the current situation. </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:"Times New Roman","serif"">A source at the Ministry of Finance said that the two countries did not sign any immediate agreement under the BRI framework during Wang's visit as the modalities of investment in the projects under BRI were not clear. A senior official at the finance ministry said that the government did not want to sign the agreement immediately but only after finalizing the modalities of China's assistance under the BRI framework. </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:"Times New Roman","serif"">“The country's economy is deteriorating. There’s an obligation to take loan for BRI. As the Chinese debt is expensive, the country cannot bear such heavy burden. Therefore, an agreement could not be reached in this regard,” the official 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:"Times New Roman","serif"">A statement issued by the Ministry of Foreign Affairs did not mention anything about the nine projects previously planned to be built under the BRI concept of China. </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:"Times New Roman","serif"">Under the BRI project, China has invested heavily in most of the countries. The government of Nepal is alarmed as countries like Sri Lanka and Kazakhstan are facing difficulties to pay back the loans. </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:"Times New Roman","serif"">The statement issued by the Ministry of Foreign Affairs on the agreement reached during Foreign Minister Wang's visit did not even mention the name of the BRI framework. Nepal became a member of the BRI framework of China after signing the deal in 2017. Since then, not a single agreement under BRI has been implemented. China had been planning to sign the BRI Implementation Agreement between the two countries during Wang’s visit to Nepal. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">During a meeting with Foreign Minister Narayan Khadka on Saturday, the Chinese Foreign Minister said that the two countries would benefit from signing an agreement on the BRI implementation plan. </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:"Times New Roman","serif"">After signing the BRI agreement in May 2017, Nepal has already witnessed four different governments in the past five years. But Nepal hasn’t had any concrete dialogue with China about moving ahead with the projects under the BRI.</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:"Times New Roman","serif"">In 2017, Nepal proposed 35 different projects under the BRI which was later reduced to 9 upon the request of China.</span></span></span></span></p> <p> </p> <p> </p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Those projects include Kerung-Kathmandu Railway, Rasuwagadhi-Kathmandu road upgrading project, Kimathanka-Hile road, Galchi-Rasuwagadhi-Krung 400 kVA transmission line, Tamor hydropower project, Madan Bhandari Technical Institute,Fukot Karnali hydropower project, road from Dipayal to Chinese border and construction of Tokha-Bidur road.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">However, officials at the finance ministry say the government has not held any discussion with the Chinese side ever since the Deuba-led government was formed nine months ago.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Spokesperson of the finance ministry Sewa Lamsal says that the two countries are yet to complete their homework regarding the BRI agreement and therefore the projects under BRI will not be implemented anytime soon.</span></span></p> ', 'published' => true, 'created' => '2022-03-28', 'modified' => '2022-04-06', 'keywords' => '', 'description' => '', 'sortorder' => '14749', 'image' => '20220328023943_RS_KTM_20220326_0188b.jpg', 'article_date' => '2022-03-28 14:39:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '15007', 'article_category_id' => '1', 'title' => 'Nepal’s Ambassador to India pledges to Promote Small Industries', 'sub_title' => '', 'summary' => 'March 28: Nepal’s newly-appointed ambassador to India Dr Shankar Prasad Sharma has pledged to help promote small industries and their products in the international market.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">March 28: Nepal’s newly-appointed ambassador to India Dr Shankar Prasad Sharma has pledged to help promote small industries and their products in the international market. In a program organized by the Federation of Nepalese Cottage and Small Industries, ambassador Sharma said that he would take the initiatives to promote home-grown Nepali products in India.</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:"Times New Roman","serif"">He was of the view that the government and private sector can work hand in hand after determining the sectors of investment and export. He affirmed that he would take initiatives to improve the relations between the two nations and facilitate easy investment. </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:"Times New Roman","serif"">Stating that Nepal and India have good relations, he stated that the area for business is broad in both the countries as well. </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:"Times New Roman","serif"">“Two-third of Nepal’s trade is done with India. Even in exports, 75 percent of the exports are made to India,” said Sharma.</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:"Times New Roman","serif"">Umesh Prasad Singh, the chairman of the federation, stated that it is a challenge to expand productive sector industries to replace import and promote export-oriented busiensses. He expects ambassador Sharma to play a role at the diplomatic level to promote the export of domestic products. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-03-28', 'modified' => '2022-03-28', 'keywords' => '', 'description' => '', 'sortorder' => '14748', 'image' => '20220328030443_sharma.jpg', 'article_date' => '2022-03-28 15:04:07', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '15003', 'article_category_id' => '1', 'title' => 'FNCCI signs Pact with Investment Board to Promote Investment', 'sub_title' => '', 'summary' => 'March 28: The Federation of Nepalese Chambers of Commerce and Industry (FNCCI) and the Investment Board Nepal (IBN) have signed a Memorandum of Understanding (MoU) for cooperation in promoting domestic and foreign investment in the country.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">March 28: The Federation of Nepalese Chambers of Commerce and Industry (FNCCI) and the Investment Board Nepal (IBN) have signed a Memorandum of Understanding (MoU) for cooperation in promoting domestic and foreign investment in the country. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">FNCCI President Shekhar Golchha and IBN Chief Executive Officer Sushil Bhatta signed the MoU to this effect in the presence of Finance Minister Janardan Sharma, who is also the vice chairperson of the board, amid a function on Sunday (March 27). </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the MoU, a help desk related to foreign direct investment (FDI) will be set up at the FNCCI Secretariat. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, the FNCCI will actively help the IBN to identify and search for foreign investment projects. It will organise programmes relating to investments at home and in foreign countries. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, both the FNCCI and IBN have agreed to cooperate on topics related to acquiring knowledge and sharing experiences and information, and in carrying out policy reforms in investment through public private partnership concept. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Also, both the organisations agreed to cooperate in organising investment-related assemblies, conferences, exhibitions, seminars, workshops and training sessions at national and international levels in order to promote foreign direct investment and other investments. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">On the occasion, Finance Minister Sharma said that the MoU between the FNCCI and IBN has been exemplary for the promotion of domestic and foreign investment in the country and expressed the hope that both the institutions would implement the decision. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Others present on the occasion were the IBN member and FNCCI outgoing President Bhawani Rana, the IBN joint secretary Bhagawan Aryal, the FNCCI senior vice president Chandra Prasad Dhakal, vice presidents, Dinesh Shrestha, Anjana Shrestha and Ram Chandra Sanghai and President of the International Investment Promotion Committee, of FNCCI, Aananda Bagadiya. <em>(With inputs from RSS)</em></span></span></span></p> ', 'published' => true, 'created' => '2022-03-28', 'modified' => '2022-03-28', 'keywords' => '', 'description' => '', 'sortorder' => '14747', 'image' => '20220328080628_MOU SAill003.jpg', 'article_date' => '2022-03-28 07:52:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '15004', 'article_category_id' => '245', 'title' => 'Chinese Foreign Minister Wang Wraps up his 3-Day Visit to Nepal', 'sub_title' => '', 'summary' => 'March 28: China’s State Councilor and Foreign Minister Wang Yi wrapped up his three-day visit to Nepal and returned home on Sunday. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">March 28: China’s State Councilor and Foreign Minister Wang Yi wrapped up his three-day visit to Nepal and returned home on Sunday. <br /> Foreign Secretary Bharat Raj Paudyal, China’s Ambassador to Nepal, Hou Yanqi, Chief of Protocol Dr Durga Bahadur Subedi and senior officials at the Ministry of Foreign Affairs and the Embassy of China bade farewell to the special guest from the northern neighbor at Tribhuvan International Airport, the state-owned national news agency RSS reported.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Wang arrived in Nepal on Friday leading a 19-member delegation at the invitation of his Nepalese counterpart - Minister for Foreign Affairs Dr Narayan Khadka. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">During his stay in Nepal, the Chinese Minister separately called on President Bidya Devi Bhandari, Prime Minister Sher Bahadur Deuba and former Prime Ministers Pushpa Kamal Dahal and KP Sharma Oli, according to RSS. <br /> During the visit, the foreign ministry-level delegation from both the countries held a bilateral meeting on Saturday (March 26) and the officials from both sides signed nine different Memorandum of Understanding (MoUs) relating to the enhancement of mutual assistance. </span></span></span><br /> </p> ', 'published' => true, 'created' => '2022-03-28', 'modified' => '2022-04-06', 'keywords' => '', 'description' => '', 'sortorder' => '14746', 'image' => '20220328094237_RS_KTM_008A4999.jpg', 'article_date' => '2022-03-28 09:41:54', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '15005', 'article_category_id' => '1', 'title' => 'Six Int’l Companies shortlisted for Feasibility Study of Dhaubadi Iron Mine', 'sub_title' => '', 'summary' => 'March 28: Six international companies have been shortlisted for the detailed feasibility study of Dhaubadi iron mine.', '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"">March 28: Six international companies have been shortlisted for the detailed feasibility study of Dhaubadi iron mine.</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 six companies shortlisted for the detailed feasibility study of Hupsekot-based iron mine in East Nawalparasi are from India, China, the UK, Canada and Austria.</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"">Dr. Janak Bahadur Chand, Chief Executive Officer (CEO) of Dhaubadi Iron Company Limited informed that all the companies that had applied for the feasibility study have been shortlisted.</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"">According to Chand, two Chinese companies -- Capital Engineering and Research Incorporation Limited and China in Association with Development Support Consult, Canada's Mycon International Limited JV ERMC, India's Duster-SRK-Jade JV, England's London Road and Austria's Hurst Wissinger Consulting GMBH JV have been shortlisted for the feasibility study.</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"">Chand informed that one of the six shortlisted companies will conduct the feasibility study of the iron in Dhaubadi mine of East Nawalparasi. He said that the project office has called for financial and technical proposals from the shortlisted companies.</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"">One of the selected companies will submit the feasibility study report within 3/4 months. Although preliminary data show that the mine has 100 million metric tons of iron reserves, a recent study conducted by the company with the participation of an expert team found that the capacity of the ore storage to be even more.</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"">Chand informed that the mine has 150 million metric tons of iron reserves. He said that the details had been obtained through drilling. The company has informed that the detailed project report (DPR) will be prepared only after the completion of the feasibility study.</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"">International bids will also be invited for the DPR. A test conducted in China has already confirmed that iron and billets can be made from iron ore present in the mine.</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"">However, Chand said that a detailed feasibility study would provide information on how much iron can be extracted commercially from the mine. Stating that the feasibility study will be completed in the current fiscal year, he informed that the DPR report will not be ready this year.</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"">He said that they are working with international companies as mining is being done for the first time in Nepal. He said that commercial production from the Dhaubadi iron mile will take some more time. The mine was explored for the first time almost a decade ago.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-03-28', 'modified' => '2022-03-28', 'keywords' => '', 'description' => '', 'sortorder' => '14745', 'image' => '20220328101003_1648364690.धौबादी_फलाम_कम्पनी_लिमिटेड.jpg', 'article_date' => '2022-03-28 10:08:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '15002', 'article_category_id' => '1', 'title' => 'Government Allows 24-Hour Business in Lakeside Pokhara', 'sub_title' => '', 'summary' => 'March 27: The night-time business has started flourishing in the lakeside area of Pokhara ever since the stakeholders decided to keep the area open for 24 hours a day.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">March 27: The night-time business has started flourishing in the lakeside area of Pokhara ever since the stakeholders decided to keep the area open for 24 hours a day. Such decision was taken in an attempt to encourage the business activities which had hit a slump due to Covid-19 pandemic. The government decided to keep the business open at night as well in the areas that receive higher tourists like Lakeside of Pokhara, Sauraha of Chitwan, and Thamel and Durbarmarg of Kathmandu.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Earlier, the police administration used to allow night-time businesses in Lakeside Pokhara till 10 PM. Both the business community and the tourists had been complain that they were not able to avail services at night time.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">As per the businessmen, the businesses which had hit a slump due to Covid-19 are expected to gain momentum with this decision of the government to allow 24-hour business.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Govinda Sharma, a local tourism entrepreneur, said the government's decision has raised hopes of revival of the Covid-19 affected tourism industry. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">“The business has come to a standstill due to the Covid-19 infection. Even when the Covid-19 infection was less, only domestic tourists visited this area. Influx of domestic tourists alone cannot sustain the business,” he said adding “Now that the Covid-19 infection has decreased and night-time business is on the rise, the business community is excited about revival of their businesses.” He said that the decision taken by the government, although late, would send a positive message about Nepal's tourism sector. He also added that the police had been harassing the businessmen to close hotels and restaurants before 10 pm.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Domestic and foreign tourists have been eager to visit Pokhara after the business started opening till late night. Night businesses include hotels, lounge bars, dance clubs, restaurants, among others.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Chairman of the Western Regional Hotel Association Laxman Subedi said that the decision to open 24-hour business is a positive move and in the best interest of the business community. He is confident that it will also help in reviving the long-stalled tourism activities.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">“Opening a 24-hour business requires more employees -- in two shifts, which creates more employment opportunities. Along with employment, the income of entrepreneurs also increases,” said Subedi. He expressed that the long-time wish of businessmen of Lakeside to be able to operate business for 24 hours has finally been fulfilled. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">s</span></span></p> ', 'published' => true, 'created' => '2022-03-27', 'modified' => '2022-03-27', 'keywords' => '', 'description' => '', 'sortorder' => '14744', 'image' => '20220327062910_lakeside (1).jpg', 'article_date' => '2022-03-27 18:28:34', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '15001', 'article_category_id' => '1', 'title' => 'Energy Crisis puts Hydro Power Projects under Pressure for Timely Completion', 'sub_title' => '', 'summary' => 'March 27: Excessive price hike in India, which produces electricity from coal plants, has had a direct impact on Nepal. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">March 27: Excessive price hike in India, which produces electricity from coal plants, has had a direct impact on Nepal. Nepal Electricity Authority is distributing electricity imported from India at Rs 38 per unit. At present, it is not possible to predict how long the effects of the continuous increase in electricity prices in the energy exchange market will last. But for Nepal, the NEA says, such problems will persist only for the next one and a half months.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Nepal produces excess of electricity during the rainy season, but it has import electricity during the winter. The NEA, which felt a relief after the electricity produced by the Upper Tamakoshi Hydropower Project was connected to the national grid, is still facing problem in the dry season. However, there is no need to import large amount of electricity from India at present, says NEA.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to NEA Executive Director Kulman Ghising, only 350 to 400 MW electricity is being imported depending on the need. Most of the projects in Nepal are based on run-of-the-river system. Due to the severe dry weather, the water level in the rivers has dropped and only one third of the electricity is generated from these projects. Most of the private sector projects are of the same nature as well.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The total demand of electricity in Nepal is around 1,600 MW. A total of 1,300 MW of electricity flows from NEA's own projects, subsidiaries and private sector projects. The remaining 300 MW is insufficient. In such situation, there is no alternative to importing that amount of electricity.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">In India, electricity generated from solar projects is supplied throughout the day. When evening falls, the solar system's power generation stops and the coal plant has to run. Nepal has to import electricity even though it has to pay a high price for evening time management due to the global impact of price hike of coal.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Due to the crisis, the under-construction projects are in pressure to complete the works soon. If the transmission system and other technical preparations are completed, it is possible to add 150 to 200 MW of electricity to the national grid by the end of the current fiscal year.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Executive Director Ghising said that they have requested the hydropower projects to complete the final stage of construction as soon as possible. If work is done a little harder than usual, 118 MW of electricity will be added in the Dordi corridor. Similarly, there is a possibility of adding 150 MW of electricity in Solu Corridor. NEA has completed the construction of a 132 KV transmission line. This has put an end to the fear of wasting electricity due to lack of transmission lines.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Currently, the private sector is constructing projects of 3,500 MW capacity. The recent crisis has created pressure to complete these projects as soon as possible. </span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-03-27', 'modified' => '2022-03-27', 'keywords' => '', 'description' => '', 'sortorder' => '14743', 'image' => '20220327035308_hydro.jpg', 'article_date' => '2022-03-27 15:52:29', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '15000', 'article_category_id' => '1', 'title' => 'China Pledges Rs 11.4 Billion Grant Assistance for Nepal', 'sub_title' => '', 'summary' => 'March 27: The Chinese government has agreed to provide more than Rs 11.40 billion as grant assistance to the Government of Nepal under its financial and technical assistance. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">March 27: The Chinese government has agreed to provide more than Rs 11.40 billion as grant assistance to the Government of Nepal under its financial and technical assistance. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the Ministry of Finance, the amount will be spent on the implementation of China-backed projects. Visiting Chinese Foreign Minister Wang Yi confirmed the grant assistance to Nepal. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Minister Wang, who is on a three-day visit to Nepal, also pledged to provide development assistance announced during Chinese President Xi Jinping's 2019 visit to Nepal. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">He expressed such commitment during the Nepal-China Foreign Ministerial Talks held in the capital on Saturday, the state-owned national news agency RSS reported. He also agreed to fully operate the two-way movement of goods and services through the Rasuwagadhi and Tatopani border points. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">During the talks, the foreign ministers of Nepal and China agreed to instruct the concerned authorities to make necessary preparations for speedy operation of the border points. The Chinese foreign minister also assured that China will allow Nepali students to return to their universities and educational institutions as soon as possible. </span></span></span></p> ', 'published' => true, 'created' => '2022-03-27', 'modified' => '2022-03-27', 'keywords' => '', 'description' => '', 'sortorder' => '14742', 'image' => '20220327013813_Flag-Pins-Nepal-China.jpg', 'article_date' => '2022-03-27 13:37:32', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '14999', 'article_category_id' => '1', 'title' => 'Birgunj Entrepreneurs Demand Credit Act ', 'sub_title' => '', 'summary' => 'March 27: The Birgunj Chamber of Commerce and Industry (BICCI) has demanded the government to formulate several policies to help resolve the problems faced by the private sector.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">March 27: The Birgunj Chamber of Commerce and Industry (BICCI) has demanded the government to formulate several policies to help resolve the problems faced by the private sector. The chamber has urged the government to lower the interest rates to single digit, and has also sought income tax exemption, proper management of bank loans in addition to the introduction of credit act. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The BICCI delegation was in Kathmandu for a visit last week. The delegation met Prime Minister Sher Bahadur Deuba, Home Minister Bal Krishna Khand, Finance Minister Janardan Sharma, Health and Population Minister Birodh Khatiwada, secretary at the Ministry of Industry, Commerce and Supplies Dr Ganesh Prasad Pandey, Inspector General of Nepal Police Shailesh Thapa Chhetri, Inspector General of Armed Police Force Shailendra Khanal, Nepal Rastra Bank Governor Maha Prasad Adhikari, Director General of the Department of Customs Kamal Prasad Poudel, Director General of the Department of Revenue Investigation Prakash Poudel and Director General of Inland Revenue Department Ritesh Man Shakya and put forward their demand. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Organising a press conference in Kathmandu on Friday, BICCI president Dr Subodh Kumar Gupta said that the problems of the private sector have been brought to the notice of the government bodies. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">During their meeting with Prime Minister Deuba, the chamber demanded to establish a new industrial zone. They also demanded the establishment of industrial security force. They urged home minister Bal Krishna Khand to hold regular border security meetings. The delegation members said that the government should be sensitive in this regard as the industrial sector has also been affected by the criminal activities taking place from across the border. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">In a meeting with Finance Minister Janardan Sharma, they demanded tax exemption on income of up to Rs 800,000 for a single person and up to Rs 850,000 for a couple. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The delegation also insisted that there should be a difference of 15 percent in the customs duty for finished goods and industrial raw materials, and the tariff on import of pulses should be revised according to the present time. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The private sector stakeholders also urged the government to fix the rent of the Special Economic Zone at Rs 5 per square feet. The chamber also said that the provision of 60 percent export for industries operating in the SEZ should be reduced to 25 percent. Likewise, they have also demanded reduction of interest rates on concessional loans and refinancing. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">In addition, the chamber has also demanded the introduction of a credit act. The delegation also demanded 50 percent exemption in income tax for industries related to basic essentials and education. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-03-27', 'modified' => '2022-03-27', 'keywords' => '', 'description' => '', 'sortorder' => '14741', 'image' => '20220327010059_1648337823.1.jpg', 'article_date' => '2022-03-27 13:00:16', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '14998', 'article_category_id' => '1', 'title' => 'China Hands over Pokhara International Airport to Nepal', 'sub_title' => 'Tourism Minister says the airport will come into operation within 6 months ', 'summary' => 'March 27: The Pokhara Regional International Airport,which is being developed by Chinese construction company CAMC Engineering, has been handed over to Nepal on Saturday. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">March 27: The Pokhara Regional International Airport, which is being developed by Chinese construction company CAMC Engineering, has been handed over to Nepal on Saturday. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The Pokhara Regional International Airport was handed over to Nepal on Saturday evening on the occasion of the state visit of China's Foreign Affairs Minister Wang Yi to Nepal. Separate programmes were organized in Kathmandu and Pokhara Airport for the handover of the airport. In Kathmandu, Chinese Affairs Minister Wang handed over a symbolic key to Minister for Foreign Affairs Dr Narayan Khadka at the presence of Prime Minister Sher Bahadur Deuba. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">In Pokhara, Minister for Tourism, Culture and Civil Aviation Prem Bahadur Ale felicitated Chairman of CAMC Engineering Lu Yan for completing the construction of the airport. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Project Chief of the Pokhara Regional International Airport Binesh Munakarmi said the handover ceremony was organised after the completion of major construction works. The airport was constructed with a concessional loan and grant assistance of Rs 22 billion from EXIM Bank of China. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the project officials, 93 per cent of the physical works have been completed and the construction company would continue its works until the airport is 100 percent ready.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">So far, the runway, terminal building, air traffic control building, taxiway and other main works have been completed. The project which was estimated to complete by July 10, 2021 was extended for a year due to the COVID-19 pandemic. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Minister Ale said that the airport would be brought into operation soon. He claimed that the government would run the airport within six months after completing all necessary preparations. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Minister Ale urged investors to invest in paragliding, rafting and golf targeting internal and foreign tourists following the handover of the airport. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">He also shared that the government was doing ground work to announce Pokhara as a tourism capital. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">General-Manager of the Civil Aviation Authority of Nepal, Pradeep Adhikari said though main part of the airport construction was completed some problems are yet to be fixed. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2022-03-27', 'modified' => '2022-03-27', 'keywords' => '', 'description' => '', 'sortorder' => '14740', 'image' => '20220327113443_Pokhara-Airportd.jpg', 'article_date' => '2022-03-27 11:31:40', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '14997', 'article_category_id' => '1', 'title' => 'Nepal, China Ink 9 Deals to Enhance Mutual Cooperation and Partnership ', 'sub_title' => '', 'summary' => 'March 27: Nepal and China have signed nine different agreements to enhance mutual cooperation and partnership between the two countries. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">March 27: Nepal and China have signed nine different agreements to enhance mutual cooperation and partnership between the two countries. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Both the countries have agreed to further strengthen the relation and partnership between Nepal and China. The two countries reached an understanding to this effect during the Nepal-China Foreign Minister-level meeting held in Kathmandu on Saturday (March 26). After bilateral talks between Foreign Minister Dr Narayan Khadka and Chinese State Councilor and Foreign Minister Wang Yi, officials from both the countries also signed nine sets of agreements on enhancing mutual cooperation. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Finance Secretary Madhu Kumar Marasini and Chinese Ambassador to Nepal Hou Yanqi signed the agreement on economic and technical cooperation, and technical assistance schemes for China aid and feasibility study of China-Nepal cross-border railway project in Nepal on behalf of their respective governments. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, the agreement for the feasibility study of China-Nepal power grid interconnection was signed by Secretary at the Ministry of Energy, Water Resources and Irrigation, Devendra Karki and Ambassador Yanqi. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Secretary at the Ministry of Agriculture and Livestock Development Niru Dahal Pandey and Ambassador Yanqi signed a protocol on the safety and health conditions of haylage export from Nepal to China. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">A letter of exchange on duty-free treatment for 98 percent of goods imported to China was signed by Secretary at the Ministry of Industry, Commerce and Supplies Ganesh Prasad Pandey and Assistant Minister at the Ministry of Commerce of China, Sheng Qiuping. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, Secretary at the Ministry of Physical Infrastructure and Transport Rabindra Nath Shrestha and Assistant Minister at the Ministry of Commerce of China, Sheng Qiuping signed an agreement to handover certificate of Araniko Highway Maintenance Project (phase-3) and the minutes of the 7th meeting on enhancing cooperation in Railway sector. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">In addition, the delivery and acceptance certificates of Chinese aid for COVID-19 vaccines to Nepal (fifth and sixth batches -- million Sinovac Vaccines) was signed by Health Secretary Dr Roshan Pokharel and Assistant Minister at the Ministry of Commerce of China, Sheng Qiuping. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, a protocol on sending a Chinese Medical team to work in Nepal was signed by Health Secretary Dr Pokharel and Ambassador Yanqi. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Welcoming his Chinese counterpart to the bilateral talks, Minister Khadka expressed his desire to take the centuries-old Nepal-China relations to a new height. He stressed the need for the timely completion of Chinese-assisted development projects. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">He highlighted the adverse impact on the economy of Nepal due to non-operation of Nepal-China border trade points, the problems added to the economic activities by the Covid-19 pandemic, Nepal's challenges in reviving the economy, declining remittance inflows and other challenges faced by the country. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Stressing on the implementation of past treaties and agreements between the two countries, Foreign Minister Khadka requested for the early implementation of the financial assistance announced during the visit of Chinese President Xi Jinping to Nepal. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">He also drew the attention of the Chinese side to implement the past agreement to expand the Trans Himalayan Multi-dimensional Network for the construction of physical infrastructure in the border areas essential for further strengthening people-to-people relations between Nepal and China and promoting bilateral trade and commerce. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">On behalf of the Government of Nepal, the Foreign Minister expressed his heartfelt gratitude for providing various health equipment including vaccines during difficult situation and for reconstruction of the physical infrastructure destroyed by the earthquakes. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The foreign ministers of the two countries also expressed their commitment to cooperate and share issues of mutual interest and common concern. RSS</span></span></span></p> ', 'published' => true, 'created' => '2022-03-27', 'modified' => '2022-03-27', 'keywords' => '', 'description' => '', 'sortorder' => '14739', 'image' => '20220327082158_RoS-KTM-PMDeubae.jpg', 'article_date' => '2022-03-27 08:21:10', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '14995', 'article_category_id' => '1', 'title' => 'IBN Instructs Insurance Companies to Increase Paid-up Capital', 'sub_title' => '', 'summary' => 'March 25: The Insurance Board Nepal (IBN) has decided to increase the paid-up capital of life and non-life insurance companies. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">March 25: The Insurance Board Nepal (IBN) has decided to increase the paid-up capital of life and non-life insurance companies. The board has decided to raise the minimum paid-up capital of life insurance companies to Rs 5 billion and non-life insurance companies to Rs 2.5 billion. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Earlier, the minimum paid-up capital was Rs 2 billion for life insurance companies and Rs 1 billion for non-life insurance companies. A meeting of the board of directors of IBN on Thursday decided to increase the limit. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Executive Director of the board Raju Raman Poudel said that the decision was taken to increase the paid-up capital targeting risk-based capital. He said that the decision was taken based on the guidelines on risk-based capital that was issued by the board. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">"As the business of insurance companies are growing, the risk they incur is also increasing. However, the paid-up capital of the companies is not sufficient to face such risks," he said, "So we have tried to increase the risk-bearing capacity by increasing the paid-up capital." </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">He said that it would also help in encouraging companies to merge with each other, maintaining appropriate number of companies, maintaining large capital and creating healthy competition. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The board has instructed the companies to increase their paid-up capital by mid-April 2023. "The companies will have to submit a plan to increase their paid-up capital to the board within 30 days," Poudel said. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Provision has also been made for foreign companies to deposit a certain amount of paid-up capital in a separate fund. Currently, foreign insurance companies operating in Nepal do not have paid-up capital. They are operating here as a branch offices. The board insists that they should keep the an amount equal to the paid-up capital in the designated fund. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Chairman of the board Surya Prasad Silwal said that the companies should go for merger if they do not increase their capital within the stipulated time. "Now the companies have to increase the paid-up capital within one year. If not, they will have to merge,” he said. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Furthermore, he said that companies can also issue rights shares to increase their paid-up capital. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-03-25', 'modified' => '2022-03-25', 'keywords' => '', 'description' => '', 'sortorder' => '14738', 'image' => '20220325035732_Insurance board.jpg', 'article_date' => '2022-03-25 15:56:57', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '14994', 'article_category_id' => '1', 'title' => '‘Technology can Overcome Barriers in Traditional Businesses’', 'sub_title' => '', 'summary' => 'March 25: Stakeholders discussed the challenges faced by startups during their early stages and funding of startups from venture capital (VC’s) perspective during the 3rd edition of International Entrepreneurship Conclave – Connect [IN].', 'content' => '<p>March 25: Stakeholders discussed the challenges faced by startups during their early stages and funding of startups from venture capital (VC’s) perspective during the 3rd edition of International Entrepreneurship Conclave – Connect [IN] organized by the Indian embassy in Kathmandu on March 23 in collaboration with Clockb Business Innovations.</p> <p>Another important topic that featured during the panel discussion was how technology can help overcome barriers in traditional businesses.</p> <p>Participants from India during the panel discussion were Yatra Angel Network, a VC firm focusing on funding of fintech ventures, and Credenc, a startup using technology and data analytics for better decision making on disbursal of educational loans, according to the Indian Embassy.</p> <p>The day-long conclave saw participation of about twenty-five entrepreneurs, including five from India, working in domains as diverse as e-commerce, life sciences, fintech, education technology, social entrepreneurship, food tech, and financial services.</p> <p>A statement issued by the embassy says well-known startups from Nepal such as Tootle, Hatti Hatti, Pick and Drop, Pad2Go and SweetFix, and VCs such as Dolma Impact Fund and Business Oxygen also participated in the panel discussion. The event also featured speakers from Standard Chartered Bank and King’s College Kathmandu.</p> <p>The day-long conclave was organized as a part of the year-long celebrations to mark 75 years of India’s independence, the statement added.</p> <p>According to the embassy, Connect [IN] is an initiative to brings together innovators, dignitaries and thought leaders from India and Nepal to celebrate the spirit of innovation and entrepreneurship in the two countries.</p> <p>The organizers believe that the conclave provided a platform for young entrepreneurs, investors, venture capitalists and experts from India and Nepal to learn from and connect with each other on a range of domains.</p> <p>This is the third edition of the conclave following the success of the first two editions. The third edition of Connect [IN] was jointly inaugurated by Minister for Communication and Information Technology Gyanendra Bahadur Karki and Indian Ambassador to Nepal Vinay Mohan Kwatra.</p> <p>The key partners of the event were GMR, Tata Motors, Tata Meditech and Tootle.</p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-03-25', 'modified' => '2022-03-25', 'keywords' => '', 'description' => '', 'sortorder' => '14737', 'image' => '20220325032135_pic 1.jpg', 'article_date' => '2022-03-25 15:20:23', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '14993', 'article_category_id' => '224', 'title' => 'NEA Imports Electricity from India at Maximum Rate', 'sub_title' => '', 'summary' => 'March 25: Nepal Electricity Authority (NEA) has imported electricity from the India’s open market by bidding at the maximum rate.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">March 25: Nepal Electricity Authority (NEA) has imported electricity from the India’s open market by bidding at the maximum rate. Indian companies had refused to provide electricity to Nepal during the last two days (Wednesday and Thursday) at the rate proposed by NEA. As a result, NEA failed to import electricity from India. After that, NEA proposed the maximum rate to import electricity.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Currently, the maximum rate per unit of electricity in the Indian market is IRs 20 (Rs 32 in Nepal). NEA had submitted a bid to purchase electricity at the same rate for Friday. NEA spokesperson Suresh Bhattarai said that NEA has started importing electricity from India from Thursday night after the bid was approved. However, NEA will have to pay IRs 34 or Rs 45 per unit after adding various service charges, according to Bhattarai.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">"Currently, we are selling electricity at an average of Rs 10 per unit. Therefore, we are at a loss of up to Rs 25 per unit," he said, adding, "Overall, we are still in profit. There is a history of buying electricity from India for as less as Rs 1.90 per unit.”</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to NEA officials, there are indications that there will be problems in power supply to the industrial sector shortly. There is a shortage of electricity in the Indian market due to the rise in price of coal following the Russia-Ukraine war. In that case, there could be a power shortage in Nepal, says Bhattarai.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> “India generates electricity from coal. But currently, there is a shortage of coal in India, and the power generation has been automatically affected. That is likely to affect us as well,” he said.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">At present, Pakistan has 16 hours of load shedding. Similarly, Sri Lanka has started facing 6-7 hours of power cuts. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">After one month, the snow melts, and the flow of water in the rivers and streams of Nepal starts increasing. In that case, the production of electricity will also increase. NEA officials say that the situation will ease at that time.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">NEA should offer a bid on the previous day to purchase electricity from India. Separate bids should be offered every 15 minutes. Accordingly, NEA has to propose 96 bids for the next day. NEA proposed a bid accordingly for Friday. More than 90 percent of the bids were approved. It is said that electricity will be procured accordingly in the coming days as well.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Due to the dry season, even the hydropower projects in India are not running at full capacity. This is also the case in Nepal. Nepal's electricity is based on hydropower. In winter, when the water level in the river decreases, electricity generation is reduced, and electricity has to be imported from India. But during the monsoon, Nepal exports surplus electricity to India.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-03-25', 'modified' => '2022-04-06', 'keywords' => '', 'description' => '', 'sortorder' => '14736', 'image' => '20220325023645_NEA.jpg', 'article_date' => '2022-03-25 14:34:57', '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
